Economic Performance - In 2023, China's GDP reached RMB 126 trillion, with a year-on-year increase of 5.2%, which is 2.2% faster than in 2022[21]. - The outlook for 2024 indicates continued challenges in the real estate market, but potential easing of financing pressure due to supply-side reforms[35]. Company Strategy and Development - The company continues to develop the trade centre business under the brand "HYDOO" while expanding various sectors under the "YOUNGO" brand, including high-end housing and urban renewal[6]. - The company underwent strategic restructuring in 2019, bringing in strategic shareholders to enhance financial resources and operational experience for innovative development[5]. - The company aims to build a harmonious industrial ecosystem that includes customers, companies, governments, employees, and the natural environment[4]. - The company has positioned itself as a "new ecological industrial city service provider" to better serve the national strategy of the Greater Bay Area[5]. - The dual-brand operation of "HYDOO" and "YOUNGO" was implemented to diversify business offerings and enhance market presence[5]. - The company is focused on the Guangdong-Hong Kong-Macao Greater Bay Area, viewing it as a strategic highland for residential and urban renewal projects[4]. - The company’s headquarters is located in the Greater Bay Area, emphasizing its commitment to regional development[4]. - The company’s strategic upgrade in 2020 was based on the corporate gene of "driving urban prosperity with industrial development"[5]. Financial Performance - The Group recorded a loss of approximately RMB1,205.6 million in 2023, a significant reduction from the loss of approximately RMB1,729.0 million in 2022[29]. - Revenue for FY2023 was approximately RMB3,530.5 million, an increase from approximately RMB3,168.1 million in FY2022, primarily due to a 49.0% increase in revenue from property development and related services[37]. - In FY2023, the Group's revenue was approximately RMB 3,530.5 million, an increase of 11.4% from RMB 3,168.1 million in FY2022, primarily driven by property development and related services, which generated RMB 1,670.7 million, up 49.0% year-on-year[39][42]. - The Group recorded a gross profit of approximately RMB 21.2 million in FY2023, a significant recovery from a gross loss of approximately RMB 46.0 million in FY2022, attributed to property deliveries in the Greater Bay Area[43][47]. - Other net income for the period was approximately RMB 208.9 million, a turnaround from a loss of approximately RMB 56.2 million in FY2022, achieved through measures to improve liquidity[44][48]. - The cost of sales for FY2023 was approximately RMB 3,509.4 million, representing a 9.2% increase from RMB 3,214.1 million in FY2022, with property development costs rising 41.6% to RMB 1,653.7 million due to increased delivered area[42][46]. - The Group recognized an impairment loss of RMB 292.4 million in FY2023, down from RMB 340.0 million in FY2022, reflecting ongoing market challenges[51][56]. - A fair value loss of RMB 419.2 million was recorded for investment properties in FY2023, compared to a loss of approximately RMB 677.4 million in FY2022, indicating some improvement despite market conditions[52][57]. - Finance costs decreased by 26.8% to approximately RMB 293.2 million in FY2023 from RMB 400.3 million in FY2022, primarily due to changes in senior notes terms[53][58]. Operational Efficiency - The comprehensive interest rate of the Group's interest-bearing liabilities decreased from 8.9% in 2022 to 4.9% in 2023, effectively saving interest expenses[24]. - The Group's administrative and selling expenses decreased significantly from RMB463.5 million in 2022 to RMB277.7 million in 2023, reflecting cost-saving measures[29]. - Distribution and administration expenses decreased by 40.1% to approximately RMB 277.7 million in FY2023 from RMB 463.5 million in FY2022, due to cost control measures[45][49]. - Total staff costs for FY2023 were approximately RMB103.6 million, down from RMB176.2 million in FY2022, representing a decrease of about 41%[86]. - The total number of employees decreased to 241 as of December 31, 2023, from 855 in the previous year, indicating a reduction of approximately 72%[86]. Debt and Liquidity Management - Approximately $439.1 million of overseas bonds' maturity has been extended for 6 years, alleviating liquidity pressure[24]. - As of December 31, 2023, the Group's total cash balances were approximately RMB 594.4 million, a decrease from RMB 1,940.4 million as of December 31, 2022[64][67]. - The Group's borrowings as of December 31, 2023, included approximately RMB 2,995.5 million in bank loans and other borrowings, down from RMB 4,909.7 million in the previous year[65]. - The total borrowings as of December 31, 2023, were RMB6,376.3 million, down from RMB7,872.1 million in the previous year, representing a reduction of approximately 19%[69]. - Contingent liabilities related to mortgage guarantees decreased to approximately RMB2,449.6 million as of December 31, 2023, from RMB3,255.5 million in 2022, reflecting a decline of about 25%[71]. - The current ratio as of December 31, 2023, was 1.39, slightly down from 1.40 in 2022, indicating stable liquidity management[78]. - The gearing ratio increased to 35.0% as of December 31, 2023, from 34.7% in the previous year, suggesting a slight increase in financial leverage[78]. Shareholder and Corporate Governance - The Group's total issued shares remained unchanged at 453,735,400 shares as of December 31, 2023, consistent with the previous year[87]. - The Company did not recommend the payment of a final dividend for FY2023, consistent with FY2022[116]. - The Board of Directors includes Mr. Luo Jieping as Chairman, appointed on July 20, 2023, and Mr. He Fei as CEO[161]. - The Company has received annual confirmations of independence from all independent non-executive Directors, affirming their independence[163]. - No Directors had material beneficial interests in any significant contracts or transactions related to the Group's business during FY2023[168]. - The Company has a Non-Competition Deed in place with key executives, ensuring no competition with the Group's business during the restricted period[171]. - The Covenantors confirmed compliance with the Non-Competition Deed during FY2023[177]. - The Company confirmed compliance with the