Sales Performance - For the six months ended June 30, 2024, the group achieved a contracted sales amount of approximately RMB 7,332 million, a decrease of 58.4% compared to RMB 17,610 million for the same period in 2023[10]. - The total contracted sales area for the same period was approximately 690,941 square meters, down 39.2% from 1,135,462 square meters in the prior year[10]. - Property sales revenue for the same period was approximately RMB 13,027 million, representing a 32.6% increase from RMB 9,827 million in 2023, driven by increased deliveries of residential and commercial properties[19]. Financial Overview - The total revenue for the six months ended June 30, 2024, was approximately RMB 15,651 million, an increase of about 27.3% compared to RMB 12,299 million for the same period in 2023[18]. - Gross profit for the six months ended June 30, 2024, was approximately RMB 2,017 million, a decrease of 43.2% from RMB 3,548 million in 2023, with a gross margin of 12.9%, down 15.9 percentage points from 28.8%[24]. - The company recorded a net loss attributable to shareholders of approximately RMB 2,623 million for the six months ended June 30, 2024, compared to a profit of RMB 94 million in 2023[29]. Investment Properties and Assets - As of June 30, 2024, the total area of investment properties held by the company is approximately 8,226,773 square meters, an increase of about 0.1% from December 31, 2023[12]. - The company’s investment properties at fair value increased to RMB 80,792,206 thousand as of June 30, 2024, from RMB 78,946,839 thousand as of December 31, 2023, reflecting an increase of approximately 2.2%[66]. - The total amount of completed properties held for sale was RMB 3,271,446,000 as of June 30, 2024, a decrease from RMB 3,398,602,000 as of December 31, 2023, indicating a decline of about 3.7%[112]. Debt and Financing - The total borrowings as of June 30, 2024, were approximately RMB 58,441 million, down about 0.6% from RMB 58,820 million at the end of 2023[32]. - The net debt ratio increased to approximately 96.4% as of June 30, 2024, compared to 89.6% as of December 31, 2023[33]. - Approximately 88% of creditors holding the company's debt have signed a restructuring support agreement as of July 18, 2024[83]. Operational Strategy - The group continues to focus on property development as its main source of revenue amidst a challenging real estate market environment[9]. - The company aims to enhance urban quality and meet the growing demand for diversified real estate through its comprehensive commercial and residential projects[5]. - The company plans to continue its high-quality development path while fostering innovation and corporate responsibility[5]. Corporate Governance - The company has complied with all applicable corporate governance code provisions during the six months ending June 30, 2024[54]. - The board is committed to transparency and accountability to all shareholders[53]. - The company emphasizes maintaining high levels of corporate governance to enhance performance and sustainable development[53]. Employee and Management - The company employed a total of 8,488 full-time employees as of June 30, 2024, down from 9,234 employees at the end of 2023, with total employee costs for the period amounting to approximately RMB 947 million[41]. - The group’s management compensation for the six months ended June 30, 2024, was RMB 10,597,000, slightly down from RMB 10,629,000 for the same period in 2023[161]. Market Conditions and Future Outlook - The company is committed to supporting the stable development of the real estate market by adhering to policies that prioritize housing for living rather than speculation[8]. - The company plans to accelerate the construction of affordable housing and support the acquisition of existing residential properties for this purpose[15]. - The company aims to enhance its operational efficiency by optimizing its financing structure and extending the debt maturity of certain borrowings[17].

Financial Performance - Revenue reached approximately RMB 15,651 million, representing an increase of about 27.3% compared to the same period in 2023[1]. - The core loss attributable to the owners of the company was approximately RMB 1,937 million, a shift from profit to loss compared to the same period in 2023[1]. - For the six months ending June 30, 2024, the group reported a net loss of RMB 2,047 million[11]. - The company reported a net loss of RMB 2,046,712 for the six months ended June 30, 2024, compared to a profit of RMB 291,920 for the same period in 2023[16]. - Gross profit for the six months ended June 30, 2024, was approximately RMB 2,017 million, a decrease of about 43.2% compared to RMB 3,548 million for the same period in 2023[54]. - The company reported a loss attributable to owners of approximately RMB 2,623 million, compared to a profit of RMB 94 million in the same period of 2023[59]. Sales and Revenue - Contract sales amounted to approximately RMB 7,332 million, with a sales area of about 690,941 square meters[1]. - The group achieved contracted sales of approximately RMB 7,332 million for the six months ended June 30, 2024, down from RMB 17,610 million for the same period in 2023[40]. - Property sales revenue for the same period was approximately RMB 13,027 million, up about 32.6% from RMB 9,827 million in the previous year, primarily due to increased deliveries of residential and commercial properties[50]. - Total segment revenue for the six months ended June 30, 2024, was RMB 15,651,245, with property development contributing RMB 13,027,028[14]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 206,402 million, compared to RMB 214,806 million as of December 31, 2023[4]. - The total liabilities as of June 30, 2024, were RMB 153,703 million, down from RMB 159,487 million[4]. - The group's current and non-current borrowings were RMB 29,597 million and RMB 28,844 million, respectively[11]. - The total borrowings as of June 30, 2024, were RMB 58,440,551, compared to RMB 29,383,306 as of December 31, 2023[23][24]. Cash Flow and Financing - Cash and cash equivalents (excluding restricted cash) amounted to RMB 6,425 million as of June 30, 2024[11]. - The net finance cost was RMB 570 million, compared to RMB 1,561 million in the same period last year[5]. - The group aims to enhance liquidity management by accelerating the collection of sales proceeds and extending the debt maturity of certain loans[48]. - The group plans to optimize its financing structure to reduce financing costs and improve asset management to enhance rental rates and levels[48]. Market and Operational Strategy - The group continues to focus on property development as its main source of revenue despite the challenging operating