Revenue and Sales Performance - Revenue for the six months ended June 30, 2024, was RMB 2,466.3 million, a decrease of 4.1% compared to RMB 2,570.6 million in the same period of 2023[7]. - Contracted sales value dropped to RMB 916.1 million, a decline of 62.8% from RMB 2,462.0 million in the same period of 2023[9]. - In the first half of 2024, Jingrui achieved a total contracted sales value of approximately RMB 916 million, representing a decrease of 62.8% compared to RMB 2.462 billion in the same period last year[23]. - For the six months ended June 30, 2024, the total contracted sales amount was approximately RMB 916 million, a decrease of 62.8% compared to RMB 2.462 billion in the same period last year[26]. - The contracted sales area fell to 57,130 square meters, down 57.9% from 135,565 square meters in the previous year[9]. - The average contracted selling price decreased by 11.7% to RMB 16,034 per square meter, down from RMB 18,161 per square meter[9]. - The total contracted sales area was approximately 57,130 square meters, with an average contracted sales price of RMB 16,034 per square meter[26]. - The contracted sales were primarily generated from Jiangsu Province (RMB 510.7 million, 55.7% of total sales) and municipalities directly under the Central Government (RMB 226.5 million, 24.7% of total sales) excluding car parks[46]. Profitability and Financial Performance - Gross profit increased significantly to RMB 140.2 million, representing a gross profit margin of 5.7%, up from 1.6% in the previous year[7][10]. - Core net loss attributable to equity holders was RMB 1,418.4 million, compared to RMB 1,363.9 million in the same period of 2023, reflecting an increase of 4.0%[7]. - The loss for the period was RMB 1,571.9 million for the six months ended June 30, 2024, compared to a loss of RMB 1,353.9 million in the corresponding period in 2023[94]. - The operating loss for the six months ended June 30, 2024, was RMB 1,157,186, compared to a loss of RMB 490,335 in the prior year, reflecting increased operational challenges[185]. - Total comprehensive loss for the period, net of tax, was RMB 1,594,446, compared to RMB 1,351,587 in the previous year, highlighting a significant increase in overall losses[186]. - The loss per share attributable to equity holders of the Company was RMB (0.96) for the six months ended June 30, 2024, compared to RMB (0.89) in the previous year[185]. Debt and Liquidity - The net debt-to-capital ratio increased to 677% as of June 30, 2024, compared to 386% at the end of 2023[10][12]. - The bondholders of RMB-denominated bonds due 2026 agreed to a gradual repayment plan starting from July 31, 2027, amid the company's liquidity challenges[25]. - As of June 30, 2024, the Group's borrowings amounted to RMB 16,937,916,000, with senior notes of RMB 9,754,293,000 overdue[194]. - The Group's cash at bank and on hand was only RMB 405,717,000, indicating significant liquidity concerns[181]. - The Group may face challenges in realizing cash from property sales and obtaining external financing due to a slowdown in the property market[194]. - The Group is actively negotiating with banks for the replacement and deferred repayment of certain borrowings[196]. - The Group has sufficient financial resources to support repayments of relevant loans under original repayment schedules, with ongoing discussions indicating lenders will not request immediate repayment[195]. Market Conditions and Strategic Focus - The company anticipates challenges in the second half of 2024 but remains focused on strategic adjustments to improve performance[14]. - The company is committed to enhancing its product offerings and exploring new market opportunities to drive future growth[14]. - The central government in 2024 aims to stabilize the real estate market and promote urban renewal, addressing risks prudently while supporting housing needs[19]. - The recovery of real estate sales data in the first half of 2024 was not as expected, indicating continued pressure on the operations of real estate enterprises[45]. - The Group's sales performance highlights the ongoing challenges in the real estate market, with significant year-on-year declines in both sales area and sales value[41]. Operational Adjustments and Cost Management - The company has focused on revitalizing inefficient and non-core assets to reduce debt and leverage, while enhancing product quality and core competitiveness[30][32]. - Employee costs for the six months ended June 30, 2024, amounted to RMB 128.1 million, down from RMB 184.1 million in the same period last year[67]. - Selling and marketing costs decreased by 22.9% to RMB 148.6 million for the six months ended June 30, 2024, down from RMB 192.8 million in the corresponding period last year[89]. - Administrative expenses increased by 30.7% to RMB 314.4 million for the six months ended June 30, 2024, compared to RMB 240.6 million in the same period of 2023[89]. - The company continues to focus on quality development and customer needs, aiming to enhance service offerings across various property types[64]. Corporate Governance and Shareholder Information - The Board has resolved not to declare any interim dividend for the six months ended 30 June 2024, consistent with the previous year[130]. - The Company has deviated from code provision C.2.1 of the Corporate Governance Code, as the roles of chairman and chief executive officer are held by the same individual, Mr. Yan Hao, since 30 March 2023[130]. - The Company has not appointed a new independent non-executive director at the AGMs held on 27 June 2023 and 18 June 2024, deviating from code provision B.2.4(b) of the Corporate Governance Code[132]. - The total number of shares issued as of June 30, 2024, is 1,538,813,213[175]. - Mr. Yan Hao holds 649,276,613 shares, representing 42.20% of the total shareholding[166]. Future Outlook and Strategic Plans - The company continues to focus on real estate development, property services, and asset management to navigate the current challenging market environment[37][40]. - The company plans to accelerate pre-sales and sales of properties under development and completed properties, responding to recent policy relaxations that stimulate demand[195]. - The company is monitoring its foreign currency exposure as it expands operations, although it currently does not have a foreign currency hedging policy[121].

