Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 151,672,000, an increase from RMB 146,304,000 in the same period of 2023, representing a growth of approximately 3%[5] - The loss for the period attributable to owners of the Company was RMB (164,883,000), compared to a loss of RMB (395,604,000) in the previous year, indicating a reduction in losses by approximately 58%[5] - Basic loss per share for the period was RMB (0.008), a decrease from RMB (0.0199) in the same period of 2023[8] - Operating profit for the six months was RMB 42,267,000, a significant improvement from an operating loss of RMB (210,031,000) in the previous year[5] - Other income increased to RMB 59,206,000 from RMB 38,511,000, reflecting a growth of approximately 54%[5] - Total comprehensive expense attributable to owners of the Company was RMB (163,651,000), compared to RMB (385,612,000) in the previous year, showing a decrease in comprehensive losses by about 58%[6] - The loss before income tax for the period was RMB 157,487,000, compared to a loss of RMB 381,573,000 in the same period last year[67] - The net loss attributable to owners of the Company for the six months ended June 30, 2024, was RMB 164,883,000, a decrease from RMB 408,801,000 in the same period of 2023, indicating an improvement of 59.7%[81] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 7,992,943,000, slightly down from RMB 8,040,154,000 at the end of 2023[10] - Current assets decreased to RMB 5,004,696,000 from RMB 5,154,067,000, indicating a reduction of approximately 2.9%[11] - As of June 30, 2024, total assets less current liabilities amounted to RMB 6,695,428 thousand, a decrease from RMB 7,968,438 thousand as of December 31, 2023, reflecting a decline of approximately 16%[12] - Net current liabilities increased significantly to RMB (1,297,515) thousand from RMB (71,716) thousand, indicating a deterioration in liquidity position[12] - Total equity decreased to RMB 2,500,650 thousand from RMB 2,662,242 thousand, representing a decline of about 6%[14] - Accumulated losses rose to RMB (4,790,785) thousand from RMB (4,625,902) thousand, reflecting an increase in losses of approximately 4%[14] - Bank and other borrowings increased to RMB 2,349,678 thousand from RMB 1,261,034 thousand, indicating a significant rise in debt levels[12] - Tax payable increased to RMB 637,946 thousand from RMB 582,360 thousand, showing an increase of approximately 10%[12] Cash Flow - For the six months ended June 30, 2024, the net cash used in operating activities was RMB 95,366 thousand, compared to RMB 27,493 thousand in the same period of 2023[19] - The net cash from investing activities was RMB 49,559 thousand, a significant improvement from a net cash used of RMB 685,059 thousand in the prior year[19] - Cash and cash equivalents at the end of the period were RMB 44,375 thousand, down from RMB 129,592 thousand at the end of June 2023[21] - Interest paid decreased to RMB 51,994 thousand from RMB 59,765 thousand year-over-year[19] - The company reported an increase in cash from operations to RMB 18 thousand, a recovery from a cash outflow of RMB 22,382 thousand in the previous year[19] Financing and Debt - The Company reported finance costs of RMB (199,293,000) for the period, up from RMB (170,042,000) in the previous year, reflecting an increase of about 17%[5] - Proceeds from borrowings amounted to RMB 935 thousand, a decrease from RMB 966,413 thousand in the previous year, while repayments of borrowings were RMB 35,950 thousand compared to RMB 208,487 thousand in 2023[21] - The Group's total borrowings amounted to approximately RMB 5,067,912 thousand, a slight decrease from RMB 5,091,275 thousand as of December 31, 2023, representing a reduction of 0.5%[98] - Current borrowings increased significantly from RMB 1,261,034 thousand as of December 31, 2023, to RMB 2,349,678 thousand as of June 30, 2024, marking an increase of 86.4%[98] - The Group's bank and other borrowings were approximately RMB 2,837 million as of June 30, 2024, compared to approximately RMB 2,261 million as of December 31, 2023, indicating an increase of 25.5%[100] Operational Strategy and Market Conditions - The company is primarily engaged in real estate development and investment in gateway cities of developed and developing markets in the PRC[23] - The Group's focus for 2024 includes increasing sales revenue, controlling costs, and maintaining stable operations despite industry challenges[160] - The real estate market in China is experiencing continuous adjustments, with weak investment and sluggish construction work[160] - The Group's operational strategy emphasizes stable cash flow and raising net profits amid market differentiation[161] - The Group is actively promoting the development and construction of real estate projects in key domestic and foreign cities[161] Shareholder and Corporate Governance - The Company did not declare an interim dividend for the period[3] - The Group has not reached any agreement regarding the extension of the proposed effective date or payment of liquidated damages as of the