Economic Challenges and Responses - The Group faced significant challenges in 2021 due to the ongoing Covid-19 pandemic and macroeconomic uncertainties, impacting investment growth and business conditions for MSMEs [13]. - In response to adverse market conditions, the Group accelerated the destocking of inventory properties and cash recovery to ensure fund security [19]. - The outlook for 2022 indicates a trend of steady recovery in the Chinese economy, despite new challenges and uncertainties [63]. - The principle of safeguarding the healthy development of the real estate market is expected to be implemented more effectively in 2022 [63]. - Local governments are anticipated to further improve delivery assurance policies, with a focus on balancing property delivery and corporate capital utilization efficiency [63]. Business Development and Strategy - The Group launched the commercial brand "Pleasant Living for All" to focus on future community operations, leveraging opportunities in Zhejiang Province [22]. - The Group aims to expand its business segment based on three future communities in Taizhou, Wenzhou, and Shaoxing, contributing to common prosperity initiatives in Zhejiang Province [22]. - The Group plans to establish a successful template for future communities and transform traditional department store models into fast-selling, experiential business models [27]. - The Group aims to create an integrated management ecological chain centered around hotels to enhance resource sharing and operational efficiency [29]. - The Group will seek investment opportunities in China or overseas to diversify income sources and mitigate risks [34]. Financial Performance - In 2021, the Group's revenue was approximately RMB 871,066,000, representing a year-on-year increase of approximately 24.3% [32]. - The gross profit for the year was approximately RMB 216,497,000, reflecting a year-on-year increase of approximately 27.2% [32]. - The loss attributable to owners of the Company was approximately RMB 295,136,000 [32]. - As of the end of 2021, the total equity of the Group was approximately RMB 5,733,595,000, a slight decrease of approximately 5.7% from the end of 2020 [32]. - The total cash balance reached approximately RMB 1,948,034,000, with improvements in cash position and gearing ratio [32]. Property Development and Sales - The Group holds several major properties for development and sale, including Zhong An Times Square and Hidden Dragon Bay, with significant gross floor areas [56]. - For the year ended December 31, 2021, recognized sales of properties sold and delivered amounted to approximately RMB 410,180,000, a significant increase from RMB 248,942,000 in 2020 [78]. - The contracted sales area for the Group was approximately 105,453 sq.m. in 2021, up from approximately 60,936 sq.m. in 2020, with contracted sales revenue reaching approximately RMB 2,650,800,000, compared to RMB 1,242,900,000 in 2020 [84]. Hotel Operations - The hotel operations maintained leadership in consolidated revenue, occupancy rate, and average room prices despite the pandemic's impact [28]. - The hotel operation recorded a revenue of approximately RMB 173,177,000 in 2021, representing a decrease of approximately 5.1% from RMB 182,516,000 in 2020, with an occupancy rate of approximately 40% [88]. Corporate Governance - The Board has complied with the corporate governance code provisions as set out in the Listing Rules for the year ended December 31, 2021 [172]. - The Board regularly meets to discuss the overall strategy and operational performance of the Group, ensuring effective governance [181]. - The chairperson, Mr. Shi Zhongan, and the CEO, Mr. Shi Nanlu, hold separate roles to ensure better corporate governance [186]. - The Board focuses on overall corporate strategies, financial performance, and corporate governance standards, making decisions on annual results and major transactions [194][198]. Environmental Compliance - The Group is committed to environmental protection and compliance with government standards, ensuring that project operations adhere to environmental laws and regulations [160]. - No significant accidents or environmental claims were reported during the year, indicating compliance with relevant laws and regulations [155].

