Financial Performance - For the year ended December 31, 2024, Seazen Group Limited reported revenue of RMB 89,226,520, a decrease of 25.3% compared to RMB 119,463,530 in 2023[14]. - Profit before income tax for 2024 was RMB 4,193,946, down 16.4% from RMB 5,019,671 in 2023[14]. - The net profit attributable to equity holders of the Company for 2024 was RMB 491,312, a decline of 44.1% from RMB 879,296 in 2023[14]. - Basic earnings per share for 2024 was RMB 0.07, down from RMB 0.12 in 2023, reflecting a decrease of 41.7%[14]. - The Group's revenue for the year ended December 31, 2024, amounted to RMB 89,226.5 million, a decrease from RMB 119,463.5 million in 2023, primarily due to the downturn in the real estate industry[53]. - Revenue from property sales decreased to RMB 76,041.0 million in 2024 from RMB 107,336.4 million in 2023, reflecting a significant contraction in the property business[54]. - The gross profit for the year ended December 31, 2024, was approximately RMB 14,984.4 million, with a gross profit margin of 16.8%, an increase of 3.3 percentage points from the previous year[62]. - The Group recorded a gross profit of approximately RMB14,984.4 million with a gross profit margin of 16.8% for the year ended December 31, 2024, an increase of 3.3 percentage points from 13.5% in the previous year[67]. - Net profit attributable to equity holders of the Company amounted to approximately RMB491.3 million for the year ended December 31, 2024, representing a year-on-year decrease of 44.1%[77]. Assets and Liabilities - Total assets decreased to RMB 309,124,937 in 2024 from RMB 377,088,556 in 2023, representing a decline of 18.1%[14]. - Total liabilities also decreased to RMB 222,335,178 in 2024 from RMB 286,579,215 in 2023, a reduction of 22.4%[14]. - The Company reported a total capital and reserves attributable to equity holders of RMB 86,789,759 in 2024, a decrease from RMB 90,509,341 in 2023[14]. - Non-controlling interests decreased to RMB 40,435,935 in 2024 from RMB 44,637,346 in 2023, a decline of 9.8%[14]. - The total borrowings of the Group amounted to RMB57.73 billion as of December 31, 2024, with a net debt-to-equity ratio of 53.8%[82]. Market Strategy and Expansion - The Company is focusing on market expansion and new product development as part of its future strategy[14]. - Seazen Group Limited is actively exploring potential mergers and acquisitions to enhance its market position[14]. - The company plans to expand its market presence by developing new residential and complex projects in cities such as Nanjing, Xuzhou, and Fuyang, focusing on areas with high demand[20]. - The Group's strategy includes expanding its presence in various provinces, focusing on both residential and complex projects[32]. - The Group's future outlook includes continued expansion in the Greater Bay Area and other regions, with significant land resources available for development[42]. Property Development and Leasing - The total leasable area across major properties is approximately 6,000,000 sq.m., with an accumulated contracted area of about 4,500,000 sq.m., indicating a leasing rate of approximately 75%[19]. - The total number of residential projects under development is 15, with a combined leasable area exceeding 3,000,000 sq.m.[20]. - The company has completed several projects, including the Chuzhou Tianchang Project with a leasable area of 607,864 sq.m. and an accumulated contracted area of 449,627 sq.m., achieving a leasing rate of approximately 74%[20]. - The company is actively pursuing market expansion with multiple projects under development across various cities, including Wenzhou, Fuzhou, and Qingdao[22]. - The total number of completed residential projects is 15, with a combined leasable area of approximately 2,000,000 sq.m.[21]. Financial Management and Investments - The Group's cash balances totaled approximately RMB 10,618.3 million, a decrease of 45.5% from RMB 19,499.9 million in 2023[89]. - The Group raised approximately HKD 1,559.79 million from the Rights Issue, with HKD 623.92 million utilized for repayment of a syndicated loan and the remaining HKD 935.87 million reallocated for repayment of offshore loans[91][93]. - The Group's strategy to adopt a more prudent approach regarding land acquisitions aligns with the overall interests of the Company and its shareholders[95]. - The Group's total accumulated contracted area as of December 31, 2024, was 67,091,828 sq.m.[44]. - The Group's financial condition is impacted by various risks, including liquidity and foreign exchange risks, which require ongoing management and assessment[156]. Governance and Leadership - The company has a diverse Board with members holding significant experience in finance, law, and management[119][121][125]. - The company continues to prioritize experienced leadership to navigate market challenges and opportunities[119][120]. - The Board's composition reflects a commitment to governance and compliance with listing rules[126][128]. - The company is focused on enhancing its ESG initiatives under the leadership of Mr. Zhou and Mr. Wang[117][120]. Market Conditions and Challenges - The Group's business performance is heavily reliant on the property market in mainland China, which is subject to various economic, political, and regulatory changes[153]. - The PRC property market is volatile, with potential undersupply or oversupply of properties and significant price fluctuations, which could adversely affect demand[158]. - The management is committed to prudent operations and will adjust supply structures and marketing strategies to mitigate risks[159]. - The Group does not currently have a foreign currency hedging policy, exposing it to foreign exchange risks from fluctuations in HKD and USD against RMB[162].

