Investment Strategy - The company has completed investments in sectors such as high-end manufacturing, semiconductors, new materials, and artificial intelligence, accumulating a portfolio of quality project resources[9]. - The company aims to explore new business tracks in emerging industries like the Internet of Things and integrated circuits through a limited partnership fund established in collaboration with Wuxi Transportation Group[3]. - The company has successfully completed minority equity investments in several semiconductor and new material projects, gaining industry experience[3]. - The company plans to leverage its shareholder resources to drive business transformation and create new growth points in the new economy[9]. - A new limited partnership, Xinsheng Investment, was established to prioritize investments in IoT, integrated circuits, biomedicine, high-end manufacturing, energy conservation, and new materials[32]. - The company plans to focus on mergers and acquisitions in sectors such as integrated circuits, new energy, high-end equipment manufacturing, big data, and artificial intelligence, establishing clear main business directions[46]. - The company aims to complete the selection of industries and targets for mergers and acquisitions by 2025, leveraging national industrial policy directions[36]. - The company is focusing on acquiring projects in promising industries such as the new energy vehicle supply chain and high-end equipment manufacturing[53]. Financial Performance - In 2024, the company achieved a revenue of 412 million RMB and an operating profit of approximately 100 million RMB, with a proposed annual dividend of 0.0039 HKD per share[29]. - The fixed income investment segment generated approximately 184 million RMB in revenue, while the Wuhan property project contributed around 133 million RMB in rental and management fees, maintaining stability compared to 2023[30]. - In 2024, the company achieved a total revenue of 412 million RMB and a net profit of approximately 56 million RMB[42]. - The fixed income investment portfolio contributed a post-tax investment return of 184 million RMB, with a total investment amount of 2.5 billion RMB across 9 projects[43]. - The company's total assets as of December 31, 2024, amounted to RMB 7.896 billion, slightly up from RMB 7.879 billion in 2023[85]. - Total liabilities stood at RMB 3.197 billion, showing a minor decrease from RMB 3.209 billion in the previous year[85]. - The net profit attributable to equity holders of the parent company for 2024 was RMB 44.317 million, down from RMB 140.858 million in 2023[85]. - The company’s total equity increased to RMB 4.698 billion from RMB 4.670 billion in 2023[85]. Project Development - The company holds a 66.4% stake in the Wuhan Optics Valley New Development International Center project and a 72.63% stake in the Shanghai Luodian New Town project[11]. - The total land area is 6.80 square kilometers, located in Baoshan District, approximately 30 minutes from downtown Shanghai via Metro Line 7[12]. - The project company has a total floor area of 172,496 square meters, with above-ground construction area of 116,978 square meters[12]. - The Wuhan Optics Valley High-tech Development Zone is a well-known base for optoelectronics and semiconductor industries, aligning with the company's strategic direction in integrated circuit property development[12]. - The company has established a joint venture with Vanke to develop the Eastern District project, holding a 50% stake[12]. - The land use planning for the Junzhuang Town in Mentougou District was approved by the Beijing government in March 2025, and the company is collaborating with partners to advance project strategies[12]. Risk Management and Compliance - The company emphasizes risk management and stable income generation through diversified financing channels[15]. - The management team emphasizes a "safety first, stability first" investment philosophy, ensuring no new risk projects were added throughout the year[34]. - The company is committed to strengthening internal management and risk control, regularly reviewing the effectiveness of its risk management and internal control systems[34]. - The company has engaged Deloitte as the internal auditor to review all significant control policies and procedures, reporting any major potential risks to the board[178]. - The audit committee is responsible for evaluating the adequacy and consistency of the company's risk management and internal control systems, including administrative, operational, and internal accounting controls[186]. Corporate Governance - The board of directors consists of nine members: three executive directors, three non-executive directors, and three independent non-executive directors, ensuring diverse and objective perspectives in decision-making[143]. - The company is committed to maintaining a clear governance structure, with defined roles and responsibilities for management and staff, ensuring compliance with the employee code of conduct[138]. - The board reviews the company's financial performance and significant investments at least four times a year, approximately once per quarter[138]. - The company has established a robust control framework to ensure effective governance and strategic goal setting[138]. - The company has implemented an independent assessment mechanism for the board to seek professional advice, enhancing independent judgment[148]. Employee and Shareholder Engagement - The company emphasizes timely and fair communication with shareholders and investors, holding regular roadshows and communication meetings in Hong Kong and other regions[198]. - Shareholders are encouraged to participate in the annual general meeting, where resolutions and operational issues are discussed[200]. - The company has a policy that one-third of the board must retire at each annual general meeting, ensuring regular rotation of directors[160]. - The company has received written annual independence confirmations from all current independent non-executive directors, affirming their status[155]. Future Outlook - The outlook for 2025 indicates a focus on establishing the main business direction and formulating the "15th Five-Year" development strategy[35]. - The company plans to continue expanding its urbanization projects and enhance its investment property portfolio to drive future growth[87]. - The company will actively explore financing activities in 2025, including bonds and bank loans, to support strategic transformation and business development[40]. - For 2025, the company anticipates a stable profit growth while controlling project risks, with a focus on industry mergers and acquisitions to accelerate business transformation[51].

