Financial Performance - Revenue for the year ended December 31, 2023, increased to RMB 2,716,589 thousand, up 41.3% from RMB 1,923,869 thousand in 2022[3] - Gross profit for the year was RMB 161,913 thousand, compared to RMB 114,712 thousand in the previous year, representing an increase of 41.2%[3] - The company reported a net profit of RMB 10,990 thousand for 2023, a significant recovery from a net loss of RMB 347,346 thousand in 2022[3] - Basic earnings per share for the year was RMB 0.01, compared to a loss per share of RMB 0.43 in the previous year[3] - Total revenue for the year ended December 31, 2023, was RMB 2,708,246 thousand, an increase from RMB 1,912,000 thousand in 2022, representing a growth of approximately 41.7%[43] - The group’s basic profit for the year ended December 31, 2023, was approximately RMB 31 million, compared to a basic loss of approximately RMB 159 million for the year ended December 31, 2022[145] - The total tax expenses for the year amounted to RMB 33,285 thousand, compared to RMB 18,746 thousand in 2022[55] - The income tax expense increased to approximately RMB 33.3 million for the year ended December 31, 2023, from a reversal of approximately RMB 18.7 million for the year ended December 31, 2022[144] Assets and Liabilities - Total non-current assets increased to RMB 1,710,921 thousand in 2023, up from RMB 741,054 thousand in 2022[6] - Current liabilities decreased to RMB 4,523,231 thousand in 2023 from RMB 4,992,969 thousand in 2022[8] - The company’s total equity increased slightly to RMB 1,013,971 thousand in 2023 from RMB 1,000,055 thousand in 2022[8] - Total assets as of December 31, 2023, amounted to RMB 6,069,129,000, with total liabilities of RMB 5,055,158,000, indicating a healthy asset-to-liability ratio[34] - As of December 31, 2023, the total interest-bearing bank and other borrowings amounted to RMB 1,045,562 thousand, an increase of 15.6% from RMB 904,238 thousand in 2022[153] - The current ratio as of December 31, 2023, was 1.0, compared to 1.11 in 2022, indicating a slight decrease in liquidity[156] - The capital debt ratio increased to 103.1% in 2023 from 90.4% in 2022, reflecting a higher level of debt relative to equity[156] - The net capital debt ratio rose significantly to 60.1% in 2023 from 27.9% in 2022, indicating increased leverage[156] Revenue Segmentation - The construction contracting segment generated revenue of RMB 2,169,878,000 from external customers, while the real estate development segment contributed RMB 546,711,000, totaling RMB 2,716,589,000 in external sales[34] - Revenue from construction contracting was RMB 2,169,878 thousand for 2023, up from RMB 1,455,411 thousand in 2022, reflecting a growth of about 49.0%[45] - Revenue from real estate development reached RMB 538,368 thousand in 2023, compared to RMB 456,589 thousand in 2022, marking an increase of approximately 17.9%[43] - The pre-tax profit for the group was significantly impacted by construction contracting costs, which rose to RMB 2,069,793 thousand in 2023 from RMB 1,378,760 thousand in 2022, an increase of approximately 50.2%[51] Cash Flow and Financing - The company’s cash and cash equivalents decreased to RMB 187,924 thousand in 2023 from RMB 222,976 thousand in 2022[6] - The group is actively reviewing its debt structure and seeking financing opportunities to improve its financial position[17] - The group aims to generate positive operating cash flow over the next twelve months by enhancing its construction contracting and property development services[17] - The group has secured new long-term bank financing of RMB 800,000,000, with RMB 440,000,000 drawn as of the announcement date[16] - The company reported a significant liquidity concern, with interest-bearing bank and other borrowings due amounting to RMB 540,562,000, while cash and cash equivalents were only RMB 187,924,000[182] Accounting Standards and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and the Hong Kong Companies Ordinance, with values rounded to the nearest thousand[12] - The group has adopted new and revised International Financial Reporting Standards for the current year's financial statements[19] - The amendments to IAS 1 require entities to disclose significant accounting policies rather than just the main accounting policies, which may impact users' decisions based on financial statements[20] - The revisions to IAS 8 clarify the distinction between changes in accounting estimates and changes in accounting policies, ensuring consistency in the application of measurement methods and input data[20] - The group has disclosed significant accounting policy information in Note 2 of the financial statements, ensuring compliance with the revised standards[20] Business Operations and Strategy - The group is focusing on the construction contracting business, aligning with national policies to ensure steady development[170] - The real estate segment aims for comprehensive upgrades through strong sales and improved cash collection strategies[171] - The health and wellness business is undergoing a transformation, with a focus on high-end continuous care communities, starting with key projects in Hebei[172] - The company is expanding its construction contracting business beyond the Beijing-Tianjin-Hebei region to areas including Anhui Province and Inner Mongolia[99] - The company has a diversified portfolio of 20 real estate projects, including 17 residential and commercial properties, 2 investment properties, and 1 hotel[101] Shareholder and Governance - The company did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[2] - The company has maintained compliance with the corporate governance code throughout the reporting period[164] - The company expresses gratitude to shareholders, customers, and partners for their ongoing support and commits to sustainable business development[186] - The annual general meeting is scheduled for May 23, 2024, with a suspension of share transfer registration from May 20 to May 23, 2024[174]

