Financial Performance - Total revenue for the year ending December 31, 2024, was RMB 76,736,000, a decrease from RMB 278,286,000 in the previous year, representing a decline of approximately 72.5%[2] - Gross profit for the same period was RMB 6,936,000, down from RMB 37,006,000, indicating a decrease of about 81.2%[2] - The company reported a net loss of RMB 41,310,000 for the year, compared to a profit of RMB 7,590,000 in the previous year, reflecting a significant shift in performance[3] - The total comprehensive loss for the year was RMB 41,408,000, compared to a comprehensive income of RMB 7,810,000 in the previous year[3] - Basic and diluted loss per share was RMB 0.70, compared to earnings of RMB 0.08 per share in the previous year[3] - The company experienced a significant decline in sales cost, which was RMB 69,800,000, down from RMB 241,280,000, a decrease of approximately 71.1%[2] - The overall financial performance indicates a need for strategic adjustments to improve profitability and market position[2] Income and Expenses - Other income and gains amounted to RMB 3,432,000, compared to RMB 2,233,000 in the previous year, showing an increase of approximately 54%[2] - The company incurred selling and administrative expenses of RMB 13,349,000, which was lower than RMB 15,182,000 from the previous year, indicating a reduction of about 12.1%[2] - The company's income tax expense for the year 2024 is RMB 536,699 thousand, compared to RMB 1,616 thousand in the previous year[25] - The total income tax expense for land value increment tax in 2024 is RMB 37,550 thousand, compared to RMB 5,144 thousand in 2023[25] - The company reported a significant increase in operating expenses, with direct operating costs rising to RMB 31 thousand in 2024 from RMB 57 thousand in 2023[25] - The total employee compensation for the year 2024 is RMB 8,144 thousand, slightly down from RMB 8,013 thousand in 2023[25] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 980,821 thousand, a decrease from RMB 1,106,964 thousand in 2023[4] - Non-current assets were valued at RMB 111,665 thousand in 2024, compared to RMB 91,972 thousand in 2023, reflecting a growth of approximately 21%[4] - Current assets reached RMB 874,729 thousand in 2024, slightly down from RMB 880,792 thousand in 2023[4] - Total liabilities decreased to RMB 321,143 thousand in 2024 from RMB 378,523 thousand in 2023, indicating a reduction of about 15%[5] - The net asset value was RMB 661,224 thousand in 2024, compared to RMB 731,306 thousand in 2023, showing a decline of approximately 9.6%[5] - The company's equity attributable to owners was RMB 747,565 thousand in 2024, down from RMB 788,061 thousand in 2023, representing a decrease of about 5.1%[5] - Deferred tax liabilities were RMB 9,910 thousand in 2024, compared to RMB 18,907 thousand in 2023, indicating a significant reduction of approximately 47%[6] Revenue Sources - The group reported sales from various residential projects, with notable contributions from the Wugang Kangqiao Academy project, generating RMB 158,132,000 in revenue[16] - All revenue sources for the group are derived from property development projects located in China, with no regional breakdown provided[23] - The group’s revenue is primarily driven by sales from property development projects in China[22] - The sales revenue from pre-sold properties for 2024 is projected to be RMB 101,012,000, compared to RMB 110,770,000 in 2023, reflecting a decrease of approximately 8.5%[35] Market and Strategic Outlook - The company plans to explore new market opportunities and enhance product development strategies moving forward[2] - The company continues to focus on residential projects in China, specifically in Xinyang City, Henan Province, and Wugang City, Hunan Province[42] - The central government has emphasized the importance of stabilizing the domestic real estate market, implementing measures such as lowering down payment requirements and mortgage rates[42] - The company aims to maintain a balanced approach between stable development, efficiency, and risk management[43] - The company is committed to developing high-quality properties and living communities, particularly in urban areas with strong housing demand[43] - The company will continue to innovate product features to meet customer demands for a better quality of life[43] Compliance and Governance - The group has adopted the revised Hong Kong Financial Reporting Standards, which became effective this year, without significant impact on the financial position and performance for the current and prior years[8] - The group has complied with the corporate governance code as of December 31, 2024, ensuring shareholder interests and transparency[56] - The board of directors does not recommend the payment of any dividends for the year ending December 31, 2024, consistent with the previous year[59] Employment and Operations - The company has approximately 34 full-time employees in China as of December 31, 2024[55] - The group has several ongoing property development projects with a total land area of 349,000 square meters and a total construction area of 1,107,000 square meters[44] Other Information - There have been no significant events following the reporting period[39] - The company has not engaged in any buybacks, sales, or redemptions of its listed securities during the year ending December 31, 2024[58] - The annual general meeting is scheduled for June 5, 2025, in Hong Kong[61] - The company will suspend share registration procedures from June 2, 2025, to June 5, 2025, for the purpose