他说，北京生物育种全国领先。国际层面，建成全球最大的西瓜、玉米DNA指纹库；国内层面，北京 育种发明专利全国第一。合成生物取得突破，启动建设绿色生物制造全国重点实验室、北京农业食品合 成生物创新中心和新蛋白食品科技创新基地三大创新平台。 中新社北京6月11日电 (记者 陈杭)近年来，北京"种业之都"建设取得显著成效，其中重点物种育种优势 明显。北京共有肉鸭、蛋鸡、西甜瓜、杂交小麦、甜糯玉米、白菜、宫廷金鱼7个优势物种处于世界领 跑水平，10个物种处于国际并跑水平，番茄、黄瓜等4个物种处于跟跑水平。 这是记者11日从第三十二届中国北京种业大会(下称种业大会)新闻通气会上获悉的。 北京市农业农村局副局长陈连武表示，2021年，北京自主选育沃德188白羽肉鸡新品种打破国外垄断， 峪口禽业蛋鸡出口中亚、非洲，大北农大豆性状产品落地南美，中农发、博收、京研益农等企业的品种 在全球多个国家推广种植，京牌种业"走出去"步伐逐步加快。 种业大会将于9月11日至14日在北京举行，首次由京津冀三地农业农村部门携手举办，主题为"深化区域 协同 聚力种业振兴"。届时，将举办开幕式、主论坛、科技成果交流体验活动、10场平行论坛及多项专 ...

男篮主场球迷群情激昂。北京首钢篮球俱乐部 供图 在2014-2015赛季夺得第3个总冠军之后的9个赛季，北京男篮一共8次进入季后赛，其中3次止步12强，4 次止步8强，在2019-2020赛季曾闯入半决赛，但始终无缘再次进入总决赛。 2024年夏天，北京男篮阵容重构，许利民担任主教练职务，球队引入周琦、陈盈骏两位实力强劲的内 援，年轻小将曾凡博也随着比赛经验的积累不断成长，成为又一位由俱乐部自主培养的国手级球员。 休赛期人员调整和作风建设，为球队本赛季出色表现奠定了基础。虽然在漫长的常规赛中一度遇到波 折，但球队始终拧成一股绳，保持昂扬向上的精神面貌，最终获得32胜14负，全联盟第3的常规赛战 绩，曾凡博入选常规赛国内球员第一阵容并获得常规赛最具进步球员，陈盈骏入选常规赛国内球员第二 阵容，周琦获得常规赛第四期月度最有价值国内球员。 北京北汽 中国青年报客户端讯（中青报·中青网记者 郭剑）2024-2025赛季CBA联赛落下帷幕，北京北汽男篮在获 得本赛季亚军的同时，也创造了球队10年来最好成绩。北京市体育局为此向北京首钢篮球俱乐部发贺 信，肯定了球队的竞技状态和精神面貌，也肯定了俱乐部在促进体育消费、大力发 ...

Financial Performance - The company reported a revenue of RMB 864.86 million for 2024, a decrease of 41.1% compared to RMB 1,468.34 million in 2023[7]. - The pre-tax loss for 2024 was RMB 634.07 million, improved from a loss of RMB 924.65 million in 2023, representing a reduction of approximately 31.5%[7]. - The net loss attributable to shareholders was RMB 536.85 million in 2024, down from RMB 901.41 million in 2023, indicating a decrease of about 40.5%[14]. - The company achieved a gross profit of RMB 132 million in 2024, compared to RMB 230 million in the previous year[9]. - Total assets decreased to RMB 12.97 billion in 2024 from RMB 13.60 billion in 2023, reflecting a decline of approximately 4.6%[7]. - The net asset liability ratio increased to 302.55% in 2024 from 234.91% in 2023, indicating a significant rise in financial leverage[7]. Asset Management and Sales - The company completed the sale of a major asset in Jiaxing, generating a revenue of RMB 55.77 million during the year[10]. - The company completed the sale of 90% equity in the Beijing Tongzhou project on June 6, 2022, with the remaining 10% sold on August 10, 2023, and additional projects in Xiamen and Hainan sold on October 10, 2023[17]. - The company successfully sold its Zhejiang Jiaxing project for approximately RMB 276.71 million on January 24, 2024[28]. Business Strategy and Future Plans - The company plans to continue restructuring and enhancing asset operational levels to improve profitability in the future[11]. - The company plans to transform its business model by gradually divesting from heavy asset investments and focusing on the cold chain business, aiming to reduce debt and diversify income[15]. - The company anticipates that profit contributions from the supply chain will improve as the optimization of upstream and downstream partnerships is completed in 2025[11]. - The group plans to reduce reliance on heavy asset investments and explore the food supply chain platform business as a new growth avenue[37]. - The group aims to create a light asset, low-risk, and strong cash flow S2B2C food supply chain platform within three to five years[36]. Occupancy and Warehouse Management - The total area of high-end and modern warehouses held by the company is 559,400 square meters, with an average occupancy rate of 56.73% as of December 31, 2024, down from 60.09% in 2023[18]. - The average occupancy rate for the Tianjin Airport warehouse is 34.95%, significantly impacted by a drop in import volumes and