香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 BEIJING PROPERTIES (HOLDINGS) LIMITED 北 京 建 設（ 控 股 ）有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：925） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 佈 北京建設（控股）有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附 屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月之未經審核中期 業績連同二零二二年同期之比較數字如下： 中期簡明綜合損益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 （未經審核） （未經審核） 附註 港幣千元 港幣千元 ...

2022 年報 2022 Annual Report (incorporated in Bermuda with limited liability) Stock Code : 925 BEIJING PROPERTIES (HOLDINGS) LTD 北京建設（控股）有限公司 Annual Report 2022 年報 目錄 | 公司資料 | 2 | | --- | --- | | 集團架構 | 3 | | 財務摘要 | 4 | | 主席報告 | 5 | | 管理層討論及分析 | 6 | | 董事及高級管理層 | 25 | | 董事會報告 | 30 | | 企業管治報告 | 45 | | 獨立核數師報告 | 58 | | 經審核財務報表 | | | 綜合損益表 | 65 | | 綜合全面收益表 | 66 | | 綜合財務狀況表 | 67 | | 綜合權益變動表 | 70 | | 綜合現金流量表 | 72 | | 財務報表附註 | 75 | | 物業詳情 | 169 | | 五年財務概要 | 172 | 目錄 北京建設（控股）有限公司 年報 2022 公司資料 陳進思先生 （主席） 葛根祥先生 錢旭先生 遇魯 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 BEIJING PROPERTIES (HOLDINGS) LIMITED 北 京 建設 （ 控 股）有 限 公司 （於百慕達註冊成立之有限公司） 925 （股份代號： ） 截至二零二二年十二月三十一日止年度之全年業績公告 摘要 710,820,000 收入由截至二零二一年十二月三十一日止年度約港幣 元增加約港幣 602,320,000 1,313,140,000 元至截至二零二二年十二月三十一日止年度港幣 元，增 84.74% 幅約為 。 446,700,000 毛利由截至二零二一年十二月三十一日止年度約港幣 元增加約港幣 20,090,000 466,790,000 元至截至二零二二年十二月三十一日止年度港幣 元，增幅約 4.50% 為 。 ...

Financial Performance - The company recorded a consolidated profit attributable to shareholders of approximately HKD 20,230,000 for the six months ended June 30, 2022, an increase of approximately HKD 102,010,000 compared to a consolidated loss of HKD 122,240,000 for the same period in 2021[13]. - For the period of 2022, the company's revenue was approximately HKD 413,040,000, an increase of about HKD 111,770,000 or 37.10% compared to HKD 301,270,000 in 2021[65]. - The gross profit for 2022 was approximately HKD 238,990,000, an increase of about HKD 25,510,000 or 11.95% from HKD 213,480,000 in 2021[65]. - The net profit for the period was HKD 166,436,000, a significant recovery from a loss of HKD 79,237,000 in the previous year[123]. - The basic and diluted earnings per share attributable to the company's shareholders were HKD 0.29, compared to a loss of HKD 1.46 in the previous year[123]. - The company reported a significant foreign exchange loss of HKD 381,983,000 related to overseas operations[126]. - The income tax expense for 2022 included current income tax of HKD 47,530,000 and deferred tax expense of HKD 164,820,000, significantly higher than HKD 5,490,000 and HKD 31,250,000 in 2021, respectively[87]. Occupancy Rates - The average occupancy rate for the Shanghai Pudong project was 51.22% in 2022, down from 53.37% in 2021[18]. - The Tianjin Airport project achieved a high occupancy rate of 95.28% in 2022, up from 92.69% in 2021[18]. - The overall occupancy rate of the projects as of June 30, 2022, was 50.86%, with an additional leasing area of approximately 12,000 square meters added in the first half of the year[23]. - The average occupancy rate for the Tianjin Wan Shilong International Logistics warehouse was 95.28% during 2022, maintaining full occupancy[23]. - The Jiangsu Taicang project had an occupancy rate of 84.01% as of June 30, 2022, with expectations for full occupancy due to its advantageous location[29]. - The Xiamen project achieved an occupancy rate of 93.98% by the end of June 2022, with plans to reach full occupancy by the end of the year[28]. - The average occupancy rate for the Tongliao project was 78.21% during 2022, showing steady improvement despite market challenges[29]. - The Tianjin Hangu warehouse had an operational storage capacity of 45,000 tons, with an average occupancy rate of 70.10% in 2022, up from 44.89% in 2021[33]. - The Qingdao Chengyang warehouse achieved a 100% occupancy rate in 2022, significantly up from 36.33% in 2021[33]. - The average occupancy rate of the cold storage facilities in Tianjin was 70.10% as of the end of 2022, with a total storage capacity of 45,000 tons in the first phase and an expected increase to 75,000 tons after the second phase is completed[36]. - The average occupancy rate for the Guangzhou Guangming Plaza was approximately 87.81% as of 2022[59]. Project Developments - The company completed the sale of 90% equity in a project in Tongzhou District, Beijing, recovering funds of approximately RMB 1,385,031,000 (approximately HKD 1,622,690,000) and recording a gain of approximately RMB 116,501,000 (approximately HKD 140,779,000)[16]. - The company plans to complete the sale of the remaining 10% equity in the Tongzhou project by the end of 2022[16]. - The company is in the process of arranging the sale of approximately 