of processing proxy votes[62]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 63,934,000, an increase of 242.5% compared to RMB 18,696,000 for the same period in 2023[3]. - Gross profit for the same period was RMB 8,176,000, up from RMB 6,212,000, reflecting a gross margin improvement[3]. - The company recorded a net loss of RMB 3,814,000 for the six months ended June 30, 2024, compared to a net loss of RMB 3,396,000 in the prior year[3]. - The basic and diluted loss per share for the period was RMB 0.07, compared to RMB 0.06 in the previous year[5]. - The total comprehensive income for the period was RMB 784,189,000, a decrease from RMB 793,055,000 in the previous year, representing a decline of approximately 1%[12]. - The company reported a cash and cash equivalents balance of RMB 119,100,000 at the end of June 30, 2024, down from RMB 156,584,000 at the end of June 30, 2023, indicating a decrease of 24%[15]. - The company reported other income of RMB 1,796,000, an increase from RMB 1,440,000 in the same period last year[3]. - The total loss for the period attributable to owners of the company was RMB 3,830,000, compared to RMB 3,348,000 in 2023, reflecting an increase in losses of 14.39%[33]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,038,401,000, a slight decrease from RMB 1,109,829,000 as of December 31, 2023[8]. - The company's total liabilities decreased to RMB 332,253,000 from RMB 378,523,000, indicating improved financial stability[8]. - The total equity attributable to the owners of the company was RMB 784,189,000, down from RMB 788,061,000 at the end of 2023[9]. - The company’s total liabilities decreased to RMB 233,449,000 as of June 30, 2024, compared to RMB 237,474,000 in the previous year, showing a reduction of approximately 1%[12]. - The total amount of properties under development, in development, and for sale is RMB 843,068,000 as of June 30, 2024, compared to RMB 880,792,000 as of December 31, 2023[42]. - The total receivables, deposits, and prepayments amount to RMB 14,836,000 as of June 30, 2024, down from RMB 15,382,000 as of December 31, 2023[43]. - Trade payables increased to RMB 3,278,000 as of June 30, 2024, compared to RMB 2,242,000 as of June 30, 2023[46]. - Contract liabilities from pre-sale proceeds amount to RMB 81,757,000 as of June 30, 2024, down from RMB 110,770,000 as of December 31, 2023[49]. Market and Business Strategy - The company is focused on property development, with revenue derived from the sale of properties, highlighting its core business strategy[20]. - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[12]. - The company continues to explore strategic acquisitions to enhance its market position and operational capabilities[12]. - The company plans to continue focusing on high-quality property development in urban areas with strong housing demand amid ongoing urbanization in China[66]. - The company expects the real estate industry to remain challenging in the second half of 2024, but anticipates supportive government policies to stabilize the property market[66]. Investment Properties - The fair value loss on investment properties was RMB 1,838,000, compared to a loss of RMB 1,420,000 in the previous year[3]. - The fair value of investment properties as of June 30, 2024, was RMB 81,089,000, down from RMB 87,065,000 at the end of 2023, a decrease of 6.78%[36]. - The fair value of investment properties located in Quanzhou, Fujian, is RMB 11,100,000, reflecting a slight increase in the capitalization rate from 4.8% in 2023 to 5.0% in 2024[40]. - The fair value of investment properties in Jiangsu Province is RMB 5,760,000, with recent market transaction prices for parking spaces ranging from RMB 40,000 to RMB 100,000[40]. Cash Flow and Expenses - The net cash used in operating activities for the six months ended June 30, 2024, was RMB 7,679,000, compared to RMB 23,175,000 used in the same period in 2023, indicating improved cash flow management[15]. - Employee costs for the six months ended June 30, 2024, amounted to RMB 4,079,000, up from RMB 3,884,000 in the previous year[74]. - The current tax expense for corporate income tax was RMB 1,021,000, down from RMB 1,656,000 in the previous year, a decrease of 38.49%[25]. Share Capital and Dividends - As of June 30, 2024, the company has issued 100,000,000 shares with a total share capital of HKD 500,000 (approximately RMB 435,951,000)[54]. - The company did not declare or propose any dividends for the six months ended June 30, 2024, consistent with the previous year[32]. - The company’s total issued share capital as of June 30, 2024, reflects a stable capital structure with no preferential rights attached to the shares[54]. Related Party Transactions - The company recorded a related party transaction with Fujian Detai Property Management Co., Ltd., paying RMB 245,000 for property management services in the first half of 2024, down from RMB 366,000 in the same period of 2023[56]. - The company has a non-trade payable to Shishi Qixin Trading Co., Ltd. of RMB 122,354,000 as of June 30, 2024, slightly up from RMB 122,274,000 as of December 31, 2023[59]. Audit and Compliance - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024[85]. - The company has not recognized or disclosed deferred tax assets and liabilities related to pillar two income tax due to the application of temporary exceptions under Hong Kong accounting standards[28]. - The company has not engaged in any significant acquisitions or disposals of subsidiaries, joint ventures, or associated companies during the reporting period[72].