本集團於2024年10月的合約簽約銷售額（連合營企業及聯營企業的銷售額）約為人民幣2.50億元，合同 銷售面積約為13,750平方米，合同銷售均價約人民幣18,182元╱平方米。 截至2024年10月31日止十個月，本集團累計合約簽約銷售額（連合營企業及聯營企業的銷售額）約為 人民幣17.16億元，合同銷售面積約為111,764平方米，合同銷售均價約人民幣15,354元╱平方米。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容所產生或因依賴該等內 容而引致的任何損失承擔任何責任。 JINGRUI HOLDINGS LIMITED 景瑞控股有限公司* （於開曼群島註冊成立的有限公司） （股份代號：01862） 2024年10月未經審計的營運數據 景瑞控股有限公司*（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬公司（「本集團」）2024年10 月未經審計的營運數據。 上述營運數據未經審計，乃根據本集團初步內部資料編製，鑒於整理該等銷售數據過程中可能存在 各種不確定因素，該等營運數據與本公司按年度或 ...

Financial Performance - For the six months ended June 30, 2024, the group's contract sales amounted to approximately RMB 916.1 million, a decrease of about 62.8% compared to the same period last year[1]. - The group's revenue for the same period reached RMB 2,466.3 million, a decrease of approximately 4.1% year-on-year, with a gross profit of RMB 140.2 million and a gross margin of 5.7%[1]. - The net loss for the six months ended June 30, 2024, was RMB 1,571.9 million, compared to a net loss of RMB 1,353.9 million in the same period last year[2]. - Operating loss for the period was RMB 1,157.2 million, significantly higher than the operating loss of RMB 490.3 million in the same period last year[2]. - The basic loss per share attributable to equity holders of the company was RMB 0.96, compared to RMB 0.89 in the previous year[2]. - For the six months ended June 30, 2024, total segment revenue was RMB 2,501,391,000, a decrease from RMB 2,625,239,000 for the same period in 2023, representing a decline of approximately 4.7%[16][17]. - The company reported a total loss of RMB 1,571,946,000 for the six months ended June 30, 2024, compared to a loss of RMB 1,353,898,000 for the same period in 2023, representing a decline of approximately 16.2%[16][17]. - The company reported a loss attributable to equity holders of RMB 1,483,247 thousand, compared to a loss of RMB 1,363,865 thousand for the same period in 2023, representing an increase in loss of approximately 8.8%[36]. Assets and Liabilities - As of June 30, 2024, the total assets of the group were RMB 36,128.2 million, a decrease of 8.6% from December 31, 2023[1]. - Total liabilities as of June 30, 2024, amounted to RMB 33,687.3 million, with total equity of RMB 2,440.9 million[6]. - As of June 30, 2024, the group's borrowings amounted to RMB 16,937,916,000, with RMB 9,754,293,000 of the senior notes overdue[9]. - The net debt-to-capital ratio was approximately 677% as of June 30, 2024, with total bank deposits and cash on hand amounting to RMB 405.7 million[1]. - The segment liabilities totaled RMB 73,137,181,000 as of June 30, 2024, down from RMB 75,021,873,000 at the end of 2023, indicating a reduction of about 2.5%[16][18]. Cash Flow and Financing - The company's cash and cash equivalents, including restricted cash, were only RMB 405,717,000 as of June 30, 2024[9]. - The company’s financing costs totaled RMB 534.2 million for the six months ended June 30, 2024, a decrease of 47.9% from RMB 1,024.5 million in the same period of 2023[69]. - The company’s cash flow needs are primarily met through