Financial Performance - The company's operating revenue for the fiscal year ended December 31, 2024, was RMB 412,194,000, a decrease of 3.3% compared to RMB 427,389,000 in 2023[3]. - The net profit for the year was RMB 55,874,000, down 63.0% from RMB 151,256,000 in the previous year[4]. - The company's operating expenses increased significantly to RMB 311,780,000, compared to RMB 213,955,000 in 2023, reflecting a rise of 45.7%[3]. - The basic and diluted earnings per share for the year were RMB 0.0046, down from RMB 0.0145 in 2023, representing a decrease of 68.3%[4]. - The pre-tax profit for 2024 was RMB 68,642,000, a decrease of 65.9% from RMB 201,083,000 in 2023[10]. - The company reported a significant loss of RMB 184,996,000 in dividend income, slightly higher than the loss of RMB 179,361,000 in 2023[10]. - The company’s total assets amounted to RMB 7,879,365,000, while total liabilities were RMB 3,209,241,000 as of December 31, 2023[38]. - The company’s total assets at the end of the fiscal year were RMB 1,045,466,000, down from RMB 1,454,360,000 at the beginning of the year, indicating a reduction in asset base[11]. Cash Flow and Investments - The company's cash and bank balances decreased to RMB 1,045,466,000 from RMB 1,454,360,000, a decline of 28.1%[5]. - The company's operating cash flow for the fiscal year ended December 31, 2024, was RMB 29,884,000, compared to a cash outflow of RMB 20,040,000 in 2023, indicating a significant improvement[10]. - The net cash outflow from investing activities was RMB 296,754,000, compared to RMB 71,582,000 in 2023, reflecting increased investment activities[11]. - The company invested RMB 2,546,409,000 in debt instruments measured at amortized cost, slightly down from RMB 2,601,000,000 in 2023[11]. - The company received RMB 2,026,070,000 from the redemption of debt instruments measured at amortized cost, an increase from RMB 1,506,600,000 in 2023[11]. Liabilities and Equity - The total liabilities as of December 31, 2024, were RMB 3,197,344,000, compared to RMB 3,209,241,000 in the previous year, indicating a slight decrease[6]. - The total equity attributable to equity holders of the parent increased to RMB 4,206,224,000 from RMB 4,189,495,000, reflecting a growth of 0.4%[5]. - The total value of debt instruments measured at amortized cost increased to RMB 3,729,061,000 in 2024 from RMB 3,200,106,000 in 2023[72]. Revenue Breakdown - Total external sales reached RMB 337,369,000, with contributions from land development (RMB 18,919,000), urbanization development (RMB 184,996,000), and property leasing (RMB 133,454,000) [35]. - Land development revenue increased from RMB 13,374,000 in 2023 to RMB 18,919,000 in 2024, representing a growth of approximately 41.0%[42][43]. - Property management fee revenue decreased from RMB 34,632,000 in 2023 to RMB 32,306,000 in 2024, a decline of about 6.7%[42][43]. - The company reported a total of RMB 51,225,000 in customer contract revenue for 2024, up from RMB 48,006,000 in 2023, marking a growth of about 4.6%[43]. Expenses and Costs - Total operating costs, sales, and management expenses rose to RMB 168,962,000 in 2024, up from RMB 151,834,000 in 2023, marking an increase of 11.3%[53]. - Land development costs increased significantly to RMB 18,979,000 in 2024 from RMB 4,031,000 in 2023, representing a growth of 371.5%[53]. - Borrowing interest expenses increased to RMB 93,753,000 in 2024 from RMB 90,406,000 in 2023, reflecting a rise of 3.7%[53]. - The company incurred RMB 55,641,000 in employee benefits in 2024, up from RMB 53,839,000 in 2023, reflecting a growth of 3.3%[53]. Taxation - The company's income tax expense for 2024 was reported at RMB 12,768,000, a decrease of 74.4% compared to RMB 49,827,000 in 2023[60]. - The effective tax rate for the group was 18.7% in 2024, compared to 24.8% in 2023, showing a reduction of 6.1 percentage points[62]. Joint Ventures and Associates - The company reported a loss from joint ventures and associates of RMB 