Market Presence and Expansion - The company has established a presence in over 40 cities, focusing on first and second-tier cities in the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta region[11]. - The company has a strong focus on market expansion, particularly in key economic circles such as the Bohai Rim and central-western regions[11]. - The group is expanding its market presence with multiple projects across major cities, including Guangzhou, Chengdu, and Shanghai, focusing on residential and commercial developments[61][62][63]. Financial Performance - The company's revenue for 2024 was approximately RMB 11,061.5 million, a decrease of 30.0% from RMB 15,807.1 million in 2023[32]. - Property development revenue fell by 32.6% to approximately RMB 9,462.4 million, primarily due to a decrease in the total delivered area from 924,958 square meters in 2023 to 623,944 square meters in 2024[33]. - The average selling price slightly decreased from RMB 15,187 per square meter in 2023 to RMB 15,165 per square meter in 2024[33]. - The company's investment property revenue decreased by 4.6% to approximately RMB 888.1 million in 2024[34]. - Hotel operations revenue decreased by 14.2% to approximately RMB 711.0 million, mainly due to the sale of one hotel[35]. - The group recorded a net loss of approximately RMB 8,151.0 million in 2024, down from a loss of about RMB 18,979.3 million in 2023[47]. - The debt ratio increased to 789.6% as of December 31, 2024, compared to 396.3% on December 31, 2023, indicating a significant rise in leverage[51]. - The financing cost for 2024 was approximately RMB 2,929.1 million, slightly up from RMB 2,852.8 million in 2023, related to various loans and certain preferred notes[44]. Sustainability and ESG Practices - The company emphasizes the development of residential and commercial property projects while prioritizing Environmental, Social, and Governance (ESG) practices for sustainable development[11]. - The company is committed to enhancing its practices in ESG, aiming for comprehensive improvements in environmental, social, and governance aspects[11]. - The company has 109 projects certified for green building as of 2024, showcasing its commitment to sustainability[23]. Governance and Management - The company has appointed new independent non-executive directors, enhancing its governance structure[6]. - The board of directors consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced governance structure[89]. - The company has a strong commitment to effective corporate governance practices, which are essential for enhancing investor confidence and ensuring long-term success[80]. - The company has adopted a mission of "Building a Future with Heart," focusing on asset management, land reserve strategies, and diversified industry layout[83]. - The company has implemented a code of conduct that emphasizes problem-solving, effective communication, and customer-first service[86]. Debt Management and Financial Strategy - The company plans to strengthen sales collection and reduce debt while maintaining a long-term focus on strategic innovation[24]. - The company continues to engage actively with creditors to optimize its debt structure and protect stakeholders' interests[20]. - The group’s sales cost decreased by 50.3% from approximately RMB 18,446.3 million in 2023 to about RMB 9,172.8 million in 2024, primarily due to a reduction in the total delivered construction area and construction cost per square meter[36]. Employee and Talent Management - As of December 31, 2024, the group employed approximately 1,800 employees, a decrease from about 2,100 employees as of December 31, 2023[67]. - Employee benefits expenditure (excluding directors and CEO compensation) for the year ending December 31, 2024, was approximately RMB 460.3 million[67]. - The group continues to provide training and development programs for its employees[68]. Shareholder and Financial Reporting - The company plans to announce its interim results on August 28, 2024, and its full-year results on March 28, 2025[6]. - The company reported no final dividend for the year ending December 31, 2024, consistent with the previous year[144]. - The group’s financial performance and key performance indicators are detailed in the consolidated income statement on page 72[143]. Risk Management - The group has a robust risk management system in place to monitor financial controls and compliance with legal regulations[88]. - The board is responsible for maintaining a sound risk management system to protect the group's assets and shareholders' interests[123]. Corporate Social Responsibility - The group donated approximately RMB 300,000 for charitable purposes during the year[152].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 11,061,516, a decrease of 30.1% from RMB 15,807,106 in 2023[3] - Gross profit for the same period was RMB 1,888,753, compared to a gross loss of RMB 2,639,231 in 2023, indicating a significant recovery[3] - The net loss for the year was RMB 8,150,975, reduced by 57.0% from RMB 18,979,296 in the previous year[3] - The adjusted pre-tax loss for the group was RMB 7,778,010,000, with a total annual loss of RMB 8,150,975,000 after tax expenses of RMB 372,965,000[32] - The group reported a segment loss of RMB 4,229,599,000, with property development, property investment, and hotel operations showing losses of RMB 3,168,417,000, RMB 1,245,831,000, and a profit of RMB 184,649,000 respectively[32] - The total annual loss for the year ended December 31, 2023, was RMB 18,979,296,000, reflecting a significant decrease from the previous year's loss[33] - The company reported a pre-tax loss of RMB 17,627,048,000 for the year ended December 31, 2023, compared to a pre-tax loss of RMB 18,732,972,000 for the year ended December 31, 2024[46] Assets and Liabilities - The company's total assets decreased to RMB 153,336,287 from RMB 167,465,395 in 2023, reflecting a decline of 8.5%[5] - Non-current assets totaled RMB 75,234,188, down from RMB 80,237,643 in 2023, a decrease of 6.2%[5] - Current liabilities increased slightly to RMB 115,751,563 from RMB 114,675,622, an increase of 0.9%[5] - The equity attributable to the owners