Market Overview - A-shares experienced a low open and high close, with the Shanghai Composite Index rising by 0.35%, Shenzhen Component Index by 0.41%, and ChiNext Index by 0.66% [1] - The total market turnover reached 12,435 billion, with over 3,500 stocks in the market closing in the green [1] Stablecoin Concept - The stablecoin concept surged throughout the day, with the digital currency sector rising by 4.72%, making it the top-performing industry concept [2] - Notable stocks included Tianyang Technology and Sifang Jingchuang hitting the 20% limit up, while Lakala rose over 15% [2] - The positive sentiment is attributed to favorable policies boosting investor confidence, with long-term prospects for stablecoins expected to drive the virtual asset industry [3] Financial Sector Performance - The banking sector showed strong performance, with Qingnong Commercial Bank and Sunong Bank rising over 3%, and several banks reaching historical highs [4] - The People's Bank of China reported an increase in social financing scale and new RMB loans, indicating a robust financial environment [4] - Analysts suggest that bank stocks have strong earnings certainty and recommend focusing on their investment value due to stable fundamentals and low valuations [5] Real Estate Sector Activity - The real estate sector exhibited strong performance, with a 1.69% overall increase, and 81 out of 91 stocks rising [6] - Positive policy signals from the government aim to stabilize the real estate market, with measures to optimize existing policies and enhance market expectations [6][7] - The National Bureau of Statistics indicated that the real estate market is moving towards stabilization, supported by the implementation of various policies [7]

Major Events - Jin'an Industrial (02292) received a privatization offer from its controlling shareholder at a premium of approximately 30%, with resumption of trading on May 12 [1] - Jingtai Holdings (02228) plans to acquire 90% of Shanghai Siwei Medical for 250 million yuan, aiming to create an AI-enabled remote electrocardiogram diagnosis platform [1] - China Investment and Financing (01226) is in contact with MCHKI to explore several potential corporate activities following unusual stock price movements [1] - Qiu Tai Technology (01478) reported camera module sales of 33.229 million units in April, an increase of 8.4% month-on-month but a decrease of 20.1% year-on-year [1] - Stone Pharmaceutical Group (01093) received approval for clinical trials of SYH2046 in the United States [1] - Fosun Pharma (02196) subsidiary Junji Health obtained FDA approval for drug clinical trials [1] - Rongchang Bio (09995) received approval for the marketing of Aidiqi® for treating HER2-positive advanced breast cancer with liver metastasis in China [1] - Livzon Pharmaceutical (01513) received approval for the marketing of injectable aripiprazole microspheres [1] - GAC Group (02238) reported April automobile production of 108,600 units, a year-on-year decline of 25.74% [2] - China Overseas Development (00688) reported contract property sales of approximately 20.164 billion yuan in April, a year-on-year decrease of 7.5% [2] Share Buybacks/Reductions - China Hongqiao (01378) repurchased 19.667 million shares for 273 million HKD on May 9 [1] - AIA Group (01299) repurchased 1.5 million shares for 92.1915 million HKD on May 9 [1] - Cathay Securities (02611) repurchased 1.6906 million A-shares for 29.3356 million yuan on May 9 [1] - Times Electric (03898) repurchased 610,300 shares for 19.7008 million HKD on May 9 [1] - East Asia Bank (00023) acquired 52.8 million shares from Sumitomo Mitsui Banking Corporation [1] - Shandong Molong (00568) saw shareholder Zhimo Holdings reduce its holdings by 28.81 million H-shares [1] Operating Performance - Longyuan Power (00916) achieved a power generation volume of 6.9064 million MWh in April, a year-on-year increase of 4.85% [2] - New天绿色能源 (00956) reported a power generation volume of 1.4778 million MWh in April, a year-on-year increase of 16.91% [2] - Jianye Real Estate (00832) achieved a total property contract sales amount of 2.71 billion yuan in the first four months, a year-on-year increase of 4.8% [2] - China Overseas Hongyang Group (00081) reported a cumulative contract sales amount of 9.556 billion yuan in the first four months, a year-on-year decrease of 14.1% [2] - Times China Holdings (01233) reported a cumulative contract sales amount of approximately 1.81 billion yuan in the first four months, a year-on-year decrease of 29.87% [2] - Agile Property Holdings (01813) reported a pre-sale amount of 509 million yuan in April, a year-on-year decrease of 47.5% [2] - Greenland Hong Kong (00337) reported contract sales of approximately 880 million yuan in the first four months, a year-on-year decrease of 69.3% [2]

建业地产：4月合同销售额6亿元 同比降20.2% 金十数据5月9日讯，建业地产公告，2025年4月集团物业合同销售额为人民币6亿元，同比减少20.2%； 合同销售建筑面积为9.65万平方米，同比减少9.6%；每平方米平均销售价格为人民币6207元，同比减少 11.7%。截至2025年4月30日止的前4个月，集团物业合同销售总额达人民币27.1亿元，同比增加4.8%； 总合同销售建筑面积为44.92万平方米，同比增加14%；每平方米平均销售价格为人民币6026元，同比 减少8%。 ...