intense competition[19]. - The average occupancy rate for the cold storage facilities is 30.08% in Tianjin and 100% in Qingdao as of December 31, 2024[23]. - The company has diversified its client base in Meishan, with an occupancy rate of 59.56% as of December 31, 2024, amidst increased market competition[22]. - The company is actively enhancing communication with existing tenants and seeking new tenants to improve occupancy rates in Shanghai warehouses[19]. Industry Outlook and Market Conditions - The food supply chain industry is expected to achieve a market scale of RMB 4.84 trillion in 2024, with a year-on-year growth of 10.2% in service supply chain enterprises[34]. - The restaurant industry in China generated revenue of RMB 2.62 trillion in the first half of 2024, with rural consumption accounting for 38.8%[34]. - The Cambodian government is actively promoting policies to attract foreign investment, with China's investment accounting for 49.8% of Cambodia's total investment in 2024[31]. Financial Management and Risks - The company faces significant foreign exchange and conversion risks, particularly with fluctuations in the value of the RMB against the USD, which could adversely affect its financial performance[101]. - The company has significant debt obligations due to project financing, with all existing borrowings subject to floating interest rates, which may impact profitability if rates increase significantly[102]. - The company does not hedge against interest rate fluctuations, exposing it to potential risks related to rising interest rates affecting its earnings[102]. - The company is closely monitoring foreign exchange risks due to fluctuations in currency rates, particularly between RMB and other currencies[73]. Corporate Governance - The board currently consists of eight members, including five executive directors and three independent non-executive directors[78]. - The company is focused on enhancing its corporate governance and financial oversight through its experienced board members[78]. - The company has a strong legal compliance framework, with executive director Xu Zhigang serving as the chief legal advisor[82]. - The management team is well-rounded with expertise in finance, law, and corporate governance, positioning the company for future growth[81]. - The company has established mechanisms to ensure independent viewpoints are communicated to the board, enhancing decision-making objectivity[162]. Shareholder and Director Information - Major shareholder 皓明控股有限公司 holds 1,557,792,500 shares, representing 22.35% of the issued share capital[137]. - 北控置業（香港）有限公司 has a total holding of 4,084,674,907 shares, accounting for 58.61% of the issued share capital[137]. - 北京控股集團有限公司 controls 4,659,292,560 shares, which is 66.85% of the issued share capital[137]. - The company has three independent non-executive directors to ensure independent operations from competing businesses[129]. Compliance and Reporting - The company has adopted a standard code of conduct for securities trading, ensuring compliance among all directors and employees[177]. - The board confirmed compliance with all corporate governance code provisions as of December 31, 2024, except for certain disclosures in the corporate governance report[154]. - The company ensures timely disclosure of inside information while maintaining confidentiality until public release[199]. - The company has maintained compliance with all corporate governance codes as of December 31, 2024, ensuring adherence to best practices[178].

