Financial Performance - The total revenue for 2024 was RMB 3,588.5 million, a decrease compared to RMB 5,220.6 million in 2023[10] - Net profit for 2024 was RMB 106.3 million, down from RMB 526.8 million in 2023[10] - The total revenue for 2024 was RMB 3,588.5 million, a decrease of 31.3% compared to the previous year[18] - The net profit for 2024 was RMB 106.3 million, down RMB 420.5 million year-on-year, representing a decline of 79.8%[27] - The overall gross profit for 2024 was RMB 1,097.1 million, a decrease of 29.6% from the previous year, with a gross margin of 30.6%, up 0.8% from 2023[148] - The company's sales cost for 2024 was RMB 2,491.4 million, down 32.0% compared to the previous year, accounting for 69.4% of total revenue[146] - In 2024, the group's other income and gains net amounted to RMB 103.4 million, a decrease of 65.7% compared to the same period in 2023, primarily due to the previous year's sale of digital park business generating RMB 100.0 million in income[149] Cash Flow and Assets - The operating cash flow has remained positive for six consecutive years[13] - The cash inflow from operating activities was RMB 29.4 million, maintaining positive cash flow for six consecutive years[18] - Non-current assets totaled RMB 10,701.9 million as of December 31, 2024, slightly down from RMB 10,933.0 million in 2023[10] - Current assets were RMB 12,640.0 million, showing a slight increase from RMB 12,539.0 million in 2023[10] - Current liabilities increased to RMB 9,885.8 million from RMB 8,931.6 million in 2023[10] - Total equity was RMB 8,871.7 million, a slight decrease from RMB 8,896.8 million in 2023[10] - The asset-liability ratio as of December 31, 2024, was 62.0%, slightly down from the beginning of the year[18] Business Development and Projects - The company added five quality industrial park projects, including OVU Changjiang Smart Valley and OVU Heyuan Smart Valley, enhancing its industrial ecosystem[13] - The signed area for agile customization exceeded 100,000 square meters, with a contract amount exceeding RMB 400 million, indicating strong development potential[13] - The company signed contracts worth RMB 277.1 million in the comprehensive energy and new energy business, marking a 40% year-on-year growth[25] - The company added five new quality industrial park projects, increasing land reserves to approximately 4.914 million square meters across multiple cities[18] - The company signed comprehensive operation service contracts worth RMB 677.1 million with multiple local governments in 2024[35] - The company successfully won a project in Baoding with a contract value of RMB 242.4 million, contributing to the "integration of industry and city" model[35] Revenue Breakdown by Segment - In 2024, the revenue from park operation services reached RMB 2,215.8 million, a decrease of 21.7% compared to RMB 2,831.7 million in 2023, accounting for 62% of total revenue[29][33] - The revenue from design and construction services was RMB 780.7 million, down 37.3% from RMB 1,245.0 million in 2023, representing 22% of total revenue[29][34] - Property management services generated RMB 793.3 million, an increase from RMB 925.1 million in 2023, making up 22% of total revenue[29][33] - The energy services segment reported revenue of RMB 198.0 million, up from RMB 196.5 million in 2023, accounting for 6% of total revenue[29][33] - The park development services segment contributed RMB 1,372.7 million, a decrease from RMB 2,388.9 million in 2023, representing 38% of total revenue[29] Strategic Focus and Future Plans - The company is focusing on a "P+OEPC" integrated operation model to enhance its service offerings and improve project management efficiency[34] - The group plans to enhance its service capabilities by integrating "product strength, organizational strength, and digital strength" for future growth[37] - The company aims to focus on specialized industries and build manufacturing-oriented parks to support local industrial transformation and upgrading[49] - By 2025, the company aims to achieve stable growth in operating targets, with increases in new contract amounts, cash collections, and operating income[138] - The company will adopt a "one park, one policy" approach to activate existing assets and reduce inventory effectively[139] Management and Governance - The company is expanding its board with experienced professionals from various sectors, enhancing its governance and strategic direction[192][193][194][195][196][197] - The appointments reflect the company's commitment to strengthening its leadership team and leveraging diverse expertise for future growth[192][193][194][195][196][197] - The new directors bring a wealth of experience in finance, real estate, and technology, positioning the company for strategic advancements and market expansion[192][193][194][195][196][197] Employee and Operational Management - The group employs 7,857 full-time employees, with total employee costs amounting to RMB 881.6 million[176] - The group has implemented employee performance and promotion measures, along with a comprehensive compensation and benefits system[176] - The group maintains effective communication with shareholders and investors, enhancing transparency through various channels[185] Challenges and Market Conditions - The company faced challenges due to insufficient demand in park development and operational business affected by local government debt control[13] - The strategic adjustment and impact of the domestic macroeconomic environment have significantly influenced the sales performance of industrial park space[47] Investment and Fund Management - The investment management subsidiary established three equity funds and one real estate fund, optimizing asset structure and enhancing resource integration capabilities[26] - In 2024, three equity investment funds were established with a total subscribed scale of RMB 1,800 million, alongside a real estate fund of RMB 430 million[136] - The total fundraising scale of the investment management company reached RMB 2,821 million, with cumulative investments amounting to RMB 2,346.1 million, leading to significant progress in several projects[136]

