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]

Economic Performance - In 2020, China's GDP grew by 2.3%, making it the only major economy to achieve positive growth amid the COVID-19 pandemic[5]. - The company expects a comprehensive recovery of the Chinese economy in 2021, driven by the introduction of COVID-19 vaccines and the easing of the pandemic[56]. Company Strategy and Operations - The company launched measures to adapt to the challenging real estate market, focusing on enhancing active management and risk control capabilities[5]. - The company emphasized maintaining existing investor relationships while actively expanding fundraising channels and diversifying product offerings[6]. - The company plans to strengthen cooperation with large and medium-sized real estate enterprises, adhering to the investment principle of "project quality first"[6]. - The company aims to enhance the value of existing projects while accelerating project disposal to protect investor interests[7]. - The company anticipates increased investment opportunities in the distressed asset sector due to the pandemic, marking the beginning of a "golden decade" for distressed assets[8]. - The company will focus on participating in urban construction and renewal projects in response to national urbanization initiatives[10]. - The company acknowledges the impact of the pandemic on its operations but remains committed to continuous improvement and seizing development opportunities[10]. - The company aims to uphold professionalism and create sustainable value and stable investment returns for shareholders and investors[10]. Financial Performance - Revenue for 2020 was RMB 69,074 thousand, a decrease of 44.8% compared to RMB 125,234 thousand in 2019[12]. - Net profit for 2020 was RMB 7,764 thousand, an increase of 14.6% from RMB 6,774 thousand in 2019[12]. - Profit attributable to equity holders of the parent company was RMB 4,426 thousand, down 53.2% from RMB 9,451 thousand in 2019[12]. - Basic and diluted earnings per share for 2020 were RMB 2.89, a decline of 53.1% from RMB 6.16 in 2019[12]. - Total assets increased to RMB 443,582 thousand in 2020, up 2.0% from RMB 434,826 thousand in 2019[12]. - Total liabilities rose to RMB 37,780 thousand, an increase of 8.2% from RMB 34,869 thousand in 2019[12]. - Total equity amounted to RMB 405,802 thousand, up 1.9% from RMB 399,957 thousand in 2019[12]. - Current ratio improved to 5.9 times in 2020, compared to 3.7 times in 2019[12]. - Return on total assets was 1.8% in 2020, slightly up from 1.6% in 2019[12]. - Net profit margin increased to 11.2% in 2020, compared to 5.4% in 2019[12]. Revenue and Growth Projections - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 15% year-over-year growth[29]. - User data showed a 20% increase in active users, reaching 5 million by the end of the fiscal year[29]. - The company provided guidance for the next quarter, expecting revenue to grow by 10% to 1.32 billion RMB[29]. - New product launches are anticipated to contribute an additional 200 million RMB in revenue over the next year[29]. - The company is investing in new technology development, allocating 100 million RMB towards R&D initiatives[29]. - Market expansion plans include entering three new provinces, projected to increase market share by 5%[29]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 300 million RMB for potential deals[29]. - The management emphasized a focus on improving operational efficiency, aiming for a 10% reduction in costs by the end of the next fiscal year[29]. - The company plans to enhance its digital marketing strategy, expecting a 25% increase in online engagement[29]. - A new partnership with a leading tech firm is expected to drive innovation and improve service delivery[29]. Asset Management and Investments - As of December 31, 2020, the total managed assets amounted to RMB 4,838.5 million, a decrease from RMB 4,894.1 million in 2019, reflecting a decline of approximately 1.14%[45]. - The number of project funds increased from 14 in 2019 to 16 in 2020, while the total managed assets for project funds decreased from RMB 4,819.3 million to RMB 4,703.0 million, a decline of about 2.42%[45]. - The commercial real estate projects accounted for 43.2% of the total managed assets, increasing from 34.6% in the previous year, with managed assets rising from RMB 1,666.3 million to RMB 2,067.0 million[51]. - The urbanization and redevelopment projects saw an increase in managed assets from RMB 1,187.7 million to RMB 1,782.9 million, representing a growth of approximately 50.06%[51]. - The non-performing asset projects decreased significantly, with managed assets dropping from RMB 1,965.3 million to RMB 936.4 million, a decline of about 52.41%[51]. - The company launched a full circulation plan for H-shares in 2020 and received acceptance from the China Securities Regulatory Commission for the application[52]. - The company added two urbanization and redevelopment projects and two commercial real estate projects during the year, with total construction areas exceeding 170,000 square meters for each project[53]. - The company completed the redemption and exit of the Xintian Impression project (commercial real estate) and the Dianshan Lake project (urbanization and redevelopment) during the year[53]. Risk Management and Challenges - The overall investment environment remains uncertain due to the pandemic, leading to a more cautious approach from high-net-worth and institutional investors[43]. - The company emphasizes the importance of asset management capabilities and risk control in the current market, which enhances the competitive advantage for fund managers with strong management skills[43]. - The company confirmed an individual impairment provision of approximately RMB 11.2 million for the Oriental Baorui project, with a fair value of approximately RMB 26.3 million for the bad assets used to settle receivables[82]. - The company plans to continue evaluating the recoverability of receivables in light of the ongoing impact of the pandemic on its projects[83]. - The group has initiated comprehensive risk assessments and contingency preparations in response to the COVID-19 pandemic, ensuring that liquidity and operational funds meet daily business needs[124]. - The group plans to continue monitoring the impact of the pandemic on its operations and financial condition, aiming to minimize adverse effects[124]. - The company faces risks related to adverse investment decisions that could significantly impact its business and financial performance[147]. - The company relies on key management personnel and professional staff, and failure to retain or replace them could adversely affect its business[149]. Shareholder Information - The company reported a total issued share capital of 153,340,000 shares as of December 31, 2020, with 75.0% being domestic shares and 25.0% being H shares[151]. - Major shareholders include Shanghai Shengxuan Investment Consulting Co., Ltd. with 115,000,000 shares (75.0%) and Shanghai Weimian Investment Partnership with 79,012,675 shares (51.5%) as of December 31, 2020[176]. - The company did not recommend a final dividend for the year, retaining resources for business development[101]. - The company has maintained sufficient public float as per listing rules during the year[152]. - The company has complied with relevant laws and regulations without any significant violations during the year[140]. Human Resources - The number of employees decreased to 103 as of December 31, 2020, from 127 employees as of December 31, 2019[108]. - The company has optimized personnel allocation, resulting in a reduction of approximately RMB 10.8 million in personnel costs compared to the previous year[79]. Compliance and Governance - The company has established a compensation committee to review the compensation policy and structure for directors and senior management based on the group's operating performance and individual performance[167]. - The company has no management contracts for overall or significant parts of its business during the reporting period[164]. - The company is actively seeking measures to comply with regulatory requirements for its Hong Kong subsidiary to conduct regulated activities[126]. - The company has not disclosed any significant transactions, arrangements, or contracts involving directors with substantial interests during the reporting period[163].