平均年龄31岁的青年创业者站在了舞台"C位"。 2024年3月，《北京国际科技创新中心建设条例》正式施行，其中有专门的章节提到"创新人才"，明确 市人民政府和人才工作、教育、科学技术等部门应当制定北京国际科技创新中心建设人才支撑保障措 施，培养、引进、使用、服务创新人才，建设多层次创新人才梯队。 北京交通大学机电学院教师李振坤是2024年度中关村U30优胜者之一。他首创提出了一种新型软体机器 人概念"流变机器人"。用通俗的话说，这种运用4D打印技术生产出来的软体机器人类似科幻电影中的 液体角色"毒液"，能够随心所欲地拉伸变形。 李振坤说，传统的软体机器人大多依赖于弹性材料的变形，但其变形方式相对固定，对环境的适应性有 限。而流变机器人依托4D打印技术，能够解决有限变形的问题。 在实际应用场景中，流变机器人可以赋能人形机器人的关节结构，可以进入科技馆或学校做科普，也可 以赋能时下热门的低空经济领域。 "我们的团队都是年轻人，年轻的老师、年轻的学生。"李振坤说，目前整个团队有8名教师和十几名学 生，正在加快科技成果的概念验证。目前，团队已经和北京大学人民医院骨肿瘤科王军医生团队合作， 开展利用流变机器人抑制癌细胞 ...

Financial Performance - Revenue decreased from approximately RMB 1,468,340,000 for the year ended December 31, 2023, to RMB 864,860,000 for the year ended December 31, 2024, representing a decline of approximately 41.10%[2] - Gross profit fell from approximately RMB 234,100,000 for the year ended December 31, 2023, to RMB 132,500,000 for the year ended December 31, 2024, a decrease of about 43.40%[2] - The loss attributable to shareholders decreased from approximately RMB 901,410,000 for the year ended December 31, 2023, to RMB 536,850,000 for the year ended December 31, 2024[2] - Basic and diluted loss per share was RMB 7.70 for the year ended December 31, 2024, compared to RMB 12.93 for the year ended December 31, 2023[3] - The group reported a net loss of RMB 552,000,000 for the year ending December 31, 2024[9] - The pre-tax loss for 2024 was significantly impacted by an impairment loss of RMB 105,000,000 related to investments in associates, compared to RMB 210,300,000 in 2023[30][31] - The total income tax credit for 2024 was RMB (82,389,000), compared to RMB (14,764,000) in 2023, indicating a larger tax benefit[32] - The company did not recommend any dividend payment for the year ending December 31, 2024, consistent with 2023[33] Assets and Liabilities - Total non-current assets increased from RMB 8,065,613,000 as of December 31, 2023, to RMB 10,256,282,000 as of December 31, 2024[6] - Current liabilities decreased from RMB 2,788,448,000 as of December 31, 2023, to RMB 1,335,904,000 as of December 31, 2024[7] - Total assets decreased from RMB 12,602,082,000 as of December 31, 2023, to RMB 11,639,091,000 as of December 31, 2024[7] - The company's equity attributable to shareholders decreased from RMB 1,375,657,000 as of December 31, 2023, to RMB 821,534,000 as of December 31, 2024[8] - The total liabilities of the group decreased to RMB 10,527,094,000 in 2024 from RMB 10,599,305,000 in 2023[21] - The total borrowings of the group as of December 31, 2024, were approximately RMB 8,089,060,000, with a capital debt ratio of approximately 302.55%[100] - As of December 31, 2024, the group's bank and other borrowings amounted to approximately RMB 6,598,780,000, with 0.44%, 1.61%, and 97.95% denominated in USD, HKD, and RMB respectively[101] Operational Highlights - The logistics business segment generated revenue of RMB 122,428,000 in 2024, down from RMB 180,534,000 in 2023, representing a decline of 32.2%[21] - The sales of frozen products in 2024 amounted to RMB 626,473,000, a significant drop of 44.5% from RMB 1,132,195,000 in 2023[27] - The property management fees decreased to RMB 5,262,000 in 2024 from RMB 23,118,000 in 2023, reflecting a decline of 77.2%[27] - The group had two major customers from the trading business segment contributing over 10% of total revenue in 2024, with revenues of RMB 148,297,000 and RMB 86,529,000 respectively[26] - The average occupancy rate for the Shanghai warehouse was 56.73% as of December 31, 2024, down from 60.09% in 2023[50] - The average occupancy rate for the Tianjin (Airport Area) warehouse was 34.95% as of December 31, 2024, down from 37.43% in 2023[51] Strategic Initiatives - The company plans to continue its business transformation by gradually divesting from heavy asset businesses and focusing on the cold chain and food supply chain sectors[46] - The company aims to reduce reliance on heavy assets and investment speed, focusing on the food supply chain platform business as a new growth avenue[70] - The company plans to create a light asset, low-risk, and strong cash flow S2B2C food supply chain platform within three to five years[69] - The company is focusing on integrating digital platforms with warehousing logistics infrastructure to enhance supply chain efficiency[69] Financing and Liquidity - The company secured bank financing of HKD 300,000,000 in March 2025 and received a waiver for a loan of RMB 135,000,000 from a subsidiary[10] - The group has a liquidity support agreement with Beijing Enterprises Group, which commits to