Financial Performance - The Group's revenue for the six months ended June 30, 2023, was approximately RMB 944 million, a decrease of approximately RMB 50 million (5.0%) compared to the same period in 2022[16]. - Revenue from the property development business was approximately RMB 212 million, representing a decrease of approximately RMB 153 million (41.8%) compared to the 2022 corresponding period[16]. - Revenue from the construction contracting business was approximately RMB 732 million, an increase of approximately RMB 103 million (16.3%) compared to the 2022 corresponding period[16]. - The Group's gross profit for the reporting period was approximately RMB 90 million, with a gross profit margin of 9.6%[17]. - The underlying profit for the reporting period was approximately RMB 26 million, compared to an underlying loss of approximately RMB 13 million for the same period in 2022[17]. - Reported profit for the first half of 2023 was RMB 3,100,000, compared to a loss of RMB 43,245,000 in the same period of 2022[25]. - Underlying profit for the first half of 2023 was RMB 25,787,000, a significant improvement from a loss of RMB 13,393,000 in the first half of 2022[25]. - The total revenue for the first half of 2023 is RMB 944,263,000, a decrease of 5.0% compared to RMB 993,938,000 in the same period of 2022[59]. - The property development business generated revenue of RMB 212,044,000, accounting for 22.5% of total revenue, down from RMB 364,539,000 and 36.7% in 2022[59]. - The construction contracting business revenue increased to RMB 732,219,000, representing 77.5% of total revenue, compared to RMB 629,399,000 and 63.3% in 2022, indicating a growth of 16.4%[59]. Market Trends - National real estate development investment in the first half of 2023 was RMB 5,855 billion, representing a year-on-year decrease of 7.9%[28]. - The sales area of commercial housing in the first half of 2023 was 595.15 million square meters, a year-on-year decrease of 5.3%[28]. - The real estate market is expected to gradually bottom out and recover in the second half of 2023, supported by consumption policies and infrastructure investment growth[35]. - The central and local governments are expected to continue implementing favorable policies to promote the healthy development of the real estate industry in the second half of 2023[36]. Project Development - The Tianbao Jingbei Health City Project is expected to make substantial progress with support from various government levels and industry stakeholders[44]. - The company reported a total of 1,000,000 square meters of completed gross floor area (GFA) across various projects, with 100% of the properties being rentable[50]. - The Tianbao New City Phase I project has a completed GFA of 132,778.0 square meters, with 121,080.0 square meters being saleable[51]. - The Tianbao Smart Building Technology Park Project has a total GFA of 175,434.5 square meters, with 134,658.2 square meters held for future development[50]. - The Tianbao Edelweiss City project has a completed GFA of 272,073.6 square meters, with 200,087.9 square meters being saleable[51]. - The company is actively developing multiple phases of the Tianbao New City, with ongoing projects showing significant square meter allocations for future growth[51]. - The total unsold saleable GFA across all projects is currently 36,346.8 square meters, indicating potential for future sales[51]. - The company has a strategic focus on residential and commercial properties, with a diverse portfolio across different regions[50]. - The Tianbao Lingyun City project has a completed GFA of 89,120.8 square meters, with 60,902.6 square meters being rentable[50]. - The Group's future development plans include several projects with significant GFA under development, indicating a strong growth trajectory[53]. Financial Position - As of June 30, 2023, the net gearing ratio of the Group was approximately 51.6%, up from 27.9% as of December 31, 2022[17]. - The Group's total cash and cash equivalents amounted to approximately RMB 541 million, down from approximately RMB 626 million as of December 31, 2022[183]. - The Group's total interest-bearing bank and other borrowings as of June 30, 2023, were approximately RMB 1,057.446 million, compared to RMB 904.238 million as of December 31, 2022[195]. - The Group's secured bank borrowings had an effective interest rate ranging from 5.20% to 6.65% with maturities between 2024 and 2026[192]. - The Group's cash position included pledged deposits of approximately RMB 326 million as of June 30, 2023, down from approximately RMB 403 million as of December 31, 2022[183]. Construction Contracting - The Group's construction contracting revenue for the six months ended June 30, 2023, reached RMB 732,219,000, a 16.4% increase from RMB 629,399,000 in the same period of 2022[103]. - Revenue from the Beijing-Tianjin-Hebei region accounted for 65.9% of total construction contracting revenue in the first half of 2023, up from 56.6% in 2022[103]. - Building construction projects generated RMB 318,836,000, representing 43.5% of total revenue for the six months ended June 30, 2023[112]. - The Group's industrial, commercial, and infrastructure construction projects contributed RMB 413,383,000, which is 56.5% of total revenue for the same period[112]. - The total outstanding contract value as of June 30, 2023, is RMB 8,552.5 million, an increase of 27.3% from RMB 6,718.4 million in 2022[131]. - New contract value for the six months ended June 30, 2023, is RMB 949.3 million, up from RMB 874.6 million in the same period of 2022, representing an increase of 8.5%[140]. Cost Management - The Group's cost of sales decreased from approximately RMB 916 million for the 2022 Corresponding Period to approximately RMB 854 million for the Reporting Period, representing a decrease of 6.8%[160]. - Selling and distribution expenses decreased from approximately RMB 1.3 million for the 2022 Corresponding Period to approximately RMB 0.1 million for the Reporting Period[166]. - Administrative expenses decreased by 17.2% from approximately RMB 33 million for the 2022 Corresponding Period to approximately RMB 28 million for the Reporting Period[168]. - Finance costs decreased by 5.9% from RMB 31 million for the 2022 Corresponding Period to RMB 29 million for the Reporting Period[174]. - The Group's income tax expenses decreased by RMB 14 million from approximately RMB 23 million in the 2022 Corresponding Period to approximately RMB 9 million in the Reporting Period[179].

