Land Bank and Development Projects - CIFI's total land bank as of December 31, 2023, was approximately 36.3 million square meters, with an attributable GFA of 20.7 million square meters[5][7] - CIFI's property projects are located in core cities across 4 regions: Yangtze River Delta, Pan Bohai Rim, Central Western Region, and South China Region[7] - CIFI focuses on developing high-quality, end-user-driven properties in first- and second-tier cities in China[6] - CIFI's development projects include residential, office, and commercial complex properties[6] - Wenzhou Guanghui City project is under development with a total GFA of 554,100 sq.m. and a group interest of 49.0%[23] - Wenzhou CIFI City project is under development with a total GFA of 419,338 sq.m. and a group interest of 25.5%[23] - Xuzhou Jizwang Pengcheng Avenue Project is under development with a total GFA of 414,648 sq.m. and a group interest of 52.0%[23] - Lu'an CIFI Centre project is under development with a total GFA of 502,600 sq.m. and a group interest of 70.0%[23] - Huai'an CIFI Plaza project is under development with a total GFA of 429,016 sq.m. and a group interest of 100.0%[23] - Taiyuan Jiancaoping District, Sanji Area, SP1919-SP1924 project is under development with a total GFA of 1,221,029 sq.m. and a group interest of 35.0%[23] - Taiyuan Jiancaoping District, Sanji Area, SP1925-SP1928 project is under development with a total GFA of 1,298,971 sq.m. and a group interest of 35.0%[27] - Shijiazhuang Gongyuan Mansion project is under development with a total GFA of 462,220 sq.m. and a group interest of 50.0%[27] - Linyi Xinghui City project is under development with a total GFA of 431,970 sq.m. and a group interest of 45.0%[27] - Chengdu Tianfu Future Centre project is under development with a total GFA of 556,148 sq.m. and a group interest of 33.0%[27] - Ürümqi CIFI Plaza project is under development with a total GFA of 411,678 sq.m. and is expected to be completed between 2023-2026[30] - Ürümqi Xuefu Shangpin project has a total GFA of 507,744 sq.m. and is expected to be completed between 2022-2024, with the company holding a 51.0% interest[30] - Guiyang U Dang Future The One project is under development with a total GFA of 531,424 sq.m. and is expected to be completed between 2022-2025[30] - Zhengzhou Konggang Times project has a total GFA of 535,442 sq.m. and is expected to be completed between 2022-2025[30] - Kunming CIFI Plaza project is under development with a total GFA of 526,145 sq.m. and is expected to be completed between 2022-2024, with the company holding a 63.7% interest[30] - Changde International New City project has a total GFA of 530,062 sq.m. and is expected to be completed between 2022-2024[30] - The Group had over 180 completed properties projects with a total unsold or undelivered GFA of approximately 7.28 million sq.m. as of 31 December 2023[89] - The Group had over 150 property projects under development or held for future development with a total GFA of approximately 26.76 million sq.m. as of 31 December 2023[90] - The Yangtze River Delta region accounted for 29.3% of the Group's total land bank, with a total GFA of 10,618,653 sq.m.[122] - The Pan-Bohai Rim region represented 27.3% of the Group's total land bank, with a total GFA of 9,906,011 sq.m.[122] - The Central Western Region constituted 37.8% of the Group's total land bank, with a total GFA of 13,724,027 sq.m.[122] - Total land bank of the company is 36,285,874 sq.m., with South China accounting for 5.6% (2,037,183 sq.m.) of the total land bank[123] Financial Performance and Sales - Contracted sales for 2023 amounted to RMB70.0 billion, with a contracted gross floor area of 5,143,800 sq.m. and an average selling price of RMB13,609/sq.m.[38][47] - Recognized revenue for 2023 was RMB71,830 million, with a core net loss attributable to equity owners of RMB3,790 million[38] - The Group delivered approximately 118,000 property units in 2023, including joint ventures and associates[51] - Nationally, the Group ranked 19th in terms of contracted sales amount in 2023 according to CRIC Information Group[49] - CIFI achieved contracted sales of approximately RMB70.0 billion in 2023, with a gross floor area (GFA) of 5,143,800 sq.m. and an average selling price (ASP) of RMB13,609/sq.m.