Group 1 - The core viewpoint highlights the ongoing development of commercial real estate, particularly in retail, with various companies expanding their operations and enhancing consumer experiences through innovative strategies [3][5][8] - Multiple cities are implementing or enhancing tax refund policies to stimulate inbound consumption, with notable examples including Guangzhou and Dalian, which have introduced convenient tax refund services for foreign tourists [5][6] - Companies like China Resources and Poly are expanding their commercial footprints through strategic partnerships and new project developments, targeting both core cities and emerging markets [10][11] Group 2 - Alibaba is raising funds to support its international e-commerce and cloud computing businesses, while competitors like JD.com and Meituan are intensifying their efforts in instant retail [4][28] - The REITs market is experiencing significant activity, with several companies, including Cinda and China Overseas, pushing for the listing and expansion of quality assets, indicating a robust interest from investors [31][33] - High-end brands are innovating their retail experiences, as seen with LV's unique store concept in Shanghai, which has attracted considerable foot traffic and consumer interest [19][21] Group 3 - The retail landscape is evolving with brands like Ba Wang Cha Ji and Lao Xiang Ji expanding into Hong Kong, indicating a trend of brands using the city as a launchpad for global expansion [18][24] - Nike is facing challenges in the Chinese market, with a reported 13% decline in revenue, while luxury brands are leveraging experiential marketing to attract consumers [19][20] - Community-focused commercial projects are on the rise, with new concepts like DT-X aiming to enhance local shopping experiences and meet consumer demands for convenience [17][18]

Financial Performance - The group achieved a revenue of approximately RMB 7.46 billion, representing a growth of 19.43% compared to the same period last year[7]. - The group reported a net loss attributable to shareholders of approximately RMB 1.51 billion[7]. - In the first half of 2024, the company achieved a revenue of approximately RMB 5.18 billion, a decrease of about 2% compared to the same period last year[11]. - The company’s revenue for the six months ended June 30, 2024, was approximately RMB 746,386,000, an increase of 19% compared to RMB 624,962,000 for the same period in 2023[21]. - The total comprehensive loss for the period was RMB 148,705,000, compared to a total comprehensive income of RMB 113,521,000 in the previous year[52]. - The company reported a net loss attributable to ordinary equity holders of RMB 57,936,000 for the six months ended June 30, 2024, compared to a profit of RMB 32,868,000 for the same period in 2023[103]. - The company reported a significant increase in financing costs, totaling RMB 289,978,000[51]. - The company incurred a total cash outflow from investing activities of RMB 39,590,000 during the same period, reflecting ongoing investments in property and equipment[57]. Visitor and Sales Metrics - The total number of visitors to the group's outlet business reached 27.44 million, an increase of approximately 1% year-on-year[5]. - The group's outlet business generated a turnover of RMB 5.18 billion, a decrease of about 2% compared to the same period last year[5]. - The retail sales of social consumer goods in China reached RMB 23.6 trillion, growing by 3.7% year-on-year, with service retail sales increasing by 7.5%[5]. - The retail sales of essential consumer goods showed positive growth, with food and beverage retail sales increasing by 9.6% and 5.6% respectively, while non-essential goods faced slower growth[9]. Strategic Initiatives - The group plans to enhance brand management and improve product and price advantages to provide consumers with better value shopping experiences in the second half of 2024[7]. - The group will accelerate the deployment of an online membership mall to enhance member service levels and engagement[7]. - The group aims to strengthen marketing strategies and innovate event planning to enhance new media operational capabilities[7]. - The group is committed to advancing digital construction to improve business insights and management control capabilities[7]. - The company plans to enhance its operational system and professional capabilities, focusing on brand optimization and international brand expansion in the second half of 2024[47]. - The membership system will be strengthened, with plans to implement online point redemption for members to increase member retention and sales contribution[47]. Asset and Debt Management - As of June 30, 2024, the group's cash and cash equivalents totaled approximately RMB 1,124,680,000, a decrease from RMB 1,491,685,000 as of December 31, 2023[22]. - The group's interest-bearing debt amounted to approximately RMB 10,035,178,000, with about 65% classified as non-current liabilities, compared to 58% as of December 31, 2023[22]. - The group's capital debt ratio increased to 210% as of June 30, 2024, up from 195% as of