路勁基建有限公司* （於百慕達註冊成立之有限公司） （股份代號：1098） 嘉堅交回參與權 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不會就因本公佈之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。 ROAD KING INFRASTRUCTURE LIMITED 根據參與協議的條款，路勁地產須於接獲交回通知後的23個營業日內支付交回價。誠如 該公佈所述，倘交回價超過港幣284,897,000元（即本公司於參與協議日期就上市規則第 14A.76(2)條規定的最低限額而言的最高應付金額），則路勁地產可在其交付交回價的計 算結果後的三個營業日內首先向嘉堅支付港幣284,897,000元，並在本公司獲得按上市規 則當時規定的任何股東批准後的三個營業日內支付餘額。倘在股東大會上向股東提呈的 相關決議案未獲通過，則參與權將按比例減少，而有關剩餘參與權的交回通知將被視為 已失效。 - 1 - 基於目前可得資料，交回價預計約為人民幣9,600萬元。在此基礎上，無需就付款而進一 步獲得股東批准。倘最終釐定的交回價與上述估 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 之 內 容 概 不 負 責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 會 就 因 本 公 佈 之 全 部 或 任 何 部 份 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。 截至二零二四年九月三十日止九個月，印尼高速公路項目日均混合車流量為 87,400 架 次，較二零二三年九月三十日的數據輕微下降約 3%。 ROAD KING INFRASTRUCTURE LIMITED 路勁基建有限公司* （於百慕達註冊成立之有限公司） （股份代號：1098） 截至二零二四年九月三十日止九個月 未經審核營運數據 截至二零二四年九月三十日止九個月，高速公路項目路費收入為人民幣 18.13 億元 （其中 人民幣 6.07 億元**來自國內及人民幣 12.06 億元來自印尼），較二零二三年九月三十日的 數據下降約 39%。收入大幅下降主要歸因於於二零二四年四月完成出售於國內的四條高 速公路。儘管如此， ...

路 勁 基 建 有 限 公 司 (於百慕達註冊成立之有限公司) (股份代號 : 1098) 中期報告 2024 <<<moved 7mm 集團簡介 集團簡介 ii 路勁基建有限公司 00C240711704InsideCover.indd 2 2/9/2024 10:19 ROAD KING INFRASTRUCTURE LIMITED（路勁基建有限公司*） Road King Infrastructure Limited（路勁基建有限公司*）是一家在內地 及香港經營的前列房地產發展商，致力於發展優質住宅項目；亦是一 家從事投資及營運收費公路的先行者，在公路業務擁有逾30年經驗， 並於二零一九年成功進入東南亞市場，是內地和香港的高速公路公司 中，首家投資印尼高速公路並參與經營管理的企業。路勁現時持有的 房地產資產組合主要位於長三角地區、渤海灣地區及粵港澳大灣區， 土地儲備約295萬平方米。截至二零二四年六月三十日，收費公路項 目組合包括位於印尼的四條高速公路，皆位處主要的經濟區域，總里 程約335公里。 * 僅供識別 目錄 目錄 33 企業管治 34 權益披露 38 其他披露 43 集團資料 中期報告2024 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公佈之全部或 任何部份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。 ROAD KING INFRASTRUCTURE LIMITED 路勁基建有限公 司 * （ 於百慕達註冊成立之有限公 司） （ 股份代 號：1098） 截至二零二四年六月三十日止六個月 中期業績公佈 | --- | --- | --- | |--------------------------------------|-----------------------------------|---------------------------| | | | | | 摘要 | 截至六月三十日止六個月 二零二四年 | 二零二三年 | | 物業銷售額（包括合資及聯營企業項目） | 人民幣 73.04 億元 | 人民幣 156.87 億元 | | 物業交付額（包括合資及聯營企業項目） | 人民幣 221.35 億元 | 人民幣 186.44 億元 | | 高速公路項目路費收入 | 港幣 15.94 億元 ...