中國新城市商業發展有限公司 China New City Commercial Development Limited Stock Code 股份代號: 1321 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) INTERIM REPORT 中期報告 2021 CONTENTS 目 錄 Corporate Information 2 公司資料 Investment Properties 4 投資物業 Major Properties Held for Development and/or Sales 5 持作發展及╱或銷售的主要物業 Management Discussion and Analysis 8 管理層討論與分析 Independent Review Report 19 獨立審閱報告 Interim Condensed Consolidated Statement of Profit or Loss 21 中期簡明綜合損益表 Interim Condensed Consolidated Stat ...

Financial Performance - The Group's revenue for 2020 was approximately RMB 700,370,000, representing a year-on-year decrease of approximately 64.2%[18] - Gross profit for the year was approximately RMB 170,155,000, reflecting a year-on-year decrease of approximately 78.1%[18] - Profit attributable to owners of the Company was approximately RMB 44,429,000, indicating a year-on-year increase of approximately 69.1%[18] - In 2020, the Group's revenue was approximately RMB 700,370,000, a year-on-year decrease of about 64.2%[21] - The gross profit for the year was approximately RMB 170,155,000, down approximately 78.1% year-on-year[21] - The profit attributable to the owners of the company was approximately RMB 44,429,000, an increase of about 69.1% year-on-year[21] - The recognized sales of properties sold and delivered for the year ended December 31, 2020, was approximately RMB 248,942,000, a decrease of 83.8% from RMB 1,534,552,000 in 2019[60] - Revenue from property sales dropped to approximately RMB 248,942,000, representing a decrease of approximately RMB 1,285,610,000 or 83.8% compared to the same period in 2019; after accounting for the disposal of investment properties, the adjusted drop was approximately RMB 465,851,000 or 30.4%[78] - Revenue from property rental and management amounted to approximately RMB 144,845,000, a decrease of approximately RMB 30,567,000 or 17.4% compared to the same period in 2019, mainly due to rental concessions offered to tenants during city lockdowns[79] - Revenue from hotel operations increased to approximately RMB 182,516,000, representing an increase of approximately RMB 41,246,000 or 29.2% compared to the same period in 2019, attributed to the opening of a new hotel in late October 2019[80] Equity and Cash Position - As of the end of 2020, the total equity of the Group reached approximately RMB 6,077,418,000, a slight decrease of approximately 1.0% from the end of 2019[18] - The carrying amount of cash at the end of 2020 was approximately RMB 1,108,888,000[18] - As of the end of 2020, the total equity of the Group was approximately RMB 6,077,418,000, a slight decrease of about 1.0% compared to the end of 2019[21] - The Group's cash balance was approximately RMB 1,108,888,000[21] - As of December 31, 2020, the Group's cash and cash equivalents and restricted cash totaled approximately RMB 1,108,888,000, an increase from approximately RMB 431,686,000 as of December 31, 2019[104] Strategic Focus and Development Plans - The Group plans to focus on land bank replenishment and the development and sales of commercial properties to generate quick and stable income and cash flows[19] - The Group is exploring potential mergers and acquisitions to achieve structural optimization and become more market-oriented[19] - The Group aims to diversify income sources and risk exposure through potential investment opportunities in China or overseas[19] - The Group will continue to optimize its capital structure while assessing market opportunities and acquiring quality land prudently[47][51] - The Group plans to upgrade its organizational capabilities to enhance competitiveness across different business segments[48][51] - The core business will remain focused on commercial property development, aiming for balanced and high-quality growth[49][51] Operational Performance - The total gross floor area (GFA) of land reserves was approximately 4,087,876 sq.m. as of December 31, 2020[25][26] - The contracted sales area for the Group was approximately 60,936 sq.m., an increase of 32% from 46,069 sq.m. in 2019, with contracted sales revenue of approximately