713,000 square meters of projects in various locations, including Shanghai, Tianjin, Xiamen, Hainan, and Jiangsu[16]. - The company is focusing on developing a national supply chain business, leveraging existing cold chain and agricultural wholesale market infrastructure[32]. - The company aims to establish the best comprehensive service platform in China's supply chain industry, utilizing digital technology to reduce costs and increase revenue[32]. - The Qingdao project is expected to be completed by the end of 2023, with a total investment of approximately RMB 650 million[29]. - The total planned area for the Jiangsu Changzhou industrial park project is approximately 478,935 square meters, with a total investment of about RMB 2 billion[53]. - The company plans to introduce strategic partners for the Cambodia project and has begun negotiations[54]. Revenue Streams - The revenue from cold chain logistics warehouses was approximately HKD 41,570,000, an increase of about HKD 11,140,000 or 36.61% compared to HKD 30,430,000 in 2021, driven by an increase in average occupancy rate[71]. - The trade business revenue reached approximately HKD 133,330,000, an increase of about HKD 82,540,000 or 162.51% from HKD 50,790,000 in 2021, primarily due to the impact of COVID-19 in the previous year[74]. - The revenue from high-end and modern general warehouse business was approximately HKD 106,780,000, an increase of about HKD 6,360,000 or 6.33% compared to HKD 100,420,000 in 2021, attributed to improved occupancy rates[70]. - The revenue from specialized wholesale markets was approximately HKD 18,550,000, an increase of about HKD 2,640,000 or 16.59% compared to HKD 15,910,000 in 2021, due to increased average occupancy rates[75]. - The revenue from industrial properties was approximately HKD 73,620,000, an increase of about HKD 10,750,000 or 17.10% from HKD 62,870,000 in 2021, driven by higher occupancy rates in the Jiaxing project[76]. - The revenue from commercial properties was approximately HKD 39,190,000, a decrease of about HKD 1,660,000 or 4.06% compared to HKD 40,850,000 in 2021, mainly due to a slight decrease in occupancy rates in the Guangzhou project[77]. Financial Position - Cash and cash equivalents decreased by HKD 412,080,000, primarily due to net proceeds from the sale of subsidiaries amounting to HKD 1,616,530,000 and repayments of bank and other borrowings totaling HKD 929,030,000[96]. - Total borrowings as of June 30, 2022, were approximately HKD 9,343,060,000, a decrease from approximately HKD 10,728,070,000 as of December 31, 2021, with a capital debt ratio of approximately 159.97%[103]. - The group's cash and bank balances were approximately HKD 776,200,000, with 37.19% in USD, 27.95% in HKD, and 34.86% in RMB[104]. - The current ratio and quick ratio as of June 30, 2022, were approximately 84.73% and 65.15%, respectively, compared to 131.25% and 97.31% as of December 31, 2021[105]. - The net total borrowings decreased to HKD 8,566,860,000 as of June 30, 2022, down HKD 972,930,000 from HKD 9,539,790,000 as of December 31, 2021[105]. - The company's non-current assets decreased to HKD 10,671,922,000 from HKD 14,366,903,000 as of December 31, 2021[129]. - Current liabilities increased to HKD 11,144,549,000, up from HKD 5,833,020,000 in the previous year, indicating a rise in financial obligations[132]. - The total assets less current liabilities stood at HKD 8,970,588,000, down from HKD 16,189,510,000 in the previous year[132]. - The company's equity attributable to shareholders was HKD 5,355,200,000, a slight decrease from HKD 5,651,687,000 in the previous year[132]. - The company’s total liabilities increased significantly, reflecting a growing financial burden with total liabilities reaching HKD 14,759,937,000[132]. Cash Flow and Financing - The net cash flow from operating activities for the six months ended June 30, 2022, was a negative HKD 339,682,000, compared to a negative HKD 131,668,000 for the same period in 2021, indicating a worsening cash flow situation[138]. - The financing activities resulted in a net cash outflow of HKD 1,638,586,000 for the six months ended June 30, 2022, compared to a net outflow of HKD 164,549,000 for the same period in 2021, indicating increased financing costs[138]. - The company reported a significant cash inflow from the sale of subsidiaries amounting to HKD 1,616,530,000 during the period[138]. - The company’s cash flow from operating activities, excluding costs related to land and property development or sales, was HKD 42,912,000 for the six months ended June 30, 2022[141]. - The group has a net current asset value of approximately HKD 1,701,000,000, which includes current