Group 1 - The core point of the article is that CIFI Holdings reported a contract sales amount of 1.72 billion RMB in April, with a cumulative contract sales amount of 7.16 billion RMB from January to April [1] Group 2 - The April contract sales figure represents a significant contribution to the company's overall performance in the first four months of the year [1] - The cumulative sales figure indicates a steady sales trend for CIFI Holdings in the early part of the year [1]

Group 1 - CIFI Holdings Group has announced the latest progress in its offshore debt restructuring, with a creditor voting window planned between May 12 and May 28, and a creditor meeting scheduled for June 3 [1] - The successful court hearing marks a significant advancement in CIFI's offshore debt restructuring, which began in November 2022, highlighting the company's ongoing constructive communication with creditors [1] - The offshore debt principal amount is $6.858 billion, accounting for 55% of the company's total interest-bearing debt as of the end of 2024, indicating the critical importance of successful restructuring for CIFI's deleveraging efforts [2] Group 2 - Following the debt restructuring, CIFI's overall debt scale is expected to decrease significantly, alleviating liquidity pressures and improving its capital structure [2] - CIFI's Chairman, Lin Zhong, has indicated that 2025 will be a key year for the company's strategic transformation towards a "light asset, low debt, high quality" development model, aligning with the anticipated shift in China's real estate market towards high-quality development [2] - The company aims to leverage policy opportunities related to the "new development model" in real estate and its nearly 20 years of comprehensive national layout to strengthen its sustainable development foundation [2]

Company Overview - As of December 31, 2024, the company has a total land bank of approximately 29.0 million sq.m. and attributable GFA of approximately 17.0 million sq.m.[13] - The company focuses on developing high-quality properties in first- and second-tier cities in China, covering residential, office, and commercial complexes[12] - The company has established a strong presence in major cities across four regions: the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region, and the South China Region[13] - The company aims to become a leading and well-respected real estate enterprise in China, driven by its mission of "building for a better life"[14] - The company is engaged in property development, property investment, and property management services in the People's Republic of China[11] - The company has achieved nationwide operational coverage and a solid position in key urban areas[12] - The company is committed to developing properties that cater to end-users in mature market segments[12] - The company has a diversified portfolio that includes various property types, enhancing its market adaptability[12] - The company is strategically positioned to capitalize on growth opportunities in China's real estate market[11] Property Development and Projects - The company has completed and commenced leasing several properties in Shanghai, including Shanghai LCMART with a rentable area of 2,842 sq. m. and Shanghai CIFI U Block with 5,389 sq. m., both at a 50% interest[29] - The total rentable area of completed properties in Shanghai includes Shanghai CIFI Haishang International at 29,585 sq. m. and Shanghai Henderson CIFI Center at 10,740 sq. m., both at a 100% interest[29] - The company has a significant presence in Beijing with the Beijing CIFI Wangxin Commercial Centre, which has a rentable area of 4,860 sq. m. at a 100% interest, and the Beijing Wukesong Project with a total area of 277,530 sq. m. for phases 1 to 4[31] - The company is developing several properties, including Wenzhou Guanghui City with a total GFA of 424,026 sq. m. expected to complete between 2024 and 2028[37] - The Lu'an CIFI Centre is under development with a total GFA of 302,743 sq. m. expected to complete between 2023 and 2026[37] - The Huai'an CIFI Plaza is also under development with a total GFA of 301,210 sq. m. expected to complete between 2023 and 2027[37] - The company is expanding its market presence with new projects in cities like Chengdu and Xi'an, with properties like Chengdu Xindu CIFI Cmall at 88,921 sq. m. and Xi'an CIFI Centre at 41,129 sq. m.[31] - The company has ongoing development projects with a total Gross Floor Area (GFA) of 1,221,029 sq.m. in Taiyuan, expected to complete between 2023-2027, primarily for residential and commercial use[39] - Another project in Taiyuan has a GFA of 1,298,971 sq.m., also under development with a completion date set for 2023-2027, intended for residential, office, and commercial purposes[39] - The Linyi Xinghui City project has a GFA of 431,617 sq.m., expected to be completed between 2024-2026, focusing on residential and commercial use[42] - The Chengdu Tianfu Future Centre project is under development with a GFA of 406,735 sq.m., anticipated to complete between 2023-2026, designated for residential and commercial purposes[42] - The Zhengzhou Konggang Times project has a GFA of 535,442 sq.m., with a completion date between 2022-2026, aimed at residential and commercial use[45] - The company has a diversified portfolio with properties designated for commercial, office, and residential use across various cities in China[36] Financial Performance - For the year ended December 31, 2024, the Group achieved contracted sales of RMB33.68 billion, with a contracted gross floor area of 2,781,810 sq.m. and an average selling price of approximately RMB12,106/sq.m.