Property Management and Real Estate Market - The company manages approximately 26 million square meters of properties, primarily residential, with a stable cash flow despite low profit margins[1] - The company is ranked among the top ten in service quality for property management in 2023 according to third-party annual surveys[1] - The company anticipates a long-term demand for quality housing in China, estimating a market size of around RMB 8 trillion to RMB 10 trillion[5] - The company expects that the era of high leverage and rapid turnover in real estate is over, with a decline in bank lending ratios[5] - The real estate market continues to decline despite government intervention, with a noted decrease in total real estate sales from RMB 13 trillion last year to RMB 11 trillion this year[13] - The company recognizes the unpredictability of the market and the potential for gradual recovery in the real estate sector[6] - The company has faced challenges with cash flow, leading to difficulties in acquiring new land, with private developers securing less than 15% of land sales[13] - The outlook for the next two years is expected to be very challenging for the company and other developers in the market[14] - The company is exploring opportunities in property management as many small to medium developers face bankruptcy and may sell their management businesses[1] - The company has sold excess inventory below market value to improve cash flow and reduce debt[12] - The company acquired only two residential land plots in mainland China during the year, with a total floor area of approximately 90,000 square meters, reflecting a cautious approach to land acquisition[156] - The outlook for 2024 anticipates continued challenges in the mainland real estate market, with a cautious stance on land acquisition decisions due to market uncertainties[160] Financial Performance and Challenges - The total property sales for the year 2023, including joint ventures and associates, amounted to RMB 27.65 billion, with a total revenue of HKD 13.075 billion and a loss attributable to shareholders of HKD 3.962 billion[35] - The company reported a total property sales revenue of RMB 276.50 billion and toll revenue from highway projects of RMB 39.06 billion for the year 2023, totaling RMB 315.56 billion[69] - The company anticipates a tax loss of HKD 3.761 billion for the year 2023, with a loss attributable to shareholders of HKD 3.962 billion[69] - The company's total assets as of December 31, 2023, were HKD 18.866 billion, down from HKD 20.928 billion in 2022[21] - The net debt-to-equity ratio remains a significant concern due to substantial debt obligations that need to be addressed in the coming three years[27] - The group reported a loss of HKD 2.074 billion in its operations, which included interest costs and impairment provisions, with no signs of recovery in this business segment[135] - The gross profit margin fell from 17% in 2022 to a gross loss margin of 5% in 2023, primarily due to a significant decrease in sales volume and a depressed market atmosphere[136] - The group experienced a first-time gross loss of approximately HKD 648 million in 2023, driven by the need to reduce prices to secure cash flow amid a challenging market[136] - The group's equity decreased significantly by HKD 4.55 billion, with net asset value per share dropping by 22% to HKD 20.95[134] - The board decided not to declare dividends for at least the next two years due to significant losses and tight cash flow, prioritizing debt repayment[152] Toll Road and Infrastructure Revenue - The revenue from toll road projects in 2023 was RMB 1.477 billion, representing an increase of approximately 58% compared to 2022[28] - The company anticipates that the toll road revenue will see significant growth in 2024 and beyond, following recent toll rate increases[28] - The total traffic volume for the company's highway projects in mainland China and Indonesia reached 118 million vehicles, with an average daily traffic of approximately 362,300 vehicles, representing a 14% increase year-on-year[158] - The toll revenue for the highway segment was RMB 3.906 billion, an increase of 5% compared to the previous year, despite a decline in profit due to the termination of revenue-sharing rights for the Tangjin Expressway project[158] - Total toll revenue from domestic highway projects (excluding Tangjin Expressway) increased by 4% year-on-year to RMB 2.229 billion, with average daily mixed traffic volume rising by 18%[178] - The overall toll revenue, including Tangjin Expressway, decreased by 13% to RMB 2.429 billion, despite a 20% increase in average daily mixed traffic volume[178] - The company received cash distributions from highway partnerships amounting to HKD 501 million during the year[158] Strategic Initiatives and Future Plans - The company is focusing on optimizing personnel and simplifying operations due to a significant decline in existing projects[12] - The group plans to stabilize cash flow and ensure delivery by optimizing operational structure and reducing costs, while also considering necessary measures for debt management to protect stakeholder interests[75] - The group is actively managing cash flow to meet operational and debt repayment needs due to multiple overseas loans maturing in the next three years, with two loans due in the second half of 2024[75] - The group aims to complete various projects, including a residential development in Jiangsu with a development area of 28,000 square meters and a land area of 61,000 square meters, targeted for completion in 2024[83] - A significant project, "玖園," has a development area of 112,000 square meters and is expected to be completed