Financial Performance - In 2024, the company achieved total revenue of RMB 3,588.5 million, a decrease of 31.3% compared to the previous year[3]. - The net profit for 2024 was RMB 106.3 million, a decrease of RMB 420.5 million year-on-year[3]. - For the year ended December 31, 2024, the total revenue from customer contracts was RMB 4,115,586,000, a decrease from RMB 6,051,224,000 in 2023, representing a decline of approximately 32%[26][27]. - The total gross profit for the year ended December 31, 2024, was RMB 1,097,111,000, compared to RMB 1,557,386,000 in 2023, reflecting a decline of approximately 29.5%[26][28]. - The company reported a net profit of RMB 106,331,000 for 2024, significantly lower than RMB 526,835,000 in 2023, marking a decrease of around 79.9%[28]. - The company's basic earnings per share dropped to RMB 1.30 in 2024 from RMB 6.70 in 2023, a decrease of approximately 80.8%[39]. - The group achieved a pre-tax profit of RMB 239.6 million in 2024, down 75.6% year-on-year, and a net profit of RMB 106.3 million, down 79.8%[67]. Revenue Breakdown - The operating income from park operations was RMB 2,215.8 million, accounting for 62% of total revenue[3]. - The revenue from park operation services in 2024 was RMB 2,215.8 million, a decrease of 21.7% compared to 2023[72]. - The revenue from park development services was RMB 1,372.7 million, representing 38% of total revenue, a decline of 42.5% year-on-year[101]. - The revenue from property management services in the park operation segment was RMB 793,253,000 in 2024, down from RMB 925,128,000 in 2023, a decrease of about 14.2%[28]. - The revenue from design and construction services decreased by 37.3% year-on-year to RMB 780.7 million[75]. - The revenue from energy service was RMB 198.0 million, reflecting a 0.8% increase from 2023[80]. - The revenue from distributed photovoltaic business in 2024 was approximately 23.22 MW in signed installation capacity[65]. Cash Flow and Financial Position - The company maintained a positive cash flow from operating activities for six consecutive years, with a net cash inflow of RMB 29.4 million[3]. - The asset-liability ratio stood at 62.0%, slightly decreasing from the beginning of the period[3]. - The total cash outflow from leases was RMB 191,133,000 in 2024, compared to RMB 183,762,000 in 2023, an increase of approximately 4.5%[41]. - The interest expense related to lease liabilities decreased to RMB (50,809,000) in 2024 from RMB (60,042,000) in 2023, a reduction of approximately 15.4%[41]. - The total amount of bank and other borrowings increased to RMB 4,853,445,000 in 2024 from RMB 3,331,642,000 in 2023, reflecting an increase of approximately 45.7%[55]. - The group has outstanding bank loans and borrowings amounting to RMB 7,498.0 million as of December 31, 2024, with interest-bearing debt interest rate decreasing from 5.13% in 2023 to 4.95% in 2024[138]. Debt and Financing - The group has a total of RMB 1,013,574,000 in syndicated loans that failed to meet one of the financial covenants as of December 31, 2024, which may require immediate repayment upon bank demand[15]. - As of December 31, 2024, the group has bank and other borrowings totaling RMB 1,345,475,000 that are subject to cross-default conditions due to the breach of the syndicated loan[15]. - The group successfully obtained a waiver for the financial covenants related to the syndicated loans as of March 2025, allowing for continued operations[16]. - The group has further drawn RMB 575,000,000 from one of the syndicated loans after the year-end[15]. - The group has implemented plans and measures to mitigate liquidity pressure and improve financial conditions[149]. Operational Highlights - The group has established a land reserve of approximately 4,914,000 square meters across multiple cities including Wuhan, Shanghai, and Qingdao[90]. - The group has expanded its industrial park business to 23 cities and 31 projects, enhancing its market presence and customer recognition[88]. - The group achieved progress in park consulting services, securing over 60 contracts with a total value exceeding RMB 100 million, laying a foundation for future operations[63]. - The agile customization approach led to a signed area exceeding 100,000 square meters and a contract amount over RMB 400 million, indicating strong development potential[64]. - The company operates 37 innovation and entrepreneurship sites across 24 cities, serving over 2,000 entrepreneurial teams[78]. Governance and Compliance - The board believes that the group will have sufficient working capital to meet its financial obligations for the next twelve months[16]. - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position and performance accurately as of December 31, 2024[152]. - The group maintains a high level of corporate governance, adhering to the principles and code provisions of the corporate governance code[144]. - The audit committee has been established to review the accounting standards and policies adopted by the group for the fiscal year ending December 31, 2024[154]. Future Outlook - The company aims to achieve a sales de-stocking rate of over 80% for properties completed for more than one year and 50% for those completed within one year[96]. - The company plans to enhance its comprehensive operational capabilities and focus on high-quality development projects by implementing agile custom development models[97]. - The OVU low-carbon cloud system was developed to support the national goal of carbon neutrality by 2060, integrating various technologies for comprehensive energy services[71].