[61][66] - The recognized revenue for 2024 was approximately RMB47,788.7 million, while the net loss attributable to equity owners was approximately RMB7,075.9 million, and the core net loss was approximately RMB5,825.0 million[61][64] - The Group delivered approximately 62,000 property units in total throughout 2024, emphasizing efforts to ensure delivery and operations[67][70] - The Group's property management service segment, Yongsheng Service Group, achieved a revenue increase of 4.6% year-on-year, reaching approximately RMB6,841.1 million, marking a historical high[69] - The gross profit margin for basic property management and community value-added services accounted for approximately 94.8% of the revenue structure, while the proportion of value-added services to non-owners decreased to about 8.8%[69] - The Group's financial position and business operations are heavily reliant on domestic sales and cash collection, with ongoing efforts to accelerate these processes[71] - The Group's sales revenue from properties recognized in 2024 was approximately RMB38.44 billion, a decrease of 39.2% year-on-year, accounting for 80.4% of total recognized revenue[107]. - The average selling price of properties recognized in 2024 was approximately RMB11,001/sq.m., down 23.0% from RMB14,283/sq.m. in 2023[107]. - Revenue from property sales in 2024 was approximately RMB 38,440.6 million, down by 39.2% year-on-year, accounting for 80.4% of total recognised revenue[109] - The Group's gross profit in 2024 was approximately RMB7,362.4 million, down 34.5% from RMB11,232.7 million in 2023[140] - The loss before tax for 2024 was approximately RMB3,647.2 million, an improvement from a loss of RMB5,452.3 million in 2023[155] - The Group incurred a net exchange loss of approximately RMB563.2 million in 2024, compared to RMB372.5 million in 2023[142] - The fair value loss on investment properties was approximately RMB603.5 million in 2024, up from RMB133.7 million in 2023[143] Market Position and Rankings - The company is ranked 27th in the "Top 30 Real Estate Development Enterprises with Comprehensive Strength in 2024" by the China Real Estate Association[46] - The company achieved a ranking of 10th in the "Top 30 Real Estate Developers in Delivery Capabilities in China in 2024" according to CRIC Research[46] - The Group plans to deliver approximately 62,000 property units in 2024, ranking 16th in the "2024 China Typical Real Estate Enterprises Delivery Ranking" by E-Han Think Tank[88] - Approximately 270,000 property units were delivered from 2022 to 2024, with about 62,000 units delivered in 2024, ranking 16th in the "2024 Typical Real Estate Enterprises Delivery Ranking in China"[91]. Corporate Governance and Management - The company has a corporate governance structure in place, ensuring effective oversight and management[50] - Mr. Lin Zhong, the founder and executive director, has approximately 34 years of experience in the real estate industry[197] - Mr. Lin Wei, the executive director and vice-chairman, has about 29 years of experience in the real estate business[200] - Mr. Ru Hailin, appointed as CEO on November 30, 2023, has extensive management experience in the real estate sector[199] - The company has a remuneration structure based on performance, experience, and market wage levels, including basic salary, cash bonuses, and share-based incentives[195] Sustainability and Future Outlook - The company has been included in the Hang Seng Corporate Sustainability Benchmark Index, reflecting its commitment to sustainability[46] - The Group aims to enhance operational efficiency through green building practices and digital innovation, while building differentiation advantages in core cities[94]. - Ever Sunshine Services aims to gradually switch to an asset-light business model to retain core resources and capacities during the adjustment cycle of China's property development industry[83]

Group 1: Hong Kong Stock Market Performance - The Hang Seng Index rose by 1.36%, gaining 297 points to close at 22,206 points, while the Hang Seng Tech Index increased by 1.87% [1] - The early trading volume in the Hong Kong stock market reached HKD 116.4 billion [1] Group 2: Real Estate Sector - Foreign institutions are optimistic about the recovery of the Chinese real estate sector, with Citigroup strategists urging investors to increase their holdings in Chinese real estate stocks due to expected improvements in profitability from policy support and better management practices [1] - Kwan Hung Holdings surged over 43%, while other notable gains included Rongxin China up 17%, Greentown China up 5%, CIFI Holdings up 7.88%, Sunac China up 4.22%, and Longfor Group up 6.74% [1] Group 3: AI Medical Sector - AI medical concept stocks saw an uptick as seven departments jointly promoted AI empowerment across the pharmaceutical industry, with institutions optimistic about the accelerated trend in the AI medical industry [1] - Notable stock performances included iFlytek Medical Technology up 