December 31, 2023, primarily due to an increase in debt levels[22]. - The group issued asset-backed securities totaling RMB 1,350,000,000 with a fixed interest rate of 4.85%, maturing on April 27, 2025[25]. - The group has confirmed that its intermediate holding company intends to provide financial support at the maturity of debts[62]. - The group plans to refinance approximately RMB 2,700,000,000 through new loans secured by several investment properties to redeem the priority asset-backed securities[61]. Market Position and Recognition - The company ranked 45th in the 2023 China Retail Top 100, improving from 48th in the previous year, showcasing its competitive position in the retail sector[16]. - The company received 25 industry awards at the 11th Outlet Leadership Summit, further enhancing its brand influence in the outlet sector[16]. Employee and Governance - As of June 30, 2024, the group had 674 employees, a decrease from 703 employees as of June 30, 2023, with male employees at 352 and female employees at 322[47]. - The company has complied with the corporate governance code and listing rules during the reporting period[43]. - The audit committee reviewed the unaudited interim consolidated financial statements for the six months ending June 30, 2024[45]. Financial Risks and Management - The main financial risks faced by the group include foreign exchange risk, interest rate risk, credit risk, and liquidity risk, with a focus on minimizing their potential adverse effects on financial performance[64]. - The group’s credit risk is diversified across numerous counterparties and customers, with no significant concentration of credit risk[70]. - The expected credit loss model considers historical loss rates and adjusts based on forward-looking macroeconomic data[75]. Investment and Development - The company is focused on expanding its commercial property development, particularly in mainland China, which remains a key strategic area[58]. - The company has plans for new product and technology development, although specific details were not disclosed in the report[58]. - The company is exploring market expansion opportunities, particularly in the outlet retail sector, to enhance its competitive position[58].

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of RMB 746,386,000, an increase from RMB 624,962,000 in the same period last year, representing a growth of approximately 19.5%[2] - The gross profit for the same period was RMB 337,519,000, compared to RMB 208,138,000 in the previous year, indicating a significant increase of about 62.1%[2] - Operating profit rose to RMB 195,749,000, up from RMB 135,996,000, reflecting a growth of approximately 43.9% year-over-year[2] - The company reported a loss from continuing operations of RMB 148,705,000, an improvement from a loss of RMB 224,569,000 in the prior year, marking a reduction of about 33.8%[2] - The total comprehensive loss for the period was RMB (148,705,000), compared to a profit of RMB 90,079,000 in the same period last year[4] - The basic and diluted loss per share for the period was RMB (5.92), an improvement from RMB (8.84) in the previous year[3] - The group reported a segment operating profit of RMB 274,219,000 for the property development segment for the six months ending June 30, 2023[14] - The operating profit for the six months ended June 30, 2024, was RMB 187,940,000, compared to RMB 177,273,000 for the same period in 2023, reflecting an increase of approximately 3.8%[16] - The group recorded a net loss of approximately RMB 148,705,000 for the six months ended June 30, 2024, a decrease of 265% compared to a net profit of RMB 90,079,000 in the same period of 2023, mainly due to a reduction in the valuation increase of investment properties[59] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 17,309,641,000, a decrease from RMB 17,931,241,000 at the end of 2023, representing a decline of approximately 3.5%[5] - Total liabilities decreased to RMB 13,059,169,000 from RMB 13,532,064,000, indicating a reduction of about 3.5%[6] - The company's net asset value as of June 30, 2024, was RMB 4,250,472,000, down from RMB 4,399,177,000, reflecting a decrease of approximately 3.4%[6] - As of June 30, 2024, the group's net current liabilities amounted to RMB 3,405,515,000, with a net loss of RMB 148,705,000 for the six months ending on the same date[8] - The total segment assets as of June 30, 2024, amounted to RMB 15,824,173,000, a decrease from RMB 16,057,401,000 as of December 31, 2023[19] - The total liabilities as of June 30, 2024, were RMB 2,073,896,000, down from RMB 2,561,900,000 as of December 31, 2023, representing a decrease of approximately 18.9%[19] - Trade receivables from customer contracts amounted to RMB 143,371,000 as of June 30, 2024, down from RMB 236,473,000 as of December 31, 2023, reflecting a decrease of approximately 39.3%[34] - Other payables and accrued expenses totaled RMB 4,480,903,000 as of June 30, 2024, compared to RMB 3,187,984,000 as of December 31, 2023, indicating an increase of about 40.5%[38] Financing and Debt - The group plans to secure approximately