Financial Performance - In 2024, the company achieved total revenue of RMB 3,588.5 million, a decrease of 31.3% compared to the previous year[3]. - The net profit for 2024 was RMB 106.3 million, a decrease of RMB 420.5 million year-on-year[3]. - For the year ending December 31, 2024, the total revenue from customer contracts was RMB 4,115,586,000, a decrease from RMB 6,051,224,000 in 2023, representing a decline of approximately 32%[26][27]. - The total annual profit for 2024 was RMB 106,331,000, significantly lower than RMB 526,835,000 in 2023, reflecting a decline of approximately 80%[28]. - The pre-tax profit for 2024 was RMB 239.6 million, down 75.6% year-on-year, while the net profit was RMB 106.3 million, a decline of 79.8%[67]. - Basic earnings per share for 2024 were RMB 1.30, down from RMB 6.70 in 2023, reflecting a decrease of approximately 80.8%[39]. Revenue Breakdown - The operating income from park operations was RMB 2,215.8 million, accounting for 62% of total revenue[3]. - The revenue from park operation services amounted to RMB 2,215.8 million, a decrease of 21.7% from the previous year[72]. - The revenue from park development services was RMB 1,372.7 million, representing 38% of total revenue, a decline of 42.5% year-on-year[101]. - The revenue from industrial park space sales in the park development segment was RMB 1,109,433,000 in 2024, down from RMB 2,159,882,000 in 2023, a decline of approximately 49%[28]. - The revenue from property management services in the park operation segment was RMB 793,253,000 in 2024, compared to RMB 925,128,000 in 2023, a decrease of around 14%[28]. - The revenue from design and construction services decreased by 37.3% year-on-year to RMB 780.7 million[75]. Cash Flow and Financial Position - The company maintained a positive cash flow from operating activities for six consecutive years, with a net cash inflow of RMB 29.4 million[3]. - The asset-liability ratio stood at 62.0%, slightly decreasing from the beginning of the period[3]. - The total assets as of December 31, 2024, were RMB 23,341.9 million, compared to RMB 23,471.9 million in 2023[8]. - The total liabilities decreased slightly to RMB 14,470.2 million from RMB 14,575.2 million in the previous year[8]. - The total amount of bank and other borrowings rose to RMB 4,853,445,000 in 2024 from RMB 3,331,642,000 in 2023, an increase of approximately 45.7%[55]. - The current ratio decreased from 1.40 on December 31, 2023, to 1.28 on December 31, 2024, primarily due to an increase in current liabilities[121]. Debt and Financing - The group has a total of RMB 1,013,574,000 in syndicated loans that failed to meet one financial covenant as of December 31, 2024, which may require immediate repayment upon bank demand[15]. - As of December 31, 2024, the group has RMB 1,345,475,000 in bank and other borrowings subject to cross-default conditions due to the breach of the syndicated loan[15]. - The group successfully obtained a written waiver for the financial covenants related to the syndicated loans as of March 2025, allowing continued operation[16]. - The group has unused committed project loan financing and general financing amounting to RMB 3,352,169,000 as of December 31, 2024[16]. - The group has plans to fully repay RMB 820,260,000 of one syndicated loan by June 2025[15]. - The interest-bearing debt interest rate decreased from 5.13% in 2023 to 4.95% in 2024, effectively controlling interest costs[138]. Operational Highlights - The company signed over 100,000 square meters in agile customization contracts, with a contract value exceeding RMB 400 million[3]. - The group achieved progress in park consulting services, securing over 60 contracts with a total value exceeding RMB 100 million, laying a foundation for future operations[63]. - The group signed contracts worth RMB 277.1 million in 2024 for comprehensive energy and new energy businesses, representing a 40% year-on-year growth[66]. - The company operates 37 innovation and entrepreneurship sites across 24 cities, serving over 2,000 entrepreneurial teams[78]. - The company has established a digital energy platform to support the development of clean energy industry systems[80]. - The group aims to enhance collaboration between industrial investment and park operations to drive high-quality development[92]. Challenges and Future Outlook - The group faced significant challenges in the industrial park market, with various performance indicators such as new contract amounts and operating income showing a decline compared to the previous year[62]. - The company anticipates that the implementation of new accounting standards will have a broad impact on reporting and disclosure, although it will not affect the recognition or measurement of items in the financial statements[22]. - The board believes that the group will have sufficient operating funds to meet its financial obligations for the next twelve months[16]. - The company aims to achieve a sales clearance rate of over 80% for properties completed for more than one year and 50% for those completed within one year[96]. - The company plans to enhance its comprehensive operational capabilities and focus on high-quality development projects by implementing a "one park, one policy" strategy[97].