providing backup financing if necessary[10] - The ability to continue as a going concern depends on successful property sales and obtaining additional bank funding[11] - The group has implemented measures to ensure sufficient operating funds to meet its financial obligations[11] Market and Industry Trends - The food supply chain industry is projected to grow significantly in 2024, with a market size of RMB 4.84 trillion and a year-on-year growth of 10.2% in service supply chain enterprises[68] - The company aims to build the most comprehensive and advanced integrated service platform for the frozen products industry in China[58] Future Outlook - The company is actively working to improve communication with existing tenants and expand new tenant resources to enhance the leasing environment[51] - The group plans to seek quality partners to establish a fund for the next phase of the Cambodia project, aiming to provide financial support[63] Miscellaneous - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and are presented in RMB[12] - The group has not hedged its foreign currency risks, which may have significant financial implications due to exchange rate fluctuations[106] - The group's consolidated financial statements for the year ending December 31, 2024, have been audited and approved by Deloitte[119] - The annual report for 2024 will be sent to shareholders in April 2025 and will also be available on the company’s website[120] - The board expresses gratitude to shareholders, customers, banks, and business partners for their trust and support during the business adjustment period[121]

Financial Performance - The company reported a consolidated loss attributable to shareholders of approximately RMB 84.84 million for the six months ended June 30, 2024, compared to a loss of RMB 67.35 million for the same period in 2023[5]. - For the period of 2024, the company's revenue (net of VAT and government surcharges) was approximately RMB 489,180,000, a decrease of about RMB 268,920,000 or 35.47% compared to RMB 758,100,000 in 2023[23]. - The gross profit for 2024 was approximately RMB 96,770,000, down by about RMB 39,460,000 or 28.97% from RMB 136,230,000 in 2023[23]. - The group reported a loss for the period of RMB 83,950,000, compared to a loss of RMB 91,055,000 in the same period of 2023[50]. - The group incurred a total employee cost of approximately RMB 24,480,000 for the period, a significant reduction of 48.7% from RMB 47,730,000 in the previous year[48]. - The company reported a significant increase in cash flow from operating activities, indicating improved operational efficiency and financial health[56]. - The company reported a significant reduction in the cost of sold goods, which decreased from RMB 578,902,000 in 2023 to RMB 361,897,000 in 2024, reflecting improved cost management[75]. Business Strategy and Transition - The company is transitioning from heavy asset investments to a sustainable business model focused on food supply chain operations, initiated in 2019, to improve profitability and reduce financial costs[6]. - The company aims to develop a national food supply chain service platform, focusing on high-value imported meat and seafood transactions[10]. - The company plans to gradually reduce reliance on real estate development and focus on the development of the supply chain industry[19]. - The company aims to build a light-asset, low-risk, and strong cash flow S2B2C food supply service platform within three to five years[20]. - The company is actively seeking strategic partnerships to enhance its supply chain capabilities, having established collaborations with over 3,173 logistics companies nationwide[14]. Asset Management and Sales - The company completed the sale of two logistics warehouse assets and three industrial plant assets in 2022, but faced increased financial costs and declining asset prices due to various negative factors[6]. - The company completed the sale of 90% equity in the Beijing Tongzhou project in June 2022, with the remaining 10% sold in August 2023, recovering approximately RMB 180 million[7]. - The company sold projects in Xiamen and Hainan on October 10, 2023, recovering approximately RMB 386 million[7]. - The company’s joint venture project in Tianjin was sold on December 7, 2023, recovering approximately RMB 146 million[10]. - The company recognized a gain of approximately RMB 52,300,000 from the sale of the Jiaxing project, completed in January 2024[88]. Operational Efficiency and Capacity - The overall average occupancy rate of the company's