Core Viewpoint - 瑞威资管 (01835.HK) reported a mid-year performance for 2025, achieving a revenue of approximately RMB 18 million, representing a year-on-year growth of about 25.1% [1] Financial Performance - The company's profit attributable to equity holders for the period was RMB 2.494 million, marking a turnaround from a loss to a profit [1] - Earnings per share were approximately 1.63 cents [1]

Core Insights - 瑞威资管 (01835) reported a mid-year performance for 2025, achieving revenue of approximately RMB 18 million, representing a year-on-year increase of about 25.1% [1] - The net profit attributable to the parent company was RMB 2.494 million, marking a turnaround from a loss to profit compared to the previous year; earnings per share were approximately 1.63 cents [1] Revenue Growth - The increase in revenue was primarily driven by a significant rise in consulting fee income, which increased by approximately RMB 9.8 million compared to the same period last year [1] Profitability Improvement - The turnaround to profitability was mainly attributed to the sustained growth of the investment advisory business, along with the gradual market penetration of emerging services such as legal consulting [1] - The diversified business layout contributed to revenue enhancement, while cost efficiency was achieved through improved operational efficiency [1]

Core Viewpoint - 瑞威资管 reported a mid-year performance for 2025 with revenues of approximately RMB 18 million, reflecting a year-on-year growth of about 25.1% [1] Financial Performance - The profit attributable to the parent company for the period was RMB 2.494 million, marking a turnaround from a loss to profit [1] - Earnings per share were approximately 1.63 cents [1] Revenue Drivers - The increase in revenue was primarily driven by a significant rise in consulting fee income, which increased by approximately RMB 9.8 million compared to the same period last year [1] - The turnaround to profitability was largely due to the strong performance of the investment advisory business and the gradual market penetration of emerging services such as legal consulting [1] Cost Management - The company effectively reduced costs by enhancing operational efficiency, contributing to the overall improvement in profitability [1]

Financial Performance - For the six months ended June 30, 2025, the group reported revenue of approximately RMB 18.0 million, an increase of about 25.1% compared to RMB 14.4 million for the same period last year[5] - The group confirmed a profit of approximately RMB 2.4 million for the six months ended June 30, 2025, compared to a loss of approximately RMB 3.3 million for the same period last year[5] - The earnings per share attributable to ordinary shareholders of the parent company for the six months ended June 30, 2025, was approximately RMB 1.63[5] - The total comprehensive income for the period attributable to the parent company was RMB 2.494 million, a significant recovery from a loss of RMB 3.142 million in the previous year[8] - The total comprehensive income for the period, excluding tax, was 2,393 thousand RMB, compared to a loss of 3,280 thousand RMB in the previous period[9] - The net income attributable to the parent company was 2,461 thousand RMB, a significant improvement from a loss of 3,133 thousand RMB[9] - The group achieved a profit of approximately RMB 2.4 million during the reporting period, a turnaround from a net loss of approximately 3.3 million in the same period last year[57] Revenue Sources - Total revenue for the six months ended June 30, 2025, was RMB 18,033 thousand, an increase of approximately 25.5% compared to RMB 14,411 thousand in 2024[22] - The company reported consulting income of RMB 17,026 thousand for the first half of 2025, up from RMB 13,829 thousand in the same period of 2024, reflecting a growth of about 23.8%[22] - Rental income from investment properties was RMB 1,007 thousand, which is an increase of 73.0% from RMB 582 thousand in 2024[22] - Consulting fee income reached approximately RMB 14.1 million, with a significant increase of about RMB 9.8 million compared to the previous year, driven by the investment advisory business[52] Expenses and Liabilities - Administrative expenses increased to RMB 16.093 million from RMB 12.751 million year-on-year, reflecting higher operational costs[7] - The total liabilities for current liabilities were 29,766 thousand RMB, compared to 26,679 thousand RMB previously[11] - Other payables and accrued expenses totaled RMB 8,579,000 as of June 30, 2025, an increase from RMB 5,941,000 as of December 31, 2024[38] Asset Management - The company is focusing on enhancing its asset management capabilities to drive future growth and profitability[5] - The group managed a total of