Financial Performance - The group's consolidated revenue for 2024 was approximately RMB 7,030.3 million, a decrease of 26.2% compared to RMB 9,525.0 million in 2023[20]. - The consolidated loss for 2024 was approximately RMB 1,809.2 million, representing an increase of 181.3% from RMB 643.1 million in 2023[20]. - The loss attributable to equity holders of the company for 2024 was approximately RMB 1,791.1 million, an increase of 283.4% from RMB 467.1 million in 2023[20]. - The group's gross profit for 2024 was approximately RMB 1,516.8 million, a decrease of 22.0% from RMB 1,944.5 million in 2023[29]. - The group does not recommend the payment of a final dividend for the year ended December 31, 2024[24]. Sales and Marketing - The total sales revenue for the group in the review year was approximately RMB 5.2728 billion, with a total construction area of 615,916 square meters, down from RMB 5.7504 billion and 851,463 square meters in 2023[41]. - The average selling price of delivered properties in 2024 was RMB 5,643.7 per square meter, a decrease of 3.5% from RMB 5,846.7 per square meter in 2023[34]. - The average delivered construction area decreased from 1,458,069 square meters in 2023 to 1,058,431 square meters in 2024[29]. - The group's sales and marketing costs for 2024 were approximately RMB 397.3 million, a decrease of 19.8% from RMB 495.7 million in 2023[33]. - The group anticipates continued challenges in property deliveries in cities like Suhong and Shanghai, impacting overall sales performance[34]. Property Development and Construction - The total construction area in Anhui and Jiangsu provinces accounted for 54.7% of the total construction area as of December 31, 2024[28]. - The completed projects total 50 with a total construction area of 3.5 million square meters, while 65 projects are under development with a total area of 10.6 million square meters[49]. - The total area of future development projects is 2.2 million square meters, with 14 projects planned[49]. - The company has a significant presence in Jiangsu, with 20.9% of its land reserves located there[51]. - The company is actively developing new residential and commercial properties, with the Nanjing Mingfa Yueshan Yuefu project completed in April 2022, covering 4,117 square meters[53]. Land Reserves and Future Projects - The group's land reserve decreased by 7.9% to approximately 16.3 million square meters, down from 17.7 million square meters in 2023, comprising a total of 129 projects[48]. - The company has 100% equity in all presold properties listed, with the largest presold project being in Shenyang at 116,517 square meters[47]. - The company continues to focus on expanding its land reserves and project completions to enhance its market footprint[48]. - The company has signed land use rights contracts for future developments, with a total land area of 495,361 square meters and a total building area of 913,314 square meters[62]. - The total area of properties under development is projected to reach 1,000,000 square meters by the end of 2025[55]. Ongoing Projects and Completion Rates - The company has several projects in various stages of completion, with the majority expected to be completed by December 2025 and 2026, indicating a strong pipeline for future revenue[59][61]. - The company has a significant project pipeline, including the Quanzhou Mingfa International Huachang City, which has a total area of 613,587 square meters and is also approximately 80% completed, scheduled for completion in December 2026[56]. - The company is focusing on residential and commercial developments, with properties like the Jiangsu Huai'an Golden Water Coast, which has a total area of 160,694 square meters and is approximately 75% completed[56]. - The company has completed construction on multiple properties, including the Tianjin Binhai Mingfa Commercial Plaza with a total area of 340,368 square meters and a land area of 209,048 square meters, expected to be fully operational by December 2026[56]. - The company is committed to completing its ongoing projects by the end of 2025, enhancing its portfolio and market position[68].