non-competition commitment for the fiscal year 2023[180]. - No directors waived or agreed to waive any remuneration during the fiscal year 2023[182]. Share Option Scheme - As of December 31, 2023, the total number of outstanding shares involved in the Share Option Scheme was 2,100,000 shares, representing approximately 0.46% of the shares in issue of the Company[156]. - The maximum number of shares that may be issued under the Share Option Scheme is 40,148,440 shares, which is about 8.85% of the total issued shares as of the report date[138]. - The number of share options available for grant under the Share Option Scheme remained unchanged at 11,208,440 shares from January 1, 2023, to December 31, 2023[153]. - No options or awards were granted during FY2023[156]. - The exercise price per share for the outstanding share options is HK$5[148]. - The maximum number of shares that can be granted to any Qualified Participant under the Share Option Scheme in any 12-month period shall not exceed 1% of the number of shares in issue on the Offer Date[139]. - The remaining life of the Share Option Scheme is approximately five years and five months as of December 31, 2023[146]. - As of December 31, 2023, a total of 6,252,000 share options were granted, with 4,152,000 lapsing during the year, leaving 2,100,000 options outstanding[160]. - The exercise price of the share options ranges from HK$4.10 to HK$5.00 per share, with a fair value of options granted before share consolidation being unspecified[160]. Related Party Transactions - Revenue from the Group's single largest customer accounted for approximately 0.81% of total revenue in FY2023[122]. - Purchases from the Group's single largest supplier accounted for approximately 15.10% of total purchases in FY2023[133]. - The total procurement amount from the largest supplier and the top five suppliers accounted for approximately 15.10% and 22.62% of the total procurement of the Group in FY2023, respectively[140].

Financial Performance - The total revenue for the fiscal year ending December 31, 2023, was RMB 3,530,521,000, representing an increase of 11.4% compared to RMB 3,168,080,000 in 2022[3] - The gross profit for the fiscal year was RMB 21,156,000, a significant recovery from a gross loss of RMB 45,974,000 in the previous year[3] - The net loss for the year was RMB 1,205,615,000, which is an improvement from a net loss of RMB 1,729,027,000 in 2022, indicating a reduction of approximately 30%[4] - The company reported a basic and diluted loss per share of RMB 267.7, improving from RMB 346.4 in the previous year[3] - The company reported a net loss of RMB 1,205,615,000 for the year ended December 31, 2023[11] - The pre-tax loss for 2023 was RMB 1,214,747,000, an improvement from a loss of RMB 1,571,832,000 in 2022[37] - The group recorded a loss of approximately RMB 1,205.6 million in 2023, a significant reduction from the RMB 1,729.0 million loss in 2022, primarily due to increased asset impairment losses[47] Revenue Breakdown - Property sales revenue was RMB 1,562,939,000, up 55.6% from RMB 1,003,043,000 in 2022[26] - Trade business revenue decreased to RMB 1,859,852,000, down 9.1% from RMB 2,046,588,000 in 2022[26] - The group's total revenue for the fiscal year 2023 was approximately RMB 3,530.5 million, up from RMB 3,168.1 million in 2022, driven mainly by a 49.0% increase in property development and related services revenue[54] Expenses and Cost Management - The company reported a decrease in administrative and other operating expenses to RMB 161,935,000 from RMB 282,901,000, a reduction of about 42.7%[3] - Employee costs decreased to RMB 103,583,000, down 41.2% from RMB 176,203,000 in 2022[29] - The group's administrative and selling expenses decreased by 40.1% to approximately RMB 277.7 million in 2023 from RMB 463.5 million in 2022, reflecting cost-saving measures[58] - The financing costs for the fiscal year 2023 amounted to approximately RMB 293.2 million, a reduction of 26.8% from RMB 400.3 million in the previous year[62] Assets and Liabilities - The total non-current assets decreased to RMB 2,035,070,000 from RMB 2,708,667,000, reflecting a decline of approximately 25%[6] - Current assets totaled RMB 16,186,827,000, down from RMB 19,998,734,000, indicating a decrease of about 19%[6] - The total liabilities decreased to RMB 11,604,980,000 from RMB 14,244,162,000, representing a reduction of approximately 18.4%[6] - The company's total equity as of December 31, 2023, was RMB 2,244,433,000, a decline from RMB 3,514,605,000 in 2022[11] - The total amount of trade and other payables decreased to RMB 3,894,300,000 in 2023 from RMB 4,437,238,000 in 2022, indicating a reduction of approximately 12.3%[42] - The total bank loans and other borrowings as of December 31, 2023, were approximately RMB 2,995.5 million, a decrease from RMB 4,909.7 million in the previous year[67] Financing and Debt Management - The company successfully extended the maturity of a significant portion of its offshore debt from April 2023 to April 2029, alleviating cash flow pressure[14] - The company has received further extensions or renewals on certain existing bank loans totaling approximately RMB 129 million post-reporting period[14] - The company has initiated discussions with banks regarding the extension or renewal of bank loans totaling approximately RMB 1,647.5 million due within the next 12 months[14] - The group extended the maturity of approximately USD 439.1 million in bonds by six years and achieved a one to three-year extension on RMB 380 million in domestic loans, alleviating repayment pressure[46] Market Conditions and Strategic Plans - The company plans to focus on market expansion and new product development in the upcoming fiscal year[2] - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[2] - The company plans to enhance sales strategies and optimize cash flow management while continuing to control costs and expenses in response to market challenges[52] - The company faced challenges in the real estate market due to insufficient consumer confidence and ongoing expectations of falling property prices, which limited recovery efforts[45] - The company's management noted that the overall economic environment remains complex, with geopolitical tensions and high inflation impacting recovery efforts[45] Compliance and Governance - The company confirmed compliance with corporate governance