approximately RMB 2,018.8 million in assets as of June 30, 2025, with a significant focus on commercial real estate, urbanization, and distressed asset projects[42] - The assets under management for commercial real estate projects accounted for 63.6% of the total, amounting to RMB 1,283.2 million, while urbanization and redevelopment projects represented 28.8% with RMB 581.3 million[43] - The group has shifted its focus towards value extraction and enhancement of existing assets in response to the structural changes in the real estate market[41] Investments - The group’s investment consulting business has shown significant expansion, with multiple key projects signed in the first half of 2025[44] - The group’s funds invested in 14 projects across various regions, including Shanghai, Jiangsu, and Sichuan, demonstrating a diversified investment strategy[42] - The group will continue to operate a diversified investment portfolio and closely monitor investment performance and market trends to adjust investment strategies accordingly[73] Corporate Governance - The company has adopted and complied with the corporate governance principles and standards, except for the deviation regarding the separation of the roles of Chairman and CEO[78] - The Chairman and CEO roles are currently held by Mr. Zhu Ping, which deviates from the corporate governance code[79] - The audit committee, composed of three independent non-executive directors, reviewed the accounting principles and practices adopted by the group[87] Employee and Operational Management - The group employed a total of 75 employees as of June 30, 2025, an increase from 62 employees as of December 31, 2024[71] - The group has implemented effective operational management strategies to improve rental rates and occupancy levels in long-term rental apartment projects[41] Taxation and Financial Policies - The group is subject to a corporate income tax rate of 25% in mainland China, with small enterprises qualifying for a reduced rate of 5% due to low profitability[25] - The group maintained a prudent treasury policy, ensuring a stable cash flow situation and minimizing credit risk through strict control of receivables[61] Other Financial Information - The company has no issued potential dilutive ordinary shares as of the reporting dates[28] - The company has no significant investment or capital asset plans as of June 30, 2025[77] - The financial performance during the reporting period was not audited or reviewed by external auditors[88]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海瑞威資產管理股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 115,000,000 | RMB | | 1 | RMB | | 115,000,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 115,000,000 | RMB | | 1 | RMB | | 115,000,000 ...

Financial Performance - The company recorded revenue of approximately RMB 263 million for the year, representing a year-on-year growth of about 47.2%[8] - The net loss for the year decreased by approximately RMB 447 million or about 77.2% compared to the previous year, significantly narrowing the loss margin[8] - Revenue for the year ended December 31, 2024, was RMB 26,312 thousand, a decrease of 26.5% compared to RMB 36,753 thousand in 2022[12] - The net loss for the year was RMB (13,201) thousand, an improvement from a net loss of RMB (57,925) thousand in 2023[12] - The annual loss was approximately RMB 13.2 million, a reduction of about RMB 44.7 million or 77.2% compared to the previous year[55] Business Strategy and Development - The company plans to strengthen its core business positions in fund management and investment advisory services while expanding its business portfolio into legal consulting and non-performing loan asset acquisition[10] - The company aims to enhance operational efficiency and optimize cost structures while maintaining a prudent management approach[10] - The company is focusing on strategic planning and development, led by the Chief Executive Officer, who has been in the role since January 2010[13] - The company aims to enhance its market position through strategic development and governance advice from its board of directors[17] - The company is exploring opportunities for market expansion and potential acquisitions to strengthen its portfolio[12] Asset Management and Investments - The total assets under management by the group reached approximately RMB 2,053.4 million as of December 31, 2024[37] - The group managed five funds that conducted cash and non-cash distributions to fund unit holders during the reporting period[37] - The company’s direct investment management scale reached RMB 454.2 million as of December 31, 2024, compared to RMB 388.0 million in 2023[41] - The company’s commercial real estate projects accounted for 62.7% of total managed