Financial Performance - The group's consolidated revenue for 2024 was approximately RMB 7.030 billion, a decrease of 26.2% compared to RMB 9.525 billion in 2023[3]. - The consolidated loss attributable to equity holders for 2024 was approximately RMB 17.911 billion, an increase of 2.8 times from RMB 4.671 billion in 2023[3]. - The basic and diluted loss per share for 2024 was RMB 29.4, which is 2.8 times higher than RMB 7.7 in 2023[3]. - The total comprehensive loss for 2024 was RMB 1.817 billion, compared to RMB 639.9 million in 2023[7]. - The company reported a net loss of RMB 643,145 thousand for the year ended December 31, 2023[28]. - The annual loss increased by 181.3% to RMB 1.8092 billion in 2024 from RMB 643.1 million in 2023[91]. - The company's gross profit for 2024 was approximately RMB 1.5168 billion, a decrease of 22.0% from RMB 1.9445 billion in 2023[65]. - The financing income net increased by 156.2% to approximately RMB 52 million in 2024 from RMB 20.3 million in 2023[67]. Assets and Liabilities - The total assets as of December 31, 2024, were RMB 62.327 billion, down from RMB 70.668 billion in 2023[8]. - The total liabilities decreased to RMB 45.525 billion in 2024 from RMB 51.652 billion in 2023[10]. - The net asset value was RMB 16.802 billion in 2024, compared to RMB 19.015 billion in 2023[10]. - Trade receivables decreased from RMB 1,018,722,000 in 2023 to RMB 971,076,000 in 2024, with a net amount of RMB 172,132,000 after impairment provisions[33]. - Total borrowings decreased from RMB 2,515,134,000 in 2023 to RMB 2,110,728,000 in 2024, with a significant portion secured against properties under development[38]. - The debt-to-asset ratio was 73.0% in 2024, slightly down from 73.1% in 2023, indicating stable leverage levels[98]. Revenue Breakdown - Total revenue for the year ended December 31, 2024, was RMB 7,030,291, with property development contributing RMB 5,973,499[27]. - Property development revenue decreased to RMB 5,973,499 thousand in 2024 from RMB 8,524,842 thousand in 2023, representing a decline of 29.9%[30]. - Hotel segment revenue fell to RMB 288,592 thousand in 2024 from RMB 356,210 thousand in 2023, a decrease of 19.0%[30]. - The property investment and management segment's revenue increased from approximately RMB 619.7 million in 2023 to RMB 658.9 million in 2024, a growth of 6.3%[89]. Investment Properties - The fair value loss on investment properties for 2024 was RMB 1.199 billion, compared to RMB 652.6 million in 2023[6]. - Fair value losses on investment properties reached RMB 1,198,766[27]. - The fair value loss on investment properties for 2024 was approximately RMB 1.1988 billion, up from RMB 652.6 million in 2023[66]. Dividends - The group did not recommend the payment of a final dividend for the year ended December 31, 2024[4]. - The company has not declared any interim dividends and does not recommend a final dividend for the year ended December 31, 2024[57]. Operational Metrics - The total area of properties delivered in 2024 was approximately 1,058,431 square meters, a decrease of 27.3% from 1,458,069 square meters in 2023[67]. - The average selling price of delivered properties in 2024 was RMB 5,643.7 per square meter, a decrease of 3.5% from RMB 5,846.7 per square meter in 2023[68]. - The total area of properties held by the group as of December 31, 2024, is 1,500,207 square meters[84]. Employee Costs - The company incurred employee costs of RMB 264,106,000 in 2024, down from RMB 276,332,000 in 2023, with salaries and wages accounting for RMB 233,774,000[49]. - The company employed 3,382 staff as of December 31, 2024, down from 3,804 in 2023[103]. Future Projects and Development - The company has a total of 129 projects, with a combined construction area of 16.3 million square meters[74]. - The company is actively expanding its footprint in the residential and commercial sectors, with a focus on mixed-use developments to cater to diverse market needs[77]. - The company has multiple ongoing projects with completion dates ranging from 2025 to 2027, including residential and commercial properties[80]. - The total estimated completion area for upcoming projects is approximately 500,000 square meters, which will enhance the company's market presence[77]. Audit and Compliance - The audit committee reviewed the annual performance and financial statements for the year ending December 31, 2024[109]. - The company has appointed Hong Kong Shinewing Certified Public Accountants Limited as the auditor for the fiscal year ending December 31, 2024[112]. - A resolution will be proposed at the upcoming annual general meeting to reappoint Hong Kong Shinewing Certified Public Accountants Limited as the auditor for the year 2025[112].