Financial Performance - The company's revenue for the six months ended June 30, 2024, was RMB 1,459.2 million, a decrease of 33.8% compared to RMB 2,203.3 million in the same period of 2023[21]. - The profit attributable to the company's owners was RMB 35.3 million, down 80.8% from RMB 183.8 million year-on-year[21]. - Revenue for the reporting period was RMB 1,459.2 million, down RMB 744.2 million year-on-year, primarily due to a decline in park development revenue[27]. - The group reported a total of RMB 816,727 thousand in financial assets measured at fair value through profit or loss as of June 30, 2024, compared to RMB 817,268 thousand at the end of 2023[118]. - The group reported a profit from external customers of RMB 1,459,162 thousand for the six months ended June 30, 2024, down from RMB 2,203,326 thousand in the same period of 2023, reflecting a decrease of about 33.7%[125]. - The company reported a net loss of RMB 42,607 thousand for the six months ended June 30, 2024, compared to a profit of RMB 81,863 thousand for the same period in 2023[108]. - The company reported a total comprehensive loss of RMB 1,588 thousand for the first half of 2024, compared to a comprehensive income of RMB 29,660 thousand in the previous year[103]. - The company's cash flow from operating activities was negative RMB 332,363 thousand for the six months ended June 30, 2024, an improvement from negative RMB 584,329 thousand in the same period of 2023[109]. Assets and Liabilities - Non-current assets amounted to RMB 11,071.0 million as of June 30, 2024, reflecting a 1.3% increase from RMB 10,933.0 million at the end of 2023[21]. - The total equity decreased by 1.5% to RMB 8,762.7 million from RMB 8,896.8 million at the end of 2023[21]. - The group's total liabilities increased by RMB 974.3 million to RMB 7,907.6 million as of June 30, 2024[70]. - The carrying value of the group's properties under development increased by RMB 652 million to RMB 1,712.9 million as of June 30, 2024[63]. - The carrying value of the group's completed properties held for sale increased by RMB 4,768 million to RMB 4,821.4 million as of June 30, 2024[64]. - Trade and other receivables increased by RMB 455.3 million to RMB 4,243.6 million as of June 30, 2024, mainly due to an increase in prepaid project costs[65]. - The group's current ratio decreased from 1.40 to 1.29 due to a smaller increase in current assets compared to current liabilities[68]. - The net capital debt ratio increased from 39.5% to 43.0%, remaining within a controllable risk range[69]. Revenue Breakdown - The revenue from park operation services was RMB 1,107.0 million, accounting for 75.9% of total revenue, highlighting the company's strategic focus on integrated park operation services[29]. - The revenue from the park operation services segment was RMB 1,424,774 thousand, while the park development services segment generated RMB 239,846 thousand, indicating a significant drop in both segments compared to the previous year[124]. - The revenue from the park development services was RMB 352.2 million, a decrease of RMB 559.2 million compared to the same period in 2023[37]. - The comprehensive operation service revenue from park operation services decreased by RMB 185.0 million compared to the previous year[30]. Contracts and Business Development - The company signed new contracts worth RMB 1,430.2 million during the first half of 2024, indicating a positive business development despite industry challenges[23]. - The company achieved a new signed contract amount of RMB 1,430.2 million, a decrease of RMB 384.8 million compared to the same period last year, with a 23% increase in manufacturing park contract value[27]. - The signed contract for the Baoding Internet Valley "OEPC" project amounted to RMB 242.4 million during the reporting period[31]. - The integrated operation model "P+OEPC" has been well received by local governments, enhancing the company's service offerings[31]. Governance and Management - The company is enhancing its governance efficiency through performance assessments and risk control measures to ensure effective management[23]. - The company has adopted the corporate governance code as a basis for its governance practices and has complied with its principles during the reporting period[92]. - The company has a commitment to maintaining high standards of corporate governance to enhance shareholder value and accountability[92]. - The remuneration policy for employees is based on local market compensation information and overall industry standards[95]. Employee and Shareholder Information - The company has a total of 8,320 employees across mainland China and Hong Kong as of June 30, 2024[95]. - The total compensation for key management personnel was RMB 7,606 thousand for the six months ended June 30, 2024, down from RMB 8,120 thousand for the same period in 2023, indicating a reduction of about 6.3%[160]. - The board does not recommend any interim dividend for the reporting period[82]. - Huang Liping holds a 25.35% stake in the company through controlled entities, amounting to 1,904,188,000 shares[87]. Future Outlook and Strategy - The company aims to establish 100 parks across 50 cities in China, focusing on sustainable development and innovative business models[23]. - The group aims to continue promoting smart park and community management models, anticipating a significant increase in property management service revenue in the future[32]. - The group is exploring "cluster design" and "crowdfunding development" models to create long-tail operational effects in new projects in Hefei, Shanghai, and Beijing[52]. - The group plans to leverage the dual-drive of industrial cloud and low-carbon cloud to promote comprehensive digital transformation in its operations[51].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Electronics Optics Valley Union Holding Company Limited 中電光谷聯合控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：798） 截至2024年6月30日止六個月的中期業績公告 中電光谷聯合控股有限公司（「本公司」或「中電光谷」）董事（「董事」）會（「董事會」）欣然公 佈本公司及其附屬公司（統稱「本集團」或「我們」）截至2024年6月30日止六個月（「報告期 間」）的未經審核合併業績，連同截至2023年6月30日止六個月之比較數字如下。此等合 併中期財務業績未經審核，但已經由本公司獨立核數師及本公司審核委員會（「審核委員 會」）審閱。 - 1 - 本集團於報告期間內之未經審核中期業績 中期簡明合併損益表 上述中期簡明合併損益表應與隨附附註一併閱讀。 - 2 - | --- | --- | --- | --- | |------- ...