RMB 2,700,000,000 in new loan financing by mortgaging certain investment properties to refinance the redemption of senior asset-backed securities[8] - The company's intermediate holding company has confirmed its intention to provide financial support to the group upon debt maturity[9] - Management has prepared a cash flow forecast covering at least 12 months from June 30, 2024, indicating sufficient financial resources to meet operational funding and financial obligations[9] - Interest expenses from loans and other financial institutions decreased to RMB 125,225,000 for the six months ended June 30, 2024, compared to RMB 203,555,000 for the same period in 2023, representing a reduction of approximately 38.5%[27] - The total interest expenses for the "Priority Asset Support Securities Plan" decreased to RMB 79,180,000 for the six months ended June 30, 2024, from RMB 150,563,000 in the same period of 2023, a reduction of about 47.5%[27] - The group issued asset-backed securities totaling RMB 1,350,000,000 with a fixed coupon rate of 4.85% as of June 30, 2024, to raise funds for operational development[63] - The group also issued asset-backed securities totaling RMB 1,800,000,000 with a fixed coupon rate of 4.60% as of June 30, 2024, to support financing for its subsidiaries[64] - The total amount of investment properties and buildings mortgaged due to borrowings was RMB 3,255,000,000 as of June 30, 2024, up from RMB 956,000,000 as of December 31, 2023[69] Operational Highlights - The company continues to focus on commercial property development, particularly in mainland China, with ongoing projects in outlet and non-outlet retail properties[7] - The investment property development and operation segment generated revenue primarily from rental income, contributing to the overall financial performance[11] - The online membership mall system was launched in March, providing a new shopping experience and improving operational efficiency[55] - The company aims to enhance operational capabilities and customer interaction through digital transformation and improved membership systems in the second half of 2024[58] - The company plans to focus on optimizing its brand portfolio and expanding international and emerging brands to enrich its offerings[58] - The company has set a goal to create value for shareholders and become the most valuable outlet operator in China, providing an excellent consumer experience[58] Market and Economic Context - The total retail sales of consumer goods in China reached approximately RMB 23.6 trillion in the first half of 2024, a year-on-year increase of 3.7%[51] - The final consumption expenditure contributed 60.5% to GDP growth, driving a 3 percentage point increase in GDP[51] - The service retail sales grew by 7.5% year-on-year, outpacing the growth of goods retail sales by 4.3 percentage points[51] - Restaurant revenue maintained a high growth rate of 7.9% compared to the same period last year, indicating sustained service demand[51] - The commercial real estate sector's growth rate slowed to 6.3%, with shopping centers growing at 6.9% and outlet malls at 11.8%[52] - The group had 674 employees as of June 30, 2024, a decrease from 703 employees as of June 30, 2023[76] - Employee benefits expenses (excluding directors and CEO remuneration) were approximately RMB 85,563,811 as of June 30, 2024[76] Regulatory and Compliance - The group has not adopted any new or revised accounting standards that would significantly impact its financial performance as of June 30, 2024[10] - The audit committee reviewed the group's accounting principles and practices, discussing financial reporting matters for the six months ending June 30, 2024[77] - The interim report for the six months ending June 30, 2024, will be published on the company's website and the Hong Kong Stock Exchange website[78] - The board has resolved not to declare an interim dividend for the six months ending June 30, 2024, compared to no dividend declared for the same period in 2023[72]

Financial Performance - The group reported a revenue of RMB 2.124 billion for the period, representing a 127% increase compared to the same period last year [28]. - The group's revenue for the twelve months ending December 31, 2023, was approximately RMB 2,123,739,000, an increase of 127% compared to RMB 935,898,000 for the same period in 2022 [51]. - Operating profit for the same period was approximately RMB 367,070,000, a growth of 964% from RMB 34,489,000 in the previous year, primarily due to increased income from investment property development and operations [52]. - The group reported a net profit for the twelve months ending December 31, 2023, of approximately RMB 13,761,000, a significant increase of 103% compared to a net loss of RMB 393,269,000 in the same period of 2022 [83]. - The company reported a loss before tax of RMB 246,249,000, an improvement from a loss of RMB 480,006,000 in the previous year [121]. - The company recognized a gain from the disposal of subsidiaries amounting to RMB 231,468,000, with no such gain reported in 2022 [121]. - The company reported a loss attributable