environment in the real estate industry[39]. - The overall economic environment in China remains stable, with policies aimed at supporting housing demand and stabilizing the market[38]. - The group anticipates a focus on "stabilizing the market and reducing inventory" in the real estate sector for the second half of 2024, aiming to adapt to new market demands[45]. - The group plans to enhance its land reserve strategy under the "1+N" development model, concentrating on the Yangtze River Delta while exploring other quality regions[46]. Employee and Corporate Governance - The group employed a total of 8,488 full-time employees as of June 30, 2024, a decrease from 9,234 employees as of December 31, 2023[74]. - The total employee costs for the six months ended June 30, 2024, were approximately RMB 947 million[74]. - The board of directors is actively involved in overseeing the company's strategic direction and performance[81]. Restructuring and Debt Management - Approximately 88% of the creditors holding the group's internal debt signed the restructuring support agreement on July 18, 2024[12]. - The restructuring of internal debt is still pending effectiveness as of the announcement date[12]. - The group has appointed Haitong International Securities as its financial advisor for the restructuring of its offshore debt[11]. Investment and Development - The total land reserve held by the group is approximately 18.56 million square meters, with 15.17 million square meters currently under development[44]. - The company reported a decrease in total segment revenue from RMB 12,299,291 for the six months ended June 30, 2023, to RMB 15,651,245 for the same period in 2024[16]. Taxation and Compliance - Income tax expense increased by approximately 37.5% to RMB 1,088 million for the six months ended June 30, 2024, from RMB 791 million in the prior year, mainly due to increased corporate income tax and land value-added tax in China[58]. - The corporate income tax rate applicable to the group’s entities in China is 25%, as per the regulations effective from January 1, 2008[29].

Company Overview - Powerlong Real Estate Holdings Limited focuses on developing and operating comprehensive commercial real estate projects, with a successful listing on the Hong Kong Stock Exchange since October 14, 2009[7]. - As of December 31, 2023, the group's commercial projects include "Powerlong City," "Powerlong Plaza," and "Powerlong World," alongside various residential offerings, enhancing local retail infrastructure and urban quality[7]. - Powerlong was ranked 58th among the top 100 enterprises in Shanghai and 20th among private enterprises in Shanghai in 2023[9]. - The company was recognized as the 5th most profitable major real estate listed company in 2024, according to the Securities Market Weekly[11]. Business Strategy and Focus - Powerlong aims to align its growth speed and quality with national development strategies, emphasizing responsible corporate practices and high-quality development[12]. - The group continues to support China's urbanization process and the integration of the Yangtze River Delta, contributing to job creation and meeting diverse real estate demands[7]. - Powerlong's strategic focus is on cities with high economic vitality and robust demand for composite real estate, ensuring sustainable growth[7]. - The company adheres to its mission of "making space full of love" and values such as "simplicity, authenticity, and win-win cooperation" to drive its corporate culture[7]. Financial Performance - The group achieved a contract sales amount of approximately RMB 27,524 million, with a contract sales area of 1,979,982 square meters[13]. - The group reported a strong pipeline of future developments, with ongoing projects in various cities including Suzhou and Xuzhou, contributing to overall growth[29]. - For the year ended December 31, 2023, the total revenue recorded by the company was approximately RMB 22,904 million, a decrease of about 27.0% compared to RMB 31,378 million in 2022[70]. - The property sales revenue for the year ended December 31, 2023, was approximately RMB 17,737 million, down about 33.0% from RMB 26,481 million in 2022, primarily due to a decrease in residential and commercial property deliveries[71]. Project Development and Operations - The group has established 199 projects nationwide, with 148 projects located in the Yangtze River Delta region, accounting for approximately 74.4% of the total projects[13]. - The total land reserve area held by the group is approximately 21.94 million square meters, with about 63.0% of this reserve located in the Yangtze River Delta region[13]. - The company owns and operates 199 property development projects at various stages, with 104 fully completed projects as of December 31, 2023[21]. - The total gross floor area of investment properties held by the company is approximately 8,215,509 square meters, primarily consisting of shopping malls[22]. Market Expansion and New Developments - The company is expanding its market presence with new projects in cities like Hangzhou, Huzhou, and Ningbo, indicating a strategic focus on urban development[25][26]. - The company is focusing on both residential and commercial sectors, with a balanced portfolio across different regions[27]. - The company plans to continue integrating and consolidating advantageous resources to achieve high-quality operational plans within the year[17]. - The company aims to enhance its market tracking and research in key regional cities to improve product positioning and adhere to value investment principles[17]. Financial Management and Risk - The group is committed to maintaining a prudent operation strategy and improving financial risk management to ensure sustainable development[15]. - The company emphasizes the importance of "ensuring delivery and stabilizing operations" while enhancing product and service capabilities[16]. - The group aims to focus on "risk prevention and stable development" in 2024, with an emphasis on enhancing the quality of housing supply and meeting diverse housing needs[16]. - The company is committed to liquidity management measures to accelerate the collection of sales proceeds and extend the debt maturity of certain borrowings[18]. Corporate Governance and Management - The management team includes experienced professionals with over 33 years of administrative experience and expertise in financial management and corporate governance[99]. - The company emphasizes compliance and corporate governance, with its independent director holding multiple significant positions in various listed companies[100]. - The board includes experienced professionals with significant backgrounds in finance and real estate, enhancing the