cash reserves, proceeds from property sales, and new loans[64]. - The company is actively negotiating with lenders to restructure and extend repayment schedules for certain borrowings[10]. - The company has implemented several plans and measures to improve its liquidity and financial condition, which are detailed in the interim financial information note 2[86]. Revenue Breakdown - Property sales revenue for the six months ended June 30, 2024, was RMB 2,001,831,000, compared to RMB 2,066,674,000 in 2023[15]. - Property sales accounted for 81.2% of total revenue, amounting to RMB 2,001.8 million, down 3.1% from RMB 2,066.7 million in the previous year due to a decrease in the area delivered[51]. - Property management revenue was approximately RMB 392.0 million, remaining stable compared to RMB 391.7 million in the previous year, representing 15.9% of total revenue[51]. - Rental income decreased by 28.0% to RMB 60.5 million from RMB 84.1 million in the previous year, primarily due to the sale of investment properties[52]. Market Conditions and Strategy - The overall real estate market in China showed a decline, with a 19.5% year-on-year decrease in the sales area of commercial housing and a 15.8% decrease in sales value for the first half of 2024[39]. - The central government's focus for real estate policy in 2024 includes stabilizing the market and promoting urban renewal, aiming to address the ongoing downward pressure in the industry[40]. - The company is facing significant operational pressure due to the slower-than-expected recovery in real estate sales data for the first half of 2024[41]. - The company plans to enhance its business model by transitioning from a developer to a service provider, focusing on diversified development areas such as urban renewal and long-term rental apartments[41]. Employee and Operational Metrics - Employee costs for the first half of 2024 were RMB 128.1 million, down from RMB 184.1 million in the same period last year[48]. - The company employed 2,801 full-time employees as of June 30, 2024, a decrease from 2,990 employees at the end of 2023[48]. - The rental rate for apartment projects was 93.8% and for office projects was 76.0% as of June 30, 2024[46]. Dividends and Shareholder Information - The board of directors resolved not to declare any interim dividend for the six months ended June 30, 2024[1]. - The company did not declare any interim dividends for the six months ended June 30, 2024, consistent with the previous year[38]. - The company has applied for the resumption of trading of its shares on the stock exchange starting from November 5, 2024[90].

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，概不會就本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 JINGRUI HOLDINGS LIMITED 景瑞控股有限公司* （於開曼群島註冊成立的有限公司） （股份代號：01862） 董事會會議召開日期 景瑞控股有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於2024年11月4日（星期一）舉行董事 會會議，藉以審議及批准（其中包括）本公司及其附屬公司截至2024年6月30日止6個月之中期業績及 其發佈，以及考慮派發中期股息（如有）。 承董事會命 Jingrui Holdings Limited 景瑞控股有限公司* 主席 閆浩 香港，2024年10月31日 於本公告日期，本公司董事會由執行董事閆浩、徐海峰及陳超；非執行董事陳新戈；獨立非執行董 事韓炯、錢世政及盧永仁組成。 * 僅供識別 ...