liabilities of HKD 3,835,000,000 related to assets classified as held for sale and a guarantee of USD 740,000,000 (equivalent to HKD 5,740,000,000) maturing in February 2023[145]. - The ability of the group to generate sufficient cash flow for ongoing operations depends on successful refinancing of existing guaranteed bonds, completion of proposed asset sales, and continued financial support from its intermediate holding company and ultimate holding company[145][146]. Segment Performance - The logistics segment generated revenue of HKD 166,900,000, down from HKD 246,471,000 year-over-year, indicating a decrease of about 32.3%[159]. - The industrial segment reported revenue of HKD 73,620,000, a significant drop from HKD 263,238,000, reflecting a decline of approximately 72%[159]. - The company is focused on resource allocation and performance evaluation across its five operating segments, which include property, logistics, industrial, trading, and land development[156]. - Total segment assets as of June 30, 2022, were HKD 19,206,974,000, down from HKD 20,636,046,000, indicating a decrease of approximately 6.9%[162]. Other Key Points - The company did not declare an interim dividend for the six months ended June 30, 2022, consistent with the previous year[185]. - The company has issued 6,969,331,680 shares with a par value of HKD 0.10 each, maintaining the same number of shares since December 31, 2021[194]. - The company recognized a gain of HKD 140,779,000 from the sale of subsidiaries in the profit and loss statement[198]. - The expected credit loss provision for trade receivables was deemed insignificant, with a provision of HKD 5,979,000 for rental income[190].

Financial Performance - The company's revenue for 2021 was HKD 710.82 million, an increase from HKD 688.37 million in 2020, representing a growth of approximately 3.1%[7] - The company reported a loss before tax of HKD 256.41 million in 2021, compared to a profit of HKD 31.97 million in 2020, indicating a significant decline in profitability[7] - The net loss for the year was HKD 335.28 million, worsening from a loss of HKD 101.29 million in the previous year[7] - The company reported a loss attributable to shareholders of HKD 373.98 million in 2021, compared to HKD 270.63 million in 2020, reflecting a worsening financial position[7] - The total revenue for the year ended December 31, 2021, was approximately HKD 710,820,000, an increase of about HKD 22,450,000 or 3.26% compared to HKD 688,370,000 for the year ended December 31, 2020[56] - The gross profit for the year ended December 31, 2021, was approximately HKD 446,700,000, representing an increase of about HKD 101,410,000 or 29.37% from HKD 345,290,000 in the previous year[56] Asset Management - The total assets increased to HKD 22.02 billion in 2021 from HKD 20.16 billion in 2020, reflecting a growth of approximately 9.2%[7] - The net asset liability ratio stood at 168.80% in 2021, slightly improved from 169.52% in 2020[7] - The company aims to complete the sale of multiple assets in 2022 to recover significant funds for debt reduction and new business development[9] - The company has been actively investing in high-quality land projects both domestically and internationally since 2009, with plans to continue selling logistics and industrial real estate assets to recover significant funds for debt reduction and reinvestment[17] Cold Chain Business - The company plans to reduce heavy asset investments and focus on developing the cold chain industry, establishing a national cold chain infrastructure[9] - The cold chain storage business achieved revenue of HKD 75.88 million for the year ended December 31, 2021, representing a year-on-year growth of 45.5%, with a planned storage capacity of 128,000 tons and an operational rental capacity of 53,000 tons[11] - The average occupancy rate of the cold chain storage business remained stable despite the ongoing global pandemic, showcasing the resilience of the business model[11] - The company aims to enhance its competitive barriers in the cold chain business by focusing on traditional advantages and multi-dimensional resources, striving to build the most comprehensive and advanced integrated service platform for the frozen goods industry in China[11] - The company aims to establish a comprehensive cold chain service platform, focusing on high-value imported meat and seafood transactions[30] - The cold chain business has begun international trade services, cold chain storage services, and the development of frozen goods e-commerce systems[30] Operational Efficiency - The "Frozen Goods e-Port" platform has been upgraded to enhance user experience and operational