[70][71] - Contracted sales from the Yangtze River Delta, Pan Bohai Rim, Central Western Region, and South China Region contributed 31.6%, 29.2%, 28.5%, and 10.7% respectively to total sales in 2023[70][71] - First- and second-tier cities accounted for 89.2% of total contracted sales in 2023, while third-tier cities contributed 10.8%[70][71] - Residential projects contributed 85.1% of total contracted sales in 2023, with office and commercial projects making up the remaining 14.9%[70][71] - Contracted sales from first-tier cities were RMB8.03 billion (11.5% of total), second-tier cities RMB54.42 billion (77.7%), and third-tier cities RMB7.56 billion (10.8%)[78] - The Yangtze River Delta region had the highest ASP at RMB15,599/sq.m., followed by Pan Bohai Rim at RMB15,724/sq.m., Central Western Region at RMB10,714/sq.m., and South China Region at RMB13,291/sq.m.[75] - Revenue recognised from sales of properties in 2023 was approximately RMB63,233.5 million, up by 61.6% year-on-year, accounting for 88.0% of total recognised revenue[80][81] - The Group delivered approximately 4,427,220 sq.m. of properties in GFA in 2023, up by 49.0% year-on-year[80][81] - The Group's recognised ASP from sales of properties was approximately RMB14,283/sq.m. in 2023, representing an increase of 8.4% from RMB13,172/sq.m. in 2022[80][81] - Residential properties accounted for 94.4% of recognised revenue from sales of properties in 2023, with RMB59,663.7 million in revenue[84] - The Yangtze River Delta region contributed 42.7% of the total recognised revenue from sales of properties in 2023, with RMB27,004.3 million[85] - Second-tier cities accounted for 87.4% of the total recognised revenue from sales of properties in 2023, with RMB55,255.8 million[88] - The Group's recognised revenue in 2023 was approximately RMB71,832.6 million, a year-on-year increase of 51.4%[97][98] - Property sales and other property-related service income increased by 58.0% to approximately RMB64,171.4 million in 2023[97][98] - Leases increased by 36.8% in 2023 compared to 2022[97][98] - Property management and other services income increased by 8.8% in 2023[97][98] - The Group's gross profit in 2023 was approximately RMB11,232.7 million, up 69.7% from 2022[102] - The Group's total indebtedness decreased to RMB92.3 billion as of 31 December 2023, compared to RMB108.4 billion in 2022[107] - Income tax expenses increased by 414.1% to approximately RMB3,226.6 million in 2023[108] - The Group's selling and marketing expenses decreased by 14.8% to approximately RMB1,873.7 million in 2023[104] - Administrative expenses decreased by 41.8% to approximately RMB2,102.0 million in 2023[104] - The Group's share of results of joint ventures and associates amounted to a profit of RMB411.9 million in 2023, compared to a loss of RMB1,740.3 million in 2022[104] - The Group's loss before tax in 2023 was approximately RMB5,452.3 million, a decrease from RMB12,932.4 million in 2022[110] - The Group's net loss attributable to equity owners in 2023 was approximately RMB8,983.3 million, compared to RMB13,049.0 million in 2022[110] - The Group's core net loss attributable to equity owners in 2023 was approximately RMB3,932.8 million, down from RMB5,202.0 million in 2022[111] - The Group recorded interests in joint ventures and associates of RMB31,789.5 million as at 31 December 2023, up from RMB26,808.5 million in 2022[113] - The Group's properties under development for sale decreased to RMB96,603.3 million as at 31 December 2023 from RMB160,801.7 million in 2022, due to no new land acquisitions[117] - The company's cash and bank balances as of December 31, 2023, were approximately RMB13,753.9 million, a decrease from RMB20,553.4 million in 2022[128][129] - Total outstanding borrowings as of December 31, 2023, were approximately RMB92,281.1 million, down from RMB108,449.7 million in 2022[130][131] - 55.4% of the company's total debt as of December 31, 2023, was fixed-rate debt, with interest rates ranging from 2.4% to 9.7% per annum[132] - The company's weighted average cost of debt decreased to 4.8% as of December 31, 2023, from 4.9% in 2022[134][135] - Foreign currency-denominated borrowings accounted for 51% of the company's total borrowings, with RMB17,552.2 million in bank and other borrowings and RMB27,618.2 million in senior notes[131][138] - The company provided mortgage guarantees amounting to approximately RMB19,824.1 million as of December 31, 2023, down from RMB26,886.8 million in 2022[141][142] - The Group's aggregate share of guarantees for loans incurred by joint ventures and associate companies amounted to approximately RMB9,843.2 million as of 31 December 