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].

Financial Performance - The company reported a revenue of approximately RMB 17.9 million for the year ending December 31, 2023, a decrease of about 51.4% compared to RMB 36.8 million in the previous year[4]. - The company confirmed a loss of approximately RMB 57.9 million for the year, which is an increase of about 67.4% from the loss of RMB 34.6 million reported in the previous year[4]. - The loss per share for the year was approximately RMB 0.37[4]. - The total comprehensive loss for the year was RMB 57.9 million, compared to RMB 34.6 million in the previous year[5]. - The total comprehensive loss for the year was (57,905) million, compared to (34,470) million in the previous year, indicating a significant increase in losses[8]. - The company reported a total loss of RMB 49,882,000 for 2023, compared to a loss of RMB 31,520,000 in 2022[34]. - The company's annual loss for the year was approximately RMB 57.9 million, an increase of about 23.3 million or approximately 67.4% compared to the loss of RMB 34.6 million as of December 31, 2022[93]. Dividend and Equity - The board of directors does not recommend the distribution of a final dividend for the year[4]. - The company has not proposed any dividend for the year ending December 31, 2023, while there was no dividend in 2022[35]. - Total equity decreased from RMB 330,475 thousand in 2022 to RMB 273,035 thousand in 2023, representing a decrease of about 17.4%[11]. - The total equity attributable to the parent company decreased from RMB 329,690 thousand in 2022 to RMB 272,927 thousand in 2023, a decline of about 17.2%[11]. Assets and Liabilities - Non-current assets totaled 94,395 million, an increase from 64,247 million year-over-year, showing growth in long-term investments[10]. - Current assets decreased to 239,755 million from 298,138 million, indicating a reduction in liquidity[10]. - Total liabilities increased to 56,647 million from 31,436 million, reflecting a rise in financial obligations[10]. - The company's total liabilities as of December 31, 2023, amounted to RMB 54,472,000, compared to RMB 27,231,000 in 2022[50]. - The company's interest-bearing loans amounted to RMB 14,902,000, with an interest rate of 11.3%[51]. Income and Expenses - The company reported a significant decrease in other income and gains, from RMB 5.8 million in 2022 to RMB 0.64 million in 2023[5]. - Administrative expenses decreased from RMB 44.8 million in 2022 to RMB 38.2 million in 2023[5]. - The total other expenses for 2023 were RMB 34,692,000, compared to RMB 651,000 in 2022[30]. - The group recognized income tax expenses of approximately RMB 8.0 million this year, an increase of about RMB 5.0 million compared to last year, mainly due to unrecognized deductible temporary differences and increased tax losses[92]. Credit and Receivables - The company experienced an increase in impairment losses on trade receivables, rising from RMB 6.7 million in 2022 to RMB 7.4 million in 2023[5]. - Trade receivables were reported at 64,937 million, down from 89,618 million, suggesting a decline in sales or collection efficiency[10]. - The impairment loss provision for trade receivables decreased to RMB 19,739,000 in 2023 from RMB 33,306,000 in 2022, a reduction of approximately 40.7%[44]. - The expected credit loss for accounts receivable from non-controlling interests was assessed at RMB 1,055,000 as of December 31, 2023, compared to zero in 2022, indicating the emergence of credit risk[47]. Operational Developments - The company did not report any new product developments or market expansions during the fiscal year[4]. - There were no acquisitions or significant strategic changes mentioned in the earnings call[4]. - The group did not launch or sell any new wealth management products during the reporting period, resulting in no revenue from this segment[64]. - The group aims to enhance its core competitive advantages and actively seek capital market opportunities to support platform construction and business expansion in the real estate asset management sector[68]. Governance and Compliance - The company is committed to good corporate governance and has adopted relevant principles and standards, although there is a deviation regarding the roles of the Chairman and CEO[129]. - The audit firm Ernst & Young confirmed that the financial statements for the year are consistent with the preliminary financial report[140]. - The audit committee, composed of three independent non-executive directors, reviewed the accounting principles and practices adopted by the company[142]. Market and Economic Context - The company's management reported a 5.2% increase in China's GDP for the year, indicating a recovery trend despite global economic challenges[52]. - The group anticipates that the economic recovery trend will continue into 2024, with improved market confidence expected[72].