Revenue and Profitability - Revenue for the six months ended June 30, 2024, was RMB 363,934,000, a significant increase from RMB 18,696,000 in the same period last year, representing a growth of approximately 1,846%[2] - Gross profit for the same period was RMB 8,176,000, compared to RMB 6,212,000 in the previous year, indicating a year-over-year increase of about 32%[2] - The company reported a loss before tax of RMB 174,000, a substantial improvement from a loss of RMB 3,914,000 in the prior year, reflecting a decrease in losses of approximately 95%[2] - The basic and diluted loss per share for the period was RMB 0.07, compared to RMB 0.06 in the previous year, indicating a slight increase in loss per share[3] - The group reported a total tax expense of RMB 2,766,000 for the six months ended June 30, 2024, compared to RMB 2,055,000 for the same period in 2023[14] Comprehensive Loss - Total comprehensive loss for the period was RMB 3,856,000, compared to RMB 3,469,000 in the previous year, showing an increase in losses of about 11%[3] - The group incurred a loss attributable to owners of the company of RMB (3,830,000) for the six months ended June 30, 2024, compared to RMB (3,348,000) for the same period in 2023[16] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 113,889,000, up from RMB 91,972,000 at the end of the previous year, marking an increase of approximately 24%[4] - Current assets decreased to RMB 1,036,230,000 from RMB 1,106,964,000, a decline of about 6%[4] - Current liabilities were reported at RMB 332,253,000, down from RMB 378,523,000, indicating a reduction of approximately 12%[5] - The company's total equity attributable to owners was RMB 784,189,000, slightly down from RMB 788,061,000, reflecting a decrease of about 0.2%[5] - As of June 30, 2024, total assets amounted to RMB 1,152,290,000, with total liabilities of RMB 351,909,000, resulting in a debt-to-equity ratio of 19.5%[30] Property Development - As of June 30, 2024, the total amount of properties under development and for sale is RMB 843,068,000, compared to RMB 880,792,000 as of December 31, 2023, reflecting a decrease of approximately 4.3%[18] - The amount of properties under development increased to RMB 353,637,000 as of June 30, 2024, up from RMB 336,184,000 as of December 31, 2023, representing an increase of about 5.4%[18] - The amount of properties for sale decreased to RMB 235,920,000 as of June 30, 2024, down from RMB 291,334,000 as of December 31, 2023, indicating a decline of approximately 19%[18] Operational Performance - The group reported a total of 10,812 units sold for the Kangqiao Academy project in Henan Province, with revenue of RMB 47,025,000 from the Wugang project, indicating strong performance in these segments[10] - The group anticipates continued challenges in the real estate industry in the second half of 2024, despite expected government policies to stabilize the property market[26] - The group aims to maintain a balance between growth, efficiency, and risk management while focusing on developing high-quality properties and communities[26] Financial Management - Selling and administrative expenses decreased by 6.0% and 16.0%, respectively, due to cost control measures implemented by the group[28] - The group’s current ratio improved to 3.13 times as of June 30, 2024, compared to 2.93 times at the end of 2023[30] - The group has not presented segment information due to the integration of its business operations, focusing on overall operational performance[11] Corporate Governance and Reporting - The company has adhered to the corporate governance code as of June 30, 2024, ensuring the protection of shareholder interests and enhancing transparency[34] - The company's financial statements for the six months ending June 30, 2024, have been reviewed by an independent auditor in accordance with the relevant auditing standards[39] - The interim report will be sent to shareholders by September 30, 2024, and will also be published on the company's website[40] Other Financial Metrics - The total employee cost for the six months ending June 30, 2024, was RMB 4,079,000, an increase from RMB 3,884,000 in the same period of 2023, reflecting a growth of approximately 5.0%[33] - The group’s bank deposit interest income increased to RMB 1,755,000 for the six months ended June 30, 2024, from RMB 1,416,000 in the same period of 2023[12] - Other income from fixed rental income for investment properties increased to RMB 41,000 for the six months ended June 30, 2024, compared to RMB 24,000 in the same period of 2023[12] - The group reported a net foreign exchange loss primarily from converting bank balances and cash denominated in currencies other than RMB[31] - The group has pledged development properties amounting to RMB 136,024,000 to secure bank loans[32] Future Plans - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[6] - The group has implemented the revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on the financial position or performance[9] - The company has no significant acquisitions or disposals of subsidiaries, joint ventures, or associated companies during the reporting period[31] - No interim dividend has been recommended by the board for the six months ending June 30, 2024[37]