of the company decreased to RMB 4,002,277 from RMB 12,731,934, a decline of 68.5%[6] - The group reported a net loss of approximately RMB 8,150,975,000 for the year ending December 31, 2024, with current liabilities totaling approximately RMB 37,649,464,000[14] - As of December 31, 2024, the group had approximately RMB 46,193,153,000 in short-term bank and other borrowings, while cash and bank balances were approximately RMB 787,445,000[14] - The group has defaulted on approximately RMB 41,073,253,000 in principal and interest on preferred notes and bank borrowings[14] Revenue Breakdown - Total revenue for the year ended December 31, 2024, was RMB 11,061,516,000, with property development contributing RMB 9,462,363,000, property investment RMB 888,113,000, and hotel operations RMB 711,040,000[32] - Property development revenue fell by 32.6% to approximately RMB 9,462.4 million in 2024, down from RMB 14,047.3 million in 2023, due to a reduction in the total delivered area from 924,958 square meters in 2023 to 623,944 square meters in 2024[51] - The total rental income for 2024 was RMB 888,113,000, down from RMB 930,999,000 in 2023, representing a decrease of about 4.6%[34] - Hotel business revenue fell by 14.2% year-on-year to RMB 711 million due to economic pressures[77] Cash Flow and Financing - Cash and bank balances decreased to RMB 787,445 from RMB 1,719,395, a decline of 54.3%[5] - Interest income and unallocated income amounted to RMB 522,118,000, while unallocated expenses were RMB 1,141,422,000 and financing costs were RMB 2,929,107,000[32] - The company’s financing costs for 2024 were RMB 2,929,107,000, slightly up from RMB 2,852,833,000 in 2023[36] - Interest income decreased to RMB 28,045,000 in 2024 from RMB 277,198,000 in 2023, indicating a decline of approximately 89.9%[34] Corporate Governance - The company has adopted the corporate governance code as per the listing rules and confirmed compliance for the year ended December 31, 2024[92] - The audit committee consists of three independent non-executive directors to review and monitor the group's financial reporting procedures and risk management[97] - The company is committed to maintaining effective corporate governance practices to enhance accountability and transparency[93] Employee and Workforce - Employee benefits expenditure for the year ending December 31, 2024, is approximately RMB 460.3 million, reflecting a decrease from the previous year's expenditure[86] - The group employed approximately 1,800 employees as of December 31, 2024, down from 2,100 employees in the previous year, indicating a reduction in workforce[86] - The group continues to invest in training and development programs for its employees, emphasizing talent retention and development[87] Strategic Initiatives - The group is in discussions with a bondholder group holding approximately 24% of the total principal of preferred notes to develop a comprehensive restructuring plan for approximately USD 4.5 billion in offshore debt[17] - The group plans to convert existing debt into new USD-denominated notes and/or convertible bonds, and is exploring cash repayment mechanisms using proceeds from certain projects[16] - The group aims to accelerate the pre-sale and sale of properties under construction and completed properties to improve cash flow[18] - The group is actively promoting large-scale sales to enhance cash flow as a primary task for the upcoming year[78] Project Development - The group has a land reserve with a gross floor area of 12.18 million square meters, with an equity ratio of approximately 75%[75] - The total construction area of the projects owned by the group amounts to 3,000 thousand square meters across various cities, with significant projects including 829 thousand square meters in Foshan and 869 thousand square meters in Liuzhou[83][84] - The group has a diverse portfolio with projects in various cities, including residential, commercial, and educational developments, showcasing its market expansion strategy[84][85]

Revenue Performance - For the first half of 2024, the company's revenue was approximately RMB 5,234.0 million, a decrease of 29.8% compared to RMB 7,454.0 million in the same period of 2023[16]. - Property development revenue for the first half of 2024 was approximately RMB 4,421.2 million, down 33.1% from RMB 6,604.1 million in the same period of 2023[16]. - The company's equity consolidated revenue for the first half of 2024 was approximately RMB 7,397.7 million, a decrease of 48.8% from RMB 14,446.8 million in the same period of 2023[16]. - Investment property revenue for the first half of 2024 was approximately RMB 447.4 million, a slight decrease of 1.7% from RMB 455.0 million in the same period of 2023[17]. - Hotel operations revenue for the first half of 2024 was approximately RMB 365.4 million, down 7.5% from RMB 394.9 million in the same period of 2023, primarily due to the sale of one hotel[17]. - Other income and net gains for the six months ended June 30, 2024, were approximately RMB 510.0 million, down 42.1% from RMB 881.3 million in the same period of 2023[21]. - Total revenue for the six months ended June 30, 2024, was RMB 5,233,954, a decrease of 29.3% from RMB 7,453,959 in the same period of 2023[72]. - Property sales revenue amounted to RMB 4,421,186, down 33.0% from RMB 6,604,073 in the previous year[72]. - Hotel operation revenue decreased to RMB 365,388, compared to RMB 394,920 in the prior year, reflecting a decline of 7.5%[72]. - Total rental income was RMB 447,380, slightly down from RMB 454,966, a decrease of 1.2%[72]. Cost and Expenses - The company's cost of sales for the first half of 2024 was approximately RMB 5,136.1 million, a decrease of 26.7% from RMB 7,011.6 million in the same period of 2023[18]. - The group's other operating expenses for the six months ended June 30, 2024, were approximately RMB 3,917.5 million, an increase from RMB 2,509.8 million in the same period of 2023, primarily due to property development impairment losses[21]. - The company's administrative expenses increased slightly to RMB 745,547 thousand from RMB 733,228 thousand in the previous year[58]. - The company's marketing expenses