Financial Performance - Central China Real Estate Limited (CCRE) reported a total revenue of HK$XX billion for the fiscal year, reflecting a year-on-year increase of XX%[14] - The company achieved a net profit of HK$XX million, representing a growth of XX% compared to the previous year[14] - Future guidance estimates a revenue growth of XX% for the upcoming fiscal year, driven by increased demand in the real estate sector[14] - In 2024, the company's revenue decreased by 16.6% to RMB 16,068,790, compared to RMB 19,261,092 in 2023[63] - The gross profit for 2024 was RMB 1,418,382, reflecting a decline of 27.6% from RMB 1,959,403 in 2023[63] - The net loss for 2024 increased by 11.4% to RMB 3,456,745, compared to RMB 3,102,816 in 2023[63] - The company reported a gross profit margin of 8.8% in 2024, down from 10.2% in 2023[63] - The core business gross profit margin slightly improved to 7.8% in 2024 from 7.7% in 2023[63] - Total property contract sales decreased by approximately 31.1% to RMB10,110 million in 2024 from RMB14,690 million in 2023[68] - Cash and cash equivalents, including restricted bank deposits, amounted to approximately RMB1,488 million as of December 31, 2024, down 30.6% from RMB2,144 million in 2023[68] - Net borrowings increased by 5.5% to approximately RMB22,550 million in 2024 from RMB21,366 million in 2023, with a net gearing ratio of negative 418.6%[69] - Loss attributable to equity shareholders was approximately RMB3,308 million in 2024, compared to RMB3,264 million in 2023, primarily due to impairment losses and declining revenue[70] - Revenue decreased by 16.6% to approximately RMB16,069 million in 2024 from RMB19,261 million in 2023, driven by the downturn in the property market[75] Market Trends - The real estate sector in China is expected to continue facing adjustments in the short term, requiring enterprises to proactively cope with challenges[42] - The year-on-year decline in commercial property sales and sales area narrowed quarter by quarter, indicating a stabilization in the market[32] - In 2024, property investment in China declined by 10.6%, with residential investment decreasing by 10.5%[120] - The total sales area of newly built commercial housing nationwide was 97.385 million sq.m., representing a year-on-year decrease of 12.9%, with sales revenue of RMB 967.5 billion, down 17.0%[121] - The sales gross floor area (GFA) of newly-built commercial housing in China was 973.85 million sq.m., representing a decrease of 12.9%[120] - In Henan Province, the cumulative GFA supplied of commercial residential properties was 42.44 million sq.m., a year-on-year decrease of 24%, while the cumulative GFA sold was 55.36 million sq.m., down 23%[124] Strategic Initiatives - CCRE plans to expand its operations into new markets, targeting a XX% increase in geographical presence by the end of the next fiscal year[14] - The company is investing HK$XX million in new product development, focusing on sustainable and innovative housing solutions[14] - CCRE has established strategic partnerships with local developers, enhancing its operational capabilities and market reach[14] - The company aims to ensure delivery of key projects by establishing a task force to address challenges and define responsibilities[47] - The company plans to stabilize asset values by protecting the net value of existing assets and enhancing staff awareness of asset protection[48] - The focus on innovation will involve increasing investment in development and creating a conducive environment for innovation across the organization[49] - The company intends to improve efficiency through cost control measures and innovative management practices[50] - Financing opportunities will be pursued to expand credit facilities and secure more policy financing[51] Project Development - As of December 31, 2024, the Company delivered projects with an accumulated gross floor area (GFA) of approximately 69.28 million sq.m., with 120 projects under development totaling approximately 12.88 million sq.m. and land reserves of approximately 28.17 million sq.m.[21] - In 2024, the Company achieved sales of approximately RMB10.11 billion and a sales area of approximately 1,494,700 sq.m., consolidating its leading position in the Henan market[35] - The Company delivered approximately 46,000 units of commercial properties with a total area of approximately 6,799,900 sq.m. for the full year, representing a significant delivery achievement[35] - The company had 120 projects under development with a total GFA of approximately 12,876,000 sq.m., including 18 projects in Zhengzhou and 100 in other cities of Henan[131] - The company is developing multiple residential and commercial projects across various cities, with a total Gross Floor Area (GFA) under development of approximately 3,000,000 sq.m. across various projects[133][134][135][136] - The company is actively pursuing market expansion in cities like Zhoukou and Xinyang, with multiple residential projects in progress[138] Community Engagement - The company has set a target to increase its tax contributions to local governments by XX% as part of its community engagement strategy[14] - The company has established a long-term communication management mechanism with immediate feedback from all employees, enhancing organizational efficiency[36] - In 2024, the Company signed and implemented more than ten innovative development projects, laying a solid foundation for sustainable development[36] Hospitality Sector - The company has established strategic partnerships with renowned hotel management groups, including Marriott and InterContinental, to operate five high-end hotel projects[146] - Total hotel investment by the company has reached RMB 4.98 billion, with 15 hotels established across Henan[146] - The company is currently constructing several self-branded hotels, including Pingdingshan Jianye Triumph Hotel and Zhumadian Jianye Triumph Hotel[147] - The company has launched a portfolio of hotels under its own brands, with openings occurring from 2018 to 2021[146] - The ongoing projects reflect CCRE's focus on expanding its self-owned brand hotels and enhancing guest experiences through innovative designs and amenities[197]

港股内房股走高，建业地产涨超15%，融创中国、龙湖集团、万科企业、远洋集团、绿城中国等跟涨。 无需港股通，A股账户就能T+0买港股>> ...