Mingfa Group (International) Company Limited Mingfa Group (International) Company Limited 明發集團（國際）有限公司 (incorporated in the Cayman Islands with limited liability) Stock code : 846 明發集 團（國際）有限公司 2024 INTERIM REPORT Interim Report 2024 中期報告 Mingfa Group (International) Company Limited 明發集團（國際）有限公司 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|-------|-------|-------|-------|----------| | | | | | | | | | | | | | | | (於開曼群島註冊成立的有限公司) 股份代號 : 846 | | | | | | | | | | | | | ...

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，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 Mingfa Group (International) Company Limited 明發集團（國際）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：00846） 截至2024年6月30日止六個月 中期業績 明發集團（國際）有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附 屬公司截至2024年6月30日止六個月之未經審核業績。 本公告符合香港聯合交易所有限公司（「聯交所」）證券上市規則中有關中期業績初步公告 附載的資料之相關要求。 本公司截至 2024 年 6 月 3 0 日止六個月之中期報告將於適當時間於本公司網站 (http://www.ming-fa.com)及聯交所網站(www.hkexnews.hk)刊發，並可於以上網站閱覽。 承董事會命 明發集團（國際）有限公司 公司秘書 潘永存 香港，2024年8月30日 於本公告日期，董事會包括： 執行董事： 伍文峯先 ...

管理層討論及分析 約45%的建設工程已完成，而總建築面積合共51,445平方米已預售但尚未交付。該等預售物業將於2024年12月完成 後交付予買家。 約55%的建設工程已完成並預期將於2024年12月完成。 約55%的建設工程已完成，而總建築面積合共17,892平方米已預售但尚未交付。該等預售物業將於2025年12月完成 後交付予買家。 約50%的建設工程已完成，而總建築面積合共112,107平方米已預售但尚未交付。該等預售物業將於2024年12月完 成後交付予買家。 於2023年12月31日，約30%的建設工程已完成。預期該項目將於2024年12月完成。 於2023年12月31日，約30%的建設工程已完成。預期該項目將於2024年12月完成。 於2023年12月31日，約30%的建設工程已完成。預期該項目將於2024年12月完成。 該項目地盤面積約為154,082平方米，總建築面積合共約為385,206平方米。 管理層討論及分析 於2023年12月31日，約30%的建設工程已完成，而總建築面積合共55,401平方米已預售但尚未交付。該等預售物業 將於2025年12月完成後交付予買家。 該項目地盤面積約為13 ...

