Financial Performance - For the year ended December 31, 2024, the revenue increased to RMB 8,200,663,000, representing a 53.1% growth from RMB 5,339,418,000 in 2023[4] - The gross loss for the year was RMB (2,701,416,000), compared to a gross profit of RMB 564,660,000 in the previous year, indicating a significant decline[4] - Loss before income tax increased to RMB (3,822,375,000) from RMB (1,225,084,000), reflecting a worsening financial position[4] - Total assets decreased to RMB 43,423,722,000 from RMB 51,464,000, indicating a reduction in the company's asset base[4] - Cash and cash equivalents dropped to RMB 332,872,000 from RMB 792,264,000, highlighting liquidity challenges[4] - Total bank and other borrowings increased slightly to RMB 15,991,467,000 from RMB 15,588,767,000, suggesting a rise in leverage[4] Economic Environment - China's GDP for 2024 was RMB 134.91 trillion, with a year-on-year growth of 5%, indicating a stable economic environment despite challenges[22] - The consumer market in China continued to upgrade, contributing to economic stability, although effective domestic demand remains insufficient[22] - The company is navigating a complex international environment characterized by weak economic growth and rising trade protectionism[19] - The recovery process in the global economy is slow and exhibits clear signs of imbalance, impacting overall market conditions[19] Real Estate Market Trends - In 2024, the annual sales area of commercial properties was 970 million square meters, representing a decrease of 13% year-on-year, while the sales value amounted to RMB 9.6 trillion, a decrease of 17% year-on-year[23] - The real estate market is expected to stabilize in 2025, with sales volume anticipated to bottom out and market confidence gradually restored[28] - The Group plans to focus on stabilizing and recovering the real estate market while constructing a new development model in 2025, aligning with national economic strategies[29] - The ongoing adjustments in the real estate market are expected to lead to a phased short-term adjustment in 2025, with property purchase demand gradually released[28] - The real estate industry is facing significant inventory pressure, making the control of new housing projects a key theme for future development[28] Project Delivery and Community Engagement - The Group successfully completed the delivery of multiple projects in cities including Tianjin, Nanchang, and Changsha in 2024, emphasizing its core task of "guaranteed delivery"[24] - Redco's major property project, Riverside One in Zhanjiang, covers approximately 620 acres with a planned gross floor area (GFA) of about 260,000 sq.m. for the first phase[74] - The Pearl Mira project in Foshan has a total area of 74,600 sq.m. and a GFA of about 250,000 sq.m., with an investment of RMB 40 million for a public kindergarten[71] - Cloud Metropolis in Ningbo features a GFA of approximately 550,000 sq.m., incorporating various types of residential and commercial spaces[64] - The Zhengwu Future project in Anqing is strategically located near the Olympic Sports Centre and major traffic routes, enhancing its appeal[67] - The first phase of Wenjing Garden in Zhangjiagang was delivered, fulfilling quality promises to property owners[60] - Redco's community renewal activities focused on comprehensive quality upgrades and increasing green coverage rates across multiple projects[46] - The company organized various community activities to enhance residents' cultural lives and promote community engagement throughout the year[49][50][52] Leadership and Governance - The company has a board consisting of seven directors, including three executive directors and three independent non-executive directors[78] - Mr. Wong has been the executive director and chairman since March 9, 2017, and was responsible for strategic planning from 1992 to 2014[79] - Mr. Huang, the executive director and president, has over 30 years of experience in the real estate industry in China[82] - The Company has adopted the Corporate Governance Code as its own code to govern corporate governance practices[118] - During the year ended December 31, 2024, the Company complied with all applicable code provisions under the