Financial Performance - For the fiscal year ending December 31, 2023, the company's revenue increased by 6.2% to RMB 278,286,000 from RMB 262,153,000 in the previous year, primarily due to an increase in the volume of completed and delivered properties [12]. - The company's gross profit decreased by 55.7% to RMB 37,006,000, with a gross profit margin dropping from 31.9% to 13.3%, attributed to market price adjustments in the property sector [12]. - For the year ended December 31, 2023, the group reported a net profit attributable to owners of the company of RMB 4,507,000, a decrease of 85.6% from RMB 31,321,000 for the year ended December 31, 2022 [14]. - The group reported a total net loss of approximately RMB 24.98 million due to fund misappropriation from 2019 to 2022 [94]. - Revenue from property sales for the year ended December 31, 2023, was RMB 278,286,000, an increase of 6.5% compared to RMB 262,153,000 in 2022 [157]. - Gross profit decreased to RMB 37,006,000 in 2023 from RMB 83,593,000 in 2022, representing a decline of 55.7% [157]. - Net profit for the year was RMB 7,590,000, down 76.5% from RMB 32,226,000 in the previous year [159]. - Basic and diluted earnings per share decreased to RMB 0.08 from RMB 0.54, a decline of 85.2% [159]. - Total comprehensive income for the year was RMB 7,810,000, down 76.0% from RMB 32,445,000 in 2022 [159]. Project Development - The company is focusing on four residential and commercial property projects in China, including the Xixian Kangqiao Academy in Henan and the Wugang Kangqiao Academy in Hunan, with ongoing deliveries starting from July 2023 [6]. - The company has several ongoing projects with expected completion dates ranging from 2024 to 2026, including residential and commercial developments in Hunan and Henan provinces [8]. - The total area of ongoing property development projects is approximately 1,107,000 square meters, with a significant portion already completed or under development [8]. Economic Outlook - The Chinese economy is projected to grow by 5.2% in 2023, with the real estate market facing challenges, including a 6.5% year-on-year decrease in commodity housing sales to approximately RMB 11.7 trillion [5]. - The company anticipates more supportive policies from the government to stabilize and promote the real estate market in 2024, emphasizing high-quality development [6]. Management and Governance - The company maintains a cautious management approach to balance growth, efficiency, and risk, aiming to develop high-quality properties and living communities [6]. - The board of directors includes Mr. Che Tak Chung as Chairman and Mr. Choi Kin Sze as CEO [34]. - The board consists of six members, with three executive directors and three independent non-executive directors, ensuring a balanced composition [67]. - The company emphasizes the importance of corporate governance and has established a clear division of responsibilities between the chairman and the CEO [75]. - The independent non-executive directors play a crucial role in ensuring high levels of financial and statutory reporting [72]. - The company has established internal control measures and training to ensure compliance with applicable laws and regulations [57]. Financial Position - As of December 31, 2023, the group's total assets amounted to RMB 1,201,801,000, with total liabilities of RMB 804,334,000 and total equity of RMB 397,467,000 [15]. - The current ratio as of December 31, 2023, was 2.93 times, compared to 2.45 times as of December 31, 2022 [15]. - The group had secured bank borrowings of RMB 36,000,000 as of December 31, 2023, unchanged from the previous year [15]. - The group pledged approximately RMB 135,787,000 of development properties as collateral for bank borrowings as of December 31, 2023 [31]. Expenses and Costs - The group's sales expenses increased by 13.3% from RMB 7,349,000 for the year ended December 31, 2022, to RMB 8,324,000 for the year ended December 31, 2023, primarily due to additional sales agent commissions incurred from property deliveries [13]. - The group's administrative expenses decreased by 27.4% from RMB 20,914,000 for the year ended December 31, 2022, to RMB 15,182,000 for the year ended December 31, 2023, mainly due to additional cost control measures implemented in response to a challenging business environment [13]. - The total employee cost for the year ended December 31, 2023, was RMB 8,013,000, down from RMB 9,484,000 in the previous year [17]. Shareholder Information - The group did not recommend the payment of any dividends for the year, consistent with the previous year [23]. - The company reported a total of 1,517,896,394 shares held by Fame Build Holdings Limited, representing approximately 26.00% of the issued share capital [42]. - Talent Connect Investments Limited holds 1,780,596,394 shares, accounting for approximately 30.50% of the issued share capital [42]. Compliance and Regulations - The company has confirmed compliance with a non-competition agreement, ensuring no direct or indirect competition in the residential and commercial property development sector in China [50]. - The company has adhered to all relevant laws and regulations that significantly impact its operations during the year ending December 31, 2023 [57]. - The company maintains sufficient public float as per the requirements of the Listing Rules [53]. - The company has a clear insider information policy to ensure timely and fair disclosure of material information to the public [95]. Risk Management - The board has established a risk management and internal control system, which is reviewed annually by an external consultant to ensure its effectiveness [92]. - The company employs a three-tier risk management approach to identify, assess, mitigate, and manage risks associated with its operations [91]. - The board believes that the existing risk management and internal control system is effective in preventing future fund misappropriation incidents [94]. Audit and Financial Reporting - The independent auditor has confirmed that the financial statements reflect the group's financial position accurately as of December 31, 2023 [136]. - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2023, including the accounting principles and practices adopted [118]. - The audit fees for the year ended December 31, 2023, amounted to RMB 905,000 for statutory audit services and RMB 290,000 for non-audit services [96]. - The auditor communicated with the audit committee regarding the planned audit scope, timing, and significant audit findings, including any identified deficiencies in internal controls [154]. Environmental Commitment - The company is committed to minimizing its environmental impact and has implemented measures such as using eco-friendly materials and monitoring construction processes to comply with environmental regulations [56].