Financial Performance - The group's consolidated revenue for 2023 was approximately RMB 9.525 billion, a decrease of 9.9% compared to RMB 10.5684 billion in 2022[39]. - The consolidated annual loss attributable to equity holders was approximately RMB 467.1 million in 2023, compared to a profit of RMB 48 million in 2022, representing a decrease of 35.6 times[39]. - The basic and diluted loss per share for 2023 was RMB 7.7, a decrease of 10.6 times from the basic and diluted earnings of RMB 0.8 per share in 2022[39]. - The gross profit for the year was RMB 1,944,471 thousand, down from RMB 2,288,265 thousand in the previous year, reflecting a gross margin decline[55]. - The operating loss for the year was RMB 72,171 thousand, compared to an operating profit of RMB 1,046,700 thousand in 2022[55]. - The company reported a comprehensive loss of RMB 639,891 thousand for the year, compared to a comprehensive income of RMB 15,938 thousand in 2022[57]. - The group reported a significant increase in trade receivables, with net trade receivables amounting to RMB 359,107 thousand, up from RMB 62,070 thousand in the previous year[97]. - The group reported a net profit before tax of RMB 977,751,000, with tax expenses amounting to RMB 959,126,000[74]. Borrowings and Liabilities - As of December 31, 2023, total borrowings amounted to RMB 2,515,134,000, a decrease from RMB 2,596,332,000 in 2022[1]. - Current and non-current borrowings scheduled for repayment include RMB 456,583,000 due within one year and RMB 1,080,176,000 due after five years[2]. - Total liabilities of the group were RMB 51,571,020,000, with the property development segment accounting for RMB 7,917,844,000 in liabilities[75]. - Current liabilities increased to RMB 46,019,754 thousand from RMB 45,296,900 thousand in the previous year[62]. - The total liabilities to total assets ratio increased to 73.1% in 2023 from 72.4% in 2022[188]. Expenses and Costs - Employee costs, including director remuneration, decreased to RMB 276,332,000 in 2023 from RMB 303,734,000 in 2022, a reduction of approximately 9.0%[12]. - The total sales cost for 2023 was approximately RMB 7.5805 billion, a reduction of 8.4% compared to RMB 8.2801 billion in 2022[125]. - The sales and marketing expenses for 2023 were approximately RMB 495.7 million, a decrease of 24.4% from RMB 655.5 million in 2022[183]. - The general and administrative expenses for 2023 were approximately RMB 566.1 million, a decrease of 25.3% from RMB 757.5 million in 2022[184]. - The interest expense on bank loans decreased to RMB 75.01 million in 2023 from RMB 105.99 million in 2022, a reduction of 29.3%[17]. Investment Properties - The group reported a net loss from the sale of investment properties amounting to RMB 38,117,000 in 2023[8]. - The group reported an investment property valuation loss of RMB 652.6 million in 2023, a shift from a valuation gain of RMB 477.3 million in 2022, primarily due to a decline in commercial property values[107]. - The fair value gain from investment properties was RMB 477,327,000, reflecting positive market conditions[74]. Cash and Equivalents - As of December 31, 2023, the company’s cash and cash equivalents decreased to RMB 1,779,200 thousand from RMB 2,875,412 thousand in 2022[61]. - The current ratio as of December 31, 2023, was 1.07, slightly down from 1.09 in 2022[188]. Land and Property Development - The company has a total land reserve of 17.7 million square meters across 132 projects, including 49 completed projects (3.5 million square meters) and 64 projects under development (11.5 million square meters)[130]. - The total area delivered in 2023 was approximately 1,458,069 square meters, an 8.7% decrease from 1,596,425 square meters in 2022[155]. - The total presale area attributable to the group is 1,063,351 square meters, with significant projects including Xingyue City (104,510 square meters) and Fengyang Shuiyun Yaju (51,376 square meters) at 100% equity[129]. - The company has ongoing projects in various locations, with a total land area of 5,243,642 square meters and a total estimated construction area of 3,675,831 square meters[134]. Market Conditions and Strategies - The property market in China faced challenges in 2023, influenced by global economic uncertainties and low property appetite, prompting government measures to support the market[150]. - The company anticipates continued low demand for property purchases in China due to ongoing inflation and political uncertainties[151]. - The company plans to implement multiple sales strategies to stimulate demand and will slow down land acquisitions to increase liquidity[106]. - The company is focusing on market expansion and new strategies to navigate the challenging economic environment[151]. Corporate Governance - The group is committed to enhancing its corporate governance practices as part of its strategic initiatives[195]. - The audit committee, composed of independent non-executive directors, has reviewed the annual performance and consolidated financial statements for the year ending December 31, 2023[197]. - The group is actively monitoring the integrity, accuracy, and fairness of its financial statements and internal controls[197].