assets, with a value of RMB 1,286.4 million as of December 31, 2024[40] - The group maintains a diversified investment portfolio and closely monitors investment performance and market trends to adjust investment strategies accordingly[73] Market Conditions - The real estate asset management industry in China is expected to enter a new phase, driven by policy optimization and market demand release[10] - Real estate development investment in China decreased by 10.6% compared to the previous year, with new residential sales down 17.1% and sales area down 12.9%[32] - The private equity investment market showed signs of recovery despite an overall downward trend, with new types of assets attracting global investment attention[33] - The government introduced policies to stabilize the real estate market, including optimizing financing environments for real estate companies[33] Corporate Governance - The board of directors includes Mr. Zhu Ping as Chairman and CEO, and Mr. Duan Kejian, among others, with changes in appointments noted[105] - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, to oversee various aspects of the company's operations[159] - The supervisory board confirmed that the company's financial reports accurately reflect its financial status and operational results for the year, supported by an unqualified audit opinion from the accounting firm[149] - The company emphasizes a strong corporate culture that aligns with its vision and strategic goals, focusing on core values that guide employee behavior[153] - The board currently has a female director representation of 12.5% and aims to maintain this level[165] Risk Management - The company faces various risks, including adverse investment decisions and market fluctuations affecting its performance[97] - The supervisory board will actively participate in important meetings and decision-making processes to better protect the interests of the company and all shareholders[151] - The company will strictly adhere to laws, regulations, and internal rules in its supervisory activities, including regular financial report reviews to monitor financial operations and mitigate operational risks[151] Awards and Recognition - The company received awards for "Best Special Opportunity Investment Management Institution" and "Carbon Neutrality and Sustainable Development Gold Award" in 2024[7] Shareholder Information - The company did not declare a final dividend for the year to retain resources for business development[64] - Major shareholders include Shanghai Shengxuan Investment Consulting Co., Ltd. holding 115,000,000 shares, representing 100.0% of the class shares and 75.0% of the total share capital[117] - The company has maintained sufficient public float as per the listing rules during the reporting period[101] Management Team - The management team has extensive experience in investment and asset management, with key members holding qualifications in fund investment and management[15] - Mr. Shang Jian has over 25 years of experience in fund management and securities, previously serving as General Manager at multiple fund management companies[19] - Ms. Yang Huifang has held various financial management roles, including General Manager of Finance at Greentown Service Group, which is listed on the Hong Kong Stock Exchange[20] - Mr. Zhu Hongchao has extensive legal experience and has served as an independent non-executive director for several listed companies, including E-House (China) Holdings Limited[21] Financial Position - Total assets decreased to RMB 289,841 thousand in 2024 from RMB 334,150 thousand in 2023, representing a decline of 13.2%[12] - Total liabilities were reduced to RMB 28,888 thousand in 2024, down from RMB 61,115 thousand in 2023, a decrease of 52.7%[12] - Equity attributable to owners of the parent company was RMB 260,953 thousand in 2024, compared to RMB 273,035 thousand in 2023, a decline of 4.5%[12] - Basic and diluted loss per share for the year was RMB (8.55), an improvement from RMB (37.00) in 2023[12] Compliance and Regulations - The company has adopted a securities trading code for directors and supervisors, ensuring compliance with relevant regulations[174] - The company has not entered into any significant contracts with its holding company or its subsidiaries during the year[109] - The company has not recommended the distribution of a final dividend for the year[88]