warehouses as of June 30, 2024, was 57.87%[8]. - The average occupancy rate for the Tianjin Airport warehouse was 32.43% as of June 30, 2024, reflecting significant market pressure[8]. - The average occupancy rate for the Tongliao project was 83.92% as of June 30, 2024, showing steady improvement[9]. - The company’s cold storage capacity in Tianjin is 75,000 tons, with an operational capacity of 45,000 tons and an average occupancy rate of 35.44% as of June 30, 2024[11]. - The Qingdao warehouse has a total storage capacity of 8,000 tons, with a 100% occupancy rate[11]. - The Quzhou Agricultural Wholesale Market project has a total rental area of 162,003.86 square meters, with an average occupancy rate of 80.27% for the wholesale trading area and 80.88% for the storage service area as of June 30, 2024[13]. Financial Position and Liquidity - Cash and cash equivalents increased by RMB 1,594,620,000, mainly due to the issuance of guaranteed bonds and proceeds from the sale of subsidiaries[36]. - Total borrowings as of June 30, 2024, amounted to approximately RMB 8,969,500,000, with a capital debt ratio of about 238.63%[40]. - The current ratio and quick ratio as of June 30, 2024, were approximately 240.31% and 169.20%, respectively, indicating strong liquidity[40]. - The company's cash and cash equivalents surged to RMB 1,960,592,000, a substantial increase from RMB 366,010,000 at the end of 2023, marking a growth of over 436%[52]. - The company’s cash flow from financing activities resulted in a net cash inflow of RMB 1,164,949,000, compared to a net cash outflow of RMB 279,873,000 in the previous year[56]. Market and Economic Context - The food supply chain market in China is projected to reach a scale of 9.36 trillion yuan in 2023, with restaurant revenue reaching 5.29 trillion yuan[19]. - Cambodia's economy has maintained a growth rate of 5% to 7% since 2013, with China being the largest investor in Cambodia in 2023[17]. - The project in Cambodia aims to provide a comprehensive industrial platform for Chinese enterprises along the "Belt and Road" initiative[16]. Corporate Governance and Compliance - The board confirms compliance with all corporate governance codes as per the Hong Kong Stock Exchange listing rules[110]. - The audit committee has been established in accordance with the corporate governance code as per the listing rules, consisting of three independent non-executive directors[112]. - All members of the audit committee are independent non-executive directors, ensuring unbiased oversight[112].

Financial Performance - The company reported a revenue of RMB 1,468,336,000 for 2023, an increase of 30.5% compared to RMB 1,125,947,000 in 2022[9]. - The pre-tax loss for the year was RMB 924,647,000, a significant decline from a profit of RMB 260,006,000 in the previous year[9]. - The net loss attributable to shareholders was RMB 901,406,000, compared to a loss of RMB 70,973,000 in 2022[9]. - The group recorded a comprehensive loss attributable to shareholders of approximately RMB 901.41 million for the year ended December 31, 2023, compared to a loss of approximately RMB 70.97 million for the year ended December 31, 2022[15]. - The gross profit for the year ended December 31, 2023, was approximately RMB 234,100,000, a decrease of about RMB 165,720,000 or 41.45% compared to RMB 399,820,000 for the previous year[45]. - The industrial property segment generated revenue of RMB 80,720,000 in 2023, a decrease of RMB 70,900,000 or 46.76% from RMB 151,620,000 in 2022, with a gross margin decline from 79.88% to 56.42%[54]. - The commercial property segment's revenue increased by RMB 5,890,000 or 8.54% to RMB 74,880,000 in 2023, with a gross margin decrease from 96.55% to 84.76%[55]. - The trade business saw a significant revenue increase of RMB 490,320,000 or 76.39%, reaching RMB 1,132,190,000 in 2023, driven by supply chain development[51]. - Cold chain logistics warehouses experienced a revenue drop of RMB 48,180,000 or 65.88%, totaling RMB 24,950,000 in 2023, with a gross margin decline from 46.49% to 38.60%[50]. Asset and Liability Management - The total assets decreased to RMB 13,603,082,000 from RMB 15,677,261,000, reflecting a decline of approximately 13.2%[9]. - The company's cash and bank balances fell to RMB 375,100,000 from RMB 653,240,000, a decrease of 42.4%[9]. - The net asset liability ratio increased to 234.91% from 170.86%, indicating a worsening financial leverage situation[9]. - The total borrowings of the group as of December 31, 2023, amounted to approximately RMB 