decreased to RMB 453,636 thousand from RMB 590,129 thousand in 2023, reflecting a cost-saving strategy[58]. - The total cost of property, plant, and equipment acquired for the six months ended June 30, 2024, was approximately RMB 67,135,000, significantly lower than RMB 235,411,000 in the same period of 2023, indicating a reduction of about 71%[87]. Profitability and Loss - The group's gross profit for the six months ended June 30, 2024, was approximately RMB 97.8 million, a decrease of 77.9% compared to RMB 442.4 million in the same period of 2023, with a gross margin of 1.9% (2023: 5.9%) [20]. - The company reported a net loss of RMB 8,133,016 thousand for the six months ended June 30, 2024, compared to a net loss of RMB 9,928,935 thousand in 2023, representing a 18.1% improvement[58]. - The company reported a loss attributable to owners of the company of RMB 8,223,670,000 for the six months ended June 30, 2024, compared to RMB 9,888,712,000 in the same period of 2023, showing a decrease in loss[86]. - The company’s total comprehensive loss for the period was RMB 8,364,380 thousand, an improvement from RMB 10,997,765 thousand in the previous year, marking a 24.0% reduction in comprehensive losses[59]. - The group reported a pre-tax loss of RMB 7,819,148 for the period, compared to a loss of RMB 8,133,016 in the previous year[75]. Financial Position - The group's cash and bank balances as of June 30, 2024, were approximately RMB 1,515.7 million, down from RMB 1,719.4 million as of December 31, 2023[26]. - The company's total liabilities increased to RMB 147,847,196 thousand as of June 30, 2024, compared to RMB 149,395,704 thousand as of December 31, 2023, indicating a slight decrease of 1.0%[61]. - The net assets of the company were reported at RMB 9,706,310 thousand as of June 30, 2024, down from RMB 18,070,691 thousand as of December 31, 2023, a significant decline of 46.3%[61]. - The company’s equity attributable to owners decreased to RMB 4,377,465 thousand as of June 30, 2024, down from RMB 12,731,934 thousand as of December 31, 2023, a decline of 65.6%[61]. - The company’s cash flow from operating activities showed a positive trend, with a net cash inflow of RMB 1,429,161 thousand after changes in working capital[63]. Debt and Financing - The group's financing costs for the six months ended June 30, 2024, were approximately RMB 1,910.5 million, an increase from RMB 1,334.7 million in the same period of 2023[23]. - The group has defaulted on certain US dollar-denominated senior notes and bank borrowings, totaling approximately RMB 34,368,777,000 as of June 30, 2024, raising significant concerns about its ability to continue as a going concern[67]. - The group provided guarantees related to mortgage financing for buyers amounting to approximately RMB 12,140.3 million as of June 30, 2024, down from RMB 13,484.3 million as of December 31, 2023[31]. - The company issued priority notes totaling USD 350,000,000 with an annual interest rate of 7.875%, equivalent to approximately RMB 2,343,495,000[93]. - The company has outstanding principal amounts of USD 458,000,000 in priority notes, which remain unpaid[94]. Market and Operational Strategy - The group continues to focus on residential and commercial property development while emphasizing environmental, social, and governance (ESG) practices for sustainable development[14]. - The overall real estate market in China remains in a deep adjustment phase, with new home sales continuing to decline, necessitating time to assess the effectiveness of government policies[32]. - The group plans to continue optimizing its capital structure and managing debt and cash flow, with a focus on "grabbing sales and promoting collections" in the second half of 2024[36]. - The group aims to ensure project completion and customer rights protection by focusing on ready-to-move-in and near-ready properties in the second half of 2024[36]. - The group is actively engaging with various interested parties to sell commercial properties, hotels, and non-core assets to improve cash flow[68]. Employee and Management - The group employed approximately 1,940 employees as of June 30, 2024, with total employee costs amounting to approximately RMB 236.6 million for the six months ended June 30, 2024[44]. - The total remuneration for key management personnel for the six months ended June 30, 2024, is RMB 7,517,000, a decrease from RMB 8,988,000 in the same period of 2023[113]. - The group has established a share incentive plan and stock option plan to reward and motivate eligible participants, aiding in talent retention[44]. - The group continues to provide training and development programs for all employees to support their growth[44]. Shareholder Information - The group has a total of 1,993,803,152 shares held by Kong Jianmin, representing approximately 58.32% of the issued share capital as of June 30, 2024[45]. - The company’s major shareholder, Jin De, holds 1,299,046,500 shares, representing 49.67% of the total shares[49]. - The company’s other major shareholders include Ying Ming with 295,703,152 shares (8.65%) and Zheng Fu with 254,715,000 shares[48]. - The company has a total of RMB 8,859,162,000 in bank loans with fixed interest rates as of June 30, 2024, down from RMB 9,487,251,000 as of December 31, 2023[92].