Financial Performance - The company reported revenue of approximately RMB 26.3 million for the year ending December 31, 2024, representing a year-on-year increase of about 47.2% compared to RMB 17.9 million in the previous year[3]. - The company confirmed a loss of approximately RMB 13.2 million for the year, a significant reduction of about 77.2% from the loss of RMB 57.9 million reported in the previous year[3]. - The total comprehensive loss for the year was RMB 13.18 million, a reduction from RMB 57.91 million in the previous year[6]. - The basic loss per share for 2024 is RMB 13,105, a significant improvement from RMB 56,733 in 2023, indicating a reduction in losses[28]. - The group reported a net loss for the year was approximately RMB 13.2 million, a reduction of approximately RMB 44.7 million or about 77.2% compared to the previous year's loss of approximately RMB 57.9 million[65]. Revenue Breakdown - Total revenue for 2024 reached RMB 26,312,000, an increase of 47% compared to RMB 17,872,000 in 2023[20]. - Client contract revenue for 2024 was RMB 24,698,000, up from RMB 16,517,000 in 2023, reflecting a growth of 49%[20]. - Revenue from consulting services increased significantly to RMB 13,116,000 in 2024, compared to RMB 6,725,000 in 2023, marking a growth of 95%[20]. - The company reported rental income from property management of RMB 1,614,000 in 2024, up from RMB 1,355,000 in 2023, indicating a growth of 19%[20]. Expenses and Costs - Total administrative expenses for the year were RMB 32.33 million, down from RMB 38.23 million in the previous year[4]. - The company recorded a decrease in financing costs, amounting to RMB 1.76 million, compared to RMB 1.52 million in the previous year[4]. - Other income and gains were approximately RMB 0.9 million, a decrease of about RMB 4.9 million compared to the previous year[59]. - Income tax expenses for the year were approximately RMB 1.6 million, a decrease of approximately RMB 6.4 million compared to last year, mainly due to unrecognized deductible temporary differences and reduced tax losses[64]. Assets and Liabilities - Total assets decreased from RMB 277,503 thousand in 2023 to RMB 263,162 thousand in 2024, a decline of approximately 5.2%[8]. - Current assets decreased from RMB 239,755 thousand in 2023 to RMB 197,808 thousand in 2024, a decrease of about 17.5%[8]. - Total liabilities decreased from RMB 56,647 thousand in 2023 to RMB 26,679 thousand in 2024, a reduction of approximately 52.9%[8]. - The company's equity attributable to shareholders increased from RMB 119,587 thousand in 2023 to RMB 153,340 thousand in 2024, an increase of about 28.3%[8]. Trade Receivables - Trade receivables increased from RMB 64,937 thousand in 2023 to RMB 77,553 thousand in 2024, an increase of about 19.4%[7]. - The impairment loss on trade receivables decreased to RMB 14,190,000 in 2024 from RMB 19,739,000 in 2023, showing a reduction of about 28.5%[30]. - The expected credit loss rate for trade receivables is 15.5% in 2024, down from 23.3% in 2023, indicating improved credit risk management[32]. - The company has implemented a credit risk control team to minimize credit risks associated with trade receivables[30]. Investments - The investment in associates and joint ventures measured at fair value decreased from RMB 135,994 thousand in 2023 to RMB 86,072 thousand in 2024, representing a decline of approximately 36.6%[33]. - The total fair value of investments in associates and joint ventures at the end of 2024 is projected to be RMB 128,034 thousand, down from RMB 177,496 thousand at the end of 2023, indicating a significant reduction of approximately 27.8%[35]. - The group has a diversified investment strategy, focusing on the feasibility, financial performance, and reputation of investment projects, while closely monitoring market trends[84]. Corporate Governance - The company is committed to adhering to corporate governance principles and has made efforts to improve efficiency and effectiveness in governance practices[93]. - The chairman and CEO roles are held by the same individual, Zhu Ping, which deviates from corporate governance guidelines but is deemed appropriate for the company's interests[94]. - The company has established an audit committee composed of three independent non-executive directors to review accounting principles and financial reporting matters[105]. Future Outlook - The group anticipates continued growth in the fund management and investment advisory sectors, aiming to expand both domestic and international business[54]. - The group plans to enhance its service quality while optimizing cost structures and improving operational efficiency[55]. - The group has identified potential investment and acquisition opportunities to create greater value for shareholders[55].