Financial Performance - Total revenue for 2023 was RMB 7,294.5 million, a decrease of 7.8% compared to RMB 7,907.9 million in 2022[15] - Gross profit increased significantly to RMB 464.3 million, with a gross margin of 6.4%, up from 1.5% in the previous year[15] - The net loss attributable to shareholders was RMB 1,721.2 million, a reduction of 59.7% from RMB 4,269.8 million in 2022[15] - Revenue from property sales was RMB 6,265.8 million, down 8.0% from RMB 6,807.9 million in 2022, primarily due to lower average selling prices in second and third-tier cities[47] - The company's revenue for the year was RMB 7,294.5 million, compared to RMB 7,907.9 million in 2022, reflecting a decline of 7.7%[47] - Revenue from property sales accounted for 85.9% of total revenue, amounting to RMB 6,265.8 million, down 8.0% from RMB 6,807.9 million in 2022[69][73] Sales and Contracted Sales - Contracted sales amount decreased by 46.5% to RMB 3,787.4 million, with a contracted sales area of 210,469 square meters, down 50.7% from 427,019 square meters in 2022[16] - In 2023, the total contracted sales amount for the company was approximately RMB 3.787 billion, a decrease of 46.5% compared to RMB 7.076 billion in 2022[25] - The company's contracted sales amounted to approximately RMB 3,787.4 million in 2023, a decrease of 46.5% from RMB 7,075.6 million in 2022[47] - The total area of contracted sales was about 210,469 square meters, down from 427,019 square meters in the previous year[47] Debt and Financial Position - The net debt-to-equity ratio increased to 386% in 2023 from 267% in 2022, indicating a higher leverage position[17] - The company has initiated a debt restructuring plan for its offshore US dollar senior notes due to liquidity challenges[25] - The company's bank deposits and cash on hand, including restricted cash, amounted to RMB 626.3 million[48] - The net debt-to-capital ratio was approximately 386%[48] - Total outstanding borrowings decreased from RMB 18,412.7 million in 2022 to RMB 16,876.1 million in 2023, a reduction of 8.3%[91] Operational Strategy and Development - The company aims to enhance operational capabilities and asset value while focusing on core cities and urban areas[19] - The company plans to prioritize asset revitalization and improve delivery capabilities to gain trust from stakeholders[19] - The company is committed to a dual-driven business model focused on customer value, emphasizing light asset operations and refined management[9] - The company plans to deepen its asset management model and enhance operational capabilities to increase asset value and achieve high-quality growth[32] - The company plans to continue its development strategy focused on the Yangtze River Delta region and expand into key cities surrounding it[48] Market and Industry Trends - The total investment in real estate development nationwide in 2023 was RMB 1,109.13 billion, a decrease of 9.6% year-on-year[23] - The total sales area of commercial housing nationwide in 2023 was 1,117.35 million square meters, down 8.5% from the previous year[23] - In 2024, the real estate market is expected to experience a gradual recovery supported by favorable policies, including financial support for three major projects and a reduction in housing transaction taxes[30] Employee and Management Information - The company's employee costs for the year were RMB 226.3 million, significantly reduced from RMB 436.5 million in the previous year[68] - The company employed 2,990 full-time employees as of December 31, 2023, down from 3,082 employees in 2022[65] - The total number of employees as of December 31, 2023, is 2,990, with male employees accounting for 54.0% and female employees 46.0%[142] Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, ensuring compliance with high standards of corporate governance[126] - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, maintaining a strong independence structure[131] - The independent non-executive directors have been assessed for independence and are deemed to meet the criteria set forth in the Listing Rules[134] - The company has established a whistleblowing policy to allow employees to report concerns regarding financial reporting and internal controls confidentially[165] - The board has established three committees, including the audit committee, remuneration committee, and nomination committee, to oversee specific aspects of the company's affairs[130] Risk Management - The company’s risk management and internal control systems are deemed effective and sufficient by the board of directors[190] - The Audit Committee is responsible for monitoring the integrity of the financial statements and ensuring compliance with accounting standards and legal regulations[162] - The company conducts regular reviews of its risk management policies and internal controls to ensure compliance with applicable laws and regulations[184] Future Outlook - Future outlook for 2024 indicates a gradual recovery in the real estate market supported by favorable policies, with a focus on maintaining stakeholder interests and enhancing delivery capabilities[108] - The company plans to hold its annual general meeting on June 18, 2024, to present independent resolutions for shareholder voting[196]