codes as per the listing rules throughout the year[82] - The independent auditor's report confirmed that the consolidated financial statements reflect the group's financial position as of December 31, 2023, in accordance with International Financial Reporting Standards[90] Future Outlook and Risks - There is significant uncertainty regarding the ability to secure refinancing through bank loans or generate sufficient operating cash flow from real estate sales based on market conditions[16] - The group is actively negotiating new financing or refinancing for existing overdue payables, with expectations to repay these debts in the first half of 2024[17] - The directors believe that the group will have sufficient operating funds to meet its financial obligations due within the next 12 months from December 31, 2023[16] - The consolidated financial statements are prepared on a going concern basis, assuming the company can meet its financial obligations in the foreseeable future[93]

Financial Performance - The total revenue for the fiscal year ending December 31, 2023, was RMB 3,530,521,000, representing an increase of 11.4% compared to RMB 3,168,080,000 in 2022[3] - The gross profit for the fiscal year was RMB 21,156,000, a significant recovery from a gross loss of RMB 45,974,000 in the previous year[3] - The net loss for the year was RMB 1,205,615,000, which is an improvement from a net loss of RMB 1,729,027,000 in 2022, indicating a reduction of approximately 30%[4] - The basic and diluted loss per share improved to RMB (267.7) from RMB (346.4) in the previous year, showing a positive trend in earnings per share[3] - The pre-tax loss for 2023 was RMB 1,214,747,000, an improvement from a loss of RMB 1,571,832,000 in 2022[37] - The group recorded a loss of approximately RMB 1,205.6 million in 2023, a significant reduction from the RMB 1,729.0 million loss in 2022, primarily due to increased asset impairment losses[47] Cost Management - The company reported a decrease in administrative and other operating expenses to RMB 161,935,000 from RMB 282,901,000, reflecting a cost reduction strategy[3] - Employee costs decreased to RMB 103,583,000, down 41.2% from RMB 176,203,000 in 2022[29] - The group’s sales and administrative expenses decreased by 40.1% to approximately RMB 277.7 million in 2023 from RMB 463.5 million in 2022, reflecting cost-saving measures[58] - The financing costs for the fiscal year 2023 amounted to approximately RMB 293.2 million, a reduction of 26.8% from RMB 400.3 million in the previous year[62] Asset and Liability Management - The total non-current assets decreased to RMB 2,035,070,000 from RMB 2,708,667,000, primarily due to a decline in investment properties[6] - Current assets decreased to RMB 16,186,827,000 from RMB 19,998,734,000, largely driven by a reduction in cash and cash equivalents[6] - The company’s total liabilities decreased to RMB 11,604,980,000 from RMB 14,244,162,000, indicating improved financial stability[6] - The company’s equity attributable to shareholders was RMB 2,238,655,000, down from RMB 3,421,543,000 in the previous year[11] - The total bank loans and other borrowings as of December 31, 2023, were approximately RMB 2,995.5 million, a decrease from RMB 4,909.7 million in the previous year[67] Financing and Debt Management - The company successfully extended the maturity of a significant portion of its offshore debt from April 2023 to April 2029, alleviating cash flow pressure[14] - The company has received further extensions or renewals on certain existing bank loans totaling approximately RMB 129 million[14] - The group is actively negotiating new financing or refinancing for existing overdue payables, with expectations to repay these debts in the first half of 2024[17] - The group extended the maturity of approximately USD 439.1 million in bonds by 6 years and domestic loans of approximately RMB 380 million by 1 to 3 years, alleviating repayment pressure[46] Market and Operational Strategy - The company plans to focus on market expansion and new product development in the upcoming fiscal year, aiming to enhance revenue streams[2] - The financial performance indicates a strategic shift towards cost management and operational efficiency, which is expected to support future profitability[4] - The company is evaluating the impact of new accounting standards, concluding that it is unlikely to have a significant effect on consolidated financial statements[25] - The company plans to enhance sales strategies and optimize cash flow management while continuing to control costs and expenses in response to market challenges[52] Real Estate Market Challenges - The company faced challenges in the real estate market due to insufficient consumer confidence and ongoing expectations of falling property prices, impacting recovery efforts[45] - The group achieved contract sales of approximately RMB 2,143.8 million in 2023, a decline of about 12.5% compared to RMB 2,450.4 million in 2022[49] Future Outlook and Uncertainties - There is significant uncertainty regarding the adequacy of financing arrangements through bank loans or cash flows generated from real estate sales, depending on market conditions[16] - The board believes that the group will have sufficient operating funds to meet its financial obligations due within the next 12 months, based on the plans and measures in place[16] - The consolidated financial statements are prepared on a going concern basis, assuming the company can meet its financial obligations in the foreseeable future[93] Corporate Governance and Compliance - The company confirmed compliance with corporate governance codes and listing rules throughout the year[82] - The independent auditor's report confirmed that the consolidated financial statements reflect the group's financial position as of December 31, 2023, in accordance with applicable accounting standards[90]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全 部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 GUANGDONG – HONG KONG GREATER BAY AREA HOLDINGS LIMITED 粵 港 灣 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1396） 截 至2023年6月30日 止 六 個 月 的 未 經 審 核 中 期 業 績 公 告 粵港灣控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈本公司 連同其附屬公司（合稱「本集團」）截至2023年6月30日止六個月（「本期間」）未經審 核簡明合併中期業績。 本公告載有本公司2023年中期報告全文，並符合香港聯合交易所有限公司（「聯 交所」）證券上市規則（「上市規則」）中有關中期業績初步公告附載之資料之相關 要求。 承董事會命 粵港灣控股有限公司 主席及執行董事 羅介平 ...

