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） 本集團中國附屬公司董事會重組之進展情況 茲提述本公司日期為2021年2月26日、2021年3月31日、2021年4月30日、2021年5月 31日、2021年6月30日、2021年7月30日、2021年8月31日、2021年9月27日、2021年 11月3日、2021年11月30日、2021年12月31日、2022年1月31日、2022年2月28日、 2022年3月31日、2022年4月29日、2022年5月31日、2022年6月30日、2022年7月29 日、2022年8月31日、2022年9月30日、2022年10月31日、2022年11月30日、2022年 12月30日、2023年1月31日、2023年2月2 ...

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].

Financial Performance - The company's unaudited consolidated revenue for the six months ended June 30, 2024, decreased by approximately 30.8% to RMB 3,815.4 million, compared to RMB 5,511.2 million for the same period in 2023[7]. - The profit attributable to equity holders of the company for the six months ended June 30, 2024, was approximately RMB 6.7 million, a decrease of about 98.1% from RMB 343.8 million in the same period of 2023[8]. - The basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 0.1, down 98.2% from RMB 5.6 in the same period of 2023[8]. - The group's revenue for the six months ended June 30, 2024, was approximately RMB 3.8154 billion, a decrease of about 30.8% compared to RMB 5.5112 billion for the same period in 2023[57]. - Operating profit for the same period was RMB 384,373 thousand, down 52.5% from RMB 809,213 thousand in the previous year[83]. - Net profit for the period was RMB 34,978 thousand, a significant decline of 88.7% compared to RMB 308,361 thousand in the prior year[84]. - Total comprehensive income for the period was RMB 42,796 thousand, down from RMB 312,285 thousand in the same period last year[84]. - The operating profit margin decreased to 10.1% for the six months ended June 30, 2024, from 14.7% for the same period in 2023[59]. - The net profit margin fell to 0.9% for the six months ended June 30, 2024, compared to 5.6% for the same period in 2023[59]. Sales and Marketing - The group achieved a contracted sales amount of approximately RMB 1.7188 billion for the six months ended June 30, 2024, down 57.3% from RMB 4.008 billion in the same period of 2023[12]. - The average selling price per square meter for confirmed sales decreased by 1.9% to RMB 6,146.1 compared to RMB 6,267.1 in the same period of 2023[11]. - The average selling price for contracted sales during the review period decreased by 9.2% to RMB 6,385.0 per square meter from RMB 7,030.0 per square meter in the same period of 2023[12]. Property Development - The total gross floor area delivered to buyers decreased from 805,529.7 square meters in the six months ended June 30, 2023, to 551,939.1 square meters in the same period of 2024[10]. - The total area of presold properties not yet delivered to buyers was 806,053 square meters as of June 30, 2024, down from 1,063,351 square meters as of December 31, 2023[13]. - The group's land reserves decreased by 2.8% to approximately 17.2 million square meters as of June 30, 2024, compared to 17.7 million square meters as of December 31, 2023[14]. - The group has a total of 132 projects in its land reserve, with 49 completed projects covering 3.5 million square meters, 64 projects under development covering 11.0 million square meters, and 19 future development projects covering 2.7 million square meters[15]. Financial Position - As of June 30, 2024, the group's cash and cash equivalents (excluding restricted cash) totaled approximately RMB 1.2185 billion, down from RMB 1.7792 billion as of December 31, 2023[58]. - The group's total liabilities to total assets ratio increased to 72.1% as of June 30, 2024, compared to 71.5% as of June 30, 2023[59]. - The group's capital commitments amounted to approximately RMB 17.345 billion as of June 30, 2024, down from RMB 18.2466 billion as of December 31, 2023[61]. - Contingent liabilities were approximately RMB 4.8973 billion as of June 30, 2024, compared to RMB 6.9627 billion as of December 31, 2023[62]. - The total assets amounted to RMB 66,946,009 thousand, down from RMB 70,667,754 thousand at the end of 2023[86]. - The company's equity attributable to shareholders was RMB 18,661,333 thousand, down from RMB 19,015,437 thousand at the end of 2023[86]. Expenses and Costs - Sales and marketing costs for the six months ended June 30, 2024, were approximately RMB 226.6 million, a decrease of 28.8% from RMB 318.5 million in the same period of 2023[10]. - General and administrative expenses for the six months ended June 30, 2024, were approximately RMB 308.5 million, a slight decrease of 1.1% from RMB 305.3 million in the same period of 2023[10]. - The total unaudited employee costs for the six months ended June 30, 2024, amounted to approximately RMB 151.9 million, a decrease of 12.9% compared to RMB 174.4 million in the same period of 2023[72]. - The company reported a significant decrease in the property management fee income, which was RMB 99,511 thousand compared to RMB 84,509 thousand in the previous year[103]. Dividends and Shareholder Returns - The board of directors does not recommend the payment of any interim dividend for the six months ended June 30, 2024[8]. - The board considers various factors, including financial performance and future capital needs, when deciding on dividend declarations[74]. - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[127]. Project Completion and Future Developments - The company has ongoing projects with 90% completion in various locations, including a commercial project in Huai'an with a saleable area of 169,569 square meters[30]. - The company is focusing on residential and commercial developments, with a total of 1,200,000 square meters planned for future projects[30]. - The company has new projects planned for completion by December 2025, including a residential/commercial project in Jiangsu with a land area of 292,487 square meters[30]. - The company is actively pursuing new strategies for market expansion and product development, aiming for a diversified portfolio in the real estate sector[30]. Compliance and Governance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange listing rules throughout the six months ended June 30, 2024[78]. - The board approved and authorized the publication of the condensed consolidated interim financial statements on August 30, 2024[135].