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 14,411 thousand, an increase of 42.5% compared to RMB 10,136 thousand in the same period of 2023[8]. - The net loss attributable to the parent company for the first half of 2024 was RMB (3,142) thousand, a significant improvement from a loss of RMB (29,550) thousand in the same period of 2023[8]. - Total revenue for the reporting period was approximately RMB 14.4 million, an increase of approximately RMB 4.3 million or 42.2% compared to the same period last year[26]. - Fund management fee income was RMB 9.5 million, an increase of approximately RMB 3.8 million compared to the same period last year, primarily due to contributions from the managed private equity fund[28]. - The company reported a loss before tax of RMB 3,305,000, significantly improved from a loss of RMB 29,721,000 in the previous year, representing an 88.9% reduction[86]. - The basic and diluted loss per share for the period was RMB 2.05, compared to RMB 19.27 in the same period last year, indicating an 89.4% improvement[88]. - The company reported a decrease in investment income to RMB 204,000 for the six months ended June 30, 2024, down from RMB 5,000,000 in 2023, indicating challenges in investment performance[94]. - The company’s total comprehensive loss for the period was RMB 29,581,000, compared to a loss of RMB 29,728,000 in the same period of 2023, indicating a slight improvement in overall financial performance[92]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 308,632 thousand, a decrease of 4.5% from RMB 323,621 thousand as of December 31, 2023[8]. - The total liabilities increased to RMB 39,342 thousand as of June 30, 2024, compared to RMB 22,850 thousand as of December 31, 2023[8]. - The total managed assets as of June 30, 2024, were approximately RMB 2,071.6 million, a decrease from RMB 2,183.6 million as of December 31, 2023[13]. - The company's net asset value was RMB 269,290,000, down from RMB 273,035,000, reflecting a decrease of 1.4%[91]. - The total liabilities as of June 30, 2024, were RMB 269,290,000, reflecting a decrease from RMB 300,475,000 as of December 31, 2022, indicating a reduction of approximately 10%[92]. Cash Flow and Financial Position - As of June 30, 2024, the group's cash and cash equivalents totaled approximately RMB 25.4 million, up from RMB 12.6 million as of December 31, 2023[35]. - The net cash flow from operating activities for the six months ended June 30, 2024, was RMB 11,334,000, compared to a cash outflow of RMB 29,721,000 for the same period in 2023, indicating a significant improvement[93]. - The company reported a net increase in cash and cash equivalents of RMB 11,592,000 for the six months ended June 30, 2024, compared to an increase of RMB 18,106,000 in the same period of 2023[94]. - Cash and bank balances increased to RMB 25,365,000 from RMB 12,610,000, showing a growth of 101.5%[90]. - The company’s cash and cash equivalents at the end of the period were RMB 24,211,000, down from RMB 31,326,000 at the end of June 2023, reflecting a decrease of approximately 23%[94]. Investment and Project Management - The company managed six commercial real estate projects with a total managed asset value of RMB 1,301.2 million, accounting for 62.8% of total managed assets[14]. - The company did not establish new funds during the reporting period and focused on improving existing projects and asset disposals[10]. - The company actively engaged with various financial institutions to reduce project financing costs during the reporting period[10]. - The group provided investment advisory services for a total of 12 projects during the reporting period, contributing approximately RMB 4.3 million in consulting fee income[18]. - The group plans to explore new investment directions in industrial real estate, particularly logistics properties and industrial parks, and aims to expand its fund management business in Hong Kong in the second half of the year[23]. Corporate Governance and Compliance - The company adopted and complied with the corporate governance code as per the listing rules, except for the provision C.2.1 regarding the separation of roles between the Chairman and CEO, which is currently held by Mr. Zhu Ping[58]. - The company has established risk management and internal control measures to safeguard the interests of the group and its shareholders[58]. - The company has confirmed compliance with the standards for securities trading by all directors and supervisors during the reporting period[59]. - The company is committed to continuous improvement of corporate governance principles and practices to enhance operational effectiveness[58]. - The board does not recommend declaring an interim dividend for the six months ending June 30, 2024, to retain resources for business development[57]. Shareholder Information - As of June 30, 2024, the company had a total of 153,340,000 shares issued, with significant shareholdings by major shareholders including Shanghai Shengxuan Investment Consulting Co., Ltd. holding 115,000,000 shares, representing 75.0% of the total[65][66]. - The company has a significant shareholder, China Everbright Group, which holds 55.67% of the shares[79]. - Major shareholders include Shanghai Weihui Investment Partnership with 12.1% of the relevant class of shares and 9.0% of the total share capital[68]. - The company’s major shareholders also include Honorich Holdings Limited, which owns 49.39% of the shares[76]. - The employee stock ownership plan was adopted on July 26, 2024, involving four employees[80].