by 2025, with a 95% interest allocation[89] - The group has ongoing projects in the Yangtze River Delta region, with a focus on residential properties, including "雲錦東方" with a development area of 117,000 square meters, targeted for completion in 2024[92] - The group is committed to enhancing its brand recognition and becoming a more widely acknowledged developer in the market[76] - The group is exploring various funding sources, including the sale of properties, to address cash flow challenges[75] - The group is focused on maintaining operational efficiency and ensuring project delivery as part of its long-term development strategy[76] Land Reserves and Acquisitions - The company holds land reserves of approximately 3.6 million square meters, primarily located in key economic regions[29] - The company's land reserves totaled approximately 3.57 million square meters, with 1.07 million square meters sold but not yet delivered as of December 31, 2023[156]

Financial Performance - Property sales amounted to RMB 27.65 billion in 2023, a decrease of 34.4% from RMB 42.02 billion in 2022[4] - Property delivery revenue reached RMB 31.65 billion in 2023, down 7.4% from RMB 34.20 billion in 2022[4] - The company reported a loss attributable to shareholders of HKD 3.96 billion in 2023, compared to a profit of HKD 0.50 billion in 2022[6] - Total revenue for the year ended December 31, 2023, was HKD 13,075,348,000, a decrease from HKD 17,155,976,000 in 2022, representing a decline of approximately 23.5%[40] - The company reported a total loss of HKD (3,760,547,000) for the year, compared to a profit of HKD 458,612,000 in the previous year[40] - The group reported total income of HKD 13,000,936 thousand in 2023, compared to HKD 17,073,281 thousand in 2022, reflecting a decline of around 24%[31] - The group’s total equity decreased by approximately 15% from the previous year, primarily due to reduced reserves[16] - The company’s basic loss per share for the year was HKD (5.29), compared to HKD (0.66) in the previous year[40] Assets and Liabilities - Total assets decreased to HKD 73.15 billion in 2023, down 18.8% from HKD 90.00 billion in 2022[7] - The company’s equity attributable to shareholders decreased to HKD 15.70 billion in 2023, down 22.5% from HKD 20.25 billion in 2022[4] - Total liabilities decreased from HKD 90,002,373 thousand in 2022 to HKD 73,146,313 thousand in 2023, representing a reduction of about 19%[16] - Non-current liabilities, including bank and other loans, decreased significantly from HKD 21,890,008 thousand in 2022 to HKD 12,753,149 thousand in 2023, a drop of approximately 42%[16] - The total assets of the group amounted to HKD 73,146,313,000, down from HKD 90,002,373,000 in 2022, indicating a decrease of approximately 18.7%[35] - Total liabilities decreased to HKD (45,948,649,000) from HKD (57,241,890,000) in 2022, reflecting a reduction of approximately 19.5%[35] Cash Flow and Financial Position - Cash and bank balances were HKD 5.48 billion in 2023, a decline of 33.0% from HKD 8.26 billion in 2022[7] - The net debt-to-equity ratio improved to 63% in 2023, down from 73% in 2022[4] - The group’s net current assets were HKD 14.166 billion as of December 31, 2023, compared to HKD 21.709 billion in 2022[77] - The group’s accounts receivable from customer contracts amounted to HKD 217.618 million in 2023, an increase from HKD 154.797 million in 2022[74] - The group repaid a total of HKD 11.051 billion in loans during the year, including a USD 343 million offshore bond and part of an offshore syndicated loan[148] Revenue Sources - Segment revenue from real estate development and investment was HKD 13,000,936,000, while toll road operations generated HKD 74,412,000 in revenue[33] - The group's revenue for the year primarily comes from the sale of completed residential properties and property management services[91] - The total revenue is derived entirely from customers in mainland China and Hong Kong, with no single customer accounting for more than 10% of total revenue in relevant segments[92][93] Market Conditions and Future Outlook - The group continues to face a challenging real estate operating environment, with financing difficulties for property companies unresolved and market confidence not fully restored[147] - The group anticipates a continued bottoming out of the mainland real estate market in 2024, with potential policy easing to support reasonable housing and financing needs[152] - The Hong Kong government plans to remove all residential property demand management measures in February 2024, which may stimulate buyer demand despite ongoing high interest rates[152] - The group plans to focus on expanding its investment in infrastructure projects and exploring new market opportunities[4] Operational Highlights - The group achieved property sales of RMB 27.65 billion and highway project toll revenue of RMB 3.91 billion for a total of RMB 31.56 billion for the year ending December 31, 2023[107] - The group plans to sell its entire mainland highway business for RMB 4.4118 billion, with an estimated after-tax gain of approximately HKD 1.5 billion expected to be reflected in the 2024 financial statements[111] - The group has successfully acquired four toll roads in Indonesia and will continue to seek reasonable investment return projects in the Asia-Pacific region in 2024[163] Employee and Cost Management - The total employee costs (excluding directors' remuneration) amounted to HKD 847,874, a decrease from HKD 1,018,688 in the previous year[96] - The total number of employees as of December 31, 2023, was 3,994, with employee expenses amounting to HKD 907 million[125] Accounting and Reporting Changes - The company has implemented revised accounting standards effective from January 1, 2023, impacting the preparation of its financial statements[10] - The group plans to apply the revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which may impact future financial reporting[52]