Financial Performance - The company's revenue for the six months ended June 30, 2024, decreased by approximately 30.8% to RMB 3,815.4 million, compared to RMB 5,511.2 million in the same period of 2023[7]. - Profit attributable to equity holders for the same period was approximately RMB 6.7 million, a significant decrease of about 98.1% from RMB 343.8 million in 2023[8]. - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 0.1, down 98.2% from RMB 5.6 in the previous year[8]. - The unaudited consolidated revenue for the six months ended June 30, 2024, was approximately RMB 3.8154 billion, a decrease of 30.8% compared to RMB 5.5112 billion in the same period of 2023[10]. - The unaudited consolidated gross profit for the same period was approximately RMB 1.219 billion, down 30.6% from RMB 1.7555 billion in 2023[10]. - The operating profit margin decreased to 10.1% for the six months ended June 30, 2024, from 14.7% for the same period in 2023[59]. - Operating profit for the same period was RMB 384,373 thousand, down 52.5% from RMB 809,213 thousand in the previous year[83]. - Net profit for the period was RMB 34,978 thousand, a significant decline of 88.7% compared to RMB 308,361 thousand in the prior year[84]. - Total comprehensive income for the period was RMB 42,796 thousand, down from RMB 312,285 thousand in the same period last year[84]. Market Conditions - The real estate market in China remained stagnant in the first half of 2024, with government measures aimed at stabilizing the market, particularly in second and third-tier cities[9]. - High debt levels continue to exert significant financial pressure on developers, leading to cash flow issues and potential project delays[9]. - The financial instability of major developers may exacerbate market volatility, causing potential property buyers to hesitate in making purchases[9]. Sales and Revenue Breakdown - Contracted sales amounted to approximately RMB 1.7188 billion, a decrease of 57.2% from RMB 4.008 billion in the same period of 2023[12]. - Revenue from the property division accounted for approximately 88.9% of the group's total revenue, with residential property revenue decreasing by 33.8%[57]. - The commercial property development segment generated revenue of RMB 174,967 thousand, while residential property development brought in RMB 3,217,301 thousand, indicating a significant drop in residential revenue compared to RMB 4,862,410 thousand in the previous year[103]. - The hotel segment reported revenue of RMB 140,489 thousand, down from RMB 176,142 thousand year-over-year, reflecting a decline of about 20.2%[103]. Assets and Liabilities - As of June 30, 2024, the group's cash and cash equivalents (excluding restricted cash) totaled approximately RMB 1.2185 billion, down from RMB 1.7792 billion as of December 31, 2023[58]. - The group's total liabilities to total assets ratio increased to 72.1% as of June 30, 2024, compared to 71.5% as of June 30, 2023[59]. - The group's capital commitments amounted to approximately RMB 17.345 billion as of June 30, 2024, down from RMB 18.2466 billion as of December 31, 2023[61]. - The total liabilities for the company include deferred income tax liabilities of RMB 2,482,532 thousand and accrued income tax liabilities of RMB 4,045,174 thousand[96]. - The company's equity attributable to shareholders was RMB 18,661,333 thousand, down from RMB 19,015,437 thousand at the end of 2023[86]. Employee and Operational Metrics - The total unaudited employee costs for the six months ended June 30, 2024, amounted to approximately RMB 151.9 million, a decrease of 12.9% compared to RMB 174.4 million in the same period of 2023[72]. - The total number of employees as of June 30, 2024, is 3,427, down from 3,804 as of December 31, 2023[72]. - The company is committed to providing various training opportunities to enhance employee competitiveness[72]. Project Development and Future Plans - The company aims to continue its market expansion with new projects planned for completion in the coming years, focusing on both residential and commercial sectors[24]. - The company has ongoing developments in Jiangsu and Anhui provinces, with several projects completed in 2017 and 2018, including the Nanjing Mingfa Zhujiang International with a building area of 6,665 square meters[22]. - The company is expanding its market presence with new projects scheduled for completion by December 2025, including a residential project in Anhui Province with a building area of 95,138 square meters[51]. - The total estimated completion date for several projects is set for December 2025, indicating a strategic focus on timely project delivery[49]. Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange listing rules throughout the six months ended June 30, 2024[78]. - The board of directors has adopted a dividend policy aimed at balancing sufficient capital development and rewarding shareholders[73]. - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[127].

