久期财经讯，6月30日，上周iBoxx中资美元债投资级指数上涨0.59，投机级上涨1.25;iBoxx中资美元债投资级到期收益率下跌0.06%，投机级下跌0.12%。 国内宏观新闻方面，中国人民银行等六部门联合印发《关于金融支持提振和扩大消费的指导意见》，其中提到，夯实宏观经济基础，稳定消费预期。加大实 体经济支持力度，强化金融与财政、产业等政策协同联动。实施好货币政策，加强逆周期和跨周期调节，综合运用准备金、再贷款再贴现、公开市场操作等 多种货币政策工具，保持流动性充裕，持续推动社会综合融资成本下降。实施好财政政策，更好发挥消费在畅通国民经济循环、拉动经济增长中的积极作 用。健全投资和融资相协调的资本市场功能，推动中长期资金入市，促进资本市场稳定发展。 中国人民银行货币政策委员会2025年第二季度(总第109次)例会于6月23日召开。会议研究了下阶段货币政策主要思路，建议加大货币政策调控强度，提高货 币政策调控前瞻性、针对性、有效性，根据国内外经济金融形势和金融市场运行情况，灵活把握政策实施的力度和节奏。保持流动性充裕，引导金融机构加 大货币信贷投放力度，使社会融资规模、货币供应量增长同经济增长、价格总水平 ...

中骏集团控股公告，公司针对裕威国际的清盘申请已于2025年6月23日(英属维尔京群岛时间)获得维尔 京法院批准撤销。 ...

智通财经APP获悉，截止5月22日收盘，有88只股票创52周新高，其中名仕快相(08483)、茂盛控股 (00022)、帝王实业控股(01950)创高率位于前3位，分别为67.60%、46.55%、45.71%。 | 南方东英越南３０ | 6.690 | 6.690 | 0.22% | | --- | --- | --- | --- | | (03004) | | | | | 诺诚健华(09969) | 10.960 | 11.320 | 0.18% | | 港灯－ＳＳ(02638) | 5.680 | 5.680 | 0.18% | | ESR(01821) | 12.860 | 12.860 | 0.16% | | 招商局港口(00144) | 14.320 | 14.460 | 0.14% | | 紫金矿业(02899) | 18.580 | 18.980 | 0.12% | | Ａ博时人民币－Ｒ | 1,059.000 | 1,059 | 0.05% | | (83192) | | | | | 工银南方国债(03199) | 115.400 | 115.400 | 0.04% | | Ａ博时港元(03 ...

上周（2025年4月21日-27日），昆明楼市成交量跌价涨，四代宅、零公摊、负公摊的改善型产品成交带 动价格上涨，多项目预热五一推出提前购优惠。首个第四代住宅义承·丹霞翠屿终于开卖，成交均价破2 万元大关；新一期LPR维持不变，新希望·公元锦悦提前交付，昆明轨交集团底价摘取世博车辆段商业 用地。 据克而瑞发布的最新数据显示，上周昆明楼市共计供应1.31万㎡，环比下跌17%；成交5.19万㎡，环比 微跌3%；成交均价约13341元/㎡，环比略涨4%。 （图源：克而瑞） 从"双榜"情况看，四代宅邦泰·观云热销，位居榜首，单周销售金额约0.78亿元，成交26套，成交均价约 18892元/㎡，套均价约299万元/套；位于双塔板块的龙湖新希望锦粼天曜，分别位居第二、第三，销售 金额约0.4亿元，成交15套房源，成交均价约18109元/㎡。 邦泰·璟和、美的·北京路9号为代表的高端改善型住宅项目持续走量，分别销售0.36亿元、0.26亿元，成 交均价约18171元/㎡、18879元/㎡。同时，作为昆明首批零公摊代表项目的万科·桂语东方，也以0.23亿 元的销售金额上榜，成交均价约15225元/㎡，套均价约180万/套。 ...