Financial Performance - In the first half of 2023, the company achieved property sales amounting to RMB 15.687 billion and toll revenue from highway projects of RMB 1.979 billion, totaling approximately RMB 17.666 billion, representing a 6% increase compared to the same period last year[24]. - The company recorded a loss of HKD 8.81 billion in the first half of 2023, with a loss attributable to shareholders of HKD 12.20 billion, resulting in a loss per share of HKD 1.63[24]. - The group reported a total revenue of RMB 6.277 billion for the first half of 2023, up from RMB 4.973 billion in the same period of 2022, marking a 26% increase[38]. - The net loss attributable to the company’s owners for the first half of 2023 was RMB 1.220 billion, compared to a profit of RMB 85 million in the same period of 2022[38]. - The company reported a total comprehensive income of HKD (1,073,614) for the period, reflecting a significant decrease compared to previous periods[157]. - The total comprehensive loss for the period amounted to HKD 1,073,614 thousand, compared to a loss of HKD 155,213 thousand in the same period last year[169]. - The company reported a loss of HKD 881,368 thousand for the period, compared to a profit of HKD 468,932 thousand in the previous year[169]. Real Estate Performance - The average selling price of properties in the real estate segment was RMB 20,800 per square meter, with the Yangtze River Delta and Bohai Bay regions accounting for approximately 53% and 36% of total sales, respectively[6]. - The gross profit margin for the real estate segment decreased to 12% due to declining property prices amid a continuing downturn in the real estate market[9]. - In the first half of 2023, the real estate division achieved property sales of RMB 15.187 billion, a 5.9% increase from RMB 14.340 billion in the same period of 2022[26]. - The total area sold in the first half of 2023 was 729,000 square meters, compared to 631,000 square meters in the first half of 2022, reflecting a 15.5% increase[29]. - The revenue contribution from the real estate projects in the Yangtze River Delta region was 54% of total sales, while the Greater Bay Area contributed 24%[38]. - The company signed sales contracts worth RMB 3.7 billion for the Zhu Lin No. 1 project, with an average residential price of approximately RMB 24,000 per square meter in the first half of 2023[2]. - The company plans to deliver approximately 23,000 square meters of the Zhu Lin No. 1 project in the second half of 2023[2]. Land Reserves and Acquisitions - As of June 30, 2023, the company's land reserves totaled approximately 4.3 million square meters, with 1.26 million square meters sold but not yet delivered[25]. - The total land reserve of the company is approximately 4.29 million square meters, with 89% designated for sale and 11% for investment purposes[64]. - The company acquired two residential land parcels in mainland China with a total floor area of approximately 89,000 square meters during the first half of 2023, in collaboration with strong enterprises to mitigate financial burdens[10]. - The land reserve in the Yangtze River Delta region accounts for 50% of the total land area, highlighting the company's focus on this key economic area[64]. Financial Position - The total assets of the group as of June 30, 2023, were RMB 82.089 billion, down from RMB 102.255 billion at the end of 2022[38]. - The group’s cash and cash equivalents stood at RMB 7.137 billion as of June 30, 2023, compared to RMB 10.370 billion at the end of 2022[38]. - The company’s equity attributable to owners decreased to RMB 18.856 billion as of June 30, 2023, from RMB 21.758 billion at the end of 2022[38]. - The company’s total liabilities as of June 30, 2023, were reported at HKD 30,959,767, reflecting ongoing financial obligations[157]. - The company’s equity attributable to owners decreased to HKD 5,141,120 as of June 30, 2023, from HKD 6,169,521 previously reported[157]. Project Development - The company aims to complete 40% of its projects by 2023, with significant developments in Jiangsu Province and the Yangtze River Delta region[51][53]. - The company has a target completion date for several projects in 2024, including residential developments in Jiangsu Province[74][76]. - The company has successfully entered the Southeast Asian market, being the first to invest in and manage highways in Indonesia since 2019[55]. - The company holds a 93.75% interest in the "Lujing Yuyuan" project, which has a development area of 28,000 square meters[66]. - The company has a total development area of 15,000 square meters for the project "Jinhuan" with a 50% attributable interest, targeted for completion by 2024[104]. Market Outlook - The company anticipates that the real estate market in mainland China will continue to stabilize, with expectations for increased land supply in the second half of 2023[14]. - The management indicated that the real estate market is expected to stabilize in the second half of 2023, supported by government policies aimed at boosting buyer confidence[26]. Financial Management - The company maintains a robust financial policy, focusing on managing liquidity risks and ensuring sufficient cash flow[147]. - The company is actively monitoring interest rate risks associated with its borrowings in RMB and USD[149]. - The company has adopted the corporate governance code for securities transactions as per the listing rules[150].