Financial Performance - For the six months ended June 30, 2023, the company's revenue was RMB 10,136,000, a decrease of 37.1% compared to RMB 16,123,000 for the same period in 2022[4]. - The company reported a net loss attributable to equity holders of the parent of RMB (29,550,000) for the first half of 2023, compared to a loss of RMB (10,370,000) in the same period of 2022[4]. - The revenue for the reporting period was approximately RMB 10.1 million, a decrease of about RMB 6.0 million or 37.1% compared to the same period last year, primarily due to a reduction in regular management fee income[15]. - The company reported a net loss of RMB 29,550 thousand for the six months ended June 30, 2023, compared to a net loss of RMB 10,370 thousand for the same period in 2022, indicating a significant increase in losses[89][91]. - The company reported a loss for the period of RMB 29,728,000, compared to a loss of RMB 10,653,000 in the previous year, representing an increase in loss of 179.5%[84]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 323,621,000, down from RMB 369,112,000 at the end of 2022, representing a decrease of 12.3%[4]. - The company's total liabilities increased to RMB 22,850,000 as of June 30, 2023, compared to RMB 13,326,000 at the end of 2022, marking a significant increase of 71.5%[4]. - As of June 30, 2023, total managed assets decreased to RMB 2,725.8 million from RMB 3,367.8 million as of December 31, 2022, representing a decline of approximately 19.0%[9]. - The total equity attributable to owners of the parent decreased to RMB 300,187 thousand from RMB 329,690 thousand, a decline of about 8.9%[88][89]. - The company's current liabilities decreased to RMB 22,850 thousand from RMB 31,436 thousand, a reduction of about 27.4%[88]. Cash Flow and Investments - Cash and cash equivalents increased to RMB 31,326 thousand as of June 30, 2023, compared to RMB 13,173 thousand as of December 31, 2022[129]. - The net cash flow from investment activities for the six months ended June 30, 2023, was RMB 25,298,000, a significant increase from RMB 2,775,000 in the same period of 2022[92]. - The company recorded a loss on the sale of investments in associates amounting to RMB 23,959 thousand during the reporting period[91]. - The fair value of investments in associates and joint ventures was RMB 158,795,000 as of June 30, 2023, down from RMB 212,159,000 at the end of 2022[126]. - The company’s cash flow from the sale of investments in associates was RMB 25,354,000, with dividend income from these investments amounting to RMB 101,000[92]. Operational Strategy - The company is focusing on optimizing the operation of existing assets to generate stable cash flow and protect investors' rights[6]. - The company plans to continue monitoring and managing existing projects while negotiating with counterparties to address any risks associated with these projects[6]. - The company plans to continue focusing on real estate and distressed asset private equity investment funds, leveraging market opportunities from new policies[14]. - The company aims to enhance its wealth management team to meet the asset allocation needs of high-net-worth individuals and institutional investors in China[14]. - The company will maintain a prudent investment strategy and strengthen compliance and risk control in the post-pandemic environment[12]. Shareholder and Governance - The board of directors did not recommend declaring an interim dividend for the six months ended June 30, 2023, to retain resources for business development[57]. - Major shareholders include Shanghai Shengxuan Investment Consulting Co., Ltd., which holds 115,000,000 domestic shares, accounting for 100% of the relevant class and 75% of the total issued share capital[68]. - The company has established risk management and internal control measures to ensure effective governance and operational stability[63]. - The board of directors meets at least four times a year to discuss business and operational matters, ensuring appropriate governance structure and power balance[63]. - The company believes that the current management structure, with Mr. Zhu Ping serving as both Chairman and CEO, is in the best interest of the company[63]. Market and Industry Context - The company did not establish any new funds for project investment during the reporting period due to the impact of the pandemic and adjustments in the real estate industry[6]. - The company operates primarily in fund management and investment advisory services, with no new products or technologies mentioned in the report[95]. - The company has not disclosed any plans for market expansion or mergers and acquisitions in the current report[95]. - The company has not implemented any share option or share incentive plans during the reporting period[75]. - The company relocated its principal place of business in Hong Kong to 29/F, One Exchange Square, 8 Connaught Place, Central, Hong Kong, effective July 31, 2023[78].

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。 上 海 瑞 威 資 產 管 理 股 份 有 限 公 司 Shanghai Realway Capital Assets Management Co., Ltd. （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2023年6月30日 止 六 個 月 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2023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2022年6月30日 止 六 個月的比較數字如下。 摘要 — 截至2023年6月30日止六個月，本集團確認收益約人民幣10.1百萬元， 與去年同期確認的收益約人民幣16.1百萬元相比，降幅約 ...