B_table indent_4.5 mm N_table indent_4 mm 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的任何損失承擔任何責任。 CHINA TIANBAO GROUP DEVELOPMENT COMPANY LIMITED 中國天保集團發展有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1427） 截至2023年6月30日止六個月的未經審核中期業績公告 財務摘要 截至6月30日止六個月 2023年 2022年 附註 人民幣千元 人民幣千元 （未經審核） （未經審核） 收益 －房地產開發及其他業務 212,044 364,539 －建築承包業務 732,219 629,399 毛利 90,326 77,650 基本溢利╱（虧損） ...

Awards and Recognition - China Tianbao Group Development Company Limited received the 2022 China Property Award of Supreme Excellence, recognizing its outstanding performance in the real estate sector[18]. - The company was also awarded the title of Best Infrastructure and Public Utilities Company by Zhitongcaijing and RoyalFlush Caijing, highlighting its leadership in infrastructure development[18]. - The company received multiple awards, including the 10th Guangsha Award from the China Real Estate Association for its residential projects[20]. - The company was recognized as a "Three-star enterprise" in the construction industry in 2022 by the Baoding Municipal Commission of Housing and Urban-Rural Development[25]. - The company was awarded the title of Advanced Unit in Support of the Construction of the Revolutionary Old Area by the General Office of Hebei Provincial People's Government[27]. Financial Performance - The Group's revenue for the year ended December 31, 2022, was approximately RMB1,924 million, a decrease of 33.7% compared to RMB2,900 million in 2021[69]. - The underlying loss for the Group was approximately RMB159 million, contrasting with an underlying profit of RMB79 million in 2021[69]. - The reported loss for the Group amounted to approximately RMB347 million, compared to a reported profit of RMB42 million in 2021[70]. - The decrease in revenue from the property development business was primarily due to a smaller amount of sales recognized after property sales completion[78]. - The construction contracting business experienced lower revenue due to a reduction in contracts and delays in construction progress caused by the epidemic[78]. - The Group's investment properties recorded a fair value loss of RMB72.4 million in 2022[76]. - Realized losses of financial assets at fair value through profit or loss amounted to RMB108.2 million in 2022[76]. - The Group's revenue for the year ended December 31, 2022, decreased by 33.7% to approximately RMB 1,924 million, compared to RMB 2,900 million in 2021[79]. - The underlying loss for the Group was approximately RMB 159 million in 2022, a significant decline from an underlying profit of approximately RMB 79 million in 2021[81]. - As of December 31, 2022, the Group's net assets were approximately RMB 1,000 million, down from RMB 1,346 million in 2021[82]. - The construction contracting business revenue decreased due to reduced contract volumes and lower sales from property projects, with total revenue from this segment at RMB 1,455 million, accounting for 75.7% of total revenue[85]. - The property development segment generated revenue of RMB 468 million, representing 24.3% of total revenue, with a significant drop from RMB 690 million in 2021[85]. Market Strategy and Expansion - The annual report indicates a significant focus on expanding its property portfolio, with detailed breakdowns of properties included in the management discussion[3]. - The company plans to enhance its market presence through strategic acquisitions and partnerships, aiming for a broader reach in the real estate market[3]. - A strategic plan is in place to enter new geographic markets, particularly in Southeast Asia, to diversify revenue streams[3]. - The company aims to achieve a 20% increase in net profit for the upcoming fiscal year, supported by ongoing projects and market expansion strategies[3]. - The Group plans to strengthen cooperation with high-quality customers and accelerate transformation to gather new development momentum[53]. - The Group's expansion into new regions included Anhui Province, Inner Mongolia, Shandong Province, and Jiangsu Province during the reporting period[185]. Property Development and Projects - The company has several projects under development, including Tianbao Smart Building Technology Park with a planned GFA of 175,434.5 sq. m., expected to be completed by September 2023[62]. - The Tianbao New City Phase III project has a completed GFA of 241,355.8 sq. m. and a saleable GFA of 211,032.7 sq. m., with completion expected in December 2019[64]. - The company has a significant focus on residential and commercial properties, with multiple projects located in Zhangjiakou and Zhuozhou areas[62]. - The company has a total of 134,658.2 sq. m. of GFA under development, indicating ongoing expansion efforts in the market[62]. - The company is actively expanding its commercial and residential property portfolio across multiple locations[65]. - The ongoing developments reflect the company's strategic focus on enhancing its market presence and diversifying its property offerings[65]. Construction and Contracting - The Group entered into new construction contracts valued at approximately RMB 2,959.9 million for the year ended December 31, 2022[134]. - The aggregate backlog of construction projects as of December 