Financial Performance - For the year ended December 31, 2023, the contracted sales amounted to approximately RMB 3,787.4 million, a decrease of 46.5% compared to the previous year[4]. - Revenue for the year was RMB 7,294.5 million, representing a decline of approximately 7.8% year-on-year, with a gross profit of RMB 464.3 million and a gross margin of 6.4%[4]. - The company recorded a net loss of RMB 1,841.3 million for the year[4]. - Basic and diluted loss per share for the year was RMB 1.12, compared to RMB 2.78 in the previous year[7]. - The group recorded a loss of approximately RMB 1,841,331,000 for the year ended December 31, 2023, with total borrowings amounting to RMB 16,876,122,000, of which RMB 12,304,443,000 is due within the next twelve months[20]. - The net loss attributable to equity holders for the year was RMB 1,721.2 million, an improvement from a loss of RMB 4,269.8 million in 2022[72]. - The group reported a loss before tax of RMB 1,715,512 for the year, compared to a loss of RMB 4,091,441 in the previous year, indicating an improvement[36]. Assets and Liabilities - As of December 31, 2023, total assets were RMB 39,507.6 million, with a net debt-to-capital ratio of approximately 386%[4]. - The total cash and bank deposits, including restricted cash, amounted to RMB 626.3 million as of December 31, 2023[4]. - The total outstanding borrowings decreased from RMB 18,412.7 million at the end of 2022 to RMB 16,876.1 million at the end of 2023[111]. - The net debt-to-equity ratio was approximately 386% as of December 31, 2023, indicating significant leverage[74]. - The total amount of other receivables decreased from RMB 6,726,171,000 in 2022 to RMB 6,380,895,000 in 2023, a reduction of about 5.1%[57]. - The total trade and other payables as of December 31, 2023, were RMB 8,233,763 thousand, down 9.5% from RMB 9,093,677 thousand in 2022[65]. Cash Flow and Financing - The group has not paid the principal and interest on several priority notes, resulting in overdue borrowings of RMB 9,693,935,000[23]. - The group is actively communicating with lenders to ensure repayment according to the original schedule, despite the absence of immediate repayment requests[24]. - The group plans to accelerate the pre-sale and sale of properties to improve cash flow and has identified potential buyers for certain held properties to supplement operating funds[24]. - The group aims to maintain sufficient funds to meet its financial obligations over the next 12 months, despite uncertainties in the real estate market and financing support[25]. - The group will continue to seek refinancing opportunities, including the exchange of existing priority notes or other borrowings[28]. - The net financing costs decreased to RMB 898.5 million from RMB 1,830.1 million year-on-year[5]. Revenue Sources - The property development platform generated revenue of RMB 6,338,614, while the real estate platform and other platforms contributed RMB 212,389 and RMB 824,585, respectively[36]. - Revenue from property sales amounted to RMB 6,265.8 million, representing 85.9% of total revenue, and decreased by 8.0% compared to RMB 6,807.9 million in the previous year[92]. - The rental income decreased by 27.6% to RMB 170.4 million from RMB 235.3 million in the previous year[92]. - The property management services revenue increased by 1.7% to RMB 793.7 million, up from RMB 780.1 million in the previous year, accounting for 10.9% of total revenue[92]. Operational Efficiency - The company reported a significant reduction in administrative expenses, down to RMB 310.8 million from RMB 922.5 million in the previous year[5]. - The total expenses for sales costs, marketing costs, and administrative expenses decreased from RMB 9,275,706,000 in 2022 to RMB 7,461,977,000 in 2023, representing a reduction of approximately 19.5%[43]. - The cost of properties sold decreased from RMB 6,945,936,000 in 2022 to RMB 6,120,384,000 in 2023, a decline of about 11.9%[43]. - Employee costs for the year amounted to RMB 226.3 million, significantly lower than RMB 436.5 million in the previous year[90]. Corporate Governance - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2023[4]. - The company has adopted the corporate governance code as per the listing rules and has been compliant with most principles, although it deviated from certain provisions[133]. - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code[134]. - The company is currently seeking suitable candidates to comply with the corporate governance code regarding independent non-executive directors[138]. Market Conditions - The global economic growth rate is projected to decline from 2.7% in 2023 to 2.4% in 2024, impacting market conditions[67]. - The company’s strategic product positioning is expected to expand its potential customer base due to rapid economic growth and urbanization in the Yangtze River Delta region[75]. - The company has a strong focus on developing properties tailored to first-time homebuyers and those looking to improve their living conditions, which constitute a significant portion of the market[75].