7.2%, Yidu Tech up 5.35%, Crystal Tech Holdings up 4.69%, and MicroPort Scientific up 4.07% [1] Group 4: Other Notable Stocks - Horizon Robotics rose over 7% following a strategic partnership with Bosch to develop an upgraded version of Bosch's advanced driver assistance system [2] - KPB Medical surged over 14%, with a cumulative increase of over 95% this week after its core product was approved for sale in China [3] - Xintai Medical increased by 3.88%, although the company indicated uncertainty regarding its sales growth targets [4] - Minmetals Resources rose over 5%, reporting a 76% year-on-year increase in copper production for the first quarter, with potential adjustments to production guidance [5] - Beike-W increased by 4.88%, as the real estate fundamentals became clearer, with institutions suggesting its stock price is entering a value range [6] - Global New Materials International saw a sharp rise of over 20% before settling at a 4% increase after acquiring Merck's global performance solutions business [7]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The overall delivery capacity of major real estate companies in China is expected to decrease in 2024 compared to 2023, with nearly 60% of companies experiencing a decline of over 30% in delivery scale, and a median decline of 38% [14] - The central government has increased loan support for "white list" projects to enhance delivery capabilities, with over 5 trillion yuan approved for loans, aiming to deliver 3.73 million housing units by the end of 2024 [13] - The focus of real estate companies is shifting from product design to quality delivery and customer experience, indicating a trend towards a more integrated delivery and service system [17][21] Summary by Sections Delivery Capacity Rankings - The report lists the top 30 real estate companies in China based on their delivery capacity for 2024, with Green City China, China Overseas Property, and China Resources Land leading the rankings [2] Delivery Scale and Performance - The delivery scale of major real estate companies is shrinking, with significant reductions in the number of units delivered compared to previous years, reflecting ongoing market challenges [14][15] - Specific companies such as Country Garden and Sunac China are highlighted for their delivery volumes, with Country Garden delivering approximately 380,000 units [15] Product and Service Integration - The report emphasizes the importance of integrating delivery with service, moving from merely delivering products to enhancing the overall living experience for residents [21][23] - Companies are increasingly focusing on creating community engagement and personalized services to improve customer satisfaction post-delivery [21] Quality of Delivery - The report identifies a trend towards enhancing the quality of both indoor and outdoor delivery, with a focus on functional upgrades and aesthetic improvements [19][20] - Projects that have previously won awards for their product quality are noted for their strong delivery performance, setting benchmarks for high-quality delivery in the industry [22][23]

Core Viewpoint - CIFI Holdings Group reported a narrowing loss in 2024, with a revenue of 47.789 billion yuan and a net profit loss reduced by 1.907 billion yuan compared to 2023, indicating a stable operational performance amidst industry challenges [1][2] Financial Performance - The company achieved a revenue of 47.789 billion yuan in 2024, with a gross profit margin of 15.4% [1] - CIFI's net profit loss decreased by 1.907 billion yuan compared to the previous year, marking a continuous reduction in loss for two consecutive years [1] - The company maintained positive net cash flow from operating activities for three consecutive years [1] Delivery and Project Management - In 2024, CIFI delivered 62,000 new homes across 55 projects in 49 cities, achieving an overall delivery rate of 95% from 2022 to 2024 [1][2] - The company received "white list" financing support for 55 projects in 2024, improving cash flow and ensuring smooth project operations [2] Sales and Market Position - CIFI recorded a contracted sales amount of 33.67 billion yuan, ranking 31st in the CRIC Top 100 sales list, maintaining a strong position among private real estate companies [3] - The "Platinum Forest" product line, particularly the Guangzhou project, achieved over 1.2 billion yuan in sales, becoming the top-selling project in the Nansha area for 2024 [3] Land Reserves and Future Development - As of the end of 2024, CIFI's total land reserve reached 29 million square meters, with an unsold value exceeding 250 billion yuan, and 81% of the reserves located in first and second-tier cities [3] - The company is set to commence construction on its first fourth-generation residential complex in Kunming in March 2025 [3] Diversified Business Growth - CIFI's property management arm, Yongsheng Services, reported a revenue of 6.84 billion yuan in 2024, with a net profit of 480 million yuan, reflecting a 10% increase [4] - The long-term rental segment, Lingyu International, has opened 52,000 units of affordable rental housing, addressing housing needs for new urban residents and youth [4][5] Debt Management and Restructuring - CIFI's total debt decreased to 204.1 billion yuan by the end of 2024, down over 100 billion yuan from its peak [6] - The company has been actively restructuring its offshore debt since November 2022, with a principle agreement reached with creditors for a restructuring support agreement [6][7] - CIFI is exploring innovative debt solutions, including bond cancellations and extensions, to simplify its domestic debt structure [7] Strategic Outlook - CIFI aims to transition to a "light asset, low debt, high quality" development model by 2025, marking a critical year for strategic transformation [8] - The company has maintained core resources and capabilities during the industry adjustment period, positioning itself for sustainable growth [8]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 47,788,740,000, compared to RMB 71,832,556,000 in the previous year[3]. - The net loss for the year was RMB 6,325,569,000, compared to a loss of RMB 8,678,943,000 in the previous year[3]. - Basic loss per share was RMB 0.68, compared to RMB 0.86 in the previous year[5]. - The total recognized revenue for 2024 was approximately RMB 47,788,740,000, a decrease of 33.5% compared to RMB 71,832,556,000 in 2023[67]. - The gross profit for 2024 was approximately RMB 7,362,400,000, a decline of 34.5% from RMB 11,232,700,000 in 2023[69]. - The company reported a significant net loss attributable to shareholders of approximately RMB 7,075,859,000 as of December 31, 2024[46]. - The company reported a net loss of RMB 1,502,398,000 in 2023, compared to a loss of RMB 852,156,000 in 2022, marking an increase in losses of approximately 76.5%[30]. Revenue Sources - Rental income from investment properties and related services was approximately RMB 1,758,000,000, an increase of 10.4% year-on-year[2]. - Property management and other service income reached approximately RMB 6,639,500,000, reflecting a year-on-year increase of 9.4%[2]. - Property sales and related services revenue decreased by 38.6% to approximately RMB 39,391,300,000 in 2024[66]. - The recognized revenue from property sales in 2024 was approximately RMB 38.44 billion, representing a year-on-year decrease of 39.2% and accounting for 80.4% of the total recognized revenue[54]. Assets and Liabilities - Total assets as of December 31, 2024, are RMB 177,255,842,000, compared to RMB 217,818,220,000 in 2023, indicating a decrease of approximately 18.6%[6]. - The company's total liabilities decreased from RMB 217,818,220,000 in 2023 to RMB 177,255,842,000 in 2024, indicating a reduction of about 18.6%[6]. - The company's cash and cash equivalents decreased from RMB 12,749,791,000 in 2023 to RMB 9,947,372,000 in 2024, a decline of about 21.9%[6]. - The total current assets decreased from RMB 83,262,672,000 in 2023 to RMB 78,912,643,000 in 2024, reflecting a reduction of approximately 5.2%[6]. - The company's total receivables from joint ventures and associates decreased from RMB 22,765,845,000 in 2023 to RMB 21,571,068,000 in 2024, a decline of about 5.2%[6]. Debt and Financing - Outstanding debt decreased for three consecutive years, totaling approximately RMB 86,653,800,000, a reduction of about RMB 5,627,300,000[2]. - The total liabilities increased from RMB 79,868,941 thousand to RMB 92,560,110 thousand, representing a growth of approximately 15.8%[7]. - The group is actively negotiating with multiple financial institutions for the extension and deferral of existing bank loans to improve liquidity[12]. - The group has outstanding bank loans, senior notes, and convertible bonds totaling RMB 18,331,289,000, RMB 29,104,995,000, and RMB 1,310,772,000 respectively, which may constitute defaults[46]. Operational Highlights - The group delivered approximately 62,000 property units in 2024, totaling around 270,000 units from 2022 to 2024[2]. - The company has entered 55 projects into the real estate "white list" in 2024[2]. - The group achieved a contract sales amount of approximately RMB 33.68 billion in 2024, with a total contracted sales area of about 2,781,810 square meters, resulting in an average selling price of RMB 12,106 per square meter[50]. - Residential projects accounted for about 86.8% of the total contract sales amount in 2024, while office and commercial projects contributed the remaining 13.2%[51]. Corporate Governance - The company has adopted and complied with the corporate governance code as per the listing rules of the Hong Kong Stock Exchange[96]. - The audit committee has reviewed the annual performance for the year ending December 31, 2024, and confirmed adherence to applicable accounting standards[99]. - The board of directors consists of eight members, including executive and independent non-executive directors, responsible for overall management and strategy formulation[100]. - The company has maintained its commitment to corporate governance and transparency throughout the reporting period[96]. Future Outlook - The company has plans for market expansion and new product development, focusing on real estate development and property management services in China[8]. - The company aims to focus on high-quality development, targeting improved housing demand driven by population inflow and industrial upgrades[65]. - The group has implemented strict cost-saving measures, including reducing non-core operational expenses[16]. - The group is exploring strategies to enhance operational efficiency through green building and digital innovation[65].