Financial Performance - For the year ended 31 December 2024, the Group reported revenue of RMB 40,770,075, representing a 94.5% increase compared to RMB 20,960,968 in 2023[18]. - Gross profit for the same period was RMB 6,235,537, which is a 137.0% increase from RMB 2,630,992 in 2023[18]. - The loss attributable to owners of the parent decreased slightly to RMB (7,863,349) from RMB (7,991,050), reflecting a 1.6% improvement[18]. - The Group recorded a loss attributable to owners of the parent of approximately RMB 7.863 billion due to impairment provisions and fair value losses on investment properties[29][32]. - The Group achieved recognised property sales income of approximately RMB 38.843 billion in 2024, representing a year-on-year increase of approximately 103.4%[68]. - The average selling price of properties rose to RMB 14,907 per sq.m. in 2024, reflecting a significant year-on-year increase of approximately 82.8%[68]. - The total revenue for 2024 increased by approximately 94.5% to approximately RMB 40.770 billion from approximately RMB 20.961 billion in 2023[80]. - Property management fees increased by approximately 3.2% to approximately RMB 1.202 billion in 2024, driven by an increase in the number and floor area of properties under management[82]. - Rental income grew by approximately 9.2% to approximately RMB 578.634 million in 2024, mainly due to contributions from newly opened shopping malls[83]. Assets and Liabilities - Total assets as of 31 December 2024 were RMB 128,285,226, down 23.6% from RMB 167,889,687 in 2023[20]. - Cash and bank balances decreased by 37.3% to RMB 4,045,017 from RMB 6,448,926 in 2023[20]. - Total liabilities decreased by 20.1% to RMB (117,715,353) from RMB (147,407,361) in 2023[20]. - Total equity fell by 48.4% to RMB 10,569,873 compared to RMB 20,482,326 in 2023[20]. - The Group's total assets pledged to secure bank and other borrowings and domestic bonds amounted to RMB 63,437,677,000 in 2024, slightly down from RMB 63,579,208,000 in 2023[121]. - Total borrowings as of December 31, 2024, amounted to RMB 35,418,566,000, a slight decrease from RMB 35,907,119,000 in 2023[116]. - As of December 31, 2024, the net gearing ratio was approximately 296.8%, a significant increase from 143.8% as of December 31, 2023[122][125]. Sales and Market Performance - Contracted sales amounted to approximately RMB 11.226 billion, with a contracted sales area of approximately 1.23 million sq.m, representing a year-on-year decrease of approximately 59.6% and 46.5%, respectively[30][33]. - The four cities with the largest contracted sales were Hangzhou, Beijing, Nanjing, and Suzhou, accounting for approximately 40.3% of the total contracted sales amount[31]. - The Yangtze River Delta Economic Zone accounted for approximately 41.3% of the total contracted sales amount, with sales of approximately RMB 4.640 billion[64]. - The sales of newly developed national commodity houses in 2024 amounted to approximately RMB 9,675 billion, a year-on-year decrease of 17.1%[49]. - The sales area of newly developed national commodity houses was approximately 974 million sq.m., representing a year-on-year decrease of 12.9%[49]. Operational Strategy and Development - The Company aims to maintain a proactive and prudent development strategy to secure its regional leading position[6]. - The Group plans to enhance property project management, ensure project progress, and improve product quality to meet the demand for improved properties[36][38]. - The Group will deepen regional business management of shopping mall operations and enhance operational performance through targeted strategies[40]. - The Group prioritizes "Ensuring Delivery" in its business operations, aiming for excellence and strengthening competitiveness in its "Two Wings" business[41]. - The Group's focus on long-term rental apartments and shopping malls is part of its strategy to enhance operational efficiency[65]. Governance and Management - The company has a strong management team with over 29 years of real estate development experience among its founders, which supports strategic decision-making[170][171]. - The company has established subsidiaries in the PRC, Hong Kong, the Cayman Islands, and the British Virgin Islands, indicating a broad market presence[174][176]. - The company emphasizes the importance of corporate governance and has established various committees to ensure compliance and effective management[182][183]. - The company has a corporate governance committee chaired by Huang Youquan, emphasizing its focus on governance practices[173]. - The independent non-executive director, Ting Leung Huel Stephen, has over 40 years of experience in accounting and auditing, contributing to the board's expertise[178]. Employee and Customer Relations - As of December 31, 2024, the Group employed a total of 6,201 employees, a decrease from 6,845 employees in 2023, with total employee costs approximately RMB 660,062,000 compared to RMB 943,489,000 in 2023[136]. - The male-to-female ratio in the workforce is approximately 1:0.57, with 3,950 male employees and 2,251 female employees, which the Board considers satisfactory[136]. - The Group emphasizes customer satisfaction and has conducted a residential customer satisfaction survey to gather feedback and improve project quality and services[149]. - The company maintains strong relationships with existing and potential clients, emphasizing customer satisfaction through various feedback channels and surveys[153]. Future Outlook - Looking forward to 2025, the Group expects the real estate market to continue to bottom out, with anticipated government policies to boost market confidence[35][38]. - The real estate market in China is expected to bottom out due to government policies aimed at stabilizing the market[48].