efficiency, achieving integrated online registration, transaction, and payment capabilities[9] - As of March 31, 2022, Frozen E-Port has accumulated over 33,000 registered users and more than 2,000 online stores, reflecting explosive growth from a few hundred users in March 2020 to 10,000 users by July 2021, and then to 33,000 users in March 2022, indicating a growth of over 300% in less than two years[10] - The company is actively expanding its cold chain logistics network along coastal ports, establishing partnerships with various cold storage facilities[35] Real Estate and Development - The company is expanding its modern warehouse network across key locations in China, with a total planned and owned area of 1,465,586 square meters and an average occupancy rate of 99.27% in Beijing and 53.96% in Shanghai as of December 31, 2021[19] - The total leasable area of the Beijing North Logistics Park is 623,008 square meters, with an overall occupancy rate of 99.27%[24] - The average occupancy rate for the self-owned area of Guangming Plaza in Guangzhou was approximately 89.24% for the year 2021[50] - The company plans to develop processing and distribution centers across North, East, South, and Central China to support its cold chain operations[38] Financial Strategy - The company plans to sell certain assets through equity transfer to achieve multiple goals, including recovering funds, realizing profits, and reducing debt[54] - The group’s capital debt ratio was approximately 168.80% as of December 31, 2021, slightly down from 169.52% a year earlier[91] - The group’s bank and other borrowings increased by HKD 402,850,000, primarily due to financing for project construction in China[88] - The total debt of the group as of December 31, 2021, amounted to approximately HKD 10.73 billion, with a debt-to-equity ratio of 190%[151] Management and Governance - The board consists of 14 members, including 9 executive directors and 5 independent non-executive directors[109] - The company has experienced management changes, with several executives holding multiple positions in affiliated companies, indicating a strong leadership structure[110][111][112][114][115][116][117][118][119][121] - The board of directors includes a mix of executive and independent non-executive directors, ensuring independence in governance[166] Market Outlook and Growth - The company provided guidance for the next quarter, expecting revenue to be between $1.3 billion and $1.5 billion, indicating a potential growth of 8% to 25%[126] - New product launches are anticipated to contribute an additional $200 million in revenue over the next fiscal year[126] - Market expansion plans include entering two new international markets by Q3 2024, projected to increase market share by 10%[126] Sustainability and Corporate Responsibility - The management team emphasized a commitment to sustainability, aiming for a 25% reduction in carbon emissions by 2025[126] - The group is committed to sustainable development and adheres to environmental laws and regulations, implementing energy-saving measures to reduce its operational impact on the environment[144]

Financial Performance - For the six months ended June 30, 2021, the company recorded a consolidated loss attributable to shareholders of approximately HKD 102,010,000, a decrease of about HKD 35,030,000 compared to the loss of HKD 137,040,000 for the same period in 2020[9]. - Revenue for the period ended 2021 was approximately HKD 301.27 million, a decrease of about HKD 73.99 million or 19.72% compared to HKD 375.26 million in 2020[58]. - Gross profit for the period ended 2021 was approximately HKD 213.48 million, an increase of about HKD 75.37 million or 54.57% compared to HKD 138.11 million in 2020[58]. - The net loss for the six months ended June 30, 2021, was HKD 79,237,000, compared to a net loss of HKD 75,943,000 in 2020, indicating a slight increase in losses[97]. - The total comprehensive income for the period was HKD 34,269,000, a recovery from a comprehensive loss of HKD 257,316,000 in the same period last year[101]. - The group reported a total loss of HKD 187,840,000 for the six months ended June 30, 2021, compared to a loss of HKD 306,254,000 for the same period in 2020, indicating an improvement of approximately 38.5%[126]. Business Operations - The company is positioned as a developer in the real estate sector, focusing on logistics, cold chain, industrial, and commercial industries, with profits primarily derived from project sales[10]. - The company plans to continue selling certain logistics and industrial real estate assets in 2021 to recover substantial funds, aiming to achieve debt reduction, reinvestment, and