report date[39] - The interim financial statements should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2023[31] - The Group's interests of the Directors and Chief Executives in the shares and debentures of the Company are recorded in compliance with the Securities and Futures Ordinance[200] Joint Ventures and Investments - The Group's share of results from associates and joint ventures showed a loss of RMB 968 thousand in 2024, compared to an impairment loss of RMB 201,655 thousand in 2023, indicating a significant recovery[125] - The Group entered into a disposal agreement on April 8, 2024, to sell its entire interest in Jinxin for approximately RMB 0.8 billion and assign related debts for approximately RMB 2.61 billion[35] - The Group's total investments in joint ventures amounted to RMB 2,507,015, after accounting for goodwill adjustments of RMB 242,204 and impairments of RMB 511,773[88] Employee and Operational Metrics - As of June 30, 2024, the group had 218 employees, with total staff costs amounting to approximately RMB 40 million for the first half of the year[192] - The Group's commercial property operations saw an increase in customer traffic, signing and occupancy rates, and commercial revenue compared to the previous year, indicating a stable overall operation[179] - The overall construction of Changsha Oasis Albany is 90% complete, with plans to finish the project by the end of 2024[170]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部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。 SRE GROUP LIMITED 上置集團有限公司 * （於百慕達註冊成立之有限公司） （股份代號：1207） 截至二零二四年六月三十日止六個月 未經審核中期業績公告 集團財務摘要 截至二零二四年 六月三十日止六個月 收 入（人 民 幣 千 元） 151,672 當 期 本 公 司 股 東 應 佔 虧 損（人 民 幣 千 元） (164,883) 每 股 基 本 虧 損（人 民 幣 元） (0.008) 每股股息 — 中 期（人 民 幣 元） – 中期業績 上 置 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 未 經 審 核 之 合 併 中 期 業 績 連 同 二 零 二 三 年 同 期 之 比 較 數 字。本 公 司 審 核 委 員 會（「審核委員 ...

SRE GROUP LIMITED 上 置 集 團 有 限 公 司 * (Incorporated in Bermuda with limited liability) (於百慕逵註冊成立之有限公司) (Stock Code 股份代號：1207) Annual 年 Report 報 ■ * For identification purposes only 僅供議別 | --- | --- | |------------------------------------------------------------------------------------------------------|-------| | SRE GROUP LIMITED 上置集團有限公司 2023 ANNUAL REPORT 二零二三年年報 | | | Contents 目錄 | | | Corporate Information 公司資料 | 2 | | Introduction of the Group 集團簡介 | 6 | | Financial Summary 財務摘要 | 7 | | Chairman's State ...

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 598,601,000, a significant increase from RMB 275,916,000 in 2022, representing a growth of 117.6%[2] - Gross profit for the same period was RMB 43,299,000, down from RMB 130,991,000 in 2022, indicating a decline of 66.9%[2] - Operating loss for the year was RMB 699,760,000, compared to a loss of RMB 314,823,000 in 2022, reflecting an increase in losses of 122.4%[2] - Net loss attributable to shareholders for the year was RMB 1,597,018,000, compared to RMB 257,937,000 in 2022, marking a substantial increase in losses of 520.5%[3] - The total comprehensive loss for the year was RMB 1,634,682,000, compared to RMB 217,312,000 in 2022, indicating a significant increase in comprehensive losses of 651.5%[3] - The company reported a basic loss per share of RMB 0.079 for the year, compared to RMB 0.013 in 2022, reflecting a deterioration in performance[3] - The group reported a net loss of approximately RMB 1,597,018,000 for the year ended December 31, 2023[15] - The group reported a loss of RMB 643,968,000 for the year, with property development segment showing a loss of RMB 691,621,000[26] - The company reported a net loss attributable to shareholders of RMB 1,618,018 thousand in 2023, compared to a loss of RMB 267,764 thousand in 2022, reflecting a significant increase in losses[43] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 13,194,221,000, a decrease from RMB 13,930,517,000 in 2022, representing a decline of 5.3%[4] - As of December 31, 2023, the company's total liabilities amounted to RMB 5,225,783 thousand, an increase from RMB 4,667,510 thousand in 2022, representing a growth of approximately 11.93%[5] - The company's total assets, net of current liabilities, decreased to RMB 7,968,438 thousand from RMB 9,263,098 thousand in the previous year, reflecting a decline of about 13.93%[5] - Non-current liabilities, including bank and other borrowings, rose to RMB 3,830,241 thousand, up from RMB 3,343,339 thousand in 2022, indicating an increase of approximately 14.59%[5] - The company's net asset value dropped significantly to RMB 2,662,242 thousand from RMB 4,275,924 thousand in 2022, a decrease of around 37.66%[5] - The total equity attributable to shareholders decreased to RMB 2,362,980 thousand from RMB 3,997,662 thousand in the previous year, marking a decline of approximately 40.93%[5] - The company's accumulated losses increased to RMB (4,625,902) thousand compared to RMB (2,985,350) thousand in 2022, reflecting a rise in losses of about 55.00%[5] - The group had current liabilities of approximately RMB 1,261,034,000, an increase from RMB 1,109,278,000 in 2022[15] - The group