Corporate Governance Code, except for a deviation from code provision B2.2[119] - The Board currently consists of seven Directors, including three executive Directors and three independent non-executive Directors[126] - The Company has engaged an independent internal control consultant to review its internal control system[124] - The Chairman and the President are separate positions, with distinct responsibilities for strategic advice and day-to-day operations, respectively[132] Diversity and Inclusion - As of December 31, 2024, the proportion of female and male employees in the Group was approximately 44% and 56%, respectively, indicating a general achievement of gender diversity[200] - The Company has implemented appropriate recruitment and selection processes to consider diverse candidates, promoting gender diversity during recruitment[200] - The Board has reviewed the diversity policy and believes it has been effectively implemented as of December 31, 2024[190] - The diversity policy aims to ensure a balance of skills, experience, and perspectives on the Board to enhance corporate governance[198] - The Company considers diversity at the Board level essential for achieving strategic objectives and sustainable development[198] - The selection of Board candidates is based on various diversity perspectives, including gender, age, and professional experience[199] - The Company promotes gender diversity in the workplace and has established talent management and training programs for career development[200]

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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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1622） 截至二零二四年十二月三十一日止年度的 全年業績公告 財務摘要 – 1 – ‧ 截至二零二四年十二月三十一日止年度的收益為人民幣8,200.7百萬元 ‧ 截至二零二四年十二月三十一日止年度虧損為人民幣3,688.3百萬元 ‧ 截至二零二四年十二月三十一日止年度本公司所有者應佔虧損為人民幣 2,759.6百萬元 ‧ 於二零二四年十二月三十一日的土地儲備為10.6百萬平方米（二零二三年十二 月三十一日：12.9百萬平方米） ‧ 董事會不建議派付截至二零二四年十二月三十一日止年度的末期股息（二零 二三年：零） 力高地產集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司及 其附屬公司（統稱「本集團」）截至二零二四年十二月三十一日止年度的合併業績連同 比 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 3,773,471, an increase of 5.93% compared to RMB 3,561,981 for the same period in 2023[6]. - The company reported a gross loss of RMB (262,096) for the first half of 2024, compared to a gross profit of RMB 331,359 in the same period of 2023[6]. - Loss before income tax increased to RMB (674,615) in the first half of 2024, compared to RMB (133,116) in the same period of 2023[6]. - Loss attributable to owners of the company for the period was RMB (631,145), up from RMB (216,732) in the first half of 2023[6]. - Basic and diluted loss per share attributable to owners of the company was RMB (14.64) compared to RMB (9.70) in the same period of 2023[6]. - Total comprehensive expense for the period was RMB (870,279), compared to RMB (583,324) in the same period of 2023[84]. - The Group recorded a loss of approximately RMB 631.1 million for the six months ended June 30, 2024 compared to a loss of approximately RMB 216.7 million for the same period in 2023[34]. - For the six months ended June 30, 2024, the Group incurred a net loss attributable to the owners of approximately RMB 519,804,000, compared to a net loss of approximately RMB 344,503,000 for the same period in 2023[103]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 48,877,523, a decrease from RMB 51,464,000 as of December 31, 2023[7]. - Cash and cash equivalents decreased to RMB 243,045 from RMB 792,264 as of December 31, 2023[7]. - Total bank and other borrowings stood at RMB 15,699,953 as of June 30, 2024, compared to RMB 15,588,767 as of December 31, 2023[7]. - The Group's net current liabilities amounted to approximately RMB 295.5 million as of June 30, 2024, compared to net current assets of RMB 272.0 million on December 31, 2023[41]. - The current ratio was approximately 0.99 times as of June 30, 2024, down from 1.01 times on December 31, 2023[41]. - The Group's total liabilities reached RMB 46,582,417, reflecting a slight increase from the previous period, indicating ongoing financial obligations[88]. - The Group's financial position reflects significant liabilities due to the outstanding senior notes[197]. Market Conditions - In the first half