《2025年上海市新城发展行动方案》印发 今年将编制完成细分赛道专项规划 金十数据4月15日讯，记者从2025年上海市新城发展行动方案新闻通气会暨"媒体看新城"活动上了解 到，今年，上海市研究发布了《2025年上海市新城发展行动方案》（以下简称《行动方案》）。《行动 方案》聚焦4个方面，提出了8项行动。《行动方案》提出，聚焦新城特色产业细分赛道发展，市区协同 做好企业服务和项目招引工作，提升新城在全市、长三角乃至全国产业格局中的显示度和竞争力。《行 动方案》提出，深入推进旧城区改建、城中村改造，加快新城低效产业用地处置和国企存量土地资源盘 活，率先推进新城国企产业用地分类处置，加快新城重点区域、相对成片地块的土地收储。继续实施建 设用地指标奖励、土地出让收入专项支持、新型基础设施建设项目贴息等政策。 ...

新城发展3月合约销售额21.3亿元人民币；1.3月累计合约销售额51.0亿元人民币。 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 89,227 million, with commercial property management services and rental income contributing about RMB 12,033 million, representing a year-on-year growth of 13.9%[3] - The company's revenue for the year ended December 31, 2024, was RMB 89,226,520 thousand, a decrease of 25.3% compared to RMB 119,463,530 thousand in 2023[7] - Gross profit was approximately RMB 14,984 million, with a gross profit margin of 16.8%[3] - Gross profit for the same period was RMB 14,984,406 thousand, down 7.3% from RMB 16,167,987 thousand in the previous year[7] - The total comprehensive income for the year was RMB 674,187 thousand, down from RMB 966,054 thousand in 2023, showing a decline in overall profitability[9] - The group recorded a total revenue of RMB 1,347,353,000 from discontinued operations for the period ended November 21, 2023[56] - The group recorded a profit from discontinued operations of RMB 1,251,606,000 for the year ended November 21, 2023[56] - The group’s financial performance from discontinued operations showed a pre-tax profit of RMB 188,382,000 for the year ended November 21, 2023[56] Profitability - Net profit attributable to equity holders of the company was approximately RMB 491 million[3] - Profit from continuing operations was RMB 682,098 thousand, compared to a loss of RMB 467,034 thousand in 2023, indicating a recovery in core business performance[7] - The company reported a profit attributable to equity holders from continuing operations of RMB 491,312,000 for the year ended December 31, 2024, compared to a loss of RMB 366,785,000 in 2023[48] - Basic earnings per share from continuing operations improved to RMB 0.07 from a loss of RMB 0.05 in the previous year[7] - The net profit attributable to equity holders for the year ending December 31, 2024, is approximately RMB 491.3 million, a decline of 44.1% year-on-year[8] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 377,088,556 thousand[6] - Total liabilities amounted to RMB 222,335,178 thousand, compared to RMB 286,579,215 thousand in the previous year[6] - The net debt to equity ratio stood at 53.8%[3] - Current liabilities were RMB 171,664,601 thousand, down from RMB 238,673,296 thousand in the previous year[6] - The total short-term borrowings amounted to RMB 16,071,392,000, with cash and cash equivalents at RMB 6,914,613,000 and restricted cash at RMB 3,703,679,000[15] - As of December 31, 2024, the group's current liabilities exceeded current assets by RMB 17,743,103,000[15] Financial Management - Total borrowings amounted to approximately RMB 57,733 million, a decrease of 8.6% year-on-year, with a weighted average borrowing cost of 5.88%, down by 0.27 percentage points[3] - The board believes that the group will be able to obtain sufficient operating funds and financing sources to ensure the repayment of debts due within 12 months after December 31, 2024[16] - The group aims to enhance its operational management position and increase total revenue as a key source for interest repayment on debt[18] - The group plans to leverage financial policy support to increase operational property financing and actively participate in innovative financing related to real estate[18] - The group intends to utilize various methods to activate existing assets and increase cash sources, seizing opportunities from policy implementations[18] Operational Efficiency - Operating profit decreased to RMB 6,763,257 thousand from RMB 6,224,954 thousand, reflecting a decline in operational efficiency[7] - The company incurred a net impairment loss on financial assets of RMB 908,136 thousand, down from RMB 1,197,403 thousand in 2023, suggesting improved asset quality[7] - The company’s marketing expenses decreased to RMB 4,032,137 thousand from RMB 5,209,342 thousand, reflecting cost-cutting measures[7] - Administrative expenses decreased by 23.0% to approximately RMB 3,193.6 million for the year ending December 31, 2024, primarily due to a reduction in staff and cost-saving measures[10] Market and Sales - In 2024, the company recorded property sales revenue of approximately RMB 76,041 million, with a total delivered property area of about 9,854,354 square meters[66] - The average selling price of properties delivered in 2024 was RMB 7,716 per square meter[66] - The company achieved a total contract sales amount of approximately RMB 40,171 million, with a contract sales area of about 5,388,200 square meters[68] - The average contract sales price (excluding parking spaces) was RMB 9,832 per square meter[68] - The company delivered over 100,000 residential units in 2024 and opened 15 new Wuyue Plaza locations, increasing property management area by over 25 million square meters[60] Corporate Governance - The company has adhered to corporate governance standards, ensuring compliance with applicable rules and regulations throughout the fiscal year ending December 31, 2024[96] - The board confirmed compliance with the standard code for securities trading by directors for the fiscal year ending December 31, 2024[97] - The company has implemented a performance review system to evaluate employee performance and determine salary adjustments and promotions[92] Future Outlook - The real estate market in China is expected to stabilize with supportive policies, leading to anticipated sales revenue growth for the company in 2025[59] - The available land resources for future residential sales amount to approximately 31.44 million square meters as of December 31, 2024[70]