Financial Performance - Revenue increased significantly by approximately 94.5% to about RMB 40,770,075,000[2] - The company reported a loss attributable to the parent company of approximately RMB 7,863,349,000[2] - The total comprehensive loss for the year amounted to approximately RMB 8,407,463,000[6] - The company experienced a net loss before tax of approximately RMB 8,211,620,000[3] - The company reported a net loss attributable to shareholders of RMB 7,863,349 thousand for the year ending December 31, 2024, compared to a loss of RMB 7,991,050 thousand in the previous year, indicating a slight improvement[7] - Total comprehensive loss for the year was RMB 8,407,463 thousand, down from RMB 8,900,799 thousand in the previous year, reflecting a reduction in overall losses[7] - The group reported a pre-tax loss of 530,406 thousand RMB for the year 2024, compared to 725,878 thousand RMB in 2023, indicating a decrease of approximately 26.9%[30] - The company recorded a slight decrease in loss attributable to equity holders from about RMB 7.99 billion in 2023 to approximately RMB 7.86 billion in 2024, attributed to increased gross profit from property deliveries[61] Revenue Sources - Revenue from property sales amounted to RMB 38,843,471 thousand, compared to RMB 19,095,549 thousand, indicating a growth of about 103% year-over-year[28] - Other income and gains totaled RMB 286,830 thousand, up from RMB 660,818 thousand, reflecting a decrease of approximately 57%[28] - The company’s management fee income was RMB 1,201,595 thousand, slightly up from RMB 1,164,184 thousand, reflecting a growth of around 3%[28] - The company recorded a total of RMB 30,969 thousand in rental income, an increase from RMB 26,782 thousand, representing a growth of approximately 15%[28] - The company’s land development income was RMB 42,648 thousand, with no income reported in the previous year, indicating a new revenue stream[28] Cost and Expenses - The cost of sales increased to RMB 34,534,538,000, reflecting the growth in revenue[3] - Financial expenses totaled RMB 1,893,627 thousand, an increase from RMB 1,492,343 thousand, marking a rise of about 27%[29] - The cost of goods sold was 33,412,335 thousand RMB in 2024, compared to 17,475,980 thousand RMB in 2023, representing an increase of approximately 91%[30] - The group’s employee benefit expenses totaled 556,217 thousand RMB in 2024, down from 837,385 thousand RMB in 2023, indicating a decrease of about 33.5%[30] - Administrative expenses decreased by approximately 28.7% from about RMB 1.71 billion in 2023 to approximately RMB 1.22 billion in 2024, mainly due to strict cost control measures[57] Assets and Liabilities - Non-current assets increased to RMB 49,227,234 thousand in 2024 from RMB 37,923,422 thousand in 2023, showing a growth of approximately 30%[10] - Current assets rose to RMB 118,662,453 thousand in 2024, compared to RMB 90,361,804 thousand in 2023, representing an increase of about 31%[10] - The company’s total liabilities increased to RMB 118,662,453 thousand in 2024, compared to RMB 90,361,804 thousand in 2023, indicating a rise of approximately 31%[10] - Total equity decreased to RMB 10,569,873 thousand from RMB 20,482,326 thousand, representing a decline of about 48.7% year-over-year[11] - The company’s retained earnings decreased significantly from RMB 9,358,611 thousand to RMB 1,330,890 thousand, a decline of approximately 85.8% year-over-year[11] Cash Flow and Financing - The company reported cash and cash equivalents of RMB 2,920,538 thousand in 2024, down from RMB 4,884,525 thousand in 2023, indicating a decrease of about 40%[10] - The company's interest-bearing bank and other loans, preferred notes, and domestic bonds amounted to approximately RMB 35.419 billion, with cash and cash equivalents of about RMB 2.921 billion[18] - The group has triggered multiple defaults or cross-default events on its offshore preferred notes and certain interest-bearing bank and other loans, with defaults amounting to RMB 19.671 billion and accrued interest of RMB 2.302 billion[18] - The group’s total loans amounted to RMB 35,418,566,000 as of December 31, 2024, compared to RMB 35,907,119,000 in 2023[64] - The net debt ratio increased to approximately 296.8% as of December 31, 2024, up from 143.8% in 2023[65] Market and Strategic Outlook - The company plans to explore new market expansions and product developments