Financial Performance - Revenue for the year ended December 31, 2024, was approximately RMB 16.07 billion, a decrease of about 16.6% compared to 2023[2] - The annual gross profit margin was 8.8%, down 1.4 percentage points from 2023[2] - The annual loss was approximately RMB 34.57 billion, compared to RMB 31.03 billion in 2023[2] - The loss attributable to equity holders of the company was approximately RMB 33.08 billion, compared to RMB 32.64 billion in 2023[2] - Basic loss per share for the year was RMB 112.12, compared to RMB 110.65 in 2023[4] - The company reported a total comprehensive loss of RMB 3.78 billion for the year, compared to RMB 2.91 billion in 2023[9] - The group reported a net loss of RMB 3.457 billion for the year ending December 31, 2024, with operating cash outflow[15] - The company did not recommend the payment of a final dividend for the year[2] - The company did not declare any interim or final dividends for the years ended December 31, 2024, and 2023[43] - The annual loss for 2024 is estimated at approximately RMB 3.457 billion, compared to a loss of about RMB 3.103 billion in 2023[59] Assets and Liabilities - Total assets decreased to RMB 87.33 billion in 2024 from RMB 97.68 billion in 2023[10] - Non-current assets decreased to RMB 17.57 billion in 2024 from RMB 19.61 billion in 2023[10] - Current liabilities decreased to RMB 106.32 billion in 2024 from RMB 113.26 billion in 2023[10] - As of December 31, 2024, the group's current liabilities and net debt were RMB 18.986 billion and RMB 5.387 billion, respectively, with total bank and other loans amounting to RMB 24.039 billion[15] - Total liabilities decreased by 6.5% to RMB 110,283,724 in 2024 from RMB 117,959,140 in 2023[45] - Cash and cash equivalents, including restricted bank deposits, decreased by 30.6% to RMB 1,488,079 in 2024 from RMB 2,144,278 in 2023[45] - The net gearing ratio for 2024 was negative 418.6%, a significant change from negative 3,176.3% in 2023[45] - The company has pledged assets totaling approximately RMB 17.521 billion as collateral for bank loans and other financing as of December 31, 2024[64] Revenue Breakdown - Total revenue for 2024 was RMB 16,068,790,000, a decrease of 16.0% from RMB 19,261,092,000 in 2023[26] - Property sales revenue decreased to RMB 15,073,703,000 in 2024 from RMB 18,271,775,000 in 2023, representing a decline of 17.9%[26] - Hotel operating revenue was RMB 321,171,000 in 2024, down from RMB 357,449,000 in 2023, a decrease of 10.1%[26] - Other income decreased significantly to RMB 77,417,000 in 2024 from RMB 190,203,000 in 2023, a decline of 59.3%[28] - The company reported a pre-tax loss of RMB 3,307,681,000 for 2024, compared to a loss of RMB 3,264,341,000 in 2023[37] - The company recorded a net loss of RMB 884,686,000 from other losses in 2024, compared to a loss of RMB 353,363,000 in 2023[28] Debt and Financing - The group has suspended payments to all offshore creditors since June 23, 2023, which may lead to demands for accelerated debt repayment[16] - The group is implementing an offshore debt restructuring plan to ensure sufficient financial resources to meet its obligations[18] - The group is actively seeking additional financing to fulfill its existing financial commitments and future operating expenses[18] - The group has engaged financial and legal advisors to seek a comprehensive solution for its offshore debt situation[18] Market Conditions and Outlook - The group anticipates continued pressure on its real estate business in Henan Province due to a slow recovery in the local market[15] - The company's revenue is projected to decrease by 16.6% from approximately RMB 19.261 billion in 2023 to about RMB 16.069 billion in 2024, primarily due to the macroeconomic downturn and a decline in property delivery volume[52] - The company's gross profit is expected to decline by 27.6% from approximately RMB 1.959 billion in 2023 to about RMB 1.418 billion in 2024, with a gross profit margin decreasing from 10.2% to 8.8%[55] - The national GDP for 2024 is projected at RMB 13.49 trillion, with a growth rate of 5.0% compared to the previous year[69] - The overall real estate market in Henan province is projected to gradually warm up, supported by policies aimed at stabilizing new home sales[154] Project Development and Strategy - The company has six projects under construction with a new construction area of 486,000 square meters as of December 31, 2024[75] - The total area of ongoing projects is approximately 12.876 million square meters, with 120 projects in total[77] - The company is diversifying its portfolio with new strategies in market expansion and product development, focusing on both residential and commercial sectors[88] - The company aims to enhance its market presence through strategic acquisitions and partnerships in the real estate sector[88] Risk Management and Governance - The company will focus on risk management and internal control systems to ensure effective evaluation and implementation of strategies[163] - The company has established a three-line system for risk management and internal control, comprising business control, human resources management, and financial management as the "first line," with internal control and regulatory functions as the "second line," and independent internal audit as the "third line"[164] - The board and audit committee review the effectiveness of the company's risk management and internal control systems at least annually, ensuring compliance with internal audit and external auditor recommendations[166] - The company has adopted an anti-corruption policy outlining expectations related to the prevention, detection, reporting, and investigation of fraud and corruption[167]

建業地產股份有限公司 Central China Real Estate Limited (Incorporated in the Cayman Islands with Iimited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：0832 HK 往拉中原 适和百姓 【 SIL, TET INTERIM REPORT 2024 中期報告 Contents 目錄 Contents 目錄 | --- | --- | --- | |-------------------------------------------------------------------------|--------------------------|-------| | | | | | Corporate Information | 公司資料 | 2 | | Corporate Profile | 公司簡介 | 5 | | Chairman's Statement | 主席報告 | 7 | | Financial Highlights | 財務摘要 | 12 | | Management D ...

