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]

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 116,540,630, a decrease from RMB 169,537,320 in 2021, representing a decline of approximately 31.2%[11] - Profit before income tax for 2022 was RMB 3,694,506, down from RMB 21,397,129 in 2021, indicating a decrease of about 82.7%[11] - Profit for the year attributable to equity holders of the Company was RMB 280,673, significantly lower than RMB 8,590,624 in 2021, reflecting a decline of approximately 96.7%[11] - Basic earnings per share for profit attributable to equity holders was RMB 0.04, a significant drop from RMB 1.39 in 2021[11] - The Company reported an income tax expense of RMB (2,951,802) for 2022, compared to RMB (8,036,135) in 2021, indicating a decrease of about 63.3%[11] - The Group's property sales revenue for 2022 was RMB104.883 billion, down from RMB158.118 billion in 2021[88] - The Group recorded a gross profit of approximately RMB15,938.8 million with a gross profit margin of 13.7% for the year ended 31 December 2022[95] - The Group's total commercial operating income for 2022 was RMB10.006 billion, an increase from RMB8.639 billion in 2021, representing a growth of approximately 15.8%[86] Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 463,473,896, down from RMB 540,108,900 in 2021, a decrease of about 14.2%[11] - Total liabilities were RMB 370,459,555, compared to RMB 442,689,564 in 2021, representing a reduction of approximately 16.3%[11] - Cash at bank and on hand, including restricted cash, was RMB32,453.3 million as of December 31, 2022, down from RMB55,653.3 million in 2021[100] - As of December 31, 2022, the Group's outstanding current and non-current borrowings amounted to RMB79,537.6 million, with interest payable of RMB714.1 million[108] - The proportion of long-term borrowings in total borrowings reached 55.2%, ensuring healthy and stable cash flow for the Group[109] Market Presence and Projects - Historical contracted sales reached RMB 270,801 million in 2022, up from RMB 221,096 million in 2021, indicating a year-over-year increase of approximately 22.5%[16] - The company plans to continue its market expansion strategy with new residential developments in Suzhou, aiming to capture growing demand in the region[20] - The company is focusing on expanding its residential offerings in key urban areas, with multiple projects in Nanjing and Suqian currently under development[30] - The Group's geographic breakdown of contracted sales shows Jiangsu Province leading with 3,486,122 sq.m. and RMB41,219 million in sales[71] - The Group aims to leverage its extensive project pipeline to drive future revenue growth, with a focus on both residential and complex developments across key cities[40] Development and Construction - The company has several residential projects in various stages, including 101,506 sq.m. under development in Suzhou Taicang and 294,623 sq.m. completed in Suzhou Xiangcheng[19] - The total accumulated contracted area for residential projects in Suzhou reached 1,020,000 sq.m, with 53,075 sq.m currently under development[22] - The total accumulated contracted area for residential projects in Tianjin reached 2,000,000 sq.m[52] - The company is actively expanding its residential projects across multiple cities, with significant areas under development and completed, indicating a robust growth strategy[32][33][34] Financial Strategy and Funding - The Group raised approximately HKD1,567.29 million from the rights issue completed on January 27, 2022, with net proceeds of approximately HKD1,559.79 million[117] - The rights issue allowed shareholders to participate in the Group's future development without incurring debt financing costs[115] - The Group's management plans to delay the land acquisition due to subdued market conditions, allowing more time for assessment[121] - The Group's bank borrowings as of December 31, 2022, were approximately RMB42,390.2 million, secured by various assets[111] Management and Governance - The Group has a strong focus on environmental, social, and governance (ESG) initiatives, with key members appointed to the ESG Committee since November 2020[156] - The Group's leadership team has a diverse educational background, including degrees from prestigious institutions such as Harvard University and Tongji University[161] - The management team has extensive experience in property development and financial management, contributing to the Group's strategic growth[157] Market Challenges and Economic Conditions - The real estate market faced challenges in 2022, with weak demand and a shrinking market scale due to macroeconomic factors and policies[178] - The Group's business is influenced by the overall economic and social conditions in China, including potential impacts from natural disasters and pandemics[191] - The PRC government has introduced a series of regulations from 2004 to 2022 aimed at controlling the growth of the property market, including restrictions on credit facilities and lending practices for property developers[194][195] - The Group's operations may be adversely affected by changes in consumer sentiment and banking practices within the PRC property market[192]