Financial Performance - The company achieved total revenue of RMB 5,220.6 million for the year, with a slight decrease from RMB 5,523.2 million in 2022[7] - Gross profit for the year was RMB 1,557.4 million, remaining stable compared to RMB 1,559.8 million in the previous year[7] - Profit attributable to the owners of the company was RMB 506.7 million, down from RMB 536.1 million in 2022, reflecting a decrease of approximately 9.8%[7] - The company achieved a total revenue of RMB 5,220.6 million in 2023, a decrease of 5.5% compared to the previous year[11] - Net profit for 2023 was RMB 526.8 million, reflecting a growth of 0.9% year-on-year[11] - The company’s total revenue for 2023 was RMB 5,220.6 million, a decrease of 5.5% compared to RMB 5,523.2 million in 2022[93] Cash Flow and Assets - The company reported a net cash inflow from operating activities of RMB 406.7 million, maintaining positive cash flow for five consecutive years[9] - Current assets also rose to RMB 12,538.98 million, compared to RMB 12,364.22 million in the previous year[8] - The operating cash flow remained positive with a net inflow of RMB 406.7 million in 2023, indicating continuous growth in operational cash flow[20] - The asset-liability ratio stood at 62.1%, with a slight increase in the ratio excluding contract liabilities to 60.5%[11] - As of December 31, 2023, the group's total current assets amounted to RMB 12,539.0 million, compared to RMB 12,364.2 million as of December 31, 2022, indicating stable asset levels[117] Equity and Investments - Total equity reached RMB 8,896.76 million, showing an increase from RMB 8,876.76 million in 2022[8] - The group’s net current assets stood at RMB 3,607.4 million as of December 31, 2023, a decrease from RMB 3,683.5 million as of December 31, 2022[118] - The group held financial assets measured at fair value through profit or loss totaling approximately RMB 817.4 million as of December 31, 2023, up from RMB 732.0 million as of December 31, 2022[121] - The company has invested a total of RMB 16,426.98 million across various enterprises[87] Operational Highlights - The company is focusing on enhancing its industrial ecosystem and has made progress in various locations including Wuhan, Yichang, and Yantai[9] - The company signed new comprehensive operation contracts worth RMB 3,692.0 million in 2023, with five new contracts established[11] - The company launched the 2.0 version of the digital park construction standards and the 1.0 version of the low-carbon park construction standards in October 2023[19] - The company is actively developing the OVU low-carbon cloud system to support national carbon neutrality goals, integrating various technologies for comprehensive energy services[23] Revenue Breakdown - Revenue from the park operation services reached RMB 2,831.7 million, an increase of 0.6% year-on-year, contributing 54% to total revenue[24] - The design and construction services generated revenue of RMB 1,245.0 million, while property management services brought in RMB 925.1 million, together accounting for 83.6% of the park operation services revenue[24] - The revenue from industrial park development services was RMB 2,388.9 million, slightly down from the previous year, accounting for 45.8% of total revenue[94] Strategic Goals and Development - The strategic goal is to strengthen the core technological capabilities of the national cybersecurity industry, aligning with the "14th Five-Year Plan" and 2035 vision[9] - The company aims to redefine digital industrialization through a comprehensive operational model that integrates consulting, engineering, and operations[23] - The company is committed to a diversified and synergistic development model, aiming to improve the quality and efficiency of its industrial parks[9] Corporate Governance and Management - The board consists of nine members, including five non-executive directors, three independent non-executive directors, and one executive director[132] - The company has a strong leadership team with extensive experience in various sectors, including technology and project management[139][140][141] - The company has established a performance appraisal system for employees, which influences salary adjustments and bonuses[191] - The company has a robust corporate governance framework to protect shareholder interests and enhance corporate value[197] Shareholder and Financial Policies - The company has adopted a dividend policy to maintain sufficient cash reserves for future growth and shareholder interests, with no preset payout ratio[150] - The board of directors has recommended a final dividend subject to shareholder approval at the upcoming annual general meeting[149] - The company has not granted any shares under the share incentive plan since its adoption in December 2016, with a total of 152,998,000 shares available for allocation, representing about 2% of the issued shares[157] Projects and Developments - The company has established 100 themed industrial parks across 50 cities, with 39 parks under development, contributing to a property income of RMB 2,388.9 million during the reporting period[31] - The company is expanding its presence in Xi'an with the CEC Information Port, which has a land reserve of 153,158 square meters and a 73.91% equity interest[39] - The project in Changsha aims to create a leading information security industry cluster and a new industrial landmark for Hunan[51] Risk Management and Compliance - The company’s risk factors and uncertainties are outlined in the annual report, indicating a proactive approach to risk management[148] - The company has complied with relevant laws and regulations that significantly impact its operations during the reporting period[161] - The independent non-executive directors confirmed that all related party transactions were conducted in the ordinary course of business and were fair and reasonable[189]