7,431,420,000, with a capital debt ratio of approximately 234.91%[82]. - The group has a total net borrowings of RMB 7,056,320,000 as of December 31, 2023, a decrease of RMB 137,920,000 from the previous year[83]. - The group reported a significant increase in other payables to related parties, rising by RMB 215,410,000[79]. - The group has unfulfilled contracted capital commitments totaling approximately RMB 689,990,000 as of December 31, 2023[87]. Operational Developments - The group is in a restructuring phase and aims to enhance asset operational levels and improve profitability through ongoing reforms[12]. - The average occupancy rate of the high-end and modern logistics warehouses increased from 54.78% in 2022 to 60.09% in 2023 for the Shanghai Pudong project[20]. - The group completed the sale of 90% equity in the Tongzhou project in June 2022 and the remaining 10% in August 2023, recovering approximately RMB 180 million[18]. - The group also sold projects in Xiamen and Hainan in October 2023, recovering approximately RMB 386 million[18]. - The average occupancy rate for the warehouses in Meishan, Sichuan, was 53.21% as of December 31, 2023, amid increased market vacancy rates[23]. - The overall average occupancy rate for the Tongliao project was 81.41% for the entire year of 2023[23]. - The average occupancy rate for the cold storage facilities in Tianjin was 59.90% as of December 31, 2023, down from 88.41% in 2022[25]. Strategic Focus - The group plans to phase out investments in heavy asset businesses and focus on developing the cold chain and food supply chain businesses in China[16]. - The group believes that the profit contribution from the supply chain will further increase in 2024 as the upstream and downstream combinations are nearing optimization[12]. - The company aims to reduce reliance on heavy assets and transition to a mixed development model, increasing the proportion of service-related business[43]. - The company is targeting a three to five-year plan to establish a light asset, low-risk, strong cash flow S2B2C food supply chain platform[42]. - The food supply chain market is expected to continue growing in 2024, supported by existing cold storage resources and internet platforms[40]. Governance and Compliance - The board of directors presented the audited financial statements for the year ending December 31, 2023[117]. - The group has not reported any significant violations of applicable laws and regulations that could impact its business operations[122]. - The company has adopted the corporate governance code and has complied with all provisions, except for certain disclosed deviations[197]. - The company is committed to maintaining high standards of corporate governance to enhance transparency and protect shareholder rights[193]. - The independent non-executive directors have reviewed the ongoing related party transactions and confirmed they are conducted on normal commercial terms[184]. Employee and Compensation - As of December 31, 2023, the group had a total of 368 employees, down from 525 in 2022[93]. - Total employee costs for the year ended December 31, 2023, were approximately RMB 87,340,000, compared to RMB 89,740,000 in 2022[93]. - The management regularly reviews the employee compensation policy and may grant discretionary bonuses and stock options based on individual performance evaluations[93]. - The board of directors and senior management's remuneration is determined based on their qualifications, work capabilities, industry experience, and the group's profitability, among other factors[160]. Related Party Transactions - The company has confirmed compliance with the disclosure requirements of the Listing Rules regarding related party transactions[184]. - No related party transactions were conducted during the year, but ongoing related party transactions were reported[179]. - The group aims to improve capital efficiency through higher interest income and lower financing costs from the deposit service agreement[180]. Market and Economic Conditions - The overall economic recovery post-pandemic has been slower than expected, impacting asset sales and the value of existing assets[11]. - The demand for warehouse facilities and commercial properties in China is sensitive to domestic consumption and cross-border trade levels, with potential risks from global economic slowdowns[125]. - The group cannot guarantee continued growth in demand for warehouse facilities and commercial properties, which could adversely affect its business and financial condition[125].