of 2024, China's GDP reached RMB 61.7 trillion, with a steady growth rate of 5%[11]. - New home sales area in the real estate industry decreased by 19% year-on-year to 480 million sq.m., while sales fell 25% year-on-year to RMB 4.7 trillion[11]. - The overall real estate market is still at the bottom stage, with no significant improvement in price reduction despite a slowdown in the downward trend[11]. - The central and local governments introduced policies to stimulate the real estate market, including reducing down payment ratios and housing loan interest rates[11]. - The downturn in the real estate industry in the PRC has impacted the Group's going concern assessment since June 30, 2024[64]. Strategic Initiatives - The company is focusing on market expansion and new product development as part of its strategic initiatives[8]. - The Group implemented a cautious operation plan and strengthened lean management to improve fund utilization efficiency[11]. - The Group aims to accelerate the pre-sale and sale of properties under development and enhance collection of outstanding sales proceeds[107]. - The Group is committed to aligning with national strategic deployment during the industry's deep adjustment phase[64]. - The Group anticipates that policies aimed at mitigating risks in the real estate industry will stabilize the market and reduce inventory[64]. Corporate Governance - The board of directors includes experienced members with a focus on corporate governance and sustainability[9]. - The Company aims to maintain and improve high standards of corporate governance practices[74]. - The Company has engaged an independent internal control consultant to review its internal control system, with findings to be published upon completion[74]. - The Company has complied with the Corporate Governance Code provisions, except for a deviation regarding the retirement of directors due to the timing of annual general meetings[74]. Employee and Operational Metrics - As of June 30, 2024, the Group had 2,753 employees, a decrease from 2,859 employees as of December 31, 2023[56]. - For the six months ended June 30, 2024, the total remuneration for the Group's employees, including Directors' emoluments, was approximately RMB 200.6 million[56]. - Selling and marketing expenses decreased by 55.7% to approximately RMB 94.7 million for the six months ended 30 June 2024 from approximately RMB 214.0 million for the same period in 2023[33]. - General and administrative expenses decreased by 29.3% to approximately RMB 205.9 million for the six months ended 30 June 2024 from approximately RMB 291.1 million for the same period in 2023[33]. Financial Ratios and Performance Indicators - The average selling price (ASP) and GFA delivered by geographical segments will be detailed in the upcoming report[27]. - The recognized average selling price (ASP) increased from RMB 8,626 per sq.m. in the first half of 2023 to RMB 10,306 per sq.m. in the first half of 2024, reflecting a rise of approximately 19.5%[29]. - The total Gross Floor Area (GFA) delivered decreased by 10.9% from 384,417 sq.m. in the first half of 2023 to 342,424 sq.m. in the first half of 2024[29]. - The Group's net debt to equity ratio increased to 666%, up from 426% on December 31, 2023[40]. Shareholder Information - As of June 30, 2024, the total number of issued shares was 3,551,609,322[4]. - Mr. Wong holds a long position of 1,423,944,000 shares, representing 40.09% of the Company's issued share capital[66]. - The board of Directors does not recommend the payment of interim dividend for the six months ended 30 June 2024, consistent with the previous year where no dividend was paid[74]. - No directors or chief executives had any interest or short position in the shares as of June 30, 2024[4].

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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1622） 截至二零二四年六月三十日止六個月的 中期業績公告 | --- | |-----------------------------------------------------------------------------------------------------| | | | 財務摘要 | | ‧ 截至二零二四年六月三十日止六個月的收益為人民幣 3,773.5 百萬元 | | ‧ 截至二零二四年六月三十日止六個月的虧損為人民幣 631.1 百萬元 | | ‧ 截至二零二四年六月三十日止六個月本公司所有者應佔虧損為人民幣 519.8 百 萬元 | | | | ‧ 於二零二四年六月三十日的土地儲備為 11.4 百萬平方米（二零二三年十二月 三十一日： 12.9 ...