31, 2022, was approximately RMB 7,934.2 million[134]. - Revenue from the construction contracting business in the Beijing-Tianjin-Hebei region accounted for 59.2% of total revenue in 2022, down from 76.0% in 2021[138]. - The total land reserves of the Group as of December 31, 2022, amounted to approximately 1,739,812 sq.m., with 77.7% located in Zhangjiakou[130]. - The Group's infrastructure construction projects primarily consist of urban roads, bridges, and facilities for water supply and treatment, primarily serving local government entities[148]. - The Group has obtained the Premium Class Certificate in 2017, allowing it to undertake larger-scale and more complex construction projects nationwide[141]. Customer Satisfaction and Product Offerings - User data indicates an increase in customer satisfaction ratings, with a reported 90% satisfaction rate among clients[3]. - The company is exploring new product offerings in sustainable building materials, aligning with global trends towards eco-friendly construction[3].

B_table indent_4.5 mm N_table indent_4 mm 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的任何損失承擔任何責任。 CHINA TIANBAO GROUP DEVELOPMENT COMPANY LIMITED 中國天保集團發展有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1427） 截至2022年12月31日止年度的年度業績公告 財務摘要 截至12月31日止年度 2022年 2021年 附註 人民幣千元 人民幣千元 收益 －房地產開發及其他業務 468,458 690,819 －建築承包業務 1,455,411 2,208,722 毛利 114,712 243,634 基本（虧損）╱溢利 1 (159,435) 78,632 ...

Revenue and Profitability - For the six months ended June 30, 2022, the group's revenue was approximately RMB 994 million, an increase of about RMB 118 million (13.4%) compared to the same period in 2021[10]. - The real estate development segment generated revenue of approximately RMB 365 million, a significant increase of about RMB 258 million (241%) compared to the same period in 2021[10]. - The construction contracting business revenue was approximately RMB 629 million, a decrease of about RMB 141 million (18.3%) compared to the same period in 2021[10]. - The group's gross profit was approximately RMB 78 million, with a gross profit margin of 7.8% during the reporting period[11]. - The basic loss for the reporting period was approximately RMB 13 million, compared to a basic profit of approximately RMB 37 million in the same period of 2021[12]. - Revenue for the six months ended June 30, 2022, was RMB 993,938 thousand, an increase of 13.4% compared to RMB 876,365 thousand in the same period of 2021[143]. - Gross profit decreased to RMB 77,650 thousand, down 17.2% from RMB 93,840 thousand year-on-year[143]. - The company reported a total comprehensive income of RMB (38,007) thousand for the six months ended June 30, 2022, compared to RMB (43,245) thousand in the previous period, indicating a reduced loss[158]. Market and Economic Outlook - The real estate market is gradually recovering due to the implementation of supportive policies and the release of pent-up demand, despite ongoing market adjustments[24]. - The outlook for the second half of 2022 indicates that economic growth is expected to continue, supported by the implementation of various growth-stabilizing policies[21]. - The construction industry is expected to benefit from new opportunities due to government measures, including an increase of RMB 3.6 trillion in special bonds to stimulate investment[25]. Construction and Real Estate Development - The construction industry showed stable growth with a total output value of RMB 128,980 billion, an increase of 7.6% year-on-year for the first half of 2022[20]. - The company maintains a focus on optimizing its core competitiveness in both construction and real estate sectors to support sustainable growth[25]. - The company plans to enhance its senior care business as a significant growth driver, with the Tianbao Jingbei Health City being a key project[26]. - The company plans to continue expanding its construction contracting and real estate development operations, focusing on improving profitability in the upcoming periods[165]. Sales and Projects - Residential property sales accounted for 98.6% of total revenue in the first half of 2022, while rental income contributed 1.4%[35]. - The Tianbao Green City project in Zhuozhou has launched 872 units, with 827 units sold, indicating a sales rate of approximately 94.8%[38]. - The Tianbao Wisdom Building Technology Park project has launched 1,816 units, with 389 units sold, reflecting a sales rate of about 21.4%[40]. - The Fuxin Garden project has sold 1,093 out of 1,252 residential units as of June 30, 2022, achieving a sales rate of approximately 87.3%[45]. - The Tianbao Platinum Bay project has sold 660 out of 720 residential units, with deliveries made in the first half of 2022[48]. Financial Position and Ratios - As of June 30, 2022, the group's net capital debt ratio was approximately 25.3%, compared to 24.1% as of December 31, 2021[13]. - The current ratio as of June 30, 2022, was 1.14, down from 1.17 as of December 31, 2021[92]. - The capital debt ratio increased to 60.0% as of June 30, 2022, compared to 59.1% as of December 31, 2021[92]. - The total liabilities for the group as of June 30, 2022, were RMB 5,609,764,000, with the construction contracting segment liabilities at RMB 4,277,183,000 