in the upcoming fiscal year[3] - The group anticipates that the Chinese real estate market will enter a prolonged bottoming phase, with expectations for more favorable policies from central and local governments to boost market confidence[48] - The group plans to enhance project management and ensure construction progress while promoting pre-sales and current housing sales[48] - The company aims to sell certain investment properties and non-core businesses to generate more cash inflow[21] Governance and Compliance - The company has adhered to the Corporate Governance Code, with the roles of Chairman and CEO being held by the same individual, which the board believes enhances operational efficiency[74] - The consolidated financial statements for the year ending December 31, 2024, have been reviewed and are consistent with the draft amounts[71] - The group is committed to transparency in its financial reporting, ensuring that all relevant amendments and classifications are adhered to[25]

Financial Performance - Revenue increased significantly by approximately 94.5% to about RMB 40,770,075,000[2] - The company reported a loss attributable to the parent company of approximately RMB 7,863,349,000[2] - The total comprehensive loss for the year amounted to approximately RMB 8,407,463,000[6] - The company experienced a net loss before tax of approximately RMB 8,211,620,000[3] - The company reported a net loss attributable to shareholders of RMB 7,863,349 thousand for the year ending December 31, 2024, compared to a loss of RMB 7,991,050 thousand in the previous year, indicating a slight improvement[7] - Total comprehensive loss for the year was RMB 8,407,463 thousand, down from RMB 8,900,799 thousand in the previous year, reflecting a reduction in overall losses[7] - The group recorded a loss attributable to equity holders of approximately RMB 7.863 billion as of December 31, 2024[18] - The group reported a pre-tax loss of RMB 530,406,000 for the year 2024, compared to RMB 725,878,000 in 2023, indicating a decrease of approximately 26.9%[30] Revenue Sources - Total revenue for the group reached RMB 40,770,075 thousand, a significant increase from RMB 20,960,968 thousand[28] - Revenue from property sales amounted to RMB 38,843,471 thousand, compared to RMB 19,095,549 thousand in the previous year, reflecting a growth of approximately 103%[28] - Other income and gains totaled RMB 286,830 thousand, up from RMB 660,818 thousand, indicating a decrease in this segment[28] - The company reported a net income from rental income of RMB 30,969 thousand, compared to RMB 26,782 thousand previously, marking an increase of approximately 15%[28] - The total amount of management fee income was RMB 103,727 thousand, which is a decrease from RMB 171,555 thousand[28] Cost and Expenses - The cost of sales increased to RMB 34,534,538,000, reflecting the growth in revenue[3] - Financial expenses totaled RMB 1,893,627 thousand, an increase from RMB 1,492,343 thousand, showing a rise of about 27%[29] - The company's total financial liabilities interest amounted to RMB 2,806,275 thousand, slightly up from RMB 2,709,362 thousand[29] - The company's total capitalized interest decreased to RMB (912,648) thousand from (1,217,019) thousand, indicating a reduction in capitalized costs[29] - The total tax expense for the year was RMB 937,852,000, compared to RMB 189,504,000 in the previous year, showing a significant increase[32] Assets and Liabilities - Non-current assets increased to RMB 49,227,234 thousand in 2024 from RMB 37,923,422 thousand in 2023, showing a growth of approximately 30%[10] - Current assets rose to RMB 118,662,453 thousand in 2024, compared to RMB 90,361,804 thousand in 2023, representing an increase of about 31%[10] - The company’s total liabilities increased to RMB 118,662,453 thousand in 2024, compared to RMB 90,361,804 thousand in 2023, indicating a rise of approximately 31%[10] - The company’s total equity attributable to shareholders decreased to RMB 7,934,472 thousand in 2024 from RMB 8,401,124 thousand in 2023, reflecting a decline of about 5.5%[7] - The group has triggered multiple defaults or cross-default events on its offshore preferred notes and certain interest-bearing bank and other loans since October 2023, with defaults totaling approximately RMB 19.671 billion and accrued interest of RMB 2.302 billion[18] Market and Strategy - The company