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 278,286,000, an increase of 6.5% compared to RMB 262,153,000 in 2022[2] - Gross profit for the same period was RMB 37,006,000, down 55.8% from RMB 83,593,000 in the previous year[2] - Net profit for the year was RMB 7,590,000, a decrease of 76.5% compared to RMB 32,226,000 in 2022[3] - Basic and diluted earnings per share were RMB 0.08, down from RMB 0.54 in the previous year[3] - Total comprehensive income for the year was RMB 7,810,000, compared to RMB 32,445,000 in 2022, reflecting a significant decline[3] - The company reported other income and gains of RMB 2,233,000, down from RMB 3,361,000 in the previous year[2] - The company recognized a provision for expected credit losses of RMB 180,000, compared to a reversal of RMB 427,000 in 2022[2] - The company’s operating expenses increased to RMB 15,182,000 from RMB 20,914,000 in the previous year, indicating a reduction in costs[2] - The company reported a foreign exchange gain of RMB 220,000, slightly up from RMB 219,000 in the previous year[3] - The company's income tax expenses for 2023 amounted to RMB 6,117,000, compared to RMB 18,849,000 in 2022, indicating a significant decrease[34] - Profit attributable to owners decreased by 85.6% from RMB 31,321,000 for the year ended December 31, 2022, to RMB 4,507,000 for the year ended December 31, 2023, mainly due to pressure on gross profit from property development and losses from misappropriated funds[65] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 1,106,964 thousand, a decrease from RMB 1,253,889 thousand in 2022, representing a decline of approximately 12%[5] - Non-current assets were valued at RMB 91,972 thousand in 2023, down from RMB 101,673 thousand in 2022, indicating a reduction of about 9.5%[5] - Current assets included cash and bank balances of RMB 153,161 thousand, compared to RMB 133,203 thousand in the previous year, reflecting an increase of approximately 15%[5] - Total liabilities decreased from RMB 512,531 thousand in 2022 to RMB 378,523 thousand in 2023, marking a reduction of around 26%[6] - The company's net asset value increased to RMB 804,334 thousand in 2023 from RMB 796,637 thousand in 2022, showing a growth of about 1%[6] - The total equity attributable to shareholders rose to RMB 788,061 thousand in 2023, compared to RMB 783,334 thousand in 2022, indicating a slight increase of approximately 0.6%[6] - The company’s total current liabilities increased from RMB 378,523 thousand in 2022 to RMB 512,531 thousand in 2023, reflecting a rise of approximately 35%[6] - The company reported a deferred tax expense of RMB 2,306,000 in 2023, compared to a deferred tax benefit of RMB (5,246,000) in 2022[34] Inventory and Property Development - The company reported a significant increase in inventory, with amounts rising from RMB 880,792 thousand in 2022 to RMB 1,036,048 thousand in 2023, representing an increase of about 17.6%[5] - The total value of properties under development and held for sale as of 2023 is RMB 880,792,000, compared to RMB 1,036,048,000 in 2022, reflecting a decrease of approximately 15%[39] - The value of properties under development is RMB 336,184,000 in 2023, down from RMB 627,077,000 in 2022, indicating a decline of about 46%[39] - The value of properties held for sale increased to RMB 291,334,000 in 2023 from RMB 159,308,000 in 2022, representing an increase of approximately 83%[39] Market and Strategic Focus - The company plans to focus on market expansion and new product development in the upcoming fiscal year[2] - The group is focusing on four residential and commercial projects in China, including the Xi County Kangqiao Academy and Wugang Kangqiao Academy[51] - The group expects more supportive policies to promote stability and growth in the real estate market in 2024[51] - The group aims to balance growth, efficiency, and risk through prudent management practices[52] - The group plans to continue innovating product features to meet customer demands for quality living[52] - The group anticipates that local governments will implement flexible policies to support long-term and high-quality development in the real estate sector[51] Accounting Standards and Policies - The group has adopted new and revised Hong Kong Financial Reporting Standards (HKFRS) effective from January 1, 2023, with no significant impact on the financial position and performance for the current and prior years[10] - The implementation of HKFRS 17, which establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts, has been initiated, replacing HKFRS 4[12] - The group has chosen to continue applying HKFRS 9 for certain financial guarantee contracts, resulting in no significant impact on the consolidated financial statements for the current year[14] - The amendments to HKFRS 12 have narrowed the scope of initial recognition exceptions, requiring the recognition of deferred tax assets and liabilities for temporary differences arising from transactions such as leases[15] - The group has applied the amendments to HKFRS 1 and HKFRS Practice Statement 2, which revised the presentation of significant accounting policy information[16] - The accounting policy changes implemented this year did not have a significant impact on the group's financial position and performance[20] - The group expects that the new accounting standards will not have a significant impact on the consolidated financial statements in the foreseeable future[22] Operational Metrics - The company’s cash flow from operations showed a positive trend, with cash and cash equivalents increasing by approximately 15% year-over-year[5] - Sales expenses increased by 13.3% from RMB 7,349,000 for the year ended December 31, 2022, to RMB 8,324,000 for the year ended December 31, 2023, primarily due to additional sales agent commissions from property deliveries[62] - Administrative expenses decreased by 27.4% from RMB 20,914,000 for the year ended December 31, 2022, to RMB 15,182,000 for the year ended December 31, 2023, due to cost control measures implemented by the company[64] - Total employee costs, including director remuneration, decreased from RMB 9,484,000 in 2022 to RMB 8,013,000 in 2023[71] Future Events - The company will hold its Annual General Meeting on June 6, 2024, in Hong Kong[78] - Share registration procedures will be suspended from June 3 to June 6, 2024, to facilitate voting by proxy[79] - The annual report for 2023 will be sent to shareholders by April 30, 2024[82]