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 5,339,418, a decrease of 71.43% compared to RMB 18,636,424 in 2022[2] - Gross profit for 2023 was RMB 564,660, compared to a gross loss of RMB 2,307,029 in 2022, indicating a significant turnaround[2] - Loss before income tax improved to RMB 1,225,084 in 2023 from RMB 5,450,159 in 2022, reflecting a reduction of 77.53%[2] - The company reported a loss for the year of RMB 1,869,823, an improvement from a loss of RMB 5,796,096 in 2022[2] - Loss attributable to owners of the Company was RMB 1,555,932 in 2023, compared to RMB 4,762,787 in 2022, marking a 67.36% reduction[2] - Basic and diluted loss per share improved to RMB (43.81) in 2023 from RMB (134.10) in 2022[2] Assets and Liabilities - Total assets decreased to RMB 51,464,000 in 2023 from RMB 59,986,463 in 2022, a decline of 14.23%[2] - Cash and cash equivalents dropped to RMB 792,264 in 2023, down 58.29% from RMB 1,896,475 in 2022[2] - Total bank and other borrowings decreased slightly to RMB 15,588,767 in 2023 from RMB 16,232,502 in 2022, a reduction of 3.97%[2] Project Developments - The project "Cloud Metropolis" in Ningbo has a gross floor area of approximately 550,000 sq.m., featuring various types of businesses and abundant ancillary facilities [51] - The "Pearl Mira" project in Foshan covers a total area of 74,600 sq.m. with a total GFA of about 250,000 sq.m., investing RMB 40 million in a public kindergarten [60] - The "Phoenix Isle" project in Wuxi has a low density with a plot ratio of approximately 1.3, surrounded by about 80% top-level lake and mountain resources [47] - The "Zhengwu Future" project in Anqing is strategically located near the Olympic Sports Center and major traffic routes, enhancing its appeal [55] - The "Violet Mist Land" project in Nantong is positioned in ecologically livable locations with parks and schools nearby, promoting a happy life for all ages [43] - The "Mount" project in Foshan is located in Xiqiao New Town, with a planned subway station about 200 meters away, providing convenient access to various amenities [64] - The project in Nanchang covers an area of 152 acres with a GFA of about 91,400 sq.m., featuring excellent educational resources and proximity to major parks[72] - The Sunshine Coast project in Tianjin spans approximately 1,200,000 sq.m., providing a large ecological community for over 8,000 owners[77] Social Responsibility and Community Engagement - The company launched the "Budding Program" public welfare project under the Redco Charitable Foundation in February 2023[15] - Redco Group launched the "Happy Neighborhood Life" activity in Rivera Mansion, Nanchang, successfully holding the "Neighborhood Life Festival" [29] - Redco Charitable Foundation was awarded the "3A Social Organisation" in Tianjin, highlighting its commitment to social responsibility [34] Market Conditions and Strategy - In 2023, the national commercial housing sales area was approximately 1.117 billion sq.m., down 8.5% year-on-year, and the sales amounted to approximately RMB 11.66 trillion, down 6.5% year-on-year[88] - The real estate market remains in a deep adjustment period, with the overall situation still unstable[88] - The company aims to enhance market confidence and promote sales recovery through effective policy adaptations[89] - The company has adjusted its project sales strategy flexibly to promote the collection of sales payments, ensuring financial stability and delivery progress[90] - The company is committed to maintaining stable and efficient operations while strengthening its risk control ability and improving quality and efficiency[90] - The company anticipates that the real estate market will gradually recover in 2024 due to continued policy easing and improved basic systems related to commercial housing[95] - Market confidence and willingness to buy houses are currently at historically low levels, impacting sales and overall market dynamics[95] - The company aims to implement and accelerate project sales and payment collection as part of its strategy to navigate current challenges[96] - The 2024 outlook indicates that favorable conditions for China's economic development outweigh unfavorable factors, supporting a trend of economic recovery[94] Management and Governance - Mr. Huang Ruoqing has over 30 years of