plans to explore new strategies for market expansion and product development in the upcoming fiscal year[3] - The group plans to adjust its sales strategy to accelerate property pre-sales and sales, as well as expedite the collection of sales proceeds[21] - The group aims to sell certain investment properties and non-core businesses to generate additional cash inflow[21] - The group anticipates that the Chinese real estate market will enter a prolonged bottoming phase by 2025, with expectations for more favorable policies from the government to boost market confidence[48] - The real estate market in China continues to adjust, with government policies aimed at stabilizing the market by relaxing purchase restrictions and lowering down payment ratios[42] Shareholder Information - The group did not declare any final dividend for the year ending December 31, 2024, consistent with the previous year[33] - The basic loss per share for the year was calculated based on 4,222,986,126 shares, unchanged from the previous year[34] - The company has not engaged in any purchase, redemption, or sale of its listed securities during the year, and does not hold any treasury shares[73] Governance and Compliance - The Audit Committee was established on January 6, 2010, consisting of three independent non-executive directors, ensuring compliance with listing rules[70] - The company has adhered to the Corporate Governance Code, with the roles of Chairman and CEO being held by the same individual, which the board believes enhances operational efficiency[74] - The consolidated financial statements for the year ending December 31, 2024, have been reviewed and are consistent with the draft financial statements[71]

Company Overview - As of June 30, 2024, the Group owned a land bank with an aggregate planned gross floor area of approximately 26.30 million square meters[4]. - The Company was awarded the "2024 Top 500 of China Real Estate Developers" recognition[4]. - The Group's property projects are distributed across 56 cities, including major locations such as Beijing, Shanghai, and Shenzhen[4]. - The major businesses of the Group include property development, commercial management, property management, and long-term rental apartments[4]. - The Company emphasizes its mission of "Creating Smart Living to Help Seize Happiness" as part of its value proposition[4]. - The Group's operational headquarters is located in Shanghai, focusing on strategic development in the Yangtze River Delta Economic Zone and other key areas[4]. - The Company has a diversified product range, including high-rise residential buildings, offices, shopping malls, and long-term rental apartments[4]. - The Group continues to expand its market presence while maintaining a focus on sustainable and responsible development practices[4]. - The Company aims to secure a regional leading position by implementing more proactive and prudent development strategies in key economic zones[4]. Financial Performance - For the six months ended June 30, 2024, the Group achieved a revenue of RMB 24,816.5 million, representing a year-on-year increase of 161.7% compared to RMB 9,481.9 million in the same period of 2023[16]. - The gross profit for the same period was RMB 4,460.0 million, reflecting a 171.7% increase from RMB 1,641.4 million in the prior year[16]. - The Group reported a loss attributable to owners of the parent of RMB (3,682.3) million, a significant increase of 227.3% from RMB (1,125.0) million in the previous year[16]. - Contracted sales amounted to approximately RMB 6.131 billion, with a significant year-on-year decrease of approximately 69.5%[23]. - The average selling price of properties during the period was RMB 9,028 per sq.m[23]. - The Group recognized property sales income of approximately RMB 23.926 billion, representing a year-on-year increase of 177.9%[37]. - The delivered property area was approximately 1.51 million sq.m., reflecting a year-on-year increase of 62.2%[37]. - Income from property sales rose by 177.9% from approximately RMB 8,609,731,000 in the first half of 2023 to approximately RMB 23,925,857,000 in the first half of 2024, driven by a 62.2% increase in delivered property area and a rise in average unit selling price from RMB 9,228 per sq.m. to RMB 15,810 per sq.m.