Financial Performance - For the year ended December 31, 2024, the Group's operating revenue amounted to RMB20.7 billion, with a gross profit of approximately RMB985 million[16]. - The loss attributable to the owners of the Company was approximately RMB1.85 billion, while retained profits at the end of the Reporting Period remained at RMB7.5 billion[17]. - The Group experienced a significant year-on-year decrease in gross profit margin and total gross profit due to a declining real estate market[17]. - The Company recorded a decrease in profits from joint ventures and associates, impacting overall profitability[17]. - The Group reported a loss of RMB1,689,630,000 for 2024, a significant decrease of approximately 235% compared to a profit of RMB1,251,815,000 in 2023[143]. - The Group's turnover for 2024 was RMB20,661,233,000, representing a year-on-year decrease of approximately 28% from RMB28,800,845,000 in 2023[145]. - Gross profit for 2024 amounted to RMB985.42 million, reflecting a year-on-year decrease of approximately 75%[150]. - The gross profit margin for 2024 was approximately 4.77%, down 8.67 percentage points from 13.44% in 2023[150]. - Equity attributable to owners of the Company decreased by approximately 19%, amounting to RMB8,021,863,000 as of December 31, 2024[144]. Market Conditions - China's GDP for the year exceeded RMB134 trillion, achieving a year-on-year growth of 5%, ranking first among major economies[23]. - In the first quarter of 2024, China's economy grew by 5.3%, but the growth rate slowed in the subsequent quarters before recovering to 5.4% in the fourth quarter[18]. - In 2024, the proportion of the real estate industry's value added in GDP declined by 0.5 percentage points to 6.3%, indicating a continued downward cycle in China's real estate market[24]. - Nationwide new commercial housing sales in the first nine months of 2024 totaled RMB 6,888 billion, a year-on-year decrease of 22.7%, but annual sales for the year reached RMB 9,675 billion, with the decline narrowing to 17.1%[24]. - The annual real estate development investment in China was RMB10,028 billion, a year-on-year decrease of 10.6%, with new commercial housing sales area down 12.9% to 973.85 million square meters[136]. - The sales amount of new commercial housing in China decreased by 17.1% year-on-year, totaling RMB9,675 billion[136]. Strategic Initiatives - The Group focused on compressing project costs while accelerating the launch of high-quality products and reducing reliance on promotional discounts in response to geopolitical risks[25]. - The Group aims to accelerate the opening of new land acquisition projects and improve the efficiency of old renovation projects[43][46]. - The Group will enhance price management by re-evaluating current sales prices and balancing sales volume with sales prices to increase project profits[44][46]. - The Group plans to upgrade existing projects in core urban areas through innovative marketing strategies and policy opportunities[48][50]. - In 2025, the Company aims to improve product competitiveness to transition from an industry "follower" to a "leader" by enhancing collaboration across departments and leveraging technological innovations[49][50]. - The Company is actively pursuing new opportunities for growth, including potential mergers and acquisitions to enhance its market position[85]. Leadership and Governance - Mr. Jiang Tiexing appointed as non-executive director and chairman of the board on September 25, 2023[62]. - Mr. Yu Zhiliang rejoined as non-executive director on August 5, 2024, after serving as executive director and general manager[64]. - Mr. Li Yao appointed as non-executive director and audit committee member on May 5, 2023[70]. - Dr. So Shu Fai has been an executive director since December 11, 2010, and was previously CEO of SJM Holdings Limited until June 15, 2023[75]. - The company continues to expand its leadership team with experienced professionals from various sectors[62][64][70][75][82]. - The strategic appointments aim to enhance governance and operational efficiency within the company[62][64][70][75][82]. - The Company is committed to maintaining high standards of corporate governance, as evidenced by the roles of independent non-executive directors in oversight committees[91]. Project Development - The Group achieved aggregate contracted sales of RMB 42,460 million in 2024, with a sales area of 1,895,802 square meters, marking a V-shaped recovery from a 32% year-on-year decline to a 10% growth[29]. - The Group's land bank consisted of 4,201,823 square meters of saleable gross floor area as of December 31, 2024[174]. - The Group has 