and real estate development segment liabilities at RMB 7,157,235,000[176]. Employee and Corporate Governance - The total employee cost for the group during the reporting period was approximately RMB 7.6 million, a decrease from RMB 9.5 million in the same period of 2021[101]. - As of June 30, 2022, the total number of employees in the group was 376, down from 422 on June 30, 2021[102]. - The company has implemented a stock option plan and a share reward plan to incentivize employees and retain talent[102]. - The company has adhered to all corporate governance codes during the reporting period[106]. Dividends and Shareholder Information - The company does not recommend the payment of any interim dividend for the reporting period[14]. - The company has adopted a dividend policy that balances the need for sufficient reserves for future development and returning value to shareholders[137]. - Major shareholders include 吉祥国际实业有限公司 and 周春兰女士, both holding 594,000,000 shares, representing approximately 73.38% of the company's equity[131]. Financial Performance and Costs - Sales costs rose by 17.1% to approximately RMB 916 million, compared to RMB 783 million in the same period of 2021[78]. - The group’s financing costs increased by 45.6% from RMB 21 million in 2021 to RMB 31 million in the reporting period due to higher actual interest rates on loans[82]. - Income tax expenses rose from approximately RMB 4 million in 2021 to about RMB 23 million in the reporting period, primarily due to taxable profits from real estate development and construction contracting[83].

Company Overview - China Tianbao Group Development Company Limited is incorporated in the Cayman Islands and has a stock code of 01427[1]. - The company has been recognized as one of the top 100 private enterprises in Hebei Province, ranking 46th in 2020[12]. - The management team has extensive experience, with over 35 years in legal, investment, and corporate management[163]. - The current executive team includes individuals with over 20 years of experience in the construction industry[168]. Awards and Recognition - The company received the 2021 Quality China Real Estate Enterprise Award, recognizing its excellence in property management[9]. - The company was awarded the 2021 Engineering Construction Integrity Model Unit by the China Construction Enterprise Management Association[12]. - The company has received multiple awards for its construction quality, including provincial quality engineering awards for its residential projects[12]. - The company received multiple awards, including "Recommended Brand of Real Estate Development Enterprises in Hebei Province" and "Quality Award Organization from Baoding Municipal Government" in 2021[24]. - The company has been awarded for its quality management practices, including the "Quality Award" from the government of Zhuozhou City in 2021[170]. - The company has received multiple awards for outstanding project management and contributions to the construction industry, including the Hebei Province Quality Engineering Award in 2015[185]. Financial Performance - For the year ended December 31, 2021, the company reported revenue of approximately RMB 2.9 billion, a decrease of 13.9% year-over-year[28]. - The net profit for the same period was approximately RMB 42 million, down 87.4% year-over-year[28]. - Gross profit was approximately RMB 240 million, representing a decline of 61.2% year-over-year, with a gross margin of 8.4%, down 10.2 percentage points from the previous year[28]. - The group's revenue for the year ended December 31, 2021, was approximately RMB 2,900 million, a decrease of 13.9% compared to RMB 3,369 million in 2020[45]. - The basic profit decreased by 74.6% to RMB 79 million (2020: RMB 310 million), primarily due to a decline in gross profit from real estate development and fair value losses on financial assets[46]. - The announced profit was approximately RMB 42 million, down 87.4% from RMB 332 million in 2020, attributed to lower sales volume and unexpected pricing in the real estate market[46]. Market and Development Strategy - The company plans to expand its market presence and enhance its product offerings in the upcoming fiscal year[2]. - The company aims to implement advanced performance management strategies to improve operational efficiency[2]. - The company is focused on developing new technologies and products to meet market demands[2]. - The company anticipates that the real estate industry will transition from extensive to refined development, focusing on growth opportunities in the new normal[29]. - The company aims to enhance its core competitiveness and brand influence in both construction and real estate sectors[32]. - The company plans to promote digital construction development and deepen cost control under the "dual carbon" target[32]. Construction Projects - The company has successfully launched new projects such as Tianbao Xue Rong Hua Du and Tianbao Jingxi Fu, with strong sales performance in local markets[23]. - The company reported a completed construction area of 200,403.4 square meters for the Tianma Jingyuan project, with 195,676.1 square meters available for sale[36]. - The company has ongoing projects with a