2023, down from approximately RMB10,848.7 million in 2022[143] - The Group's net debt-to-equity ratio increased to 121.6% as of 31 December 2023, compared to 102.0% in 2022[144][145] - The Group's debt-to-asset ratio rose to 30.6% as of 31 December 2023, up from 28.1% in 2022[144][145] - The Group's current ratio decreased to 1.0 times as of 31 December 2023, down from 1.2 times in 2022[144][145] Corporate Governance and Leadership - The company ranked 13th on the Shanghai Top 100 Private Enterprises List and 48th on the Shanghai Top 100 Enterprises List[32] - The company was awarded "Model Project in 2023" in China Philanthropy List for its Donation for Education Project for Jian'ou No.1 Middle School[32] - The company received a BBB rating in the MSCI ESG Rating[32] - The company was awarded "Quality Delivery Enterprise" in 2022-2023 by China Online Real Estate[32] - Mr. Lin Zhong, the founder and Chairman, has 33 years of experience in the real estate industry and holds multiple leadership roles in the Group and its subsidiaries[150][151] - Mr. Lin Wei, the Vice-chairman, has 28 years of experience in the real estate industry and is a key figure in the Group's development[152][153] - Mr. Ru Hailin, the CEO, joined the Group in 2011 and has extensive administrative experience in the real estate industry, holding multiple academic and professional qualifications[154] - Mr. RU Hailin was appointed as the Chief Executive Officer of the Company on 30 November 2023, bringing extensive experience in real estate business management[155] - Mr. YANG Xin has served as the Chief Financial Officer of the Group since 30 March 2019, with a strong background in banking and finance[156][157] - Mr. GE Ming, appointed as Director on 30 November 2023, oversees human resources, digital technology, and administration, with over a decade of experience in the Group[158][159] - Mr. ZHANG Yongyue, an independent non-executive Director since 2012, is a tenured professor and Dean of Shanghai E-house China R&D Institute[161][162] - Mr. TAN Wee Seng, an independent non-executive Director since 2012, has over 40 years of experience in financial management and corporate strategy[163][164] - Ms. LIN Caiyi, aged 58, is the independent non-executive Director with over 34 years of experience in macroeconomics analysis and industry research[165][166] - Mr. ZHU Gaoming, aged 59, is the Vice President and President of Overseas Business, joining the Group in October 2022 with extensive experience in banking and finance[168][169] - Mr. LI Yang, aged 45, is the Assistant President and General Manager of Operation Center, joining the Group in October 2012 with a background in regional management and building engineering[168][170] - Mr. YU Nengjiang, aged 38, is the General Manager of Sales Center, joining the Group in June 2012 with experience in regional sales and marketing[168][171] - Mr. LI Su, aged 42, is the Assistant President and General Manager of Audit and Supervision Department, joining the Group in August 2019 with a strong background in risk management and compliance[172][173] - Mr. LIANG Xuming, aged 49, is the General Manager of Capital Markets and Investor Relations, joining the Group in June 2013 with extensive experience in investor relations and investment banking[174] - The Board of Directors consists of eight members, including five executive Directors and three independent non-executive Directors, ensuring compliance with the Listing Rules regarding the appointment of independent non-executive Directors[185][187] - The Board has delegated authority to the management, consisting of executive Directors and senior executives, to implement strategies and handle day-to-day operations, with regular reviews to ensure alignment with the Group's needs[192] - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the Code during the year ended 31 December 2023[194] - The Group adheres to its corporate mission of "building for a better life" through four core pillars: "quality life", "green life", "wonderful life", and "harmonious life", supported by "sustainable development" and "compliance management"[181][183] - The Board oversees major matters of the Group, including policy formulation, overall strategies, internal control, and risk management systems, ensuring decisions are made objectively in the interests of the Group[189][190] - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for securities dealings, with all directors confirming