目錄 公司資料 1 主席報告 2 財務摘要 4 董事、監事及高級管理層履歷 5 管理層討論與分析 11 董事會報告 21 監事會報告 31 企業管治報告 34 環境、社會及管治報告 49 獨立核數師報告 84 綜合損益表 90 綜合全面收益表 91 綜合財務狀況表 92 綜合權益變動表 93 綜合現金流量表 94 財務報表附註 96 公司資料 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不對 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。 上 海 瑞 威 資 產 管 理 股 份 有 限 公 司 Shanghai Realway Capital Assets Management Co., Ltd. （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2022年12月31日 止 年 度 的 全 年 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」）欣然公佈本公司及其附屬公司（統稱「本集團」或「我們」）截至2022年 12月31日 止 年 度（「本 年 度」、「報 告 期」）經 審 核 的 綜 合 業 績，連 同 截 至2021 年12月31日止年度的比較數字如下。 摘要 — 本集團於本年度確認收益約人民幣36.8百萬元，和上一年度確認的 收益約人民幣54.2百萬元相比，同比減少約32.2%。 — 本集團於本年度確認虧損約人民幣34. ...

Financial Performance - For the six months ended June 30, 2022, the company's revenue was RMB 16,123 thousand, a decrease of 44.0% compared to RMB 28,815 thousand for the same period in 2021[10]. - The net loss attributable to equity holders of the parent company was RMB 10,653 thousand, compared to a profit of RMB 793 thousand in the first half of 2021[10]. - Revenue for the reporting period was approximately RMB 16.1 million, representing a decrease of about RMB 12.7 million or 44.0% compared to the same period last year[21]. - Regular management fees recorded during the reporting period were approximately RMB 13.0 million, accounting for about 80.8% of total revenue, a decrease of approximately 45.9% year-on-year[27]. - The performance fees were not recorded during the reporting period due to market downturns, contrasting with RMB 1.0 million earned in the same period last year[28]. - Other income decreased significantly by approximately 82.1%, from RMB 3.4 million in the previous year to about RMB 0.6 million[33]. - The government subsidies received decreased from approximately RMB 1.5 million to about RMB 0.6 million, primarily due to reduced tax payments[38]. - The group recognized a loss of approximately RMB 10.7 million for the reporting period, a decrease of about RMB 11.5 million compared to a profit of RMB 0.8 million for the six-month period ended June 30, 2021[44]. - The company reported a loss before tax of RMB 10,890,000, compared to a profit of RMB 1,529,000 in the previous year[128]. - The net loss for the period was RMB 10,653,000, compared to a profit of RMB 793,000 in 2021[128]. - Basic and diluted loss per share for the period was RMB (6.76), compared to earnings of RMB 0.06 per share in the prior year[130]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 369,112 thousand, down from RMB 433,018 thousand as of December 31, 2021, representing a decrease of 14.8%[10]. - The total liabilities decreased to RMB 13,326 thousand from RMB 26,446 thousand, a reduction of 49.7%[10]. - The total equity as of June 30, 2022, was RMB 355,786 thousand, down from RMB 406,572 thousand, reflecting a decrease of 12.5%[10]. - The group’s cash and cash equivalents were approximately RMB 6.7 million as of June 30, 2022, down from RMB 26.8 million as of December 31, 2021[45]. - The group had no outstanding loans, borrowings, or bank overdrafts as of June 30, 2022, resulting in a debt-to-asset ratio of zero[46]. - Non-current assets as of June 30, 2022, totaled RMB 145,083,000, down from RMB 154,617,000 at the end of 2021, a decrease of 6.5%[133]. - Current assets amounted to RMB 224,029,000, a slight decrease from RMB 236,939,000 at the end of 2021[133]. - Total liabilities decreased to RMB 13,326,000 from RMB 25,192,000, reflecting a reduction of 47.3%[135]. - The company's equity attributable to owners of the parent was RMB 353,745,000, down from RMB 364,040,000 at the end of 2021[135]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2022, was a net outflow of RMB 21,660,000, compared to a net outflow of RMB 9,956,000 in the same period of 2021[151]. - Investment activities generated a cash inflow of RMB 2,775,000 for the six months ended June 30, 2022, compared to an outflow of RMB 30,434,000 in the same period of 2021[154]. - Cash and cash equivalents at the end of June 30, 2022, were RMB 6,726,000, down from RMB 14,021,000 at the end of June 30, 2021[154]. - The total reserves as of June 30, 2022, amounted to RMB 200,405,000, a decrease from RMB 210,700,000 as of December 31, 2021[148]. - The company recognized a loss of RMB 6,443,000 from joint ventures and associates for the six months ended June 30, 2022, compared to a loss of RMB 2,166,000 in the same period of 2021[151]. - The company received dividends from investments in joint ventures amounting to RMB 2,830,000 for the six months ended June 30, 2022, compared to RMB 1,876,000 in the same period of 2021[154]. Shareholder Information - As of June 30, 2022, Mr. Zhu Ping held 15,000,000 shares, representing 75% of the total issued share capital of the company[84][87]. - Major shareholder Shanghai Shengxuan Investment Consulting Co., Ltd. holds 15,000,000 domestic shares, representing 100.0% of the relevant class and 