RMB 1,242,900,000, up from RMB 1,040,700,000[65] - Hotel operations recorded revenue of approximately RMB 182,516,000, an increase of 29.2% from RMB 141,270,000 in 2019, with an occupancy rate of approximately 43%[69] - The total revenue from leasing business was approximately RMB 144,845,000, a decrease of approximately RMB 30,567,000 from RMB 175,412,000 in 2019, with an average occupancy rate of approximately 94%[70] Corporate Governance - The Board does not recommend any final dividend for the year ended December 31, 2020, maintaining a consistent approach from the previous year[136] - The roles of the chairperson and chief executive officer are separate, enhancing corporate governance[148] - The Board focuses on overall corporate strategies, financial performance, and corporate governance standards[156] - The Board has delegated day-to-day operations to senior management, who must report back and seek approval for key decisions[157] - Non-executive and independent non-executive directors possess extensive expertise and management experience[159] - The Articles stipulate that one third of the Directors must retire by rotation at each AGM, ensuring regular re-election[164] - The Board has established four committees to handle various responsibilities, including remuneration and audit[165] - The Audit Committee comprises three independent non-executive Directors, ensuring appropriate professional qualifications and expertise in accounting and financial management[191] Environmental and Social Responsibility - The Group is committed to environmental protection, monitoring projects to ensure compliance with environmental laws and regulations[130] - The Group encourages employees to be environmentally conscious, promoting pollution prevention and waste reduction[130] - No material accidents or environmental claims were reported during the year, indicating strong adherence to safety and environmental standards[126] - Customer satisfaction significantly impacts profitability, with the sales team actively engaging with customers to identify needs and adjust strategies accordingly[126] Employee and Investor Relations - The Group's employee count as of December 31, 2020, was 1,729, a decrease from 1,763 in 2019[120] - The Group's strategy includes improving product and service quality and enhancing investor relations management to maximize shareholder value[121] - The management is focused on enhancing investor relations through various communication methods to convey business strategies and performance[124]

Financial Performance - The Group's revenue for the six months ended June 30, 2020, dropped to approximately RMB 305,533,000, representing a decrease of approximately RMB 357,689,000 or 53.9% compared to the previous period[18]. - The Group's consolidated revenue for the six months ended June 30, 2020, was approximately RMB 305,533,000, representing a decrease of approximately RMB 357,689,000 or 53.9% compared to the same period in 2019[36]. - Revenue from property sales dropped to approximately RMB 122,443,000, a decrease of approximately RMB 351,932,000 or 74.2% compared to the same period in 2019[37]. - Revenue from property rental and management amounted to approximately RMB 80,591,000, an increase of approximately RMB 2,794,000 or 3.6% compared to the same period in 2019[37]. - Revenue from hotel operations was approximately RMB 63,869,000, representing an increase of approximately RMB 3,753,000 or 6.2% compared to the same period in 2019[39]. - The Group's gross profit for the period was approximately RMB 55,528,000, a decrease of approximately RMB 234,794,000 or 80.9% compared to the same period in 2019, with a gross profit margin of 18.2%, down by 25.6 percentage points[40]. - The profit attributable to the Group was approximately RMB 54,789,000 for the period, compared to approximately RMB 8,171,000 in the same period in 2019, mainly due to a fair value gain of approximately RMB 356,806,000 upon transfer to investment properties[57]. - The company reported a profit before tax of RMB 111,177,000 for the six months ended June 30, 2020, down from