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份 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 GUANGDONG - HONG KONG GREATER BAY AREA HOLDINGS LIMITED 粵港灣控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1396） 截至 2022 年 12月 31 日止年度 經審核全年業績公告 及 恢復交易 截至 2022年 12月 31日止年度全年業績公告 粵港灣控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬 公司截至2022年12月31日止年度經審核綜合財務業績。本公告載有本公司2022年年 度報告（「2022 年年度報告」）的全文，並已遵守有關香港聯合交易所有限公司 （「聯交所」）證券上市規則有關年度業績初步公告附載資料的相關規定。2022 年年 度報告印刷版本將於2023年4月29日寄發予本公司股份的註冊持有人，並可於聯交所 網站www.hkexnews.hk 及本公司網站www.youngogroup.com閲覽 ...

Strategic Restructuring and Vision - The company reported a strategic restructuring in 2019, bringing in strategic shareholders to enhance financial resources and operational experience for innovative development and industrial upgrades [5]. - The company emphasizes its corporate vision of "empowering the future of cities for creating a better life" and positions itself as a "new ecological industrial city service provider" [11]. - The company aims to build a harmonious industrial ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on urban renewal and residential projects [4]. - The company has implemented a dual-brand operation strategy to better serve the national strategy of the Greater Bay Area [5]. - The company’s headquarters is strategically located in the Greater Bay Area, which is viewed as a highland for development [4]. - The company focuses on creating mutually beneficial relationships among customers, companies, governments, employees, and the natural environment [4]. - The company’s core values include integrity, innovation, excellence, and win-win results [11]. Financial Performance - The Group recorded contracted sales amount of approximately RMB1,097.6 million in the first half of 2022, a decrease of approximately 64.0% compared to RMB3,049.3 million in the same period of 2021 [22]. - Revenue for the first half of 2022 was approximately RMB1,321.7 million, with property development and related services generating approximately RMB312.8 million, representing a significant decrease of 83.6% from RMB1,902.3 million in the same period of 2021 [26]. - The total cost of sales was approximately RMB1,473.2 million, with property development and related services cost at approximately RMB460.1 million, a decrease of 65.4% compared to RMB1,329.7 million in the same period of 2021 [28]. - The Group recorded a gross loss of approximately RMB151.5 million in the first half of 2022, compared to a gross profit of approximately RMB573.3 million in the same period of 2021 [29]. - Finance costs increased by 73.5% to approximately RMB300.6 million in the first half of 2022, up from approximately RMB173.3 million in the same period of 2021 [37]. - The Group plans to strengthen cash flow management and improve capital return efficiency while exploring cooperation opportunities with investors for business development [40]. - The Group's total land bank with confirmed land use rights was approximately 9.027 million sq.m. as of June 30, 2022 [22]. Shareholding Structure - As of June 30, 2022, Mr. Zeng Yunshu and Mr. Cai Hongwen each held 2,664,306,801 ordinary shares, representing 58.72% of the Company's total issued share capital [85]. - The shareholding structure indicates significant concentration of ownership among a few key stakeholders, particularly China Greater Bay Area Holdings and its affiliates [91]. - The Company aims to recognize the contributions of employees and directors through the Share Option Scheme [99]. - The total number of shares issued as of June 30, 2022, is 4,537,354,000 [91]. Corporate Governance and Compliance - The audit committee confirmed compliance with applicable accounting principles and adequate disclosures in the financial report for the period [5]. - The company has adopted the Model Code for securities transactions, with all directors confirming compliance during the period [9]. - The company has maintained compliance with the Corporate Governance Code throughout the reporting period [10]. - Following the resignation of Mr. Lam, the board re-complied with the listing rules after appointing two new independent non-executive directors [7]. Changes in Executive Leadership - Changes in executive leadership included Mr. Zeng Yunshu being appointed as Chairman of the Board on June 27, 2022, after resigning as co-Chairman on January 20, 2022 [139]. - Mr. He Fei was appointed as an executive Director and CEO on June 27, 2022 [139]. - Mr. Chen Junyu resigned as an executive Director, co-Chairman of the Board, and CEO on May 6, 2022 [142]. Market Outlook and Strategies - The property market is anticipated to gradually recover in the second half of the year due to increased supporting policies from local governments [79]. - The Group plans to implement precise marketing strategies tailored to specific cities and projects to achieve growth in both sales scale and cash collection [79]. - The Group plans to accelerate the sales of completed properties held for sale and speed up the collection of sales proceeds through targeted sales promotion policies [188]. - Proactive measures will be taken to control selling and distribution expenses as well as administrative expenses [188]. Cash Flow and Financing - The Group's cash flow forecasts indicate a need for additional financing or refinancing to meet financial obligations within the next 12 months [194]. - The Group is actively negotiating with major lenders for new financing or refinancing, proposing to use unpledged investment properties as collateral [188]. - Proceeds from new bank loans and other borrowings amounted to RMB 1,385,550,000 for the six months ended June 30, 2022, an increase from RMB 1,344,030,000 in 2021 [183].