[52][56]. - Gross profit increased by 171.7% from approximately RMB 1,641,389,000 in the first half of 2023 to approximately RMB 4,459,982,000 in the first half of 2024, with the gross profit margin rising from 17.3% to 18.0%[62][67]. Asset and Liability Management - Total assets decreased by 14.5% to RMB 143,507.6 million from RMB 167,889.7 million as of December 31, 2023[17]. - Total liabilities decreased by 12.9% to RMB 128,403.3 million from RMB 147,407.4 million as of December 31, 2023[17]. - The Group's cash and bank balances decreased by 27.9% to RMB 4,647.8 million from RMB 6,448.9 million as of December 31, 2023[17]. - The Group's land bank has an aggregate planned GFA of approximately 26.30 million sq.m., with 21.93 million sq.m. attributable to the Group[42]. - The Group's total borrowings increased to approximately RMB 36,519,694,000 as of June 30, 2024, from RMB 35,907,119,000 as of December 31, 2023[87]. - The Group's net gearing ratio increased to approximately 211.0%, up from 143.8% on December 31, 2023[95][97]. - The Group's total assets pledged for securing bank borrowings and domestic bonds amounted to RMB 64,301,648,000 as of June 30, 2024, compared to RMB 63,579,208,000 on December 31, 2023[94]. Operational Challenges - Contracted sales in Hangzhou amounted to approximately RMB 1.501 billion, the highest among first- and second-tier cities[33]. - The Yangtze River Delta Economic Zone ranked first in contracted sales with approximately RMB 2.638 billion, accounting for 43.0% of total contracted sales[33]. - The Group expects more supportive policies from the government to stabilize the market and reduce inventory in the second half of 2024[46]. - The Group anticipates that the real estate market will gradually recover as government policies aimed at stabilizing the market and reducing inventory are implemented[48][49]. - The increase in loss attributable to owners of the parent was mainly due to fair value losses of investment properties and write-downs to net realizable value of completed properties held for sale[78]. - The Group's cash position reflects a significant decrease in cash and bank balances, indicating potential liquidity challenges moving forward[83]. - The company is facing challenges in managing its offshore debt situation and is exploring solutions to ease liquidity issues[170]. Shareholder Information - Mr. Wong Chiu Yeung held 2,120,500,000 shares, representing 50.21% of the Company's issued share capital[116]. - Mr. Chen Yuanlai held 250,230,000 shares, representing 5.93% of the Company's issued share capital[116]. - Mr. Cheng Hiu Lok held 230,230,000 shares, representing 5.45% of the Company's issued share capital[116]. - The company is controlled by Mr. Wong, who holds a 50.21% interest through his wholly-owned company[122]. - The interests of substantial shareholders are recorded in compliance with Section 336 of the SFO[128]. Corporate Governance - The Company has committed to high standards of corporate governance, ensuring compliance with the Corporate Governance Code during the reporting period[147][148]. - The Audit Committee, comprising three independent non-executive Directors, has reviewed the unaudited interim report for the six months ended June 30, 2024[149][150]. Debt and Financing - The company has multiple outstanding senior notes, including US$500 million due in April 2024 and US$450 million due in September 2024[169]. - The company has not made a payment on an installment of principal and interest amounting to approximately US$61 million under the 2021 Facility Agreement, resulting in an event of default[168]. - The company has appointed Haitong International Securities Company Limited as its financial adviser to assist with evaluating the Group's current capital structure and liquidity[170]. - The company has pledged 504,000,000 shares, representing approximately 26.0% of its issued share capital, as collateral under the financing agreements[166]. Employee and Training Initiatives - The Group established China SCE College to provide employees with training programs, including business courses, quality skills, and cultural identity[108]. - The total number of employees as of June 30, 2024, was 6,774, down from 6,845 employees as of December 31, 2023, indicating a reduction of about 1.0%[108]. - The total cost of employment during the review period was approximately RMB 348,461,000, compared to RMB 454,266,000 for the six months ended June 30, 2023, reflecting a decrease of approximately 23.3%[109].