Financial Performance - For the six months ended June 30, 2023, the company reported revenue from property sales of RMB 418.696 million, a decrease of 80% compared to RMB 2,088.87 million in the same period last year[4] - The gross profit for the same period was RMB 6.212 million, down 89.5% from RMB 59.087 million year-on-year[4] - The company recorded a loss before tax of RMB 3.914 million, compared to a profit of RMB 40.789 million in the previous year[4] - The total comprehensive loss for the period was RMB 3.469 million, a significant decline from a total comprehensive income of RMB 27.082 million in the prior year[6] - Basic and diluted loss per share was RMB 0.06, compared to earnings of RMB 0.47 per share in the same period last year[6] - The company incurred a loss of RMB 3,348,000 during the six months ended June 30, 2023, compared to a loss of RMB 27,606,000 for the same period in 2022[11] - The company reported a loss attributable to shareholders of RMB 3,348,000 compared to a profit of RMB 27,606,000 in the same period of 2022, representing a significant decline[48] - The company’s total employee costs decreased to RMB 3,884,000 in 2023 from RMB 4,835,000 in 2022, reflecting a reduction of approximately 19.7%[44] Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 1,343.951 million, slightly up from RMB 1,256.900 million at the end of 2022[7] - The net asset value as of June 30, 2023, was RMB 793.055 million, a slight decrease from RMB 796.637 million at the end of 2022[9] - The total equity attributable to the owners of the company as of June 30, 2023, was RMB 779,913,000, a decrease from RMB 783,334,000 as of January 1, 2023[11] - As of June 30, 2023, the company's total assets were RMB 793,055,000, compared to RMB 796,637,000 as of January 1, 2023[11] - The company's total liabilities related to financial guarantees and contract liabilities indicate a strong commitment to supporting property buyers, enhancing market confidence[71] Cash Flow - For the six months ended June 30, 2023, the company reported a net cash inflow from operating activities of RMB 4,110,000, compared to a net outflow of RMB 147,507,000 for the same period in 2022[16] - Cash and cash equivalents increased by RMB 23,381,000 during the six months ended June 30, 2023, compared to a decrease of RMB 116,519,000 in the same period of the previous year[16] - The company raised new secured bank loans amounting to RMB 20,000,000 during the financing activities in the first half of 2023[16] Market and Business Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[4] - The company continues to focus on property development as its primary business activity[32] - The company plans to continue focusing on developing high-quality properties and living communities, particularly in urban areas with strong housing demand[88] Investment Properties - The fair value of investment properties as of June 30, 2023, was RMB 89,925,000, down from RMB 93,645,000 at the end of 2022, indicating a decline of approximately 4.8%[50] - The company’s investment properties are primarily located in Quanzhou, Fujian Province, with a significant portion valued using the income approach and direct comparison method[53] - The fair value of investment properties classified as held for sale was RMB 2,364,000 as of June 30, 2023, down from RMB 3,011,000 as of December 31, 2022, representing a decrease of approximately 21.49%[61] Corporate Governance - The board of directors confirmed compliance with the corporate governance code during the six months ending June 30, 2023[100] - The audit committee, composed entirely of independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2023[111] - The company is committed to maintaining a high level of corporate governance to protect shareholder interests and enhance accountability[100] Shareholder Information - As of June 30, 2023, major shareholders held significant stakes: Fame Build Holdings Limited owned 1,517,896,394 shares (26.00%) and Talent Connect Investments Limited owned 1,780,596,394 shares (30.50%) of the company[106] - The total issued and paid-up share capital as of June 30, 2023, was RMB 25,451,000, with 5,837,990 shares issued, unchanged from the previous period[68] Taxation - Current tax expenses for the six months ended June 30, 2023, were RMB 2,055,000, down from RMB 10,677,000 in 2022[39] - The company has not recognized any tax provisions in Hong Kong as its income is not sourced from there[39]

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倚賴該等內容而引致的任何損 失承擔任何責任。 JIANDE INTERNATIONAL HOLDINGS LIMITED 建 德 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：865） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 業 績 公 佈 建德國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈報本 公司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月 的未經審核業績，連同去年同期的未經審核比較數字載列如下： ...