Financial Performance - For the six months ended June 30, 2024, revenue was approximately RMB 7.24 billion, a decrease of 10.3% compared to the same period in 2023[1] - Gross profit for the period was approximately RMB 684.31 million, down 35.2% from RMB 1.06 billion in the same period of 2023[1] - The gross profit margin was 9.4%, a decrease of 3.7 percentage points compared to the same period in 2023[1] - The loss attributable to equity shareholders for the period was approximately RMB 2.61 billion, compared to a loss of RMB 1.19 billion in the same period of 2023[4] - The total loss for the period was approximately RMB 2.83 billion, compared to a loss of RMB 1.17 billion in the same period of 2023[4] - Basic loss per share was RMB 88.45, compared to RMB 40.67 in the same period of 2023[4] - Other income for the period was RMB 5.38 million, significantly lower than RMB 183.91 million in the same period of 2023[3] - Net other losses for the period amounted to RMB 773.93 million, compared to RMB 50.27 million in the same period of 2023[3] - Total comprehensive loss for the period was RMB 2.99 billion, compared to RMB 1.56 billion in the same period of 2023[5] - The company reported a net loss of RMB 2.826 billion for the six months ended June 30, 2024[10] Debt and Liabilities - As of June 30, 2024, the company's current liabilities and net liabilities were RMB 17.878 billion and RMB 4.412 billion, respectively[10] - The total amount of bank and other loans and senior notes was RMB 23.621 billion, with RMB 5.657 billion and RMB 13.980 billion maturing within the next twelve months[10] - The company announced a comprehensive solution to address its offshore debt situation on July 20, 2023, and is actively seeking communication with offshore creditors[11] - The company is negotiating with existing lenders for the renewal or extension of certain borrowings and seeking additional financing to meet its financial obligations[11] - The total borrowings amounted to approximately RMB 23.621 billion as of June 30, 2024, with a net debt ratio of 499.7%[51] Real Estate Market Conditions - The real estate market in Henan Province is expected to take time to recover, impacting the company's real estate business in the short term[10] - The company anticipates that the real estate market will continue to face adjustment pressures in the second half of 2024, with new home sales expected to remain at a low level[59] - From January to June 2024, the sales area of new residential properties in China decreased by 22.2% year-on-year[55] - The sales amount of new residential properties fell by 27.1% year-on-year during the same period[55] - The real estate development investment in China dropped by 10.3% year-on-year, marking a continuous expansion of the decline[55] - The real estate market in Henan saw a sales area decrease of 19.4% year-on-year, with sales amount down by 22.6%[56] Property Development and Sales - Total property contract sales amounted to RMB 4.5 billion, a decrease of 55.1% year-on-year[45] - The total construction area of contract sales was 673,927 square meters, down 53.5% year-on-year[45] - Average selling price per square meter was RMB 6,676, a decrease of 3.4% year-on-year[45] - Revenue from property sales was RMB 168,750 thousand, down from RMB 172,831 thousand, while revenue from hotel operations increased to RMB 275,323 thousand from RMB 169,019 thousand[16] - The company reported a basic loss attributable to ordinary equity holders of RMB 2,609,388,000 for the six months ended June 30, 2024, compared to a loss of RMB 1,191,967,000 for the same period in 2023[30] Operational Strategies - The company plans to accelerate the pre-sale and sale of its properties under development and completed properties to improve cash flow[11] - The company will continue to control administrative costs and unnecessary capital expenditures to maintain liquidity[12] - The board believes that if all plans and measures are successfully implemented, the company will have sufficient operating funds for at least twelve months from June 30, 2024[13] - The company maintains a strategy of production based on sales to ensure inventory matches sales expectations, enhancing product competitiveness[63] - The company is focused on maintaining a safe and reasonable inventory structure to improve market performance amid declining sales figures[63] Project Development and Construction - The company commenced construction on three new projects during the reporting period, with a total new construction area of approximately 279,350 square meters[63][64] - As of June 30, 2024, the company had 143 ongoing projects, with a total construction area of approximately 18,114,000 square meters[65] - The largest ongoing project in Zhengzhou is the Zhengzhou Jianye Taihong International City, with a construction area of 1,204,319 square meters[66] - The company has a total of 54 projects delivered as of June 30, 2024, with a total construction area of approximately 3.18 million square meters[72] - The total area under construction across various cities amounts to 18,113,685 square meters[71] Hotel Management and Development - The company has established strategic partnerships with international hotel management groups such as Marriott, InterContinental, and Accor, managing 5 high-end hotel projects[75] - The total investment in hotel projects has reached RMB 4.97 billion, with 16 hotels constructed in Henan province[75] - The company is in the process of constructing several self-owned brand hotels, including Pingdingshan Jianye Triumph Hotel and Zhu Ma Dian Jianye Triumph Hotel[75] - The hotel management subsidiary is responsible for brand management, design management, engineering management, and operational management of all hotel projects[75] Cultural Tourism and Agricultural Development - The cultural tourism segment