分享喜悅 不負情懷 Seazen Group Limited 2024 中期報告 INTERIM REPORT 目錄 CONTENTS | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------|-------|-------|-----------------------------------------------------------------------------------------------|-------| | | | | | | | 公司資料 Corporate Information | 2 | • | 簡明合併全面收益表 Condensed Consolidated Statement | 54 | | 主要物業明細 Breakdown of Major Properties | 5 | • | of Comprehensive Income 簡明合併權益變動表 | 55 | | 管理層討論及分析 Management D ...

Financial Performance - Total operating revenue for the six months ended June 30, 2024, was approximately RMB 6,212 million, representing a year-on-year increase of 19.44%[2] - Net profit attributable to equity holders of the company was approximately RMB 959 million, while core profit was approximately RMB 1,050 million[2] - The company's profit for the six months ended June 30, 2024, was RMB 1,390,502 thousand, a decrease of 39.7% compared to RMB 2,304,373 thousand for the same period in 2023[8] - Total comprehensive income for the period was RMB 1,386,973 thousand, down 21.8% from RMB 1,773,450 thousand in the previous year[8] - The company's equity holders' share of total comprehensive income was RMB 956,870 thousand, compared to RMB 1,075,665 thousand in the same period last year, reflecting a decline of 11.0%[8] - The company reported a basic earnings per share of RMB 0.14 for the six months ended June 30, 2024, compared to RMB 0.20 for the same period in 2023[6] - The company reported a profit attributable to equity holders of RMB 959,244 thousand for the six months ended June 30, 2024, compared to RMB 1,431,155 thousand in 2023, reflecting a decline of 32.9%[36] - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 0.14, down from RMB 0.20 in the same period of 2023[36] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 358,493 million, a decrease from RMB 377,088 million as of December 31, 2023[5] - Current assets totaled RMB 200,717 million, down from RMB 218,982 million at the end of 2023[5] - The company's total liabilities decreased to RMB 269,141 million from RMB 286,579 million as of December 31, 2023[5] - Total assets as of June 30, 2024, amounted to RMB 358,493,549 thousand, a decrease of 2.4% compared to December 31, 2023[17] - Total liabilities as of June 30, 2024, were RMB 269,140,905 thousand, down by 2.4% from the previous period[17] - The net debt to equity ratio stood at 50.5%[2] - The net debt to equity ratio as of June 30, 2024, was 50.5%, an increase from 47.7% as of December 31, 2023[59] Revenue and Sales - Total revenue for the six months ended June 30, 2024, was RMB 34,003,339 thousand, showing a decrease of 0.03% compared to the previous period[16] - Revenue for the six months ended June 30, 2024, was RMB 34,003,339 thousand, down 20.1% from RMB 42,532,349 thousand for the same period in 2023[26] - The total revenue from property development for the first half of 2024 was approximately RMB 27,550 million, with a total delivered area of 3,186,784 square meters and an average selling price of RMB 8,645 per square meter[49] - The property sales revenue for the first half of 2024 was RMB 27,550 million, while commercial property management service income was RMB 3,181.1 million, up from RMB 2,134.7 million in 2023[52] Expenses and Costs - Total expenses for the six months ended June 30, 2024, amounted to RMB 30,510,968 thousand, a decrease of 21.5% compared to RMB 38,857,096 thousand for the same period in 2023[27] - Construction costs decreased to RMB 12,636,184 thousand from RMB 16,655,266 thousand, representing a reduction of 24.3%[27] - Employee costs fell to RMB 1,354,897 thousand, down 24.5% from RMB 1,795,599 thousand in the previous year[27] - Sales and marketing costs decreased by 2.0% to approximately RMB 1,646.1 million compared to RMB 1,680.0 million in the same period of 2023[54] - Administrative expenses decreased by 18.0% to approximately RMB 1,688.4 million from RMB 2,060.2 million in the same period of 2023[55] - The total income tax expense for the six months ended June 30, 2024, was RMB 944,044 thousand, a decrease of 34.9% from RMB 1,449,101 thousand in 2023[29] Financing and Debt - Average interest rate on bank loans, preferred notes, and corporate bonds was 6.02%[2] - The company reported total borrowings of RMB 47,768,951 thousand as of June 30, 2024, an increase of 6.5% from RMB 44,880,119 thousand as of December 31, 2023[23] - The company’s short-term borrowings with collateral were