31,772,000, compared to a loss of RMB 12,351,000 in 2023[4]. - The company incurred a loss of RMB 31,772,000 from its joint ventures and associates, up from RMB 12,351,000 in 2023, indicating increased challenges in these investments[10]. - Investment in joint ventures decreased by RMB 27.77 million due to losses of RMB 28.25 million attributed to joint ventures[119]. Future Outlook and Strategy - The company plans to leverage new policies aimed at boosting domestic demand and stabilizing the real estate market to enhance growth prospects[139]. - The group aims to expand fixed income investment business steadily in strategic emerging industries and information technology applications by 2025[154]. - The group is actively addressing low-efficiency asset issues, achieving effective breakthroughs in debt resolution for the Nanjing Guoying project[142]. Corporate Governance and Management - The company has complied with the corporate governance code as per the listing rules for 2024[158]. - The independent auditor, Ernst & Young, will retire at the upcoming 2025 annual general meeting, with no significant impact expected on the audit work for the year ending December 31, 2025[168].

Financial Performance - For the six months ended June 30, 2024, the company reported operating revenue of RMB 210,938,000, a slight decrease of 1.1% compared to RMB 213,725,000 in the same period of 2023[9]. - The company's net profit for the period was RMB 59,687,000, representing an increase of 2.0% from RMB 58,535,000 in the prior year[10]. - The operating expenses decreased to RMB 120,525,000, down 12.1% from RMB 137,215,000 in the previous year[10]. - The basic earnings per share for the period was RMB 0.0053, reflecting a stable performance compared to the previous year[9]. - The total comprehensive income for the period, after tax, was RMB 60,430,000, down from RMB 64,713,000 in the same period last year[10]. - For the six months ended June 30, 2024, the basic and diluted earnings per share were RMB 0.0053, compared to RMB 0.0054 for the same period in 2023, reflecting a slight decrease[12]. - The total profit attributable to equity holders of the parent company was RMB 51,649 thousand, a decrease of 1.3% from RMB 52,308 thousand in 2023[12]. - The total comprehensive income attributable to equity holders of the parent company was RMB 52,392 thousand, down 10.5% from RMB 58,486 thousand in the previous year[12]. - The company reported a pre-tax profit of RMB 83,262 thousand, which is an increase of 16.9% from RMB 71,221 thousand in the previous year[17]. - Total revenue for the six months ended June 30, 2024, was RMB 158,692,000, a slight increase from RMB 158,042,000 for the same period in 2023, representing a growth of 0.41%[35]. Assets and Liabilities - Non-current assets totaled RMB 3,320,498 thousand as of June 30, 2024, an increase of 7.7% from RMB 3,082,906 thousand at the end of 2023[12]. - Current assets decreased to RMB 4,588,241 thousand from RMB 4,796,459 thousand, representing a decline of 4.4%[12]. - The total assets amounted to RMB 7,908,739 thousand, slightly up from RMB 7,879,365 thousand, indicating a growth of 0.4%[12]. - The total liabilities stood at RMB 3,208,355 thousand, showing a slight decrease from RMB 3,209,241 thousand at the end of 2023[15]. - The equity attributable to equity holders of the parent company increased to RMB 4,211,717 thousand from RMB 4,189,495 thousand, reflecting a growth of 0.5%[14]. - Total liabilities as of June 30, 2024, were RMB 4,416,160,000, down from RMB 4,827,304,000 as of December 31, 2023, indicating a decrease of 8.5%[32]. - The total amount of current liabilities related to interest-bearing borrowings decreased to RMB 200,793 thousand as of June 30, 2024, from RMB 299,295 thousand as of December 31, 2023, reflecting a decline of approximately 32.9%[55]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2024, showed a net outflow of RMB 29,135 thousand, compared to a net outflow of RMB 22,203 