distribution goals[12]. - The company intends to leverage its status as a state-owned enterprise to acquire land for development in quality locations, further expanding its participation in logistics, industrial, and cold chain sectors[12]. - The business development model of the company consists of four stages: financing, investment, nurturing, and selling[11]. - The company aims to balance light and heavy asset operations to strengthen its long-term profitability and capital gain model[12]. Asset Management - The company has established a modern warehouse network across key locations in China, with a total planned area of 1,465,586 square meters and an operational rental area of 1,004,574 square meters, achieving an average occupancy rate of 68.3% in 2021[17]. - The average occupancy rate for the Beijing warehouse in Tongzhou District was 98.85%, while the Shanghai warehouse in Pudong District had a significantly lower rate of 53.37% in the first half of 2021[17][20]. - The Tianjin Airport warehouse maintained an occupancy rate of 92.69% in the first half of 2021, being the only customs-regulated warehouse at Tianjin Binhai International Airport[22]. - The warehouse in Xiamen achieved a full rental status with an average occupancy rate of 100% since May 2018 until June 2021, covering a total rental area of 92,466 square meters[22]. - The company is actively maintaining existing customer relationships and enhancing strategic cooperation with local management to ensure tenant retention amid challenges in the Shanghai market[20]. Cold Chain Logistics - The company is focusing on establishing a nationwide cold chain logistics facility, targeting high-value imported meat and seafood transactions, with a strategic goal to create the best comprehensive cold chain service platform in China[26]. - As of June 30, 2021, the average occupancy rate of cold storage facilities was 44.89%, a decrease from 83.52% in 2020[28]. - The Tianjin cold chain storage capacity is expected to reach 75,000 tons upon completion of the second phase in 2023, integrating cold storage, processing, trading, and transportation services[30]. - The online trading platform "Frozen Goods e-Port" has registered a total of 8,342 users and facilitated the opening of 234 enterprise stores as of June 30, 2021[31]. - The company has initiated strategic partnerships with various enterprises across the cold chain industry, including logistics services with JD Cold Chain and SF Cold Chain[31]. Financial Position - The company's total borrowings amounted to approximately HKD 10,554,280,000, with a capital debt ratio of 177.23%[82]. - Cash and cash equivalents decreased by HKD 326,170,000, primarily due to loan repayments and land construction costs[77]. - The company incurred capital expenditures of approximately HKD 26,660,000 during the period, down from HKD 199,620,000 in the previous year[86]. - The company has unfulfilled capital commitments totaling approximately HKD 721,980,000, including construction costs for logistics facilities and industrial plants[87]. - The total assets as of June 30, 2021, amounted to HKD 20,530,593,000, an increase from HKD 20,161,273,000 as of December 31, 2020, reflecting a growth of approximately 1.8%[128]. Shareholder Information - The major shareholder, Beijing Enterprises Holdings Limited, holds 1,557,792,500 shares, representing 22.35% of the company's issued share capital[182]. - Beijing Enterprises Property (Hong Kong) Limited owns 2,526,882,407 shares and has a total interest of 4,084,674,907 shares, accounting for 58.61% of the company[183]. - The company has maintained sufficient public float as per listing rules[188]. - The company has not purchased, sold, or redeemed any of its listed securities in the six months ending June 30, 2021[188]. - The company has complied with the corporate governance code during the reporting period, with some exceptions regarding attendance at shareholder meetings[190]. Stock Options - The company has a stock option plan established on March 18, 2010, which has since expired on March 17, 2020, aimed at attracting and retaining talent[171]. - The maximum number of unexercised stock options granted under the plan cannot exceed 30% of the total issued ordinary shares at any time[172]. - The company reported a total of 6,000,000 stock options exercised during the first half of 2021, with 6,000,000 options canceled[174]. - The total number of stock options outstanding as of June 30, 2021, is 5,000,000[174]. - The company reported a total of 75,000,000 stock options granted, with 62,000,000 options canceled during the period, resulting in 13,000,000 options remaining as of June 30, 2021[177].