RMB 143,454,000 in the same period of 2019, representing a decline of about 22.5%[152]. - Total comprehensive income for the period reached RMB 64,989,000, up from RMB 49,782,000, indicating an increase of 30.5% year-over-year[99]. Market Conditions - The GDP of China decreased by 6.8% in the first quarter of 2020, marking the worst quarterly figures since 1992[16]. - The hotel operation in China experienced a significant decline in occupancy, reaching record lows in February 2020, but there are early signs of recovery driven by corporate travel and small-scale meetings[19]. - The PRC property market has shown signs of recovery as the pandemic was gradually controlled from the second quarter of 2020[18]. - The overall economy in China has been returning to normal as factories resume production and people restart work[16]. Strategic Initiatives - The Group plans to focus on land bank replenishment and the development and sales of commercial properties to generate quick and stable income and cash flows[20]. - The Group will consider potential mergers and acquisitions to achieve structural optimization and become more market-oriented[20]. - The Group will monitor the impact of the COVID-19 pandemic and adjust its strategies accordingly[20]. - The Group aims to diversify its revenue sources and mitigate risks through potential investments in China or overseas[22]. - The company plans to focus on expanding its property management services and enhancing operational efficiency in response to market challenges[150]. - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[200]. Financial Position - As of June 30, 2020, the Group's cash and cash equivalents and restricted cash totaled approximately RMB 409,389,000, down from approximately RMB 431,686,000 as of December 31, 2019[69]. - The Group's gearing ratio as of June 30, 2020, was 71%, up from 66% as of December 31, 2019[69]. - Capital commitments as of June 30, 2020, were approximately RMB 823,258,000, compared to approximately RMB 767,467,000 as of December 31, 2019[71]. - Contingent liabilities as of June 30, 2020, were approximately RMB 6,540,000, significantly down from approximately RMB 258,800,000 as of December 31, 2019[72]. - As of June 30, 2020, the Group's bank borrowings and other borrowings amounted to approximately RMB 4,822,800,000, an increase from approximately RMB 4,456,105,000 as of December 31, 2019[77]. - The Group's total assets pledged as collateral for borrowings were valued at RMB 2,857,609,000 as of June 30, 2020[78]. - The number of employees decreased to 1,627 as of June 30, 2020, from 1,763 as of December 31, 2019, reflecting a reduction in workforce[80]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2020, was RMB 1,060,503,000, compared to RMB 277,752,000 in the same period of 2019, indicating a significant increase in cash outflow[117]. - Net cash generated from investing activities was RMB 707,978,000, compared to a net cash used of RMB (67,731,000) in the previous period[122]. - The net cash generated from financing activities was RMB 330,640,000, compared to RMB 32,976,000 in the previous period[122]. - Cash and cash equivalents at the end of the period were RMB 387,449,000, an increase from RMB 236,773,000 at the end of the previous period[122]. - The company reported a net decrease in cash and cash equivalents of RMB (21,885,000) for the current period, compared to a decrease of RMB (312,507,000) previously[122]. Revenue Breakdown - The commercial property development segment generated revenue of RMB 122,443,000, down from RMB 474,375,000 in the prior year, reflecting a decrease of about 74.2%[152]. - The property rental segment reported revenue of RMB 80,591,000, compared to RMB 77,797,000 in the previous year, indicating an increase of approximately 3.6%[152]. - Hotel operations segment revenue was RMB 63,869,000, slightly up from RMB 60,116,000 in 2019, marking an increase of about 4.6%[152]. - The geographical revenue breakdown indicates that Mainland China contributed RMB 290,656,000, while other regions contributed RMB 14,877,000 for the reporting period[159].

