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].

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 ...

Financial Performance - In 2022, the company reported revenue of HKD 1,313,135,000, a significant increase from HKD 710,817,000 in 2021, representing an increase of approximately 84.6%[10] - The company's loss attributable to shareholders decreased from HKD 373,982,000 in 2021 to HKD 121,967,000 in 2022, marking a reduction of about 67.4%[10] - The gross profit for the year ended December 31, 2022, was approximately HKD 466,790,000, an increase of about HKD 20,090,000 or 4.50% compared to HKD 446,700,000 for the previous year[47] - The group reported a profit for the year ending December 31, 2022, with detailed financial statements available on pages 65 to 168[125] - The group reported a significant increase in revenue from its trading business in Beijing, rising by approximately HKD 563,910,000 compared to the previous year[49] - Trade business revenue surged to HKD 748,170,000, an increase of HKD 561,800,000 or 301.44%, attributed to supply chain development for high-value imported meat and seafood[53] Asset Management and Sales - The company successfully sold logistics projects in Beijing and Jiangsu, generating a profit of approximately HKD 594,967,000 from these sales[12] - The company completed the sale of 90% equity in the Beijing Tongzhou project on June 6, 2022, recovering approximately RMB 1,379,771,000 (about HKD 1,616,530,000) and recording a sale profit of approximately RMB 147,705,000 (about HKD 172,963,000) [19] - The company sold 75% equity in the Jiangsu Taicang project on October 21, 2022, recovering approximately RMB 507,254,000 (about HKD 545,095,000) and recording a sale profit of approximately RMB 225,618,000 (about HKD 242,449,000) [19] - The company anticipates selling several more projects in 2023 to further recover funds[12] - The company aims to reduce debt and financial expenses through asset sales while diversifying revenue streams to enhance profitability [17] Business Strategy and Transformation - The company plans to transition to a light-asset business model, aiming to sell off heavy asset projects to reduce financial costs and improve profitability[12] - The company has shifted its business model to gradually exit heavy asset investments and focus on the cold chain business and food supply chain in China [17] - The supply chain business aims to become a national food supply chain service provider, focusing on high-value imported meat and seafood transactions[25] - The company is exploring additional monetization tools beyond asset sales to expedite cash flow recovery[12] Occupancy and Utilization Rates - The average occupancy rate of the Shanghai Pudong project increased from 50.21% at the beginning of 2022 to 59.32% by December 31, 2022, with a total new leasing area of approximately 12,000 square meters during the year [24] - The Tianjin Airport warehouse maintained an average occupancy rate of 95.12% throughout 2022, with stable income [24] - As of December 31, 2022, the average occupancy rate of the cold storage facilities was 88.41% in Tianjin and 100% in Qingdao[26] - The average occupancy rate of the agricultural wholesale market in Quzhou was 84.97% for the trading area and 79.52% for the storage area as of December 31, 2022[28] - The average rental rate for the Guangming Plaza project was approximately 88.15% during 2022[43] Financial Position and Debt Management - Total assets decreased to HKD 17,743,138,000 in 2022 from HKD 22,022,530,000 in 2021, reflecting a decline of about 19.5%[10] - Cash and bank balances decreased to HKD 739,336,000 in 2022 from HKD 1,188,281,000 in 2021, a decline of approximately 37.8%[10] - The group’s total net borrowings decreased by HKD 1,397,350,000 from the previous year, amounting to HKD 8,142,440,000 as of December 31, 2022[84] - The group’s capital debt ratio was approximately 170.89% as of December 31, 2022, compared to 168.80% a year earlier[83] - Financial expenses rose to HKD 612,450,000, an increase of HKD 14,630,000 or 2.45%, primarily due to rising interbank lending rates[64] Corporate Governance and Management - The company has a strong focus on internal control and government coordination, as highlighted by the experience of its executives[98][101] - The company emphasizes the importance of corporate governance, with several executives holding senior memberships in accounting and governance associations[102] - The board consists of 14 directors, including 9 executive directors and 5 independent non-executive directors, ensuring compliance with the listing rules requiring at least one-third of the board to be independent[196] - The company has adopted the corporate governance code as per the listing rules and has complied with all provisions, with some exceptions disclosed[195] - The company encourages continuous professional development for all directors to enhance their knowledge and skills[197] Environmental and Social Responsibility - The group emphasizes sustainable development as a key part of its business strategy, adhering to environmental laws and regulations[127] - The group has implemented internal recycling measures and energy-saving policies to reduce environmental impact[127] - The group aims to create long-term value for stakeholders while fulfilling social responsibilities[127] Strategic Partnerships and Development Projects - The company is developing a special economic zone in Cambodia, covering an area of approximately 30,000,000 square meters, with 14,667,829 square meters of land certificates obtained[37] - The Cambodian project aims to create a comprehensive industrial platform for Chinese enterprises along the "Belt and Road" initiative, with one-stop services provided by the Cambodian government[38] - The company is actively seeking strategic partners to establish a fund for the next phase of the Cambodia project, leveraging the RCEP agreement for development opportunities[38] Stock Options and Shareholder Information - The company has adopted a share option scheme to incentivize directors and eligible individuals[159] - The stock option plan aims to attract and retain top talent and align the interests of option holders with those of shareholders[166] - The company has a total of 6,969,331,680 shares issued as of December 31, 2022[165] - Major shareholder Beijing North Control City Development Group holds 4,084,674,907 shares, representing 58.61% of the issued share capital[173]

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]