Construction Progress - Approximately 45% of construction projects have been completed, with a total building area of 51,445 square meters pre-sold but not yet delivered, expected to be completed by December 2024[2] - As of December 31, 2023, approximately 30% of construction projects have been completed, with expectations for completion by December 2024[6] - Approximately 55% of construction projects have been completed and are expected to be finished by December 2024[3] - Approximately 20% of construction projects have been completed, with expectations for completion by April 2026[47] - The total construction area of properties expected to be completed by December 2024 is 1,092,119 square meters, with 100% ownership in most projects[49] - The company has completed 49 projects with a total attributable gross floor area of 3.5 million square meters, while 64 projects are under development with an attributable gross floor area of 11.5 million square meters[119]. - The company's land reserves decreased by 2.7% to approximately 17.7 million square meters as of December 31, 2023[152]. Financial Performance - The total revenue for 2023 was RMB 9,525 million, a decrease of 9.9% compared to RMB 10,568.4 million in 2022[50] - The group recorded an annual loss of approximately RMB 643.1 million in 2023, compared to a profit of RMB 186 million in 2022, primarily due to a valuation loss of RMB 652.6 million on investment properties[52] - The gross profit margin for 2023 was 20.4%, down from 21.7% in 2022[57] - The operating loss margin for 2023 was (0.8)%, compared to an operating profit margin of 9.9% in 2022[57] - The group had cash and cash equivalents of approximately RMB 1,779.2 million as of December 31, 2023, down from RMB 2,875.4 million in 2022[55] - The group's gross profit for 2023 was approximately RMB 1.9445 billion, a decrease of 15.0% from RMB 2.2883 billion in 2022[173] - Revenue declined from RMB 10.5684 billion in 2022 to RMB 9.5250 billion in 2023[173] - The company's cost of sales in 2023 was approximately RMB 7.5805 billion, an 8.4% decrease from RMB 8.2801 billion in 2022[139] Borrowings and Financing - The group's net financing income decreased by 12.8% to approximately RMB 20.3 million in 2023, down from RMB 23.2 million in 2022[32] - Total borrowings as of December 31, 2023, amounted to RMB 2,515.1 million, compared to RMB 2,640.1 million in 2022[34] - The total bank loans and other borrowings due within one year were approximately RMB 456.6 million, and those due after one year were RMB 2,058.6 million as of December 31, 2023[55] - The total debt to total assets ratio was 73.1% as of December 31, 2023, compared to 72.4% in 2022[57] - The group aims to maintain a low debt ratio amid unclear global monetary markets[172] Sales and Market Performance - The company recorded a contract sales amount of approximately RMB 57.504 billion for the year, with a total construction area of 851,463 square meters, compared to RMB 76.924 billion and 1,087,670.8 square meters in 2022[109] - The average selling price per square meter in 2023 was RMB 5,846.7, slightly down from RMB 5,948.2 in 2022[109] - The company delivered a total construction area of 1,458,069 square meters in 2023, down from 1,596,424.5 square meters in 2022[109] - The sales revenue for the company in 2023 was RMB 8,524,843.2 thousand, a decrease from RMB 9,495,899.4 thousand in 2022[109] - The average selling price for the property in the city of Nanjing was RMB 6,926.9 in 2022, with no data available for 2023[109] - The company is focusing on market expansion and new product development as part of its strategic initiatives[109] Environmental and Social Responsibility - The company emphasizes its commitment to environmental and social responsibilities, as detailed in its annual ESG report covering operations across multiple cities in China[89] - The company reported a total of 1,502,285 grams of sulfur oxides (SOx) emissions in the reporting year, an increase from 1,341,857 grams in 2022, indicating a rise of approximately 12%[125]. - Nitrogen oxides (NOx) emissions increased to 2,003,049 grams in the reporting year from 1,667,156 grams in 2022, reflecting a rise of about 20%[125]. - The total carbon dioxide emissions reached 56,085,383 kilograms, up from 48,903,267 kilograms in 2022, marking an increase of approximately 15%[125]. - The company aims to reduce energy consumption and carbon emissions through operational management and sustainable practices, including minimizing electricity and water usage[127]. - The company is committed to environmental sustainability by participating in initiatives like Earth Hour and promoting online meetings to reduce carbon emissions from travel[127]. - The group has established a waste classification system in offices, promoting recycling and proper waste management[182]. - The management is committed to complying with environmental regulations and ensuring transparency in business decisions[191] Governance and Management - The audit committee held five meetings during the year to review the consolidated financial statements for the year ended 2022 and the first half of 2023, ensuring