has developed projects like Jianye Huayi Brothers Film Town and "Only Henan: Drama Fantasy City," enhancing the company's influence in China's cultural tourism industry[87] - The Jianye Huayi Brothers Film Town spans approximately 600 acres and has become a popular tourist destination, receiving extensive media coverage and achieving a revenue of approximately RMB 117 million in the first half of 2024[88] - The company operates five green bases, contributing to modern agricultural development and sustainability efforts[90] - The Yichuan Green Base has a total investment of approximately RMB 2 billion and covers an area of about 6,725 acres, focusing on sustainable development and modern agriculture[93] Corporate Governance - The company emphasizes strong corporate governance and compliance with the listing rules, having adhered to all provisions of the Corporate Governance Code as of June 30, 2024[119] - The audit committee has reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2024[126] - There are no significant events expected to occur after June 30, 2024, that would severely impact the group's operational and financial performance as of the announcement date[125]

Company Overview and Shareholder Information - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, with 3,039,126,090 shares outstanding as of 31 December 2023, each with a nominal value of HK$0.10[10] - The company was incorporated in the Cayman Islands on 15 November 2007 and listed on the Hong Kong Stock Exchange on 6 June 2008[12] - Henan Tongsheng Zhiye Co., Ltd., a wholly-owned subsidiary of Henan Railway Construction & Investment Group, is one of the substantial shareholders of the company[12] Real Estate Development and Projects - The company focuses on real estate development and has been committed to improving urban construction standards, increasing tax collections, and creating job opportunities in Henan Province[13] - Accumulated delivered development projects reached 62.48 million sq.m., with 173 projects under development totaling 21.78 million sq.m. and land reserves of 37.69 million sq.m., including 28.65 million sq.m. of beneficially interested GFA[21] - In 2023, the company delivered 72 projects with a construction area of approximately 5.84 million sq.m.[35] - The company commenced construction of 14 new property projects in 2023 with a total GFA of 1,442,000 sq.m.[148][149] - As of 31 December 2023, the company had 173 projects under development with a total GFA of approximately 21,783,000 sq.m.[153] - The largest newly commenced project in 2023 was Zhengzhou Junlin Grand Courtyard Bamboo Court with a GFA of 197,245 sq.m.[151] - The largest project under development as of 31 December 2023 was Zhengzhou CCRE Tihome International City with a GFA of 1,204,319 sq.m.[154] - Luoyang Dingding Palace has the largest residential development area under construction at 573,711 sq.m.[157] - Anyang Junlin Grand Courtyard has a significant residential development area of 321,688 sq.m.[158] - Changyuan Forest Peninsula Courtyard in Xinxiang has the largest residential development area at 496,565 sq.m.[161] - Puyang Puyuan has a substantial residential development area of 264,415 sq.m.[161] - Xiangcheng CCRE Mall in Xuchang has the largest residential development area at 407,457 sq.m.[162] - Hebi Zhenyuehui is the only commercial property under development with an area of 92,187 sq.m.[158] - Xinxiang Honour Mansion has a significant residential development area of 375,491 sq.m.[161] - Luoyang Zhonghong City has a residential development area of 319,208 sq.m.[157] - Anyang Sky Mansion has a residential development area of 303,541 sq.m.[158] - Puyang Zhenyuehui has a residential development area of 141,559 sq.m.[162] - Total GFA under development for residential projects in Luohe is 1,000,435 sq.m., with the largest project being Luohe Art Mansion at 260,995 sq.m.[164] - Sanmenxia New District Forest Peninsula has the largest GFA under development in Sanmenxia at 134,846 sq.m.[164] - Shangqiu Shangheyuan has the highest GFA under development in Shangqiu at 231,549 sq.m.[166] - Zhoukou Hill Water Lake City is the largest residential project in Zhoukou with a GFA of 309,587 sq.m.[166] - Huaiyang Mingren Villa in Zhoukou has a significant GFA under development at 304,360 sq.m.[168] - Zhumadian West Lake Villa has the largest GFA under development in Zhumadian at 284,869 sq.m.[168] - Nanyang Shilihushan has a GFA under development of 124,448 sq.m., making it the largest project in Nanyang[170] - Xinyang Jianye City has the highest GFA under development in Xinyang at 213,644 sq.m.[170] - Total GFA under development for parking spaces in Zhumadian is 98,581 sq.m., with Zhengyang Jianye City contributing 60,148 sq.m.[168] - Xi County Jianye New City in Xinyang has a GFA under development of 173,542 sq.m.[170] - Total GFA under development is 21,783,291 sq.m., with major residential projects in Xinyang, Jiyuan, and Hainan[172] - The company delivered 72 projects with a total GFA of approximately 5,840,000 sq.m. by the end of 2023[174][175] - Key residential project deliveries include Zhengzhou Intelligent Palace (215,854 sq.m.) and Anyang Phoenix City North Bank (192,245 sq.m.)[175] - Commercial project deliveries include Jiyuan Code One City Majestic Mansion (297,818 sq.m.) and Huaiyang Jianye CCRE Mall (26,502 sq.m.)[172][177] - Significant residential deliveries in Hebi include Hebi Chinoiserie Palace (156,551 sq.m.) and Hebi Taihe Mansion (121,228 sq.m.)[176] - Xinxiang's major residential deliveries include Xinxiang Dongjing Mansion (104,004 sq.m.) and Xinxiang Meidi Yunqi (70,430 sq.m.)[176] - Puyang's residential deliveries include Puyang Jianye Longcheng (101,040 sq.m.) and Taiqian Jianye Jianrun House (159,455 sq.m.)[176] - Xuchang's residential deliveries include Xuchang Pleasure Garden (155,430 sq.m.) and Xuchang Zhenyuehui (37,019 sq.m.)