Financial Performance - Property sales revenue reached RMB 15.687 billion, an increase of 6.8% compared to RMB 14.787 billion in the same period last year[2] - Property delivery amount was RMB 18.644 billion, significantly up from RMB 8.699 billion, marking a 114.5% increase year-on-year[2] - The company reported a loss of HKD 8.813 billion for the period, compared to a profit of HKD 4.689 billion in the previous year[4] - Revenue for the six months ended June 30, 2023, was HKD 6.277 billion, up from HKD 4.973 billion, representing a 26% increase[4] - Gross profit decreased to HKD 694.1 million from HKD 1.807 billion, a decline of 61.5%[4] - The basic loss per share was HKD 1.63, compared to earnings of HKD 0.11 per share in the previous year[4] - Total revenue for the six months ended June 30, 2023, was HKD 6,276,976 thousand, an increase of 26.1% compared to HKD 4,972,900 thousand for the same period in 2022[22] - Property sales and service income reached HKD 6,176,557 thousand, up from HKD 4,899,761 thousand, reflecting a growth of 25.9% year-over-year[22] - The total segment loss for the six months ended June 30, 2023, was HKD (816,993,000), a significant decline from a profit of HKD 538,449,000 in the same period of 2022[28] - The company reported a pre-tax loss of HKD (5,161,455,000) for the six months ended June 30, 2023, compared to a loss of HKD (2,881,818,000) in the same period of 2022[34] Assets and Liabilities - Total assets decreased to HKD 82.089 billion from HKD 90.002 billion, reflecting an 8.8% decline[7] - The company’s equity attributable to owners decreased to HKD 18.856 billion from HKD 20.246 billion, a decline of 6.5%[2] - Total equity attributable to owners was HKD 30,959,767 thousand, down from HKD 32,760,483 thousand, a decrease of 5.5%[10] - Non-current liabilities decreased to HKD 22,566,415 thousand from HKD 23,356,011 thousand, a reduction of 3.4%[10] - Current liabilities decreased to HKD 28,562,935 thousand from HKD 33,885,879 thousand, a decline of 15.7%[10] - The total assets and liabilities amounted to HKD 82,089,117 thousand, down from HKD 90,002,373 thousand, reflecting a decrease of 8.8%[10] - The company’s total liabilities as of June 30, 2023, were HKD 6.846 billion, down from HKD 8.174 billion at the end of 2022[47] Cash Flow and Debt Management - The company’s cash and bank deposits stood at HKD 7.137 billion, down from HKD 8.262 billion, a decrease of 13.6%[7] - The net debt-to-equity ratio improved to 61% from 73% year-on-year[2] - The group repaid loans totaling HKD 7.259 billion in the first half of 2023, significantly reducing short-term debt pressure[62] - The net debt-to-equity ratio and net debt-to-total capital ratio were 61% and 38%, respectively, as of June 30, 2023[62] Revenue Sources - The group's share of revenue from real estate joint ventures and associates was HKD 7,631,095 thousand, significantly higher than HKD 2,680,611 thousand in the previous year, marking an increase of 184.5%[22] - The group's share of revenue from infrastructure cooperation/joint ventures was HKD 961,179 thousand, slightly up from HKD 936,331 thousand, indicating a growth of 2.7%[22] - The group reported total revenue of HKD 6,276,976,000 for the six months ended June 30, 2023, compared to HKD 4,972,900,000 for the same period in 2022, representing an increase of approximately 26%[83] - Revenue from customer contracts in the real estate development and investment segment was HKD 6,147,620,000, up from HKD 4,846,329,000 in the previous year, indicating a growth of about 27%[83] - The group’s total income from commercial rent and other sources was HKD 100,419,000, compared to HKD 73,139,000 in the previous year, reflecting a growth of approximately 37%[83] Market Outlook and Strategy - The outlook for the second half of 2023 anticipates continued bottoming out of the domestic real estate market, with expectations for stronger supportive policies from the government[69] - The group plans to continue focusing on the development of its real estate business while maintaining a prudent outlook due to challenges in the domestic economy and insufficient demand[71] - The group aims to enhance cash flow and ensure project delivery through its experienced management team and established operational model in the real estate sector[71] - In the toll road business, the group will prioritize increasing toll rates for its Indonesian highway projects to optimize revenue streams[71] - The group will continue to develop and market products that align with market demands to strengthen its brand recognition as a reliable developer[71] - The group has a well-recognized market position and a well-trained operational team in the real estate sector, which supports