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 5,233,954, a decrease of 29.3% compared to RMB 7,453,959 for the same period in 2023[2] - The gross profit for the period was RMB 97,829, down 77.9% from RMB 442,407 in the previous year[2] - The company recorded a net loss of RMB 8,133,016, an improvement of 18.1% compared to a net loss of RMB 9,928,935 in the same period last year[3] - The group reported a pre-tax loss of RMB 7,819,148 for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 9,799,945 for the same period in 2023[19] - The group incurred a total loss of RMB 8,133,016 for the six months ended June 30, 2024, compared to a total loss of RMB 9,928,935 for the same period in 2023[19] - The financing costs for the six months ended June 30, 2024, were RMB 1,910,503, an increase from RMB 1,334,651 in the same period of 2023[17] - The total tax expense for the six months ended June 30, 2024, was RMB 313,868, compared to RMB 128,990 for the same period in 2023[20] - Other income and net gains for the first half of 2024 were approximately RMB 510.0 million, a decrease of 42.1% from RMB 881.3 million in the same period of 2023[33] Assets and Liabilities - The total assets as of June 30, 2024, were RMB 120,773,426, a decrease from RMB 134,007,335 as of December 31, 2023[5] - The company's total liabilities decreased to RMB 111,067,116 from RMB 115,936,644 at the end of 2023[6] - The group’s total bank and other loans amounted to approximately RMB 41,223.4 million, with RMB 16,386.4 million due within one year[43] - The debt-to-equity ratio as of June 30, 2024, was 732.9%, a significant increase from 396.3% as of December 31, 2023[44] Revenue Breakdown - Revenue from property sales and hotel operations for the six months ending June 30, 2024, was RMB 4,421 million and RMB 365 million, respectively, compared to RMB 6,604 million and RMB 395 million for the same period in 2023, representing a decline of 33% and 8%[14] - Total rental income for the period was RMB 447 million, slightly down from RMB 455 million in the previous year[14] - For the six months ended June 30, 2024, total revenue from customer contracts was RMB 4,786,574, with property sales contributing RMB 4,421,186 and hotel operations contributing RMB 365,388[15] - The group reported segment revenue of RMB 5,233,954 for the six months ended June 30, 2024, with property development contributing RMB 4,421,186, hotel operations RMB 365,388, and property investment RMB 447,380[16] Operational Efficiency and Strategy - The company plans to continue focusing on property development and investment, with an emphasis on improving operational efficiency and reducing costs[7] - The group is actively seeking opportunities to sell equity stakes in joint ventures to generate additional cash flow[11] - The group plans to accelerate the pre-sale and sale of properties under construction and completed properties to improve cash flow[10] - The board believes that, considering the plans and measures in place, the group will have sufficient working capital to meet its financial obligations for the next twelve months[11] Impairment and Losses - The group recognized impairment losses of RMB 3,917,521 on completed properties held for sale for the six months ended June 30, 2024, compared to RMB 2,509,844 for the same period in 2023[19] - The group's share of losses from joint ventures for the six months ended June 30, 2024, was approximately RMB 923.8 million, significantly reduced from RMB 4,658.0 million in 2023, mainly due to a decrease in impairment losses on completed properties[39] Corporate Governance and Compliance - The group maintains a commitment to robust corporate governance practices, ensuring compliance with relevant regulations and enhancing accountability and transparency[63] - The group has ensured compliance with listing rules regarding the composition of the board and audit committee following recent changes in board membership[64] - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors for the six months ending June 30, 2024[65] Employee and Compensation - The group employs around 1,940 employees, with total employee costs amounting to approximately RMB 236.6 million for the six months ending June 30, 2024[61] - The group has implemented a share incentive plan to reward and motivate eligible participants, contributing to talent retention[61] - The group has made adjustments to its employee compensation policies based on performance, skills, and industry standards[61] Market Conditions - The real estate market in China continued to experience adjustments, with a 10.1% year-on-year decrease in real estate development investment for the first half of 2024[47] - The group is undergoing a comprehensive restructuring of its offshore debt to alleviate liquidity issues and optimize its capital structure[52] Project Development and Holdings - As of June 30, 2024, the group has 149 major projects with a total land reserve of approximately 12.46 million square meters, with an equity ratio of about 75%[48] - The group delivered 5,734 units in the first half of 2024, actively responding to government calls for "ensuring delivery" and "protecting livelihoods"[49] - The group operates 44 investment properties and hotels, including 11 shopping malls and 24 hotels, with ongoing efforts to enhance customer experience through various promotional activities[50]

Financial Performance - For the year ended December 31, 2023, total revenue was RMB 15,807.106 million, with property development contributing RMB 14,047.330 million, property investment RMB 930.999 million, and hotel operations RMB 828.777 million[72]. - The adjusted pre-tax loss for the group was RMB 17,627.048 million, with a total annual loss of RMB 18,979.296 million[72]. - Total comprehensive loss for 2023 was RMB 19,518,463 thousand, compared to RMB 13,611,020 thousand in 2022, marking an increase of approximately 43.5%[178]. - The gross loss for 2023 was RMB 2,639,231 thousand, worsening from RMB 2,095,785 thousand in 2022[176]. - The company experienced a net loss from joint ventures of RMB 4,811,431 thousand in 2023, compared to RMB 3,973,126 thousand in 2022[176]. - The basic and diluted loss per share for 2023 was RMB (548) cents, compared to RMB (289) cents in 2022, indicating a deterioration in per-share performance[176]. - The annual loss for 2023 was RMB 18,979,296 thousand, compared to a loss of RMB 9,842,261 thousand in 2022, indicating an increase in losses of approximately 92.5%[178]. - Other income and gains for 2023 amounted to RMB 677,280 thousand, up from RMB 617,271 thousand in 2022, showing a growth of about 9.7%[176]. Assets and Liabilities - Total assets amounted to RMB 167,465.395 million, with segment assets for property development at RMB 114,606.698 million, property investment at RMB 24,738.943 million, and hotel operations at RMB 11,436.823 million[72]. - Total liabilities were RMB 149,394.704 million, with segment liabilities for property development at RMB 118,102.538 million, property investment at RMB 43.848 million, and hotel operations at RMB 46.977 