Financial Performance - The Group's revenue for the year ended December 31, 2019, was approximately RMB 1,956 million, with property sales contributing nearly RMB 1,535 million[8]. - The gross profit of the Group was approximately RMB 778 million, resulting in a profit of approximately RMB 45 million for the year[8]. - Profit attributable to owners of the parent was approximately RMB 26 million, with earnings per share of approximately RMB 1.3 cents[8]. - The Group recorded consolidated revenue of approximately RMB1,955,853,000 for the year under review, representing a slight increase of 1.6% compared to RMB1,924,619,000 in 2018[95]. - Revenue from property sales amounted to approximately RMB1,534,552,000, reflecting a decrease of 2.8% from RMB1,578,447,000 in 2018[95]. - Revenue from property rental increased by 9.4% to approximately RMB175,412,000, up from RMB160,369,000 in 2018[97]. - The hotel operation recorded a revenue of approximately RMB141,270,000, representing an increase of 26.9% from RMB111,328,000 in 2018[97]. - Gross profit for the year amounted to approximately RMB778,236,000, a significant increase of 128.6% from RMB340,491,000 in 2018, with a gross profit margin of 39.8%[97]. - Other income and gains increased significantly by 262.1% to approximately RMB68,460,000, compared to RMB18,905,000 in 2018[97]. - The Group achieved a profit of approximately RMB45,289,000 for the year, a turnaround from a loss of approximately RMB221,997,000 in 2018[101]. Market Conditions - The Chinese economy maintained a GDP growth rate of 6.1% in 2019, despite challenges such as the Sino-US trade war and weakening domestic demand[12]. - The impact of the COVID-19 outbreak on the real estate market is expected to be short-lived, with demand anticipated to pick up once the epidemic is under control[41][42]. - The COVID-19 outbreak is expected to have a short-term impact on sales, development, investment, and cash flow in the real estate industry[70][72]. - The Chinese government plans to adopt more proactive monetary and fiscal policies to stabilize foreign demand and promote consumption[66][67]. Business Strategy and Development - The Group adhered to a principle of prudent investment and sound operation amidst regulatory controls in the real estate industry[12]. - The Group aims to strengthen its main real estate business while improving its diversified industries[12]. - The Group is focused on creating synergy through coordinated development among various business platforms[12]. - The Group will continue to promote new breakthroughs in performance to meet the needs for a better life[12]. - The International Office Center (IOC) project is a key development project, expected to drive property sales revenue and ensure steady growth in the Group's revenue from property sales in the future[46][49]. - The Group is focusing on expanding its presence in cultural education, healthcare, film and entertainment, and cultural leisure tourism segments across the Yangtze River Delta region[45][49]. - The Group aims to create a night culture at the Yuyao Times Square by introducing food trucks, street markets, and outdoor decorations to attract more visitors[47][50]. - The Group's new child-oriented business model integrates health, education, entertainment, and sports, aiming to drive growth in the child-related industry[30]. Property and Project Performance - Jiarun Mansion at Plot A3 recorded strong sales performance with the launch of fine-decorated apartments, contributing to stable property sales revenue and higher profitability for the Group[17]. - The occupancy rate of Highlong Plaza reached over 94%, with 24 new brands added, enhancing rental performance and visitor traffic[22]. - Revenue from hotel operations increased by nearly 26.9% year on year, with the successful opening of Ningbo Bright Hotel contributing significantly to the Group's income[25]. - The Group's film and television revenue grew by nearly 42%, with a 46% increase in the cumulative number of customers received compared to the same period last year[34]. - The Xixi New City Project and Xixi Manhattan Project, located near key attractions, were delivered successfully, driving property sales revenue growth[19]. - The Group's property leasing revenue showed steady growth, primarily from Highlong Plaza and Zhong An Intime City, with successful business strategy adjustments[23]. Financial Management and Resources - The Group's total cash and bank balances were approximately RMB431,686,000, a decrease from approximately RMB625,322,000 in 2018[107]. - The Group's bank and other borrowings increased to approximately RMB4,456,105,000 as of December 31, 2019, compared to approximately RMB2,968,085,000 in 2018[109]. - The maturity profile of borrowings shows that borrowings due within 1 year decreased to RMB351,860,000 from RMB922,460,000 in 2018[112]. - The Group's net current assets improved to approximately RMB1,773,345,000 as of December 31, 2019, compared to net current liabilities of approximately RMB257,828,000 in 2018[119]. - The current ratio increased to approximately 1.59 as of December 31, 2019, up from 0.94 in 2018[121]. - The gearing ratio rose to 66% as of December 31, 2019, compared to 40% in 2018[120]. - The total cost of borrowings for the year was approximately RMB218,936,000, an increase from approximately RMB198,985,000 in 2018[125]. - The Group's available financial resources totaled approximately RMB12,249,955,000 as of December 31, 2019, including undrawn borrowing facilities of approximately RMB7,793,850,000[107]. Corporate Governance and Compliance - The Company has complied with the corporate governance code provisions as set out in the CG Code for the year ended December 31, 2019[166]. - The Audit Committee reviewed the audited consolidated financial statements for the year ended December 31, 2019, ensuring adherence to accounting standards[147]. - The Company has adopted a code of conduct for Directors' securities transactions that meets the required standards[148]. - The Board focuses on overall corporate strategies, financial performance, and compliance with corporate governance standards[193]. - The roles of the chairperson and chief executive officer are separate, enhancing corporate governance[185]. - The Board members have no material relationships among themselves, ensuring independence[177]. - The Company has closely monitored its projects to ensure compliance with environmental protection laws and regulations[140]. - No material accidents or environmental claims were reported during the year, indicating compliance with relevant PRC laws and regulations[139]. Employee and Stakeholder Relations - The Group had 1,763 employees as of December 31, 2019, an increase from 1,399 in 2018, with staff costs rising to approximately RMB 133,076,000 from RMB 123,116,000[131]. - The Group emphasizes investor relations management to communicate its operational vision and future strategies to stakeholders[133].