Financial Performance - In 2023, the company achieved total revenue of RMB 5,220.6 million, a decrease of 5.5% compared to the previous year[3]. - The net profit for 2023 was RMB 526.8 million, reflecting a growth of 0.9% year-on-year[3]. - Operating cash flow remained positive for five consecutive years, amounting to RMB 406.7 million in 2023[3]. - The company's total revenue for 2023 was RMB 5,220,556, a slight decrease of 5.5% compared to RMB 5,523,204 in 2022[29]. - The annual profit for 2023 was RMB 526,835, a marginal increase of 0.9% from RMB 522,384 in 2022[27]. - The company's profit attributable to shareholders was RMB 506.7 million, a decrease of RMB 29.4 million compared to 2022, while core net profit increased by RMB 48.9 million to RMB 385.6 million[142]. Revenue Breakdown - Revenue from customer contracts for the park operation services segment was RMB 3,831,602 thousand in 2023, a decrease of 8.0% from RMB 4,166,662 thousand in 2022[24][26]. - Revenue from customer contracts for the park development services segment was RMB 2,219,622 thousand in 2023, a decrease of 12.0% from RMB 2,514,577 thousand in 2022[24][26]. - Revenue from park operation services reached RMB 2,831.7 million in 2023, a slight increase of 0.6% from the previous year, accounting for 54% of total revenue[84]. - The revenue from park development services was RMB 2,388.9 million, accounting for 46% of total revenue, with space sales contributing RMB 2,159.9 million[79]. - Property management services revenue increased to RMB 925,128 in 2023, up 11.3% from RMB 830,902 in 2022[29]. Assets and Liabilities - The total assets of the company increased to RMB 23,471.968 million, compared to RMB 22,379.532 million in the previous year[8]. - The company's asset-liability ratio was 62.1%, with a slight increase in the ratio excluding contract liabilities to 60.5%[3]. - Total liabilities increased to RMB 14,575,212 thousand in 2023, up from RMB 13,502,768 thousand in 2022, representing a growth of 7.9%[9]. - The total amount of bank and other borrowings as of December 31, 2023, was RMB 3,331,642,000, a decrease from RMB 3,836,854,000 in 2022, indicating a decline of about 13.1%[61]. - The total current liabilities of the group amounted to RMB 8,931.6 million, an increase from RMB 8,680.8 million as of December 31, 2022[158]. Investments and Projects - The company added three new quality industrial park projects, increasing land reserves to approximately 4.463 million square meters across multiple cities[3]. - The company signed five new comprehensive operation contracts worth RMB 3,692.0 million in 2023, indicating strong operational growth[3]. - The company has signed contracts covering an area of 11 million square meters and is currently operating energy stations in over 10 cities, with a total operational area of 5.6 million square meters and serving 6,289 clients[1]. - The company has initiated 13 different comprehensive operation projects for parks, set to launch in 2024[120]. - The company signed and initiated six park projects in Northeast China, contributing to the region's revitalization efforts[123]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance throughout the reporting period[178]. - The audit committee has been established and consists of three members, reviewing the accounting policies and the audited annual performance for the year ending December 31, 2023[182]. - The company confirmed that all directors complied with the securities trading standards during the reporting period[179]. - The company has maintained high standards of corporate governance as a foundation for effective management and business growth[178]. Future Outlook - The company aims for a year-on-year growth of over 20% in key operating indicators for 2024[118]. - The company plans to continue its strategy of park development and investment to enhance its market presence and operational efficiency[20][21]. - The company aims to achieve carbon neutrality by 2060, leveraging its OVU Low Carbon Cloud platform for comprehensive energy services and low-carbon smart park investments[83]. - The group continues to accelerate digital transformation and align with national strategies, aiming for sustainable growth in uncertain market conditions[69].

Financial Performance - The revenue from continuing operations for the first half of 2023 was RMB 2,203,326 thousand, representing a 37.1% increase compared to RMB 1,607,557 thousand in the same period of 2022[6]. - Gross profit for the first half of 2023 was RMB 576,568 thousand, up 15.2% from RMB 500,595 thousand in the previous year[6]. - Profit attributable to the owners of the company decreased by 31.5% to RMB 81,863 thousand from RMB 119,448 thousand year-on-year[6]. - The company reported revenue of RMB 2,203.3 million, a year-on-year growth of 37.1%, while the attributable profit decreased by 31.5% to RMB 81.9 million[14]. - The total comprehensive income for the period was RMB 29.7 million, significantly lower than RMB 70.8 million in the same period of 2022[91]. - The profit for the period was RMB 39,256 thousand, down from RMB 73,084 thousand in the previous year, indicating a decline of about 46.3%[119]. - Basic and diluted earnings per share for the period were RMB 1.08, down from RMB 1.58 in the previous year[89]. Assets and Liabilities - Total assets minus current liabilities increased by 2.2% to RMB 14,001,267 thousand compared to RMB 13,698,779 thousand in 2022[7]. - The total equity decreased by 1.5% to RMB 8,740,597 thousand from RMB 8,876,764 thousand in the previous year[7]. - The company's net assets decreased to RMB 8,740,597 thousand from RMB 8,876,764 thousand, indicating a decline of approximately 1.53%[93]. - Cash and cash equivalents decreased to RMB 1,661,004 thousand from RMB 2,254,209 thousand, a reduction of about 26.25%[92]. - The total liabilities increased to RMB 14,391,623 thousand from RMB 13,502,768 thousand, indicating a growth of about 6.58%[93]. - The current ratio improved from 1.4 as of December 31, 2022, to 1.5 as of June 30, 2023, as current assets grew at a faster rate than current liabilities[58]. Revenue Streams - Revenue from park operation services was RMB 1,291.9 million, accounting for 58.6% of total revenue, reflecting a strategic focus on comprehensive park operations[14]. - The revenue from park development services was RMB 911.4 million, marking a significant increase of 76.0% compared to the same period in 2022[25]. - The company achieved a new contract signing amount of RMB 2,979.0 million, representing a year-on-year increase of 44.4%[14]. - The group’s catering and hotel services generated revenue of RMB 72.7 million, reflecting a growth of 33.1% year-on-year[24]. - The company’s park operation services revenue grew by 18.5% year-on-year, amounting to RMB 1,291.9 million[18]. Operational Strategies - The company aims to enhance its digital infrastructure and explore new business transformation breakthroughs through its "Industry Cloud" and "Low Carbon Cloud" initiatives[11]. - The company is focusing on market expansion and cost reduction while controlling operational risks to achieve steady growth in performance[8]. - The company is implementing a "one body, two wings" business structure to stabilize growth expectations while managing risk probabilities[10]. - The company aims to achieve long-term growth by focusing on stability and expansion in uncertain market