compliance with applicable accounting standards[99] - The company has adopted a diversity policy for its board, aiming to appoint at least one female director by December 31, 2024, as currently, there are no female directors[92] - The company actively encourages all directors and senior management to enhance their knowledge and skills, with training records indicating participation in various training sessions throughout the year[78] - The company has established a remuneration committee to review and propose the overall remuneration policy for all directors and senior management, ensuring performance-based compensation[94] - The company has a performance evaluation and reward system for employees based on work performance, attitude, and ability[197] - The company adheres to labor laws and regulations in China and Hong Kong, ensuring employee rights and fair compensation[198]

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].

Financial Performance - For the six months ended June 30, 2023, the total revenue was RMB 5,511,227 thousand, a decrease of 7.5% compared to RMB 5,957,673 thousand for the same period in 2022[19] - The company's unaudited consolidated revenue decreased by approximately 7.5% to approximately RMB 5,511.2 million for the six months ended June 30, 2023, compared to RMB 5,957.7 million for the same period in 2022[59] - Profit attributable to equity holders of the company increased by 8.5% to RMB 343.8 million for the six months ended June 30, 2023, compared to RMB 316.8 million for the same period in 2022[57] - The unaudited consolidated profit attributable to equity holders for the six months ended June 30, 2023, was approximately RMB 343.8 million, an increase of 8.5% from RMB 316.8 million in the same period of 2022[76] - The company does not recommend the payment of any interim dividend for the six months ended June 30, 2023, consistent with the same period in 2022[60] - For the six months ended June 30, 2023, the unaudited consolidated gross profit was approximately RMB 1.7555 billion, an increase of about 23.0% compared to RMB 1.4273 billion for the same period in 2022, driven by an increase in gross margin from 24.0% to 31.9%[62] - The company reported basic and diluted earnings per share of RMB 0.056 for the six months ended June 30, 2023, an increase of 7.7% from RMB 0.052 in the same period of 2022[71] Revenue Breakdown - Revenue from property development - residential was RMB 4,862,410 thousand, down from RMB 5,173,888 thousand, reflecting a decline of 6% year-over-year[19] - The company’s commercial property revenue was RMB 185,890 thousand, slightly down from RMB 192,799 thousand in the previous year[19] - Property management fee income was RMB 84,509 thousand, compared to RMB 89,622 thousand in the prior year, showing a decrease of 5%[19] - Revenue for the six months ended June 30, 2023, was approximately RMB 5.5112 billion, a decrease of about 7.5% compared to RMB 5.9577 billion in the same period of 2022[149] - Income from property investment and management decreased by 5.4% to RMB 272.2 million for the six months ended June 30, 2023[150] - Other segments generated revenue of RMB 14.5 million, a decrease of 91.7% due to reduced income from the Qingyang project[151] Assets and Liabilities - The company reported a total asset value of RMB 70,049,990 thousand as of June 30, 2023[11] - Total liabilities amounted to RMB 50,078,708 thousand, indicating a significant financial position[11] - As of June 30, 2023, the company's net asset value was approximately RMB 3.307 billion, down from RMB 3.460 billion as of December 31, 2022[154] - The group’s total bank loans and other borrowings due within one year and after one year were approximately RMB 171.1 million and RMB 2.1161 billion, respectively, as of June 30, 2023[171] - The group maintained a cautious financial policy amid global economic uncertainties[168] - The company had contingent liabilities of approximately RMB 6.5405 billion as of June 30, 2023, compared to RMB 6.3380 billion at the end of 2022[196] Market Conditions and Outlook - The company expects the real estate market to stabilize in the second half of 2023, considering the global economic uncertainty and the Chinese government's easing of certain measures to stimulate the domestic real estate market[61] - The company is facing challenges in the real estate market, with potential buyers hesitant due to concerns about future market conditions and banks adopting a more cautious approach to lending[72] - The company is focusing on property development in the Yangtze River Delta region, particularly in Nanjing and several cities in Anhui[149] Project Development and Construction - The company has completed various projects, including residential and commercial properties, with a total completed area of approximately 1,072,182 square meters in Nanjing[87] - The total attributable gross floor area for completed projects is 4,642,834 square meters, while the total for projects under development is 3,149,494 square meters[107] - The company has completed 100% of the construction for the Changsha Mingfa Commercial Plaza, with a total building area