compliance for the year ended 31 December 2023[195] - The directors acknowledge their responsibilities for preparing and timely publishing the Group's financial statements in accordance with statutory requirements and applicable accounting standards[196] - A material uncertainty exists regarding the Group's ability to continue as a going concern, as indicated in the Independent Auditor's Report and consolidated financial statements[197] - The Board has reviewed cash flow projections covering at least 12 months from 31 December 2023 and believes the Group has sufficient working capital to meet financial obligations[199] - Independent non-executive directors play a crucial role in providing unbiased opinions on the company's strategy, performance, and monitoring[200] Market and Industry Challenges - The area of newly commenced real estate projects in China in 2023 was 954 million sq.m., a year-on-year decrease of 20.4%, with residential projects at 693 million sq.m., down 20.9%[40] - The Group's financial position and business operations rely heavily on domestic sales and cash collection, with ongoing efforts to accelerate these processes[51] - Policy support in 2023 included increased provident fund loan ratios, relaxed purchase restrictions, and lower down payment requirements, particularly in first- and second-tier cities[43] - The real estate industry faced challenges in 2023, including weak sales, liquidity risks, and a decline in new project commencements, with prices in some cities returning to 2017 levels[40] - Financing conditions for real estate enterprises remained challenging in 2023, with limited recovery in financing capabilities due to weak market confidence and credit risks[45] Sustainability and Corporate Social Responsibility - CIFI's green office advocacy campaign in 2023, themed "Green Office for a Better Carbon Future," was launched in four phases: Energy Conservation and Environmental Protection, Recycle and Reuse, Low-carbon Travel, and Resource Co-creation[65] - The company's green building projects, including a gymnasium and swimming complex for Jian'ou No. 1 and No. 2 Middle Schools, were certified as national two-star green buildings and recognized as a "2023 Outstanding Corporate Social Responsibility Project"[65]

Financial Performance - The group delivered approximately 118,000 property units, resulting in a revenue of RMB 71.83 billion, an increase of 51.4% year-on-year[2]. - The net loss attributable to shareholders decreased by approximately RMB 4.07 billion, while the core net loss attributable to shareholders decreased by approximately RMB 1.27 billion[2]. - Revenue from investment property leasing and related services was approximately RMB 1.59 billion, up 28.4% year-on-year[2]. - The company reported a pre-tax loss of RMB 5.45 billion, significantly improved from a loss of RMB 12.93 billion in the previous year[4]. - Basic and diluted loss per share improved to RMB 0.86 from RMB 1.42 year-on-year[6]. - The reported revenue from external customers for the year ended December 31, 2023, was RMB 71,832,556, an increase from RMB 47,440,141 in 2022, representing a growth of approximately 51.4%[18]. - The segment profit for property sales and related services was RMB 651,544 for 2023, compared to RMB 126,682 in 2022, indicating a significant improvement in profitability[21]. - The total annual loss for 2023 was approximately RMB 8,678,900,000, down from RMB 13,560,000,000 in 2022, reflecting an improvement in financial performance[69]. - The group's equity attributable to shareholders showed a core net loss of approximately RMB 3,932,800,000 in 2023, compared to RMB 5,202,000,000 in 2022, indicating a narrowing of core losses[69]. Debt and Liquidity - Total outstanding borrowings decreased by approximately RMB 16.17 billion to RMB 92.28 billion[2]. - The company’s cash and cash equivalents decreased to RMB 12.75 billion from RMB 20.11 billion year-on-year[7]. - Current liabilities decreased from RMB 258,658,122,000 in 2022 to RMB 208,520,782,000 in 2023, a reduction of approximately 19.4%[8]. - The company's total assets minus current liabilities decreased from RMB 127,474,725,000 in 2022 to RMB 92,560,110,000 in 2023, a decline of approximately 27.4%[8]. - The company's equity attributable to shareholders decreased from RMB 29,414,366,000 in 2022 to RMB 20,229,281,000 in 2023, a drop of approximately 31.2%[8]. - The company has engaged a financial advisor to assist in restructuring