lp 北京建設 BPHL BEIJING PROPERTIES (HOLDINGS)LTD (於百慕壇註冊成立之有限公司) 股份代號：925 年報 F L ll 北京建設（控股）有限公司 年報2020 公司資料2 集團架構3 財務摘要4 主席報告5 管理層討論及分析6 董事及高級管理層 26 董事會報告 31 企業管治報告 50 獨立核數師報告 62 經審核財務報表 綜合損益表 68 綜合全面收益表 69 綜合財務狀況表 70 綜合權益變動表 72 綜合現金流量表 74 財務報表附註 77 物業詳情 164 五年財務概要 168 目錄 1 北京建設（控股）有限公司 年報2020 公司資料 | --- | --- | |--------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------- ...

tp 北京建設 BPHL BEIJING PROPERTIES (HOLDINGS) LTD (於百慕達註冊成立之有限公司) 股份代對 : 925 中期報告 2020 北京建設（控股）有限公司 中期報告 2020 目 錄 公司資料 2 集團架構 3 管理層討論及分析 4 簡明綜合損益表 22 簡明綜合全面收益表 23 簡明綜合財務狀況表 24 簡明綜合權益變動表 26 簡明綜合現金流量表 27 簡明綜合財務資料附註 29 須予披露資料 42 企業管治報告 50 1 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|--------------------------| | | | | | | | 北京建設（控股）有限公司 | | ...

tp 北京建設 BPHL BEIJING PROPERTIES(HOLDINGS)LTD (於百慕達註冊成立之有限公司) 股份代號：925 年報 2019 目錄 北京建設（控股）有限公司 年報2019 目錄 公司資料2 | --- | |------------------| | | | | | 集團架構 | | 財務摘要 | | 主席報告 | | 管理層討論及分析 | | 董事及高級管理層 | | 董事會報告 | | 企業管治報告 | | 獨立核數師報告 | | 經審核財務報表 | | 綜合損益表 | | 綜合全面收益表 | | 綜合財務狀況表 | | 綜合權益變動表 | | 綜合現金流量表 | | 財務報表附註 | | 物業詳情 | | 五年財務概要 | 3 4 5 6 26 31 50 62 69 70 71 73 74 77 174 178 1 公司資料 北京建設（控股）有限公司 年報2019 公司資料 董事會 執行董事 錢旭先生（主席） 蕭健偉先生（首席執行官） 趙建鎖先生 董麒麟先生 李長鋒先生 鄭靜富先生（首席財務官） 遇魯寧先生 吳健南先生 李書平先生（於二零二零年一月六日辭任） 洪任毅先生（ ...

Financial Performance - The company reported a consolidated loss attributable to shareholders of approximately HKD 80.59 million for the six months ended June 30, 2019, a decrease of about HKD 77.96 million compared to a loss of HKD 158.55 million for the same period in 2018[18]. - The group’s profit before tax for the six months ended June 30, 2019, was a loss of HKD 80,592,000, compared to a loss of HKD 158,553,000 for the same period in 2018, representing a 49% improvement[173]. - The net profit for the period was HKD 360,000, a significant recovery from a loss of HKD 136,370,000 in the previous year[116]. - The company reported revenue of HKD 206,443,000 for the six months ended June 30, 2019, representing an increase of 3.1% compared to HKD 198,868,000 for the same period in 2018[116]. - Gross profit for the same period was HKD 154,190,000, up from HKD 147,604,000, indicating a growth of 4.0%[116]. - The company did not declare an interim dividend for the six months ended June 30, 2019, consistent with the previous year[108]. Business Strategy and Operations - The business model focuses on investing in projects at the initial stage, nurturing project value post-development, and selling mature projects at satisfactory prices to recover cash for debt repayment and reinvestment[19]. - The company plans to sell several mature projects located in Shanghai and Tianjin in 2019 to recover significant funds, aiming to achieve debt reduction, reinvestment, and appropriate shareholder distribution[20]. - The company aims to leverage its status as a state-owned enterprise to acquire land for development in quality locations, further expanding its participation in logistics, industrial, and cold chain sectors[20]. - The company’s strategy includes continuous investment in new projects to create future profit opportunities and provide returns to shareholders[19]. - The company is actively developing high-end industrial properties in the Yangtze River Delta region to meet the demand from high-end manufacturing enterprises relocating from Shanghai[42]. Occupancy Rates and Property Performance - The average occupancy rate of the Beijing Ma Jiao Qiao warehouse reached 100% as of June 30, 2019, with a total lettable area of 589,410 square meters[27]. - The Shanghai Pudong warehouse's average occupancy rate increased from 69.30% in 2018 to 81.00% in 2019, with a lettable area of 211,555 square meters[28]. - The Tianjin Airport warehouse maintained a high occupancy rate of 100% for the Tianyu Wanlong Logistics phases one and two, with a total lettable area of 58,617 square meters[28]. - The average occupancy rate of the warehouse in Meishan, Sichuan, rose from 87.29% in December 2018 to 91.59% in June 2019, with a total lettable area of approximately 97,809 square meters[30]. - The occupancy rate of the Haikou warehouse increased to 99% in June 2019, up from approximately 83.09% in 2018, with a total lettable area of 48,702 square