Land Bank and Property Development - Total land bank as of 30 June 2024 is approximately 34.3 million sq.m., with attributable GFA of 19.7 million sq.m.[4] - The company focuses on property development in first- and second-tier cities in China, covering residential, office, and commercial complexes[5] - CIFI Holdings operates in 4 key regions in China: Yangtze River Delta, Pan Bohai Rim, Central Western Region, and South China Region[5] - The Group's total land bank as of June 30, 2024, was approximately 34.3 million sq.m., with no new land acquisitions in H1 2024[32] - Total land bank as of 2024 is 34,300,087 sq.m., with Central Western Region accounting for 39.3% (13,467,308 sq.m.) and South China accounting for 9.0% (3,084,272 sq.m.)[85] - The Group's total land bank GFA was approximately 34.3 million sq.m. as of 30 June 2024, with an attributable GFA of approximately 19.7 million sq.m.[82] Financial Performance - Contracted sales for the six months ended 30 June 2024 were RMB20.31 billion, a year-on-year decrease of 51.6% from RMB41.94 billion in the same period in 2023[17][18] - Recognised revenue for the six months ended 30 June 2024 was RMB20,206.0 million, a year-on-year decrease of 35.5% from RMB31,318.9 million in the same period in 2023[17][18] - The Group's loss for the six months ended 30 June 2024 was approximately RMB4,440.4 million, compared to a loss of approximately RMB9,132.1 million in the same period in 2023[19] - Core net loss attributable to equity owners for the six months ended 30 June 2024 was approximately RMB3,401.0 million, compared to a core net loss of approximately RMB1,764.7 million in the same period in 2023[19] - The Group's recognised revenue decreased by 35.5% year-on-year to approximately RMB20,206.0 million in the first half of 2024[58] - The Group's gross profit decreased by 45.4% year-on-year to approximately RMB2,708.1 million in the first half of 2024, with a gross profit margin of 13.4%[63][67] - The Group recognised a loss of approximately RMB1,649.2 million on write-down of properties held for sale and properties under development for sale in the first half of 2024[64][67] - The Group recognised a fair value loss on investment properties of approximately RMB371.0 million in the first half of 2024[65][68] - The Group's selling and marketing expenses decreased by 38.4% year-on-year to approximately RMB675.0 million in the first half of 2024[69] - The Group's administrative expenses decreased by 23.5% year-on-year to approximately RMB915.5 million in the first half of 2024[70] - The Group's total debt was approximately RMB88.6 billion as of 30 June 2024, compared to RMB92.3 billion as of 31 December 2023 and RMB102.2 billion as of 30 June 2023[71] - The Group's share of results of joint ventures and associates amounted to a loss of approximately RMB80.7 million for the six months ended 30 June 2024, compared to a loss of RMB564.1 million in the same period last year[72] - The Group's finance costs expensed increased to approximately RMB1,841.3 million for the six months ended 30 June 2024, up from RMB1,415.9 million in the corresponding period of last year[72] - The Group's total indebtedness decreased to approximately RMB88.6 billion as of 30 June 2024, compared to RMB92.3 billion as of 31 December 2023 and RMB102.2 billion as of 30 June 2023[73] - The Group's income tax expenses decreased by 57.5% to approximately RMB987.2 million for the six months ended 30 June 2024, down from RMB2,321.0 million in the same period last year[73] - The Group's loss before tax was approximately RMB3,453.2 million for the six months ended 30 June 2024, compared to a loss of RMB6,811.0 million in the corresponding period last year[75] - The Group's net loss attributable to equity owners was approximately RMB4,939.4 million for the six months ended 30 June 2024, compared to a net loss of RMB8,972.0 million in the same period last year[75] - The Group's properties under development for sale decreased to approximately RMB85,629.8 million as of 30 June 2024, down from RMB96,603.3 million as of 31 December 2023[80] - The Group's bank balances and cash (including restricted cash and pledged bank deposits) amounted to approximately RMB12.7 billion as of 30 June 2024[34] - The Group's contracted ASP for the first half of 2024 was approximately RMB12,257/sq.m., with residential projects averaging RMB12,532/sq.m. and office/commercial projects averaging RMB11,547/sq.m.[37][39] - Contracted sales from the South China Region contributed 12.3% of the total contracted sales, with an ASP of RMB12,196/sq.m.[41] - The Group is actively negotiating with bondholders and advisors to address offshore liquidity issues and ensure long-term sustainability[34][35] - Revenue recognised from property sales for the six months ended 30 June 2024 was RMB15,840.3 million, down 41.6% year-on-year, accounting for 78.4% of total recognised revenue[44][45] - The Group delivered approximately 1,246,811 sq.m. of properties in GFA, down 33.4% year-on-year, with an ASP of RMB12,705/sq.m., down 12.3% year-on-year[44][45] - Residential properties accounted for 92.6% of recognised revenue from property sales, with an ASP of RMB12,392/sq.m., down 17.4% year-on-year[46] - Revenue from the Yangtze River Delta region accounted for 35.9% of total property sales revenue, with an ASP of RMB12,690/sq.m., down 25.7% year-on-year[47] - Second-tier cities contributed 89.2% of property sales revenue, with an ASP of RMB13,328/sq.m., down 12.1% year-on-year[50] - As of 30 June 2024, the Group had over 180 completed property projects with unsold or undelivered GFA of approximately 10.3 million sq.m.