to ordinary equity holders of RMB 120,655 thousand for the year ended December 31, 2023, an improvement from a loss of RMB 207,091 thousand in 2022, indicating a reduction of approximately 41.8% [193]. Assets and Liabilities - As of December 31, 2023, the group reported total assets of RMB 572,722,000, with liabilities amounting to RMB 1,368,479,000 in USD [11]. - The total assets of the segments decreased to RMB 16,057,401,000 from RMB 18,121,616,000, a decline of 11.5% [121]. - The total liabilities of the segments increased to RMB 2,561,900,000 from RMB 2,489,536,000, an increase of 2.9% [121]. - As of December 31, 2023, the total interest-bearing debt was approximately RMB 10,053,019,000, with about 58% classified as non-current [55]. - The group reported a total of RMB 10,053,020 thousand in net liabilities at the end of the reporting period [66]. - The net capital debt ratio decreased to 195% as of December 31, 2023, from 244% on December 31, 2022, primarily due to a reduction in net debt [85]. Cash and Cash Equivalents - As of December 31, 2023, the group's cash and cash equivalents totaled approximately RMB 1,491,685,000, up from RMB 1,210,365,000 on December 31, 2022 [83]. - Cash and cash equivalents increased to RMB 1,470,508,000 from RMB 1,137,660,000, representing a growth of 29% [121]. - The group has maintained a policy of ensuring sufficient cash and cash equivalents to meet operational funding needs [62]. Debt Management - The group has proactively managed its debt, repaying RMB 2.6 billion in ABS financing and USD 198 million in overseas loans ahead of schedule [28]. - The group reduced its interest-bearing debt by approximately RMB 2 billion, leading to a decrease in the overall debt-to-asset ratio and enhancing operational stability [50]. - The group borrowed approximately RMB 4,193,381,000 from banks and other financial institutions as of December 31, 2023, down from RMB 5,939,442,000 a year earlier [86]. - The group issued asset-backed securities totaling RMB 1,350,000,000 with a fixed coupon rate of 4.85% as of December 31, 2023 [89]. - The group also issued a second phase of asset-backed securities totaling RMB 1,800,000,000 with a fixed coupon rate of 4.60% as of December 31, 2023 [90]. Operational Highlights - The company launched 15 large-scale internal purchase events, optimizing inventory structure and significantly enhancing profitability in self-operated businesses [46]. - The company is exploring new business avenues, including a pop-up market themed around outlets in Wuzhen, integrating shopping, dining, and entertainment [49]. - The company has upgraded its招商决策系统, effectively enhancing decision-making capabilities across outlet projects [45]. - The company has developed new procurement channels for brands like Burberry and Armani, transitioning its self-operated business from retail to brand development [46]. - The company’s outlet in Nanning has been recognized as a "National AAAA Tourist Attraction," enhancing its tourism and shopping experience [49]. Market and Economic Context - In 2023, the total retail sales of consumer goods in China exceeded RMB 47 trillion, a year-on-year increase of 7.2%, setting a new historical high [39]. - The company’s total GDP in 2023 exceeded RMB 126 trillion, with a growth rate of 5.2%, outperforming the global average [39]. - The group anticipates that the domestic economy will face challenges in 2024, including demand contraction and supply shocks, but aims to enhance economic vitality and consumer expectations through various policies [100]. Risk Management - Credit risk is managed on a group basis, with policies in place to ensure adequate financial strength and appropriate down payment ratios for credit sales [19]. - The expected loss rate for trade receivables is 0.6%, with a total trade receivables balance of RMB 238,012 million and a loss provision of RMB 1,539 million [22]. - The expected credit loss rate for other receivables is 11.43%, with a total balance of RMB 72,683 million and a loss provision of RMB 8,306 million [25]. - The group has not written off any trade receivables for the year ending December 31, 2023, indicating effective credit risk management [57]. Corporate Governance - The board has decided not to distribute dividends for the year ending December 31, 2023 [28]. - The board presented the annual report and audited consolidated financial statements for the year ending December 31, 2023 [152]. - The management team is dedicated to maintaining transparency and accountability in financial reporting and corporate governance practices [152]. Future Outlook - The group plans to continue introducing quality brands and optimizing operational costs to provide consumers with a high cost-performance shopping experience in 2024 [28]. - The group aims to leverage digital transformation for precise operations and scientific decision-making [29]. - The company aims to enhance operational efficiency and profitability through effective resource management [116]. - Future outlook includes continued emphasis on new product development and technological advancements [110].