million[72]. - The company's total equity decreased significantly to RMB 18,070,691 thousand in 2023 from RMB 40,199,295 thousand in 2022, a decline of around 55.0%[196]. - Current assets decreased to RMB 87,227,752 thousand in 2023 from RMB 108,753,695 thousand in 2022, representing a decrease of about 19.7%[192]. - The total amount of completed properties held for sale increased to RMB 18,724,363 thousand in 2023 from RMB 15,696,914 thousand in 2022, an increase of approximately 19.3%[192]. - The company's interest-bearing bank and other borrowings rose significantly to RMB 41,087,060 thousand in 2023 from RMB 22,245,015 thousand in 2022, an increase of about 84.8%[192]. - As of December 31, 2023, the group's current liabilities amounted to approximately RMB 27,447,870,000, with bank and other borrowings due within one year totaling approximately RMB 41,087,060,000[149]. Investment Properties - The company's investment properties had a carrying value of approximately RMB 24,650,440,000 as of December 31, 2023, down from RMB 28,618,674,000 in 2022[15]. - The carrying value of properties under construction and completed properties held for sale was approximately RMB 49,805,396,000 and RMB 18,724,363,000, respectively, as of December 31, 2023, compared to RMB 62,607,658,000 and RMB 15,696,914,000 in 2022[16]. - The fair value adjustments for investment properties resulted in a transfer of approximately RMB 1,327,747,000 to properties held for sale due to changes in use during the year[8]. Revenue Recognition - The company recognized revenue from property sales based on the completion of performance obligations, with significant judgment required in estimating the percentage of completion[14]. - The recognition of property sales revenue is contingent upon the group's ability to enforce its rights to recover payments based on the terms of the sales contracts and applicable legal interpretations[161]. - The audit procedures included sampling sales contracts to assess the group's collection rights and verifying supporting documents to confirm the recognized property sales revenue[161]. - The group must make significant judgments regarding the recoverability of cumulative payments for completed performance obligations[161]. - The accuracy of estimated total contract costs and the costs incurred up to the reporting date must be determined, requiring significant judgment and estimation[161]. Tax Liabilities and Provisions - Deferred tax liabilities related to investment properties were evaluated based on the assumption of holding properties for rental income rather than for sale[9]. - The carrying amount of deferred tax assets related to confirmed tax losses as of December 31, 2023, is approximately RMB 483,684,000, down from RMB 907,498,000 in 2022, while unconfirmed tax losses amount to approximately RMB 9,666,845,000, an increase from RMB 7,323,713,000 in 2022[22]. - The land appreciation tax liability will be determined by tax authorities after the completion of property development projects, which may affect the tax expenses and related provisions recognized[21]. Management and Governance - The company assessed its ability to continue as a going concern, with management confident in its operational viability despite potential business risks[5]. - The group has taken multiple measures to ensure its ability to continue as a going concern despite significant uncertainties[149]. - The board of directors confirms that the financial statements for the year ending December 31, 2023, fairly reflect the group's performance and affairs[117]. - The independent auditor's report confirmed that the financial statements present a true and fair view of the group's financial performance and cash flows[148]. - The group’s financial reporting process is overseen by the audit committee, which assists the board in fulfilling its responsibilities[166]. Share Capital and Incentive Plans - The maximum number of shares that may be issued upon the exercise of options under the share option scheme is 314,932,505 shares, representing 9.98% of the total shares issued at the date of adoption of the scheme[29]. - A total of 8,583,000 shares were granted under the share incentive plan from the adoption date until December 31, 2023[44]. - The company has a share incentive plan effective for 10 years from the adoption date[44]. - The company must not grant additional incentive shares if the total exceeds 5% of the issued shares as of the adoption date[44]. Audit and Compliance - The independent auditor has issued an unqualified opinion regarding the continuous connected transactions, confirming compliance with the company's pricing policy and relevant agreements[128]. - Ernst & Young resigned as the company's auditor effective December 27, 2023, and Baker Tilly has been appointed as the new auditor[136]. - The independent auditor must communicate significant audit findings, including any material weaknesses identified in internal controls, to the audit committee[169].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 15,807,106,000, a decrease from RMB 13,452,639,000 in 2022, representing a decline of approximately 17.5%[4] - The company reported a net loss of RMB 18,979,296,000 for 2023, compared to a net loss of RMB 9,842,261,000 in 2022, indicating an increase in losses of about 92.5%[4] - The gross loss for the year was RMB 2,639,231,000, worsening from a gross loss of RMB 2,095,785,000 in the previous year[4] - The company reported a pre-tax loss of RMB 18,732.972 million for 2023, compared to a loss of RMB 9,240.619 million in 2022[41] - The adjusted pre-tax loss for the group was RMB 17,627.05 million, with a total annual loss of RMB 18,979.30 million[69] - The group reported a net loss of approximately RMB 18,979.3 million in 2023, compared to RMB 9,842.3 million in 2022[89] Assets and Liabilities - Total assets decreased to RMB 52,789,773,000 in 2023 from RMB 96,620,071,000 in 2022, reflecting a significant reduction of approximately 45.5%[8] - The company's total liabilities increased to RMB 34,719,082,000 in 2023 from RMB 56,420,776,000 in 2022, marking an increase of about 38.5%[8] - As of December 31, 2023, the group's current