conditions[12]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and service offerings[100]. Investments and Development - The company has a land reserve of approximately 6.862 million square meters for quality industrial parks in multiple cities, including Chengdu and Shanghai[14]. - The company has a total land reserve of approximately 686.2 million square meters across multiple cities, supporting steady growth during the 14th Five-Year Plan period[31]. - The company initiated new construction covering 238,000 square meters and completed 323,000 square meters during the reporting period[30]. - The group has invested in nearly 60 technology companies through its investment funds, with an estimated valuation increase exceeding RMB 3.1 billion[37]. - The group has made new investments totaling RMB 229.9 million in seven projects, targeting advanced manufacturing in semiconductor and electronics industries[38]. Risk Management - The company emphasizes a comprehensive risk management system to enhance operational efficiency and compliance[12]. - The company will strengthen its internal control management system to improve risk management levels and enhance operational capabilities[43]. - The group identified three segments: Park Operation Services, Park Development Services, and Industrial Investment, with significant revenue contributions from each[115]. Employee and Management - The company employed 8,357 full-time employees as of June 30, 2023, with employee costs amounting to RMB 423.4 million, an increase of RMB 32.1 million compared to the same period last year[64]. - The remuneration for key management personnel for the six months ended June 30, 2023, was RMB 7,835 thousand, a decrease of 22.5% from RMB 10,155 thousand in the same period of 2022[154]. Shareholder Information - As of June 30, 2023, the total number of shares issued by the company is 7,574,352,000[76]. - Major shareholders include China Electronics and China Electric International Information Services, each holding 2,550,000,000 shares, representing 33.67%[78]. - The board does not recommend any interim dividend for the reporting period[72]. Compliance and Governance - The company adheres to the corporate governance code as per the listing rules, ensuring accountability and transparency[80]. - All directors confirmed compliance with the standard code of conduct for securities trading during the reporting period[81].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 2,203,326 thousand, representing an increase of 37.0% compared to RMB 1,607,557 thousand for the same period in 2022[2] - Gross profit for the same period was RMB 576,568 thousand, up from RMB 500,595 thousand, indicating a gross margin improvement[2] - Operating profit before fair value changes of investment properties was RMB 339,192 thousand, compared to RMB 270,502 thousand in the previous year, reflecting a growth of 25.4%[2] - The net profit for the period was RMB 39,256 thousand, a decrease of 46.3% from RMB 73,084 thousand in the prior year[2] - The company reported a profit before tax of RMB 39,256 thousand for the six months ended June 30, 2023, compared to RMB 73,084 thousand for the same period in 2022, indicating a decrease of approximately 46.3%[17] - The company's basic and diluted earnings per share for the period were RMB 1.08, down from RMB 1.58 in the previous year[2] - The company's profit attributable to owners was RMB 81.9 million, a decrease of 31.5% year-on-year[38] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 23,132,220 thousand, an increase from RMB 22,379,532 thousand as of December 31, 2022[4] - The company reported a net asset value of RMB 8,740,597 thousand, down from RMB 8,876,764 thousand at the end of 2022[5] - The company’s cash and cash equivalents decreased to RMB 1,661,004 thousand from RMB 2,254,209 thousand, indicating a reduction in liquidity[4] - The company’s total liabilities rose to RMB 3,814.1 million from RMB 3,346.1 million year-on-year[34] - Total outstanding debt increased from RMB 7,068.3 million as of December 31, 2022, to RMB 7,306.4 million as of June 30, 2023, an increase of RMB 238.1 million[77] Investment Properties - The company’s investment properties increased in value to RMB 6,264,521 thousand from RMB 5,960,733 thousand, showing growth in real estate assets[4] - The company’s investment properties at fair value increased to RMB 6,264,521,000 as of June 30, 2023, compared to RMB 5,359,566,000 at the end of 2022, representing an increase of approximately 16.8%[25] - The total revenue recognized from investment properties for the six months ended June 30, 2023, was RMB 12,915,000, down from RMB 61,960,000 in the same period of 2022, indicating a decline of about 79.1%[26] - The fair value gain from investment properties was RMB 129 million, a decrease of 79.2% year-on-year, primarily due to a loss of RMB 492 million from subleased properties compared to a gain of RMB 88 million in the previous year[74] Revenue Segmentation - The operating profit for the park operation services segment was RMB 115,164 thousand, while the park development services segment reported an operating profit of RMB 269,522 thousand, contributing to a total segment performance of RMB 385,122 thousand[15] - Revenue from external customers amounted to RMB 2,203,326 thousand for the six months ended June 30, 2023, compared to RMB 1,607,557 thousand for the same period in 2022, indicating a year-over-year increase of approximately 37.0%[17] - Revenue from park development services was RMB 911.4 million, which accounted for 41.4% of total revenue, up from 32.2% in the previous year[40] - The revenue from park operation services was RMB 1,291.9 million, accounting for 58.6% of total revenue, while revenue from park development services was RMB 911.4 million, accounting for 41.4%[69] Costs and Expenses - Employee costs, including salaries and contributions to defined contribution retirement plans, totaled RMB 423,443 thousand for the six months ended June 30, 2023, compared to RMB 391,336 thousand for the same period in 2022, reflecting an increase of approximately 8.2%[18] - The sales cost for the reporting period was RMB 1,626.8 million, an increase of RMB 519.8 million or 47.0% compared to the same period in 2022, accounting for 73.8% of total revenue[70] - Sales and distribution expenses amounted to RMB 808 million, an increase of RMB 73 million compared to the same period in 2022, primarily due to growth in advertising and intermediary service costs[72] - Administrative expenses were RMB 1,904 million, a decrease of RMB 27 million compared to the same period in 2022, mainly due to enhanced control over administrative spending[74] Market and Strategic Focus - The company continues to focus on park operation services, park development services, and industrial investment primarily in mainland China[7] - The company has identified three segments: park operation services, park development services, and industrial investment, with a focus on enhancing operational efficiency and market expansion strategies[13] - The company aims to discover unicorns and gazelle companies during the 14th Five-Year Plan period, enhancing synergy with park operations[62] - The company plans to strengthen its EPC contract signing efforts in the second half of the year to achieve growth in uncertain market conditions[66] Contracts and Projects - For the six months ended June 30, 2023, the company achieved a new signed contract amount of RMB 2,979 million, representing a 44.4% increase year-on-year[38] - The company signed a new contract for the Foshan Sanlong Bay "OEPC" project worth RMB 743.7 million during the reporting period[42] - The total signed contract amount for industrial park sales was RMB 1,277.8 million, reflecting a growth of 24.5% from RMB 1,026.45 million year-on-year[54] Dividends and Shareholder Returns - The company did not recommend any interim dividend for the six months ended June 30, 2023, consistent with the previous year[23] - The company did not recommend any interim dividend during the reporting period[83]

Financial Performance - The company achieved a total revenue of RMB 5,523.2 million in 2022, representing a year-on-year growth of 21.9%[26]. - The signed contracts amounted to RMB 6,345.0 million, an increase of 47.4% compared to the previous year[26]. - The net cash inflow from operating activities was RMB 194.8 million, maintaining positive cash flow for four consecutive years[26]. - The company reported a profit attributable to owners of the company of RMB 536.1 million, down from RMB 640.2 million in 2021[22]. - The pre-tax profit for 2022 was RMB 990.9 million, with a net profit of RMB 522.4 million, and profit attributable to shareholders was RMB 536.1 million[40]. - The overall gross profit for 2022 was RMB 1,559.8 million, an increase of RMB 261.8 million from the previous year, with a gross margin of 28.2%[132]. - The company's total sales cost for 2022 was RMB 3,963.4 million, which accounted for 71.8% of total revenue, up from 71.4% in 2021[130]. - Other income and net gains for 2022 were RMB 215.8 million, a decrease of RMB 269.5 million compared to the previous year, primarily due to the absence of investment income from Shenzhen Huada Beidou Technology Co., Ltd.[133]. - The profit attributable to the company's owners for the year was RMB 536.1 million, a decrease of RMB 104.1 million compared to 2021, with core net profit at RMB 336.7 million after excluding fair value changes[141]. - The basic earnings per share for 2022 were RMB 7.08, down from RMB 8.45 in 2021[142]. Assets and Liabilities - Non-current assets reached RMB 10,015.3 million, up from RMB 8,986.8 million in 2021[23]. - Current assets totaled RMB 12,364.2 million, slightly increasing from RMB 12,320.9 million in 2021[23]. - Total equity stood at RMB 8,876.8 million, compared to RMB 8,505.3 million in 2021[23]. - The net capital debt ratio increased from 27.2% in 2021 to 35.0% in 2022, remaining within a controllable risk range[148]. - The outstanding bank loans and other borrowings amounted to RMB 7,068.3 million as of December 31, 2022, with interest rates decreasing from 5.1% in 2021 to 4.8% in 2022[159]. - As of December 31, 2022, the company held financial assets measured at fair value through profit or loss totaling approximately RMB 732.0 million, a decrease from RMB 888.2 million as of December 31, 2021[154]. Operational Highlights - The company continues to focus on digital transformation and high-quality development of industrial parks as part of its strategic goals[25]. - The company is enhancing its systematic operational capabilities and innovating business development models[27]. - The company is committed to expanding its investment business and exploring new development paths[26]. - The company achieved a total revenue of RMB 5,523.2 million in 2022, representing a growth of 21.9% compared to the previous year[31]. - The comprehensive operations business saw a remarkable increase in new contracts amounting to RMB 3,285.0 million, a growth of 577.3% compared to the previous year[36]. - The company expanded its industrial landmark projects to a total of 23, with a cumulative layout in 46 cities and 88 parks, covering approximately 6.954 million square meters of land[31]. Investment and Development - The company established new investment projects in 2022, including four new projects under the "fund + park" investment model[39]. - The company aims to enhance its digital capabilities through the OVU park system, integrating various operational services for better efficiency[44]. - The company is focused on low-carbon park construction to support carbon neutrality goals through its OVU low-carbon cloud system[44]. - The group has received over 80 honors from various national and provincial institutions, including 2 national demonstration bases and 7 national technology business incubators[47]. - The group is innovating its business model to support carbon peak and carbon neutrality goals, integrating existing resources for sustainable development[48]. Employee and Management - The total employee cost for the year ended December 31, 2022, was approximately RMB 825.6 million, with a workforce of 8,207 full-time employees[156]. - The management team includes several vice presidents overseeing different regions and projects, enhancing cross-regional collaboration[172]. - The company's management team includes experienced professionals with extensive backgrounds in finance and project management[175][176]. Corporate Governance - The company maintains effective communication with shareholders and investors to enhance transparency and information disclosure[163]. - The board of directors has the authority to declare dividends based on various factors, including financial performance and cash flow[182]. - The company has complied with relevant laws and regulations that significantly impact its operations during the reporting period[190]. Future Outlook - The company aims to discover unicorns and gazelle enterprises during the 14th Five-Year Plan period, enhancing synergy with park operations[116]. - The company plans to strengthen its investment service model, integrating financing, carrier, service, resources, and investment[116]. - The company is committed to promoting traditional manufacturing transformation and upgrading, focusing on key industrial chains[122].