RMB 1,783,920 thousand as of June 30, 2024, a decrease of 22.5% from RMB 2,299,755 thousand as of December 31, 2023[23] - The company’s non-collateralized borrowings from banks and non-bank financial institutions were RMB 2,007,716 thousand as of June 30, 2024, a decrease of 9.1% from RMB 2,208,817 thousand as of December 31, 2023[23] Operational Highlights - In the first half of 2024, the company achieved contract sales of approximately RMB 23,554 million, with a total sales area of about 3.26 million square meters, resulting in an average contract sales price of approximately RMB 9,214 per square meter[41] - The company successfully delivered over 57,000 residential units in the first half of 2024 and ranked among the top six in terms of signed construction projects[38] - The commercial operation revenue for the first half of 2024 reached approximately RMB 6,212 million, with an occupancy rate of 97.24% across 201 operational and under-construction urban complexes[38] - As of June 30, 2024, the company had pre-sold but not delivered properties valued at approximately RMB 140,297 million, with a total construction area of about 19.16 million square meters[43] - The company has approximately 33.49 million square meters of land resources available for future residential sales as of June 30, 2024[44] Corporate Governance and Compliance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[10] - The company has not adopted any new accounting standards that would significantly impact its financial performance for the six months ended June 30, 2024[12] - The company has adopted the corporate governance code as per the listing rules and has complied with the governance standards as of June 30, 2024[70] - The audit committee, composed entirely of independent non-executive directors, reviewed the group's accounting principles and policies for the six-month period ending June 30, 2024[72] Employee and Workforce - As of June 30, 2024, the group employed 20,602 full-time employees in China and Hong Kong[66] - The group has established an annual review system to evaluate employee performance and determine salary increases or promotions[66]

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 119,463,530, an increase from RMB 116,540,630 in 2022, representing a growth of 1.65%[10] - Profit before income tax for 2023 was RMB 5,019,671, compared to RMB 3,694,506 in 2022, marking a significant increase of 35.8%[10] - Profit for the year attributable to equity holders of the Company was RMB 879,296, up from RMB 280,673 in 2022, reflecting a growth of 213.5%[10] - Basic earnings per share for 2023 was RMB 0.12, compared to RMB 0.04 in 2022, indicating a 200% increase[10] - The Group's total commercial operating income for 2023 was RMB 11.324 billion, an increase from RMB 10.006 billion in 2022, reflecting a growth of 13.1%[64][65] - The Group's revenue increased by 2.5% from RMB 116,540.6 million in 2022 to RMB 119,463.5 million in 2023, driven by higher property deliveries[66][67] - Revenue from the sale of properties for 2023 was RMB 107,336.4 million, compared to RMB 104,882.7 million in 2022, indicating a growth of 2.3%[68] - The average contracted sales price (excluding parking space sales) for the year was RMB 9,737 per square meter[40] - The average cost per sq.m. sold increased by 5% to RMB 7,264, while the average selling price per sq.m. sold rose by 4% to RMB 8,255[73] Assets and Liabilities - Total assets decreased to RMB 377,088,556 in 2023 from RMB 463,473,896 in 2022, a decline of 18.6%[10] - Total liabilities also decreased to RMB 286,579,215 in 2023 from RMB 370,459,555 in 2022, a reduction of 22.6%[10] - The Group's outstanding borrowings amounted to RMB 63,169.6 million, with a significant portion (60.8%) being long-term borrowings, ensuring stable future cash flows[100][102] - The net debt-to-equity ratio was 47.7% as of December 31, 2023, indicating a solid financial structure[104] - The Group's cash balances as of December 31, 2023, totaled RMB 19,499.9 million, a decrease from RMB 32,453.3 million in 2022, with RMB 19,385.3 million denominated in RMB[135] Project Development and Leasing - As of December 31, 2023, the total leasable area of major properties reached 4,000,000 sq.m., with an accumulated contracted area of 3,200,000 sq.m., indicating a strong leasing performance[11] - The company has a strong pipeline of projects, with multiple properties in various stages of development across Changzhou and Taizhou, indicating ongoing market expansion[11][12] - The total area of residential projects under development in Taizhou is 1,336,000 sq.m., with significant portions in the Taizhou Taixing and Taizhou Xinghua projects[12] - The overall completion rate for residential projects stands at approximately 80% for the year 2023, demonstrating effective project management[13] - The total number of residential projects under development is 12, with a combined leasable area exceeding 2,000,000 sq.m., indicating ongoing expansion efforts[13] Market Strategy and Future Outlook - The Company is focusing on market expansion and new product development as part of its future strategy[10] - The management anticipates continued