had a net debt of approximately RMB 5.091 billion as of December 31, 2023, compared to RMB 4.453 billion in 2022[84] Cash Flow and Liquidity - Cash and cash equivalents at the end of the year were RMB 126,455,000, up from RMB 100,699,000 in 2022, showing an increase of 25.6%[4] - The group has cash and cash equivalents of approximately RMB 126,455,000 as of December 31, 2023[55] - The group plans to negotiate with other stakeholders for additional financing to alleviate cash flow pressures[17] - The group has outlined plans to mitigate liquidity pressures due to defaults, including selling assets at reasonable prices and expediting the collection of receivables[20] - The group’s cash flow forecast has been reviewed, indicating a positive outlook for operational funding and financial obligations[20] Financial Reporting and Standards - The company has not applied any new Hong Kong Financial Reporting Standards that are not yet effective, indicating a stable approach to financial reporting[8] - The company anticipates that the application of new standards will not have a significant impact on its financial position but may affect the presentation of its consolidated income statement and cash flow statement in the future[8] - The amendments to Hong Kong Financial Reporting Standard No. 10 and Hong Kong Accounting Standard No. 28 clarify the recognition of gains or losses from transactions involving the sale or injection of assets between investors and their associates or joint ventures, with no significant impact expected on the group's consolidated financial statements[10] - The 2020 amendment to Hong Kong Accounting Standard No. 1 clarifies the classification of liabilities as current or non-current, particularly regarding the entity's right to defer settlement for at least 12 months after the reporting period[11] - The 2022 amendment to Hong Kong Accounting Standard No. 1 requires additional disclosures for liabilities classified as non-current when the entity has the right to defer settlement within 12 months, effective from January 1, 2024[11] Operational Developments - The group plans to accelerate the sale of completed and developing properties to improve cash flow, with a target of RMB 235,629,000 expected to be recognized within one year from sales of completed properties[22] - The group is actively developing and selling multiple projects, including Shanghai Meilan Tiandi and Changsha Green Oasis Yabinli, to enhance operational efficiency[62] - The group has focused on debt management and risk mitigation to ensure the delivery of key development projects and improve sales recovery rates[62] - The group continues to strengthen its brand and operational capabilities in commercial property management, particularly in Shanghai and Shenyang[62] Market and Sales Performance - The group's property sales revenue for the year ended December 31, 2023, was RMB 392,979,000, a significant increase of 348% compared to RMB 87,532,000 in 2022[21] - Total revenue for the year ended December 31, 2023, reached RMB 598,601,000, up 117% from RMB 275,916,000 in the previous year[21] - The group recorded a total contract sales amount of approximately RMB 624.0 million in 2023, with a total sales area of about 45,431 square meters[63] - The commercial property operations improved in 2023, with a focus on enhancing management efficiency and data transparency to maximize asset value[74] Legal and Compliance Matters - The company is facing a court ruling requiring it to pay approximately RMB 4.45 billion in principal and related interest, along with execution costs of approximately RMB 4.52 million[91] - A government office withdrew a legal claim against the company, which involved a loan principal of RMB 81 million and related interest, resulting in a settlement agreement[88] - The company has confirmed compliance with the corporate governance code and principles as of December 31, 2023[94] - All directors have confirmed adherence to the standard code of conduct for securities trading for the entire year ending December 31, 2023[95] Future Outlook and Strategic Plans - The group plans to enhance core business stability and aims to achieve new business revenue through strategic investments and asset management[81] - The group intends to leverage positive changes in the external environment to enhance its main business and explore new avenues for growth[81] - The board believes that, considering the plans and measures in place, the group will have sufficient funds for operations over the next twelve months[20]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概 不對因本公告全部或任何部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。 SRE GROUP LIMITED 上 置 集 團 有 限 公 司 * （於百慕達註冊成立之有限公司） （股份代號：1207） 截 至2022年12月31日 止 年 度 經 審 核 年 度 業 績 茲提述本公司(i)日期為2023年3月29日，內容有關（其中包括）延遲刊發截 至2022年12月31日止年度之年度業績公告及暫停買賣本公司股份；(ii)日 期 為2023年4月3日，內 容 有 關 暫 停 買 賣 本 公 司 股 份；(iii)日 期 為2023年 4月28日，內 容 有 關 進 一 步 延 遲 刊 發 經 審 核2022年 年 度 業 績、進 一 步 延 遲 寄 發2022年 年 度 報 告 以 及 繼 續 暫 停 買 賣 本 公 司 股 份；(iv)日 期 為2023 年5月25日，內 容 有 關 復 牌 指 引；及(v)日 期 為2023年6月30日，內 容 有 關 根據復牌指引作出之 ...

