格隆汇8月5日丨西王置业(02088.HK)发布公告，于2025年7月31日，公司收到来自联交所的信函，列出 了以下恢复公司股份交易的额外复牌指引：重新遵守上市规则第3.10条、第3.21条、第3.25条及第3.27A 条规则。 ...

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（「本 公 告」）之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 不 發 表 任 何 聲 明，並 且 明 確 表 示， 概不對因本公告之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。 XIWANG PROPERTY HOLDINGS COMPANY LIMITED 西王置業控股有限公司* （於百慕達註冊成立之有限公司） （股份代號：2088） 截 至2024年6月30日止六個月之 中期業績公告 西 王 置 業 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2024年6月30日 止 六 個 月（「期 內」）之 未 經 審 核 簡 明 綜合業績，連同比較數字如下。該等綜合業績尚未經審核，惟已由本公司審核委 員 會（「審核委員會」）審 閱。 – 1 – 簡明綜合損益表 截 至6月30日止六個月 2024年 2023年 人民幣千元 人民幣千元 附 註 未經 ...

Real Estate Market Trends - In 2023, the overall real estate market in China continued to face pressure, with key indicators such as gross floor area and commercial housing sales showing a downward trend[13]. - The sales pattern in 2023 was characterized by a "high in the early stage, low in the middle stage, and stable in the later stage" trend[14]. - Looking forward to 2024, the real estate market is expected to continue facing adjustment pressure, but may gradually stabilize with the implementation of favorable policies[15]. - The real estate market in Zouping City has shown a significant downward trend, prompting the company to adopt a conservative approach to potential projects[23]. - Property sales in China dropped to under RMB12 trillion in 2023 from RMB15 trillion in 2021, with a 9.6% decline in real estate development investment compared to 2022[39]. - The company anticipates continued pressure on the housing market in Zouping City due to slowing urbanization and reduced demand for new housing[40]. - In 2023, China's real estate sales dropped to approximately RMB 12 trillion, down from RMB 15 trillion in 2021, reflecting a decline of about 20%[42]. - Overall real estate investment in China decreased by 9.6% in 2023 compared to 2022[42]. Company Performance and Financials - The Group's total revenue for the Year amounted to RMB20,790,000, a decrease of approximately 57% compared to RMB48,455,000 in the Previous Year[80]. - The total cost of sales during the Year was RMB19,348,000, down from RMB47,521,000 in the Previous Year, indicating a significant reduction in operational costs[82]. - Other income increased to RMB 3,268,000 from RMB 3,196,000 in the previous year, primarily from interest income[86]. - Administrative expenses decreased to RMB 6,184,000 from RMB 10,384,000, a reduction of RMB 4,200,000[89]. - Income tax credit rose significantly to RMB 17,699,000, an increase of RMB 16,755,000 from RMB 944,000 in the previous year[95]. - The Group recognized an impairment loss of goodwill of approximately RMB 71.0 million and a write-off of prepayment of RMB 79.4 million during the year[96]. - As of December 31, 2023, the Group's cash and cash equivalents amounted to RMB 150,882,000, slightly up from RMB 150,500,000 in the previous year[97]. - The gearing ratio increased to 4.8% from 3.4% in the previous year, with no bank or other borrowings reported[98]. Project Development and Strategy - The Group's property development business has been the principal focus since 2012, with a total unsold portion of approximately 1,317 sq.m. as of December 31, 2023, primarily consisting of storage rooms and car parking spaces[22]. - The Group aims to enhance profitability and competitiveness by focusing on environmental friendliness, health, livability, and safety in new project developments[16]. - The Group's strategy includes targeting basic housing needs and improving housing standards in future developments[16]. - The Meijun Project Phase Three will be developed in two stages, with Stage 1 covering approximately 95,820 sq.m. and Stage 2 covering approximately 77,334 sq.m.[28]. - The local government has commenced demolition works for the Meijun Project Phase Three, expected to take about one year to complete[31]. - The development of Meijun Land B is contingent upon obtaining the Land Use Certificate, anticipated in 2025, after which pre-sale activities will be assessed[32]. - The Qinghe Project, covering approximately 131,258 sq.m., has faced slow progress and high working capital requirements, leading to a cautious approach by the company[35]. - The Group intends to prioritize resources on the third phase of the Meijun project while regularly revising the development plan for the Qinghe project[62]. Impairment and Financial Challenges - Impairment losses of approximately RMB71.0 million and RMB79.4 million were recorded for goodwill and prepayments, respectively, due to the weakening real estate market in China[38]. - The carrying amount of the Qinghe Project before impairment was approximately RMB 150.4 million as of December 31, 2023, down from RMB 152.4 million in 2022[51]. - The recoverable amount of the Qinghe Project was approximately