Company Recognition and Strategy - The company was awarded as "2021 China mainland TOP 10 Real Estate Company Listed in Hong Kong by Investment Value" and ranked 19th among the 2021 Top 50 Real Estate Enterprises in Greater Bay Area[14]. - The company continues to develop the trade centre business under the brand "HYDOO" while expanding various business sectors under the brand "YOUNGO", including high-end housing and urban renewal[7]. - The company strategically upgraded to a "new ecological industrial city service provider" in 2020, focusing on the Guangdong-Hong Kong-Macao Greater Bay Area[6]. - The company aims to build a harmonious industrial ecosystem that includes customers, companies, governments, employees, and the natural environment[5]. - The company has implemented a dual-brand operation with the new "YOUNGO" brand to better serve the national strategy of the Greater Bay Area[6]. - The company has undergone strategic restructuring since 2019 by bringing in strategic shareholders to enhance its innovative development and industrial upgrade[6]. - The corporate vision is to "empower the future of cities for creating a better life" and the core values include integrity, innovation, excellence, and win-win results[11]. - The company focuses on residential and urban renewal projects within the Greater Bay Area, leveraging its strategic location[5]. - The company has been recognized as a leading enterprise in brand reputation and as a benchmark developer for open and transparent procurement in 2021[14]. Financial Performance - The Group achieved contracted sales of approximately RMB4,582.5 million for FY2021, an increase of 8.8% from RMB4,209.7 million in FY2020[28]. - Residential property sales accounted for approximately 78.7% of total contracted sales in FY2021, up from 66.2% in FY2020[29]. - The Group's total revenue for FY2021 was approximately RMB5,570.9 million, representing a 49.1% increase from RMB3,737.2 million in FY2020[38]. - Revenue from property development and related services was approximately RMB4,088.2 million in FY2021, a year-on-year increase of 9.4%[42]. - The Group reported a gross profit of approximately RMB735.3 million for FY2021, a decrease of 42.9% from RMB1,286.7 million in FY2020[45]. - The Group incurred a net loss of approximately RMB445.1 million for FY2021, compared to a net profit of approximately RMB356.3 million in FY2020[45]. - The total trading transaction amount for the Group in FY2021 was approximately RMB 1,482.7 million, contributing to the Group's revenue[47]. - The Group's cost of sales for FY2021 was approximately RMB 4,835.6 million, an increase of 97.1% from RMB 2,450.4 million in FY2020[48]. - Distribution and administration expenses for FY2021 totaled approximately RMB 669.5 million, representing about 12.0% of revenue, down from 13.8% in FY2020[53]. - The impairment loss on financial assets measured at amortization cost was approximately RMB 12.1 million in FY2021, down from RMB 28.1 million in FY2020[55]. - The Group's finance costs for FY2021 were approximately RMB 297.0 million, a slight increase from approximately RMB 276.8 million in FY2020[63]. Assets and Liabilities - The total land bank as of December 31, 2021, was approximately 12.8 million sq.m., with confirmed land use rights for approximately 9.4 million sq.m., an increase from 8.9 million sq.m. in FY2020[30]. - Total cash balances as of December 31, 2021, amounted to approximately RMB 2,136.8 million, a decrease from approximately RMB 2,351.4 million as of December 31, 2020[67]. - The Group's borrowings as of December 31, 2021, included bank loans and other borrowings of approximately RMB 3,271.3 million, significantly up from approximately RMB 1,310.3 million in FY2020[75]. - The total contingent liabilities related to mortgage guarantees increased to approximately RMB3,243.7 million as of December 31, 2021, compared to RMB2,648.3 million as of December 31, 2020, reflecting a growth of 22.5%[78]. - Capital commitments for construction and development contracts as of December 31, 2021, were RMB5,000.1 million, up from RMB2,130.3 million in 2020, representing a significant increase of 134.7%[83]. - The current ratio improved to 1.62 as of December 31, 2021, compared to 1.23 in 2020, indicating better short-term financial health[85]. - The gearing ratio increased to 27.1% as of December 31, 2021, from 16.5% in 2020, suggesting a higher level of financial leverage[85]. - Current assets increased significantly to RMB 20,222,582,000 in 2021 from RMB 14,724,095,000 in 2020, a growth of 37.0%[105]. - Non-current liabilities rose sharply to RMB 5,725,569,000 in 2021 from RMB 1,131,745,000 in 2020, an increase of 406.5%[105]. - Total equity attributable to equity shareholders decreased to RMB 5,088,072,000 in 2021 from RMB 5,592,397,000 in 2020, a decline of 9.0%[105]. Shareholder and Governance Information - The company did not recommend the payment of a final dividend for FY2021, consistent with FY2020[122]. - Revenue from the largest customer accounted for approximately 3.0% of total revenue, while the five largest customers accounted for about 5.5%[127]. - Purchases from the largest supplier accounted for approximately 28.6% of total purchases, with the five largest suppliers accounting for about 60.9%[128]. - As of December 31, 2021, the total number of outstanding shares involved in the Share Option Scheme was 123,200,000 shares, representing approximately 2.72% of the shares in issue[151][152]. - The maximum number of shares that may be issued under the Share Option Scheme is 401,484,400 shares, subject to shareholder approval for a 10% refreshment limit[141][148]. - The exercise price for outstanding share options is HK$0.5, determined by the Board based on the higher of the closing price on the grant date or the average closing price for the five trading days prior[151][152]. - The Share Option Scheme is effective for a period of ten years from May 30, 2019, with no further