company's governance and strategic direction[101][102][103]. - The company is committed to transparency and accountability in all business operations[108]. Employee and Talent Management - The company emphasizes a talent strategy to create opportunities for employee development and achieve mutual growth[17]. - The gender ratio among employees, including senior management, is approximately 60:40, promoting gender diversity within the workforce[116]. - The company has established training programs to nurture talent and promote a diverse workforce, aiming to enhance the representation of female employees[116]. - The company is focused on enhancing project quality and optimizing organizational efficiency to improve project satisfaction and brand reputation[17]. Environmental and Social Responsibility - The company has complied with relevant environmental laws and regulations during the year ended December 31, 2023[152]. - The company emphasizes the importance of maintaining good relationships with employees, customers, and business partners for sustainable development[153]. - The company reported charitable donations of approximately RMB 0.3 million for the year ending December 31, 2023, a significant decrease from RMB 25.9 million in 2022[182]. Shareholder Relations and Dividends - The company has established a shareholder communication policy to enhance transparency and maintain effective relationships with shareholders[139]. - The company did not recommend the payment of a final dividend for the year ended December 31, 2023[145]. - As of December 31, 2023, the company's distributable reserves amounted to approximately RMB 171 million, an increase from RMB 120 million in 2022[147]. - The company has established a dividend policy that depends on various factors, including profitability and financial condition, and is subject to shareholder approval[146].

Financial Performance - Revenue was approximately RMB 22,904 million, representing a decrease of about 27.0% compared to the same period in 2022[1]. - The core loss attributable to the owners of the company was approximately RMB 1,148 million, a shift from profit to loss compared to the same period in 2022[1]. - The company reported a net loss of RMB 2,577,280 thousand for the year, compared to a profit of RMB 1,613,567 thousand in 2022[7]. - Basic and diluted loss per share attributable to the owners of the company was RMB 64.1, compared to earnings of RMB 9.9 in the previous year[9]. - The group reported a total segment income of RMB 23,467,536 thousand, with inter-segment revenue adjustments resulting in a total income of RMB 22,903,847 thousand[26]. - The group’s total loss for the year was RMB 2,577,280 thousand, reflecting significant financial challenges[26]. - The company reported a net loss attributable to shareholders of RMB (2,653,089) thousand for 2023, compared to a profit of RMB 407,749 thousand in 2022[53]. - The core loss for the year ended December 31, 2023, was approximately RMB 904 million, compared to a core profit of RMB 3,676 million in 2022, reflecting a significant decline[80]. Revenue Sources - Rental income and income from commercial operations and residential property management services reached approximately RMB 4,082 million, an increase of about 6.0% year-on-year[1]. - Property sales revenue was RMB 17,737,075 thousand, down 33% from RMB 26,480,586 thousand in the previous year[24]. - Revenue from providing commercial operation services and residential property management services was RMB 2,267,433 thousand, an increase of 7% compared to RMB 2,109,653 thousand in 2022[24]. - Total revenue from rental income and property management services amounted to approximately RMB 4,082 million, up 6.0% from RMB 3,851 million in 2022[70]. Assets and Liabilities - Total assets decreased to RMB 214,805,819 thousand from RMB 233,750,678 thousand in 2022, reflecting a decline of approximately 8.1%[3]. - Total liabilities decreased to RMB 159,486,979 thousand from RMB 171,149,084 thousand in the previous year[32]. - The total borrowings as of December 31, 2023, were RMB 58,820,060, a decrease from RMB 63,092,233 as of December 31, 2022, reflecting a reduction of about 7%[40]. - The company’s total liabilities decreased to RMB 42,003,157 as of December 31, 2023, from RMB 44,981,149 as of December 31, 2022, reflecting a reduction of about 7%[41]. Cash Flow and Financing - The company’s cash and cash equivalents, excluding restricted cash, amounted to RMB 7,735 million[13]. - The company is actively seeking new financing channels and accelerating asset sales to address upcoming financial obligations[14]. - The company aims to control administrative expenses and avoid unnecessary capital expenditures to maintain liquidity[14]. - The company has appointed Haitong International Securities as its financial advisor for debt restructuring[14]. Market and Operational Strategy - The group is focused on ensuring timely delivery of real estate projects to safeguard buyer interests and maintain cash flow for sustainable development[58]. - The group anticipates that the Chinese real estate industry will focus on "risk prevention and stable development" in 2024, with an emphasis on effective risk management in key areas[63]. - The group plans to accelerate the construction of new real estate development models and increase the supply of affordable housing to meet residents' housing needs[63]. - The group emphasizes a "1+N" development strategy, focusing on the Yangtze River Delta while exploring opportunities in other quality regions[62]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting[102]. - The external auditor, KPMG, has agreed to the publication of the group's audited financial statements for the year ended December 31, 2023[103]. - The company is committed to maintaining effective corporate governance practices to enhance investor confidence[101]. Employee and Operational Costs - Employee costs, including director remuneration, decreased to RMB 1,762,954 thousand in 2023 from RMB 2,034,940 thousand in 2022, a decline of about 13.4%[43]. - The total employee count as of December 31, 2023, was 9,234, a decrease from 10,046 in 2022, with total employee costs for the year amounting to approximately RMB 1,987 million[95]. Future Outlook - The group continues to adapt to the evolving real estate market by implementing policies to mitigate risks and support quality property companies[58]. - The group is committed to improving liquidity management by accelerating the collection of sales proceeds and extending the debt maturity of certain loans[65]. - The group will strengthen its market tracking and research in key regional cities to refine product positioning and adhere to value investment principles[64].