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Shanghai Realway Capital Assets Management Co., Ltd. 上海瑞威資產管理股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1835） 截 至2024年6月30日 止 六 個 月 期 間 的 中 期 業 績 公 告 上 海 瑞 威 資 產 管 理 股 份 有 限 公 司（「本 公 司」、「公 司」）董 事（「董 事」）會（「董 事 會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至2024年6月30日 止 六 個 月（「報 告 期」）的 未 經 審 核 綜 合 業 績，連 同 截 至2023年6月30日 ...

Financial Performance - In 2023, the company recorded a net loss of approximately RMB 57.9 million, an increase from the previous year's net loss of RMB 34.6 million, primarily due to reduced management fee income from ongoing fund liquidations and increased expenses from disposing of inefficient assets[7]. - Total revenue for 2023 was RMB 17,872,000, a decrease of 51.5% from RMB 36,753,000 in 2022[16]. - The company reported a net loss of RMB 57,925,000 for 2023, compared to a loss of RMB 34,613,000 in 2022[16]. - Total assets decreased to RMB 334,150,000 in 2023 from RMB 362,385,000 in 2022, reflecting a decline of 7.5%[16]. - Total liabilities increased significantly to RMB 61,115,000 in 2023, up from RMB 31,910,000 in 2022, marking an increase of 91.5%[16]. - The revenue for the year was approximately RMB 17.9 million, a decrease of about RMB 18.9 million or 51.4% compared to the previous year[53]. - Fund management fee income was approximately RMB 9.8 million, accounting for about 54.8% of total revenue, down 58.7% from RMB 23.7 million in 2022[56]. - Consulting fee income was approximately RMB 6.7 million, a decrease of about RMB 6.3 million or 48.5% compared to the previous year[57]. - Administrative expenses for the year were approximately RMB 38.2 million, a reduction of about 14.6% from RMB 44.8 million in the previous year[60]. - The group recorded a net reversal of trade receivables impairment losses of approximately RMB 6.7 million due to the recovery of management fees from funds this year[61]. - The fair value of investments in associates and joint ventures increased by approximately RMB 1.8 million, primarily due to the realization of previously recognized unrealized losses of RMB 10.7 million from the transfer of a fund's base-level shares[64]. - The fair value of financial assets measured at fair value through profit or loss decreased by approximately RMB 6.0 million, mainly due to the assessment of two non-performing loans[65]. - Other expenses for the year amounted to approximately RMB 34.7 million, a significant increase from RMB 0.7 million in the previous year, primarily due to a loss of RMB 34.7 million from the transfer of fund shares[66]. - The group reported a net loss of approximately RMB 57.9 million for the year, an increase of approximately RMB 23.3 million or 67.4% compared to the previous year[69]. - As of December 31, 2023, the group had cash and cash equivalents of approximately RMB 12.6 million, a slight decrease from RMB 13.2 million as of December 31, 2022[70]. - The group's interest-bearing liabilities amounted to approximately RMB 24.2 million, with a capital-to-debt ratio of approximately 8.9% as of December 31, 2023, compared to 4.3% in the previous year[72]. - The group did not declare a final dividend for the year to retain resources for business development[77]. - The group has no distributable reserves as of December 31, 2023[124]. Business Strategy and Operations - The company aims to enhance its business strength by leveraging its core competitive advantages, including professional expertise, innovative capabilities, and flexible proactive investments, while actively seeking opportunities in the capital market to support platform construction and business expansion[9]. - The company plans to continue its core business in asset management and wealth management, emphasizing prudent investment and stable operations in response to the complex market environment[6][11]. - The company is actively seeking new business opportunities and investment directions to cultivate new profit growth points while deepening its main business[7]. - The company is focusing on revitalizing existing assets and improving quality and efficiency as key strategies in the new cycle of the real estate industry[8]. - The ongoing challenges in the real estate and investment markets have necessitated a cautious investment approach, focusing on the revitalization