編製基準 截至2023年6月30日止六個月簡明綜合中期財務報表乃依據歷史成本常規法，經按公 允值列賬的投資物業的重估及其他金融資產修訂，並按照香港會計師公會（「香港會計 師公會」）頒佈之香港會計準則（「香港會計準則」）第34號「中期財務報告」編製。 本簡明綜合中期財務報表乃未經審核。 香港會計師公會已頒佈多項新訂或經修訂香港財務報告準則，該等準則均於本集團的 當前會計期間首次生效： • 會計政策的披露（香港會計準則第1號及香港財務報告準則實務報告第2號（修 訂本））； • 會計估計的定義（香港會計準則第8號（修訂本））； • 與單項交易產生的資產和負債相關的遞延稅項（香港會計準則第12號（修訂 本））；及 • 國際稅務改革 — 第二支柱模型規則（香港會計準則第12號（修訂本））。 2023 中期報告 明發集團（國際）有限公司 46 簡明綜合中期財務報表附註 截至2023年6月30日止六個月 3 重要會計估計及判斷 編製中期財務報表需要管理層作出影響會計政策的應用以及資產及負債、收入及開支 的報告金額的判斷、估計及假設。實際業績或會有異於該等估計。 於編製該等簡明綜合中期財務報表時，管理層於應用本集團的會計政策 ...

| --- | --- | --- | |------------------|--------------|--------------| | | | | | | 2023年 | 2022 年 | | | 6月30 日 | 6 月 30 日 | | | 人民幣千元 | 人民幣千元 | | | （未經審核） | （未經審核） | | | | | | 政府補助 | 391 | 71,344 | | 匯兌虧損淨額 | (116,638) | (189,027) | | 出售投資物業虧損 | (38,117) | — | | 雜項 | (15,070) | (21,234) | | | | | | | (169,434) | | 2023 中期報告 明發集團（國際）有限公司 60 61 明發集團（國際）有限公司 2023 中期報告 (a) 香港利得稅 中國企業所得稅按中國法定財務報告的利潤的25%（2022年同期：25%）計提 撥備，並就中國企業所得稅毋須課稅或不可扣減的項目作出調整。 (c) 中國土地增值稅 18 股息 19 每股盈利 | --- | --- | --- | |------------------ ...

明發北站美苑位於安徽省來安縣汊河鎮。該項目乃設計為綜合住宅及商用綜合體。 於2022年12月31日，約30%的建設工程已完成。預期該項目將於2023年12月完成。 青陽陽光青城3號地塊 青陽陽光青城位於安徽省池州市青陽縣蓉城鎮七步泉路。該項目乃設計為綜合住宅綜合體。 2022年度報告 | 40 管理層討論及分析 於2022年，本集團計入銷售成本的物業平均成本為每平方米人民幣4,717.2元，較2021年減少8.1%（2021年：計入 銷售成本的物業平均成本為每平方米人民幣5,132.8元）。 總利息開支包括已資本化利息成本合計約人民幣2.033億元（2021年12月31日：約人民幣2.383億元）。 於12月31日及截至 由於本集團2022年的銷售額、採購額、銀行借款及其他借款主要以人民幣、港元及美元計算，並預期本集團進行的 大部分未來發展及交易將以人民幣、港元或美元撥付及進行，本集團會於需要時將港元銀行結餘兌換為人民幣，以 便盡量減少任何外匯風險。本集團於2022年並無採用任何外匯對沖工具以對沖外匯風險，因對沖清單與對應風險相若。 於2022年12月31日，本集團僱用4,073名員工（2021年12月31日 ...

附註： 4. 概約可租賃及可銷售總建築面積及應佔總建築面積已剔除已出售╱出租的總建築面積。 | --- | --- | --- | --- | --- | --- | |-------------------------------------|-----------------------------------------------------------------------------------|-------------|-------------------|---------------------|-----------------------| | | | | 應佔 | | 本集團應佔 的物業權益 | | 物業 | 位置 | 現時用途 | 總建築面積 | 租約年期 | 百分比 | | 北京明發廣場 | 位於北京市大興區北臧村 | 住宅╱商用 | 66,502 | 3 至 10 年 | 100% | | 長沙明發商業廣場 合肥明發商業廣場 | 位於湖南省長沙市望城縣星城鎮 位於安徽省合肥市廬陽區四里河路與碭山路交匯處 | 商用 商用 | 131,561 162,446 | 20 年 15 ...