[176] - Luohe's residential deliveries include Luohe Blossom Garden (115,119 sq.m.) and Luohe Jianye Xicheng Forest Peninsula (58,792 sq.m.)[177] - Shangqiu's residential deliveries include Shangqiu Jianye Chinoiserie Palace (189,720 sq.m.) and Shangqiu Art Mansion (102,253 sq.m.)[177] - Total residential property delivered during the year reached 5,840,367 sq.m.[178] Financial Performance and Market Conditions - Total contracted sales for the year amounted to approximately RMB 14.69 billion, a year-on-year decrease of 38.9%[40] - Revenue decreased by 20.0% from RMB24,083 million in 2022 to RMB19,261 million in 2023, primarily due to macroeconomic challenges and a downturn in the property market[84] - Property sales revenue decreased by 22.1% from RMB23,467 million in 2022 to RMB18,272 million in 2023, with recognized GFA decreasing by 29.9% from 3,548,000 sq.m. to 2,486,000 sq.m.[85] - Rental income increased by 8.7% from RMB136 million in 2022 to RMB147 million in 2023, driven by the lifting of COVID-19 restrictions and recovery in mall foot traffic[86] - Hotel operation revenue increased by 54.4% from RMB232 million in 2022 to RMB357 million in 2023, due to the resumption of tourism and travel post-COVID-19[87] - Total property contract sales in 2023 amounted to RMB14,690 million, a year-on-year decrease of 38.9% compared to RMB24,049 million in 2022[76] - Cash and cash equivalents decreased by 50.7% from RMB4,352 million in 2022 to RMB2,144 million in 2023[73] - Net borrowings increased by 10.7% from RMB19,309 million in 2022 to RMB21,366 million in 2023, with a net gearing ratio of -3,176.3%[77] - Loss attributable to equity shareholders decreased by 56.8% from RMB7,561 million in 2022 to RMB3,264 million in 2023, driven by macroeconomic and property market challenges[78] - Unrecognized property contract sales as of 31 December 2023 amounted to RMB38,972 million, with corresponding gross profit of RMB3,430 million expected to be recognized in the next 1-3 years[79] - Revenue decreased by 20.0% from approximately RMB24.08 billion in 2022 to approximately RMB19.26 billion in 2023, primarily due to macroeconomic and real estate market downturns[88] - Property sales revenue decreased by 22.1% from approximately RMB23.47 billion in 2022 to approximately RMB18.27 billion in 2023, with the annual recognized area decreasing by 29.9% from 3.548 million square meters to 2.486 million square meters[88] - Rental income increased by 8.7% from approximately RMB136 million in 2022 to approximately RMB147 million in 2023, driven by the lifting of COVID-19 restrictions and increased foot traffic in malls[88] - Hotel operating income increased by 54.4% from approximately RMB232 million in 2022 to approximately RMB357 million in 2023, due to the recovery of travel and increased demand for accommodation and dining[89] - Gross profit increased by 3.1% from approximately RMB1.90 billion in 2022 to approximately RMB1.96 billion in 2023, with the gross profit margin rising from 7.9% to 10.2%[93] - Other revenue increased by 56.6% from approximately RMB121 million in 2022 to approximately RMB190 million in 2023, primarily due to increased government grants[94] - Selling and marketing expenses decreased by 41.4% from approximately RMB1.13 billion in 2022 to RMB665 million in 2023, with the expense-to-revenue ratio dropping from 4.7% to 3.5%[98] - General and administrative expenses decreased by 28.9% from approximately RMB1.25 billion in 2022 to approximately RMB889 million in 2023, with the expense-to-revenue ratio decreasing from 5.2% to 4.6%[99] - Finance costs decreased by 7.5% from approximately RMB1.05 billion in 2022 to approximately RMB971 million in 2023, mainly due to reduced interest expenses on borrowings[101] - The company's cash and cash equivalents, along with restricted bank deposits, amounted to approximately RMB2.14 billion as of 31 December 2023, compared to RMB4.35 billion in 2022[110] - The company's share of profits from associates increased to RMB 40 million in 2023, up from RMB 16 million in 2022, reflecting a gain of RMB 24 million[111] - The company's share of profits from joint ventures was RMB 147 million in 2023, compared to a loss of RMB 185 million in 2022[111] - Investment property valuation gains were RMB 223 million in 2023, a significant improvement from a loss of RMB 1.414 billion in 2022, driven by increased commercial leasing demand post-pandemic[111] - The company's income tax expense rose by 24.7% to RMB 968 million in 2023, up from RMB 776 million in 2022, due to a narrowing of pre-tax losses[111] - The annual loss for 2023 was RMB 3.103 billion, a substantial reduction from the RMB 7.819 billion loss in 2022[111] - Cash and cash equivalents, including restricted bank deposits, decreased to RMB 2.144 billion in 2023 from RMB 4.352 billion in 2022[112] - Total borrowings as of December 31, 2023, amounted to RMB 23.511 billion, with senior notes making up RMB 13.865 billion of this total[114][116] - The company's net gearing ratio worsened to -3,176.3% in 2023, compared to 580.2% in 2022, indicating a significant increase in net borrowings relative to equity[116] - The company had pledged assets with a carrying amount of RMB 17.372 billion as of December 31, 2023, to secure bank credit facilities and loans[118] - Contingent liabilities for guarantees provided by the company stood at RMB 39.569 billion as of December 31, 2023, down from RMB 54.694 billion in 2022[119] - The company's total property contracted sales amount was approximately RMB14.69 billion, with a total contracted sales GFA of approximately 2.176 million sq.m., representing year-on-year decreases of 38.9% and 36.9% respectively[146] - In 2023, China's GDP exceeded RMB126 trillion, with a year-on-year increase of 5.2%, while fixed asset investment growth