options to be offered after May 30, 2029[144]. - The vesting schedule for share options includes 30% vesting on April 1, 2021, and April 1, 2022, and 40% vesting on April 1, 2023[155]. - During FY2021, a total of 202,400,000 share options were granted, with 79,200,000 options canceled, leaving 123,200,000 options outstanding[154]. - The Company had no significant disputes with suppliers or customers during the fiscal year ending December 31, 2021[137]. - The Board has recommended the re-appointment of Directors standing for re-election at the upcoming annual general meeting[161]. - Each Director has entered into a service contract with the Company for a period of three years, with no contracts that are not determinable within one year without compensation[162]. - No Directors had material beneficial interests in any significant contracts related to the Group's business during FY2021[163]. - The Controlling Shareholders confirmed compliance with the Non-Competition Deed during FY2021[176]. - The Company will seek opinions from independent non-executive Directors regarding any New Opportunities that may compete with its core business[175]. - The emolument policy of the Company is outlined in the Corporate Governance Report of the annual report[177]. - As of December 31, 2021, Mr. Cai Hongwen holds 2,664,306,801 ordinary shares, representing approximately 58.72% of the total issued share capital of the company[193]. - The total number of shares issued as of December 31, 2021, is 4,537,354,000[199]. - Mr. Yang Sanming has share options amounting to 21,000,000, which contributes to a total interest of 21,614,000 shares, representing approximately 0.48% of the total issued share capital[193]. - Mr. Wang Dewen holds share options of 7,000,000, representing approximately 0.15% of the total issued share capital[193]. - Mr. Lam Chi Yuen Nelson and Mr. Yue Zheng each hold share options of 630,000, representing approximately 0.01% of the total issued share capital[193]. - The company has a Non-competition Deed signed by controlling shareholders, ensuring that their associates are also bound by this agreement[186]. - The principal business activities of the group include real estate development, which may compete with the businesses of associated companies[185]. - The company is committed to fulfilling fiduciary duties and acting in the best commercial interest of the group as a whole[186]. - No other directors or chief executives had interests or short positions in the shares of the company as of December 31, 2021, that required disclosure[196]. - The interests of substantial shareholders are recorded in accordance with the Securities and Futures Ordinance, with specific disclosures required for those holding 5% or more of the nominal value of any class of share capital[200].

Strategic Restructuring and Corporate Vision - The company reported a strategic restructuring in 2019, bringing in strategic shareholders to enhance financial resources and operational experience for innovative development and industrial upgrades[5]. - The company is positioned as a "new ecological industrial city service provider," focusing on creating a harmonious industrial ecosystem[3]. - The company has a corporate vision to "empower the future of cities for creating a better life," highlighting its commitment to urban prosperity[10]. Urban Development and Market Focus - The company aims to boost urban development through industry integration, focusing on high-turnover residential and commercial projects in provincial capital cities of China[3]. - The company reported a focus on the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging its strategic value for business expansion[4]. - The company emphasizes an "industry-driven" development philosophy to promote the integration of industry and urban development[8]. - The Group's strategic focus on the Greater Bay Area resulted in approximately 37% of total contracted sales coming from this region in the first half of 2021[42]. Financial Performance - The Group's revenue for the first half of 2021 was approximately RMB2,604.3 million, representing an increase of 255.2% from approximately RMB733.2 million in the same period of 2020[26]. - The net profit for the same period was approximately RMB161.1 million, reflecting a year-on-year increase of 68.2% from approximately RMB95.8 million in 2020[26]. - The Group achieved contracted sales amount of approximately RMB3,049.3 million in the first half of 2021, with residential properties accounting for approximately 79% of total contracted sales[40][41]. - Revenue from property development and related services was approximately RMB 1,902.3 million, reflecting a year-on-year increase of 159.5%, with property sales income contributing approximately 94.2%[64]. Land Acquisition and Development - The Group has acquired approval for land usage change for approximately 700,000 sq.m. of land in the Lanzhou project, which accounts for about 90% of the total undeveloped land[36]. - The Group acquired eight projects in the first half of 2021, with a planned gross floor area of approximately 2.1 million sq.m. and an expected saleable amount of RMB 25.0 billion[53]. - As of June 30, 2021, the Group's total land bank was approximately 13.7 million sq.m., with residential land accounting for 48%, up from 16% in the previous year[54]. - Approximately 76% of the newly acquired land bank in the first half of 2021 is located in the Greater Bay Area and adjacent regions, indicating a strategic focus on this area[53]. Financial Management and Ratios - The cash to short-term debt ratio as of June 30, 2021, was 1.14, indicating prudent financial management[27]. - The Group's liabilities to assets ratio, excluding receipts in advance, was 69.6% as of June 30, 2021[27]. - The current ratio improved to 1.33 as of June 30, 2021, compared to 1.23 at the end of 2020[111]. - The gearing ratio increased to 22.1% from 16.5% as of December 31, 2020, indicating a rise in