[52][55] - The Group had over 120 property projects under development or held for future development with a total GFA of approximately 24.0 million sq.m. as of 30 June 2024[53][55] - The Group's leases and other service income related to investment properties increased by 10.1% year-on-year to approximately RMB788.7 million in the first half of 2024[56][57] - Property management and other services income increased by 9.1% year-on-year to approximately RMB3,209.0 million in the first half of 2024[56][57] - Sales of properties and other property related service income decreased by 41.4% year-on-year to approximately RMB16,208.3 million in the first half of 2024[58] - The Group's net debt-to-equity ratio increased to 132.6% as of 30 June 2024, up from 121.6% as of 31 December 2023[97] - The Group's debt-to-asset ratio rose slightly to 31.3% as of 30 June 2024, compared to 30.6% as of 31 December 2023[97] - The Group's current ratio remained stable at 1.0 times as of 30 June 2024, unchanged from 31 December 2023[97] - The Group provided guarantees amounting to approximately RMB9,612.4 million for loans incurred by joint ventures and associates as of 30 June 2024, down from RMB9,843.2 million as of 31 December 2023[96] - The Group employed approximately 28,059 employees in China (including Hong Kong) as of 30 June 2024, with 2,768 in property development and 25,291 in property management and other businesses[98] - The Board resolved not to declare an interim dividend for the six months ended 30 June 2024[175] - The Group reported a net loss attributable to shareholders of approximately RMB 4,939,432,000[182] - The Group faced defaults or cross-defaults on principal and interest payments totaling approximately RMB 52,600,950,000 as of 30 June 2024[182] - The company incurred a net loss attributable to equity owners of approximately RMB 4,939,432,000 for the six months ended 30 June 2024[184] - The company's revenue for the six months ended 30 June 2024 was RMB 20,206,011,000, a decrease from RMB 31,318,914,000 in the same period in 2023[187] - The company's gross profit for the six months ended 30 June 2024 was RMB 2,708,108,000, down from RMB 4,963,562,000 in the same period in 2023[187] - The company's total comprehensive expense for the six months ended 30 June 2024 was RMB 4,444,864,000, compared to RMB 9,151,957,000 in the same period in 2023[187] - The company's non-current assets as of 30 June 2024 were RMB 80,661,408,000, a decrease from RMB 83,262,672,000 as of 31 December 2023[191] - The company's current assets as of 30 June 2024 were RMB 202,125,392,000, down from RMB 217,818,220,000 as of 31 December 2023[191] - The company's properties under development for sale as of 30 June 2024 were RMB 85,629,831,000, a decrease from RMB 96,603,349,000 as of 31 December 2023[191] - The company's bank balances and cash as of 30 June 2024 were RMB 11,385,327,000, down from RMB 12,749,791,000 as of 31 December 2023[191] - The company's total liabilities as of 30 June 2024 were RMB 282,786,800,000, a decrease from RMB 301,113,448,000 as of 31 December 2023[191] - The company's total equity as of 30 June 2024 was RMB 80,661,408,000, down from RMB 83,262,672,000 as of 31 December 2023[191] - Current liabilities increased to RMB 208,520,782 as of June 30, 2024, compared to RMB 198,326,050 at the end of December 2023[192] - Net current assets decreased to RMB 3,799,342 as of June 30, 2024, from RMB 9,297,438 at the end of December 2023[192] - Total equity attributable to owners of the company increased to RMB 20,229,281 as of June 30, 2024, from RMB 15,200,708 at the end of December 2023[192] - Non-current liabilities increased to RMB 64,568,820 as of June 30, 2024, compared to RMB 57,191,002 at the end of December 2023[192] - The company's reserves increased to RMB 19,373,671 as of June 30, 2024, from RMB 14,345,098 at the end of December 2023[192] - The fair value change on investments in equity instruments resulted in a loss of RMB 19,895 for the period[194] - The company recognized a total comprehensive loss of RMB 8,132,064 for the six months ended June 30, 2024[194] - The company paid dividends of RMB 438,755 to non-controlling interests during the period[194] - The distribution to owners of perpetual capital instruments amounted to RMB 120,089 for the period[194] - Total equity as of June 30, 2024, was RMB 74,940,030, compared to RMB 56,130,402 at the end of December 2023[194] - Total comprehensive income for the period was RMB 1,640,600 thousand, with a loss attributable to equity owners of the company amounting to RMB 4,999,632 thousand[195] - Cash generated from operations for the six months ended 30 June 2024 was RMB 7,387,809 thousand, compared to RMB 12,310,847 thousand in the same period in 2023[198] - Net cash flows from operating activities for the six months ended 30 June 2024 were RMB 6,874,486 thousand, down from RMB 10,944,185 thousand in the same period in 2023[198] - Advances to non-controlling interests amounted to RMB 615,588 thousand, while repayments from non-controlling interests were RMB 708,522 thousand[198] - Net cash outflow from the acquisition of subsidiaries was RMB 72,499 thousand, compared to an inflow of RMB 188,751 thousand in the same period in 2023[198] - Net cash inflow from the disposal of subsidiaries was RMB 9,345 thousand, compared