its future growth strategies[71] Other Financial Metrics - The company recognized a fair value loss of HKD (136,711,000) on properties transferred to investment properties for the six months ended June 30, 2023[30] - The income tax expense for the six months ended June 30, 2023, was HKD 232,532,000, compared to HKD 336,381,000 for the same period in 2022, indicating a reduction of about 30.9%[36] - Finance costs for the six months ended June 30, 2023, totaled HKD 1,008,566,000, down from HKD 1,131,913,000 in the same period of 2022, representing a decrease of approximately 10.9%[33] - The net foreign exchange loss for the six months ended June 30, 2023, was HKD (504,136,000), compared to HKD (490,034,000) for the same period in 2022[30] - The group recorded a foreign exchange loss of approximately HKD 504 million due to the depreciation of the RMB in the first half of 2023[64] Employee and Governance - The total number of employees as of June 30, 2023, was 4,210, with employee expenses amounting to HKD 473 million[68] - The group remains committed to adhering to corporate governance codes and has complied with all applicable rules during the reporting period[75]

Financial Performance - The company's annual profit for the year ended December 31, 2022, was HKD 458,612,000, a significant decrease from HKD 1,984,489,000 in 2021, representing a decline of approximately 77.1%[2] - Total comprehensive income for the year was HKD (1,330,878,000), compared to HKD 2,964,289,000 in the previous year, indicating a decrease of around 144.9%[2] - Total revenue for the group in 2022 was HKD 17,155,976, a decrease from HKD 24,677,949 in 2021, representing a decline of approximately 30.4%[23] - The company reported a net loss of HKD 302,257,000 from impairment losses on receivables, compared to a loss of HKD 136,256,000 in the previous year, indicating a significant increase in impairment[34] - The pre-tax profit attributable to the company's owners was a loss of HKD 495,378 thousand in 2022, compared to a profit of HKD 1,028,245 thousand in 2021[56] - The group recorded a net loss of HKD 1.335 billion due to significant depreciation of the RMB against the USD, impacting overall performance[91] - The group's annual profit after tax was HKD 459 million, with a loss attributable to shareholders of HKD 495 million[91] Revenue Breakdown - Revenue from property sales amounted to HKD 16,102,946,000, down from HKD 23,687,815,000 in 2021, reflecting a decline of approximately 32.2%[16] - Revenue from property management and services increased to HKD 819,305,000 from HKD 733,604,000, marking an increase of about 11.7%[16] - Revenue from property sales and services, including commercial rental income and other income, was HKD 16,999,550 and HKD 156,426 respectively in 2022, compared to HKD 24,498,509 and HKD 179,440 in 2021[23] - The group's share of revenue from real estate joint ventures and associates was HKD 10,210,076 in 2022, down from HKD 12,230,990 in 2021, indicating a decrease of about 16.5%[23] - In 2022, the real estate division generated revenue of RMB 17.073 billion, down from RMB 24.569 billion in 2021, with a profit of HKD 1.262 billion[122] Assets and Liabilities - The company's total equity decreased to HKD 32,760,483,000 from HKD 35,798,380,000, a reduction of about 8.5%[5] - The company's cash and cash equivalents decreased from HKD 10,257,686,000 to HKD 7,923,720,000, representing a decrease of about 22.9%[5] - Total assets for the real estate development and investment segment were HKD 71,467,414 in 2022, a slight decrease from HKD 90,026,698 in 2021[24] - The group's total assets amounted to HKD 90.002 billion, down from HKD 108.236 billion in the previous year[97] - The group's total liabilities decreased to HKD 57,241,890,000 from HKD 72,437,351,000, representing a reduction of approximately 21%[41] - The group's liabilities as of 2022 were classified as non-current, with total liabilities amounting to HKD 56,121,949, a decrease from HKD 71,123,819 in 2021[24] Cash Flow and Liquidity - The company's cash and cash equivalents decreased to HKD 8,261.655 million from HKD 12,599.575 million, representing a decline of 34.4%[81] - The group’s cash and bank balances were HKD 8.262 billion, with 81% in RMB and 19% in other currencies[97] - The company reported a significant reduction in short-term lease expenses from HKD 8,942 thousand in 2021 to HKD 6,870 thousand in 2022, a decrease of about 23.2%[50] - The company’s cash and cash equivalents increased, reflecting improved liquidity management strategies during the reporting period[60] Dividends and Shareholder Returns - The company announced no final dividend for the year 2022, compared to a total dividend of HKD 524,536 thousand