Business Development and Strategy - The Group has successfully developed over 20 projects in Shanghai alone, contributing to its extensive portfolio in more than 10 key cities in China[14]. - The Group aims to maximize long-term market value through a strategic focus on "new city operation" and "new industry operation" to diversify its business[15]. - The Group has expanded its presence internationally, with operations in cities such as London, San Francisco, Sydney, and Phnom Penh[14]. - The Group is actively exploring diversified development opportunities to align with urban growth and customer needs[15]. - The Group's strategic initiatives include effective linkage between urban development and customer engagement[15]. - The Group aims to focus on boutique property development and urban renewal, with an emphasis on cash flow stabilization and risk mitigation in 2023[89]. - The Group plans to enhance asset operation efficiency and management, targeting sustainable development of commercial operations[92]. - The Group will adopt "city-specific and building-specific approaches" to meet annual sales targets[91]. Financial Performance - The Group recorded net revenue of approximately RMB276 million in 2022, a decrease of 64.7% compared to RMB780 million in 2021[37]. - Gross profit for 2022 amounted to approximately RMB131 million, down from RMB224 million in 2021, reflecting a decline of 41.5%[37]. - The Group's total assets as of December 31, 2022, were RMB13,931 million, a slight decrease from RMB14,080 million in 2021[22]. - Total liabilities increased marginally to RMB9,655 million in 2022 from RMB9,597 million in 2021[22]. - The Group's net assets decreased to RMB4,276 million in 2022, down from RMB4,483 million in 2021[22]. - Contracted sales for the Group and its joint ventures amounted to approximately RMB829 million in 2022, with a total contractual gross floor area of approximately 42,376 m²[37]. - The return on equity for 2022 was -7%, compared to 1% in 2021, indicating a significant decline in profitability[22]. - The current ratio for the Group was 1.16x in 2022, slightly down from 1.18x in 2021, indicating stable liquidity[22]. - The group reported a 99.11% contract signing rate for requisitioning households in the Shanghai Daxing Street Project, with a relocation rate of 98.32%[58]. - The loss attributable to owners of the Company in 2022 was approximately RMB268 million, a turnaround from a profit of RMB38 million in 2021, primarily due to decreased revenue and significant impairment charges[101]. Market Conditions - The business environment in the real estate sector was challenging, with a reported 45% year-on-year drop in sales for the top 100 real estate developers in China[35]. - Revenue from property sales was RMB 87.53 million in 2022, a significant drop of 85.1% compared to RMB 586.49 million in 2021[43]. - The Group's total revenue for 2022 was approximately RMB 275.92 million, a decrease of 64.7% from RMB 779.58 million in 2021[43]. Project Management and Development - Details of properties under development include significant projects in Shanghai and Changsha, with expected completion dates ranging from 2024 to 2026[131]. - Dalian Albany Mansions project has a total GFA of 85,244 sqm, with a completion date expected in 2025 and a current construction rate of 5%[132]. - Shanghai Malaren World Phase II Commercial project has a GFA of 60,905 sqm, expected to complete in 2025, with a construction rate of 35%[132]. - The completed investment property Shenyang Richgate has a GFA of 245,252 sqm, with a holding proportion of 100%[136]. - The Romduol project in Cambodia has a Phase I Apartment with a GFA of 23,791 sqm, expected to complete in 2023 with a construction rate of 60%[135]. Environmental, Social, and Governance (ESG) - The Group's commitment to environmental, social, and governance (ESG) practices is highlighted in its annual report[18]. - The ESG Report covers the period from January 1, 2022, to December 31, 2022, highlighting the company's sustainability practices[141]. - The Group values sustainability and has integrated ESG factors into its business strategy, establishing a top-down organizational structure for effective management[151]. - The ESG management structure includes a Board of Directors responsible for setting ESG strategy and reviewing performance against ESG-related goals[152]. - The Group identified 12 related ESG issues based on the ESG Guide and conducted a materiality assessment through stakeholder engagement[157]. Customer Relations and Product Responsibility - The company emphasized high-quality products and services, collaborating with suppliers to manage the entire real estate development value chain, thereby safeguarding customer interests[181]. - The company informed customers of project delay risks due to COVID-19 in sales contracts, ensuring timely risk disclosure to protect customer rights[185]. - The Golf Course received a total of 26 customer complaints during the reporting period, achieving a resolution rate of 100%[188]. - The Obstetrics and Gynecology Hospital received nine customer complaints, all of which were satisfactorily resolved during the reporting period[189]. - The company established a "Customer Information Management System" to protect customer privacy, requiring approval for access to customer information[193]. Operational Adjustments and Strategies - The group adjusted its sales strategy for the 75 Howard project in the USA in response to local market conditions affected by interest rate hikes[56]. - The Group will prioritize project delivery in 2023 to safeguard people's livelihood and maintain stability[91]. - The introduction of high-quality merchants is a key strategy to improve overall occupancy levels and achieve annual revenue targets[92]. - The Group implemented specific policies to improve occupancy and rent collection rates in commercial property operations amid changing consumer behavior post-pandemic[67].