financial leverage[111]. Share Capital and Ownership Structure - As of June 30, 2021, Mr. Cai Hongwen holds 2,664,306,801 ordinary shares, representing approximately 58.72% of the total issued share capital[132]. - The total issued share capital as of June 30, 2021, is 4,537,354,000 shares[137]. - China Greater Bay Area Holdings holds a beneficial ownership of 2,664,306,801 shares, representing approximately 58.72% of the company's total issued share capital[141]. - The total number of share options granted is 202,400,000, with 14,900,000 options canceled, resulting in 187,500,000 options remaining as of June 30, 2021[150]. Corporate Governance and Compliance - The Audit Committee consists of three independent non-executive Directors, ensuring compliance with the Listing Rules[166]. - The interim financial report for the period has been reviewed by KPMG, confirming compliance with applicable accounting principles and standards[168]. - The company has complied with the Corporate Governance Code during the period, following the appointment of an independent non-executive Director[156]. - The company has made adequate disclosures in its financial reporting, as confirmed by the Audit Committee[167]. Future Plans and Strategies - The Group plans to strengthen cash flow management and explore cooperation opportunities with foreign and domestic investors for funding[92]. - The Group will implement a prudent land acquisition strategy to reduce investment risks and ensure sufficient cash flow[123]. - The Group aims to accelerate the collection of sales proceeds through proactive sales strategies to strengthen operating cash flows[123]. - The Group plans to enhance product and service quality while maintaining strict cost control to improve product price premium[123].

Company Rebranding and Strategy - The company was officially renamed as "Guangdong – Hong Kong Greater Bay Area Holdings Limited" and adopted the new brand "YOUNGO" to mark a new chapter in its development[17]. - The company repositioned itself as a "new ecological industrial city service provider," focusing on the Greater Bay Area for long-term business development[19]. - The company implemented a dual-brand operation strategy to better serve the national strategy of the Greater Bay Area[5]. - The Group's strategic focus is on the Greater Bay Area, with plans for high-turnover residential and commercial projects in provincial capital cities across Mainland China[56]. - The Group aims to boost urban development through industry integration and promote rural revitalization[6]. Financial Performance - Revenue and gross profit amounted to approximately RMB3,737.2 million and RMB1,286.7 million, representing significant increases of 136.0% and 124.6% compared to FY2019[62]. - The Group recorded contracted sales amount of approximately RMB4,210 million, exceeding the annual target[62]. - Basic earnings per share for FY2020 was approximately RMB8.4 cents, a strong turnaround from a basic loss per share of RMB6.8 cents in FY2019[62]. - The net profit for FY2020 was RMB356.3 million, marking a turnaround from a net loss of RMB277.3 million in FY2019[84]. - The Group's total revenue for FY2020 was approximately RMB3,737.2 million, representing an increase of approximately RMB2,153.9 million or 136.0% compared to FY2019[114]. Project Development and Land Bank - The company successfully acquired numerous projects in the Greater Bay Area, leading to a broad-based increase in its land bank[20]. - The Group has acquired and followed up with seven urban renewal projects in the Greater Bay Area, expected to contribute approximately 1.68 million sq.m. of gross floor area[65]. - The total expected contribution from the ten projects in the Greater Bay Area and adjacent areas is approximately 2.6 million sq.m. of gross floor area[65]. - The total land bank of the Group was approximately 8.92 million sq.m. as of December 31, 2020, and increased to approximately 11.4 million sq.m. including pending projects[102]. - Approximately 66% of the newly acquired land bank of 1.89 million sq.m. is located in the Greater Bay Area and adjacent areas[103]. Operational Initiatives and Digital Transformation - The Group embarked on its digital transformation in early 2020, partnering with Ming Yuan Cloud to adopt a "management + IT" model to enhance core business management[33]. - The Group's digital initiatives are focused on refined management and control to enhance operational efficiency[33]. - The Group's strategic focus for 2021 is on quality improvement across various operational aspects, including planning, design, and marketing[71]. - The implementation of nine institutional systems aligned with the new strategy is expected to reduce business risks and improve performance[58]. Talent Management and Human Resources - The company established a long-term incentive mechanism by granting share options, aligning the interests of shareholders and employees[25]. - The Group officially launched its strategic talent planning in early 2020, initiating a top-tier talent class and an outstanding intern recruitment scheme to secure a talent pool for sustainable development[31]. - As of December 31, 2020, the Group had 961 employees, an increase from 805 employees in 2019[187]. COVID-19 Response - The management has implemented various measures to ensure operational continuity during the COVID-19 pandemic, including temperature checks and work-from-home policies[83]. - The Group procured over 1.2 million medical masks and other medical supplies to support COVID-19 efforts in Mainland China[83]. Environmental and Compliance Commitment - The Group is committed to environmental sustainability and compliance with PRC environmental protection laws, with further details to be published in the upcoming Environmental, Social and Governance report[199]. - There were no incidents of non-compliance with relevant laws and regulations that significantly impacted the Company during FY2020[200].