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Financial Performance - Total contract sales reached approximately RMB 116,049 million[2] - Commercial operating revenue was approximately RMB 10,006 million, representing a year-on-year growth of 15.8%[2] - Net profit attributable to equity holders of the company was approximately RMB 280.7 million[2] - Core profit attributable to equity holders was approximately RMB 185.4 million[2] - The net profit for the year ended December 31, 2022, decreased to RMB 742.704 million from RMB 13,360.994 million for the year ended December 31, 2021, representing a decline of approximately 94.4%[9] - The total comprehensive loss for the year amounted to RMB 93.213 million, compared to a total comprehensive income of RMB 14,009.705 million in the previous year[9] - Basic earnings per share attributable to equity holders was RMB 0.04, down from RMB 1.39 in the previous year[8] - The group reported a comprehensive loss attributable to equity holders of the company amounting to RMB 278.181 million for the year[9] - The company's profit attributable to equity holders for the year ended December 31, 2022, was RMB 280,673 thousand, a significant decrease from RMB 8,590,624 thousand in 2021[41] Assets and Liabilities - Total assets amounted to RMB 463,473.9 million, down from RMB 540,108.9 million in the previous year[6] - As of December 31, 2022, the group's current liabilities exceeded its current assets by RMB 11,903.741 million, indicating potential liquidity challenges[13] - The total assets of the A-share company amounted to RMB 457,907,015 thousand, while total liabilities were RMB 368,446,104 thousand[20] - The total amount of borrowings decreased from RMB 67,176,500 thousand in 2021 to RMB 57,496,005 thousand in 2022, a decline of about 14.4%[28] - The total outstanding borrowings of the group amounted to RMB 79,537.6 million, with RMB 714.1 million in interest payable[79] Revenue and Sales - The company's total revenue for the year ended December 31, 2022, was RMB 116,540,630 thousand, a decrease of 31.2% from RMB 169,537,320 thousand in 2021[31] - Revenue from A-share company property sales was RMB 104,882,656 thousand, down 33.5% from RMB 158,118,149 thousand in the previous year[31] - The total revenue from commercial operations reached RMB 10.006 billion in 2022, representing a year-on-year growth of 15.8%[46] - Property sales revenue for the year was approximately RMB 10.488 billion, with a total delivered area of about 13,197,155 square meters, resulting in an average selling price of RMB 7,947 per square meter[59] Costs and Expenses - The total cost of sales and services, selling and marketing expenses, and administrative expenses amounted to RMB 111,354,835 thousand, a decrease of 26.9% from RMB 152,266,285 thousand in 2021[32] - The company recorded a significant reduction in construction costs to RMB 53,324,267 thousand from RMB 76,952,562 thousand in the previous year[32] - The company reported a decrease in employee costs to RMB 5,747,187 thousand from RMB 6,179,061 thousand in 2021[32] - The net financing cost for the group was approximately RMB 3,389.9 million, an increase of RMB 2,547.3 million compared to the previous year, primarily due to increased foreign exchange losses and reduced capitalized interest[75] Market Conditions and Challenges - The group experienced a significant reduction in pre-sale volume and the collection of pre-sale proceeds due to the slowdown in the real estate market in mainland China[13] - The group acknowledges risks related to the fluctuating Chinese real estate market and potential impacts from government economic policies on business performance[61] - The Chinese property market is under pressure from government regulations aimed at controlling growth, which may lead to declining transaction volumes and sales prices[65] - The group faces strong competition in the property market along the Yangtze River Delta and the Suzhou-Nanjing Economic Corridor, with competitors potentially having more financial resources[62] Strategic Initiatives - The group has implemented measures to alleviate liquidity pressure, including improving sales and pre-sale activities to enhance sales volume and accelerate the collection of proceeds[14] - The group is committed to maintaining communication with major contractors and suppliers to ensure orderly project construction and payment arrangements[14] - The group emphasized its commitment to sustainable development and social responsibility, focusing on green and low-carbon development initiatives[48] - The company aims to maintain stable, high-quality, and sustainable growth while enhancing customer experience and creating value for stakeholders[48] Financing Activities - The group successfully issued green bonds totaling USD 100 million and medium-term notes amounting to RMB 4 billion in 2022[47] - The company plans to issue up to 676,686,800 A-shares, expecting to raise no more than RMB 8 billion[102] - The group completed a rights issue on January 27, 2022, raising approximately HKD 1,559.79 million, with a subscription price of HKD 5.30 per share[83] Employee and Corporate Governance - As of December 31, 2022, the group employed 25,941 full-time employees, with 23,437 in real estate development and commercial management, and 2,504 in other businesses[91] - The group recognized share-based compensation expenses of RMB 8.7 million for the year ended December 31, 2022, down from RMB 11.0 million for the year ended December 31, 2021[91] - The audit committee reviewed the accounting principles and policies for the year ended December 31, 2022, along with the consolidated financial statements[103]