Financial Performance - The company's revenue increased by 148.2% from RMB 105,609,000 in the previous year to RMB 262,153,000, primarily due to the delivery of the final phase of the Tianxi Bay project[14]. - Gross profit rose by 105.7% from RMB 40,643,000 to RMB 83,593,000, aligning with the revenue growth[14]. - Profit attributable to owners reached RMB 31,321,000, approximately 24 times the RMB 1,303,000 profit from the previous year, driven by increased revenue and gross profit from property development[18]. - The company reported a net profit of RMB 32,226,000 for 2022, a significant turnaround from a loss of RMB 451,000 in 2021[166]. - Basic and diluted earnings per share improved to 0.54 cents in 2022, compared to 0.02 cents in 2021[166]. - The company reported a pre-tax profit of RMB 45,829,000 for the year ended December 31, 2022, compared to RMB 6,896,000 in the previous year, indicating a significant increase in profitability[176]. Market Conditions - The real estate market in China is expected to face challenges in 2023, with potential buyers adopting a wait-and-see attitude[7]. - The overall sales of commercial housing in China decreased by 26.7% year-on-year, highlighting the challenging market environment[6]. - The company anticipates more supportive policies from the central government to stabilize market expectations and restore consumer confidence[7]. Project Development - The company is focusing on five residential and commercial property projects in China, including locations in Henan and Hunan provinces[7]. - The total land area for the company's projects is 349,000 square meters, with a total construction area of 1,109,000 square meters[9]. - The company has ongoing projects with expected completion dates ranging from 2023 to 2025, maintaining an equity interest of 80% in several developments[9]. Financial Position - Total assets as of December 31, 2022, were RMB 1,358,573,000, with total liabilities of RMB 561,936,000[19]. - The current ratio improved to 2.45 times from 2.15 times in the previous year, indicating better liquidity[19]. - The company's total equity increased to RMB 796,637,000 in 2022, up from RMB 764,289,000 in 2021[169]. - Cash and cash equivalents decreased to RMB 133,203,000 at year-end from RMB 230,892,000 at the beginning of the year, indicating a reduction in liquidity[177]. Governance and Compliance - The company has a board of directors consisting of six members, with three executive directors and three independent non-executive directors[73]. - The company confirmed compliance with the non-competition agreement signed on February 26, 2016, by its major shareholders, ensuring no direct or indirect competition in the property development business in China as of December 31, 2022[55]. - The company has established a nomination committee, remuneration committee, and audit committee to ensure effective governance and decision-making[112]. Risk Management - The company employs a three-tier risk management approach to identify, assess, mitigate, and manage risks[97]. - An independent forensic accountant was appointed to review the risk management and internal control systems following the misappropriation incident[99]. - The management has enhanced cash and idle fund management to reduce misappropriation risks, advising employees to avoid cash collections from customers[105]. Internal Controls and Auditing - The audit committee is responsible for overseeing the financial reporting process of the company[157]. - The auditor has confirmed compliance with independence requirements and communicated any relationships that may affect independence[161]. - The company has implemented a strengthened bank account management system, establishing three sets of online banking security codes and passwords controlled by the new cashier, accountant, and financial officer[105]. Employee and Shareholder Relations - The company has approximately 42 full-time employees, with total employee costs rising to RMB 9,484,000 from RMB 9,242,000[21]. - The company emphasizes the importance of the annual general meeting as a platform for shareholder communication[128]. - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting within two months of submission[129]. Environmental and Social Responsibility - The company is committed to minimizing its environmental impact through sustainable practices and the use of eco-friendly materials in its property projects[61]. - The employee gender ratio as of December 31, 2022, was 1.33:1, indicating a higher number of male employees compared to female employees[77].

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倚賴該等內容而引致的任何損 失承擔任何責任。 JIANDE INTERNATIONAL HOLDINGS LIMITED 建 德 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：865） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 業 績 公 佈 建德國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈報本 公司及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年 度的業績，連同去年的比較數字載列如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 人民幣千元 人民幣千元 （經重列） 收益 — 銷售物業 5 262,153 105,609 銷售成本 (178,560) (64,966) 毛利 83,593 40,643 其他收入 3,361 4,425 ...