of 644,434 square meters[129] - The company has completed 80% of construction for several projects scheduled for completion by December 2023, including the Haotang Creative Industry Park and the Qiyuan New Investment project[111] - The company is expanding its market presence with multiple projects across various provinces, including a new project in Anhui Province with a completion estimate of December 2024[135] Financial Ratios and Metrics - The company reported a gross profit margin of 31.9%, up from 24.0% in the same period last year[195] - The operating profit margin increased to 14.7% from 12.7% year-over-year[195] - The net profit margin improved to 5.6%, compared to 4.7% in the previous year[195] - The total debt to total assets ratio decreased to 71.5% from 73.1% year-over-year[195] - The current ratio slightly decreased to 1.1 from 1.12 year-over-year[195] - The ratio of bank loans and other borrowings to shareholders' equity improved to 12.5% from 18.5%[195] Cash Flow and Financing - As of June 30, 2023, the group's cash and cash equivalents (excluding restricted cash) totaled approximately RMB 2.6744 billion, down from RMB 2.8754 billion as of December 31, 2022[171] - The group's net cash as of June 30, 2023, was RMB 444.4 million[168] - The group has not utilized any derivative instruments to hedge its interest rate risk as of June 30, 2023[176] - The group has issued a total of 6,093,451,026 ordinary shares as of June 30, 2023[180]

Financial Performance - For the six months ended June 30, 2023, the unaudited consolidated revenue was approximately RMB 5.5112 billion, a decrease of about 7.5% compared to RMB 5.9577 billion for the same period in 2022[27]. - The profit attributable to equity holders of the company for the six months ended June 30, 2023, was RMB 343.818 million, compared to RMB 316.809 million in 2022, representing an increase of 8.5%[8]. - Basic and diluted earnings per share for the six months ended June 30, 2023, were RMB 0.056, up 7.7% from RMB 0.052 in the same period of 2022[25]. - The gross profit for the same period was approximately RMB 1.7555 billion, an increase of about 23.0%, with the gross margin rising from 24.0% in 2022 to 31.9% in 2023[59]. - The net profit for the period was RMB 308,361,000, up 11.2% from RMB 277,346,000 in the prior year[194]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 312,285,000, an increase from RMB 277,232,000 in the same period of 2022, representing a growth of approximately 12.6%[194]. Sales and Marketing - Sales and marketing costs for the six months ended June 30, 2023, were approximately RMB 318.5 million, an increase of 49.1% compared to RMB 213.6 million in 2022[28]. - The group achieved contracted sales of approximately RMB 4.008 billion, up from RMB 3.1208 billion in the same period of 2022[63]. - The average selling price increased from RMB 5,835.8 per square meter in 2022 to RMB 6,267.1 per square meter in 2023[27]. Market Conditions - The real estate market remained stagnant in 2023, with potential buyers showing hesitation due to concerns about future market conditions[26]. - The real estate market is expected to stabilize in the second half of 2023 due to the Chinese government's easing of certain measures to stimulate the domestic real estate market[58]. Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 70,049,990,000, a decrease from RMB 71,186,822,000 as of December 31, 2022[178]. - The total liabilities as of June 30, 2023, were RMB 50,078,708,000, a decrease from RMB 51,571,020,000 as of December 31, 2022, showing a reduction of about 2.9%[196]. - The group's borrowings decreased by 32.3% from RMB 3.3714 billion as of June 30, 2022, to RMB 2.2873 billion as of June 30, 2023[62]. Construction and Development - The total land reserve amounted to 17.9 million square meters, with 43 completed projects covering 3.1 million square meters and 69 projects under development covering 12.0 million square meters[67]. - The company is actively expanding its property portfolio with several projects under development, including residential and commercial properties across various cities[47]. - The company is focusing on expanding its residential and commercial projects in Anhui Province, with multiple projects scheduled for completion by December 2023[78]. Cash Flow - The group's cash net amount as of June 30, 2023, was RMB 444.4 million[114]. - Total cash and cash equivalents (excluding restricted cash) as of June 30, 2023, were approximately RMB 2.674 billion, down from RMB 2.875 billion as of December 31, 2022[137]. - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 187,218 thousand, a significant improvement from a net cash used of RMB (314,617) thousand in the same period of 2022[198]. Strategic Initiatives - The company aims to enhance operational efficiency and reduce costs in response to market challenges[42]. - The company has a strategic plan to enhance its market presence through new product development and technology advancements[76]. - The company is committed to sustainable development practices in its construction projects, aiming for higher efficiency and lower environmental impact[100].