Financial Performance - Seazen Group reported a significant increase in revenue, achieving a total of RMB 10.5 billion for the first half of 2022, representing a year-on-year growth of 25%[3]. - The company has set a performance guidance of RMB 20 billion in revenue for the full year 2022, reflecting a 20% increase compared to 2021[3]. - The company reported a net profit margin of 12% for the first half of 2022, showcasing improved profitability[3]. - Revenue for the same period was approximately RMB 43,352 million, with a gross profit of approximately RMB 8,655 million[59]. - Net profit for the period was approximately RMB 2,961 million, with net profit attributable to equity holders of the Company at approximately RMB 1,789 million[59]. - Core earnings were approximately RMB 2,795 million, with core earnings attributable to equity holders of the Company at approximately RMB 1,746 million[59]. - The Group's total gross floor area available for sale, lease, or use was approximately 66,387,885 square meters[57]. - The total gross floor area attributable to the Group was approximately 32,828,165 square meters[57]. Project Development - The company completed 50,886 square meters of residential projects in Suzhou, contributing to its overall sales performance[10]. - Seazen Group has 1.2 million square meters of residential projects under construction, indicating strong future growth potential[10]. - The company is actively pursuing strategic acquisitions to bolster its portfolio, with a focus on high-growth regions[3]. - The company is expanding its residential offerings in Jiaxing, with ongoing projects such as Jiaxing Jiashan Seazen Feicui Fenghua City (176,823 sq.m. under development) and Jiaxing Pinghu Seazen Yuechenli (201,423 sq.m. under development)[14]. - The company has several ongoing residential projects, including Nanjing Jiangning Seazen Mingzhu Fenghua with a GFA under development of 124,403 sq.m.[21]. - The company is focusing on expanding its residential offerings in various cities, including Jiujiang with a GFA of 106,632 sq.m under development[23]. - The company has ongoing residential projects in Zibo with a total area under development of 113,878 sq.m. and 103,899 sq.m. planned[30]. Market Expansion - The company plans to expand its market presence by entering new cities, targeting a 15% increase in market share by the end of 2023[3]. - The company is strategically expanding its footprint in key urban areas, focusing on residential developments to meet growing market demand[14]. - The company is actively pursuing new developments across various cities, indicating a robust growth strategy in the real estate sector[20]. - The company is focusing on market expansion through new residential developments in key cities, enhancing its portfolio and market presence[35]. Financial Position - Seazen Group's total assets reached RMB 150 billion, indicating a solid financial position to support future growth initiatives[3]. - The total land bank of the Group was approximately 131 million sq.m. as of June 30, 2022, with a historical average acquisition cost of approximately RMB2,709 per sq.m.[64]. - The Group's net debt-to-equity ratio as of 30 June 2022 was 47.0%, down from 48.6% as of 31 December 2021[95]. - As of June 30, 2022, the Group had cash at bank and on hand of approximately RMB45,607.4 million, down from approximately RMB55,653.3 million as of 31 December 2021[93]. Sustainability and Innovation - Seazen Group is committed to sustainable development, with plans to implement green building practices across all new projects[3]. - The company is investing in new technology for property management, aiming to enhance operational efficiency and customer satisfaction[3]. Corporate Governance - The Company has adhered to the corporate governance code and will continue to enhance its governance practices[125]. - The Group has complied with the Corporate Governance Code for the six months ended June 30, 2022[128]. - The Board did not recommend the payment of an interim dividend for the six months ended June 30, 2022[122]. Employee Incentives - The Share Award Scheme aims to provide incentives for employees to make substantial contributions to the Group's long-term growth[162]. - The total number of shares held under equity derivatives by associated corporations was not disclosed in the report[143]. - The Company aims to align the interests of employees and officers with those of shareholders through the Pre-IPO Share Award Scheme[155].

seazen 新城发展 Seazen Group Limited 新城 發 展 控 股 有 限 公 司 (於開曼群島註冊成立的有限責任公司) (incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code: 01030 分享喜悦 不負情懷 2021 Annual Report 年報 目錄 CONTENTS 獨立核數師報告 Independent Auditor's Report F-1 | --- | --- | --- | --- | |------------------------------------------------------|-------|----------------------------------------------------------------|-------| | | | | | | 公司資料 Corporate Information | 2 | 合併財務報表 Consolidated Financial Statements | | | 財務概要╱財務回顧 Financi ...