experience in the real estate industry in China and has been recognized as a leading figure in the sector[113] - Mr. Tang Chengyong has over 25 years of experience in the real estate industry in China and has held various managerial positions within the group since 2001[117] - The company has a diversified holding group that is managed by Mr. Tang, focusing on daily operations and project oversight[116] - The leadership team includes individuals with significant academic and professional credentials, enhancing the company's governance and strategic direction[119] - The company has been recognized for its leadership in the real estate sector, with Mr. Huang being named one of the top ten CEOs in Chinese real estate in 2019[114] - The board of directors includes a mix of executive and independent non-executive members, ensuring a balanced approach to governance[120] - The Company has complied with all applicable code provisions under the Corporate Governance Code, except for a specific deviation regarding director retirement[144] - The Board consists of six directors, with three executive directors and three independent non-executive directors[160] - The Company has appointed three independent non-executive directors, representing more than one third of the Board, ensuring a reasonable balance[176] Compliance and Resumption Guidance - The Group was unable to publish its annual results for the two years ended December 31, 2023, and interim results for the six months ended June 30, 2023, due to incidents affecting its operations[150] - Trading of the Shares has been suspended since March 29, 2023, following the inability to publish financial results[150] - The Stock Exchange provided Resumption Guidance, which includes conducting a forensic investigation and announcing the findings[150] - The Company is in the process of fulfilling other conditions under the Resumption Guidance to resume trading[151] - The Board will continue to review and monitor corporate governance practices to maintain high standards[152]

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 18,636,424, a decrease of 8.6% from RMB 20,396,008 in 2021[3] - The company reported a gross loss of RMB 2,307,029 for 2022, compared to a gross profit of RMB 4,762,808 in 2021[3] - Loss before income tax for the year was RMB 5,450,159, a significant decline from a profit of RMB 3,856,890 in the previous year[3] - The total assets decreased to RMB 59,986,463 in 2022 from RMB 89,306,972 in 2021, reflecting a reduction of approximately 32.5%[3] - Cash and cash equivalents dropped to RMB 1,896,475, down 74.8% from RMB 7,534,181 in 2021[3] - Total bank and other borrowings decreased to RMB 16,232,502, a reduction of 16.5% from RMB 19,443,836 in 2021[3] Market Position and Recognition - Redco Healthy Living Company Limited was officially listed on the Main Board of the Stock Exchange of Hong Kong in March 2022[15] - The company was awarded the "2022 Outstanding Real Estate Enterprises List" in April 2022, highlighting its market position[16] - Redco was ranked 6th in China's Exceptional Real Estate Enterprises in terms of ESG Development for 2022[17] - The Group was ranked No. 1 in the SAP Consulting Real Estate Companies ROE Ranking[24] - The brand value of the Group was reported at RMB 12.5 billion, earning the title of "Leading Brand of China Comprehensive Real Estate Companies"[28] - The Group was recognized as the "2022 Influential Real Estate Enterprise" and "2022 Quality Real Estate Benchmarking Enterprise"[27] Strategic Initiatives and Collaborations - The Group entered into a strategic cooperation framework agreement with Konka Group to develop healthcare services and technology research[25] - The Group established a joint venture with China Energy Engineering Southern Construction and Shenzhen China Merchants GuoXie No. 2 to focus on new energy and materials[26] - The Group launched the "Redco Club +" mini program to enhance customer experience and service delivery[16] Product and Project Highlights - The Group's product series "Houses" was awarded the "Top Ten Quality Aesthetic Home Product Series in China in 2022"[42] - The Group's "Budding Program" under the Redco Charitable Foundation was awarded "Public Welfare Project of the Year 2022"[48] - The Group's project "Mount Yuelan, Quanzhou" was