Sales Performance - For the six months ended June 30, 2023, the group achieved contracted sales of approximately RMB 17,610 million, a decrease of 24.2% compared to RMB 23,241 million for the same period in 2022[11]. - The total contracted sales area for the same period was approximately 1,135,462 square meters, down from 1,532,058 square meters in the previous year, representing a decline of 26%[11]. - The company reported total revenue of approximately RMB 12,299 million for the six months ended June 30, 2023, a decrease of about 27.2% compared to RMB 16,897 million for the same period in 2022, primarily due to a reduction in property sales revenue[20]. - For the six months ended June 30, 2023, the group recorded property sales revenue of approximately RMB 9,827 million, a decrease of about 32.4% compared to RMB 14,547 million for the same period in 2022[21]. - The total area of properties sold and delivered was 669,481 square meters, with an average selling price of RMB 14,679 per square meter[22]. Financial Performance - The group recorded a gross profit of approximately RMB 3,548 million, down about 32.2% from RMB 5,233 million in the same period of 2022, with a gross margin of 28.8%[26]. - Core profit for the six months ended June 30, 2023, was approximately RMB 1,484 million, a decrease of about 34.6% from RMB 2,268 million in the same period of 2022[32]. - The profit attributable to the owners of the company was approximately RMB 94 million, a decrease of about 86.5% from RMB 698 million in the same period of 2022[31]. - The company reported a net profit of RMB 291,920 thousand for the six months ended June 30, 2023, compared to RMB 1,213,282 thousand in the prior year, reflecting a significant decline of approximately 76.0%[69]. - The group’s total borrowings as of June 30, 2023, amounted to approximately RMB 60,919 million, a decrease of about 3.4% from RMB 63,092 million as of December 31, 2022[34]. Investment and Development - The company continues to focus on property development as its main source of revenue amidst a challenging real estate market environment[9]. - The total land reserve held by the company is approximately 23.67 million square meters, with 20.61 million square meters under development and 3.06 million square meters reserved for future development[16]. - The company will continue to implement a "1+N" development strategy, focusing on the Yangtze River Delta while exploring other high-quality opportunities[16]. - The company has not disclosed any new product launches or technological advancements during this reporting period[73]. - The company did not hold any significant investments or engage in any major acquisitions or disposals during the six months ended June 30, 2023[42]. Market Environment - The policy environment remains supportive, with measures such as lowering down payments and mortgage rates to stimulate housing demand[10]. - The company anticipates that the real estate industry in China will continue to experience orderly loosening under the policy framework of "housing is for living, not for speculation" in the second half of 2023[17]. - Recent policy relaxations on pre-sale requirements are expected to enhance buyer interest and stimulate demand[79]. Corporate Governance - The company has maintained compliance with all applicable corporate governance codes as of June 30, 2023[57]. - The audit committee, consisting of three independent non-executive directors, has reviewed the interim report for the six months ended June 30, 2023, with no objections to the accounting treatments adopted[58]. - The company emphasizes the importance of effective corporate governance as a key factor in delivering greater value to shareholders[56]. Cash Flow and Liquidity - Operating cash flow for the six months ended June 30, 2023, was RMB 1,361,522 thousand, a decrease of 80.3% compared to RMB 6,889,094 thousand for the same period in 2022[72]. - Cash flow from financing activities resulted in a net outflow of RMB 3,707,116 thousand, a decrease from RMB 8,727,216 thousand in the prior year, reflecting reduced borrowing and repayment activities[72]. - The company continues to monitor foreign exchange fluctuations, with non-RMB financial assets or liabilities totaling approximately RMB 23,511 million as of June 30, 2023[41]. Employee and Management - The company employed a total of 10,466 full-time employees as of June 30, 2023, an increase from 10,046 employees as of December 31, 2022[43]. - The total compensation for key management personnel increased to RMB 11,475,000 in 2023 from RMB 9,159,000 in 2022, representing a growth of 25.2%[149]. Risks and Challenges - Financial risk factors include market risk, credit risk, and liquidity risk, which may impact the group's business[81]. - The management remains optimistic about the long-term fundamentals of the Chinese economy despite current market challenges[10].