智通财经APP讯，首创钜大(01329)发布公告，公司现任核数师罗兵咸永道会计师事务所(“罗兵咸永道”)的任期将于2024年5月31日举行的公司2023年股东周年大会结束时届满，届时将煺任公司核数师。根据规定，罗兵咸永道担任公司核数师的任期已达到管理办法所规定的连任上限。因此，公司须于2024年度更换核数师。 经考虑审核委员会意见并参考选聘结果后，董事会建议于罗兵咸永道任期届满后委任毕马威会计师事务所为公司2024年度核数师。 ...

Financial Performance - The company reported a net profit of RMB 13,761,000 for the year ending December 31, 2023, compared to a loss of RMB 393,269,000 in the previous year[5]. - Total comprehensive income for the year was RMB 8,433,000, a significant improvement from a loss of RMB 396,578,000 in 2022[12]. - The group recorded a net profit of RMB 13,761,000, with a loss from continuing operations of RMB 316,460,000 and a profit from discontinued operations of RMB 330,221,000 as of December 31, 2023[37]. - For the year ending December 31, 2023, the group reported a net profit of approximately RMB 13,761,000, a significant increase of 103% compared to a net loss of RMB 393,269,000 in the same period of 2022[63]. - The group reported a loss before tax of RMB 246,249,000, an improvement from a loss of RMB 480,006,000 in the previous year[53]. - The basic loss per share from continuing operations was RMB (12.55), compared to RMB (21.54) in the previous year[53]. - The company reported a net loss before tax of RMB (246,249) thousand for 2023, an improvement from a net loss of RMB (480,006) thousand in 2022[117]. Assets and Liabilities - The company's total assets decreased to RMB 17,931,241,000 from RMB 19,810,293,000 in the previous year, reflecting a decline of approximately 9.5%[10]. - Current liabilities increased to RMB 6,926,188,000 from RMB 3,914,691,000, indicating a rise of about 76.5%[30]. - The company’s non-current liabilities decreased significantly from RMB 11,502,127,000 to RMB 6,605,876,000, a decline of approximately 42.9%[14]. - Current liabilities exceeded current assets by RMB 2,713,694,000, including RMB 1,502,521,000 due in June and July 2024 for loans from other financial institutions[37]. - The group's current ratio as of December 31, 2023, was 0.61, down from 1.11 on December 31, 2022, primarily due to the reclassification of certain long-term debts to current liabilities[64]. - The net capital debt ratio decreased to 195% as of December 31, 2023, from 244% a year earlier, attributed to a reduction in net debt[65]. - Total liabilities increased to RMB 13,532,064,000 in 2023 from RMB 15,416,818,000 in 2022, a decrease of approximately 12.2%[87]. Revenue and Profitability - The group’s revenue from continuing operations was RMB 2,123,739,000, with a gross profit of RMB 320,958,000 for the year ended December 31, 2023[53]. - Total revenue for the year ended December 31, 2023, was RMB 2,123,739 thousand, a significant increase from RMB 935,898 thousand in 2022, representing a growth of approximately 126%[110]. - Revenue from external customers reached RMB 2,123,739,000 for the year ended December 31, 2023, compared to RMB 1,998,000,000 in 2022, indicating an increase of about 6.3%[82]. - Operating profit for the year was RMB 367,070,000, compared to RMB 34,489,000 in the previous year[53]. - The company's operating profit for the year ended December 31, 2023, was RMB 149,695,000, a significant increase from RMB 38,515,000 in 2022, representing a growth of approximately 288%[81]. - Rental income from investment properties increased to RMB 919,405 thousand in 2023 from RMB 678,958 thousand in 2022, marking a growth of about 35.5%[110]. - The fair value gain from investment properties was RMB 216,218 thousand in 2023, compared to RMB 15,517 thousand in 2022, indicating a substantial increase[110]. Cash Flow and Financing - Cash and cash equivalents increased to RMB 1,470,508,000 from RMB 1,137,660,000, representing a growth of about 29.3%[14]. - The group has cash and cash equivalents amounting to RMB 1,470,508,000 as of December 31, 2023[37]. - Management plans to secure new loan financing of