growth in revenue and profitability for the upcoming fiscal year[10] - The company is focusing on enhancing its market presence through strategic developments in high-demand areas, particularly in residential and complex property sectors[12] - Future guidance indicates a projected increase in revenue by 15% year-over-year, driven by the completion of ongoing projects and expansion into new markets[25] - The Group aims to expand its market presence through strategic partnerships and acquisitions in the property sector[177] Cost Management and Financial Efficiency - Administrative expenses decreased by 20.1% to approximately RMB 4,149.8 million for the year ended December 31, 2023, primarily due to cost-saving measures[81][87] - Selling and marketing costs decreased by 6.3% to approximately RMB 5,209.3 million, attributed mainly to a reduction in office expenses[80][86] - The Group is investing in new technologies to improve construction efficiency and reduce costs, aiming for a 10% reduction in project timelines by 2025[25] Employee and Management Structure - The Group employed 22,361 full-time employees as of December 31, 2023, with the majority engaged in real estate development and commercial management[150] - The Group's employee remuneration packages include basic salary, cash bonuses, and share-based payments, evaluated annually through a performance appraisal system[152] - Mr. Lv Xiaoping has been the CEO since January 2016 and is a member of the ESG Committee, contributing to the Group's strategic direction[155] Environmental, Social, and Governance (ESG) Initiatives - The Group is committed to environmental, social, and governance (ESG) initiatives, with dedicated committees to oversee these efforts[156] - The MSCI ESG rating of the Group improved from BB to BBB, reflecting its strong performance in environmental, social, and governance aspects[186] Risks and Market Conditions - The PRC property market is experiencing volatility, with potential undersupply or oversupply of property units and significant price fluctuations[198] - The Group's business is heavily dependent on the growth of the PRC economy, with a significant downturn potentially adversely affecting demand for commercial and residential properties[198] - Natural disasters and pandemics could severely disrupt the Group's property development projects and sales efforts, impacting financial performance[199]

Financial Performance - Total contract sales reached approximately RMB 75,983 million[2] - Commercial operating revenue was approximately RMB 11,324 million, representing a year-on-year growth of 13.2%[2] - Net profit attributable to equity holders was approximately RMB 879.3 million[2] - Operating profit for the year was RMB 6,224,954 thousand, compared to RMB 6,080,212 thousand in the previous year[7] - The company reported a total profit for the year of RMB 784,572 thousand, compared to RMB 742,704 thousand in 2022[7] - The company's annual profit for the year ended December 31, 2023, was RMB 784,572,000, an increase from RMB 742,704,000 in 2022, representing a growth of approximately 5.2%[8] - The total comprehensive income for the year was RMB 966,054,000, a significant recovery from a loss of RMB 93,213,000 in the previous year[8] - The company’s comprehensive income attributable to equity holders was RMB 1,151,700,000, a recovery from a loss of RMB 278,181,000 in the previous year[8] - The total revenue for the year ended December 31, 2023, was RMB 120,663,720,000, with a significant contribution from the A-share company of RMB 119,174,278,000[20] - The group reported a total profit for the year of RMB 784,572,000, which includes profits from discontinued operations of RMB 1,251,606,000[19] Assets and Liabilities - Total assets decreased from RMB 463,473,896 thousand in 2022 to RMB 377,088,556 thousand in 2023[5] - Total liabilities decreased from RMB 370,459,555 thousand in 2022 to RMB 286,579,215 thousand in 2023[6] - The company's cash and cash equivalents amounted to RMB 13,225,030,000, while current liabilities exceeded current assets by RMB 19,691,719,000, highlighting liquidity challenges[12] - The company’s total liabilities as of December 31, 2023, included RMB 24,755,728,000 in short-term borrowings, indicating a reliance on debt financing[12] - The group’s total assets as of December 31, 2023, amounted to RMB 386,773,977,000, with total liabilities of RMB 293,831,960,000[21] Debt and Financing - The net debt-to-equity ratio stood at 47.7%[2] - The company is committed to strict compliance with financial covenants to ensure timely repayment of debts[13] - The group has provided guarantees for mortgage financing amounting to RMB 33,026,298 thousand as of December 31, 2023, down from RMB 62,295,853 thousand in 2022[40] - The group provided guarantees amounting to RMB 3,142.0 million to its joint ventures and associates as of December 31, 2023, down from RMB 4,924.4 million as of December 31, 2022[78] - The group’s financing costs amounted to RMB (3,037,034,000), reflecting the cost of debt servicing[20] Operational Strategy - The company plans to enhance property sales efforts to accelerate cash inflow and improve financial conditions[13] - The