Core Viewpoint - Sichuan Expressway's 1H25 results show a decline in revenue but an increase in net profit, aligning with expectations, indicating resilience amid challenging conditions [1][2]. Financial Performance - Revenue decreased by 23.14% YoY to Rmb4,126 million in 1H25, with a net profit attributable to shareholders rising by 19.93% YoY to Rmb837 million [1]. - In 2Q25, revenue fell 32.17% YoY to Rmb2.28 billion, while net profit attributable to shareholders increased by 24.2% YoY to Rmb381 million [1]. - Toll revenue slightly decreased by 2.25% YoY to Rmb2.27 billion in 1H25, with mixed performance across core road assets [1][2]. Expense Management - Financial expenses decreased by 31.0% YoY, and general and administrative expenses fell by 14.8% YoY, contributing to profit through cost reduction and efficiency improvements [2]. Growth Potential - The expansion of Chengle Expressway is nearing completion, and Chengya Expressway has secured an expansion bid, expected to allow for higher toll rates and longer tolling periods [3]. - The acquisition of the Second Ring (Western) Expressway is projected to contribute Rmb160 million in profit in 2025, along with a cumulative compensation of Rmb31.48 million for 2023-2024 [4]. Shareholder Returns - The company emphasizes shareholder returns, with a dividend payout ratio not lower than 60% for 2023-2025, leading to a 2024 dividend yield of 6.4%, one of the highest in the highway sector [5]. - Estimated dividend yields for 2025 and 2026 are projected at 7.0% and 7.4%, respectively, indicating attractive returns [5]. Valuation - A-shares are trading at 10.9x 2025e and 10.4x 2026e P/E, while H-shares are at 8.6x 2025e and 8.1x 2026e P/E [6]. - Target prices are set at Rmb6.85 for A-shares (implying 13.3x 2025e P/E) and HK$5.61 for H-shares (implying 10.0x 2025e P/E), with respective upsides of 21.9% and 16.4% [6].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或 任何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 MODERN LAND (CHINA) CO., LIMITED 當 代 置 業（ 中 國 ）有 限 公 司 本 公 告 乃 由 當 代 置 業（ 中 國 ）有 限 公 司（「 本 公 司 」）根 據 香 港 聯 合 交 易 所 有 限 公 司 （「聯交所」）證券上市規則（「上市規則」）第13.09條及第13.49 (6)條以及證券及期貨 條 例（ 香 港 法 例 第 571 章 ）第 XIVA 部 項 下 之 內 幕 消 息 條 文（ 定 義 見 上 市 規 則 ）而 作 出。 （於開曼群島註冊成立的有限公司） 茲提述本公司日期為2024年3月15日、2024年3月28日、2024年8月30日及2025年3 月31日之公告（「該等公告」），內容有關延遲刊發(i)本集團截至2023年12月31日止 年度之經審核年度業績（「2023年年度業績 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 當代置業(中國)有限公司(於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01107 | 說明 | 當代置業 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | USD | | 0.01 USD | | 80,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 8,000,000,000 | USD | | 0.01 USD | | 80,000,000 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 MODERN LAND (CHINA) CO., LIMITED 當 代 置 業（ 中 國 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1107） 有關截至2022年12月31日止年度 全年業績公告之補充公告 及 有關出售附屬公司之 過往須予公佈交易 茲提述當代置業（中國）有限公司（「本公司」，連同其附屬公司統稱「本集團」）於 2023年9月13日刊發之截至2022年12月31日止年度之全年業績公告（「2022年全年 業績公告」）。除另有界定者外，本公告所用詞彙與2022年全年業績公告所界定者 具有相同涵義。 除2022年全年業績公告所提供之資料外，董事會謹此向本公司股東及潛在投資者 提供有關出售附屬公司之若干過往須予公佈交易之進一步詳情。 有關出售附屬公司之過往須予公佈交易 ...