approximately RMB 2,700,000,000 by mortgaging certain investment properties to fund the redemption of priority asset-backed securities[37]. - The company reported a net cash outflow from financing activities of RMB 152,335,000 for the period ending August 22, 2023[137]. - The group issued asset-backed securities totaling RMB 1,800,000,000 with a fixed coupon rate of 4.60% on July 6, 2023, to raise funds for operational development[197]. - The company issued a total of RMB 3,579,000,000 in asset-backed securities, with a fixed coupon rate of 5.2% for the senior tranche[129]. Strategic Initiatives and Market Position - The company is focused on commercial property development, particularly in the mainland China market, including outlet and non-outlet retail properties[33]. - The group plans to enhance its "Giant Tide" product line and continue its asset-light expansion strategy, aiming for a strategic transformation from heavy to light assets[73]. - In 2024, the group will focus on building a lean operational system through digital means to improve operational capabilities and maintain its industry-leading position[74]. - The group aims to strengthen its brand resource library and optimize brand resources while implementing a plan to eliminate vacant stores to increase rental income and sales conversion[77]. - The group will explore new consumption growth points in smart home, cultural tourism, and domestic products, aiming to stimulate effective demand and enhance economic vitality[76]. - The group actively expanded its "self-operated +" business, developing new procurement channels for brands like Burberry and Armani, and launched co-branded yoga series products[168]. Operational Challenges and Responses - The group faced challenges in the second half of the year due to extreme weather and changing consumer trends but managed to leverage major holidays for sales opportunities[166]. - The group has conducted 15 large-scale internal purchasing events, optimizing inventory structure and significantly improving profitability[58]. - The group continues to manage the Wuhan and Jinan outlet projects, enhancing its commercial operation management capabilities and increasing management fee income[60]. Economic Context - The GDP for 2023 exceeded RMB 126 trillion, with a year-on-year growth of 5.2%, outperforming the global growth rate of around 3%[187]. - The contribution rate of consumption to economic growth reached 82.5%, an increase of 43.1 percentage points compared to the same period last year[188].

Financial Performance - In the first half of 2023, the company achieved sales of RMB 5.318 billion, a year-on-year increase of 42%[61] - The company reported a revenue of approximately RMB 625 million, a 36.33% increase year-on-year, with a net profit of RMB 87 million[66] - Revenue for the six months ended June 30, 2023, was RMB 624,962,000, an increase of 36.3% compared to RMB 458,432,000 for the same period in 2022[136] - Operating profit for the six months ended June 30, 2023, was approximately RMB 135,995,000, a growth of 202% compared to RMB 44,977,000 in the same period of 2022[83] - The net profit for the period was approximately RMB 90,079,000, a significant increase from a net loss of RMB 117,238,000 in the same period of 2022[84] - The total comprehensive income for the period was RMB 113,521,000, a significant recovery from a loss of RMB 96,893,000 in 2022[140] Financial Position - Total assets as of June 30, 2023, amounted to RMB 21,311,307,000, up from RMB 19,810,293,000 at the end of 2022[143] - The company’s cash and cash equivalents increased to RMB 1,814,755,000 from RMB 1,137,660,000, indicating improved cash flow management[143] - Total liabilities increased to RMB 16,807,043 thousand as of June 30, 2023, compared to RMB 15,416,818 thousand as of December 31, 2022, representing a growth of 9.0%[146] - The company