Financial Performance - Seazen Group reported a significant increase in revenue, achieving a total of HKD 10.5 billion for the first half of 2021, representing a year-on-year growth of 25%[1]. - The company reported a 15% increase in user data, with over 1 million active users on its property management platform[1]. - Seazen Group has set a performance guidance for 2022, aiming for a revenue target of HKD 20 billion, which would represent a 15% growth year-on-year[1]. - The company reported a strong pipeline of projects, indicating robust future growth potential[39]. - The Group's revenue for the first half of 2021 was approximately RMB 79,802.2 million, representing a year-on-year increase of 110.5%[154]. - Revenue from property sales amounted to RMB 74,267.1 million, compared to RMB 34,447.0 million in the same period last year[155]. - The average selling price of properties was RMB 9,198 per square meter, with a total gross floor area of 8,074,607 square meters[152]. - The Group's commercial property management services generated revenue of RMB 1,513.9 million, an increase from RMB 891.8 million in the previous year[155]. Project Development - The company completed construction on 15 projects, adding a total gross floor area (GFA) of 1.2 million square meters to its portfolio[7]. - The total area under development across various projects is approximately 2,000,000 sq.m.[19]. - The company is actively expanding its portfolio with numerous projects in various stages of development across different cities[12]. - Seazen Group has multiple residential projects under development, with a total area of 1,200,000 square meters across various cities[54]. - The company is focusing on expanding its presence in various cities, with multiple projects in Changzhou and Jiaxing[36]. - The total area of completed buildings available for sale, lease, or use by the group is 1,036,000 sq.m.[17]. - The company is actively pursuing new developments in key urban areas, which may enhance its market position and revenue potential in the future[24]. Market Expansion Strategy - The company plans to expand its market presence by entering three new cities in 2022, targeting a 30% increase in sales volume[8]. - Seazen Group is exploring potential mergers and acquisitions to enhance its market share, with a focus on acquiring smaller developers in key regions[6]. - The company is actively pursuing new strategies for market expansion and product development in the residential sector[39]. - The company is enhancing its market presence through various residential projects, with a total of 1,000,000 square meters planned for future development[49]. - The company is planning further expansions, with several projects proposed for development in Suzhou, indicating a robust growth strategy[56]. Financial Health and Debt Management - As of June 30, 2021, the Group had cash at bank and on hand of approximately RMB57,097.6 million, down from RMB63,368.2 million as of December 31, 2020[160]. - Current and non-current borrowings amounted to approximately RMB114,444.8 million as of June 30, 2021, compared to RMB104,643.6 million as of December 31, 2020[160]. - The net debt-to-equity ratio was 65.2% as of June 30, 2021, up from 50.7% as of December 31, 2020[162]. - The Group believes that the risks associated with its debt level are under control and can withstand market volatility[162]. - The Group's guarantee period for mortgages typically starts from the date of the grant of the mortgage[163]. Shareholder Structure - Wang Zhenhua holds 4,223,794,000 shares, representing 68.02% of the total shareholding[198]. - The substantial shareholders include various entities linked to Wang Zhenhua, all holding significant portions of shares[198]. - The ownership structure indicates a strong concentration of shares among a few key individuals and their controlled entities[198]. - The interrelation of shareholdings among family members and controlled corporations highlights the governance structure of the company[200]. Operational Efficiency - The company continues to focus on expanding its market presence and enhancing operational efficiency to drive future growth[138]. - The total commercial operating income for the first half of 2021 was RMB 3.938 billion, an increase from RMB 2.278 billion in the first half of 2020, representing a growth of approximately 73%[141]. - The occupancy rate for Wujin Wuyue Plaza was 99.91%, generating RMB109,759 thousand in rental income for the first half of 2021, up from RMB87,791 thousand in the same period of 2020[134]. Investment Properties - The Group recorded rental and management fee income from investment properties of approximately RMB3,684.94 million for the six months ended June 30, 2021, representing a period-on-period increase of 71.4%[132]. - The Group's investment properties are expected to continue appreciating, contributing positively to future financial performance[156]. - The occupancy rate for several newly opened Wuyue Plazas, including Tai'an Taishan Wuyue Plaza and Xiaogan Wuyue Plaza, was 100% as of June 30, 2021[141].