to an outflow of RMB 178,224 thousand in the same period in 2023[198] - Placement of pledged bank deposits amounted to RMB 737,772 thousand, while withdrawals were RMB 399,997 thousand[198] - Capital injection into joint ventures was RMB 103,537 thousand, and dividend received from joint ventures was RMB 3,300 thousand[198] - Interest received during the period was RMB 62,121 thousand, down from RMB 79,986 thousand in the same period in 2023[198] - Net cash flows from investing activities for the six months ended 30 June 2024 were RMB 284,326 thousand, compared to RMB 419,821 thousand in the same period in 2023[198] - Net cash used in financing activities was RMB 7,004,865 thousand for the six months ended 30 June 2024, compared to RMB 12,071,961 thousand in the same period of 2023[199] - Cash and cash equivalents decreased by RMB 707,955 thousand, ending at RMB 5,012,774 thousand as of 30 June 2024[199] - New bank and other borrowings raised amounted to RMB 736,177 thousand, a significant increase from RMB 18,000 thousand in the previous period[199] - Repayment of bank and other borrowings totaled RMB 7,345,370 thousand, compared to RMB 4,085,462 thousand in the prior period[199] - Advances from joint ventures increased to RMB 1,841,410 thousand, up from RMB 636,476 thousand in the previous period[199] - Repayment to joint ventures surged to RMB 6,231,146 thousand, compared to RMB 834,421 thousand in the prior period[199] - Advances from associates rose to RMB 5,139,042 thousand, a significant increase from RMB 212,505 thousand in the previous period[199] - Repayment to associates totaled RMB 3,570,265 thousand, compared to RMB 326,346 thousand in the prior period[199] - Interest paid amounted to RMB 1,920,453 thousand, slightly higher than RMB 1,734,949 thousand in the previous period[199] - Dividend paid to non-controlling interests was RMB 121,169 thousand, compared to none in the prior period[199] Market and Industry Trends - Cumulative trading volume of new housing in major cities dropped by 39% year-on-year in the first half of 2024[20] - Cumulative trading size of second-hand housing dropped by 8% year-on-year in the first half of 2024[20] - Core first-tier and second-tier cities are expected to stabilize in new housing transactions, with second-hand housing transaction shares continuing to expand[27] - The People's Bank of China established a RMB300 billion affordable housing refinancing loan with a 1.75% interest rate to support local SOEs in acquiring unsold commercial properties[24] - The down payment ratio for home purchases was lowered to 15%, and the mortgage interest rate floor was removed under the "517 New Deal"[24] Property Delivery and Sales - The Group delivered approximately 35,000 housing units year to date, ranking top 20 in the industry for units delivered[29] - Contracted sales for the first half of 2024 amounted to approximately RMB20.31 billion, a year-on-year decrease of 51.6% compared to RMB41.94 billion in the same period last year[36][37] - The Group's contracted sales in GFA for the first half of 2024 was approximately 1,657,300 sq.m., representing a decrease of 42.8% year-on-year[36][37] - Residential projects contributed 73.7% of the total contracted sales, while office/commercial projects accounted for 26.3%[38][39] - Contracted sales from first- and second-tier cities accounted for 87.5% of the total contracted sales, with first-tier cities contributing 9.5% and second-tier cities contributing 78.0%[38][42] - The Yangtze River Delta, Pan Bohai Rim, and Central Western Region each contributed approximately 29.7%, 29.0%, and 29.0% of the total contracted sales, respectively[38][41] - The Group ranked 22nd in China's real estate sales list for January-June 2024, according to CRIC Research[28] - The Group's domestic sales and cash collection remain crucial, with ongoing efforts to accelerate these processes[29] Ever Sunshine Services Performance - Ever Sunshine Services achieved a 5.9% revenue growth, reaching RMB3.37 billion in H1 2024, a record high[32] - Ever Sunshine Services' total contracted GFA reached 330 million sq.m., a 6.9

Financial Performance - For the six months ended June 30, 2024, total revenue was RMB 20,206,011 thousand, a decrease of 38.0% compared to RMB 31,318,914 thousand for the same period in 2023[2] - Gross profit for the same period was RMB 2,708,108 thousand, down 45.5% from RMB 4,963,562 thousand year-over-year[2] - The net loss for the six months ended June 30, 2024, was RMB 4,440,408 thousand, compared to a net loss of RMB 9,132,064 thousand in the prior year, indicating a 51.3% improvement[4] - The total comprehensive loss for the period was RMB 4,444,864 thousand, compared to RMB 9,151,957 thousand in the previous year, showing a significant reduction[4] - The company reported a basic loss per share of RMB 0.47 for the first half of 2024, an improvement from RMB 0.86 in the same period of 2023[4] - The reported revenue for the period was 20,206,011 thousand RMB, compared to 31,318,914 thousand RMB in the previous period, indicating a decline[20] - The reported loss before tax was (3,453,242) thousand RMB, an improvement from (6,811,034) thousand RMB in the prior period[21] - The net loss attributable to shareholders was (4,939,432) thousand RMB, compared to (8,972,013) thousand RMB in the same period last year[27] Assets and Liabilities - The company's total assets as of June 30, 2024, were RMB 202,125,392 thousand, down from RMB 217,818,220 thousand