Financial Performance - Revenue was approximately RMB 12,299 million, representing a decrease of about 27.2% compared to the same period in 2022[1]. - Core profit attributable to the company's owners was approximately RMB 1,280 million, a decrease of about 24.3% year-on-year[1]. - The group recorded a profit of RMB 292 million for the six months ended June 30, 2023, down from RMB 1,213 million for the same period in 2022[11]. - The company's profit attributable to shareholders was RMB 94,227 thousand, a decrease of 86.5% compared to RMB 698,066 thousand for the same period in 2022[34]. - Basic earnings per share for the six months ended June 30, 2023, was RMB 2.3, down from RMB 16.9 in the same period of 2022[34]. - Gross profit for the six months ended June 30, 2023, was approximately RMB 3,548 million, a decrease of about 32.2% compared to RMB 5,233 million for the same period in 2022[53]. - Gross margin for the same period was 28.8%, down 2.2 percentage points from 31.0% in the prior year, primarily due to a challenging operating environment in the real estate sector[53]. Sales and Contracted Sales - Contract sales amounted to approximately RMB 17,610 million, with a sales area of about 1,135,462 square meters[1]. - The total contracted sales amount for the six months ended June 30, 2023, was approximately RMB 17,610 million, a decline of 24.5% from RMB 23,241 million for the same period in 2022[38]. - The total contracted sales area for the six months ended June 30, 2023, was approximately 1,135,462 square meters, down from 1,532,058 square meters in the same period of 2022[38]. - Property sales revenue for the same period was approximately RMB 9,827 million, down about 32.4% from RMB 14,547 million in 2022, primarily due to reduced deliveries of residential and commercial properties[48]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 225,896,914 thousand, compared to RMB 233,750,678 thousand as of December 31, 2022[4]. - The total liabilities decreased to RMB 163,622,896 thousand from RMB 171,149,084 thousand as of December 31, 2022[4]. - As of June 30, 2023, the group's net current assets amounted to RMB 19,712 million, with current liabilities of RMB 13,080 million[11]. - The total amount of secured bank and other borrowings was approximately RMB 39,565 million as of June 30, 2023, down from RMB 41,734 million as of December 31, 2022[64]. Cash Flow and Financing - The company's cash and cash equivalents increased to RMB 8,946,984 thousand from RMB 2,218,049 thousand as of December 31, 2022[4]. - The group plans to negotiate with financial institutions to extend certain borrowings and seek new loans at reasonable costs to alleviate cash flow pressure[11]. - The company reported a net financing cost of RMB 1,561,435,000 for the six months ended June 30, 2023, compared to RMB 1,310,765,000 for the same period in 2022, indicating an increase of about 19.1%[27]. - The company recorded interest expenses of RMB 2,261,805,000 for the six months ended June 30, 2023, down from RMB 2,460,429,000 in the same period of 2022, showing a decrease of about 8.1%[27]. Operational Challenges and Strategies - The real estate industry continues to face severe operational challenges, but the company is committed to ensuring stable development and fulfilling its corporate responsibilities[36]. - The group aims to enhance management efficiency and ensure project delivery amidst challenges in the real estate sector[44]. - The group will continue to implement measures to control administrative expenses and maintain control over capital expenditures[11]. - The group aims to enhance financial risk management and ensure cash flow safety, focusing on accelerating sales collection and controlling overall debt levels[47]. Investment and Development - The group operates in four main business segments: property development, property investment, commercial operations, and residential property management[13]. - The total land reserve held by the group is approximately 23.67 million square meters, with 20.61 million square meters under development[42]. - Approximately 64.2% of the group's land reserves are located in the Yangtze River Delta region[42]. - The company plans to enhance its market expansion strategies and invest in new technologies to drive future growth[14]. Employee and Corporate Governance - The group employed a total of 10,466 full-time employees as of June 30, 2023, an increase from 10,046 employees as of December 31, 2022[72]. - The total employee costs for the six months ended June 30, 2023, were approximately RMB 1,240 million[72]. - The group has established an audit committee consisting of three independent non-executive directors to oversee financial reporting[76].