Annual Performance Announcement - The annual performance announcement for the year ending December 31, 2023, was clarified on March 28, 2024[2] - The content of the annual performance announcement remains unchanged except for the aforementioned adjustment[2] Litigation Correction - A correction was made regarding the litigation subject, which should refer to Beijing Yunzong Management Consulting Co., Ltd. instead of Beijing Yunzong Investment Consulting Co., Ltd.[2]

Financial Performance - Revenue increased by approximately RMB 342,390,000 to RMB 1,468,340,000, representing a growth of about 30.41% compared to the previous year[2] - Gross profit decreased by approximately RMB 165,720,000 to RMB 234,100,000, a decline of about 41.45% year-on-year[2] - The loss attributable to shareholders increased by approximately RMB 830,440,000 to RMB 901,410,000 compared to the previous year[2] - Basic and diluted loss per share was RMB 12.93, compared to RMB 1.02 in the previous year[3] - The total comprehensive loss for the year was RMB 1,034,009,000, compared to RMB 182,032,000 in the previous year[7] - The company reported a net loss of RMB 910,000,000 for the year ending December 31, 2023[13] - The group reported a net loss before tax of RMB 924,647 thousand in 2023, compared to a profit of RMB 260,006 thousand in 2022[37] - The group’s profit before tax for 2023 was RMB 5,675,000, compared to RMB 6,486,000 in 2022, reflecting a decrease of approximately 12.5%[39] - The group reported a consolidated loss attributable to shareholders of approximately RMB 901,410,000 for the year ended December 31, 2023, compared to a loss of RMB 70,970,000 for the year ended December 31, 2022[56] Assets and Liabilities - As of December 31, 2023, total non-current assets amounted to RMB 8,065,613,000, a decrease of 11.3% from RMB 9,089,558,000 in 2022[8] - Current assets totaled RMB 5,537,469,000, down 15.9% from RMB 6,587,703,000 in the previous year[9] - Total liabilities decreased significantly to RMB 10,814,634,000 from RMB 7,098,488,000 in 2022, indicating improved financial stability[9] - The company's equity totaled RMB 3,003,777,000, down from RMB 4,210,609,000 in 2022, reflecting a decline of 28.7%[11] - Current liabilities decreased to RMB 2,788,448,000 from RMB 8,578,773,000 in 2022, a reduction of 67.5%[9] - The company has a net current asset position of RMB 2,749,021,000, compared to a net current liability position of RMB 1,991,070,000 in 2022[9] - Cash and cash equivalents were reported at RMB 366,010,000, a decrease of 43.4% from RMB 647,403,000 in the previous year[8] Expenses and Financial Management - Administrative expenses decreased from RMB 185,226,000 to RMB 130,670,000, a reduction of approximately 29.5%[5] - Financial expenses decreased from RMB 525,271,000 to RMB 474,288,000, a decline of about 9.7%[5] - The company has implemented measures to ensure sufficient operating funds, including potential asset sales and securing additional financing from banks[14] - The company is focusing on improving cash flow generation to support ongoing operations and meet financial obligations[14] Currency and Reporting Changes - The company changed its functional currency from USD to RMB effective December 31, 2023, due to the majority of cash flows from investment and financing activities being conducted in RMB[17] - The presentation currency of the consolidated financial statements has been changed from HKD to RMB to provide a more accurate understanding of the group's financial performance[18] - The impact of the change in presentation currency has been retrospectively applied and comparative figures have been restated accordingly[19] Business Segments and Revenue Sources - The company operates five reportable segments: Property, Logistics, Industrial, Trading, and Primary Land Development[29] - The Property segment focuses on commercial and medical property leasing in mainland China, providing related management services[29] - The Logistics segment engages in general warehousing, cold chain logistics, and specialized wholesale market leasing, along with related logistics and management services[29] - The Industrial segment is involved in industrial property leasing and related management services, as well as property sales[29] - The Trading segment is dedicated to frozen goods trading[29] - The Primary Land Development segment is responsible for the sale of land held for development or sale and provides primary land development services[29] Investment and Development Activities - The company plans to transition its business model by ceasing new investments in heavy asset operations and focusing on the food supply chain business in China[57] - The company aims to reduce debt and financial expenses through asset sales while increasing revenue diversification to improve profitability[57] - The company is actively expanding its new tenant resources and optimizing the business environment for existing tenants amid challenging leasing conditions[62] - The company plans to develop a national supply chain service platform, leveraging digital technology to reduce costs and increase revenue for customers[63] Corporate Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors, responsible for reviewing internal controls, risk management, and financial reporting[149] - The audit committee confirmed that appropriate accounting policies were adopted and sufficient disclosures were made in the preparation of the consolidated financial statements for the year ending December 31, 2023[149] - The company has complied with the corporate governance code as of December 31, 2023, except for certain instances regarding the attendance of independent non-executive directors at shareholder meetings[145] - The company expresses gratitude to shareholders, customers, banks, and business partners for their trust and support during the business adjustment period[153]