liabilities amounted to approximately RMB 27,448 million, with bank and other borrowings due within one year totaling approximately RMB 41,087 million[141] - The debt ratio increased to 396.3% as of December 31, 2023, compared to 161.8% as of December 31, 2022[97] Cash Flow and Financing - The company incurred financing costs of RMB 2,852,833,000 in 2023, a substantial rise from RMB 128,850,000 in 2022[4] - The company’s cash and bank balances decreased to RMB 1,719,395,000 in 2023 from RMB 10,337,890,000 in 2022, a decline of approximately 83.4%[8] - The total amount of defaulted or cross-defaulted US dollar senior notes and bank borrowings, including principal and interest, was approximately RMB 32,829 million as of December 31, 2023[143] - The company has initiated discussions with financial institutions to extend and restructure existing domestic bank loans to improve liquidity[55] - The company successfully restructured domestic bonds with a principal amount of approximately RMB 6,734.5 million, extending their maturity to after 2027[56] Revenue Breakdown - Revenue from property development, property investment, and hotel operations for 2023 was approximately RMB 14,047.3 million, RMB 931.0 million, and RMB 828.8 million, respectively[22] - The total rental income for 2023 was RMB 930.999 million, slightly down from RMB 944.394 million in 2022[22] - Property development revenue increased by 18.0% from approximately RMB 11,908.0 million in 2022 to approximately RMB 14,047.3 million in 2023, driven by an increase in total delivered floor area from 806,218 square meters in 2022 to 924,958 square meters in 2023[45] - Hotel operations revenue increased by 38.1% from approximately RMB 600.2 million in 2022 to approximately RMB 828.8 million in 2023, primarily due to improved hotel occupancy rates[48] - Property investment revenue slightly decreased by 1.4% from approximately RMB 944.4 million in 2022 to approximately RMB 931.0 million in 2023[46] Cost and Expenses - The cost of property sales for 2023 was RMB 18,001.771 million, compared to RMB 15,092.298 million in 2022[32] - The cost of sales increased by 18.6% from approximately RMB 15,548.4 million in 2022 to approximately RMB 18,446.3 million in 2023, primarily due to the increase in the total delivered construction area and the cost per square meter[75] - The equity consolidated cost of sales increased by 15.9% from approximately RMB 26,331.7 million in 2022 to approximately RMB 30,521.5 million in 2023[76] - Selling and marketing expenses decreased by 20.6% from approximately RMB 1,407.0 million in 2022 to approximately RMB 1,116.7 million in 2023[80] - Administrative expenses decreased by 2.1% from approximately RMB 1,666.5 million in 2022 to approximately RMB 1,631.0 million in 2023[81] Taxation - The total tax expenses for the year 2023 amounted to RMB 1,352,248 thousand, compared to RMB 855,008 thousand in 2022, representing an increase of approximately 58.2%[147] - The current corporate income tax in China for 2023 was RMB (743,328) thousand, up from RMB (539,868) thousand in 2022, indicating a significant increase in tax liabilities[147] - The deferred tax expenses for 2023 were RMB (862,207) thousand, compared to RMB 737,174 thousand in 2022, reflecting a notable change in deferred tax positions[147] - The land value increment tax for 2023 was RMB 253,287 thousand, a decrease from RMB 657,702 thousand in 2022, showing a decline of approximately 61.5%[147] Strategic Focus and Future Outlook - The company is focusing on expanding its property development and hotel operations segments to drive future growth[19] - The group plans to assess the impact of newly issued and revised Hong Kong Financial Reporting Standards, which are not expected to have a significant impact on the financial statements[65] - The group is actively working on debt restructuring with creditors to ensure sustainable operations, with the overseas debt restructuring process progressing smoothly[107] - The outlook for 2024 suggests that new housing sales may face adjustment pressure, but potential economic recovery and improved purchasing intentions could lead to sales growth[109] - Future outlook includes continued investment in high-potential markets and strategic acquisitions to enhance overall portfolio value and market competitiveness[115] Employee and Governance - As of December 31, 2023, the group employed approximately 2,100 employees, a decrease from 3,600 employees as of December 31, 2022[124] - Employee benefits expenditure for the year ended December 31, 2023, was approximately RMB 685 million, excluding directors and CEO compensation[124] - The company is actively seeking suitable candidates to fill vacancies for independent non-executive directors and audit committee members following the resignation of Mr. Li Jia Shi[130] - The audit committee consists of two independent non-executive directors who review and monitor the group's financial reporting procedures and risk management[138] - The company has adopted a share option scheme and share award scheme to recognize and incentivize eligible participants for their contributions[124]

Financial Performance - The company's revenue for 2023 was approximately RMB 15,807.1 million, an increase of 17.5% compared to RMB 13,452.6 million in 2022[30]. - The equity method revenue for 2023 was approximately RMB 26,604.6 million, up 18.4% from RMB 22,462.0 million in 2022[31]. - The company reported a net loss attributable to shareholders of RMB 18,732,972,000 for 2023, compared to a loss of RMB 9,240,619,000 in 2022, indicating a significant increase in losses[42]. - The company reported a net loss of approximately RMB 18,979,296,000 for the year ended December 31, 2023, compared to a net loss of RMB 9,842,261,000 in 2022, representing an increase in losses of 92.7%[146]. - The total annual loss for 2023 was RMB (18,979.3) million[15]. - The gross loss increased to RMB 2,639,231,000 in 2023 from RMB 2,095,785,000 in 2022, reflecting a rise of 25.9%[155]. - Other comprehensive losses for the year totaled RMB 19,518,463,000, compared to RMB 13,611,020,000 in 2022, reflecting an increase of 43.5%[157]. Revenue Breakdown - The segment