Financial Performance - Revenue increased significantly by 161.7% to approximately RMB 24,816,532,000[2] - The company reported a loss attributable to equity holders of approximately RMB 3,682,268,000[2] - The net loss for the period was RMB 3,424,126,000, compared to RMB 1,022,165,000 in the previous year[3] - Basic and diluted loss per share was RMB 87.2 cents, compared to RMB 26.6 cents in the previous year[5] - Loss attributable to equity holders of the parent increased by 227.3% from approximately RMB 1,124,981,000 in the first half of 2023 to approximately RMB 3,682,268,000 in the first half of 2024[46] Sales and Revenue - Contract sales amounted to approximately RMB 6,131,433,000[1] - The group's revenue from customer contracts for property sales reached RMB 23,925,857 thousand for the six months ending June 30, 2024, compared to RMB 8,609,731 thousand for the same period in 2023, representing a significant increase[16] - The total revenue for the group amounted to RMB 24,816,532 thousand for the six months ending June 30, 2024, compared to RMB 9,481,871 thousand for the same period in 2023, indicating a substantial growth[16] - The company's contract sales for the first half of 2024 reached approximately RMB 6.131 billion, a significant decline of 69.5% year-on-year, with an average sales price of RMB 9,028 per square meter[27] - Property sales revenue surged from approximately RMB 8.61 billion in the first half of 2023 to approximately RMB 23.93 billion in the first half of 2024, a rise of 177.9%[35] Costs and Expenses - The cost of sales was RMB 20,356,550,000, compared to RMB 7,840,482,000 in the same period last year[2] - The financial expenses totaled RMB 861,384 thousand for the six months ended June 30, 2024, compared to RMB 453,892 thousand for the same period in 2023, indicating an increase of approximately 90.5%[18] - Selling and marketing expenses decreased by 33.1% from approximately RMB 591,170,000 in the first half of 2023 to approximately RMB 395,676,000 in the first half of 2024[41] - Administrative expenses decreased by 11.0% from approximately RMB 705,255,000 in the first half of 2023 to approximately RMB 627,537,000 in the first half of 2024[42] Assets and Liabilities - Non-current assets totaled RMB 41,880,790,000, down from RMB 49,227,234,000 year-on-year[6] - Current assets amounted to RMB 101,626,774,000, compared to RMB 118,662,453,000 in the previous year[6] - As of June 30, 2024, the total current liabilities amounted to RMB 114,979,271 thousand, a decrease from RMB 131,532,808 thousand in the previous year, representing a reduction of approximately 12.5%[7] - Non-current liabilities totaled RMB 13,424,036 thousand, a decrease from RMB 15,874,553 thousand, which is a reduction of approximately 15.4%[7] - The equity attributable to the parent company was RMB 15,104,257 thousand, down from RMB 20,482,326 thousand, indicating a decline of around 26.3%[7] Cash Flow and Liquidity - Cash and cash equivalents were approximately RMB 3.288 billion, reflecting the company's liquidity position[10] - The company has outstanding debts of approximately RMB 6.1 million related to a syndicated loan agreement that has led to a default event[10] - The total amount of defaulted or cross-defaulted principal for the company's offshore preferred shares and loans was approximately RMB 17.8 billion[10] - The group has taken measures to alleviate liquidity pressure and improve its financial situation, including evaluating its current capital structure and liquidity[11] Market and Strategy - The real estate market in the first half of 2024 saw new residential sales drop by 26.9% year-on-year, with total sales amounting to approximately RMB 47.133 billion[27] - The company has over 80 projects for sale across more than 50 cities, focusing on second and third-tier cities to enhance liquidity and sales performance[28] - The company has implemented flexible pricing strategies to ensure competitiveness in the market, particularly in first and second-tier cities[28] - The group plans to actively communicate with foreign creditors, particularly noteholders and banks, to explore feasible debt restructuring plans[11] Other Financial Metrics - The company recorded other income and gains of RMB 201,550,000, down from RMB 391,443,000 year-on-year[2] - Bank interest income decreased to RMB 18,379 thousand in the first half of 2024 from RMB 64,239 thousand in the same period of 2023, a decline of about 71.4%[17] - The income tax expense for the six months ended June 30, 2024, was RMB 696,437 thousand, compared to a tax benefit of RMB (28,964) thousand for the same period in 2023[21] - The company recorded a net foreign exchange loss of RMB (127,186) thousand for the six months ended June 30, 2024, compared to a loss of RMB (133,935) thousand for the same period in 2023[19]