company aims to leverage government policies to secure financing and improve cash flow, including issuing bonds and REITs[13] - The group aims to improve real estate sales and recover sales funds in a timely manner as part of its operational strategy[15] - The company is focused on enhancing operational efficiency and balancing volume and price in response to market fluctuations, ensuring stable cash returns[46] - The company aims to leverage national regional strategies and policies related to public REITs to enhance its core competitiveness in the future[48] Revenue and Sales - The total revenue from property sales for the year was approximately RMB 107,336 million, with an average selling price of RMB 8,255 per square meter[55] - The revenue from A-share company sales was RMB 107,336,376 thousand for 2023, compared to RMB 104,882,656 thousand in 2022, marking a growth of about 2.34%[30] - The total commercial operating revenue for the year reached RMB 11.324 billion, representing a year-on-year growth of 13.2%[46] - The group’s total commercial operating revenue for 2023 was RMB 11,324.4 million, up from RMB 10,006 million in 2022, representing a year-on-year increase of 12.9%[54] Cost Management - The cost of sales and services totaled RMB 112,654,732 thousand for the year ended December 31, 2023, compared to RMB 111,354,835 thousand in 2022, indicating a slight increase of about 1.16%[31] - The company reported a decrease in construction costs to RMB 35,054,596 thousand in 2023 from RMB 53,324,267 thousand in 2022, a reduction of approximately 34.3%[31] - Administrative expenses decreased by 20.1% to approximately RMB 4,149.8 million due to cost-saving measures[64] - The impairment provision for completed and under-construction properties was RMB 5,348.2 million, a decrease of RMB 608.8 million compared to the previous year[61] Employee and Operational Metrics - The group employed 22,361 full-time employees as of December 31, 2023, with 21,917 engaged in real estate development and commercial management[83] - The company delivered over 140,000 residential units in 2023 and opened 22 new Wuyue Plaza locations, bringing the total operational and under-construction Wuyue Plazas to 198, with 161 already operational[46] - The group delivered a total construction area of approximately 13,002,807 square meters in 2023[55] Compliance and Governance - The group has been compliant with corporate governance codes and is in the process of appointing a new independent non-executive director to meet governance requirements[86] - The company confirmed compliance with the standard code for securities trading for the year ending December 31, 2023[87] - The board of directors did not recommend the declaration of a final dividend for the year ended December 31, 2023, consistent with the previous year[85] Future Outlook and Risks - The company is facing significant uncertainty regarding its ability to continue as a going concern due to a decline in property sales and pre-sales performance[92] - The group faces foreign exchange risk due to cash balances held in USD or HKD, while most transactions are conducted in RMB[80] - The group is closely monitoring foreign exchange assets and liabilities to mitigate risks associated with fluctuations in the RMB to USD exchange rate[80]

Financial Performance - Seazen Group Limited reported a significant increase in contracted sales, reaching a total of 30 million square meters as of June 30, 2023[13]. - The company achieved a revenue of HKD 5.2 billion for the first half of 2023, reflecting a year-on-year growth of 15%[2]. - Seazen's net profit for the same period was HKD 1.1 billion, representing a 10% increase compared to the previous year[2]. - The company reported a total of 1,200,000 sq.m. of completed and ongoing projects in Lianyungang, with a notable increase in the residential sector[17]. - The total commercial operating income for the first half of 2023 was approximately RMB5.201 billion, representing a year-on-year increase of 10.24%[81]. - The core net profit for the first half of 2023 was approximately RMB1.565 billion, with net profit attributable to equity holders of the Company at approximately RMB1.431 billion[87]. - The Group's gross profit for the first half of 2023 was approximately RMB7.415 billion, with a net profit of approximately RMB2.304 billion[87]. - The average contracted selling price (excluding parking spaces) was approximately RMB10,057 per sq.m. for the first half of 2023[87]. - Revenue from the sale of properties was RMB36,342.5 million, down from RMB37,735.7 million year-on-year[111]. - The gross profit for the first half of 2023 was approximately RMB7,415.5 million, with a gross profit margin of 17.4%[114]. Market Expansion and Development - The company plans to expand its market presence by entering three new cities in 2024, aiming to increase its total project portfolio by 20%[2]. - Seazen is investing in new technology for property management, with an estimated budget of HKD 200 million allocated for the next fiscal year[2]. - The company has outlined a target of achieving a 25% increase in rental income by the end of 2024 through strategic