75.0% of the total share capital[92]. - Shanghai Weimian Investment Partnership (Limited Partnership) holds 79,012,675 domestic shares, accounting for 68.7% of the relevant class and 51.5% of the total share capital[92]. - Shanghai Weibo Investment Partnership holds 15,000,000 domestic shares, representing 13.0% of the relevant class and 98% of the total share capital[92]. - The total issued share capital as of June 30, 2022, is 153,340,000 shares[102]. - Shareholder Great Rainbow Investment holds 3,280,000 H shares, representing 8.6% of the total share capital[96]. - Shareholder Wang Qiong holds 2,392,800 H shares, accounting for 6.2% of the total share capital[96]. - China Everbright Fund Management Limited holds 2,000,000 H shares, representing 5.2% of the total share capital[99]. - Central Huijin Investment Limited holds 2,000,000 H shares, accounting for 5.2% of the total share capital[99]. - The company has a significant concentration of ownership among major shareholders, with the top three shareholders holding over 75% of the total share capital[92]. Operational Strategy and Management - The company adopted a more cautious investment strategy due to the adverse effects of COVID-19 on the Chinese economy and real estate sector[13]. - The company plans to leverage its experience in real estate and distressed assets to assist local governments and real estate companies in establishing relief funds[20]. - The company aims to enhance its competitiveness and improve risk management and internal control systems to ensure high-quality business development[20]. - The group maintained a prudent financial management policy, ensuring a stable liquidity position throughout the reporting period[47]. - The company maintained strict control over accounts receivable and has a credit monitoring team to minimize credit risk[194]. Legal and Regulatory Matters - The arbitration request amount against Shenzhen Haishi City Renewal Co., Ltd. totals approximately RMB 38,063,000 for unpaid equity transfer payments and related fees[69]. - As of January 12, 2021, the adjusted arbitration request amount increased to RMB 82,644,514, including payments for the 3rd and 4th phases of equity transfer[72]. - The final arbitration ruling on April 2, 2021, ordered Haishi City Renewal to pay RMB 69,722,494, which includes overdue payment penalties and legal fees[72]. - As of June 30, 2022, the fund had not received any payments under the execution settlement agreement, and legal measures were taken to freeze Haishi City Renewal's bank accounts[73]. Employee Information - The group employed a total of 98 employees as of June 30, 2022, down from 105 employees as of December 31, 2021[56].

Financial Performance - The company recorded revenue of approximately RMB 54.2 million for the fiscal year ending December 31, 2021, but faced net losses due to increased impairment losses on receivables and decreased fair value of investments in associates and joint ventures [12]. - Total revenue for 2021 was RMB 54.2 million, a decrease of 21.5% from RMB 69.1 million in 2020 [25]. - The company reported a net loss of RMB 39.4 million for 2021, compared to a profit of RMB 7.8 million in 2020 [25]. - Total assets decreased to RMB 391.6 million in 2021 from RMB 443.6 million in 2020, reflecting a decline of 11.7% [25]. - Total liabilities were RMB 25.2 million in 2021, down from RMB 37.8 million in 2020, indicating a reduction of 33.4% [25]. - The company's equity total was RMB 366.4 million in 2021, a decrease of 9.7% from RMB 405.8 million in 2020 [25]. - The current ratio improved to 10.5 times in 2021, up from 5.9 times in 2020, indicating better liquidity [25]. - The return on total assets was -10.1% in 2021, compared to 1.8% in 2020, showing a significant decline in profitability [25]. - The return on equity was -10.7% in 2021, down from 1.9% in 2020, reflecting a challenging financial environment [25]. Strategic Focus - The company plans to focus on three strategic areas: fund management, wealth management, and investment advisory services, with an emphasis on urban construction and distressed asset investment [16]. - The company aims to enhance its product offerings and diversify its product system to improve core competitiveness in response to market challenges [12]. - The company is targeting the residential sales property market and the commercial property market, including shopping centers and long-term rental apartments, for future investments [16]. - The company will assist financial institutions in restructuring distressed assets and promote asset revitalization through the issuance of relief funds [17]. - The company anticipates a gradual recovery in the real estate sector, which remains a pillar industry for China's economy, as risks are being systematically resolved [15]. - The company is committed to seeking new profit growth points through innovation and breakthroughs while controlling operational