Business Performance - Revenue for the year ended December 31, 2023, was RMB 20,960,968, a decrease of 21.5% from RMB 26,705,112 in 2022[42]. - Gross profit for 2023 was RMB 2,630,992, down 51.4% from RMB 5,410,308 in the previous year[42]. - The company reported a loss attributable to owners of the parent of RMB (7,991,050) compared to a profit of RMB 24,544 in 2022[42]. - Total assets decreased by 13.4% to RMB 167,889,687 from RMB 193,964,068 in 2022[47]. - Cash and bank balances fell by 57.1% to RMB 6,448,926 from RMB 15,016,058 in the previous year[47]. - Total liabilities decreased by 6.3% to RMB 147,407,361 from RMB 157,338,827 in 2022[47]. - The year 2023 was marked by a shrinking transaction volume in the national new home market[33]. - The Company faced significant challenges but worked to uphold its business fundamentals and progress with all tasks in an orderly manner[33]. Property Development and Management - The total delivered property area during the year amounted to approximately 2.34 million sq.m[33]. - The Group's land bank has an aggregate planned gross floor area (GFA) of approximately 29.90 million sq.m[8]. - The market-oriented expansion business has achieved breakthrough development, significantly increasing the total GFA under management of residential properties[33]. - The company delivered approximately 2.34 million square meters of properties during the year, focusing on "ensuring delivery" amid market challenges[45]. - The management area of residential properties saw significant growth, indicating a breakthrough in market expansion efforts[45]. - The Company operates with a regional focused development strategy in key economic zones including the Yangtze River Delta and the Bohai Rim[8]. - The outlook for 2024 includes a focus on overcoming industry challenges and maintaining operational stability[44]. Corporate Governance - The company has maintained compliance with the Corporate Governance Code throughout the year, ensuring high operational efficiency and safeguarding shareholder interests[73]. - The board is responsible for overseeing major company matters, including management strategies, internal controls, financial performance, and monitoring senior management[107]. - The company emphasizes high standards of corporate governance to promote operational efficiency and protect shareholder interests[74]. - The company has confirmed that all directors adhered to the standards set by the code throughout the year[75]. - The company has adopted a Board Diversity Policy, focusing on measurable targets in areas such as expertise, experience, and independence to enhance board effectiveness[78]. - The independent non-executive director has significant accounting and financial management expertise, meeting regulatory requirements[104]. - The company has a structured approach to nominations, periodically reviewing its policy to align with business needs and regulatory requirements[78]. - The board composition includes a mix of executive and independent non-executive directors, ensuring diverse perspectives in decision-making[102]. Share Options and Employee Incentives - The company granted 382,000,000 share options under the 2018 Scheme to employees, including directors, during the year[156]. - As of December 31, 2023, the total outstanding share options were 286,000,000, with an exercise price of HK$2.78 per share[158]. - The number of share options available for further grant under the 2018 Scheme was nil at the end of the year, as the scheme was terminated during the year[160]. - The total number of shares available for issue under the 2018 Scheme was 286,000,000 shares, representing approximately 6.8% of the total number of issued shares[162]. - The 2018 Scheme was adopted on April 23, 2018, and had a lifespan of 10 years, expiring on April 22, 2028[167]. - The maximum number of shares issuable under share options granted to each eligible participant in the 2018 Scheme within any 12-month period is limited to 1% of the shares of the Company in issue[167]. - The total number of shares that may be issued upon exercise of all options under the 2018 Scheme must not exceed 30% of the number of shares in issue from time to time[167]. - The exercise price of the share options is determined by the Board but shall not be less than the highest of the closing price on the date of the offer, the average closing price for the preceding five trading days, or the nominal value of the Company's shares[170]. Board Diversity and Composition - The Nomination Committee held one meeting during the year to discuss the composition and diversity policy of the Board[182]. - As of December 31, 2023, the Board has achieved measurable goals under the Board Diversity Policy, ensuring at least 35% of members have over 10 years of experience in real estate development[184]. - The Company aims to appoint at least one female Director by December 31, 2024, to enhance gender diversity on the Board[184]. - The Board has set a target for at least 60% of its members to have attained a Bachelor's degree or higher level of education[186]. - The Company has established a policy to ensure the age distribution of Board members includes individuals from at least three decades[186]. - The Company has a policy to recruit employees based on merit, regardless of gender, to ensure a diverse pipeline for potential successors[186]. - The Board has adopted a policy to ensure at least two members have obtained accounting or other professional qualifications[184]. - The Company regularly reviews its nomination policy to monitor progress towards achieving the set diversity goals[182].