of existing assets[6]. - The company recognizes the importance of real estate finance in guiding capital flow to effective investment channels, injecting new vitality and opportunities into the industry[8]. - The company aims to enhance asset value and operational efficiency through flexible management strategies and lower-cost financing opportunities[13]. - A shift from a sales-driven model to a service-oriented model is planned to better meet market trends and enhance customer relationships[13]. - The company is focusing on expanding its investment advisory services, including mergers and acquisitions and post-investment management[13]. - Plans to develop a public fund online trading platform to enhance sales and provide diversified trading tools for institutional investors[13]. - The company is committed to building a comprehensive family office to offer one-stop professional services, including global asset allocation and tax planning[13]. - The company continues to adopt a prudent investment strategy to generate returns and will closely monitor investment performance and market trends[90]. - The company has not initiated new investment projects during the reporting period due to ongoing pressures in the real estate market[47]. Market Conditions - The real estate market in China experienced a downturn, with a decline in both sales area and sales revenue, leading to increased vacancy rates and downward pressure on rental levels in major cities[6]. - The real estate market in China remains in an adjustment phase, with investment growth and sales at historical lows, despite a loose policy environment[42]. - In 2023, 6,980 new funds were raised in China, totaling approximately RMB 1.8245 trillion, a year-on-year decline of 15.5%[42]. - Investment amounts in China dropped to approximately RMB 692.8 billion in 2023, a year-on-year decrease of 23.7%[42]. - Fund exits totaled 3,946, reflecting a year-on-year decline of 9.6%, indicating increased caution among investment institutions[42]. - The China Securities Regulatory Commission initiated pilot projects for real estate private equity funds to revitalize the real estate market[43]. - New regulatory frameworks for private equity funds were introduced, enhancing the regulatory system and promoting industry development[43]. Corporate Governance and Management - The company has a diverse board with members holding degrees from prestigious universities, including Fudan University and Shanghai Jiao Tong University[21][23][25][26][27]. - The board includes members with significant experience in various sectors, including real estate, finance, and law, enhancing strategic decision-making capabilities[22][23][25][26][27]. - The company emphasizes compliance and risk management, with key personnel having relevant certifications and extensive industry experience[21][25][26]. - The board's composition reflects a commitment to corporate governance and strategic oversight, with members actively involved in various committees[25][26][27]. - The company has established a remuneration committee to review the compensation policies based on operational performance and market practices[134]. - The board of directors consists of eight members, including three executive directors and three independent non-executive directors, ensuring diverse expertise[184]. - The company has adopted a board diversity policy, with female directors currently representing 25% of the board, aligning with or exceeding the average for listed companies[190]. - The nomination committee reviews the board's structure and diversity policy annually, confirming that all measurable goals have been achieved this year[189]. - The chairman and CEO roles are held by Mr. Zhu, which the board considers appropriate for the company's stability and operational continuity[193]. - The board is responsible for strategic decision-making and monitoring business performance, with regular meetings held to discuss operational issues[180]. - The company has established three board committees: audit, remuneration, and nomination, to oversee various aspects of governance[183]. - The board members possess rich management experience, contributing effectively to the company's operations and development[192]. - The company maintains appropriate liability insurance for directors, which is reviewed annually[182]. - The board's structure and responsibilities include preparing annual budgets and profit distribution plans, ensuring compliance with regulations[184]. - The board of directors held a total of five meetings during the year, with all directors attending 100% of the board meetings[200]. - Each executive director has a three-year service contract, with a minimum of three months' written notice required for termination[194]. - The