Financial Performance - The group's consolidated revenue for 2022 was approximately RMB 10.5684 billion, a decrease of 35.6% compared to RMB 16.4164 billion in 2021[15]. - The net profit attributable to equity holders for 2022 was approximately RMB 48 million, down 97.5% from RMB 1.8827 billion in 2021[15]. - The group's gross profit margin decreased from 30.2% in 2021 to 21.7% in 2022[18]. - The group's cash net position at the end of 2022 was RMB 329 million[17]. Property Development and Sales - The average cost of properties included in sales for 2022 was RMB 4,717.2 per square meter, an 8.1% decrease from RMB 5,132.8 per square meter in 2021[6]. - The average selling price of delivered properties in 2022 was RMB 5,948.2 per square meter, a 19.1% decrease from RMB 7,354.3 per square meter in 2021[35]. - The total presold but undelivered properties amounted to 1,352,877 square meters as of December 31, 2022, compared to 1,907,233 square meters in 2021[39]. - The company reported a total of 3,215,647 square meters of salesable area for the fiscal year 2022[121]. Project Completion and Construction Progress - The company reported a total of 100% completion for multiple projects, including the Guangzhou Mingfa Peninsula and the Xiamen Mingfa Resort, with areas of 104,380 square meters and 58,952 square meters respectively[58]. - The completion rate for the projects in 2023 is approximately 80%, with significant projects like Quanzhou Mingfa Garden and Shandong Haibo World Trade Center nearing completion[146]. - The company has achieved a 100% completion rate for several key projects, including Wujiang Mingfa Jiangwan New City Phase I and Nanjing Mingdeng Yuanshan Ni Mansion[124][111]. - The total area for the Wujiang Mingfa Jiangwan New City Phase II project is 506,829 square meters, with a completion status of 100% expected by December 2023[146]. - The company has completed approximately 90% of construction for multiple projects scheduled for completion in December 2023, including residential and commercial developments in Jiangsu and Liaoning provinces[160]. Market Expansion and Strategy - The company is actively pursuing market expansion strategies, including the development of new residential and commercial properties across various provinces in China[58]. - The company is expanding its market presence with new projects in various provinces, including Anhui and Fujian, with completion rates ranging from 55% to 80%[176]. - The company is actively pursuing new strategies for market expansion, including the development of technology parks and mixed-use complexes[176]. - The company has identified several properties with significant potential for rental and sales, contributing to future revenue growth[187]. Challenges and Risk Management - The company faced significant challenges in the property development market during the fiscal year ending December 31, 2022, due to the impact of COVID-19, which disrupted supply chains and construction timelines[83]. - The company anticipates ongoing challenges in the market due to global economic instability and inflationary pressures, which may affect future performance[83]. - The company is committed to enhancing its governance and risk management practices to navigate the complexities of the current economic environment[83]. Employee and Operational Efficiency - The group employed 4,073 staff as of December 31, 2022, with total employee costs of approximately RMB 303.7 million, down from RMB 434.9 million in 2021[10]. - The company is exploring new product and technology developments to adapt to changing market demands and improve operational efficiency[83]. Future Developments - The total area of the new projects under development is approximately 1,554,323 square meters[186]. - The company holds land use rights for future developments, totaling 13,333,174 square meters[186]. - The company has a projected completion of 615,764 square meters for the Wujiang Mingfa Jiangwan New City Phase III by December 2024[146]. - The company has completed approximately 45% of the construction for the Jiangsu project, with a total building area of 55,791 square meters[189].