Company Overview - Powerlong Real Estate Holdings Limited focuses on developing and operating comprehensive commercial real estate projects, with a successful listing on the Hong Kong Stock Exchange since October 14, 2009[5]. - As of December 31, 2022, the group's commercial projects include "Powerlong City," "Powerlong Plaza," and "Powerlong World," alongside various residential offerings, contributing to urban retail enhancements and quality improvements[5]. - The group aims to align its growth with national strategies, focusing on urban clusters with high economic vitality, thereby meeting the increasing demand for diversified real estate in China[5]. Awards and Recognition - Powerlong has received multiple awards in 2022, including being ranked among the top 100 real estate companies in China and recognized for its corporate social responsibility efforts[12][13]. - The company emphasizes high-quality development and corporate responsibility, adhering to its mission of "making space full of love" and values of simplicity, authenticity, and mutual benefit[6]. Financial Performance - The group achieved a contract sales amount of approximately RMB 40,950 million for the year ended December 31, 2022[19]. - The total revenue for the group was approximately RMB 31,378 million, with a core profit attributable to the owners of approximately RMB 2,451 million, resulting in a basic earnings per share of RMB 0.099[20]. - The group reported a significant decrease in net profit attributable to the company's owners for the year, approximately RMB 408 million, a significant decrease of about 93.2% from RMB 5,992 million in 2021[107]. Market Presence and Development - The group has established 206 projects nationwide, with 153 projects (approximately 74.3%) located in the Yangtze River Delta region[21]. - The group completed the opening of 3 new shopping centers during the year, bringing the total to 60 shopping centers held and managed, along with 9 light-asset shopping centers[23]. - The company is expanding its commercial and residential projects across various cities, including a total of 483,000 square meters in Hangzhou's Dajiangdong Baolong Plaza, all of which are completed[40]. Strategic Initiatives - Powerlong's strategic initiatives include improving urban retail infrastructure and providing numerous employment opportunities, supporting China's urbanization process[5]. - The group plans to focus on eight key areas in 2023, including project focus, sales assurance, and asset revitalization, to navigate the challenges in the real estate market[26]. - The group aims to maintain a responsible corporate image while pursuing sustainable growth and development in the real estate sector[6]. Financial Management - The comprehensive actual interest rate for the group decreased to 6.36% compared to the previous year, due to strict monitoring of financing costs[24]. - The group aims to strengthen financial risk management by strictly controlling overall debt levels and optimizing the financial structure to reduce financing costs[28]. - As of December 31, 2022, the total borrowings amounted to approximately RMB 63,092 million, a decrease of about 13.5% from RMB 72,958 million in 2021[111]. Corporate Governance - The company emphasizes high levels of corporate governance to enhance performance and ensure transparency and accountability, adhering to the corporate governance code[155]. - The board has reviewed its corporate governance policies and practices for the year ended December 31, 2022, ensuring compliance with legal and regulatory requirements[156]. - The company has established committees to delegate specific responsibilities, enhancing governance and oversight[157]. Employee and Talent Development - The group emphasizes the importance of talent development and aims to create opportunities for employees to realize their self-worth[29]. - The total employee cost for the year ended December 31, 2022, was approximately RMB 2,378 million, with a workforce of 10,046 full-time employees, down from 13,212 in 2021[130]. - The company has established training programs to nurture talent and promote gender diversity in the workplace[168]. Future Outlook - The outlook for 2023 indicates a gradual recovery in demand and continued policy support for the real estate sector, with expectations for improved financing conditions for quality real estate companies[25]. - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to $1.32 billion[139]. - The company plans to implement cost control measures, aiming for a 10% reduction in operational costs over the next year[139].

Financial Performance - Revenue was approximately RMB 31,378 million, representing a decrease of about 21.4% compared to the same period in 2021[1]. - Core profit attributable to the owners of the company was approximately RMB 2,451 million, a decline of about 34.9% compared to 2021[1]. - The company reported a net profit of RMB 1,614 million, a significant decrease from RMB 7,336 million in the previous year[5]. - The group recorded an annual profit of RMB 1,614 million for the year ended December 31, 2022, down from RMB 7,336 million for the year ended December 31, 2021[11]. - The company reported a net profit of RMB 1,613,567 thousand for the year ended December 31, 2022, compared to RMB 7,336,125 thousand in 2021, indicating a significant decline[21]. - The profit attributable to the owners of the company for the year ended December 31, 2022, was approximately RMB 408 million, a decrease of about 93.2% from RMB 5,992 million in 2021[70]. - The basic earnings per share for the year ended December 31, 2022, was approximately RMB 0.099, a decrease of about 93.2% from RMB 1.447 in 2021[71]. Revenue Sources - Rental income and income from providing commercial operation services and residential property management services reached approximately RMB 3,851 million, an increase of about 3.9% year-on-year[1]. - Rental income from investment properties increased to RMB 1,740,857 thousand, up 3.5% from RMB 1,681,437 thousand in the previous year[18]. - Revenue from commercial operation services and residential property management services rose to RMB 2,109,653 thousand, compared to RMB 2,026,622 thousand in 2021, reflecting a growth of 4.1%[18]. - The total revenue from other property development-related businesses was approximately RMB 1,046 million, a decrease of about 9.8% compared to RMB 1,160 million in 2021[63]. Asset and Liability Management - Total assets decreased to RMB 233,750 million from RMB 245,056 million in 2021, reflecting a reduction of approximately 4.9%[3]. - Total liabilities decreased to RMB 171,149 million from RMB 182,649 million in 2021, a decline of approximately 6.3%[4]. - The company's equity attributable to owners increased slightly to RMB 41,106 million from RMB 40,694 million in 2021[4]. - As of December 31, 2022, the group reported net current assets of RMB 16,791 million, with current liabilities of RMB 19,686 million and cash and cash equivalents (excluding restricted cash) of RMB 9,590 million[11]. - The company’s cash and cash equivalents decreased significantly from RMB 4,429,896 thousand in 2021 to RMB 262,141 thousand in 2022[25]. - The group had secured assets with a book value of approximately RMB 89,541 million as of December 31, 2022, down from RMB 103,261 million in 2021[78]. Sales and Market Performance - Contract sales amounted to approximately RMB 40,950 million, with a total sales area of approximately 2,724,167 square meters[1]. - Property sales for the year ended