company encourages continuous professional development for directors, ensuring they stay updated on regulatory changes and company performance[196]. - The nomination committee is responsible for reviewing the board's structure and composition, ensuring a balanced mix of skills and diversity[194]. - All directors participated in appropriate continuous professional development activities during the year, including attending seminars and reading relevant materials[197]. - The attendance record for the board meetings shows that all directors attended all five meetings, demonstrating strong engagement[200]. - The company secretary is responsible for drafting and maintaining the minutes of board meetings, ensuring transparency and accountability[198]. - The board is committed to succession planning, particularly for the chairman position, to ensure leadership continuity[194]. - Directors are provided with necessary onboarding training to understand their responsibilities under relevant regulations[196]. Human Resources - The company employed a total of 73 employees as of December 31, 2023, down from 91 employees as of December 31, 2022[85]. - The company has established a clear promotion policy to provide advancement opportunities for eligible employees[85]. - The company maintains a central retirement pension plan for employees in mainland China[136]. Legal and Compliance - The group has maintained compliance with relevant laws and regulations without any significant violations during the year[112]. - The company has implemented directors and officers liability insurance to provide appropriate protection for its directors and senior management[158]. - The company has not been involved in any significant legal proceedings or arbitration during the year[157]. - The company is actively pursuing legal actions to recover approximately RMB 69.7 million from Shenzhen Haishi City Renewal Co., Ltd. due to unpaid equity transfer payments[98]. - The company has taken legal measures to freeze the bank accounts and some assets of Shenzhen Haishi City Renewal Co., Ltd. to protect its interests[99]. Shareholder Information - The largest customer accounted for 25.8% of the group's revenue, while the top five customers together contributed 53.4%[114]. - As of December 31, 2023, the company's total issued share capital was 153,340,000 shares, with domestic shares making up 75.0% and H shares 25.0%[121]. - Major shareholder Shanghai Shengxuan Investment Consulting Co., Ltd. holds 115,000,000 shares, representing 75.0% of the total equity[140]. - Shanghai Weimian Investment Partnership holds 79,012,675 shares, accounting for 51.5% of the total equity[140]. - Shanghai Weiye Investment Partnership owns 15,000,000 shares, which is 9.8% of the total equity[140]. - The company did not grant any rights to directors, supervisors, or senior management to subscribe for shares or debt securities during the year[144]. - No stock-linked agreements were established or remained in effect during the year[145]. - The company did not implement any share option or share incentive plans during the year[146]. - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the year[147]. - The company's articles of association do not contain provisions for preemptive rights for existing shareholders when issuing new shares[148]. - The company did not make any significant charitable donations during the year, with the previous year's donation amounting to approximately RMB 400,000[151]. - The controlling shareholders have committed not to engage in any competing business during the restricted period[154]. - There were no disclosed interests held by controlling shareholders, directors, or their close associates in any competing business[156]. Audit and Financial Reporting - Ernst & Young has been appointed as the auditor for the company, and their audit report for the consolidated financial statements is unqualified[162]. - The company has not changed auditors in the past three years[163]. - The supervisory board has conducted two meetings in 2023, with all members attending both meetings[167]. - The supervisory board has confirmed that the company's financial reports accurately reflect its financial position and operating results[172]. - The audit committee has reviewed the accounting principles and policies adopted by the group, along with the consolidated financial statements for the year[161]. Future Outlook - The outlook for 2024 is optimistic, with expectations of economic recovery and improved market confidence[14]. - The company continues to seek opportunities to invest in suitable financial products to utilize its idle cash effectively[92]. - As of December 31, 2023, the company has no specific plans for significant investments or capital assets[101].