awarded the "2022 Top Ten Benchmark Healthy Building Projects"[43] - The Group launched the "3456 high-end engineering system" and the "WELL quality delivery" standardized system[28] Real Estate Market Conditions - The real estate market faced significant downturns, with national property development investment, newly constructed area, and sales area all showing declining trends[88] - The government introduced a series of policies to stabilize the property market, emphasizing that "housing is for living in, not for speculation"[90] - Local governments have implemented policies to decrease down payments and interest rates, marking the highest intensity of regulation in history[98] Future Outlook and Strategies - In 2023, the Group aims to focus on risk prevention and control while ensuring stable enterprise operation and timely delivery of buildings[99] - The Group plans to actively promote overseas indebtedness restructuring to safeguard creditor benefits[99] - The Group's strategy includes adjusting marketing strategies based on market changes to accelerate payment collection[95] - The overall economic growth in China is expected to improve in 2023 due to supportive policies and the recovery from the epidemic[97] - The Group is committed to enhancing the core competitiveness of its products by adhering to a quality-oriented approach[92] Corporate Governance and Management - The board consists of six directors, including three executive directors and three independent non-executive directors[108] - The company emphasizes the importance of strategic planning and overall management in its operations[108] - The Company has adopted the Corporate Governance Code and complied with all provisions during the year ended December 31, 2022[146] - The Company has engaged a professional party to review its internal control system due to incidents and Resumption Guidance, with findings to be published after completion[154][157]. - The Company has arranged appropriate liability insurance for Directors, which will be reviewed annually[161][165]. Trading and Compliance Issues - The Group's trading of shares has been suspended since March 29, 2023, due to incidents that delayed the publication of financial results for the years ended December 31, 2023, and interim results for the six months ended June 30, 2023[147] - The Company is currently fulfilling conditions under the Resumption Guidance, with details disclosed in multiple announcements from March 2023 to March 2024[148][151]. - The Board has established a mechanism for independence assessment, requiring annual confirmations from independent non-executive Directors[188] Director Experience and Qualifications - Mr. Huang Ruoqing has over 30 years of experience in the real estate industry in China and has been a director since July 14, 2008[111] - Mr. Tang Chengyong has over 25 years of experience in the real estate industry in China and has been a director since October 18, 2013[116] - The Group's management team includes experienced professionals with over 20 years in corporate finance and real estate investment development[134][135][140][141] - The Group's management team has a strong educational background, with degrees from prestigious institutions such as Tsinghua University and the London School of Economics[140][143]

Financial Performance - The property contract sales for the year ended December 31, 2023, decreased by 65.9% to RMB 9,403 million[2]. - Revenue for the year ended December 31, 2023, decreased by 71.3% to RMB 5,339.4 million[2]. - The loss attributable to owners of the company for the year ended December 31, 2023, was RMB 1,555.9 million, a decrease of 67.3% compared to RMB 4,762.8 million in 2022[2]. - The total loss for the year ended December 31, 2023, was RMB 1,869.8 million, down 67.7% from RMB 5,796.1 million in 2022[2]. - Basic loss per share for the year ended December 31, 2023, was RMB 43.81, compared to RMB 134.10 in 2022[2]. - The total comprehensive loss for the year ended December 31, 2023, was RMB 2,022.8 million, compared to RMB 6,783.4 million in 2022[5]. - For the year ended December 31, 2023, the group reported a net loss attributable to owners of approximately RMB 1,555,932,000, compared to a net loss of RMB 4,762,787,000 in 2022[10]. - The company reported a net loss of RMB 1,869,823 