RMB 55.0 million as of December 31, 2023, significantly lower than RMB 150.4 million in 2022[52]. - The expected net loss margin for the Qinghe Project is estimated to be approximately 11.9% during the forecast period from 2024 to 2033[54]. - The management anticipates that the selling prices of properties in the Qinghe Project will be lower than in previous years due to weak demand[44]. - The expected annual net profit margins during the forecast period in 2023 are lower than previous projections due to increased development costs and reduced selling prices[60]. Corporate Governance and Leadership - The Company has adopted the Corporate Governance Code as its own code of corporate governance, ensuring compliance with all applicable provisions throughout the year[160]. - The Board currently comprises two executive Directors, two non-executive Directors, and three independent non-executive Directors, with recent changes in the Board composition[174]. - The Group emphasizes a corporate culture based on integrity, fairness, and honesty to guide employee conduct and align with business strategies[167]. - The Group is committed to providing continuous training for employees to support their career development in the real estate industry[169]. - The company is focused on maintaining a diverse and experienced board to guide its strategic direction[145][148][149]. - The Board has confirmed Mr. WANG An's independence based on annual confirmations and assessments[195]. - The Board conducted a self-evaluation to assess its overall performance and effectiveness during the year[200]. Market Outlook and Policy Environment - Favorable policies to support funding for real estate companies have been issued, boosting market confidence, although full recovery of demand is expected to take time[15]. - The real estate market in the PRC is expected to see continued easing of policies in 2024, with second-tier cities likely to fully lift restrictive policies[122][126]. - The Central Economic Work Conference in 2023 emphasized the construction of three major projects, which are expected to alleviate downward risks in the real estate market[128][130]. - The management noted that many property developers faced difficulties in securing external financing, leading to project delays and challenges in delivering properties[129][130]. - The introduction of policies such as "recognising housing rather than loans" is seen as effective in boosting the real estate market[121][125].

Financial Performance - For the year ended December 31, 2023, the total revenue was RMB 20,790,000, a decrease of 57.0% compared to RMB 48,455,000 in 2022[4] - The gross profit for the year was RMB 1,442,000, representing a gross margin of 6.9%, up from RMB 934,000 in the previous year[4] - The operating loss for the year was RMB 151,986,000, significantly higher than the operating loss of RMB 8,233,000 in 2022[4] - The net loss attributable to the owners of the company was RMB 134,442,000, compared to a net loss of RMB 7,332,000 in the prior year, indicating a substantial increase in losses[4] - The group reported total revenue of RMB 20,790,000 in 2023, a decrease of 57.0% from RMB 48,455,000 in 2022[18] - The group's total pre-tax loss for the year was RMB 152,141,000, compared to a loss of RMB 8,276,000 in the previous year, indicating a substantial increase in losses[18] - The company reported a pre-tax loss of RMB 134,442,000 in 2023, compared to a loss of RMB 7,332,000 in 2022, indicating a substantial increase in losses[34] Asset and Liability Management - The total assets decreased to RMB 509,313,000 from RMB 662,001,000 in 2022, reflecting a decline of 23.0%[8] - The total liabilities decreased to RMB 75,657,000 from RMB 94,225,000, a reduction of 19.7%[8] - The company's cash and cash equivalents remained stable at RMB 150,882,000, slightly up from RMB 150,500,000 in the previous year[8] - Trade receivables decreased to RMB 272,000 in 2023 from RMB 8,837,000 in 2022, reflecting a significant reduction in outstanding amounts[38] - Trade payables decreased from RMB 18,502 thousand in 2022 to RMB 9,886 thousand in 2023, a reduction of approximately 46.4%[13] - The aging analysis of trade payables shows that over 90 days payables decreased from RMB 18,121 thousand in 2022 to RMB 9,736 thousand in 2023, a decline of about 46.3%[43] Impairment and Write-offs - The company recognized an impairment loss on goodwill of RMB 71,035,000, a significant increase from RMB 1,950,000 in 2022[4] - The company recognized impairment losses of approximately RMB 71.0 million and RMB 79.4 million for goodwill and prepayments, respectively, attributed to the Qinghe property development project[71] - The company wrote off approximately RMB 79,401,000 in prepayments due to uncertainties regarding the future prospects of the Qinghe