Financial Performance - The Group's revenue for the six months ended June 30, 2020, was approximately RMB 733.2 million, representing a 15.7% increase compared to RMB 633.5 million for the same period in 2019[14]. - Gross profit for the same period reached RMB 359.4 million, reflecting a 40.0% increase from RMB 256.8 million in the previous year[14]. - Profit for the period surged to RMB 95.8 million, marking an increase of 839.2% compared to RMB 10.2 million in the prior year[14]. - Basic earnings per share rose to RMB 2.5 cents, up 525.0% from RMB 0.4 cents for the same period in 2019[14]. - Revenue increased by RMB99.7 million, or 15.7%, from RMB633.5 million for the six months ended 30 June 2019 to RMB733.2 million for the Period[108]. - Revenue from sales of properties increased by RMB93.0 million, or 16.4%, from RMB566.4 million for the six months ended 30 June 2019 to RMB659.4 million for the Period[111]. - Gross profit rose by RMB 102.6 million, or 40.0%, from RMB 256.8 million for the six months ended 30 June 2019 to RMB 359.4 million for the Period[123]. - Gross profit margin improved from 40.5% in the previous year to 49.0% in the current period, attributed to increased government grants credited to cost of sales[123]. Impact of COVID-19 - The Group faced challenges due to the COVID-19 outbreak, with a significant impact on contract sales during February and March 2020[16]. - Despite the pandemic, the Group managed to achieve higher earnings and gross profit than the previous year, demonstrating operational resilience[16]. - The average contracted sales price for the period was significantly impacted by the COVID-19 outbreak, affecting overall performance[40]. - Selling and distribution expenses decreased by RMB 29.1 million, or 54.0%, from RMB 53.9 million for the six months ended 30 June 2019 to RMB 24.8 million for the Period, due to reduced marketing activities amid COVID-19[125]. Market Conditions - The overall economic environment in China saw a GDP decrease of 1.6% year-on-year in the first half of 2020, affecting the real estate industry[15]. - The tightening of top-level policies and a wait-and-see attitude in the market led to a decline in real estate development and investment growth[15]. - The overall profit of the real estate industry has been shrinking, with ongoing challenges and a divided competitive landscape[30]. Strategic Initiatives - The Group is actively controlling project commencement and improving operational efficiency to mitigate the negative impacts of the pandemic[16]. - The Group aims to integrate technological innovation and diversify its business models into urban renewal, industrial parks, featured towns, residential communities, and commercial services[32]. - The Group's strategic upgrade aims to position it as a "new ecological industrial city service provider" to drive urban development[32]. - The Group signed the Mianyang Cultural and Creative Industrial Park Project Investment Cooperation Agreement, covering a total planned site area of approximately 3,540 mu, marking its entry into the cultural tourism and health service industry[26]. - The Group's strategic name change reflects its focus on the Greater Bay Area, with a strategic layout of "1+3+N" targeting in-depth development in Jiangxi, Hunan, and Guangxi[31]. Operational Metrics - The Group's contracted sales for the period were approximately RMB 703.0 million, representing a decrease of 52.2% compared to RMB 1,471.6 million in the same period last year[40]. - The contracted sales area was 130,317 sq.m., down 50.2% from 261,619 sq.m. in the previous year[40]. - The primary sources of contracted sales were pre-sales of residential projects in Jining, Wuzhou, and Ganzhou, as well as wholesale trading market units at Heze Trade Center[40]. - The Group's property management area reached approximately 6.0 million square meters, while the commercial operation management area was approximately 4.5 million square meters, with a 10% increase in the opening rate of commercial projects[21]. Financial Position - The Group's gearing ratio was 46.8%, net debt ratio was 39.3%, and cash to short-term debt ratio was 1.56, indicating a healthy debt level[20]. - The current ratio as of June 30, 2020, was 1.53, up from 1.46 at the end of 2019[161]. - The gearing ratio as of June 30, 2020, was 20.9%, a slight decrease from 21.5% at the end of 2019[161]. - The net gearing ratio increased significantly to 39.3% as of June 30, 2020, compared to 20.4% at the end of 2019[161]. - Total bank loans and other borrowings increased from RMB1,233.7 million as of 31 December 2019 to RMB1,413.3 million as of June 30, 2020[152][156]. Employee and Governance - The total employee benefit expenses for the period amounted to RMB 88.8 million, a decrease of 34.2% from RMB 134.9 million for the six months ended June 30, 2019[166]. - The workforce decreased by 1.7% to 791 employees as of June 30, 2020[166]. - The Company has complied with the Corporate Governance Code during the Period[192]. - All Directors confirmed compliance with the Model Code for Securities Transactions during the Period[193]. - The Audit Committee was established on September 27, 2013, to oversee financial reporting and risk management[194]. Share Capital and Options - The Group issued 522,510,000 new shares, representing approximately 11.52% of the issued share capital, generating net proceeds of approximately HK$234,929,500[20]. - The total issued share capital as of June 30, 2020, is 4,537,354,000 shares[177]. - The total number of outstanding share options granted to directors and employees was 164,200,000 shares as of June 30, 2020[166]. - The Company granted a total of 175,400,000 Options on June 12, 2020, with 11,200,000 Options lapsed during the period, resulting in 164,200,000 outstanding Options as of June 30, 2020[188].