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 106,105, a decrease of 29% compared to RMB 149,304 for the same period in 2021[4] - Loss attributable to owners of the Company for the period was RMB 147,020, compared to a loss of RMB 116,221 in the previous year, representing a 26.5% increase in loss[12] - Basic loss per share was RMB (0.71), compared to RMB (0.57) for the same period in 2021[12] - Operating profit increased to RMB 60,762, up from RMB 15,722 in the previous year, indicating a significant improvement in operational efficiency[9] - Total comprehensive loss for the period was RMB 81,847, a decrease from RMB 131,884 in the previous year, reflecting a 38% improvement[12] - The comprehensive loss for the period ended June 30, 2022, was RMB 147,020, compared to a loss of RMB 154,458 for the same period in the previous year, indicating a slight improvement[59] - The total comprehensive loss for the period was RMB 74,409, compared to RMB 81,847 for the same period in the previous year, indicating a reduction in overall losses[59] - Loss before income tax for the group was RMB 146,994,000, indicating a challenging financial environment[139] Assets and Liabilities - Total assets increased to RMB 14,154,420 as of June 30, 2022, compared to RMB 14,080,475 at the end of 2021[16] - Total equity attributable to owners of the Company as of June 30, 2022, was RMB 4,140,565, a decrease from RMB 4,214,974 as of December 31, 2021, representing a decline of approximately 1.75%[19] - Total liabilities increased to RMB 9,752,858 as of June 30, 2022, compared to RMB 9,597,066 as of December 31, 2021, reflecting an increase of about 1.62%[19] - The company reported a decrease in current liabilities to RMB 4,547,825 as of June 30, 2022, from RMB 4,353,541 as of December 31, 2021, indicating a reduction of approximately 4.45%[19] - Interest-bearing bank borrowings as of June 30, 2022, amounted to RMB 934,454, an increase from RMB 896,749 as of December 31, 2021, representing an increase of approximately 4.8%[19] - The company's accumulated losses as of June 30, 2022, were RMB 2,858,935, an increase from RMB 2,711,915 as of December 31, 2021, reflecting a rise of approximately 5.4%[19] Cash Flow - Cash and cash equivalents as of June 30, 2022, were RMB 72,239, slightly up from RMB 70,521 at the end of 2021[16] - Cash used in operating activities for the six months ended June 30, 2022, was RMB 25,848, compared to a cash inflow of RMB 3,350 for the same period in 2021, showing a significant decline in operational cash flow[66] - Net cash inflow from investing activities for the six months ended June 30, 2022, was RMB 51,820, contrasting with a net cash outflow of RMB 146,033 in the same period of the previous year, indicating a positive shift in investment cash flow[66] - The net cash outflow from financing activities for the six months ended June 30, 2022, was RMB 24.254 million, compared to a net inflow of RMB 37.466 million in the same period of 2021[68] - The Group's cash and cash equivalents at the end of the period were RMB 72.239 million, down from RMB 235.266 million in the previous year[68] Financial Challenges - The Group's financial position is under pressure due to multiple events of default, including the failure of a joint venture to meet its loan obligations[81] - The Group's financial difficulties were exacerbated by the deterioration of the financial conditions of its ultimate holding company, China Minsheng Investment Corporation Ltd.[81] - Significant uncertainties remain regarding the Group's ability to achieve its plans and maintain relationships with lenders[102] - The Group's ability to continue as a going concern depends on successful sales, timely divestments, and collection of receivables[102] - The Group must successfully execute timely sales and pre-sales activities to recover investments in joint ventures, properties, and financial assets[103] Taxation - The total tax charge for the period was RMB 7,464,000, compared to a tax credit of RMB 2,130,000 in the previous year[150] - Current taxation for Mainland China income tax was RMB (1,770,000), a decrease from RMB 2,619,000 in the previous year[150] - The applicable income tax rate for subsidiaries operating in Mainland China is generally 25%[154] - The Group incurred RMB 733,000 in Mainland China land appreciation tax (LAT), up from RMB 432,000 in the previous year[150] - Deferred taxation for Mainland China income tax amounted to RMB 8,501,000, compared to RMB (5,181,000) in the previous year[150] Share Capital - As of June 30, 2022, the issued share capital was RMB 6,747,788,000[199] - The group reported a total of 20,564,713 thousand shares issued as of June 30, 2022[199] - The average number of ordinary shares outstanding during the period was 20,564,713 thousand shares[167] - The Group's share options issued in 2016 are considered dilutive shares for earnings per share calculations[171] Segment Performance - The property development segment generated revenue of RMB 9,989,000, while the property leasing segment contributed RMB 61,818,000, and other operations accounted for RMB 34,298,000[139] - The segment profit for property development was RMB 888,000, while property leasing achieved a profit of RMB 38,323,000, and other operations generated a profit of RMB 21,551,000, totaling a segment profit of RMB 60,762,000[139] - Revenue from property leasing increased to RMB 61,955,000 compared to RMB 43,670,000 in the previous year, showing a growth of approximately 42%[145] - Revenue from contracts with customers recognized at a point in time was RMB 15,388,000, down from RMB 78,096,000 in the previous year, reflecting a significant decline[145]