project[40] Revenue Segmentation - The property development segment incurred a loss of RMB 150,502,000 in 2023, compared to a loss of RMB 1,890,000 in 2022[18] - The property management services segment generated revenue of RMB 2,729,000 in 2023, up from RMB 903,000 in 2022, reflecting a growth of 201.0%[18] - The building materials trading segment's revenue decreased significantly to RMB 17,971,000 in 2023 from RMB 47,130,000 in 2022, a decline of 61.9%[18] - Property sales revenue dropped significantly to RMB 90,000 in 2023 from RMB 422,000 in 2022, representing a decline of 78.7%[25] - Revenue from building materials trading decreased to RMB 17,971,000 in 2023, down 61.9% from RMB 47,130,000 in 2022[25] Future Outlook and Market Conditions - The company is cautious about the potential development of the Qinghe project due to high capital requirements and a slow market[51] - The management believes that the housing market will face additional structural pressures in the coming years, particularly due to slowing growth in household income[53] - The company anticipates that the real estate market in China will not see significant improvement in the coming years, impacting cash inflows from property pre-sales[56] - The real estate market is expected to see continued policy easing in 2024, with second-tier cities likely to fully lift restrictions[83] - The "housing is for living, not for speculation" policy remains a key regulatory stance, emphasizing long-term stability in the real estate sector[85] Corporate Governance and Compliance - The board has complied with the corporate governance code, ensuring at least three independent non-executive directors, although there was a temporary lapse in compliance from May 8, 2023, to July 5, 2023[90][93] - The audit committee has reviewed the accounting standards and practices adopted by the group and discussed internal controls and financial reporting matters with management[97] - The company plans to issue the 2023 annual report to shareholders at an appropriate time, which will also be available on the stock exchange and the company's website[100] Changes in Accounting Policies - The group has not applied the newly issued but not yet effective revised Hong Kong Financial Reporting Standards, which are expected to have no significant impact on the consolidated financial statements in the foreseeable future[16] - The group has implemented changes in accounting policies related to long service payments due to the government's announcement regarding the cessation of the offsetting mechanism, which is expected to take effect on May 1, 2025[13] - The group anticipates that the application of all new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[16]

Revenue and Financial Performance - The Group's revenue for the six months ended June 30, 2023, was RMB 10,312,000, a decrease of 56% compared to RMB 23,413,000 in the same period of 2022[162]. - Revenue for the first half of 2023 amounted to RMB10.3 million, a decrease of 56.0% compared to RMB23.4 million in the same period of 2022[49]. - The trading of construction materials segment saw a significant decline in revenue, dropping 62% from RMB 23,413,000 in 2022 to RMB 8,844,000 in 2023[167]. - Gross profit for the same period was RMB 699,000, compared to RMB 165,000 in 2022, indicating a significant improvement in gross margin[134]. - Loss for the period was RMB 1,923,000, reduced from RMB 3,253,000 in the previous year, reflecting a 41% decrease in losses[134]. - The Group's loss before tax for the six months ended June 30, 2023, was RMB 1,923,000, an improvement from a loss of RMB 3,253,000 in the same period of 2022[162]. - The Company reported a total comprehensive loss of RMB 1,139,000 for the six months ended June 30, 2023, compared to a total comprehensive loss of RMB 1,898,000 for the same period in 2022[141]. - The accumulated losses increased to RMB 29,960,000 as of June 30, 2023, from RMB 28,867,000 at the beginning of the year[141]. - The net cash flows generated from operating activities for the six months ended June 30, 2023, were RMB 125,000, a significant improvement compared to a net cash outflow of RMB 1,612,000 for the same period in 2022[144]. - Interest received increased to RMB 253,000 in the first half of 2023, up from RMB 189,000 in the same period of 2022, indicating improved investment income[144]. Property Development and Projects - Meijun Project Phase Three is a flagship project, with the management confident in its development within the next couple of years[22]. - The development of Meijun Project Phase Three will be divided into two stages, with Stage 1 covering approximately 95,820 square meters and Stage 2 covering approximately 77,334 square meters[26]. - The Group has obtained the State-owned Land Use Certificate for Meijun Land A but is still awaiting the