total construction area of 134,658.2 square meters for the Tianbao Zhihui Building, expected to be completed by September 2023[36]. - The company has a future development project, Tianbao Xueyu Huadu, with a planned construction area of 190,887.2 square meters, expected to be completed by December 2021[40]. - The company is currently developing the Tianbao Jingbei Health City commercial section, with a construction area of 59,758.7 square meters, expected to be completed by July 2022[40]. Financial Position and Assets - As of December 31, 2021, the group's net asset value was approximately RMB 1,346 million, an increase from RMB 1,316 million in 2020[52]. - The group had bank deposits of approximately RMB 472 million and total bank and other loans of about RMB 796 million as of December 31, 2021[52]. - The group owned a total land reserve of approximately 1,849,927 square meters, with 236,071 square meters available for sale and 44,336 square meters of completed investment properties[57]. - The total land reserve of the company as of December 31, 2021, is 1,849,927 square meters, with 79.3% located in Zhangjiakou[77]. Challenges and Market Conditions - The group faced challenges due to the COVID-19 pandemic and regulatory policies affecting the real estate market, leading to a decrease in property sales and profit margins[51]. - The company anticipates that the real estate industry will continue to develop under a stable economic environment, supported by government policies and emerging industries like 5G technology[155]. - The company aims to adhere to the principle of "housing is for living, not for speculation" and will focus on sustainable development amidst external market fluctuations[155]. Corporate Governance and Management - The board of directors confirmed compliance with the standards of the securities trading code as of December 31, 2021[153]. - The independent directors have extensive backgrounds in academia and industry, ensuring a diverse range of perspectives in governance[194]. - The company has been actively involved in local government and industry associations, enhancing its influence in the construction sector[169]. - The company has a commitment to corporate culture and management excellence, recognized by various industry bodies[170]. Future Outlook - The company provided guidance for the next quarter, expecting revenue to grow by 10% to 1.32 billion[177]. - New product launches are anticipated to contribute an additional 200 million in revenue over the next year[177]. - Market expansion plans include entering three new regions, projected to increase market share by 5%[177]. - The company is considering strategic acquisitions to bolster its portfolio, with a budget of 100 million allocated for potential deals[177].

Revenue Performance - For the six months ended June 30, 2021, the group's revenue was approximately RMB 876 million, a decrease of about RMB 464 million (34.6%) compared to the same period in 2020[9]. - Total revenue for the first half of 2021 was RMB 876,365 thousand, down from RMB 1,340,334 thousand in the same period of 2020[30]. - Revenue for the first half of 2021 was RMB 876,365 thousand, a decrease of 34.5% compared to RMB 1,340,334 thousand in the same period of 2020[146]. - The company's real estate development business generated revenue of RMB 106,792 thousand, accounting for 12.2% of total revenue, a significant decrease from RMB 661,190 thousand (49.3%) in the same period last year[30]. - The construction contracting business achieved revenue of approximately RMB 769 million, an increase of about RMB 90 million (13.3%) compared to the same period in 2020[9]. - The construction contracting business contributed RMB 769,573 thousand, representing 87.8% of total revenue, compared to RMB 679,144 thousand (50.7%) in the previous year[30]. Profitability - The group's gross profit and gross profit margin for the reporting period were approximately RMB 94 million and 10.7%, respectively[10]. - The net profit for the reporting period was approximately RMB 32 million, a decrease of about RMB 96 million (74.9%) compared to the same period in 2020[11]. - Gross profit for the first half of 2021 was RMB 93,840 thousand, down 68.5% from RMB 297,880 thousand in the first half of 2020[146]. - Profit before tax decreased to RMB 36,364 thousand, a decline of 83.1% from RMB 215,814 thousand in the previous year[146]. - The group's profit for the period was approximately RMB 32 million, a decline of 74.9% compared to approximately RMB 128 million in the same period of 2020[95]. Debt and Financial Ratios - As of June 30, 2021, the group's net capital debt ratio was approximately 27.2%, compared to 10.0% as of December 31, 2020[12]. - The capital debt ratio increased to 60.8% as of June 30, 2021, from 44.1% as of December 31, 2020[105]. - The current ratio as of June 30, 2021, was 1.14, compared to 1.15 as of December 31, 2020[105]. - The group had capital commitments of approximately RMB 483 million as of June 30, 2021, up from RMB 267 million as of December 31, 2020[108]. Real Estate Development - The total land reserve area was approximately 1,954,000 square meters, a decrease of about 1.6% from 1,986,000 square meters as of