financing arrangements to address liquidity issues[10]. - The company is actively negotiating with multiple financial institutions for the extension and renewal of existing bank loans to improve liquidity[10]. - The company is in discussions with financial institutions to secure project development loans for eligible projects to continue operations in China[10]. - The group will continue to seek alternative financing and loans to fulfill its financial obligations and fund future operating and capital expenditures[11]. - The group’s cash and bank balances as of December 31, 2023, were approximately RMB 13,753,900,000, down from RMB 20,553,400,000 in 2022, highlighting a decrease in liquidity[75]. - The total outstanding borrowings as of December 31, 2023, were approximately RMB 92,281,100,000, a reduction from RMB 108,449,700,000 in 2022, indicating a decrease in debt levels[76]. Asset Management - Non-current assets, including investment properties, totaled RMB 83.26 billion, compared to RMB 78.51 billion in the previous year[7]. - The fair value loss on investment properties was RMB 133.67 million, a significant improvement from RMB 1.26 billion in the previous year[4]. - The company recorded a loss of RMB 8.71 billion from properties held for sale and properties under development in 2023, compared to RMB 4.29 billion in 2022[60]. - The group had no new land acquisitions in 2023, with the total value of properties intended for sale amounting to RMB 96,603,300,000, down from RMB 160,801,700,000 in 2022, indicating a reduction in development projects[72]. - The group’s deferred tax assets were approximately RMB 2,231,200,000 as of December 31, 2023, a slight decrease from RMB 2,343,200,000 in 2022, suggesting stability in tax asset management[73]. Operational Highlights - The group achieved a contract sales amount of approximately RMB 70 billion in 2023[42]. - The total contracted sales area was about 5,143,800 square meters, with an average selling price of RMB 13,609 per square meter[42]. - Residential projects contributed approximately 85.1% of the total contract sales amount, while office and commercial projects accounted for 14.9%[42]. - The group sold 16 contiguous land parcels in Sydney, Australia, for AUD 66.3 million (approximately HKD 338.79 million) on February 14, 2024[38]. - The company’s operations are primarily based in China, with no significant revenue or non-current assets reported outside of this region[22]. Cost Management - Strict cost-saving measures have been implemented, including reducing non-core operational expenses[11]. - The group's cost of sales for 2023 was approximately RMB 60.60 billion, up 48.5% from 2022[59]. - Gross profit for 2023 was approximately RMB 11.23 billion, representing a 69.7% increase compared to RMB 6.62 billion in 2022[59]. - The company’s total employee costs (excluding retirement benefits) were RMB 3,968,437,000 in 2023, down from RMB 5,075,099,000 in 2022[28]. Regulatory and Governance - The audit committee reviewed the annual performance and confirmed compliance with applicable accounting standards and regulations[88]. - The board of directors consists of eight members, responsible for overall management and supervision of the group's operations[89]. - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website[90]. - The 2023 annual report will be sent to shareholders and made available for review on the aforementioned websites[90].

智通财经APP讯，旭辉控股集团(00884)发布公告，根据于2024年到期5.55亿美元6.55%优先票据(2024年 三月票据，股份代号：05925，国际证券识别码/普通编号：XS1969792800/196979280)的条款，2024年 三月票据的全数尚未偿还本金额连同累计及未支付的利息将于到期日2024年3月28日到期及应予支付。 诚如2022年公告所述，公司正就其境外债务寻求整体解决方案，并且已经暂停集团若干境外融资安排包 括在联交所上市的债务证券的偿付。因此，2024年三月票据预期将不会于到期日偿付。无法于到期时偿 付该本金将构成2024年三月票据及其他于联交所上市的本公司债务证券的违约事件。 另作通知，鉴于2024年三月票据将于2024年3月28日到期，2024年三月票据将于2024年3月28日于联交所 除牌。其于联交所除牌后，如需2024三月票据的更多资讯的票据持有人可于香港湾仔轩尼诗道28号太古 广场五座22楼联系公司，或于香港中环港景街1号国际金融中心一期28楼或Project.CIFI@htisec.com联系 公司的财务顾问海通国际证券有限公司。 应公司要求，公司的普通股股份已于202 ...

公司研究 | 动态跟踪 旭辉控股集团 00884.HK 化债迎新进展，关注后续境外债券重组落 中性（下调） 股价（2024年03月15日） 0.325港元 地 目标价格 0.34港元 52周最高价/最低价 0.82/0.19港元 总股本/流通H股（万股） 1,041,347/1,041,347 H股市值（百万港币） 3,384 核心观点 国家/地区 中国 行业 房地产 公司披露境外债务全面解决方案的初步提案及业务发展最新情况。截至 2023年 6月 30 报告发布日期 2024年03月17日 日，公司境外债务应占计息负债总额（不包括应计利息）约70亿美元。 ⚫ 公布境外债务全面解决方案的初步提案，目标削债 33 至 40 亿美元。2022Q3 以来 1周 1月 3月 12月 公司面临严峻的境内外偿债压力，22 年 11 月初宣布暂停支付所有境外债本金和利 绝对表现% 12.07 35.42 30.52 -55.48 息。境内债务方面，2023 年内到期的 71.8 亿元境内债皆已完成展期。境外债务方 相对表现% 9.82 30.55 30.94 -41.05 面，公司提交了关于境外流动资金状况全面解决方案，为 ...