certificate for Meijun Land B[26]. - The local government is actively planning the development of Zouping City South New Town, which positively impacts the land value of the Meijun Project Phase Three area[24]. - The management has taken a conservative approach to potential projects due to the fluctuating real estate market in Zouping City[17]. - The Group plans to commence demolition works for Meijun Project Phase Three in early 2024, with completion expected by late 2024[30]. - The Land Use Certificate for Meijun Land B is anticipated to be obtained in 2025, allowing for the commencement of pre-sale activities for Stage 1[30]. - The entire development of Meijun Project Phase Three Stage 1 is expected to be completed by late 2027[30]. - The Group has received positive responses from stakeholders, including potential customers and local communities, regarding the Meijun Project Phase Three[25]. - The management is committed to utilizing internal resources and manpower for the development of Meijun Project Phase Three[25]. Trading and Construction Materials - The Group's main source of revenue for the six months ended June 30, 2023, is trading of construction materials in the PRC, with all revenues derived from Shandong Province[15]. - The Group sold approximately 2,356 tonnes of construction materials during the period, representing a 60% decrease compared to approximately 6,000 tonnes sold in the same period of 2022[36]. - The Group intends to expand its trading of construction materials in Zouping City, leveraging established industry relationships[35]. Financial Position and Expenses - Cost of sales for the same period was RMB 9.6 million, down 58.7% from RMB 23.2 million in 1H2022[50]. - Selling and marketing expenses remained stable during the period, primarily representing the remuneration of sales staff[57]. - Administrative expenses decreased to RMB 4.1 million from RMB 5.0 million in 1H2022, mainly due to reduced exchange losses and legal fees[59]. - Finance costs increased significantly from RMB 0.2 million at 30 June 2022 to RMB 2.0 million at 30 June 2023 due to higher lease liabilities[65]. - As of 30 June 2023, the Group's cash and cash equivalents remained stable at RMB 151 million, with a gearing ratio of 4.0%[68]. - The Group had no significant investments, acquisitions, or disposals during the period, nor plans for future material investments[74]. - Capital commitments as of 30 June 2023 amounted to RMB 0.9 million, unchanged from 31 December 2022[76]. - The Group employed 21 staff as of 30 June 2023, with staff-related costs increasing to RMB 1.2 million from RMB 0.9 million in 1H2022[78]. Governance and Compliance - The company has adopted good governance principles in line with the Corporate Governance Code and has complied with all applicable code provisions throughout the period[84][87]. - Following the resignation of a director, the board was temporarily non-compliant with Listing Rules but has since met the requirements with the appointment of a new independent non-executive director[85][90]. - The Audit Committee was reconstituted on July 6, 2023, to comply with the Listing Rules, now comprising three independent non-executive directors[91][93]. - The company regularly reviews compensation schemes for directors and employees, considering their experience and responsibilities[83]. - The company has established a compensation committee to determine and review the remuneration packages for directors and senior management[83]. Shareholding and Investments - As of June 30, 2023, Wang Yong held 982,999,588 ordinary shares, representing approximately 69.78% of the company's shareholding[99]. - Xiwang Group holds a beneficial interest of RMB 620 million, representing 25.24% of the company[101]. - Xiwang Hong Kong directly holds 95% of the issued share capital of Xiwang Holdings, with Mr. WANG Yong and 22 individuals holding the remaining 5%[103]. - The company has a total of 506,244,669 convertible preference shares held by Xiwang Investment, representing 99.75%[100]. - The convertible preference shares held by Qilu Investment Funds also total 506,244,669, representing 99.75%[112]. - The company was informed of a winding-up order against Xiwang Investment on March 20, 2023, with joint liquidators appointed[113]. - As of June 30, 2023, no other directors or chief executives had any interest or short position in the shares of the company that required disclosure[106].

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不發表任何聲明，並且明確表示，概不對因本公告之全 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。 XIWANG PROPERTY HOLDINGS COMPANY LIMITED 西王置業控股有限公司* （於百慕達註冊成立之有限公司） （股份代號：2088） 截至2023年6月30日止六個月之 中期業績公告 西王置業控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司及 其附屬公司（「本集團」）截至2023年6月30日止六個月（「期內」）之未經審核簡明綜合 業績，連同比較數字如下。該等綜合業績尚未經審核，惟已由本公司審核委員會 （「審核委員會」）審閱。 ...