(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號: 1321 2019 中期報告 INTERIM REPORT Contents 目錄 Contents 目錄 Report on Review of Unaudited Interim Condensed Consolidated Financial Information 未經審核中期簡明綜合財務資料審閱報告 Interim Condensed Consolidated Statement of Profit or Loss 中期簡明綜合損益表 Interim Condensed Consolidated Statement of Comprehensive Income 中期簡明綜合全面收益表 Corporate Information 公司資料 2 Interim Condensed Consolidated Statement of Financial Position 中期簡明綜合財務狀況表 26 Chairpers ...

Financial Performance - The Group's revenue for the year ended December 31, 2018, was approximately RMB1,925 million, representing a significant increase of approximately 550% compared to 2017[11]. - The gross profit of the Group was approximately RMB340 million, an increase of 152% compared to 2017[11]. - The loss attributable to equity holders decreased to approximately RMB244 million, down by RMB732 million from 2017[13]. - The basic loss per share was approximately RMB0.13, a decrease of RMB0.40 compared to 2017[13]. - The Group's loss, excluding the fair value movement of investment properties, was approximately RMB219 million, compared to RMB359 million in 2017[11]. - The Group's consolidated revenue for the year was approximately RMB1,924,619,000, representing an increase of 550% compared to RMB295,986,000 in 2017[127]. - Gross profit for the year amounted to approximately RMB340,491,000, an increase of approximately 152% from RMB135,369,000 in 2017[130]. - The gross profit margin decreased to approximately 18% from 46% in 2017, primarily due to property sales in non-core urban areas[131]. - Contracted sales revenue for the Group was approximately RMB1,670,300,000, down from RMB3,296,300,000 in 2017, indicating a decrease of approximately 49%[101]. - The contracted sales area for the year was approximately 71,906 sq.m., a decrease from 243,268 sq.m. in 2017, representing a decline of approximately 70%[101]. Property Development and Sales - Property business sales reached nearly RMB1,578 million, marking a record high for the Group[11]. - The Group's property sales were significantly boosted by the Xixi New City project, which benefited from its prime location and intelligent home design, contributing to overall sales revenue stability[22][23]. - The Xixi New City project has a total site area of 39,703 sq.m. and a total GFA of 83,391 sq.m., integrating urban prosperity with ecological tranquility[79]. - The completion of Yuyao Zhong An Times Square and Intime City projects will significantly increase the Group's leasable area and guest rooms, providing stable cash flow support[46]. - The total GFA of the company's land bank is approximately 3,251,907 sq.m.[62]. - The total gross floor area (GFA) of land reserves is approximately 3.25 million sq.m., distributed across seven cities in the Yangtze River Delta Region[42]. - The Group anticipates continued market acceptance of its development projects in the Yangtze River Delta Region, supported by low-cost land and national strategies[45]. Operational Strategies and Future Plans - The Company is focused on expanding its property development portfolio and enhancing operational efficiencies moving forward[11]. - Future strategies include exploring new market opportunities and potential acquisitions to drive growth[11]. - The Group's strategic focus on diversifying revenue sources and optimizing its operating structure is part of its "Three-year Strategy" initiated in 2018, aiming for sustainable growth across various segments[20][21]. - The Group's strategic focus for 2019 includes exploring low-cost, high-potential land through mergers and acquisitions[51]. - The Group aims to integrate traditional and emerging sectors, focusing on cultural tourism, health, and