in 2021[59] - The company did not recommend any final dividend for the year ended December 31, 2022[90] Strategic Focus and Future Outlook - The group aims to develop and manage toll roads and invest in real estate businesses, indicating a strategic focus on infrastructure and property sectors[24] - The group expects the mainland real estate market to stabilize and recover by the end of 2023, despite short-term uncertainties and a cautious approach to land acquisition[119] - The group plans to continue reviewing the operational status of remaining businesses and will take appropriate actions as necessary[102] Market Conditions and Challenges - The company reported a foreign exchange loss of HKD (1,811,030,000) compared to a gain of HKD 1,006,425,000 in the previous year, indicating a significant negative shift[2] - The fair value loss on investment properties amounted to HKD 119,255,000, a notable increase from HKD 42,766,000 in the prior year, reflecting market challenges[34] - The average daily mixed traffic volume on domestic highways decreased by 17% to 227,300 vehicles, with toll revenue down 12% to RMB 2.782 billion[94][101] Employee and Operational Costs - Total employee costs (excluding directors' remuneration) decreased from HKD 1,129,203 thousand in 2021 to HKD 1,018,688 thousand in 2022, a decrease of approximately 9.8%[50] - The total number of employees as of December 31, 2022, was 4,374, with employee expenses amounting to HKD 1.099 billion, excluding directors' remuneration and share-based payments[113]

Financial Performance - In the first half of 2022, the group's property sales amounted to RMB 14,674 million, a decrease from RMB 26,000 million in the same period of 2021[5]. - The group's revenue from joint ventures and associates was RMB 4,973 million, slightly up from RMB 4,949 million in the first half of 2021[5]. - The net profit attributable to the company's owners for the first half of 2022 was RMB 469 million, compared to RMB 647 million in the same period of 2021, representing a decline of approximately 27.6%[5]. - The group's total revenue for the six months ended June 30, 2022, was HKD 4,973 million, slightly up from HKD 4,949 million in the same period last year[166]. - The group's net profit for the period was HKD 469 million, down from HKD 647 million in the previous year[166]. - The group recorded a foreign exchange loss of approximately HKD 490 million due to the depreciation of the RMB during the period[169]. - The group's share of investment profit mainly comes from infrastructure joint ventures amounting to HKD 350 million and real estate joint ventures contributing HKD 86 million, with a decrease in profit contribution due to project delays caused by the pandemic[171]. Assets and Liabilities - The total assets of the company as of June 30, 2022, were RMB 102,255 million, down from RMB 118,109 million at the end of 2021[5]. - The company's cash and bank deposits stood at RMB 10,370 million, a significant decrease from RMB 22,337 million at the end of 2021[5]. - The total borrowing amount decreased from HKD 38,326 million to HKD 36,859 million, with a shift in short-term borrowing from 21% to 35%[182]. - The net debt-to-equity ratio and net debt-to-total capital ratio were reported at 76% and 43%, respectively, as of June 30, 2022[190]. - Cash and cash equivalents decreased from HKD 19,971 million to HKD 9,776 million during the six months ended June 30, 2022[193]. - The group incurred land payments of HKD 1,785 million during the period, primarily for new projects in Beijing and previously acquired projects in Changzhou and Guangzhou[191]. - The company's equity attributable to owners was HKD 21.758 billion, down from HKD 22.337 billion as of December 31, 2021[200]. - The total assets of the group as of June 30, 2022, were HKD 102.255 billion, a decrease from HKD 108.236 billion as of December 31, 2021[200]. Real Estate Development - The land bank held by the company includes over 5.7 million square meters, with significant holdings in the Yangtze River Delta and Bohai Bay regions[5]. - The revenue contribution from the real estate segment in the first half of 2022 was 74%, while the toll road segment contributed 9%[5]. - The company is focusing on expanding its residential projects in the Yangtze River Delta region, with multiple projects set for completion in 2022 and 2023[34][39][45]. - The average selling price of properties in the real estate division for the first half of 2022 was RMB 22,700 per square meter, with the Yangtze River Delta and Bohai Bay regions accounting for approximately 69% and 24% of total sales, respectively[118]. - The real estate division's property sales in the first half of 2022 amounted to RMB 14.340 