thousand for the year ended December 31, 2023, compared to a loss of RMB 5,796,096 thousand in the previous year[42]. Assets and Liabilities - Total assets less current liabilities as of December 31, 2023, were RMB 4,881.6 million, down from RMB 8,030.9 million in 2022[7]. - As of December 31, 2023, the total bank and other borrowings amounted to approximately RMB 15,588,767,000, a decrease from RMB 16,232,502,000 in 2022[10]. - The group had overdue preferred notes amounting to RMB 5,254,137,000 as of December 31, 2023, compared to RMB 72,154,000 in 2022[71]. - The total liabilities for the Pan-Hai Strait Economic Zone were RMB (10,351,431) thousand, indicating a substantial financial obligation in that region[40]. - The company reported a total tax expense of RMB 644,739,000 in 2023, compared to RMB 345,937,000 in 2022, indicating an increase in tax liabilities[51]. Cash Flow and Liquidity - Cash and cash equivalents, along with restricted cash, amounted to RMB 2,597.5 million as of December 31, 2023, down from RMB 5,603.3 million in 2022[2]. - The group had cash and cash equivalents of approximately RMB 792,264,000 as of December 31, 2023, down from RMB 1,896,475,000 in 2022[10]. - The current assets net value was approximately RMB 272.0 million, down from RMB 2,735.9 million as of December 31, 2022, with a current ratio of 1.01 times[119]. - The company plans to negotiate with existing lenders to defer repayments of overdue borrowings and seek new financing opportunities to alleviate liquidity pressure[11]. - Measures have been taken to improve liquidity and financial conditions, including restructuring and refinancing existing bank and other borrowings[137]. Revenue Streams - For the year ended December 31, 2023, the group reported revenue from property sales of RMB 4,867.16 million, a decrease of 73.3% compared to RMB 18,213.56 million in 2022[25]. - Revenue from property management and community enhancement services increased to RMB 358.14 million, up 15.8% from RMB 309.22 million in the previous year[25]. - The group’s health services revenue increased to RMB 12.87 million from RMB 2.37 million in the previous year, reflecting a significant growth[25]. - Revenue from customer contracts for the year 2023 was RMB 5,313,673 thousand, a decrease of 71.5% compared to RMB 18,607,468 thousand in 2022[26]. - The company continues to focus on property management and community value-added services as part of its strategy[95]. Operational Efficiency - The company maintained a focus on risk control and operational efficiency amid a challenging economic environment[78]. - The company adjusted its project sales strategies in response to policy changes to ensure financial stability and timely delivery[78]. - The company is committed to fulfilling its responsibilities by prioritizing the delivery of properties[128]. - The company is undergoing a review of its internal control systems to maintain high standards of corporate governance[131]. Future Outlook - The company plans to maintain operational stability and improve efficiency while focusing on project sales and cash collection in 2024[128]. - The company anticipates a gradual recovery in market confidence and sales due to supportive policies expected to be implemented in 2024[128]. - Successful execution of plans to accelerate the sale of developed properties and improve cash inflows from operations is critical[138]. Corporate Governance - The company has appointed a new auditor, Yongtuo Fuxin, effective from June 30, 2023[129]. - The ability to continue as a going concern is subject to significant uncertainties, including successful restructuring and refinancing of existing borrowings[12]. - The company faces significant uncertainty regarding its ability to continue as a going concern, which may impact its asset realization and liability settlement capabilities[137].

截至二零二二年十二月三十一日止年度的 全年業績公告 財務摘要 – 1 – 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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1622） ‧ 截至二零二二年十二月三十一日止年度本集團附屬公司、聯營公司及合營企 業的物業合約銷售額減少41.4%至人民幣27,548百萬元 ‧ 截至二零二二年十二月三十一日止年度的收益減少8.6%至人民幣18,636百萬 元 ‧ 截至二零二二年十二月三十一日止年度本公司所有者應佔虧損為人民幣 4,762.8百萬元（二零二一年：本公司所有者應佔溢利為人民幣884.0百萬元） ‧ 截至二零二二年十二月三十一日止年度虧損為人民幣5,796.1百萬元（二零 二一年：年度溢利為人民幣2,514.5百萬元） ‧ 截至二零二二年十二月三十一日止年度的每股基本虧損為人民幣134.10分（二 零二一年：每股基本盈利人民 ...