meters[30]. Cold Chain and Logistics Development - The company is focusing on establishing a nationwide cold chain logistics facility, primarily targeting high-value imported meat and seafood, capitalizing on the rising demand for quality food in China's middle-class society[34]. - As of June 30, 2019, the total storage capacity of the cold chain warehouses is 98,000 tons, with an operational rental capacity of 53,000 tons, achieving an average occupancy rate of 75.83% in Tianjin and 36.17% in Qingdao[35]. - The Tianjin cold chain warehouse is expected to reach a storage capacity of 80,000 tons upon completion of the second phase in 2021, integrating cold storage, light processing, trade agency, and cold chain transportation services[35]. - The company has initiated strategic partnerships with various enterprises to enhance its cold chain business, establishing a coastal city storage network and planning to launch an online trading platform in the second half of the year[39]. Financial Position and Liabilities - Total borrowings as of June 30, 2019, were approximately HKD 8,254,680,000, an increase from approximately HKD 7,756,030,000 as of December 31, 2018[94]. - The capital debt ratio was approximately 105.60% as of June 30, 2019, compared to 90.34% as of December 31, 2018[94]. - Cash and cash equivalents decreased by HKD 494,360,000, primarily due to the return of deposits and investments in joint ventures and associates[89]. - The company has a net current liability of HKD 3,079,000,000 as of June 30, 2019[134]. - The company is in discussions for new bank financing to support ongoing operations[134]. Revenue and Income Sources - The revenue from cold chain logistics and trade increased by approximately HKD 8,550,000 or 55.88%, reaching HKD 23,850,000, primarily due to the commencement of trade operations[66]. - The revenue from specialized wholesale markets rose by approximately HKD 2,300,000 or 25.33%, totaling HKD 11,380,000, attributed to increased average occupancy rates and rental prices[67]. - The industrial property segment saw revenue growth of approximately HKD 2,860,000 or 31.67%, reaching HKD 11,890,000, driven by higher occupancy rates in Zhejiang and project completions in Jiangsu[68]. - The revenue from commercial properties decreased by approximately HKD 7,320,000 or 10.12%, totaling HKD 64,980,000, mainly due to reduced rental profits from Guangzhou and lower occupancy rates at the Jindu Holiday Hotel[69]. Investment and Capital Expenditures - The company has invested substantial capital in various quality location projects in China and overseas since 2009, resulting in satisfactory growth in capital value compared to initial investments[20]. - The total construction area of the industrial park project in Jiangsu Province is approximately 489,340 square meters, with a total investment of about RMB 2 billion, and the first phase is expected to be completed in Q1 2022[46]. - The company plans to develop the Jiangsu industrial park project in two phases, with the second phase expected to start in Q3 2020 and be completed by early 2022[46]. - The company aims to diversify its industrial real estate business by providing management services for project investment, design, construction, and leasing[47]. Management and Corporate Governance - The management team is focused on seizing market opportunities and advancing the light asset process to diversify revenue streams and promote healthy corporate development[59]. - The total compensation paid to key management personnel for the six months ended June 30, 2019, was HKD 9,956,000, up from HKD 9,506,000 in the same period of 2018, reflecting an increase of 4.7%[195]. - The company is closely monitoring foreign exchange risks due to its operations primarily in China and financing activities mainly in USD[105]. Compliance and Reporting Standards - The adoption of new and revised Hong Kong Financial Reporting Standards has been implemented, affecting the accounting policies[139]. - The company adopted HKFRS 16, recognizing right-of-use assets of HKD 86,122,000 as of January 1, 2019, and derecognizing prepaid land leases and other receivables totaling HKD 83,072,000 and HKD 3,050,000 respectively[145].