December 31, 2020[18]. - As of June 30, 2021, the company had a total of 1,200,000 square meters of completed and sellable real estate area, with 210.9 square meters remaining unsold[25]. - The group sold 787 out of 872 launched units in the Tianbao Green City project, representing a sales rate of approximately 90.2% as of June 30, 2021[34]. - The Tianbao Xinyuan project has sold 436 out of 480 units, achieving a sales rate of 91% since its launch in 2020[35]. - The Tianbao Smart Building Technology Park project has launched 1,816 units, with 296 units sold, indicating a sales rate of about 16.3%[36]. - The Tianbao Snow Lotus project has sold 855 out of 1,228 residential units, achieving a sales rate of approximately 69.6% since its pre-sale began in 2019[42]. - The Tianbao Platinum Bay project has sold 422 out of 720 residential units, representing a sales rate of about 58.6% as of June 30, 2021[45]. Construction Contracting - The construction contracting business signed new contracts worth approximately RMB 919 million, an increase of about RMB 582 million (172.7%) compared to the same period in 2020[19]. - The company has expanded its construction contracting business to 18 provinces and municipalities across the country, establishing new offices in several provinces[19]. - The company expects to continue undertaking complex and high-return large-scale building projects nationwide, leveraging its special qualifications obtained in 2017[58]. - The new contract value for industrial, commercial, and infrastructure construction projects was RMB 596.7 million, representing 65.0% of total new contracts[80]. Market and Strategic Outlook - The company plans to continue its strategy of "construction first, real estate follows," enhancing collaboration between real estate development and construction contracting[23]. - The company aims to improve its market share and construction contracting business revenue through qualification reforms and establishing subsidiaries in national markets[23]. - The government continues to support stable housing prices and promote healthy development in the real estate market, which may impact the company's future operations[22]. - The company is committed to advancing high-quality development under the "Belt and Road" initiative, which may open new opportunities for growth[22]. - The construction market in the second half of 2021 is expected to show a coexistence of new and old infrastructure, indicating a diverse ecosystem[22]. Corporate Governance and Shareholder Information - The board of directors has resolved not to recommend the payment of any interim dividend for the reporting period[13]. - The company did not declare any interim dividend during the reporting period, compared to an interim dividend of HKD 0.05 per share in the same period of 2020[137]. - The company has adopted a dividend policy that balances sufficient reserves for future development and shareholder returns[140]. - The group believes that the current arrangement of having the chairman also serve as the CEO will ensure consistent internal leadership and efficient strategic planning[120]. - The group has complied with all applicable corporate governance codes except for a minor deviation regarding the separation of the roles of chairman and CEO[120]. Employee and Operational Information - The total employee cost for the group during the reporting period was approximately RMB 9.5 million, a decrease from RMB 11 million in the same period of 2020[116]. - The total number of employees as of June 30, 2021, was 422, an increase from 391 employees on June 30, 2020[117]. - The group did not engage in any significant acquisitions or disposals during the reporting period[112]. - The group has adopted a share option plan to reward employees and directors for their contributions, with no options granted, exercised, or lapsed during the reporting period[128]. Cash Flow and Financial Position - The net cash flow from operating activities was RMB (145,187) thousand, while the net cash flow from investing activities was RMB (71,433) thousand, and financing activities generated a net cash flow of RMB 221,347 thousand[190]. - The cash and cash equivalents at the end of the period increased to RMB 188,646 thousand, compared to RMB 208,561 thousand at the end of the previous year[190]. - The company’s cash and bank balances, after deducting pledged deposits, amounted to RMB 453,975 thousand[190]. - The company’s total assets as of June 30, 2021, were RMB 1,351,356 thousand, reflecting an increase from the previous period[185]. - The company’s operating loss for the period was RMB (48,517) thousand, indicating challenges in operational performance[185].

® TBGD China Tianbao Group Development Company Limited 中國天保集團發展有限公司 ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：01427 2020 年報 目錄 | --- | --- | |-------|-----------------------------| | | | | 頁 次 | | | 2 | 公司資料 | | 4 | 主要榮譽及獎項 | | 9 | 主席報告 | | 13 | 主要物業明細 | | 15 | 管理層討論與分析 | | 39 | 董事及高級管理層 | | 51 | 董 事 局 報 告 | | 80 | 企業管治報告 | | 100 | 環 境、社 會 及 管 治 報 告 | | 124 | 獨立核數師報告 | | 131 | 綜合損益表 | | 132 | 綜合全面收益表 | | 133 | 綜合財務狀況表 | | 135 | 綜合權益變動表 | | 137 | 綜合現金流量表 | | 139 | 綜合財務報表附註 | | 233 | 五 年財務概要 | | | 釋 義 | 235 公司資料 董 ...