acquisitions[2]. - Seazen's management indicated a positive outlook for the real estate market, expecting a 5% growth in property prices in the next year[2]. - The company is focusing on sustainable development initiatives, with plans to implement green building standards across all new projects starting in 2024[2]. - The company is expanding its market presence with multiple projects in various cities, including Suzhou and Wuxi, focusing on residential developments[20]. - The company aims to enhance its portfolio through strategic developments and completed projects, contributing to overall growth and market expansion[19]. - The company is focusing on market expansion with multiple projects in various cities, including residential and complex developments[38]. - The company is expanding its market presence with new residential developments in cities like Jiaxing and Huzhou, indicating a strategic focus on regional growth[30]. - The company is expanding its presence in Changsha with multiple projects, including Changsha Yuelu Seazen Meixi Lake Jinmaowan with 623,299 sq.m. completed and Changsha Yuelu Seazen Guanshanyin with 492,514 sq.m. under development[51]. Project Completion and Performance - Seazen Group Limited completed residential projects in Changzhou with a total area of 1,200,000 sq.m. in the first half of 2023, showing a significant increase from 1,000,000 sq.m. in the same period last year, representing a growth of 20%[14]. - The company reported a customer satisfaction rate of 92% based on recent surveys conducted among property buyers[2]. - The total area of residential projects completed in the first half of 2023 is approximately 2,000,000 sq.m.[50]. - The company completed several residential projects, including Shanghai Minhang Seazen Millennium Park with a leasable area of 103,690 sq.m. and Jiaxing Jiashan Seazen Feicui Fenghua City with 161,185 sq.m.[29]. - The company reported a significant increase in completed projects, with Nantong Haimen Seazen Diehu Shijiewan totaling 352,394 sq.m. completed[27]. - The company completed residential projects in Hefei, Wuhu, Bengbu, and Fuyang, with total areas of 152,697 sq.m., 151,086 sq.m., 145,213 sq.m., and 491,088 sq.m. respectively[36]. - The total area of completed residential projects in the first half of 2023 reflects a strong performance, contributing to the company's growth strategy.[28]. Financial Strategy and Position - Seazen successfully issued senior notes of US$100 million, corporate bonds of RMB1.1 billion, and middle-term notes of RMB850 million in 2023[84]. - The Group's strategy focuses on optimizing product structure and restoring profitability amid a challenging real estate market[82]. - The Group's rentable and saleable land resources for future residential sales is approximately 43.60 million sq.m. as of June 30, 2023[92]. - The Group's total GFA sold in the Central and Western China Area reached 1,682 million sq.m. in Xinjiang Uygur Autonomous Region[90]. - The Group's investment properties in Shandong Province generated rental income of RMB3,634 million, contributing significantly to overall income[94]. - The Group's total borrowings as of 30 June 2023 were approximately RMB73,542.7 million, a decrease from RMB79,537.6 million as of 31 December 2022[118]. - The net debt-to-equity ratio as of 30 June 2023 was 47.2%, down from 49.9% as of 31 December 2022[120]. - The Group's cash balances as of June 30, 2023, included RMB28,934.5 million in RMB and USD31.8 million in USD[148]. - The Group's gearing ratio was 37% as of June 30, 2023, compared to 38% as of December 31, 2022[146]. - The Group's total GFA sold in the Central and Western China Area reached 1,682 million sq.m. in Xinjiang Uygur Autonomous Region[90]. Shareholder and Corporate Governance - The Board did not recommend the payment of an interim dividend for the six months ended June 30, 2023, consistent with the previous year[157]. - The Group has complied with the Corporate Governance Code provisions for the six months ended June 30, 2023[163]. - The Group provided guarantees for mortgage loan facilities amounting to approximately RMB60,597.9 million, a decrease from RMB62,295.9 million as of December 31, 2022[141]. - The Group's bank loans and loans from non-bank financial institutions amounted to approximately RMB48,323.9 million as of June 30, 2023[143]. - The Group has a significant concentration of ownership, with major shareholders holding substantial stakes[178]. - The total number of shares held by substantial shareholders includes 101,065,905 shares held by Chen Jing, representing 1.43%[178]. - The Company currently does not have any foreign exchange hedging policy to mitigate foreign exchange risks[149]. - The Group's total assets decreased from RMB 463,473,896 thousand as of December 31, 2022, to RMB 442,941,565 thousand as of June 30, 2023, representing a decline of approximately 4.5%[199]. - The Group's total current assets decreased from RMB 306,369,220 thousand to RMB 284,979,364 thousand, a reduction of about 7%[199]. - The Group's total non-current assets increased from RMB 157,104,676 thousand to RMB 157,962,201 thousand, reflecting a growth of approximately 0.5%[199].