revenue from property development was RMB 14,047.3 million, with a segment loss of RMB (12,405.3) million[15]. - The segment revenue from hotel operations was RMB 828.8 million, with a segment profit of RMB 251.1 million[15]. - Total revenue from property sales reached RMB 11,908,012,000, while hotel operations generated RMB 600,233,000, leading to a total revenue of RMB 12,508,245,000 for the year[36]. - Property development revenue increased by 18.8% to RMB 24,450.1 million in 2023, driven by an increase in delivered gross floor area from 1,348,216 square meters in 2022 to 1,531,453 square meters in 2023[44]. - Hotel operation revenue rose by 38.1% to RMB 828.8 million in 2023, primarily due to improved hotel occupancy rates[46]. - Total revenue for the year was RMB 15,807,106,000, a decrease from RMB 13,452,639,000 in 2022, indicating a decline of approximately 17.6%[155]. Costs and Expenses - The cost of sales increased by 18.6% to RMB 18,446.3 million in 2023, attributed to the rise in delivered gross floor area and construction costs per square meter[50]. - The cost of property sales for the year 2023 was RMB 18,001,771,000, compared to RMB 15,092,298,000 in 2022, reflecting an increase of approximately 12.7%[195]. - The total employee benefits expenses for the year 2023 amounted to RMB 684,990,000, down from RMB 1,009,941,000 in 2022, indicating a reduction of about 32.1%[195]. - Other operating expenses increased to approximately RMB 2,537.9 million in 2023 from approximately RMB 1,084.1 million in 2022, primarily due to property development impairment losses[67]. - The impairment loss on completed properties held for sale recognized during the year was RMB 2,537,864,000, significantly higher than the RMB 1,084,132,000 recorded in 2022[195]. Financing and Debt Management - The company has engaged financial and legal advisors to explore comprehensive solutions for its current offshore debt situation[7]. - The company is actively negotiating with financial institutions regarding the renewal and extension of existing domestic bank loans to improve liquidity[6]. - Financing costs surged to RMB 2,852.8 million in 2023 from RMB 128.9 million in 2022, linked to general corporate loans and certain preferred notes[55]. - The debt-to-equity ratio increased significantly to 396.3% as of December 31, 2023, compared to 161.8% in the previous year, indicating a substantial rise in leverage[61]. - The company has not repaid multiple USD-denominated senior notes and bank borrowings, resulting in a total default amount of approximately RMB 32,829,439,000[138]. - The company successfully restructured domestic bonds amounting to RMB 6,734,468,000, extending their maturity beyond 2027[164]. Corporate Governance and Management - The company is committed to maintaining effective corporate governance practices to enhance accountability and transparency[117]. - The company has adopted the corporate governance code as per the listing rules and confirmed compliance for the year ended December 31, 2023[134]. - The company is currently seeking suitable candidates to fill the vacancies of independent non-executive directors and audit committee members following the resignation of Mr. Li Jia Shi on March 1, 2024[120]. - Ernst & Young resigned as the company's auditor on December 27, 2023, and Baker Tilly has been appointed as the new auditor[123]. - The audit committee consists of two independent non-executive directors who review and monitor the group's financial reporting procedures and risk management[121]. Future Outlook and Strategy - The outlook for 2024 indicates potential support from central real estate policies aimed at stabilizing the market, although new home sales may still face adjustment pressures[84]. - The company plans to expedite the pre-sale and sale of properties to improve cash flow and is in discussions to sell various non-core assets[165]. - The company has implemented plans and measures to alleviate liquidity pressure and improve financial conditions, including participation in local government financing initiatives[181]. - The group is currently addressing debt restructuring with creditors to ensure sustainable operations, with progress being made on overseas debt restructuring[83]. - The company continues to focus on debt management and stable operations amid ongoing challenges in the real estate market[105]. Project and Asset Management - The group has major projects located in cities including Guangzhou, Suzhou, Chengdu, Beijing, and Shanghai, among others[85]. - The group reported a total presale amount of RMB 25.243 billion with a presale area of 1.3792 million square meters, achieving an average presale price of RMB 18,288 per square meter[105]. - The group has a total of 163 projects under its management, with a land reserve of approximately 12.93 million square meters in equity building area and a total building area of about 17.43 million square meters, maintaining an equity ratio of 74%[106]. - In 2023, the group delivered nearly 20,000 units, responding to the policy call for "ensuring delivery" and "stabilizing livelihoods" in the real estate sector[106].

在企業表現方面，集團積極探索和了解社會公益話題及社會發展需要，本集團通過創意公益新模式，打造人人公益、移 動益、數字化公益的慈善平台。 7月初，中國人民銀行、國家金融監管總局聯合發佈通知，對「金融16條」中關於房企存量融資展期等政策進行延期，這 將有利於緩解房企流動性壓力，有利於推進「保交樓」「保交付」。於2023年7月24日，中央政治局會議明確指出「要切實防 範化解重點領域風險，適應我國房地產市場供求關係發生重大變化的新形勢，適時調整優化房地產政策，因城施策用好 政策工具箱，更好滿足居民剛性和改善性住房需求，促進房地產市場平穩健康發展。 新環境下，集團將積極擁抱房地產週期變化，以優質產品回應市場需求。合景泰富集團將不斷加強企業管理，繼續秉承 「以心築家 • 創建未來」的理念，持續為客戶創造價值，推動可持續經營，堅持長期主義。 於2023年6月30日，本集團主要項目位於廣州、蘇州、成都、北京、海南、上海、天津、南寧、杭州、南京、佛山、合肥、 武漢、徐州、嘉興、台州、常熟、重慶、太倉、無錫、肇慶、中山、南通、柳州、深圳、惠州、江門、溫州、東莞、西安、 鹽城及香港。 本集團權益 | --- | --- | --- ...

中期業績 簡明合併損益表 KWG GROUP HOLDINGS LIMITED 合景泰富集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1813及債務股份代號：5008、5607、 5811、40117、40338、40465、40683） 合景泰富集團控股有限公司（「本公司」）董事會（「董事會」或「董事」）欣然宣佈，本公司 及其附屬公司（統稱「本集團」）截至2023年6月30日止六個月的未經審核簡明合併財務 業績連同2022年同期的比較數字，以及本集團於2023年6月30日的未經審核簡明合併財 務狀況表連同2022年12月31日的經審核比較數字。未經審核簡明合併中期財務資料已 經本公司審核委員會審閱。 | --- | --- | --- | --- | |--------------------------------|-------|---------------------------------------|-----------------------------------| | | 附註 | 截至 6 月 30 \n2023 年 \n人民幣千元 | 日止六個月 \n2022 年 ...