45 property development projects across cities including Guangzhou, Foshan, Chongqing, Xi'an, Nanjing, and Jurong[173]. - The total Gross Floor Area (GFA) of the company's projects is 15,573,484 square meters, with 4,201,823 square meters designated for future sale[190]. - The company has a total of 3,665,435 square meters of GFA in Xi'an, with 756,053 square meters completed[190]. - The company is focused on both residential and commercial properties, enhancing its portfolio diversity and market reach[196]. Financial Position - As of the end of 2024, the Group held RMB 12.7 billion in currency funds, with a gearing ratio of 53% and a net debt ratio of 26%[39]. - The total interest-bearing debt of the Group as of December 31, 2024, was RMB 34.909 billion, slightly down from RMB 35.238 billion in 2023[157]. - The net gearing ratio as of December 31, 2024, was 67%, a decrease from 71% in 2023[158]. - The weighted average cost of financing for the Group's bank and financial institution borrowings was 3.77%, reflecting a relatively low level in the industry[39]. - The average selling price for the year ended December 31, 2024, was approximately RMB 22,398 per square meter, up from RMB 20,331 per square meter in 2023[166].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 20,661,233, a decrease of 28.5% from RMB 28,800,845 in 2023[3] - Gross profit for the same period was RMB 985,420, down 74.5% from RMB 3,870,543 in 2023[3] - The company reported a net loss of RMB 1,689,630 for the year, compared to a profit of RMB 1,251,815 in 2023[4] - Basic and diluted loss per share was RMB 37.73, compared to earnings of RMB 2.72 per share in the previous year[4] - The company recorded a pre-tax loss of RMB 1,165,461 for the year 2024, compared to a pre-tax profit of RMB 2,691,070 in 2023[27] - The company reported a loss of RMB 1,850,755,000 for the year 2024, a decrease of approximately 1,487% compared to a profit of RMB 133,414,000 in 2023[46] - Revenue for 2024 was RMB 20,661,233,000, representing a year-on-year decrease of about 28% from RMB 28,800,845,000 in 2023[62] - Gross profit for 2024 was RMB 985,420,000, down approximately 75% from RMB 3,870,543,000 in 2023, with a gross margin of 4.77%, a decline of 8.67 percentage points year-on-year[64] Assets and Liabilities - Non-current assets decreased to RMB 37,598,407 from RMB 39,814,647 in 2023, reflecting a decline of 5.5%[6] - Current assets also fell to RMB 87,145,623 from RMB 92,855,900, a decrease of 6.2%[6] - Total liabilities decreased to RMB 59,607,005 from RMB 70,271,837, a reduction of 15.2%[6] - As of December 31, 2024, total assets amounted to RMB 124,744,030 thousand, a decrease from RMB 132,670,547 thousand as of December 31, 2023, reflecting a decline of approximately 6.0%[32] - The total liabilities as of December 31, 2024, were RMB 91,650,022 thousand, compared to RMB 97,545,558 thousand as of December 31, 2023, indicating a reduction of about 6.0%[32] - The company’s non-current asset additions in 2024 were RMB 627,653 thousand, compared to RMB 3,062,993 thousand in 2023, showing a significant decrease of approximately 79.5%[33] - The company’s expected credit loss provisions in 2024 amounted to RMB 334,610 thousand, compared to RMB 1,161 thousand in 2023, indicating a substantial increase[33] - The total interest-bearing debt of the group is RMB 34,908,872,000, with a net leverage ratio of 67% as of December 31, 2024, down from 71% in 2023[95] Revenue Streams - Asset management service revenue increased to RMB 17,422 from RMB 14,971, representing a growth of 9.7% year-over-year[22] - The property division's revenue from the sale of available-for-sale properties was RMB 20,261,274, down 28.7% from RMB 28,414,855 in the previous year[22] - The group's total rental income from investment properties was RMB 251,239, slightly down from RMB 261,128 in 2023[22] - The asset management division reported a loss of RMB 818,020, compared to a profit of RMB 3,231,011 in the previous year, indicating a significant decline in performance[27] Strategic Focus - The company plans to focus on real estate development and asset management as part of its future strategy[9] - The company emphasized a strategy of "stable development with quality leading the market" amidst a challenging real estate environment[58] - The company aims to enhance project operational capabilities with a focus on "speed, quality, and efficiency" in development, aiming for "ultimate launch" to shorten development cycles[105] - The company plans to shift from "price for volume" to "quality for price" in pricing management, optimizing sales strategies dynamically[105] - The