December 31, 2022, were RMB 26,480,586 thousand, a decrease of 24.5% from RMB 35,034,613 thousand in 2021[18]. - The total contract sales amount for the year was approximately RMB 40,950 million, down from RMB 101,227 million in 2021, reflecting the challenging real estate market[50]. - The average selling price per square meter for residential sales was RMB 14,681, while for commercial sales it was RMB 15,871 in 2022[51]. Strategic Initiatives and Future Outlook - The company plans to continue focusing on property development and management services to enhance revenue streams in the future[8]. - The group plans to accelerate the presale and sale of properties under development and completed properties, as well as improve the collection of outstanding sales proceeds and other receivables[12]. - The group aims to maintain a cautious expansion of quality land reserves and will focus on the Yangtze River Delta region, which accounts for approximately 67.1% of its land reserves[54]. - The outlook for 2023 indicates a gradual recovery in demand and continued policy support for the real estate sector, with expectations for improved financing conditions for quality property companies[55]. - The group plans to implement eight key initiatives in 2023, including "one city, one policy" and enhancing asset management to ensure sales and financing stability[56]. Cost Management and Financial Health - The cost of sales, including construction costs, land costs, and interest costs, decreased significantly from RMB 24,184,806 thousand in 2021 to RMB 18,034,228 thousand in 2022, a decrease of approximately 25.5%[36]. - The company's income tax expense decreased from RMB 4,940,826 thousand in 2021 to RMB 2,557,548 thousand in 2022, a reduction of approximately 48.2%[39]. - The net financing costs increased from RMB 434,718 thousand in 2021 to RMB 2,408,614 thousand in 2022, marking a substantial increase of about 453.5%[38]. - The total interest expenses as of December 31, 2022, were approximately RMB 4,787 million, a decrease of about 7.8% from RMB 5,193 million in 2021[76]. Employee and Operational Changes - The group employed a total of 10,046 full-time employees as of December 31, 2022, a reduction from 13,212 employees in 2021[86]. - The company's employee costs, including director remuneration, decreased from RMB 2,547,194 thousand in 2021 to RMB 2,034,940 thousand in 2022, a decrease of approximately 20.1%[36]. Corporate Governance and Compliance - The company confirmed compliance with the standard code of conduct for securities trading as of December 31, 2022, with no violations detected during the year[90]. - The company maintained sufficient public float, with over 25% of its issued shares held by the public as of December 31, 2022[96]. - The board proposed amendments to the existing articles of association to comply with the latest listing rules and provide flexibility for shareholder meetings[98].

Sales Performance - For the six months ended June 30, 2022, the group achieved contracted sales of approximately RMB 23,241 million, a decrease of 56.2% compared to RMB 53,039 million for the same period in 2021[10]. - The total contracted sales area for the same period was approximately 1,532,058 square meters, down 54.7% from 3,385,793 square meters in the previous year[10]. - The property sales revenue for the six months ended June 30, 2022, was approximately RMB 14,547 million, down about 21.0% from RMB 18,421 million for the same period in 2021, primarily due to a reduction in property deliveries[19]. Revenue and Profitability - As of June 30, 2022, the total revenue recorded by the company was approximately RMB 16,897 million, a decrease of about 18.5% compared to RMB 20,730 million for the same period in 2021[18]. - The company's gross profit decreased by approximately 28.2% to RMB 5,233 million for the six months ended June 30, 2022, compared to RMB 7,292 million in the same period of 2021[24]. - The company's net profit attributable to shareholders was approximately RMB 698 million for the six months ended June 30, 2022, a decrease of about 82.1% from RMB 3,908 million in the same period of 2021[29]. Financial Position - Cash and cash equivalents totaled approximately RMB 19,364 million as of June 30, 2022, a decrease of about 22.8% from RMB 25,068 million as of December 31, 2021[30]. - Total borrowings amounted to approximately RMB 66,568 million as of June 30, 2022, a decrease of about 9.4% from RMB 72,958 million as of December 31, 2021[31]. - The company's net debt ratio was approximately 75.4% as of June 30, 2022, compared to 76.7% as of December 31, 2021[32]. Investment Properties and Assets - The company held investment properties with a total construction area of approximately 7,622,378 square meters as of June 30, 2022, an increase of about 4.6% from 7,286,508 square meters as of December 31, 2021[12]. - The total amount of secured bank and other borrowings, as well as commercial mortgage-backed securities, was approximately RMB 44,621 million as of June 30, 2022, compared to RMB 46,043 million as of December 31, 2021[34]. - The total assets as of June 30, 2022, amounted to RMB 238,619,834 thousand, down from RMB 245,056,453 thousand at the end of 2021, representing a decrease of 2.0%[65]. Corporate Governance and Management - The company emphasizes high levels of corporate governance to enhance performance and ensure transparency and accountability to shareholders[54]. - The company has complied with all applicable provisions of the corporate governance code as of June 30, 2022[55]. - The company established an audit committee in compliance with Listing Rule 3.21, consisting of three independent non-executive directors[57]. Market Strategy and Development - The group continues to focus on property development as its main source of revenue despite the challenging operating environment in the real estate sector[9]. - The company plans to focus on the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area while optimizing its "1+1+N" development strategy[15]. - The company aims to create more value for enterprises, society, and the country through its ongoing development initiatives[6]. Cash Flow and Financing - The cash flow from operating activities generated RMB 6,889,094 thousand for the six months ended June 30, 2022, compared to RMB 5,296,966 thousand for the same period in 2021[72]. - Cash used in investing activities was RMB 2,859,526 thousand for the six months ended June 30, 2022, down from RMB 6,883,180 thousand for the same period in 2021[72]. - The company is actively negotiating with several financial institutions to extend existing loans and secure new loans at reasonable costs[77]. Employee and Management Costs - The total employee cost for the six months ended June 30, 2022, was approximately RMB 1,540 million, with a total of 11,450 full-time employees[40]. - The total remuneration for key management personnel was RMB 8,177,000 for the six months ended June 30, 2022, down from RMB 10,808,000 for the same period in 2021, representing a decrease of approximately 24%[150]. Dividends and Shareholder Information - The board decided not to declare an interim dividend for the six months ended June 30, 2022[41]. - As of June 30, 2022, the total shareholding of the directors amounted to 1,836,902,000 shares, representing approximately 44.37% of the issued share capital[44]. - The company reported a basic and diluted earnings per share of RMB 16.9 for the first half of 2022, compared to RMB 94.3 in the same period of 2021[67].