3月7日，旭辉控股集团发布2024年2月未经审核营运数据。 公告显示，2月集团录得合同销售金额约人民币22.4亿元，合同销售面积约190,200平方米，合同销售均 价约人民币12,200元╱平方米，及公司股东权益应占合同销售金额约人民币11.5亿元。 1-2月，集团录得累计合同销售金额约人民币59.6亿元，较2023年同期的128.3亿元下降53.55%；合同销 售面积约500,700平方米，合同销售均价约人民币11,900元╱平方米，及公司股东权益应占合同销售金额 约人民币30.1亿元。 ...

智通财经APP获悉，内房股多数上扬，截至发稿，旭辉控股集团(00884)涨7.55%，报0.285港元；世茂集 团(00813)涨5.43%，报0.485港元；雅居乐集团(03383)涨2.74%，报0.75港元；龙湖集团(00960)涨 2.47%，报9.12港元。 消息面上，据央视新闻报道，根据住房城乡建设部和金融监管总局的要求，全国已有100多个城市建立 了城市房地产融资协调机制，精准支持房地产项目的合理融资需求。在这一机制协调下，银行对房地产 项目授信已超过1600亿元。此外，恒生指数公司近日公布2023年度季检结果，相关调整将于2024年3月4 日生效。其中，世茂集团、旭辉控股集团获纳入恒生综合指数。 最新一期贷款市场报价利率出炉，其中5年期LPR下调25个基点至3.95%。天风证券指出，不对称降息或 更符合当下政策稳地产、稳经济的诉求。更大幅度降低5年期LPR利率不仅能够降低居民购房成本和房 企融资成本，也能够向市场传递更积极的信号。 ...

Core Viewpoint - CIFI Holdings Group plans to sell a 60% stake in a property in Sydney for AUD 66.3 million to alleviate overseas liquidity pressure and fund its operations [1] Group 1: Property Sale Details - The property consists of 16 contiguous lots located at various addresses in St Leonards, Sydney, covering approximately 8,700 square meters [1] - The expected development includes five residential apartment buildings with a total construction area of about 22,800 square meters [1] - Development approval has been obtained, but construction has not yet commenced [1] Group 2: Financial Strategy - The sale is part of the company's strategy to mitigate overseas liquidity pressure and seek opportunities to divest overseas assets [1] - Rising interest rates in Australia and increasing construction costs are anticipated to elevate financing and development costs for the property [1] - The board believes that the sale will help the company avoid additional costs and further liquidity pressure while capitalizing on favorable market conditions in Sydney [1]

Company Overview - As of June 30, 2023, CIFI Holdings has a total land bank of approximately 42.4 million sq.m. and an attributable GFA of approximately 23.1 million sq.m.[6] - The company focuses on property development in first- and second-tier cities, targeting high-quality, end-user driven properties across various types including residential, office, and commercial complexes[5] - CIFI has established a strong presence in major cities across four key regions: the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region, and the South China Region[6] - 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"[7] Business Strategy - CIFI's business strategy includes expanding its operations in both domestic and overseas markets, enhancing its portfolio of property projects[6] - The company is committed to developing properties that cater to user needs, ensuring high quality and sustainability in its projects[5] - CIFI's management emphasizes the importance of maintaining a nationwide operational coverage to capitalize on growth opportunities in the real estate sector[6] - The company is actively involved in property management services, which complements its development and investment activities[4] - CIFI's projects are strategically located in core cities, which are expected to drive demand and enhance the company's market position[6] - The company continues to explore new technologies and innovative solutions in property development to improve efficiency and customer satisfaction[5] Financial Performance - CIFI Holdings reported a significant increase in contracted sales, reaching approximately RMB 30 billion in the first half of 2023, representing a year-on-year growth of 15%[41] - The company achieved a core net profit of RMB 2.5 billion for the first half of 2023, reflecting a 10% increase compared to the same period last year[43] - The company reported a total revenue of RMB 15 billion for the first half of 2023, marking a 12% increase year-on-year[41] - For the six months ended June 30, 2023, the Group achieved contracted sales of RMB41.94 billion, a year-on-year decrease of 33.6% from RMB63.14 billion in the same period in 2022[55] - Recognised revenue was RMB31,318.9 million for the six months ended June 30, 2023, representing a year-on-year increase of 5.4% from RMB29,720.3 million in the same period in 2022[55] - The Group's loss for the period was approximately RMB9,132.1 million, compared to a profit of approximately RMB1,904.3 million in the same period in 2022[56] - The core net loss attributable to equity owners was approximately RMB1,764.7 million during the six months ended June 30, 2023, versus a core net profit of approximately RMB1,819.8 million in the same period in 2022[56] Market Position and Sales - Approximately 55,000 housing units were delivered