Financial Performance - Operating revenue for the six months ended June 30, 2023, was approximately RMB 5,201 million, representing a year-on-year increase of 10.24%[2] - The net profit attributable to equity holders of the company was approximately RMB 1,431 million[2] - The core profit attributable to equity holders was approximately RMB 1,565 million[2] - The total profit for the six months ended June 30, 2023, was RMB 2,304,373, a decrease of 22.1% compared to RMB 2,960,950 for the same period in 2022[8] - The total comprehensive income for the period was RMB 1,773,450, down 26.0% from RMB 2,395,582 in the previous year[8] - The company's equity holders' share of total comprehensive income was RMB 1,075,665, compared to RMB 1,408,908 in the same period last year, reflecting a decline of 23.6%[8] - Basic earnings per share for the period were RMB 0.20, compared to RMB 0.28 for the same period in 2022[6] - The total income for the six months ended June 30, 2023, was RMB 42,532,349 thousand, down from RMB 43,351,645 thousand in the same period of 2022, reflecting a decline of 1.9%[28] - The profit before income tax expenses for the first half of 2023 was RMB 3,753,474 thousand, compared to RMB 3,850,028 thousand in the previous year, indicating a decrease of about 2.5%[16] Assets and Liabilities - The total assets as of June 30, 2023, amounted to RMB 442,941,565 thousand, a decrease from RMB 463,473,896 thousand as of December 31, 2022[5] - The total liabilities as of June 30, 2023, were RMB 349,879,793 thousand, down from RMB 370,459,555 thousand as of December 31, 2022[5] - The net debt-to-equity ratio stood at 47.2%[2] - The total borrowings as of June 30, 2023, were RMB 51,908,205 thousand, down 9.1% from RMB 57,496,005 thousand as of December 31, 2022[25] - The amount due to related parties was RMB 24,671,050 thousand, down from RMB 25,361,592 thousand, reflecting a decrease of 2.7%[26] Revenue and Sales - Revenue from customer contracts for the six months ended June 30, 2023, was RMB 36,342,486 thousand, a decrease of 3.7% compared to RMB 37,735,699 thousand for the same period in 2022[28] - Contracted sales amounted to approximately RMB 42.401 billion, with a total contracted sales area of about 516.65 million square meters, resulting in an average contracted sales price of approximately RMB 10,057 per square meter[43] - The company reported a decrease in property sales revenue compared to the previous year, with a drop from RMB 37,735.7 million to RMB 36,342.5 million[55] Expenses and Costs - The company's employee costs for the six months ended June 30, 2023, were RMB 1,795,599 thousand, down from RMB 2,130,575 thousand in the same period of 2022, indicating a decrease of 15.7%[29] - The company's advertising and promotional expenses for the six months ended June 30, 2023, were RMB 1,048,649 thousand, an increase from RMB 773,392 thousand in the same period of 2022, reflecting a rise of 35.5%[29] - The total tax expense for the six months ended June 30, 2023, was RMB 1,449,101 thousand, a decrease from RMB 1,792,587 thousand in the same period of 2022, reflecting a decline of 19.2%[31] Cash Flow and Financing - The company maintains a stable cash flow and is focused on optimizing its debt structure, with a credit rating of "BB-" from S&P[42] - The group had cash and cash equivalents of approximately RMB 29,011.8 million as of June 30, 2023, compared to RMB 32,453.3 million as of December 31, 2022[65] - The company successfully issued USD 100 million in senior notes, RMB 1.1 billion in corporate bonds, and RMB 850 million in medium-term notes in 2023, indicating strong financing capabilities[42] Market and Development - The company operates primarily in property development and investment in China, with all property development projects located in the country[9] - The company plans to focus on market expansion and new product development to drive future growth, although specific targets were not disclosed during the call[16] - The company aims to expand its market presence and enhance its property development strategies in the coming quarters[52] Corporate Governance and Compliance - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[10] - The management has not adopted any new accounting standards that would significantly impact the financial results for the six months ended June 30, 2023[12] - The board does not recommend the declaration of an interim dividend for the six months ended June 30, 2023[67] - The company has adhered to corporate governance standards as per the listing rules up to June 30, 2023[71] Employment and Workforce - As of June 30, 2023, the group employed 24,294 full-time employees in China and Hong Kong[67]