company will utilize innovative marketing strategies to enhance premium space and address challenging projects through local policy advantages[105] Market Conditions - The financial performance shift is attributed to adverse conditions in the real estate sector affecting the group's investments[65] - The Chinese government is expected to continue promoting stability in the real estate market, which may positively impact the company's operations[103] Project Development - The company completed a total contracted sales amount of RMB 42.46 billion in 2024, showing a V-shaped recovery with a 10% year-on-year growth after a 32% decline in the first quarter[60] - The company focused on acquiring land in first-tier and strong second-tier cities, adding three major land development investments during the year[58] - The group has a total of 45 real estate development projects across cities including Guangzhou, Foshan, Chongqing, Xi'an, Nanjing, and Jurong, focusing on residential and mixed-use properties[67] - The total saleable area of unsold or pre-sold properties (land reserves) as of December 31, 2024, is 4,201,823 square meters[67] Human Resources - The group employed 712 staff as of December 31, 2024, down from 859 in 2023[108] Governance and Compliance - The audit committee consists of two independent non-executive directors and one non-executive director, ensuring compliance with financial reporting standards[116] - The group has adopted a code of conduct for directors' securities trading, confirming compliance for the year ending December 31, 2024[120] - The annual report for 2024 will be sent to shareholders and published on the Hong Kong Stock Exchange website[122]

Stock Code 股份代號：978 2024 中期報告 INTERIM REPORT CONTENTS 目 錄 | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------| | | | | 2 | CORPORATE INFORMATION 公司資料 | | 5 | MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 | | 25 | OTHER INFORMATION 其他資料 | | 37 | CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 簡明綜合損益及其他全面收益表 | | 39 | CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 簡明綜合財務狀況表 | | 42 | COND ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 5,244,150, a decrease of 46.6% compared to RMB 9,814,296 for the same period in 2023[1]. - Gross profit for the same period was RMB 198,635, down 89.5% from RMB 1,893,107 in 2023[1]. - The net loss for the six months ended June 30, 2024, was RMB 241,012, compared to a profit of RMB 813,760 in 2023[2]. - Total comprehensive loss for the period was RMB 271,085, a significant decline from a total comprehensive income of RMB 842,488 in the previous year[2]. - The basic loss per share for the six months ended June 30, 2024, was RMB (6.68), compared to earnings per share of RMB 1.72 in 2023[2]. - The group reported a pre-tax loss of RMB 211,362 thousand, compared to a profit of RMB 1,532,844 thousand for the same period in 2023[12][13]. - The company reported a loss attributable to owners of the company of RMB (327,653,000) for the six months ended June 30, 2024, compared to a profit of RMB 84,140,000 in 2023[18]. - The total contract sales amount for the six months ending June 30, 2024, was approximately RMB 19,683,000,000, representing a year-on-year decrease of about 1.29%[43]. - The total contract sales area for the same period was approximately 868,378 square meters, a year-on-year decrease of about 14%[43]. Assets and Liabilities - Non-current assets decreased to RMB 37,938,836 as of June 30, 2024, from RMB 39,814,647 as of December 31, 2023[3]. - Current liabilities increased to RMB 66,808,353 as of June 30, 2024, compared to RMB 70,271,837 at the end of 2023[4]. - The company's net asset value was RMB 34,799,677 as of June 30, 2024, slightly down from RMB 35,124,989 at the end of 2023[4]. - As of June 30, 2024, the total interest-bearing debt was RMB 40,483,561,000, an increase from RMB 35,238,088,000 as of December 31, 2023[34]. - The net leverage ratio (net interest-bearing debt to equity) increased to 79% from 71% at the end of 2023, indicating a higher level of financial leverage[34]. Income and Expenses - The company reported other income of RMB 231,496, an increase of 11.3% from RMB 207,845 in the previous year[1]. - Financing costs for the period were RMB (399,489), compared to RMB (375,812) in the same period last year, indicating an increase in financing expenses[1]. - Total financing costs for the six months ended June 30, 2024, were RMB 399,489 thousand, compared to RMB 375,812 thousand in the previous year, reflecting an increase of 6.1%[14]. - The company's income tax expense for the six months ended June 30, 2024, was RMB 10,645,000, compared to