Company Overview - Powerlong Real Estate Holdings Limited has developed, owned, and operated 220 property projects as of December 31, 2021[7]. - The company has been recognized as one of the top 100 real estate companies in China and received multiple awards for brand value and corporate responsibility in 2021[22][24]. - The company has a total of 139 projects under development or planned for future development, with significant projects located in Zhejiang and Jiangsu provinces[36]. - The company has a diverse portfolio with properties in first-tier, new first-tier, second-tier, and third/fourth-tier cities, ensuring broad market coverage[49]. Financial Performance - For the year ended December 31, 2021, the company achieved revenue of approximately RMB 39,902 million, representing a year-on-year increase of about 12.4%[26]. - The profit attributable to the owners of the company was approximately RMB 5,992 million, reflecting a year-on-year decrease of about 1.7%[26]. - Basic earnings per share were RMB 144.7 cents[26]. - The total revenue for the year ended December 31, 2021, was approximately RMB 39,902 million, representing a 12.4% increase from RMB 35,495 million in 2020[96]. - Property sales revenue for the year was approximately RMB 35,035 million, an increase of 11.3% from RMB 31,486 million in 2020, driven by growth in residential property sales[97]. - Rental income from investment properties was approximately RMB 1,681 million, a 7.6% increase from RMB 1,562 million in 2020[99]. - Revenue from commercial operation services and residential property management services was approximately RMB 2,027 million, reflecting a 21.1% increase from RMB 1,674 million in 2020[99]. Market Expansion and Development - The company opened several new projects, including Yancheng Jianhu Powerlong Plaza and Huizhou Rongcan Powerlong Plaza, in 2021[19]. - The group achieved contract sales of approximately RMB 101,227 million for the year ended December 31, 2021, representing an increase of about 24.1% compared to the same period in 2020[27]. - The group successfully opened 11 new shopping centers and managed a total of 59 commercial plazas as of December 31, 2021, positioning itself among the industry leaders[29]. - The group plans to continue optimizing its "1+1+N" development strategy, focusing on the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area[30]. - The company is focusing on expanding its presence in the Zhejiang province, with several new projects planned for the upcoming years[42]. Strategic Initiatives - The company emphasizes innovation and transformation as key drivers of its development strategy[7]. - The company aims to enhance urban retail infrastructure and improve city quality through diverse property offerings[7]. - The company is committed to enhancing its brand influence and social responsibility in the real estate market[22][23]. - The company aims to align its growth rate and quality requirements with national development goals[25]. - The company plans to continue its talent strategy to activate individual potential and improve work efficiency[31]. Corporate Governance - The board consists of nine directors, including five executive directors, one non-executive director, and three independent non-executive directors, complying with listing rules[138]. - The company emphasizes high corporate governance standards to enhance performance and ensure transparency and accountability[136]. - The board has implemented a diversity policy, focusing on measurable goals across various dimensions including gender, age, and professional experience[143]. - The company has established a board committee with delegated responsibilities outlined in their respective terms of reference[137]. Sustainability and Social Responsibility - The group is committed to supporting sustainable development and complies with multiple environmental laws and regulations in China, including those related to air and noise pollution, as well as waste and wastewater emissions[180]. - The management team emphasized a focus on sustainability initiatives, aiming for a 30% reduction in carbon footprint by 2025[128]. - The group emphasizes the importance of maintaining strong relationships with employees, customers, and business partners, providing a fair and safe work environment, competitive salaries, and development opportunities[181]. Future Outlook - Future outlook includes a projected revenue growth of 15% for the next fiscal year, driven by new project launches and market expansion strategies[42]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[132]. - The company plans to enhance its digital marketing strategy, allocating an additional $10 million for online campaigns[131].