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 2,570.6 million, representing a 4.0% increase from RMB 2,471.2 million in 2022[16]. - Gross profit decreased significantly to RMB 40.0 million, with a gross profit margin of 1.6%, down from 8.2% in the previous year[16][20]. - The net loss attributable to equity holders for the period was RMB (1,363.9) million, a slight improvement from RMB (1,462.1) million in 2022, reflecting a 6.7% decrease in losses[16]. - Revenue from property sales for the first half of 2023 was RMB 2,066.7 million, an increase of approximately 8.6% compared to the same period last year[72]. - Revenue from property sales accounted for 80.4% of total revenue, amounting to RMB 2,066.7 million, which is an 8.6% increase compared to RMB 1,902.2 million in the corresponding period of 2022[95][99]. - The rental income decreased by 29.2% to RMB 84.1 million, down from RMB 118.8 million in the same period last year[95]. - The Group's cost of sales amounted to RMB 2,530.6 million, an increase of 11.6% compared to RMB 2,268.3 million in the same period last year, aligning with revenue growth[108]. - Gross profit for the first half of 2023 was RMB 40.0 million, with a gross profit margin of 1.6%, down from RMB202.9 million and 8.2% in the same period of 2022, primarily due to lower selling prices and higher land costs[113]. Sales and Contracted Values - Contracted sales value dropped to RMB 2,462.0 million, a decline of 45.4% compared to RMB 4,509.0 million in the same period last year[18]. - Contracted sales area also fell by 52.5% to 135,565 sq.m. from 285,518 sq.m. in 2022[18]. - The average contracted selling price increased by 15.0% to RMB 18,161 per sq.m. from RMB 15,792 per sq.m. in the previous year[18]. - For the six months ended June 30, 2023, Jingrui achieved a total contracted sales value of approximately RMB2.462 billion, representing a decrease of 45.4% compared to RMB4.509 billion in the same period last year[30]. - The contracted sales area for the same period was approximately 135,565 sq.m., with an average contracted selling price of RMB18,161/sq.m.[30]. Market Conditions and Challenges - Future guidance remains cautious due to prevailing market conditions, with a focus on stabilizing sales and improving profitability[16]. - The central government's focus for real estate regulation in 2023 is on "risk prevention and market stabilization," with no strong stimulus measures introduced[25]. - The recovery of real estate sales data in Q2 2023 was below expectations, indicating continued pressure on real estate enterprises[54]. - The sales area of commercial properties in China decreased by 5.3% year-on-year, while the sales area of residential properties declined by 2.8% in the first half of 2023[24]. - The area of new housing construction by real estate developers decreased by 24.3% year-on-year, while the area of housing completion increased by 19.0%[24]. Debt and Liquidity - The net debt-to-capital ratio increased to 333% as of June 30, 2023, compared to 267% at the end of 2022[20]. - Jingrui is facing liquidity difficulties and has engaged financial and legal advisors to initiate debt restructuring for its offshore USD denominated senior notes[32]. - The Group's bondholders agreed to suspend payments on RMB denominated bonds until July 31, 2024, with gradual repayments starting thereafter[32]. - As of June 30, 2023, cash at bank and on hand decreased by approximately 13.9% to RMB1,164.2 million from RMB1,352.1 million as of December 31, 2022[136]. - Total outstanding borrowings decreased from RMB18,412.7 million as of December 31, 2022 to RMB17,831.6 million as of June 30, 2023[137]. - Current borrowings increased by 10.3% to RMB14,672.3 million compared to RMB13,296.7 million as of December 31, 2022[143]. - Non-current borrowings decreased significantly by 38.2% to RMB3,159.3 million from RMB5,116.0 million[143]. Operational Efficiency and Strategy - The company is focusing on market expansion and new product development to improve future performance[16]. - Management indicated ongoing efforts to enhance operational efficiency and reduce costs in response to market challenges[16]. - The company aims to reduce liabilities and leverage while enhancing operational and service capabilities in response to the current real estate market challenges[48]. - Jingrui has focused on revitalizing inefficient and non-core assets to enhance quality and profitability[37]. - The company plans to continue exploring new business strategies under the new real estate development model to create new value[48]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions for the six months ended June 30, 2023, except for deviations regarding the roles of chairman and chief executive officer[179]. - The Board comprises three executive Directors, one non-executive Director, and three independent non-executive Directors, ensuring a strong independence element in its composition as of June 30, 2023[180]. - The Audit Committee, consisting of three independent non-executive Directors, reviewed the unaudited interim report for the six months ended June 30, 2023[192]. - The Board confirmed that there are currently no plans for significant investments aside from routine property development and seeking potential independent third-party investors for various projects[174]. - The Board resolved not to declare any interim dividend for the six months ended June 30, 2023, consistent with the previous year[177].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依賴該等內 容而引致的任何損失承擔任何責任。 JINGRUI HOLDINGS LIMITED 景瑞控股有限公司* （於開曼群島註冊成立的有限公司） （股份代號：01862） （債券股份代號：40659及40866） 中期業績公告 截至2023年6月30日止六個月 中期業績摘要 • 截至2023年6月30日止六個月，本集團合約銷售額約為人民幣2,462.0百萬元，較去年同期下 降約45.4%。 • 截至2023年6月30日止六個月，本集團的收入達人民幣2,570.6百萬元，較去年同期增加約 4.0%。毛利為人民幣40.0百萬元，毛利率為1.6%。 • 截至2023年6月30日止六個月，本集團淨虧損為人民幣1,353.9百萬元。 ...