RMB 302,770,000 for the same period in 2023[15]. - The deferred tax items showed an increase to RMB 105,429,000 in 2024 from RMB 20,307,000 in 2023[15]. Real Estate Development - The total area of real estate investment in the first half of 2024 was RMB 52,529 billion, a year-on-year decrease of 10.1%[30]. - The sales area of commercial housing in the first half of 2024 was 47,916 million square meters, down 19.0% year-on-year, with residential sales area declining by 21.9%[30]. - The company has developed a residential living system aimed at enhancing quality of life, focusing on smart community features such as smart access and security[30]. - As of June 30, 2024, the company has 48 real estate development projects in cities including Foshan, Guangzhou, Chongqing, Nanjing, Jurong, and Xi'an, focusing on residential and mixed-use properties[37]. - The total unsold or pre-sold property projects have a saleable area of 4,618,759 square meters[37]. - The company has a total of 6,412,712 square meters of real estate under development in Chongqing, with 4,404,627 square meters already completed[41]. - The company’s completed and under-development properties in Chongqing have a total rental area of 4,112,627 square meters[41]. Corporate Governance - The company continues to adhere to corporate governance codes, with no specific term limits for directors, ensuring compliance with the intended objectives[56]. - The audit committee consists of two independent non-executive directors and one non-executive director, ensuring appropriate financial oversight[55]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance with the standards set forth[57]. - The board of directors consists of non-executive directors, including Mr. Jiang Tiefeng, Mr. Yu Zhiliang, and Mr. Li Yao, along with executive directors Dr. Su Shuhui, Mr. Huang Jingyuan, and Ms. Chen Yan, as well as independent non-executive directors Dr. Wang Yongquan, Ms. Chen Yanping, Dr. Shi Xinping, and Mr. Ye Wenqi[59]. Workforce and Dividends - The company has maintained a workforce of 799 employees in China and Hong Kong as of June 30, 2024, down from 859 employees as of December 31, 2023[53]. - No interim dividend has been declared for the six months ending June 30, 2024, consistent with the same period in 2023[52]. - The proposed final dividend for the year ended December 31, 2023, is HKD 0.012 per share, down from HKD 0.03 per share in 2022, with a total amount of approximately RMB 53,703,000[19].

Financial Performance - As of December 31, 2023, the group has receivables from non-controlling interests amounting to approximately RMB 17,267,178,000, an increase from RMB 15,685,141,000 in 2022, representing a growth of about 10.1%[13] Strategic Objectives - The company aims to enhance capital operation efficiency and accelerate project profit returns through pre-distribution of dividends and additional fund transfers to non-controlling shareholders[9] - The strategy focuses on improving shareholder benefits and increasing corporate value as a core objective of the listed real estate company[9]

Financial Performance - For 2023, the Group's operating revenue amounted to RMB 28.8 billion, with a profit attributable to owners of the Company of RMB 133 million, and equity attributable to shareholders of RMB 9,912 million[8]. - The company reported a revenue of RMB 12 billion for the fiscal year, representing a year-over-year increase of 15%[79]. - In 2023, the Group's profit amounted to RMB 1,251,815,000, representing a year-on-year decrease of approximately 27.6%[131]. - Profit attributable to the owners of the Company was RMB 133,414,000, a decrease of approximately 59.5% compared to the previous year[131]. - Gross profit amounted to RMB3,870,543,000, reflecting a year-on-year decrease of approximately 3.3% from RMB4,003,533,000 in 2022, with a gross profit margin of approximately 13.44%[93]. - The Group's aggregate contracted sales decreased to RMB 38,600,000,000, down approximately 19.35% from RMB 47,861,000,000 in 2022[137]. - The average selling price per square meter was approximately RMB 20,331, reflecting a year-on-year decrease of approximately 17.9%[137]. Market Environment - The overall market environment remains challenging, with geopolitical risks and economic uncertainties impacting the real estate sector[12]. - The national investment in real estate development in 2023 was RMB 11,091.3 billion, representing a decrease of 9.6% from the previous year, while the sales area and sales value of commercial properties decreased by 8.5% and 6.5%, respectively[9]. - The Chairman indicated that the GDP growth target for 2024 is set at around 