Financial Performance - The total revenue for 2021 was RMB 780.224 million, a significant increase from RMB 289 million in 2020[15] - The company reported a pre-tax profit of RMB 28 million for 2021, compared to a loss of RMB 967 million in 2020[15] - The net profit attributable to shareholders was RMB 38 million in 2021, recovering from a loss of RMB 919 million in 2020[15] - The company's net revenue for 2021 was approximately RMB 780 million, a significant increase from RMB 289 million in 2020[36] - The gross profit for 2021 was approximately RMB 224 million, compared to a gross loss of RMB 63 million in 2020[36] - Shareholders' profit for 2021 was approximately RMB 38 million, a turnaround from a loss of RMB 919 million in 2020[63] Assets and Liabilities - Total assets as of December 31, 2021, were RMB 14.08 billion, slightly down from RMB 14.188 billion in 2020[15] - The total liabilities decreased to RMB 9.597 billion in 2021 from RMB 9.717 billion in 2020[15] - The company's net asset value was RMB 4.483 billion in 2021, compared to RMB 4.471 billion in 2020[15] - The total liabilities to equity ratio decreased to 2.14 times as of December 31, 2021, from 2.17 times in 2020[65] Cash Flow and Financial Health - The cash and bank balances, including restricted deposits, were RMB 108 million, down from RMB 382 million in 2020[15] - The company's operating funds (net current assets) increased by 93% to approximately RMB 767 million as of December 31, 2021, compared to RMB 398 million in 2020[65] - The current ratio improved to 1.18x in 2021 from 1.08x in 2020, indicating better short-term financial health[15] Business Strategy and Development - The company aims to diversify its business through "new city operations" and "new industry management" strategies to maximize long-term market value[10] - The company plans to continue expanding its market presence and enhancing operational efficiency in response to external challenges and the impact of the pandemic[34] - The company is actively engaging in project resource reserves and has contacted multiple potential investment projects for future development[34] Project Development - The main projects under development include Shanghai Meilan Tiandi, Jiaxing Xiangfu, Dalian Yabinli Mansion, Changsha Green Oasis Yabinli, and the 75 Howard project in the USA[38] - The project 75 Howard in the USA completed interior decoration and is expected to obtain the final completion certificate in the first half of 2022[44] - The company achieved a total contract sales amount of approximately RMB 736 million in 2021, with a total sales area of about 22,520 square meters[34] - The company recorded property sales revenue of RMB 586 million in 2021, up from RMB 114 million in 2020[37] Occupancy and Collection Rates - The occupancy rate and collection rate for held properties improved significantly due to strategic adjustments and the introduction of quality tenants[34] - The company plans to maintain a rental collection rate of no less than 90% and to ensure that the leasable operating area is not less than 80%[60] Employee and Management - The total employee cost for 2021 was approximately RMB 110 million, an increase from RMB 102 million in 2020[69] - The employee turnover rate was 27% for males and 23% for females, with a total employee count of 407[162] - The company provided various employee benefits, including annual health check-ups, commercial insurance, and transportation subsidies[165] - The company emphasizes equal employment opportunities and non-discrimination in all employment practices[167] Corporate Governance - The company has a diverse board of directors with members holding significant experience in finance, accounting, and corporate governance, enhancing its strategic decision-making capabilities[192][193] - The company is committed to maintaining high standards of corporate governance, as evidenced by the qualifications and experiences of its board members[192][193] - The board includes independent non-executive directors with extensive backgrounds in finance and corporate governance, ensuring compliance and strategic oversight[192][193] Environmental and Social Responsibility - The company has a commitment to environmental sustainability and compliance with relevant laws and regulations affecting operations[72] - The ESG report covers the period from January 1, 2021, to December 31, 2021, detailing the company's sustainable development and social responsibility practices[85] - The company actively promotes social responsibility through charitable activities aligned with its business characteristics[132] Risk Management and Compliance - The company implemented a strict "Red Line System" for project quality and safety management, with oversight from the engineering management team to mitigate major quality and safety issues[107] - A comprehensive evaluation and key risk assessment process was established to identify potential risks in project progress and quality, ensuring effective response measures are in place[109] - The company has established a clear reporting mechanism for corruption, ensuring confidentiality for whistleblowers[123] Health and Safety - The company implemented various pandemic prevention measures across its operations, including regular disinfection and health checks for customers and staff[120] - New health and safety protocols were introduced in hospitals, including weekly nucleic acid tests for staff and strict entry requirements for patients[120] - The company organized a fire drill in November 2021 to ensure staff were familiar with emergency evacuation procedures[173]

Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 149,304 thousand, an increase of 35% compared to RMB 110,556 thousand for the same period in 2020[4] - The net loss attributable to shareholders for the six months ended June 30, 2021, was RMB (116,221) thousand, compared to a loss of RMB (51,243) thousand in the same period of 2020[8] - Basic loss per share for the six months ended June 30, 2021, was RMB (0.57), compared to RMB (0.25) for the same period in 2020[9] - Gross profit for the six months ended June 30, 2021, was RMB 56,088 thousand, down 19% from RMB 69,586 thousand in the same period of 2020[4] - Operating profit for the six months ended June 30, 2021, was RMB 15,722 thousand, a significant decrease from RMB 89,598 thousand in the same period of 2020[4] - Total comprehensive loss for the six months ended June 30, 2021, was RMB (131,884) thousand, compared to RMB (52,520) thousand in the same period of 2020[12] - The company reported a net loss of RMB 116,221,000 for the current period, compared to a loss of RMB 51,243,000 in the same period of 2020[28][37] - The total comprehensive income for the six months ended June 30, 2020, was RMB (52,520,000), indicating a significant decline in performance year-over-year[39] - The company reported a pre-tax loss of RMB 122.43 million for the six months ended June 30, 2021, compared to a loss of RMB 37.41 million for the same period in 2020[188] Assets and Liabilities - Total assets as of June 30, 2021, were RMB 14,137,883 thousand, slightly down from RMB 14,188,039 thousand as of December 31, 2020[25] - Total liabilities as of June 30, 2021, were RMB 9,798,874 thousand, an increase from RMB 9,717,146 thousand as of December 31, 2020[24] - Cash and cash equivalents as of June 30, 2021, were RMB 235,266 thousand, down from RMB 379,654 thousand as of December 31, 2020[15] - As of June 30, 2021, the total equity attributable to shareholders was RMB 4,339,009,000, a decrease from RMB 4,470,893,000 as of January 1, 2021[28] - The company’s accumulated losses increased to RMB 2,848,245,000 as of June 30, 2021, compared to RMB 2,732,024,000 at the beginning of the year[28] - The company’s non-current liabilities increased to RMB 3,155,492,000 as of June 30, 2021, from RMB 3,064,658,000 as of December 31, 2020, marking an increase of 2.97%[135] - The company’s total current liabilities decreased to RMB 1,452,977,000 as of June 30, 2021, from RMB 1,511,281,000 as of December 31, 2020, a decrease of 3.86%[135] Cash Flow and Financing - Cash flows from operating activities showed a net outflow of RMB 37,613,000, an improvement from a net outflow of RMB 134,258,000 in the previous year[43] - The company incurred interest payments of RMB 39,328,000, significantly lower than RMB 116,974,000 in the prior period[43] - The cash and cash equivalents at the end of the period were RMB 235,266,000, down from RMB 735,435,000 at the beginning of the year[51] - The company raised RMB 231,873,000 from borrowings, while repaying RMB 190,781,000 in loans during the period[49] - The company’s cash generated from operating activities for the six months ended June 30, 2021, was RMB 3.35 million, a recovery from a cash outflow of RMB 5.40 million in the same period of 2020[188] Segment Performance - Property development segment revenue was RMB 73,349,000, significantly up from RMB 19,331,000 in the previous year, indicating a growth of approximately 279%[85] - The property leasing segment reported a revenue of RMB 38,746,000, compared to RMB 29,203,000 in the prior year, reflecting an increase of about 33%[85] - The company’s property sales revenue was RMB 73,579,000, a substantial increase from RMB 19,482,000 in the previous year, marking a growth of approximately 276%[91] - Hospital service revenue decreased to RMB 4,517,000 from RMB 7,955,000, a decline of about 43%[91] - Property rental income increased to RMB 43,670,000 from RMB 29,417,000, representing a growth of approximately 48%[91] Related Party Transactions - The company reported a significant increase in loans to related parties, totaling RMB 156,277,000 for the six months ended June 30, 2021, compared to RMB 22,076,000 for the same period in 2020[149] - Related party loans amounted to RMB 131,873 thousand for the six months ended June 30, 2021, compared to RMB 52,000 thousand in the same period of 2020, representing a significant increase of 153%[154] - Interest income from related parties reached RMB 86,945 thousand for the six months ended June 30, 2021, up from RMB 63,821 thousand in the same period of 2020, reflecting a growth of 36%[158] - The group provided guarantees for bank loans to related parties totaling approximately RMB 34.52 billion as of June 30, 2021, unchanged from December 31, 2020[162] - The group received RMB 31 million in income from guarantees for the six months ended June 30, 2021, compared to RMB 44 million in the same period of 2020[162] Risk Management - The financial risks faced by the group include liquidity risk, currency risk, interest rate risk, and credit risk[75] - The group has not made any changes to its risk management policies since the last fiscal year-end[76] - The ability to continue as a going concern depends on maintaining relationships with lenders and successfully obtaining new financing if necessary[68] Future Outlook - The company expects to continue focusing on property development and leasing as key growth areas moving forward[84] - The board believes that the group will have sufficient funds for operations and to meet financial obligations over the next twelve months, despite significant uncertainties[67]