expenses to reduce costs [12]. Corporate Governance - The company emphasizes compliance management and risk control as critical components of its business development strategy [12]. - The company has a strong focus on corporate governance, with independent directors actively involved in various committees, including remuneration and audit [41]. - The board comprises members with diverse backgrounds in law, finance, and real estate, enhancing strategic decision-making capabilities [41]. - The company is committed to maintaining high standards of corporate governance and compliance, ensuring effective oversight and risk management practices [40]. - The company emphasizes compliance and risk management, with key personnel holding relevant qualifications and extensive industry experience [34][40]. Fund Management and Investments - As of December 31, 2021, the company managed 16 funds with total assets under management of RMB 4,170 million, compared to 8 funds and RMB 787.9 million the previous year, indicating significant growth in fund management [61]. - The company managed a total of 25 funds with total assets under management of RMB 4,838.5 million, which includes 16 project funds and 9 mother funds [64]. - The assets under management for commercial real estate projects amounted to RMB 2,177.8 million, representing 51.2% of the total project fund management assets [67]. - The company completed three urbanization and redevelopment projects during the year, including projects in Changzhou, Wenzhou, and Beijing [68]. - The company added two new urbanization and redevelopment projects and one commercial real estate project during the year, with the new projects covering over 120,000 square meters [70]. Market Conditions - In 2021, China's real estate development investment was approximately RMB 14.8 trillion, with a year-on-year growth of 4.4%, down from 7.0% in the previous year [61]. - The total sales area of commercial housing in China for 2021 was about 1.79 billion square meters, with sales revenue of approximately RMB 18.2 trillion, reflecting year-on-year growth of 1.9% and 4.8% respectively [61]. - The company noted that the real estate industry's business model is shifting towards high-quality growth and refined management due to the end of the "high turnover" and "over-financialization" models [61]. - The year 2021 marked the end of the transition period for the new asset management regulations, which have guided the industry towards healthy development and addressed previous irregularities [62]. - The asset management industry is entering a new development stage as Chinese residents shift their investment focus towards financial assets, despite the accompanying changes in regulatory guidance and product offerings [62]. Operational Challenges - The group recorded a significant decline in receivables, with cash collections amounting to approximately RMB 37.2 million, a decrease of 60.9% compared to the previous year [90]. - Expected credit loss provisions for trade receivables amounted to approximately RMB 30.1 million, with RMB 19.4 million related to project fund receivables and RMB 8.9 million to mother fund receivables [94]. - The group faced increased credit risk across all receivables due to adverse macroeconomic conditions and the real estate sector's tightening regulations [91]. - The group did not receive dividends from certain funds in the current year, which contributed to the decline in overall dividend income [86]. - The group’s investment in underlying assets primarily includes real estate, which has been negatively impacted by regulatory tightening and the ongoing pandemic [90]. Human Resources - The group employed a total of 105 employees as of December 31, 2021, compared to 103 employees the previous year [117]. - The company has established a remuneration committee to review the remuneration policy based on operational performance and market practices [191]. - The highest-paid individuals' remuneration details are disclosed in the financial statements notes 8 and 9 [192]. Legal and Compliance - The company emphasized its commitment to compliance with relevant laws and regulations, reporting no significant violations during the year [151]. - The arbitration claim against Shenzhen Haishi City Renewal Co., Ltd. amounted to approximately RMB 82.6 million, including overdue payments and legal fees [130]. - The final arbitration ruling required Shenzhen Haishi City Renewal to pay RMB 69.7 million for overdue payments and legal fees, which has not yet been fulfilled [131]. Future Outlook - The company plans to continue diversifying its investment portfolio and closely monitor investment performance and market trends to adjust investment strategies accordingly [127]. - The company received approval from the Hong Kong Securities and Futures Commission to resume regulated activities in securities advisory and asset management as of December 29, 2021 [138].

Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 28,815,000, a decrease of 42.5% compared to RMB 50,068,000 in the same period of 2020[8] - Net profit attributable to equity holders of the parent company for the same period was RMB 793,000, down 89.8% from RMB 7,777,000 in 2020[8] - The group's revenue for the six months ended June 30, 2021, was approximately RMB 28.8 million, a decrease of about RMB 21.3 million or 42.4% compared to the same period last year, primarily due to a reduction in regular management fees[29] - Regular management fee income recorded during the reporting period was approximately RMB 24.1 million, accounting for 83.5% of total revenue, a decrease of about 46.8% year-on-year[32] - Performance fees earned during the reporting period amounted to approximately RMB 1.1 million, mainly from the exit of the Xuhui Changzhou project[33] - The group’s total comprehensive income for the period amounted to RMB 810,000, down from RMB 8,039,000 in 2020, indicating a decrease of approximately 89.9%[136] - The company reported a pre-tax profit of RMB 1,529,000, down 87.9% from RMB 12,556,000 in the prior year[133] - The group reported a total tax expense of RMB 4,779,000 for the period, compared to RMB 736,000 in the previous year[174] Assets and Liabilities - Total assets as of June 30, 2021, amounted to RMB 433,018,000, a slight decrease from RMB 442,007,000 at the end of 2020[8] - Total liabilities decreased to RMB 26,446,000 from RMB 34,219,000 in 2020, reflecting a reduction of 22.7%[8] - The current ratio improved to 6.5 times compared to 5.2 times in the previous year, indicating better short-term financial health[8] - Non-current assets increased to RMB 285,706,000 as of June 30, 2021, compared to RMB 220,846,000 as of December 31, 2020, marking an increase of about 29.3%[138] - Current assets decreased to RMB 147,312,000 from RMB 222,736,000, reflecting a decline of approximately 33.8%[138] - Current liabilities totaled RMB 22,514,000, down from RMB 37,643,000, indicating a decrease of about 40.2%[141] - The net asset value was RMB 406,572,000 as of June 30, 2021, slightly up from RMB 405,802,000 at the end of 2020, showing a marginal increase of 0.2%[141] Cash Flow and Investments - As of June 30, 2021, the group's cash and cash equivalents amounted to approximately RMB 14.0 million, down from RMB 55.2 million as of December 31, 2020[52] - The cash flow from investment activities showed a net outflow of RMB 30,434 thousand, compared to an inflow of RMB 31,441 thousand in the same period last year, reflecting a change of 196.9%[148] - The company reported a significant decrease in impairment losses on receivables, which were RMB 1,578,000 compared to RMB 8,046,000 in the previous year[133] - The provision for bad debts was RMB 1,578 thousand, a decrease of 80.7% from RMB 8,037 thousand in the first half of 2020, indicating improved asset quality[146] - The company received dividends from associates amounting to RMB 1,876 thousand, down 69.6% from RMB 6,177 thousand in the same period last year[148] Strategic Focus and Future Plans - The company is focused on managing private equity funds primarily in real estate and distressed assets, with a strategy to invest in urbanization and redevelopment projects[11] - The company plans to continue expanding its fund management capabilities and exploring new investment opportunities in the real estate sector[11] - The group is focused on optimizing investment strategies in urban renewal and distressed asset projects, while also expanding private equity securities fund management[23] - The group aims to enhance its wealth management services by establishing a professional marketing team and developing customized fund products for high-net-worth family clients[24] - The group anticipates a golden development period for the asset management industry driven by policy and demand, as China's per capita GDP surpasses USD 10,000[23] Governance and Compliance - The board believes that Mr. Zhu Ping's dual role as Chairman and CEO is appropriate and in the best interest of the company, ensuring stability in operations[87] - The company has adopted a securities trading code for directors and supervisors, ensuring compliance with relevant regulations during the reporting period[89] - The company has established written guidelines for employees regarding securities trading, which align with the standards set forth in the securities trading code[89] - The governance structure is deemed effective for the company's operations and stability[87] - The company has a risk management and internal control system in place, as detailed in its prospectus dated October 31, 2018[87] Employee and Operational Insights - The group employed a total of 104 employees as of June 30, 2021, compared to 103 employees on December 31, 2020[65] - The group has implemented a clear promotion policy to provide advancement opportunities for eligible employees[65] - The group did not incur any significant capital expenditures as of June 30, 2021[63] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[62] Market and Economic Conditions - The group did not have any rental concessions directly related to the COVID-19 pandemic, thus the recent accounting standard amendments had no impact on its financial position[165] - The group is actively pursuing arbitration for unpaid equity transfer payments totaling approximately RMB 82.6 million related to the Shenzhen project[79]