5%, with a focus on accelerating the construction of a new model of real estate development to meet housing needs[17]. - In 2023, China's annual GDP reached RMB126,058.2 billion, with a year-on-year growth of 5.2% at constant prices[122]. Strategic Initiatives - The Group plans to strengthen policies on both supply and demand sides to restore buyer confidence and industry expectations over time[18]. - The Group launched several new product lines, including the "Cuican Series" and "Tianqing Series," enhancing customer satisfaction and experience significantly[13]. - The company is investing RMB 500 million in R&D for new technologies aimed at urban development solutions[79]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of RMB 1.5 billion allocated for potential deals[79]. - A new partnership with a leading tech firm is expected to enhance product capabilities and drive innovation[79]. Asset Management and Development - The asset-liability ratio stood at 57%, with a net debt ratio of 75%, maintaining a stable capital structure to withstand economic cycles[16]. - The Group added 5 new projects with a total land premium of RMB 8,220 million, increasing the value of goods by RMB 17.5 billion in 2023[125]. - The total future saleable gross floor area (GFA) in Xi'an is projected to be 1,015,469 sq.m., with significant projects including China Merchants Lanyue at 387,293 sq.m.[165]. - The company has a total of 3,241,853 square meters in future development projects, indicating a significant pipeline for growth[193]. - The total GFA under development is 1,078,360 square meters, showcasing the company's commitment to expanding its portfolio[193]. Operational Efficiency - The Group's average financing cost for bank and financial institution borrowings was 4.08%, remaining at a relatively low level within the industry, with cash holdings of RMB 10.3 billion at the end of 2023[16]. - The company aims to improve operational efficiency by 8% through new management strategies implemented in the next quarter[79]. - The capital cost of the Group remained at an industry-low level, indicating effective capital management[91]. Project Portfolio - As of December 31, 2023, the Group's portfolio includes 48 property development projects across Guangzhou, Foshan, Chongqing, Xi'an, Nanjing, and Jurong, focusing primarily on residential properties and mixed-use developments[162]. - The Group's projects were recognized in the "Top 10 High-end Projects" and "Top 10 Light Luxury Projects" by CRIC, reflecting the quality of its offerings[13]. - The company has multiple residential and commercial projects in Foshan, Guangdong Province, with completion dates ranging from January 2019 to July 2021[198]. - The company is actively pursuing market expansion with multiple ongoing projects across various cities[170]. Sustainability Goals - The company has set a target to reduce carbon emissions by 25% over the next five years as part of its sustainability strategy[79].

Financial Performance - The profit for the year 2023 was RMB 1,251,815,000, a decrease of approximately 27.6% compared to RMB 1,730,026,000 in 2022[27]. - The profit attributable to the owners of the company was RMB 133,414,000, down about 59.5% from RMB 329,659,000 in 2022[27]. - The basic earnings per share for 2023 were RMB 2.72, a decline of approximately 59.5% from RMB 6.72 in 2022[27]. - The total revenue for 2023 was RMB 28,800,845,000, representing a decrease of about 3.6% from RMB 29,871,347,000 in 2022[28]. - The gross profit for 2023 was RMB 3,870,543,000, a decrease of about 3.3% from RMB 4,003,533,000 in 2022, with a gross margin of approximately 13.44%[50]. - Total comprehensive income for the year was RMB 1,270,747,000, down from RMB 1,776,896,000 in the previous year[136]. - The profit before tax for 2023 was RMB 2,691,070,000, compared to RMB 1,439,255,000 in 2022[136]. Revenue Sources - Revenue from customer contracts primarily originated from China, totaling RMB 14,971,000, compared to RMB 30,457,000 in the previous year[9]. - The asset management service revenue for the year was approximately RMB 14,971,000, a decrease from RMB 30,457,000 in 2022[95]. - The company reported a total of RMB 28,539,717,000 in revenue from contracts with customers for the year ended December 31, 2023, down from RMB 29,639,850,000 in 2022, a decrease of approximately 3.7%[165]. Assets and Liabilities - As of December 31, 2023, total assets amounted to RMB 132,670,547,000, with property segment assets at RMB 119,171,168,000[14]. - The total liabilities as of December 31, 2023, were RMB 97,545,558,000, with property segment liabilities at RMB 73,285,416,000[14]. - The