Financial Performance - Revenue from property sales for the six months ended June 30, 2022, was RMB 208,887,000, a significant increase from RMB 23,223,000 in the same period last year, representing a growth of 798%[5] - The gross profit for the same period was RMB 59,087,000, compared to RMB 1,398,000 in the previous year, indicating a substantial increase[5] - The total comprehensive income for the period was RMB 30,482,000, compared to a loss of RMB 13,707,000 in the previous year, marking a turnaround[5] - Basic earnings per share for the period was RMB 0.53, a significant improvement from a loss of RMB 0.07 per share in the same period last year[5] - The company reported a profit of RMB 30,951,000 for the six months ended June 30, 2022, compared to a loss of RMB 4,223,000 in the same period of 2021, indicating a significant turnaround in performance[41] Assets and Liabilities - Total assets as of June 30, 2022, were RMB 1,229,071,000, compared to RMB 1,331,222,000 as of December 31, 2021[7] - The net asset value increased to RMB 815,295,000 from RMB 784,910,000 as of December 31, 2021, reflecting a growth of 3.9%[8] - Current liabilities decreased to RMB 118,670,000 from RMB 148,323,000, indicating improved liquidity[7] - The total equity attributable to owners of the company increased to RMB 803,037,000 from RMB 772,086,000 as of December 31, 2021[8] - Total assets as of June 30, 2022, amounted to RMB 1,330,030,000, with total liabilities of RMB 517,735,000 and total equity of RMB 815,295,000[96] Cash Flow - The company reported a net cash position of RMB 251,513,000 as of June 30, 2022, compared to RMB 138,394,000 in the previous year[7] - The net cash used in operating activities for the six months ended June 30, 2022, was RMB 144,121,000, compared to RMB 25,062,000 for the same period in 2021[20] - The company had a net cash decrease of RMB 113,119,000 in cash and cash equivalents for the six months ended June 30, 2022[20] - The total cash and cash equivalents at the end of the period were RMB 138,394,000, down from RMB 157,622,000 at the end of the previous period[20] - The company’s financing activities generated a net cash inflow of RMB 25,095,000 for the six months ended June 30, 2022, compared to RMB 11,195,000 in the same period of 2021[20] Income and Expenses - The company reported a total income of RMB 1,398,000 from other income sources for the six months ended June 30, 2022, down from RMB 2,030,000 in the same period of 2021[33] - The income tax expense for the six months ended June 30, 2022, was RMB 13,707,000, compared to RMB 1,225,000 for the same period in 2021, indicating a substantial increase in tax obligations[34] - Sales expenses increased by 28.9% to RMB 4,198,000, mainly due to additional sales commissions related to the delivery of properties from the Tianxi Bay project[94] - Employee costs, including director remuneration, rose to RMB 4,835,000 for the six months ended June 30, 2022, compared to RMB 3,461,000 in the previous year, reflecting increased staffing or compensation[39] Investment Properties - Non-current assets included investment properties valued at RMB 97,330,000 as of June 30, 2022[7] - The fair value of investment properties decreased to RMB 97,330,000 as of June 30, 2022, down from RMB 105,071,000 at the end of 2021, indicating a decline in property valuations[45] - The total value of investment properties as of June 30, 2022, is RMB 1,009,200,000, an increase from RMB 951,827,000 as of December 31, 2021[57] - The expected return rate for investment properties is 4.3% as of June 30, 2022, consistent with the rate from December 31, 2021[54] - The average market rent per square meter is RMB 73 as of June 30, 2022, unchanged from December 31, 2021[54] Development and Commitments - The value of properties under development is RMB 249,247,000 as of June 30, 2022, up from RMB 128,389,000 as of December 31, 2021[58] - The company has unrecognized development property commitments totaling RMB 266,010,000 as of June 30, 2022, down from RMB 338,595,000 as of June 30, 2021[76] - Financial guarantees provided for mortgage financing to property buyers stood at RMB 409,666,000 as of June 30, 2022, compared to RMB 465,776,000 as of December 31, 2021[78] Shareholder Information - The company’s issued share capital as of June 30, 2022, was RMB 435,951,000, with 100,000,000 shares issued[75] - The company’s major shareholders include Fame Build Holdings Limited with 1,517,896,394 shares, representing approximately 26.00% of the issued share capital, and Talent Connect Investments Limited with 1,780,596,394 shares, representing approximately 30.50%[103][109] Compliance and Governance - The audit committee, composed entirely of independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six-month period ending June 30, 2022[114] - As of June 30, 2022, the company has adopted the standard code for directors' securities trading as per the listing rules, confirming compliance by all directors for the six-month period[102]