in the first half of 2023, ranking the Group among the top 10 in the industry for units delivered according to a third-party institution[62] - The total contracted sales area for the first half of 2023 was approximately 2,895,800 sq.m., a decrease of 30.1% from the previous year[80] - Contracted sales from residential projects accounted for approximately 88.8% of total contracted sales, while office/commercial projects contributed 11.2%[81] - The Group's contracted sales in first- and second-tier cities accounted for approximately 89.8% of total contracted sales[81] Debt and Financial Management - The company has outlined a strategic goal to reduce its net debt-to-equity ratio to below 60% by the end of 2023, currently standing at 65%[45] - The Group is actively managing its debt situation, with significant progress made in discussions with offshore creditors regarding a holistic solution for its offshore debt[76] - The total outstanding borrowings amounted to approximately RMB102,229.1 million, down from RMB108,449.7 million as of December 31, 2022, representing a reduction of about 5.5%[163] - The Group's net debt-to-equity ratio was approximately 109.4% as of June 30, 2023, up from 102.0% as of December 31, 2022[170] Sustainability and Innovation - The company is committed to sustainability, with plans to implement green building standards in 100% of its new projects by 2025[41] - CIFI Holdings is investing in new technology for smart home solutions, aiming to integrate these features into 50% of its new developments by the end of 2024[41] Employee and Ownership Structure - The Group employed approximately 33,225 employees in China, with 4,201 in property development and 29,024 in property management and other businesses as of June 30, 2023[175] - The total remuneration for employees includes basic salary, cash bonuses, and share-based incentives, reflecting performance and market wage levels[175] - Mr. Lin Zhong held a total of 4,101,127,407 shares, representing approximately 39.39% interest in the Company as of June 30, 2023[179] - The total number of shares held by Mr. LIN Zhong, Mr. LIN Wei, and Mr. LIN Feng through various trusts and companies demonstrates a strong family influence in the company's ownership structure[187] Governance and Compliance - The interests of directors and chief executives in securities highlight the alignment of management with shareholder interests[186] - The disclosure of interests includes both direct and indirect holdings, providing transparency in ownership[186] - The report emphasizes the importance of understanding the ownership structure for assessing potential conflicts of interest and governance issues[186]

旭輝控股(集團)有限公司 CIFI HOLDINGS (GROUP) CO. LTD. (Incorporated in the Cayman Islands with limited liability) Stock Code : 00884 2022 ANNUAL REPORT 年 報 目 錄 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------| | | | | | | | CONTENTS | | | | 002 | 公司資料 Corporate Information | 153 | 獨立核數師報告 Independent Auditor's Report | | 004 | 公司簡介 Company Profile | 161 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 31,318,914 thousand, an increase of 5.4% compared to RMB 29,720,321 thousand for the same period in 2022[2] - Gross profit for the same period was RMB 4,963,562 thousand, with a gross margin of approximately 15.9%, down from RMB 6,148,834 thousand and a margin of 20.7% in 2022[2] - The net loss for the six months ended June 30, 2023, was RMB 9,132,064 thousand, compared to a profit of RMB 1,904,284 thousand in the same period of 2022[2] - Total comprehensive loss for the period was RMB 9,151,957 thousand, compared to a comprehensive income of RMB 1,889,369 thousand in 2022[3] - Basic and diluted loss per share for the period was RMB 0.86, compared to earnings per share of RMB 0.08 in the same period of 2022[3] - The reported segment loss for the six months ended June 30, 2023, was RMB (1,941,379) thousand, compared to a profit of RMB 4,969,984 thousand for the same period in 2022, indicating a significant decline in profitability[18] - The loss for the six months ended June 30, 2023, was RMB (8,972,013) thousand, compared to a profit of RMB 730,825 thousand in the same period of 2022, indicating a substantial decline in profitability[25] Assets and Liabilities - Non-current assets as of June 30, 2023, amounted to RMB 79,258,151 thousand, a slight increase from RMB 78,512,967 thousand as of December 31, 2022[4] - Current assets decreased to RMB 283,535,873 thousand from RMB 307,619,880 thousand as of December 31, 2022[4] - Total liabilities as of