reported retained earnings of RMB 226,179 thousand as of June 30, 2023, an increase from RMB 139,094 thousand at the end of 2022, marking a growth of 62.6%[146] - The company’s total liabilities to equity ratio increased to 3.73 as of June 30, 2023, compared to 3.51 at the end of 2022, indicating a higher leverage position[146] Borrowings and Debt Management - Total borrowings (including accrued interest) as of June 30, 2023, amounted to RMB 6,143,203,000, an increase from RMB 5,944,777,000 as of December 31, 2022[31] - The group has provided guarantees for bank and other financial institution borrowings amounting to RMB 1,988,993,000 as of June 30, 2023, a decrease from RMB 2,143,296,000 as of December 31, 2022[14] - The group’s interest income from a joint venture increased to RMB 150 for the six months ended June 30, 2023, from RMB 50 for the same period in 2022[16] - The company’s total borrowings (including interest) as of June 30, 2023, were RMB 6,933,494 thousand, compared to RMB 6,580,559 thousand as of December 31, 2022, reflecting an increase of 5.4%[157] - The company incurred interest expenses and management fees of RMB 145,451 thousand related to the priority asset-backed securities plan for the period[166] Cash Flow and Liquidity - Cash generated from operating activities for the six months ended June 30, 2023, was RMB 392,022 thousand, compared to RMB 52,434 thousand for the same period in 2022, indicating a significant increase of 648.5%[166] - Net cash flow from operating activities for the six months ended June 30, 2023, was RMB 368,643 thousand, up from RMB 37,487 thousand in the prior year, reflecting an increase of 882.5%[166] - The total cash and cash equivalents at the end of June 30, 2023, were RMB 1,814,755 thousand, up from RMB 997,040 thousand at the end of June 30, 2022, representing an increase of 82.5%[166] Operational Efficiency and Strategy - The company plans to enhance its digital capabilities to improve brand influence and core competitiveness[67] - The company established a cost management committee to enhance operational efficiency and reduce costs through various measures[73] - The company is focusing on enhancing its retail performance following the optimization of COVID-19 prevention policies in China[83] - The company plans to continue expanding its outlet business, with several new outlet projects in various cities[82] - The company aims to strengthen its asset management capabilities and steadily advance its light asset strategy to consolidate its leading position in the outlet sector[123] Market and Economic Context - The national GDP for the first half of 2023 reached RMB 593,034 billion, reflecting a year-on-year growth of 5.5%, indicating strong economic resilience[60] - The overall retail sales of key large retail enterprises in China increased by 11.8% in the first half of 2023, with clothing, jewelry, and home appliances showing significant growth of 15.9%, 16.2%, and 13.6% respectively[70] - The total retail sales of consumer goods in China reached RMB 22,758.8 billion, with a year-on-year growth of 8.2%, contributing 77.2% to economic growth[75] Corporate Governance and Management - The board of directors consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors as of June 30, 2023[116] - The company has complied with the corporate governance code provisions during the reporting period from January 1, 2023, to June 30, 2023[118] - The company is committed to maintaining good corporate governance standards and effective risk management[118]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部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。 BEIJING CAPITAL GRAND LIMITED 首 創 鉅 大 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1329） 截至二零二三年六月三十日止六個月 的中期業績 首創鉅大有限公司（「本公司」）董事會（「董事會」或「董事」）欣然呈列本公司及其附屬公司 （統稱「本集團」）截至二零二三年六月三十日止六個月的未經審核中期簡明綜合業績，連同 去年同期的未經審核可比較金額，並載述如下： ...