2023 中期報告 目 錄 公 司 資 料 公 司 簡 介 主 席 報 告 管 理 層 討 論 及 分 析 業 務 回 顧 財 務 回 顧 其 他 資 料 合 併 損 益 及 其 他 全 面 收 入 報 表 合 併 財 務 狀 況 報 表 合 併 權 益 變 動 表 簡 明 合 併 現 金 流 量 表 簡 明 合 併 財 務 報 表 附 註 2 4 6 8 1 1 1 4 1 9 2 1 2 3 2 7 2 9 2023中期報告 / 當代置業（中國）有限公司 公司資料 董事會 非執行董事 唐倫飛先生 曾強先生 獨立非執行董事 許俊浩先生 崔健先生 高志凱先生 審核委員會 許俊浩先生 （主席） 崔健先生 高志凱先生 環境、社會及管治委員會 張鵬先生 （主席） 崔健先生 許俊浩先生 高志凱先生 薪酬委員會 高志凱先生 （主席） 張雷先生 崔健先生 執行董事 張鵬先生 張雷先生 陳音先生 提名委員會 崔健先生 （主席） 張雷先生 許俊浩先生 高志凱先生 授權代表 張鵬先生 梁柏強先生 公司秘書 梁柏強先生 核數師 畢馬威會計師事務所 於《財務匯報局條例》下的註冊公眾利益實體核數師 香港中環 遮打道10號 太子大廈8 ...

目 錄 | 公司資料 | 2 | | --- | --- | | 公司簡介 | 4 | | 主席報告 | 6 | | 管理層討論及分析 | 9 | | 企業管治報告 | 18 | | 董事及高級管理層履歷 | 35 | | 董事會報告 | 38 | | 獨立核數師報告 | 55 | | 合併損益及其他全面收入報表 | 58 | | 合併財務狀況報表 | 60 | | 合併權益變動表 | 62 | | 合併現金流量表 | 65 | | 合併財務報表附註 | 68 | | 財務資料概要 | 162 | 年度報告2022 / 當代置業（中國）有限公司 公司資料 董事會 執行董事 張鵬先生（於2022年11月9日獲委任為 主席、總裁 ） 張雷先生（於2022年11月9日辭任為 主席 ） 陳音先生 非執行董事 陳志偉先生（於2022年3月24日辭任） 唐倫飛先生（於2022年3月24日獲委任） 曾強先生 范慶國先生（於2022年11月9日辭任） 獨立非執行董事 許俊浩先生 崔健先生 高志凱先生 劉加平先生（於2022年11月9日辭任） 審核委員會 許俊浩先生 （主席） 崔健先生 高志凱先生 劉加平先生（於2022年11 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 MODERN LAND (CHINA) CO., LIMITED 當代置業（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1107） 截 至2023年6月30日 止 六 個 月 之 未 經 審 核 中 期 業 績 公 告 中 期 業 績 當 代 置 業（中 國）有 限 公 司（「本 公 司」或「當 代 置 業」）董 事（「董 事」）會（「董 事 會」） 謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至2023年6月30日 止 六 個 月 之 未 經 審 核 合 併 中 期 業 績。 本 集 團 以 下 呈 列 的 未 經 審 核 合 併 損 益 及 其 他 全 面 收 入 報 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 MODERN LAND (CHINA) CO., LIMITED 當代置業（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1107） 截 至2022年12月31日 止 年 度 之 全 年 業 績 公 告 全 年 業 績 當 代 置 業（中 國）有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至2022年12月31日 止 年 度 之 經 審 核 合 併 業 績 及 上 一 財 政 年 度 之 比 較 數 字 如 下： – 1 – 合 併 損 益 及 其 他 全 面 收 入 報 表 截 至2022年12月31日 ...

Green Technology and Sustainability - The company has developed over 100 high-quality green technology products, focusing on five major urban clusters in China and targeting the North American region for international expansion[13]. - The energy consumption of MOMΛ products is only one-third of that required for conventional residential buildings in China to achieve the same comfort level, significantly reducing energy costs for residents[12]. - The company emphasizes green technology as its core competitive advantage, continuously researching and applying innovative technologies in its projects[12]. - The company is committed to sustainable development, integrating green technology and energy efficiency into its building practices[12]. - The company aims to create a comfortable living environment, maintaining indoor temperatures between 20°C and 26°C and humidity levels between 30% and 70%[12]. - The company has been recognized as the second-best in "China Green Real Estate Operation Model" and ranked among the top 10 in various categories by industry associations[22][24]. - The company has developed projects that meet domestic green building standards and has received multiple awards, including the LEED-ND certification, the first residential product in the country to achieve this[17]. - The company has received two Green Building Three-Star Operation Labels and one Green Building Two-Star Design Label in 2021, with a cumulative green building certification area reaching nearly 10 million square meters[26]. - The company is focusing on innovation and exploring new growth avenues through green branding, technology research and development, and lifecycle services[25]. - The company has been actively involved in promoting green living environments and has become a leader in green community certifications, with 28 certified green communities accounting for nearly 70% of the national total[26]. Financial Performance and Challenges - The company achieved a revenue of approximately RMB 11.4 billion for the year ended December 31, 2021, with a net loss attributable to shareholders of about RMB 2 billion due to inventory impairment and other factors[24]. - Property sales revenue for the year ended December 31, 2021, was approximately RMB 10,982.0 million, a decrease of about 28.7% compared to the previous year[40]. - The gross profit margin for property sales was approximately 5.3%, down 18.2 percentage points from 2020[40]. - Contract sales amount for the year ended December 31, 2021, was approximately RMB 36,050.4 million, a decrease of about 14.6% compared to the previous year[46]. - The company has faced significant liquidity challenges in 2021, implementing comprehensive strategies including debt restructuring and asset disposal to mitigate risks[24][25]. - The company plans to reduce debt and leverage, aiming for a low-leverage, low-risk development model while actively communicating with creditors to manage existing debt[29]. - The