Financial Performance - Total revenue for 2022 was RMB 7,907.9 million, a decrease of 41.6% from RMB 13,551.6 million in 2021[12] - Gross profit dropped to RMB 115.2 million, representing a gross margin of 1.5%, down from 18.0% in 2021[12] - The net loss attributable to equity holders was RMB 4,269.8 million, compared to a net profit of RMB 127.5 million in 2021[49] - Revenue from property sales was RMB 6,807.9 million, down 44.0% from RMB 12,150.4 million in 2021, accounting for 86.1% of total revenue[49] - The company's gross profit decreased by 94.9% from RMB 2,440 million in 2021 to RMB 115.2 million in 2022, resulting in a gross margin of approximately 1.5% compared to 18.0% in the previous year[85] - The company's net financing income decreased by 49.3% to RMB 299.3 million in 2022, while financing costs surged by 147.8% to RMB 2,129.4 million, attributed to rising borrowing rates and currency exchange losses[92] Sales and Contracted Sales - Contracted sales amounted to RMB 7,075.6 million, a significant decline of 73.8% compared to RMB 27,011.1 million in the previous year[13] - The average contracted sales price per square meter decreased by 12.1% to RMB 16,569.8 from RMB 18,849.3[13] - The total contracted sales area for the company reached 427,019 square meters, generating a total sales amount of RMB 7,075.615 million, with an average selling price of RMB 16,570 per square meter[61] - The total sales area of commercial housing in China was 1.358 billion square meters, a decrease of 24.3%, with residential sales area down by 26.8%[20] Debt and Financial Leverage - The net debt-to-equity ratio surged to 267% in 2022, up from 94% in 2021, indicating increased financial leverage[14] - As of December 31, 2022, the group's bank deposits and cash (including restricted cash) totaled RMB 1,352.1 million, with unused bank credit lines of approximately RMB 21,938.4 million[51] - The total outstanding borrowings decreased from RMB 21,598 million at the end of 2021 to RMB 18,412.7 million by the end of 2022[100] - Short-term borrowings accounted for 72.2% of total borrowings in 2022, up from 50.6% in 2021[103] Operational Strategy - The company aims to enhance operational capabilities and asset value by focusing on core cities and urban areas[17] - The company plans to prioritize "delivery capability" to gain trust from government, homebuyers, and investors amid liquidity challenges[17] - The company is committed to a "light asset" operational model, focusing on quality improvement and operational efficiency[7] - The company aims to enhance liquidity by actively seizing financing opportunities, focusing on "ensuring delivery" as a core task amidst the current liquidity challenges in the real estate market[32] Market Conditions - The real estate development investment in China for 2022 was RMB 13.29 trillion, a decline of 10% year-on-year, with residential investment down by 9.5%[20] - The real estate market in 2023 is expected to remain in a "de-stocking" phase, with a focus on ensuring project delivery and improving financing conditions for real estate companies[30] - The outlook for 2023 indicates that the Chinese real estate market will continue to focus on "housing for living, not for speculation," with policies on both supply and demand expected to be further optimized[117] Corporate Governance - The board of directors consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with listing rules regarding independent director appointments[139] - The company has established four board committees: audit committee, remuneration committee, nomination committee, and risk management committee to oversee specific aspects of the company's affairs[138] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[136] - The board has confirmed the effectiveness of independent non-executive directors in providing independent views and opinions as of the year ending December 31, 2022[143] Employee and Workforce Management - As of December 31, 2022, the company employed 3,082 full-time employees, a slight decrease from 3,160 employees in the previous year[73] - The total employee cost for the year was RMB 436.5 million, down from RMB 495.1 million in the previous year, reflecting a decrease in workforce[74] - The company has a total of 3,082 employees as of December 31, 2022, with male employees accounting for 58.3% and female employees for 41.7%[152] Asset Management and Investments - The company established 25 funds under its asset management platform, with a total fund management scale of approximately RMB 9.22 billion as of December 31, 2022[24] - The company’s investment platform, Hefeng Capital, has invested a total of RMB 1.164 billion in 15 projects, achieving an exit from 4 projects with a return rate of 18.1%[25] - The company aims to optimize its capital structure through its real estate fund platform, enhancing fundraising and asset management capabilities[67] Awards and Recognition - The company received multiple awards in 2022, including "Influential Real Estate Brand of the Year" and "Best Operator for Urban Renewal"[4] - The company has been recognized with awards such as "Top 100 Comprehensive Strength Property Service Enterprises in China 2022" and "Outstanding Property Brand Enterprise 2022"[29]