education industries while strengthening real estate and commercial operations[46]. Hospitality and Leasing - Hotel operations recorded continuous revenue growth, supported by the successful performance of the Zhong An Holiday Inn and the opening of two new brand hotels, increasing the number of leasable hotel rooms[28][29]. - The total revenue from leasing business for the year was approximately RMB160,369,000, representing an increase of approximately 152% from RMB63,610,000 recorded in 2017[106]. - The average occupancy rate of leasing properties was approximately 96%, up from 91% in 2017[106]. - Hotel operations recorded revenue of approximately RMB111,328,000, an increase of approximately 67% from RMB66,815,000 in 2017, with an occupancy rate of approximately 58%[103]. Investments and Acquisitions - The Group acquired land use rights for a state land parcel in Hangzhou for RMB39.38 million, covering an area of 37,500 sq.m. for commercial/hotel use[40]. - An equity transfer agreement was signed to acquire 51% equity interest in Xuzhou Wanxiang for RMB144 million, with a refundable performance deposit of RMB60 million, covering 154,802 sq.m. for commercial use[42]. - The Group established a joint venture with Maggie & Rose to invest in quality family lifestyle businesses in mainland China, Macau, and Taiwan[125]. - Zhong An Shenglong acquired an additional 22.65% equity interest in Zhejiang Xinnongdu, bringing its total ownership to 42.5%[109]. Financial Position and Resources - As of December 31, 2018, the total cash and bank balances of the Group were approximately RMB625,322,000, an increase from RMB612,463,000 in 2017[150]. - The Group's total available financial resources amounted to approximately RMB10.99 billion, including undrawn borrowing facilities of approximately RMB8.02 billion and borrowings of RMB2.97 billion[150]. - The Group's bank and other borrowings as of December 31, 2018, were approximately RMB2,968,085,000, a decrease from RMB3,107,739,000 in 2017[155]. - The Group's net current liabilities were approximately RMB257,828,000 as of December 31, 2018, compared to net current assets of approximately RMB215,003,000 in 2017[163]. - The Group's gearing ratio was 40% as of December 31, 2018, down from 42% in 2017[163]. Corporate Governance and Compliance - The Audit Committee is responsible for reviewing and supervising the financial reporting process and internal controls of the Group, ensuring compliance with applicable standards[200]. - The results for the year ended 31 December 2018 have been audited by Ernst & Young, with an unmodified auditor's report included in the annual report[199]. - The Audit Committee comprises three independent non-executive Directors, ensuring independent oversight of financial matters[198]. - The Group has not reported any material accidents or environmental claims during the review year, indicating compliance with relevant laws and regulations[186]. - The Group is committed to environmental protection and monitors project compliance with environmental laws and standards[188]. Employee and Stakeholder Relations - The Group's commitment to employee development includes continuous learning and training programs to enhance skills and maintain competitiveness[174]. - The management has developed strategies to enhance cost management, risk management, and corporate governance standards, focusing on identifying potential acquisitions for improved asset returns[176]. - Customer satisfaction is critical for profitability, with a dedicated sales team working to understand and meet customer needs[179]. - The Group emphasizes investor relations management to communicate operational vision and future strategies to stakeholders through various channels[176].