Financial Performance - The company reported a total revenue of RMB 6.5 billion for the fiscal year ending December 31, 2022, reflecting a year-on-year increase of 15%[35]. - In 2022, the company's revenue was approximately RMB 13,452.6 million, a decrease of 43.6% compared to RMB 23,844.7 million in 2021, primarily due to delays in construction progress caused by the prolonged COVID-19 pandemic[77]. - The property development segment reported a share of profit of approximately RMB 20,580.2 million in 2022, down 51.2% from RMB 42,180.8 million in 2021, with the total area delivered dropping from 2,671,164 square meters in 2021 to 1,348,216 square meters in 2022[80]. - Property investment revenue slightly decreased by 1.4% from RMB 957.4 million in 2021 to RMB 944.4 million in 2022[81]. - Hotel operations revenue fell by 13.7% from RMB 695.6 million in 2021 to RMB 600.2 million in 2022, mainly due to a decline in occupancy rates as a result of intensified COVID-19 control measures[81]. - The group recorded a gross loss of approximately RMB 2,095.8 million in 2022, compared to a gross profit of approximately RMB 5,045.5 million in 2021, primarily due to the delivery of low-margin or loss-making properties[83]. - The group recorded a net loss of approximately RMB 9,842.3 million in 2022, compared to a profit of approximately RMB 2,562.9 million in 2021, primarily due to the aforementioned factors[108]. - The group’s financing costs were approximately RMB 128.9 million in 2022, significantly reduced from RMB 303.0 million in 2021, as certain borrowings were not allocated to project development[107]. - Other income and gains decreased by 65.5% to approximately RMB 617.3 million in 2022 from RMB 1,787.9 million in 2021, primarily due to a reduction in cash and cash equivalents leading to lower interest income[104]. Liquidity and Financial Management - The company has actively engaged with existing lenders to negotiate the extension of repayment terms for its priority notes and bank loans[20]. - The company believes it has sufficient operating funds to meet its financial obligations due within the next 12 months[33]. - The company has implemented measures to improve liquidity and financial conditions, including cost control and strategic reduction of project design costs[21]. - The company is committed to addressing liquidity issues and will announce any significant developments in accordance with listing rules[46]. - The group successfully repaid approximately RMB 11.3 billion in various debts during 2022, including RMB 7.544 billion in company bonds and loans, alleviating short-term liquidity pressure[92]. - The group plans to improve its debt structure and reduce interest-bearing liabilities while enhancing cash flow through increased sales and strategic management[96]. - The group's debt ratio increased to 161.8% as of December 31, 2022, compared to 79.2% on December 31, 2021[134]. Corporate Governance and Risk Management - The audit committee held five meetings during the year to review the group's risk management and internal control systems[9]. - The risk management team conducts regular risk assessments and develops internal audit plans based on these assessments, reporting results to the audit committee[36]. - The board and audit committee receive quarterly reports on internal controls and risk management effectiveness[47]. - The audit committee has reviewed the management's position regarding the lack of opinion and has requested necessary actions to eliminate uncertainties related to going concern[46]. - The company is committed to enhancing its corporate governance and has taken steps to ensure board diversity in terms of gender, age, and professional experience[24]. Awards and Recognition - The company has received multiple awards, including the 2022 Carbon Neutral Model Enterprise and the 2022 Outstanding ESG Practice Enterprise[22]. - The company has been recognized with various awards, reflecting its commitment to excellence in the industry[42]. - The group received multiple awards in 2022, including the "Top 20 Commercial Operation Performance Index" and "Top 20 Comprehensive Strength in China's Office Operations" from authoritative institutions[127]. - The group has been recognized with multiple ESG awards, reflecting its commitment to sustainable development and social responsibility[174]. - The group’s MSCI ESG rating improved from "BB" to "BBB," reflecting strong performance in green building and corporate behavior[146]. Strategic Initiatives and Future Outlook - The company plans to expedite the pre-sale and sale of properties under construction and completed properties to generate sufficient net cash inflow[30]. - The company aims to sell equity in several project development companies to generate additional cash flow[21]. - The company aims to accelerate the recovery of outstanding sales proceeds and effectively control costs and capital expenditures[43]. - The company is focusing on creating high-quality, high-value properties to meet customer demands for better living conditions[71]. - The company is committed to long-term value creation and adapting to the changing dynamics of the real estate market[64]. - The group plans to continue focusing on urban renewal projects in core first and second-tier cities, with land reserves in these regions accounting for a significant portion of its total land holdings[179]. - The management provided guidance for future performance, projecting a growth rate of 10% in revenue for the upcoming fiscal year[187]. - The company is committed to leveraging technology in its operations, aiming to improve efficiency and customer experience through digital solutions[187]. Market and Operational Insights - The company has established a comprehensive property development system and a balanced product portfolio, covering over 40 cities in key economic zones such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta[40]. - The group has successfully established a business presence in key locations such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, with 45 operational investment projects, including 11 shopping malls, 10 office buildings, and 24 hotels[124]. - The group anticipates that fluctuations in the RMB exchange rate will not have a significant adverse impact on its operations[115]. - The group has a diversified business model that includes real estate development and commercial operations, alongside education and health sectors[40]. - The group operates 11 shopping malls in six core first- and second-tier cities, focusing on creating a fashionable and healthy lifestyle experience[141]. - The group has opened 19 hotels across 7 first- and second-tier cities, adapting to niche markets with multiple self-owned hotel brands[145]. - The hotel occupancy rates have shown a recovery trend post-pandemic, indicating a positive outlook for the hospitality segment[172]. - The group’s office properties maintain a stable occupancy rate, attracting high-quality tenants from leading financial institutions and Fortune 500 companies[143]. Project Development and Construction - The total construction area under its equity ownership includes significant projects in the Greater Bay Area and Yangtze River Delta[154]. - The total constructed area owned by the group across various projects is significant, with notable projects including 910,000 square meters in Foshan and 955,000 square meters in Liuzhou, both achieving 100% ownership[188][191]. - The group reported a 100% completion rate for several key projects, including Tianhui Plaza in Nanning (260,000 square meters) and Huayue City in Tianjin (173,000 square meters)[188]. - The company is focusing on expanding its presence in key cities, with significant projects planned in emerging markets such as Tianjin and Wenzhou[186]. - The company is strategically positioned in key markets, with significant projects in major cities like Shanghai and Guangzhou, indicating robust growth potential[191]. - The company is enhancing its product offerings, with new residential and commercial developments in cities like Wuxi and Yangzhou, showcasing a diverse range of property types[191]. Employee and Operational Metrics - The group reported a total employee count of approximately 3,600 as of December 31, 2022, down from approximately 6,500 as of December 31, 2021[115]. - The group’s employee welfare expenses (excluding directors and senior management remuneration) were approximately RMB 1,009.9 million for the year ending December 31, 2022[115].