Financial Performance - The company recorded a consolidated loss attributable to shareholders of approximately HKD 82.69 million for the six months ended June 30, 2023, a decrease of approximately HKD 102.92 million compared to a profit of HKD 20.23 million for the same period in 2022[10]. - For the period of 2023, the company's revenue (net of VAT and government levies) was approximately HKD 857,940,000, an increase of approximately HKD 444,900,000 or 107.71% compared to HKD 413,040,000 in 2022[46]. - The gross profit for the same period was approximately HKD 154,180,000, a decrease of approximately HKD 84,810,000 or 35.49% from HKD 238,990,000 in 2022[46]. - The net loss for the period was HKD 111,788,000, compared to a profit of HKD 166,436,000 in the previous year, indicating a turnaround of 167.1%[95]. - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[92]. Asset Management and Sales - The company completed the sale of 90% equity in a project in Tongzhou District, Beijing, on June 6, 2022, and the remaining 10% was sold on August 10, 2023, recovering approximately RMB 180 million (equivalent to about HKD 203.71 million)[13]. - The company is actively arranging the sale of projects totaling approximately 572,000 square meters, including projects in Xiamen, Hainan, Shanghai, and Tianjin, with agreements already signed for some[13]. - The company plans to sell certain projects classified as held for sale, as indicated in multiple announcements throughout 2023[16]. - The group plans to sell 100% equity of Baodi Industrial Real Estate Development (Jiaxing) Co., Ltd. through a public listing on the Beijing Property Exchange, announced on August 28, 2023[163]. Strategic Focus and Transformation - The company plans to gradually exit heavy asset investments and focus on developing the cold chain business to penetrate the food supply chain in China, aiming to reduce debt and financial expenses while diversifying revenue sources[11]. - The company aims to enhance profitability through the sale of heavy assets and the development of sustainable business models that generate continuous income[11]. - The company is focusing on reducing reliance on real estate development and enhancing supply chain industry development[42]. - The company aims to build a light-asset, low-risk, and strong cash flow S2B2C supply chain platform within three to five years, leveraging existing infrastructure and resources[44]. Occupancy and Revenue Generation - As of June 30, 2023, the overall average occupancy rate of the group's warehouses increased to 62.03% from 58.71% at the beginning of the year, with an additional leased area of approximately 2,400 square meters in the first half of 2023[20]. - The warehouse in Tianjin (Tianjin Airport Area) had an average occupancy rate of 43.46% in the first half of 2023, significantly lower than the previous year's 95.28% due to market downturns and tenant turnover[20]. - The warehouse in Xiamen achieved an occupancy rate of 81.98% as of June 30, 2023, with tenants primarily being well-known domestic e-commerce and logistics companies[20]. - The average occupancy rate of the wholesale trading area in the Quzhou Agricultural Market is 83.78%, while the storage service area and public facilities have occupancy rates of 77.98% and 80.34%, respectively[25]. Financial Costs and Liabilities - The company has experienced increased financial costs and declining asset prices over the past four years, leading to continuous losses, prompting a strategic business transformation[11]. - Financial expenses for the period were approximately HKD 283,070,000, a decrease of about HKD 10,210,000 or 3.48% from HKD 293,280,000 in the previous period[63]. - Total borrowings as of June 30, 2023, were approximately HKD 8,552,730,000, with a capital debt ratio of 185.25%[82]. - The company reported a significant foreign exchange risk due to operations primarily in China, with most domestic transactions settled in RMB while financing activities are mainly in USD[89]. Management and Governance - The company’s management team has undergone changes, with new appointments made on July 21, 2023, to strengthen leadership[5]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules for the six months ending June 30, 2023, with some exceptions noted[198]. - Independent non-executive directors were unable to attend all shareholder meetings due to other commitments, which deviates from the governance code[198]. - The chairman of the board was absent from the annual general meeting held on June 15, 2023, due to other business obligations, but delegated the meeting to an executive director[199]. Future Outlook and Development - The company plans to focus on market expansion and new product development as part of its future strategy[102]. - The company aims to transform into a food supply chain service provider, leveraging existing cold storage resources and internet platforms[42]. - The company is actively seeking strategic partners to establish a fund for the development of the Cambodia project[36]. - The company has introduced a high-tech enterprise to the Su Nan Smart City project, aiming to create a future video export base in China[33].