thousand in 2023[17]. - The company reported a net cash inflow from investing activities of RMB 46,229,000, compared to a net outflow of RMB 156,361,000 in the same period of 2023, indicating a significant improvement[18]. - The company’s cash and cash equivalents decreased by RMB 39,508,000 during the six months ended June 30, 2024, compared to an increase of RMB 1,247,305,000 in the same period of 2023[18]. - The company incurred capital expenditures of RMB 3,375,000 on investment properties for the six months ended June 30, 2024, down from RMB 7,941,000 in the same period of 2023[18]. - The company’s interest income from debt instruments measured at amortized cost was RMB 93,464,000 for the six months ended June 30, 2024, compared to RMB 75,156,000 for the same period in 2023, reflecting a growth of 24%[18]. Financial Costs and Expenses - Financial costs increased to RMB 47,455,000, up from RMB 34,975,000 in the previous year, indicating rising financing expenses[10]. - The company incurred total operating costs, sales, and administrative expenses of RMB 65,068,000, an increase of 1.97% compared to RMB 63,805,000 in the previous year[39]. - Interest expenses on borrowings rose significantly to RMB 47,074,000, up 35.5% from RMB 34,698,000 in the prior period[40]. - The company reported a net loss from financial instruments measured at fair value of RMB 20,696,000, compared to a loss of RMB 20,279,000 in the previous year[42]. - The company recognized current tax expenses of RMB 5,537,000, a decrease of 45.5% from RMB 10,155,000 in the previous year[44]. Strategic Developments - The Wuhan Optical Valley International Center project has a total floor area of 172,496 square meters, with 66.4% ownership by the company, aligning with its strategic direction in the integrated circuit industry[8]. - The company has established a joint venture with Vanke in Beijing, holding a 50% stake, to develop the Junzhuang Town project[8]. - The company plans to continue expanding its urbanization investment and property leasing segments to drive future growth[30]. - The company is focusing on enhancing its project management capabilities to improve profitability across its segments[30]. - The group is focusing on sectors such as health, strategic emerging industries, and information technology to drive business transformation and explore new economic projects[92]. Shareholder Information - As of June 30, 2024, the total number of issued shares is 9,726,246,417[100]. - Major shareholder Xitong International holds 2,917,000,000 shares, representing 29.99% of the issued shares[97]. - Guokai International has a beneficial interest of 2,430,921,071 shares, accounting for 24.99% of the issued shares[97]. - The beneficial owner Mr. Shi holds 6,104,938 shares directly and is deemed to have an interest in 1,468,356,862 shares through his control of Shangzhi Holdings, totaling 1,474,461,800 shares or 15.16%[99]. - The company declared a final dividend of HKD 0.0034 per share for the year ended December 31, 2023, approved at the annual general meeting held on June 21, 2024[11]. Corporate Governance - The company has complied with the corporate governance code, except for the absence of the chairman at the annual general meeting[101]. - The company’s executive director and president hosted the annual general meeting in the chairman's absence to ensure effective communication with shareholders[101]. - The audit committee reviewed the accounting principles and internal controls during the reporting period[105].

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 截至6月30日止六個月 CHINA NEW TOWN DEVELOPMENT COMPANY LIMITED 中國新城鎮發展有限公 司 （根據英屬維京群島法例註冊成立為商業股份有限公司） （股份代號：1278） 截至2024年6月30日止六個月的未經審核中期業績公告 中國新城鎮發展有限公司董事會（分別為「本公司」及「董事會」）欣然公佈本公司及其附屬 公司（「本集團」）截至2024年6月30日止六個月（「報告期間」）的未經審核中期簡明合併財 務報表連同相關比較數字如下： 中期簡明合併損益及其他綜合收益表 截至2024年6月30日止六個月 （除另有指明者外，金額乃以人民幣（「人民幣」）千元列示） | --- | --- | --- | --- | |----------|-------|------------------------|----------------------| | | ...