company maintained a cash balance of approximately RMB 4 billion as of December 31, 2021, primarily held in project-level escrow accounts to ensure normal operations[24]. - The company reported a loss of approximately RMB 2,329.8 million for the year ended December 31, 2021, down from a profit of RMB 1,117.0 million for the year ended December 31, 2020, representing a decline of approximately RMB 3,446.8 million[73]. - The loss attributable to owners of the company was approximately RMB 2,054.6 million for the year ended December 31, 2021, compared to a profit of RMB 739.0 million for the year ended December 31, 2020, a decrease of about RMB 2,793.6 million[74]. Debt and Financing - The company has a significant debt issuance, including $321 million in priority notes with a 9.8% interest rate, indicating its financing strategy[9]. - The company plans to leverage macroeconomic stabilization and real estate policy implementation to mitigate debt risks and restore normal operations[34]. - The total borrowings as of December 31, 2021, were approximately RMB 24,546.4 million, a slight decrease of about 0.2% from RMB 24,593.0 million as of December 31, 2020[78]. - The net debt ratio increased significantly from approximately 95.7% as of December 31, 2020, to approximately 301.4% as of December 31, 2021[79]. - The group had contingent liabilities related to mortgage guarantees amounting to approximately RMB 19,142.7 million as of December 31, 2021, compared to RMB 15,217.8 million as of December 31, 2020[85]. - The company has engaged in constructive dialogue with creditors to stabilize liquidity issues and facilitate a debt restructuring plan[95]. - A principle agreement was reached on the terms of the proposed restructuring of existing US dollar senior notes, with over 75% of creditors supporting the plan[96]. - The restructuring became effective on December 30, 2022, with existing notes being cancelled and new notes issued[97]. Corporate Governance and Management - The company adheres to the Corporate Governance Code and has complied with relevant regulations throughout the fiscal year ending December 31, 2021[110]. - The management emphasizes the importance of investor relations and has made significant progress in enhancing communication with stakeholders throughout the year[106]. - The board consists of ten members, ensuring a balanced mix of skills and experience to support the company's business needs[112]. - The company has established a committee for environmental, social, and governance matters, although no meetings were held in 2021[124]. - The board is responsible for maintaining effective risk management and internal control systems to protect the interests of the group and its shareholders[136]. - The audit committee consists of four independent non-executive directors, ensuring sufficient accounting and financial management expertise[147]. - The company has adopted a board diversity policy since January 15, 2019, considering various diversity criteria in the selection of board members[160]. - The company is committed to maximizing shareholder value through effective governance and transparency in its operations[106]. - The board has reviewed the effectiveness of the risk management and internal control systems for the financial year ending December 31, 2021, and found them to be adequate and effective[139]. ESG Initiatives and Performance - The company established an Environmental, Social, and Governance (ESG) committee on December 1, 2021, to oversee ESG strategies and compliance[153]. - The ESG committee is responsible for reviewing the company's ESG vision, strategies, and goals, and providing recommendations to the board annually[154]. - The company prioritizes anti-corruption and emphasizes the management of green building and product quality as key ESG issues[193]. - The company aims to enhance its ESG performance by adopting international or national standards and regularly monitoring and reporting on its ESG initiatives[200]. - Stakeholder communication is prioritized, with regular reports and disclosures to investors regarding company value, profitability, and ESG performance improvements[199]. - The company is committed to improving its governance and risk management levels to meet stakeholder expectations regarding environmental and social responsibilities[199]. - The annual ESG report is reviewed and recommended for board approval, ensuring compliance with listing rules and maintaining report integrity[200]. - The company actively engages with stakeholders to address their expectations and promote social development collaboratively[198]. - The company is focused on enhancing its sustainable supply chain and community engagement as part of its social responsibility efforts[195].