billion, with signed sales contracts totaling RMB 12.302 billion and pending sales agreements of RMB 2.038 billion[114]. - The average delivery price for properties in the real estate division increased to RMB 17,100 per square meter, with a gross margin of approximately 36%[119]. - The group expects the real estate market to stabilize in the second half of 2022, with government policies likely to support a healthy development of the industry[122]. Project Details - The company has a total development area of 104,000 square meters for the project "路勁佘山院子" with a land area of 122,000 square meters, targeting completion in 2024[34]. - The project "路勁 • 悅茂府" has a development area of 30,000 square meters and a land area of 61,000 square meters, with 93.75% of the rights available and completed[34]. - "路勁城" in Zhenjiang has a development area of 81,000 square meters and a total land area of 257,000 square meters, with 100% rights and targeted completion in 2023[36]. - The project "雲樾觀山府" has a development area of 146,000 square meters and a land area of 67,000 square meters, with 25% of the rights available and targeted completion in 2023[39]. - "山語春風" has a development area of 177,000 square meters and a land area of 83,000 square meters, with 40% of the rights available and targeted completion in 2023[39]. - The project "棠頌" has a development area of 101,000 square meters and a land area of 129,000 square meters, with 49% of the rights available and targeted completion in 2022[40]. - "春秋金茂府" has a development area of 110,000 square meters and a land area of 108,000 square meters, with 51% of the rights available and targeted completion in 2023[45]. - The project "玖園" has a development area of 112,000 square meters and a land area of 60,000 square meters, with 95% of the rights available and targeted completion in 2023[46]. - "路勁 • 御湖灣" has a development area of 25,000 square meters and a land area of 34,000 square meters, with 100% of the rights completed[45]. - The company has completed several commercial projects, including a development area of 113,000 square meters in Changzhou, Jiangsu Province, with a land area of 67,000 square meters, achieving 100% equity interest[85]. Toll Road Operations - The company has ongoing toll road projects in Hebei and Shanxi provinces, with equity interests of 40% and 45% respectively, covering lengths of 105 km and 72 km[107][106]. - The company has a toll road project in Indonesia, "Solo Ngawi," with a length of 91 km and a 40% equity interest[110]. - The company's highway projects recorded an average daily mixed traffic volume of 275,100 vehicles and toll revenue of RMB 1.82 billion in the first half of 2022, representing a year-on-year decrease of 17% and 4%, respectively[145]. - The average daily mixed traffic volume for domestic highways decreased by 25% year-on-year due to strict lockdown measures in major cities, while toll revenue fell by 16% to RMB 1.376 billion[147]. - In the first half of 2022, the group's toll revenue from the Indonesia highway project increased by 69% year-on-year, contributing to a profit of HKD 350 million, up HKD 4 million from the previous year[148]. - The group's highway division profit (after deducting headquarters expenses and taxes) reached HKD 309 million, an increase of HKD 5 million compared to the same period last year[148]. Cash Flow and Financing - The company reported a net cash flow from operating activities decreased due to a decline in sales scale caused by the pandemic, with cash income from pre-sales and property sales lower than the same period last year[197]. - The net cash flow from investing activities increased due to the repayment of shareholder loans from joint real estate projects, offsetting the decrease in loans to non-controlling interests and investments in joint ventures[198]. - The net cash outflow from financing activities was primarily due to the repayment of several bank loans, contrasting with the previous year's net cash inflow from issuing a $500 million bond and drawing multiple other overseas loans[199]. - The group received cash distributions from highway joint ventures amounting to HKD 488 million, returning to pre-pandemic normal levels[148]. - The company is increasing efforts to manage project cash flow to ensure delivery while also looking to cash out long-cycle real estate projects when appropriate[200]. Market Outlook - The ongoing impact of real estate companies facing financial difficulties and pandemic control measures is negatively affecting investor confidence and overall capital flow in the industry[200]. - The group plans to continue developing market-responsive products and enhancing brand recognition as a reliable developer in the second half of 2022[122].