June 30, 2023, were RMB 252,986,528 thousand, compared to RMB 258,658,122 thousand at the end of 2022[6] - The total equity attributable to shareholders was RMB 74,940,030,000, compared to RMB 86,180,402,000 in the previous period[8] - The total outstanding borrowings amounted to approximately RMB 102,229,100,000 as of June 30, 2023, compared to RMB 108,449,700,000 as of December 31, 2022[58] - The group's net debt to equity ratio was approximately 109.4% as of June 30, 2023, up from 102.0% as of December 31, 2022[63] - The group's debt to asset ratio was approximately 28.2% as of June 30, 2023, compared to 28.1% as of December 31, 2022[63] Cash Flow and Financing - The company reported a significant increase in financing costs, totaling RMB 1,415,939 thousand, compared to RMB 372,421 thousand in the previous year[2] - The company is actively seeking opportunities to sell non-core assets to enhance its cash position[10] - The company has appointed a financial advisor to assist in restructuring its financing arrangements[10] - The company is in discussions with multiple financial institutions to extend existing bank loans to improve its liquidity situation[10] - The company is exploring additional financing sources to meet its existing financial obligations and future operational and capital expenditures[10] Operational Strategy - The company plans to focus on market expansion and new product development to improve future performance[1] - The company has implemented strict cost reduction measures, including the reduction of non-core and non-essential business expenses[10] - The company plans to adopt a more cautious business strategy and strengthen operational efficiency in response to the changing real estate market dynamics[34] - The company aims to enhance its brand, team, and delivery capabilities to meet the increasingly rational expectations of homebuyers[34] Sales and Market Performance - In the first half of 2023, the company's contract sales amounted to approximately RMB 41.94 billion, a year-on-year decrease of 33.6% from RMB 63.14 billion in the same period last year[35] - The total contracted sales area for the first half of 2023 was approximately 2,895,800 square meters, representing a decrease of 30.1% compared to the previous year[35] - Revenue from property sales recognized for the six months ended June 30, 2023, was approximately RMB 27.12 billion, an increase of 7.4% year-on-year, accounting for 86.6% of total recognized revenue[38] - The average recognized selling price for properties was RMB 14,479 per square meter, which is an increase of 13.6% compared to the same period last year[38] - The company's delivery for the first half of 2023 was approximately 55,000 units, ranking among the top ten in the industry according to a third-party organization[34] Expenses and Costs - The cost of sales and services for properties sold amounted to RMB 23,030,908 thousand, up from RMB 20,590,797 thousand in the previous year, reflecting an increase of about 11%[22] - The sales cost for the first half of 2023 was approximately RMB 26,355,400,000, which is an increase of 11.8% year-on-year[48] - The company reported a significant increase in employee costs, which totaled RMB 1,729,875 thousand for the six months ended June 30, 2023, compared to RMB 1,568,203 thousand in the same period of 2022, marking an increase of about 10.3%[22] - Sales and marketing expenses increased by 36.7% to approximately RMB 1,096,100,000 for the six months ended June 30, 2023, up from approximately RMB 801,800,000 in the same period last year[51] - Administrative expenses rose by 1.2% to approximately RMB 1,197,200,000 for the six months ended June 30, 2023, compared to approximately RMB 1,182,500,000 in the same period last year[52] Taxation - The company's income tax expense for the six months ended June 30, 2023, totaled RMB 2,321,030 thousand, a significant increase from RMB 770,801 thousand in the same period of 2022, representing a growth of approximately 201%[21] - The total deferred tax liabilities for the six months ended June 30, 2023, were RMB 2,203,424 thousand, a significant rise from RMB 508,990 thousand in the same period of 2022, indicating an increase of around 333%[21] Corporate Governance - The board decided not to declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[64] - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023, confirming compliance with applicable accounting standards[67] - The board consists of eight directors, including executive and independent non-executive members[68]