Investment Strategy and Performance - The company achieved a stable rental rate with office occupancy at over 93% and commercial shop occupancy at over 82% despite macroeconomic pressures[14]. - In 2023, the company issued RMB 1.5 billion bonds with a three-year term at an interest rate of 3.98%, marking the lowest issuance rate for similar bonds in Jiangsu Province[18]. - The fixed income investment projects reached a total investment balance of RMB 2.663 billion by December 31, 2023, with an average annualized pre-tax return rate of approximately 7.06%[20]. - The company added 7 new investment projects in 2023, accumulating a total investment amount of RMB 2.6 billion[20]. - The company is focusing on optimizing its investment structure and exploring new business models to enhance overall investment returns[16]. - The company is actively divesting low-efficiency assets while stabilizing high-quality assets to ensure steady operations[30]. - The company is leveraging the resources of its major shareholders to enhance investment in emerging industries and health sectors[30]. - The company is committed to maintaining a stable operational framework while pursuing business transformation and efficiency improvements[29]. - The company is prioritizing the management of existing projects to ensure risk-free returns on investments[16]. - The company established a limited partnership with Wuxi Guosheng Asset Management Co., Ltd. and Wuxi Tonghui Capital Co., Ltd. to invest in IoT and integrated circuits, aiming for stable income and market insights in high-tech sectors[31]. - The company plans to stabilize operations of existing assets while seeking new growth points through project expansions in 2024[42]. - The management team aims to leverage shareholder advantages to accelerate transformation and sustainable development[43]. - The company has accelerated its business restructuring and established its main business direction, focusing on investment opportunities in emerging industries in key economic areas such as Wuxi[100]. - The company has focused on strategic investments in health, strategic emerging industries, and information technology applications to align with new economic development trends[100]. - The company has successfully completed minority equity investments in sectors such as semiconductors, new materials, and new consumption, accumulating industry experience[156]. - The company plans to prioritize investments in emerging industries through the newly established fund, which will facilitate further business transformation opportunities[156]. Financial Performance and Cash Flow - The company's cash and cash equivalents increased by RMB 950 million in 2023, resulting in a balance of RMB 1.454 billion as of December 31, 2023, attributed to a net cash outflow of RMB 20 million from operating activities and a net cash inflow of RMB 1.042 billion from financing activities[96]. - The company reported a total of RMB 943 million in debt instruments measured at amortized cost as non-current assets, an increase of RMB 228 million from the end of 2022[88]. - The company's cash flow from financing activities was significantly positive, contributing to the overall increase in cash and cash equivalents[96]. - Other payables and accrued liabilities decreased by RMB 61.117 million as of December 31, 2023, mainly due to a reduction of RMB 42.25 million in payables related to the Wuxi project[94]. - The balance of financial products purchased from China Merchants Bank and Ping An Bank decreased by RMB 876 million to RMB 191.76 million as of December 31, 2023, due to redemptions of RMB 873 million for project investments[63]. Business Transformation and Development - The company is focusing on major health, high-tech, and new energy sectors for business transformation and project acquisition opportunities[35]. - A new industrial investment fund was established to enhance investment breadth, prioritizing investments in IoT and integrated circuits[37]. - The company aims to enhance the quality of life for residents by introducing brand products in the fields of tourism, health, and medical care[166]. - The company aims to explore investment opportunities in urbanization and improve people's livelihoods, leveraging the dual shareholder advantage of local state-owned enterprises and national financial institutions[170]. - The company is actively exploring new business avenues in the health industry and strategic emerging industries, having completed investments in several equity projects[185]. - The company is focusing on business transformation and optimizing layout in key industries, with a particular emphasis on health, high-tech, and new energy sectors[196]. - For 2024, the company plans to enhance industry research and increase quality project engagement in health, high-tech, new energy, and advanced manufacturing sectors[199]. - The company aims to strengthen management of existing investments while exploring new equity investments and industry funds[200]. Governance and Risk Management - The company’s management is committed to maintaining high standards of corporate governance to enhance transparency and accountability[105]. - The board of directors meets at least four times a year to review financial performance and significant investments, ensuring governance and oversight[145]. - The group will continue to monitor foreign exchange risks closely and implement necessary hedging arrangements as needed[122]. Market Outlook and Economic Context - Despite external challenges, the company anticipates a continued economic recovery in China in 2024, supported by favorable conditions for high-quality development[33]. - The total GDP of China grew by 5.2% year-on-year in 2023, reaching RMB 126 trillion, with per capita GDP increasing by 5.4% to RMB 89,358[128]. - The group has shifted its investment direction and optimized its layout to revitalize existing projects and stabilize operations[129]. - The group plans to continue seeking investment opportunities in new economic sectors such as health, strategic emerging industries, and information technology applications in 2024[132].