Financial Performance - For the first half of 2022, the Group reported operating revenue of approximately RMB 9,969.3 million, representing a year-on-year increase of 9.2%[11]. - Gross profit for the same period was approximately RMB 1,143.8 million, reflecting a significant decrease of 49.5% compared to the previous year[11]. - Profit attributable to owners of the Company was approximately RMB 185.3 million, marking an 85.9% decline year-on-year[11]. - Revenue for the six months ended June 30, 2022, increased by 9.2% to approximately RMB 9,969.3 million from RMB 9,130.9 million for the same period in 2021[37]. - Gross profit decreased by 49.5% to approximately RMB 1,143.8 million for the six months ended June 30, 2022, from approximately RMB 2,264.7 million for the same period in 2021, with a gross profit margin decrease to 11.5% from 24.8%[41]. - Operating profit decreased by 89.5% to approximately RMB 206.4 million for the six months ended June 30, 2022, from approximately RMB 1,971.4 million for the same period in 2021[43]. - Profit for the six months ended June 30, 2022, decreased by 85.9% to approximately RMB 185.3 million from approximately RMB 1,312.5 million for the same period in 2021[44]. - Profit attributable to owners of the Company decreased by 99.4% to approximately RMB 3.4 million for the six months ended June 30, 2022, from approximately RMB 533.5 million for the same period in 2021[44]. Assets and Liabilities - The Group's total assets as of June 30, 2022, were approximately RMB 83,010 million, a decrease of 7.1% from December 31, 2021[3]. - Cash and cash equivalents decreased by 61.2% to RMB 2,923.0 million compared to RMB 7,534.2 million at the end of 2021[3]. - Total liabilities as of June 30, 2022, were RMB 67,299,547, down from RMB 73,048,062, indicating a decrease of approximately 7.7%[105]. - The net current assets as of June 30, 2022, were approximately RMB 21,700.5 million, slightly down from RMB 21,911.7 million as of December 31, 2021[53]. - The current ratio improved to approximately 1.39 times as of June 30, 2022, compared to 1.36 times as of December 31, 2021[53]. - The Group's total borrowings as of June 30, 2022, were RMB 16,714,604,000, down from RMB 19,443,836,000 as of December 31, 2021[169]. Sales and Inventory - Contract sales for the Group and its associated entities reached approximately RMB 12,265 million, with a sales area of about 1.43 million sq.m.[11]. - The total unsold GFA across all projects highlights significant inventory that could impact future financial performance[29]. - The Group's property portfolio includes 126 development and investment projects with a total gross floor area (GFA) of 19,942,986.9 square meters remaining unsold in various cities in China[25]. - The average selling price (ASP) for properties delivered increased by 9.7% to RMB 8,526 per sq. m. from RMB 7,774 per sq. m.[37]. - Total gross floor area (GFA) delivered slightly decreased by 0.7% to 1,145,870 sq. m. for the six months ended June 30, 2022, compared to 1,154,335 sq. m. for the same period in 2021[37]. Financial Strategy and Operations - The Group has adjusted its development strategy to focus on stable financial operations and enhancing product strength and delivery capabilities[10]. - The Group is focusing on strategic locations across multiple regions, enhancing its market presence in the real estate sector[27]. - The Group aims to enhance product quality and service through the New Oriental Wellness Architecture (NOWA) and the "Dual Butler" system, focusing on customer satisfaction[64]. - The Group plans to optimize its land bank structure and improve operational efficiency to achieve high-quality development[64]. - The Group is actively managing its debt structure and negotiating with financial institutions for new loans at reasonable costs[116]. Market Conditions and Industry Trends - The real estate industry is experiencing structural adjustments, with policies emphasizing housing for living rather than speculation[10]. - The real estate sector is expected to maintain a theme of "stability" in policies for the second half of 2022, with easing measures to support healthy industry development[63]. - The real estate industry is expected to see more relaxed policies in the second half of 2022, supporting healthy development amid supply contraction and cautious demand[66]. Corporate Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code during the six months ended June 30, 2022[83]. - The company has adopted a code of conduct regarding securities transactions by the Directors, confirming compliance with the required standards[88]. - The Group is required to comply with covenants under major borrowing facilities, which have been adhered to throughout the reporting period[124]. Shareholder Information - As of June 30, 2022, Mr. Wong holds 1,423,944,000 shares, representing 40.09% of the company's issued share capital[69]. - Mr. Huang has interests in 1,059,086,000 shares, accounting for 29.82% of the company's issued share capital[69]. - The company does not recommend the payment of interim dividend for the six months ended June 30, 2022, consistent with the previous year[82].