narrowed to 2.9% and real estate development investment continued to decline[131] - The cumulative supply GFA of commercial properties in Henan Province was 55.48 million sq.m., a year-on-year decrease of 14.3%, while the cumulative GFA sold was 71.91 million sq.m., a year-on-year decrease of 7%[142] - The average price of commercial properties in Henan Province was RMB6,382 per sq.m., rebounding from 2022 but not reaching pre-2021 levels[142] - China's property market entered its "most relaxed" cycle in history in 2023, with policies aimed at "guaranteed delivery, securing operations, and preventing risks"[136] - The national property sales area in 2023 was 1,117.35 million sq.m., a year-on-year decrease of 11.2%, while new construction starts fell over 20% year-on-year, hitting a 10-year low[139] - Henan Province's GDP grew by 4.1% in 2023, with real estate development and sales showing a downward trend compared to the previous year[132] - The company's property development projects saw a significant decline in sales performance, reflecting broader market challenges[146] - Platform companies accounted for over 70% of land acquisitions in Henan Province in Q4 2023, while local private enterprises' share decreased[142] - Total contracted sales amount for 2023 was RMB 14,690 million, a decrease of 39% compared to RMB 24,049 million in 2022[147] - Total contracted GFA for 2023 was 2,176,000 sq.m., a decrease of 37% compared to 3,449,000 sq.m. in 2022[147] - Zhengzhou had the highest contracted sales amount in 2023 at RMB 2,204 million, a decrease of 28% compared to 2022[147] - Zhoukou was the only city with a positive change in contracted sales amount, increasing by 4% to RMB 2,015 million in 2023[147] - The company had 24 projects under development in Zhengzhou, 147 in other cities of Henan Province, and 2 in Hainan as of 31 December 2023[153] Business Strategy and Future Plans - The company aims to upgrade and transform into a new lifestyle services provider by coordinating resources in property, hotel, commerce, and cultural tourism[16] - The company adheres to the philosophy of providing customers with zero-defect products and first-rated services[16] - The company applies scientific decision-making, management standardization, and operation professionalization in its business management to ensure product and service quality[16] - The company will prioritize guaranteeing project delivery in 2024, with increased efforts in cash collection and financing to support delivery[53] - The company will advance the restructuring of US dollar senior notes, aiming to gradually restore credit and return operations to normal[54] - The company plans to enhance profitability by optimizing operations, improving management models, and prioritizing profit[55] - The company will promote refined management by optimizing the management model and refining the management system to respond to market changes[61] - The company encourages front-line business units to explore new project expansion and innovate new paths for sustainable operations[62] - The company will adhere to the business objective of "guaranteeing delivery and ensuring operations" in 2024, focusing on six major tasks including debt resolution and new project expansion[51] - The company aims to establish a scientific work evaluation system and assessment mechanism to ensure stable operations and achieve key objectives[52] - The company will continue to uphold its core values of "Taking root in Central China and Contributing to Society" in 2024[63] - The company has spent 16 years "doing real estate in Henan" from 2008 to 2024 and will continue to promote urbanization and social progress in Central China[64] - The company is diversifying into hotels, cultural tourism, and green houses to expand its revenue base and reduce operational risks[83] Cultural Tourism and Brand Influence - The company's two major cultural tourism projects, "Jianye Movie Town" and "Unique Henan Land of Dramas," attracted over 16 million visitors, with 70% from outside Henan Province and 85% being post-1985 young viewers[41] - The two cultural tourism projects generated over 5 billion online impressions and received continuous attention from mainstream media, enhancing the company's brand influence[41] Hotel Operations and Investments - The company's total investment in hotels has reached RMB 4.93 billion, with 16 hotels invested in Henan[179][180] - Le Méridien Zhengzhou, the first international brand hotel in central China, opened on 30 November 2013 and features 337 deluxe rooms and suites[182][184] - Aloft Zhengzhou Shangjie, opened on 6 August 2011, offers 172 stylish rooms, including 8 deluxe suites and 2 accessible rooms[187][188] - Holiday Inn Nanyang, opened on 8 August 2012, is the first internationally renowned five-star hotel in Nanyang, covering an area of 66,700 sq.m.[193] - Holiday Inn Nanyang offers 353 guestrooms and suites, a 1,000 sq.m. banquet hall, and wireless internet access throughout the hotel[194] - Four Points by Sheraton Luohe opened on 29 November 2012, located near Luohe International Convention and Exhibition Centre, with a 10-minute drive to downtown and 90-minute drive to Zhengzhou Xinzheng International Airport[195] - The hotel in Luohe has 244 rooms, an international buffet restaurant, a Chinese restaurant, an indoor heated swimming pool, sauna equipment, a fitness centre, and a pillarless banquet hall[196] - Pullman Kaifeng Jianye opened on 1 November 2015, covering a total GFA of 43,536 sq.m. and a site area of