Financial Performance - Total revenue for 2023 reached RMB 337,482 thousand, an increase of 10.6% from RMB 305,029 thousand in 2022[2] - Operating profit for 2023 was RMB 213,434 thousand, significantly up from RMB 65,780 thousand in 2022, marking a growth of 224.5%[13] - The company reported a net profit of RMB 151,256 thousand for 2023, compared to RMB 7,470 thousand in 2022, reflecting a substantial increase[13] - The basic and diluted earnings per share for the year were RMB 0.0145, compared to RMB 0.0003 in 2022, reflecting a significant improvement[15] - The company reported a profit attributable to equity holders of RMB 140.9 million for 2023, compared to RMB 2.7 million in 2022[96] Revenue Sources - Revenue from land development was RMB 13,374 thousand in 2023, up from RMB 2,680 thousand in 2022, indicating a growth of 397.0%[2] - Property management fees generated RMB 34,632 thousand in 2023, slightly down from RMB 35,189 thousand in 2022, a decrease of 1.6%[2] - Interest income from debt instruments measured at amortized cost increased to RMB 174,806 thousand in 2023 from RMB 143,120 thousand in 2022, a rise of 22.2%[10] - Other income totaled RMB 89,907 thousand in 2023, down from RMB 100,639 thousand in 2022, a decline of 10.7%[7] - Total external sales amounted to RMB 337,482 thousand, with significant contributions from urban development (RMB 179,361 thousand) and property leasing (RMB 144,747 thousand) [68] Assets and Liabilities - Total assets increased to RMB 7,879,365 thousand in 2023, up from RMB 6,583,552 thousand in 2022, representing a growth of approximately 19.7%[17] - The total liabilities increased to RMB 3,209,241 thousand in 2023, compared to RMB 2,047,615 thousand in 2022, which is an increase of approximately 56.7%[18] - The company's equity total reached RMB 4,670,124 thousand in 2023, up from RMB 4,535,937 thousand in 2022, indicating an increase of around 3.0%[18] - Non-current assets totaled RMB 3,082,906 thousand in 2023, compared to RMB 2,795,082 thousand in 2022, reflecting an increase of about 10.3%[17] - Current assets rose to RMB 4,796,459 thousand in 2023, a significant increase from RMB 3,788,470 thousand in 2022, marking a growth of approximately 26.6%[17] Cash Flow and Financing - Operating cash flow before tax profit was RMB 201,083 thousand in 2023, significantly higher than RMB 56,488 thousand in 2022, showing an increase of about 255.5%[22] - The company reported a net cash outflow from operating activities of RMB 20,040 thousand in 2023, an improvement from RMB 33,915 thousand in 2022[22] - The financing activities generated a net cash inflow of RMB 1,041,633,000 in 2023, a significant increase from a net outflow of RMB 75,616,000 in 2022[28] - The company incurred capital expenditures for investment properties amounting to RMB 5,225,000 in 2023, a decrease from RMB 81,545,000 in 2022[28] - The company issued guaranteed bonds amounting to RMB 1.5 billion on April 20, 2023, with a net amount of RMB 1.496 billion allocated for project construction and working capital[139] Debt and Borrowings - The company reported a significant increase in borrowings, with RMB 1,511,690,000 in 2023 compared to RMB 45,621,000 in 2022[28] - The total interest-bearing borrowings as of December 31, 2023, amounted to RMB 2.32 billion, compared to RMB 1.12 billion in 2022[133] - The interest expense on borrowings increased from RMB 44,229 thousand in 2022 to RMB 90,406 thousand in 2023, which