Financial Performance - Total revenue for 2020 was RMB 289 million, a decrease of 55.7% from RMB 651 million in 2019[11] - The company reported a net loss of RMB 936 million for 2020, compared to a net loss of RMB 2,281 million in 2019, indicating a significant improvement[11] - The company's net revenue for 2020 was approximately RMB 289.2 million, a significant decrease from RMB 651.3 million in 2019[33] - The gross profit for 2020 was approximately RMB 63 million, down from RMB 187 million in 2019[33] - The net loss attributable to shareholders for 2020 was approximately RMB 919 million, compared to a loss of RMB 2.257 billion in 2019[63] - The company's total liabilities to equity ratio increased to 2.17 times in 2020, compared to 1.82 times in 2019[65] - The liquidity ratio was 1.08x, down from 1.27x in 2019, indicating a tightening of liquidity[12] - The operating funds (current assets) as of December 31, 2020, were approximately RMB 398 million, a decrease of 68% from RMB 1.254 billion in 2019[65] Assets and Liabilities - Total assets as of December 31, 2020, were RMB 14,188 million, down from RMB 15,481 million in 2019[12] - Cash and bank balances, including restricted deposits, decreased to RMB 382 million from RMB 522 million in 2019[12] - As of December 31, 2020, the group had approximately RMB 1.627 billion in bank and other borrowings secured by various assets, a decrease from RMB 1.743 billion in 2019[70] - The group provided guarantees for bank loans amounting to approximately RMB 3.452 billion for joint ventures as of December 31, 2020, compared to RMB 3.414 billion in 2019[70] Business Strategy and Market Presence - The company plans to focus on the Yangtze River Delta urban agglomeration and enhance its existing business layout[7] - SRE Group has successfully developed over 20 projects in Shanghai alone, showcasing its strong market presence[7] - The company is actively exploring overseas market expansion, with operations established in cities like London and San Francisco[7] - The company aims to integrate industry resources and focus on real estate development as its core business strategy[7] - The company has outlined a three-year development plan to position itself as a regional boutique residential developer[28] Project Development and Sales - In 2020, the company achieved a total contract sales amount of approximately RMB 1.208 billion, with a total sales area of about 29,049 square meters[29] - The company completed the sales target for key projects in China despite the pandemic, maintaining stable cash flow throughout the year[28] - The company is actively developing major projects such as Shanghai Meilan Celebrity City and the 75 Howard project in the USA, with significant progress reported[35][41] - The company has a land reserve of approximately 1.6 million square meters across various locations including Shanghai, Changsha, Jiaxing, Dalian, San Francisco, and Phnom Penh as of December 31, 2020[45] Employee and Management - The total number of employees as of December 31, 2020, was 407, down from 419 in 2019[67] - The company emphasizes equal employment opportunities, ensuring fairness in recruitment, compensation, and training across all departments[170] - The management team includes experienced professionals with backgrounds in real estate development and corporate management, enhancing operational capabilities[176] - The company has established a dual career development path for employees, focusing on both management and professional skills[157] Environmental, Social, and Governance (ESG) - The group is committed to environmental sustainability and compliance with relevant laws and regulations impacting operations, including air and noise pollution and waste discharge[72] - The ESG report covers the period from January 1, 2020, to December 31, 2020, focusing on key performance indicators related to environmental impact from various operational properties[87] - The company emphasizes the importance of sustainable development in its business strategy, integrating ESG factors into its operational framework[92] - The company aims to enhance its ESG performance by prioritizing stakeholder feedback and continuously improving its sustainability practices[96] Customer Satisfaction and Safety - Customer satisfaction at the golf course reached 83.88% during the reporting period, with regular surveys conducted to gather feedback[112] - The obstetrics and gynecology hospital received 317 customer complaints in 2020, achieving a resolution rate of 100%[112] - The group established a strict completion acceptance standard, incorporating 43 items and 99 sub-items in the acceptance criteria to ensure housing quality[104] - The group implemented a series of safety management goals and established a safety production responsibility system across all project companies[104] Financial Governance - The company reported no retained earnings available for distribution to shareholders as of December 31, 2020, consistent with 2019 figures[191] - The company has a share premium balance of approximately RMB 5.046 billion available for distribution under certain conditions, unchanged from 2019[191] - The board of directors confirmed the independence of all independent non-executive directors as per listing rules[198] - The management team is committed to maintaining high standards of corporate governance and transparency in operations[48]