Financial Performance - The group's sales revenue reached RMB 8.198 billion, representing a decline of about 18% year-on-year[150]. - In 2022, the company achieved a revenue of RMB 1.124 billion, representing a 16% increase compared to the previous year, despite a net loss attributable to the parent company of RMB 393 million[196]. - The total retail sales of consumer goods in China approached RMB 44 trillion in 2022, a decrease of 0.2% compared to the previous year[41]. - The total customer footfall for the year was 39.07 million, a decrease of approximately 20% compared to the previous year[150]. - The company provided rental reductions totaling approximately RMB 35 million to support merchants during the year[150]. Market and Economic Outlook - The retail sector is expected to recover rapidly, driven by strong consumer demand from over 1.4 billion people and an ongoing trend of consumption structure upgrades[5]. - In 2023, the overall Chinese economy is expected to improve, with job growth and rising household income likely to boost consumer spending[16]. - The company aims to leverage policy benefits to drive growth and actively participate in the dual circulation economic strategy, enhancing consumer experience with "big brands, small prices" offerings[196]. - The company has identified strategic risks stemming from macroeconomic trends and the sustainability of its corporate strategy[21]. Corporate Strategy and Development - The company aims to transition from a real estate enterprise to a retail enterprise, focusing on profit-centered operations and customer-centered services[6]. - The company plans to enhance its market capabilities, operational efficiency, and digital capabilities to solidify its long-term development[6]. - The company is focused on enhancing its digital marketing capabilities to optimize customer experience and retention[55]. - The company plans to implement a diversified strategy to promote light-asset projects, further solidifying its leading position in the outlet industry[197]. Consumer Engagement and Marketing - The company has implemented various consumer promotion policies to enhance consumption capacity and improve consumption conditions, aiming to stimulate domestic demand[17]. - The company has actively engaged in innovative marketing strategies, significantly reducing ineffective spending and enhancing merchant participation[27]. - The company launched a "super product live streaming" event in May 2022, which significantly boosted sales performance, resulting in a 20% increase in total foot traffic and sales[182]. - The company established nearly 500 WeChat groups, attracting over 100,000 fans and generating direct sales of nearly RMB 10 million, with around 50,000 customers visiting stores[188]. Corporate Governance and Compliance - The board of directors does not recommend the distribution of any dividends for the year ended December 31, 2022[23]. - The company has confirmed compliance with non-competition commitments under the second revised non-competition agreement during the year[68]. - The board consists of nine members, including two executive directors and three independent non-executive directors, with no significant relationships among them[137]. - The company has established a compliance culture to ensure adherence to listing rules and regulatory requirements[132]. Risk Management - The company has faced market risks due to domestic real estate policies, pandemic impacts, and market competition[22]. - The board is committed to maintaining good corporate governance standards and effective risk management as a foundation for long-term success[132]. - The audit committee is responsible for reviewing financial statements and providing important opinions on financial reporting matters[148]. Employee and Board Diversity - As of December 31, 2022, the company had 722 employees, with approximately 50.8% being female, indicating a commitment to gender diversity[141]. - The company has adopted a diversity policy for board members, emphasizing the importance of diversity in maintaining competitive advantage[138]. - The company has implemented a comprehensive training program for directors, ensuring they receive adequate professional development[147]. Asset Management and Investments - The group issued an asset-backed securities plan with a total amount of RMB 3,579,000,000, including RMB 2,700,000,000 in senior securities at a fixed interest rate of 5.2%[1]. - The company issued 905,951,470 Class B convertible preferred shares to acquire 100% equity in Beijing Innovation Real Estate Investment Co., Ltd. and Zhejiang Outlets Property Co., Ltd. as part of a purchase agreement signed on June 8, 2016[78]. - The company raised funds by issuing 313,140,124 perpetual convertible securities to Smart Win Group Limited and 200,045,787 perpetual convertible securities to KKR CG Judo Outlets on November 25, 2016[78]. Operational Challenges - Multiple outlet projects experienced closures exceeding 40 days, significantly impacting customer traffic and sales, particularly in Beijing, Kunshan, Zhengzhou, Nanchang, and Qingdao[48]. - The impact of the pandemic in 2022 was significantly greater than in the previous year, affecting the overall business performance[48]. - The company maintained its leading position in the domestic outlet industry with all 15 self-operated outlet projects now open[196].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部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。 BEIJING CAPITAL GRAND LIMITED 首 創 鉅 大 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1329） 截至二零二二年十二月三十一日止年度全年業績公告 首創鉅大有限公司（「本公司」）董事會（「董事會」或「董事」）欣然呈列本公司及其 附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度的綜合業績，連 同截至二零二一年十二月三十一日止年度的可比較金額，現載述如下： ...