is an increase of about 104.5%[165] - The expected credit loss provision for 2023 was RMB 3.2 billion, an increase from RMB 2.1 billion in 2022[100] - The total value of debt instruments measured at amortized cost as of December 31, 2023, was RMB 3,200,106 thousand, up from RMB 2,058,813 thousand in 2022[116] Investments and Capital Expenditures - The company has invested in various projects, including RMB 500 million in the Wuxi High-tech Zone Industrial Park project[100] - The group recognized revenue of RMB 13,374 thousand from public infrastructure construction contracts completed in 2023, a significant increase from RMB 268 thousand in 2022 [76] - The group’s investment in joint ventures and associates totaled RMB 398,520 thousand, indicating a diversified investment strategy [69] - The company’s investment in debt instruments measured at amortized cost increased to RMB 2,601,000,000 in 2023 from RMB 300,000,000 in 2022[28] - The fair value gain from investment properties was RMB 1,456 thousand, contributing positively to the overall performance [68] Tax and Deferred Tax - The income tax expense for the year was RMB 49,827,000, slightly up from RMB 49,018,000 in 2022, indicating a marginal increase of 1.6%[179] - The company’s deferred tax liabilities amounted to RMB 17,454,000 in 2023, down from RMB 34,077,000 in 2022, indicating a decrease of approximately 48.7%[179] - The net deferred tax liabilities increased to RMB 145.3 million in 2023 from RMB 127.8 million in 2022[86] - The group has recognized deferred tax assets of RMB 712,000 in 2022, which were not present in 2023[86] - The expected credit loss for Stage 1 is estimated at 1% (2022: 1%), while for Stage 3, it is estimated at 100% (2022: between 40% and 100%)[120] Operational Highlights - The company continues to optimize its business model in response to China's urbanization trends, focusing on investment and downstream product operations[29] - The group’s segments include land development, urbanization development, property leasing, and other services, with performance measured based on operating profit or loss[57] - The group maintained a prudent treasury policy, ensuring a stable liquidity position throughout 2023[198] - The group is exposed to foreign exchange risks related to foreign currency cash and bank balances, debt investments, and interest-bearing bank borrowings, and will continue to monitor and implement necessary hedging arrangements[196] - The group did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures in 2023[195]

| --- | --- | |---------------------------|--------------| | | （未經審核） | | 營業收入 （人民幣千元） | 213,725 | | 營業費用 （人民幣千元） | (137,215) | | 期內溢利 （人民幣千元） | 58,535 | | 每股基本溢利 （人民幣元） | 0.0054 | 中期業績 中國新城鎮發展有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附 屬公司（「本集團」）截至2023年6月30日止六個月（「報告期間」）之未經審核中期簡 明合併財務報表連同2022年同期之相關比較數字。董事會審計委員會（「審計委 員會」）已審閱報告期間之未經審核中期簡明合併財務報表。 | --- | --- | --- | --- | |------------------------------------|-------|--------------------------|---------------------------------| | | 附註 | 2023 年 \n（未經審核） | 2022 年 \n重述 * \n（ ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA NEW TOWN DEVELOPMENT COMPANY LIMITED 中 國 新 城 鎮 發 展 有 限 公司 （根據英屬維京群島法例註冊成立為商業股份有限公司） （股份代號：1278） 截至2023年6月30日止六個月的未經審核中期業績公告 中國新城鎮發展有限公司董事會（分別為「本公司」及「董事會」）欣然公佈本公司及其附屬 公司（「本集團」）截至2023年6月30日止六個月（「報告期間」）的未經審核中期簡明合併財 務報表連同相關比較數字如下： 中期簡明合併損益及其他綜合收益表 截至2023年6月30日止六個月 （除另有指明者外，金額乃以人民幣（「人民幣」）千元列示） 截至6月30日止六個月 2023年 2022年 重述* 附註 （未經審核） （未經審核） ...