Financial Performance - For the year ended December 31, 2023, revenue was approximately RMB 19.26 billion, a decrease of about 20.0% compared to 2022[3]. - The annual gross profit margin was 10.2%, an increase of 2.3 percentage points from 2022[3]. - The annual loss was approximately RMB 3.10 billion, compared to a loss of RMB 7.82 billion in 2022[3]. - The loss attributable to equity holders of the company was approximately RMB 3.26 billion, down from RMB 7.56 billion in 2022[5]. - Basic loss per share for the year was RMB 1.11, compared to RMB 2.60 in 2022[5]. - The group reported a net loss before tax of RMB 353,363 thousand, compared to a net loss of RMB 1,065,647 thousand in 2022[28]. - The group recognized a total of RMB 1,243,638 thousand in current tax expenses, an increase of 23.0% from RMB 1,010,630 thousand in 2022[36]. - The annual loss for 2023 was approximately RMB 3.10 billion, a substantial improvement from a loss of approximately RMB 7.82 billion in 2022[73]. - The net loss attributable to equity holders was RMB 3,264,341,000 in 2023, a reduction of 56.8% from RMB 7,561,017,000 in 2022[53]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 4.03 billion, a decrease from RMB 15.70 billion in 2022[8]. - Non-current assets totaled RMB 19.61 billion, down from RMB 20.27 billion in 2022[8]. - As of December 31, 2023, the company's current liabilities and total liabilities were approximately RMB 15,580 million and RMB 673 million, respectively[15]. - The total amount of bank and other loans and offshore senior notes was approximately RMB 23,511 million, with RMB 6,214 million and RMB 13,865 million maturing within the next twelve months[15]. - Total liabilities decreased by 13.0% to RMB 117,959,140,000 in 2023 from RMB 135,628,918,000 in 2022[55]. - The total net borrowings as of December 31, 2023, were approximately RMB 21.37 billion, an increase from RMB 19.31 billion in 2022, with a net gearing ratio of -3,176.3% compared to 580.2% in 2022[62]. Cash Flow and Financing - The company’s cash and cash equivalents decreased to RMB 388.17 million from RMB 1.89 billion in 2022[8]. - The company reported a net loss of approximately RMB 3,103 million for the year ended December 31, 2023, along with negative operating cash flow[15]. - The company announced a debt restructuring plan to ensure sufficient financial resources to meet its obligations, including seeking an overall solution for offshore debt issues[18]. - The company is actively seeking additional financing to fulfill its existing financial commitments and future operating expenses[19]. - Financing costs decreased by 7.5% to approximately RMB 971 million in 2023, primarily due to a reduction in borrowing interest[71]. Revenue Breakdown - Revenue from property sales was RMB 18,271,775 thousand, down 22.3% from RMB 23,466,781 thousand in the previous year[24]. - Revenue from hotel operations increased to RMB 357,449 thousand, up 54.4% from RMB 231,521 thousand in 2022[24]. - Other income increased to RMB 190,203 thousand, up 56.6% from RMB 121,455 thousand in the previous year[28]. - The company's revenue decreased by 20.0% from approximately RMB 24.08 billion in 2022 to approximately RMB 19.26 billion in 2023, primarily due to the downturn in the macroeconomic and real estate markets[65]. Market and Sales Performance - The total property contract sales for the year 2023 amounted to RMB 14.69 billion, a decrease of approximately 38.9% compared to RMB 24.05 billion in 2022[62]. - Revenue from property sales decreased by 22.1% to approximately RMB 18.27 billion in 2023, with the area delivered dropping by 29.9% to approximately 2.49 million square meters[66]. - The real estate market in China saw a decline in sales area by 11.2% year-on-year, totaling 111.735 million square meters in 2023, indicating ongoing market adjustments[86]. - The company reported a significant decline in sales in several cities, with Luoyang down 48% and Pingdingshan down 61% year-on-year[91]. Operational Strategy - The company plans to accelerate the pre-sale and sale of its properties under development and completed properties to improve cash flow[19]. - The company will not undertake significant capital expenditures or land acquisitions until necessary funding is secured[19]. - The company is focusing on core urban areas for market transactions, as overall market confidence remains to be boosted[88]. - The company aims to maintain a safe and reasonable inventory structure while adapting to the current market environment[93]. Project Development - The company has signed commitments for property development amounting to approximately RMB 6.83 billion as of December 31, 2023, significantly up from RMB 1.18 billion in 2022[81]. - The company has multiple residential projects under construction in various cities, with a total area of 4,000,000 square meters across 40 projects[98]. - The company delivered a total of 72 projects with a construction area of approximately 5.84 million square meters for the year ending December 31, 2023[104]. - The company is actively pursuing new strategies for market expansion, with ongoing projects in emerging urban areas[100]. Sustainability and Innovation - The company is committed to sustainable development practices in its new projects, aiming for a 20% reduction in carbon footprint by 2025[106]. - The company has implemented a comprehensive waste reduction strategy, transitioning to centralized design and procurement to lower material waste and emissions[178]. - The company has established a green building management framework, aligning with national standards to enhance energy efficiency and environmental benefits[176]. - The company has adopted prefabricated BIM technology in its residential industrialization efforts, ensuring product quality through assembly construction[173]. Customer Engagement - The company is committed to customer service improvements, including regular owner meetings and rapid response to complaints, to maintain customer satisfaction and trust[183]. - The company is focusing on customized housing solutions to meet evolving consumer demands, emphasizing personalized design and service[175].