Financial Performance - Total revenue for the year ended December 31, 2021, was RMB 11,449,621, a decrease of 27.1% from RMB 15,740,529 in 2020[3] - Gross profit for the year was RMB 654,118, down 82.7% from RMB 3,784,542 in the previous year[3] - The net loss for the year was RMB 2,329,756, compared to a profit of RMB 1,116,985 in 2020[3] - Real estate sales revenue dropped to RMB 10,981,955 thousand in 2021, down 28.5% from RMB 15,402,691 thousand in 2020[35] - The group’s property sales revenue for the year ended December 31, 2021, was approximately RMB 10,982.0 million, a decrease of about 28.7% compared to the year ended December 31, 2020[94] - The company reported a basic and diluted loss attributable to shareholders of RMB (2,053,723) thousand for 2021, compared to a profit of RMB 739,001 thousand in 2020[48] - The group reported a loss attributable to owners of the company of approximately RMB 2,054.6 million for the year ended December 31, 2021, compared to a profit of approximately RMB 739.0 million for the year ended December 31, 2020[121] Assets and Liabilities - Current assets totaled RMB 63,355,528, a decrease from RMB 68,145,837 in the previous year[8] - Current liabilities exceeded current assets by RMB 4,888,821,000 as of December 31, 2021[20] - Total current liabilities amounted to RMB 68,224,349,000, an increase from RMB 55,386,694,000 in the previous year[10] - The company’s total assets less current liabilities were RMB 9,374,216,000, a decrease from RMB 26,525,177,000 in the previous year[10] - The company’s total equity decreased to RMB 6,813,355,000 from RMB 10,977,667,000 in the previous year[10] - The company’s total liabilities included priority notes of RMB 8,478,681,000 and bank borrowings of RMB 13,449,587,000, indicating significant debt obligations[67] - The net debt ratio as of December 31, 2021, was 301.4%, compared to 95.7% as of December 31, 2020[125] Cash Flow and Liquidity - The company’s cash and cash equivalents were RMB 1,585,043, indicating liquidity position[8] - The group’s cash and cash equivalents as of December 31, 2021, were approximately RMB 4,012.0 million, a decrease of about 71.5% from RMB 14,092.7 million as of December 31, 2020[122] - The group is undergoing a debt restructuring plan, which includes a cash redemption of approximately $23,000,000 and the issuance of new notes to replace existing senior notes totaling $1,341,502,000 (about RMB 8,478,681,000) [25] - The group must successfully implement its business strategy and cost control measures to improve its operating capital and cash flow situation[29] - The group is focused on expediting the pre-sale and sale of properties under development and completed projects to recover outstanding sales proceeds and other receivables[30] Debt and Restructuring - The group has defaulted on the repayment of approximately $250,002,000 (about RMB 1,592,948,000) of the 2019 USD Notes III, triggering cross-default on other senior notes with a total face value of $1,091,500,000 (about RMB 6,885,733,000) [21] - The group has violated several covenants related to bank and other borrowings amounting to RMB 5,262,556,000, with a specific loan of RMB 804,000,000 requiring early repayment by December 31, 2021 [22] - The company is facing a default on priority notes with an outstanding principal amount of approximately USD 250 million (about RMB 1.59 billion) as of October 25, 2021[68] - The company is undergoing a debt restructuring plan to address liquidity issues and has implemented various strategies to mitigate risks[71] Operational Challenges - The group has set aside RMB 264,315,000 for claims and litigation, indicating significant uncertainties that may severely doubt the group's ability to continue as a going concern [24] - The company has faced significant uncertainty regarding its ability to continue as a going concern due to various factors, including the success of its debt restructuring plan[72] - The company acknowledges the severe challenges faced since 2021 and expresses gratitude to stakeholders for their support while committing to restore normal operations and healthy development[91] Future Outlook - For 2022, the company anticipates increased policy support for the real estate sector, with a recovery in market confidence and significant growth in both supply and demand[83] - The company aims to reduce debt leverage and improve its debt situation through active communication with creditors, aiming to exit liquidity crises and establish a safer development cushion[85] - The company will focus on ensuring timely delivery of projects by leveraging special funds from banks and local governments, integrating various resources to support normal project development[86] Corporate Governance - The board of directors has confirmed compliance with the standards for securities trading as of December 31, 2021[155] - The company has maintained high standards of corporate governance and has adhered to the relevant rules as of December 31, 2021[157] - The audit committee consists of three independent non-executive directors with extensive experience in various fields, and they have reviewed the consolidated annual performance for the year ending December 31, 2021[163]