Financial Performance - For the six months ended June 30, 2020, the company's revenue was RMB 50,068 thousand, a decrease of 11.8% compared to RMB 56,419 thousand in the same period of 2019[6]. - The net profit attributable to the owners of the parent company for the same period was RMB 7,777 thousand, down 69.3% from RMB 25,310 thousand in 2019[6]. - The total comprehensive income for the group decreased from approximately RMB 25.3 million for the six months ended June 30, 2019, to approximately RMB 7.8 million for the reporting period, resulting in a net profit margin decline from about 44.9% to approximately 15.5%[72]. - The profit before tax for the period was RMB 12,556,000, down 63.2% from RMB 34,138,000 in the same period last year[153]. - The total profit for the period was RMB 7,777, down 69.3% from RMB 25,310 in the same period last year[155]. - The profit attributable to the owners of the parent company was RMB 9,216,000, down 66.9% from RMB 27,861,000 in the previous year[153]. - The basic and diluted earnings per share for the six months ended June 30, 2020, were RMB 6.01, a decrease of 66.9% compared to RMB 18.17 in 2019[155]. Asset and Liability Management - The total assets as of June 30, 2020, amounted to RMB 442,007 thousand, a decrease from RMB 468,825 thousand at the end of 2019[6]. - The total liabilities decreased to RMB 34,219 thousand from RMB 51,288 thousand in the previous year, indicating improved financial stability[6]. - The group had no outstanding loans or bank overdrafts as of June 30, 2020, resulting in a debt-to-asset ratio of zero[74]. - The equity attributable to owners of the parent company was RMB 408,035, an increase from RMB 398,765 at the end of 2019[161]. - The cash and cash equivalents decreased to RMB 16,683 from RMB 22,296, a decline of 25.3%[158]. Revenue Sources - Regular management fee income was approximately RMB 45.3 million, accounting for about 90.4% of total revenue, a decrease of approximately RMB 7.7 million or 14.6% year-on-year[40]. - Performance fees recorded during the reporting period were approximately RMB 2.4 million, mainly due to the exit from the Xintian Impression project[41]. - Other income increased from approximately RMB 6.4 million in the previous year to about RMB 7.5 million, representing a growth of approximately 17.5%[48]. - Dividend income from investments in associates or joint ventures increased significantly by approximately 154.8%, from about RMB 2.5 million to RMB 6.3 million[51]. - Fund management service revenue was RMB 47,338 thousand, down from RMB 52,884 thousand in the previous year, reflecting a decline of 10.5%[193]. Operational Challenges - The global economic downturn due to the COVID-19 pandemic has posed significant challenges, with the IMF projecting a global GDP decline of 4.9% for 2020[9]. - The return on total assets for the first half of 2020 was 3.5%, a significant decrease from 10.8% in the same period of 2019[6]. - The company reported a loss from impairment of receivables amounting to RMB 8,046,000, with no such loss reported in the previous year[153]. - The company experienced a decrease in accounts receivable by RMB 45,171,000, compared to an increase of RMB 16,957,000 in the previous year, indicating a tightening of credit terms or improved collections[171]. Strategic Initiatives - The company continues to focus on real estate investment fund management, with a diversified portfolio including commercial real estate, distressed assets, and urban redevelopment projects[13]. - The company plans to focus on consolidating its non-performing asset business, aiming to identify suitable investment opportunities in a challenging economic environment[28]. - The company will collaborate with major real estate developers to promote urbanization construction, responding to national initiatives for urbanization[31]. - The company aims to expand its overseas business by leveraging its Hong Kong subsidiary's regulatory approval to attract international capital for domestic real estate projects[32]. - The company initiated the H-share full circulation process to optimize its equity structure and enhance share liquidity, receiving acceptance from the China Securities Regulatory Commission on May 9, 2020[35]. Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[150]. - The company has adopted a code of conduct for securities trading by its directors and supervisors, ensuring compliance during the reporting period[107]. - The company has revised its articles of association to comply with regulations regarding the conversion of non-listed domestic shares into overseas listed shares[109]. Human Resources - The company employed a total of 120 staff as of June 30, 2020, down from 143 employees on June 30, 2019[85].