at the end of 2023[5] - The company's current liabilities, including bank loans due within one year, amounted to RMB 198,326,050,000, compared to RMB 208,520,782,000 in the previous year, indicating a reduction of about 4.9%[6] - The total equity attributable to shareholders decreased to RMB 57,191,002,000 from RMB 64,568,820,000, representing a decline of approximately 11.5%[6] - The company’s total liabilities, including non-current liabilities, were reported at RMB 27,269,748,000 as of June 30, 2024[6] - The company’s reserves decreased from RMB 19,373,671,000 to RMB 14,345,098,000, a decline of approximately 25.5%[6] - The company’s total current assets were RMB 28,723,215 thousand as of June 30, 2024, compared to RMB 35,653,422 thousand as of December 31, 2023, indicating a decrease of about 19.5%[30] - The company faced challenges due to tight cash flow and debt maturity pressures, leading to measures such as price reductions and asset sales to alleviate financial stress[36] Cash Flow and Financing - The company has outstanding debts including RMB 17,425,250,000 in overseas preferred notes and RMB 28,917,281,000 in bank loans, which constitute defaults or cross-defaults[8] - The company is actively engaging with financial institutions to restructure existing bank loans to improve liquidity[8] - The company has appointed a financial advisor to assist in restructuring financing arrangements and is in constructive discussions with creditor groups[8] - The company is implementing measures to alleviate liquidity issues and improve its financial condition[8] - The group is actively seeking financing and loans to repay existing financial obligations and fund future operations and capital expenditures[5] - The group has implemented strict cost reduction measures, including the reduction of non-core and non-essential business expenses[6] Market and Sales Performance - The group generated external reportable segment revenue of RMB 16,208,285,000 from property sales and related services, RMB 788,703,000 from property investment, and RMB 3,209,023,000 from property management and other services, totaling RMB 20,206,011,000 for the six months ended June 30, 2024[15] - The group achieved a contract sales amount of approximately RMB 20.31 billion for the first half of 2024, a decrease of 51.6% compared to RMB 41.94 billion in the same period last year[40] - The total contracted sales area was approximately 1,657,300 square meters, down 42.8% year-on-year[40] - The average selling price during the period was approximately RMB 12,257 per square meter[40] - The sales contribution from residential projects accounted for about 73.7% of total contracted sales, while office and commercial projects contributed 26.3%[41] - The overall sentiment in the real estate market remains cautious, with many investors and homebuyers adopting a wait-and-see approach as they await further market clarity[36] Property Development and Management - The group delivered approximately 35,000 property units from January to June 2024, ranking among the top twenty in the industry for delivery volume[39] - The revenue from property management and other services for the six months ending June 30, 2024, was approximately RMB 3,209,000,000, representing a year-on-year increase of 9.1% due to an increase in the number of managed properties[51] - The investment property-related rental and other service income for the same period was approximately RMB 788,700,000, an increase of 10.1% year-on-year[50] - As of June 30, 2024, the group had over 180 completed property projects with unsold or un-delivered total construction areas of approximately 10,300,000 square meters and attributable areas of about 5,600,000 square meters[48] - There are over 120 projects under development or held for future development, with total construction areas of approximately 24,000,000 square meters and attributable areas of about 14,100,000 square meters[49] Governance and Compliance - The board of directors has decided not to declare an interim dividend for the six months ending June 30, 2024[72] - The audit committee has reviewed the unaudited condensed consolidated interim financial statements and confirmed compliance with applicable accounting standards[76] - The board consists of eight directors, including executive and independent non-executive members[77]

Share Incentive Plan - CIFI Holdings reported no new shares issued under the share incentive plan for the year ended December 31, 2023, as existing shares were used for rewards[1] - Participants in the share incentive plan do not need to pay any amount upon acceptance of the reward shares[1] - The company maintains a commitment to transparency by providing additional details on the share incentive plan[1] Corporate Governance - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[1] - The company continues to uphold its corporate governance standards through its board composition[1] Reporting and Communication - The announcement was made on August 21, 2024, indicating ongoing communication with stakeholders[1] - The annual report was published on April 30, 2024, covering the fiscal year ending December 31, 2023[1] - The supplementary information provided does not affect any other data disclosed in the 2023 annual report[1] - No financial performance metrics or user data were disclosed in this announcement[1] Company Structure - The company is registered in the Cayman Islands, reflecting its international operational structure[1]