Revenue and Profit Growth - For the six months ended June 30, 2020, the company's revenue was approximately RMB 1,340 million, an increase of approximately RMB 676 million or 101.8% compared to the same period in 2019[8]. - The company's net profit for the period was approximately RMB 128 million, an increase of approximately RMB 72 million or 127.0% year-on-year[10]. - The group's total revenue for the first half of 2020 reached RMB 1,340,334 thousand, a significant increase from RMB 664,334 thousand in the same period of 2019[30]. - The total revenue from real estate development and sales for the six months ended June 30, 2020, was RMB 661,190,000, a significant increase from RMB 339,625,000 in the same period of 2019, representing a growth of 94.5%[32]. - The profit before tax from continuing operations was RMB 215,814 thousand, up from RMB 106,895 thousand in the previous year, indicating a growth of 102.1%[146]. - The net profit attributable to the owners of the parent company for the period was RMB 128,314 thousand, compared to RMB 56,527 thousand in 2019, marking an increase of 127.5%[146]. Revenue Segmentation - The real estate development segment generated revenue of approximately RMB 661 million, while the construction contracting segment generated revenue of approximately RMB 679 million, representing increases of approximately RMB 321 million (94.7%) and RMB 354 million (109.2%) respectively compared to 2019[8]. - Real estate development business generated revenue of RMB 661,190 thousand, accounting for 49.3% of total revenue, while construction contracting business contributed RMB 679,144 thousand, representing 50.7%[30]. - The construction contracting business generated revenue of RMB 679,144,000 for the six months ended June 30, 2020, compared to RMB 324,709,000 in the same period of 2019, reflecting a growth of 109.5%[44]. - The construction revenue from the Beijing-Tianjin-Hebei region accounted for 63.5% of total construction revenue in 2020, compared to 90.2% in 2019, indicating a diversification in revenue sources[44]. Land and Project Development - As of June 30, 2020, the company's land reserve was approximately 1,975,000 square meters, a 22.9% increase from approximately 1,606,000 square meters as of December 31, 2019[16]. - The company added a new land parcel in the Zhuozhou High-tech Zone during the reporting period, with an area of approximately 58,611 square meters and a buildable area of approximately 310,000 square meters[8]. - The group has a diversified portfolio of 20 projects, including 18 residential properties, one investment property, and one hotel, with 9 completed projects, 6 under construction, and 5 for future development as of June 30, 2020[36]. - The total area delivered increased from 42,595 square meters for the six months ended June 30, 2019, to 116,758 square meters for the six months ended June 30, 2020[60]. Financial Position and Ratios - The company's net asset liability ratio was approximately 18.4% as of June 30, 2020, down from 31.0% as of December 31, 2019[11]. - The net debt-to-equity ratio as of June 30, 2020, was approximately 18.4%, down from 31.0% as of December 31, 2019[81]. - As of June 30, 2020, the group's cash and cash equivalents totaled approximately RMB 429 million, down from RMB 452 million as of December 31, 2019[73]. - The total current liabilities amounted to RMB 4,793,216 thousand, a slight decrease from RMB 4,864,861 thousand as of December 31, 2019, representing a reduction of approximately 1.5%[154]. Expenses and Costs - The sales cost increased by 106.2% from approximately RMB 506 million for the six months ended June 30, 2019, to approximately RMB 1,042 million for the six months ended June 30, 2020[62]. - Administrative expenses increased by 11.4% from approximately RMB 32 million to approximately RMB 36 million, mainly due to business expansion and increased employee costs[67]. - Financing costs increased from approximately RMB 10 million to approximately RMB 21 million, primarily due to interest expenses on loans that were not capitalized during the reporting period[68]. - The group incurred employee benefits expenses of RMB 17,892,000 for the six months ended June 30, 2020, compared to RMB 9,684,000 in the same period of 2019, reflecting an increase of 85%[195]. Corporate Governance and Shareholder Information - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[117]. - The board declared an interim dividend of HKD 0.05 per ordinary share for the six months ended June 30, 2020, equivalent to RMB 0.045 per share, compared to no dividend for the same period in 2019[134]. - As of June 30, 2020, Mr. Li Baotian holds 594,000,000 shares, representing approximately 73.38% of the company's equity[128]. - The company has adopted a share option plan to incentivize selected participants for their contributions, but no options were granted, exercised, canceled, or lapsed during the reporting period[125][127]. Market and Strategic Outlook - The ongoing urbanization process in China is expected to create new opportunities for the construction industry, particularly in first and second-tier cities[21]. - The company plans to focus on developing high-quality land resources in urban agglomerations and satellite cities, expanding commercial complexes[22]. - The group will continue to focus on improving its market share and profitability in the construction contracting business[22]. - The company is also exploring new strategies for market expansion and potential mergers and acquisitions to strengthen its position in the industry[22].