Financial Performance - Total revenue for 2021 was RMB 13,551.6 million, a 6.0% increase from RMB 12,782.4 million in 2020[11] - Gross profit for 2021 was RMB 2,440.0 million, with a gross margin of 18.0%, down from 19.6% in 2020[11] - Core net profit attributable to shareholders was RMB 126.8 million, a significant decrease of 86.9% from RMB 965.2 million in 2020[11] - The net profit for the year 2021 was RMB 393.8 million, with profit attributable to equity holders amounting to RMB 127.5 million[96] - Revenue from property sales amounted to RMB 12,150.4 million, representing 89.7% of total revenue, with a year-on-year increase of 1.5%[79] - Property management service revenue increased by approximately 37.4% to RMB 723.1 million, driven by a significant increase in managed building area and third-party property management fees[81] Sales and Contracted Projects - Contracted sales amount reached RMB 27,011.1 million, a 5.9% increase compared to RMB 25,507.0 million in 2020[12] - The average contracted sales price per square meter decreased by 14.5% to RMB 18,849.3 in 2021 from RMB 22,033.3 in 2020[12] - In 2021, the company achieved a contracted sales amount of approximately RMB 27.011 billion, representing a year-on-year growth of 5.9% compared to RMB 25.507 billion in 2020[21] - The company reported a total contracted sales area of 1,433,005 square meters, excluding parking spaces[59] Debt and Financial Position - The net debt-to-equity ratio rose to 94% in 2021, compared to 69% in 2020, indicating increased leverage[13] - As of December 31, 2021, the company's cash and bank deposits reached RMB 10,991.0 million, with unused bank credit lines of approximately RMB 25,896.4 million[51] - The total outstanding borrowings increased to RMB 21,598.0 million from RMB 21,444.8 million as of December 31, 2020[101] - The net debt-to-capital ratio was approximately 94%, indicating a reasonable level of debt relative to the company's current development stage[51] Strategic Focus and Business Development - The company aims to transition from a traditional developer to an asset management service provider, focusing on light asset operations and customer value[7] - The company plans to enhance operational capabilities and reduce debt to achieve quality growth amid macroeconomic changes[7] - The company plans to continue focusing on core urban areas and enhancing the value of existing assets through urban renewal and refined operations[21] - The company aims to promote the development of long-term rental housing and support the reasonable housing needs of buyers in the future[19] Market and Industry Trends - The real estate development investment in China grew by 4.4% in 2021, with total sales area reaching 1.79433 billion square meters, an increase of 1.9%[19] - The total sales amount of commercial housing in China was RMB 1.8193 trillion, reflecting a growth of 4.8%[19] - The overall sales target completion rate for the real estate industry in 2021 was significantly lower than the previous year due to tightened loans and decreased buyer confidence[45] Corporate Governance - The company has maintained high standards of corporate governance to protect shareholder rights and enhance corporate value and accountability[136] - The company adopted the corporate governance code as per the Stock Exchange Listing Rules and has complied with it for the year ending December 31, 2021[136] - The board consists of four executive directors and three independent non-executive directors, ensuring strong independence[139] - The company has established four board committees: Audit Committee, Remuneration Committee, Nomination Committee, and Risk Management Committee[138] Risk Management - The company is committed to maintaining effective risk management and internal control systems[164] - The Risk Management Committee is responsible for reviewing the effectiveness of the risk management and internal control systems annually[175] - The company has a structured process for identifying, assessing, and managing significant risks, including risk evaluation and reporting procedures[183] Employee and Operational Metrics - The company employed 3,160 full-time employees as of December 31, 2021, an increase from 3,017 employees the previous year[76] - The occupancy rate for rental apartment projects was 94.9% and for office projects was 78.5% as of December 31, 2021[70] Future Outlook - The outlook for 2022 indicates a focus on stable growth and risk prevention in the real estate sector, with policies promoting healthy development[117] - The company aims to enhance product quality and operational capabilities while deepening its asset management model[117]