group recorded a net asset value attributable to owners of RMB 9,912,250,000 as of December 31, 2023, compared to RMB 9,862,815,000 in 2022[96]. - The total interest-bearing debt of the group was RMB 35,238,088,000, slightly down from RMB 35,245,097,000 in 2022[133]. Construction and Sales - The total contract sales amount for the group, including its joint ventures and associates, was RMB 38.6 billion, a decrease of approximately 19.35% compared to RMB 47.86 billion in 2022[58]. - The total contract sales area was 1,898,545 square meters, down approximately 1.72% from 1,931,711 square meters in 2022[58]. - The average selling price was approximately RMB 20,331 per square meter, a decrease of about 17.9% from RMB 24,777 per square meter in 2022[58]. - The total land reserve available for sale as of December 31, 2023, was 5,201,674 square meters[53]. Employee and Operational Costs - The group reported a decrease in employee costs to RMB 379,328,000 from RMB 413,686,000 in the previous year[21]. - The group aims to control the three expense levels (sales, management, and financing) below industry benchmarks to achieve management efficiency[99]. Taxation - The effective corporate income tax rate for subsidiaries established in China is 25%[20]. - The group reported a total income tax expense of RMB 1,439,255,000 for the year 2023, compared to RMB 1,250,617,000 in 2022, reflecting an increase of approximately 15.1%[121]. Market and Industry Trends - The real estate industry continues to experience significant adjustments, with over half of the top 100 real estate companies exiting since 2021[26]. - The urbanization rate in China increased by 0.94 percentage points to 66.16%, indicating ongoing demand for housing[97]. Corporate Governance and Compliance - The group has complied with the corporate governance code as per the listing rules, with no specific term limits for directors, ensuring a similar effect to term limits[112]. - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2023, ensuring compliance with accounting principles[109]. Strategic Focus - The company is focusing on expanding its market presence in key regions, leveraging strategic locations to enhance sales potential[62]. - The group plans to enhance digital applications to improve online marketing and asset quality, ensuring cash flow remains within a safe boundary[99]. - The group has launched new product lines, including the "Brilliant Series," to enhance product and service quality[99].

Shareholder Loans and Receivables - The company's shareholder loans have been restructured, with a total of RMB 898,656 thousand as of June 2023, reflecting an 8% interest rate[5][7]. - As of December 31, 2022, the net receivables from joint ventures and associates amounted to RMB 757,077 thousand, with a 6.17% interest rate[9][5]. - The total amount of receivables from joint ventures and associates represents approximately 6.04% of the group's total assets, which is below the 8% threshold defined by listing rules[32]. - As of December 31, 2022, the group's other receivables and prepayments amounted to approximately RMB 1,573,020,000, an increase from RMB 1,398,876,000 in 2021[52]. - Other receivables included approximately RMB 1,463,271,000 related to project funding for joint ventures and urban renewal projects[52]. - Prepayments totaled approximately RMB 109,748,000, primarily for construction fees, utility payments, and distribution commissions[52]. - The nature of receivables from related parties includes advances to indirect holding companies and subsidiaries, potentially used to settle outstanding balances[53]. Joint Ventures and Investments - The company holds a 52% beneficial ownership in a joint venture engaged in real estate development, confirming its status as a subsidiary[19]. - The company has a 45.9% stake in another joint venture, with the largest shareholder being a wholly-owned subsidiary of Minmetals Land Limited[20]. - The company regularly reviews investments in joint ventures based on local sales data and project performance metrics[27]. - The company emphasizes strict adherence to investment principles and risk management practices in its dealings with joint ventures and associates[25]. - The company aims to enhance capital efficiency and returns through strategic investments in project companies[24]. - The company has established a significant presence in the real estate development sector, with ongoing projects requiring shareholder contributions[40]. Compliance and Transparency - The company plans to continue monitoring compliance with listing rules and maintain transparency in its financial reporting[47].