Ownership Structure and Strategic Direction - The company achieved a mixed ownership structure with local state-owned enterprises and central financial institutions in 2022, marking the first complete fiscal year under this structure[14] - The company plans to continue exploring investment opportunities in urbanization and new economic sectors, leveraging the dual shareholder resources from Wuxi Transportation Group and China Development Financial[5] - The company aims to integrate development and value enhancement through a strategy of "industry funds + mergers and acquisitions" to continuously improve overall value[18] - The company is committed to maintaining a stable income and cash flow by strengthening internal control and risk management[8] - The company is actively exploring new business development directions in response to complex domestic and international economic conditions[42] - The company aims to enhance its operational management capabilities through the establishment of a commercial management company and a full-chain operational management model for office projects[27] - The company is confident in transforming and developing through acquisition opportunities[26] - The company aims to leverage shareholder resources to increase project reserves, laying the foundation for achieving the 2023 net profit target[52] - The company is exploring innovative financing methods at the project level to enhance its capital strength[37] - The company is committed to its core values of innovation, collaboration, and dedication to seize new development opportunities[78] Financial Performance and Management - As of December 31, 2022, the company achieved operating revenue of RMB 406 million and net profit of RMB 7.454 million, with net profit attributable to the parent company at RMB 2.702 million, reflecting a year-on-year decline due to asset impairment provisions related to the Shenyang project[49] - The company recorded other income of RMB 101 million, an increase of 6% compared to 2021, primarily due to a net increase of RMB 12.222 million in fair value gains on financial instruments[75] - The sales cost for 2022 was RMB 43.267 million, a decrease of 32% year-on-year, mainly due to a 69% reduction in land development costs as the D1-3 kindergarten project was completed[76] - The company plans to continue promoting fixed income investments as a core business for stable growth in 2023, focusing on prudent selection of investment regions and targets[57] - The company recorded a revenue of RMB 305 million for the year ended December 31, 2022, representing a 12% increase compared to RMB 272 million in 2021[99] - The company aims to improve its financial performance by optimizing its cost structure and enhancing revenue streams in the upcoming fiscal year[91] - The company has maintained a fixed income investment portfolio balance of RMB 1.544 billion as of December 31, 2022, achieving the annual expected target[44] - The company recorded net financial costs of RMB 44.62 million in 2022, a decrease of RMB 6.35 million from 2021, mainly due to reduced average bank and other borrowings[103] - The company’s equity attributable to owners of the parent was RMB 4.067 billion, a slight increase from RMB 4.049 billion in 2021[91] - The company has maintained stable occupancy rates for office and commercial spaces despite challenges from the pandemic and education policies[189] Project Development and Asset Management - The Shanghai Luodian New Town project has a total floor area of 172,496 square meters, with above-ground construction area of 116,978 square meters, representing a significant asset in the company's portfolio[6] - The company recorded a risk project impairment of RMB 109 million due to uncertainties in the Shenyang project, prompting negotiations with the local government for an exit strategy[17] - The company has not added any new risk projects in 2022, emphasizing solid project development and reserve work[44] - The company is focusing on the development of modern agricultural projects, including the new Shenyang Lixiang project[92] - The company has established partnerships with quality industry investment institutions to reserve multiple high-quality project resources for future development[171] - The company completed the acquisition of the H-06 plot in Luodian East in February 2021, indicating ongoing project development activities[173] Market and Economic Context - In 2022, the domestic GDP reached RMB 121 trillion, growing by 3.0% year-on-year, marking a new milestone after surpassing RMB 100 trillion and RMB 110 trillion in 2020 and 2021 respectively[197] - The per capita GDP in 2022 was RMB 85,698, reflecting a real growth of 3% compared to the previous year, and it reached USD 12,741 at the average annual exchange rate, maintaining above USD 12,000 for two consecutive years[197] - The economic environment in 2022 faced multiple pressures including demand contraction and supply shocks, yet the national economy continued to develop under strong leadership[196] Risk Management and Governance - The company is actively working with the Shenyang government to expedite the equity transfer of the Shenyang project, which has faced delays due to external factors[55] - In 2023, the company will continue to address risk projects systematically, aiming to recover investment losses through various means, including judicial approaches and asset swaps[58] - The company emphasizes maintaining high standards of corporate governance to enhance transparency and accountability, which is essential for shareholder value[133] - The board of directors has confirmed compliance with the corporate governance code throughout the fiscal year ending December 31, 2022[159] Employee and Operational Insights - Total employee costs, including director remuneration, amounted to approximately RMB 56.75 million in 2022, compared to RMB 51.33 million in 2021[147] - The company had 88 employees as of December 31, 2022, down from 93 in 2021[147] - The company emphasizes the importance of teamwork and resilience in navigating complex external environments to ensure steady progress in operations[53]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA NEW TOWN DEVELOPMENT COMPANY LIMITED 中 國 新 城 鎮 發 展 有 限 公司 （根據英屬維京群島法例註冊成立為商業股份有限公司） （股份代號：1278） 2022年全年業績公告 中國新城鎮發展有限公司董事會（分別為「本公司」及「董事會」）公佈本公司及其附屬公司 （「本集團」）截至2022年12月31日止年度的經審核合併財務業績及截至2021年12月31日止 年度的比較數據如下： 合併損益及其他綜合收益表 截至2022年12月31日止財政年度 （除另有指明者外，所有金額乃以人民幣千元列示） 附註 2022年 2021年 營業收入 405,668 367,776 ...