Sales Performance - For the six months ended June 30, 2023, the Group achieved aggregate contracted sales of approximately RMB 19,940 million, representing a year-on-year decrease of approximately 3.5%[20] - The aggregate contracted sales area for the same period was approximately 1,011,454 square meters, indicating a year-on-year increase of approximately 26%[20] - The average selling price for the six months ended June 30, 2023, was approximately RMB 19,714 per square meter[20] - The sales performance in Xi'an accounted for 31% of the total contracted sales area, amounting to approximately 312,809 square meters[22] - The sales performance in Nanjing & Jurong represented 22% of the total contracted sales area, totaling approximately 227,704 square meters[22] Financial Performance - For the first half of 2023, the Group recorded a turnover of RMB9,814,296,000, representing a decrease of approximately 29% compared to RMB13,794,534,000 in the corresponding period of 2022[48] - Gross profit amounted to RMB1,893,107,000, a decrease of approximately 12% from RMB2,158,488,000 in the same period last year, with a gross profit margin of 19%, up by approximately 3 percentage points from 16%[50] - Profit attributable to the owners of the Company was RMB84,140,000, representing a decrease of approximately 66% compared to RMB249,763,000 in the same period of 2022[53] - Basic earnings per share for the first half of 2023 was RMB1.72 cents, down approximately 66% from RMB5.09 cents in the corresponding period of last year[53] Development and Land Bank - As of June 30, 2023, the Group's total GFA under development was approximately 1,597,286 square meters[16] - The total GFA completed during the period was approximately 2,185,911 square meters[16] - As of June 30, 2023, the Group's land bank consisted of 4,932,545 sq.m. of saleable GFA, with a focus on residential and commercial complex properties[62] - Newly acquired land bank in the first half of 2023 included projects in Xi'an and Nanjing, with total considerations of RMB1,170 million and RMB1,815 million respectively[59] - The total future saleable GFA in Nanjing is 537,529 sq.m., indicating strong market presence in that region[65] Market Conditions - In the first half of 2023, China's GDP reached RMB 59,303.4 billion, growing by 5.5% year-on-year, which is 1.0 percentage point faster than the first quarter[37] - Real estate investment in China amounted to RMB 5,800 billion, representing a year-on-year decrease of 7.9%[37] - The overall land market is experiencing a dichotomy, with some areas remaining hot while others are cold[37] - The real estate market is expected to maintain an orderly recovery in the second half of 2023, supported by a recent cut in the LPR benchmark interest rate by the central bank[101] Strategic Focus - The company plans to reduce operating costs and improve product quality to differentiate itself in the competitive market[46] - The company aims to leverage strategic opportunities by enhancing its product offerings and services in developed cities[46] - The company aims to focus on cities with favorable demographics, particularly those with a higher number of young people, to capture development opportunities[98] - The Group's strategy focuses on "deep urban cultivation," integrating residential development, hotel operation, and REIT asset management[104] Financial Health and Stability - The Group's financial position remains stable, with no material exposure to fluctuations in exchange rates[53] - As of June 30, 2023, the Group's net gearing ratio was 62%, down from 70% as of December 31, 2022[82] - The cash to short-term debt ratio was 2.14 times, indicating strong liquidity[82] - The Group's liabilities to asset ratio was 53% as of June 30, 2023[82] Employee and Governance Changes - The Group had 762 employees as of June 30, 2023, a decrease from 799 employees as of December 31, 2022[123] - Mr. Xu Yongjun resigned as director and chairman of the board of CMSK effective September 8, 2023[190] - Dr. Wong Wing Kuen was appointed as chairman of the Audit Committee, ensuring compliance with the Listing Rules[198] Other Financial Information - The company has maintained the same accounting policies and methods of computation for the six months ended June 30, 2023, as those presented in the annual financial statements for the year ended December 31, 2022[165] - The company reported a significant increase in trade and other payables, with total amounts reaching RMB 7,879,441,000 as of June 30, 2023, compared to RMB 7,427,932,000 at the end of 2022, indicating a growth of 6.06%[150] - The Group had bank borrowings amounting to RMB 2,664,553,000 as of June 30, 2023, an increase from RMB 2,594,112,000 as of December 31, 2022[116]

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，概不對因本公告全部 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。 招 商 局 置 地 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 公 佈，本 公 司 及 其 附 屬 公 司（「本集團」）由 二 零 二 三 年 一 月 一 日 起 至 二 零 二 三 年 六 月 三 十 日 止 期 間 之 未經審核簡明綜合中期業績連同比較數字如下： – 1 – 簡明綜合財務狀況表 於二零二三年六月三十日 | --- | --- | --- | --- | |----------------------------------------------|---------|----------------------------------------|---------------------------------------| | | | 於 二零二三年 | 於 二零二二年 | | | 附 註 | 六 月 三十日 人民幣千元 （未經審核） | 十二月 三十 ...