Real Estate Market Trends - In 2022, the cumulative decline in development investment was 10% year-on-year, with new housing construction projects dropping significantly[15]. - Land transaction volumes and prices fell by 53.4% and 48.4% year-on-year, respectively, while the gross floor area and amount of commercial housing sales decreased by 24.3% and 26.7% year-on-year[15]. - Since Q4 2022, the decline in certain indicators has slowed, indicating a potential stabilization in the real estate market[16]. - The government has emphasized the importance of real estate as a pillar industry, with policies expected to ease further in 2023 to improve financing conditions for property developers[16]. - The PRC government has implemented measures to control the real estate industry, which may affect property development activities and occupancy rates[92]. - The PRC government proposed the principle "Houses are for living in, not for speculations" in 2016, which has been implemented since then[98]. - In 2020, the "three red-line" regulation was introduced to accelerate the deleveraging process of real estate enterprises, requiring all property developers to comply when obtaining external financing[99]. - Recent indications suggest the PRC government plans to relax borrowing caps for property developers, potentially restoring market confidence in the real estate sector[100]. - The central government has intervened to support struggling developers, allowing them to reopen equity financing activities, which is seen as a positive signal for the industry[101]. - Despite these measures, sales activities may not recover quickly until the economy improves and consumer confidence in property purchases is restored[101]. - The management has noted that many property developers have faced difficulties in securing external financing, leading to project delays and delivery failures[102]. - To mitigate risks, the management will closely monitor government policies and market demand, particularly in Zouping City where the company operates[102]. Project Development and Management - The Group aims to enhance profitability and competitiveness by focusing on green, healthy, and safe project construction, targeting basic and improving housing needs[19]. - New project developments will optimize property services and construction material trading, aligning with local market supply and demand[19]. - The Group successfully sold 123.80 sq.m. of the Lanting Project during the year, with approximately 1,352 sq.m. unsold as of December 31, 2022, mainly consisting of storage rooms and parking spaces[24][28]. - The Meijun Project Phase Three is expected to commence in 2023 and 2024, with a focus on residential housing development[26][29]. - The development of Meijun Project Phase Three will be divided into two stages, covering land areas of approximately 95,820 sq.m. for Stage 1 and 77,334 sq.m. for Stage 2[32][34]. - The Group anticipates obtaining the Land Use Certificate for Meijun Land B in 2025, which is crucial for the project's progression[37][40]. - The Qinghe Project, covering a site area of approximately 131,258 sq.m., is currently on hold due to heavy working capital investment and slow progress in obtaining land use rights[39][40]. - An impairment loss of approximately RMB 2.0 million was recognized in relation to the goodwill of the Qinghe Project due to its delayed commencement[39][40]. - The local government is actively planning the development of Zouping City South New Town, which positively impacts the land value of the Meijun Project Phase Three area[30][31]. - The Group has maintained a conservative approach to project development, avoiding aggressive fundraising and focusing on preserving a healthy financial position[25]. - The management has received positive responses from stakeholders regarding the Meijun Project Phase Three, despite delays caused by local government demolition requests[31][34]. - The timeline for Meijun Project Phase Three includes the commencement of demolition works in early 2024 and completion of the entire development by late 2027[37]. Financial Performance - The Group's revenue for the Year amounted to RMB 48,455,000, an increase of 92% from RMB 25,169,000 in the previous year[57]. - The Group's cost of sales was RMB 47,521,000, up from RMB 24,475,000 in the previous year, reflecting the growth in trading of construction materials and property management services[58]. - The Group sold approximately 12,801 tonnes of construction materials during the Year, a significant increase of 130% compared to 5,545 tonnes in 2021[45]. - The Group's property management services commenced in July 2022, securing contracts for an aggregate gross floor area of approximately 179,000 sq.m. and generating a gross profit of RMB 0.5 million[46]. - Administrative expenses increased to RMB 10,384,000 in 2022 from RMB 5,483,000 in 2021, primarily due to an exchange loss of approximately RMB 3,170,000 and legal fees of approximately RMB 2,228,000[67]. - The Group experienced no revenue from construction materials trading in December 2022 due to customer order delays caused by lockdowns[52]. - A reversal of impairment loss of approximately RMB 128,000 was recognized during the Year, compared to a reversal of RMB 8,000 in the previous year, indicating improved trade receivable balances[66]. - Other income for the Year was RMB 3,196,000, slightly down from RMB 3,292,000 in the previous year, mainly from interest income[59]. - The expected credit loss reversal for trade receivables amounted to RMB 128,000, an increase from RMB 8,000 in the previous year[70]. - Income tax credits decreased from RMB 9,464,000 in 2021 to 944,000 in 2022, mainly due to tax credits of approximately RMB 457,000 and deferred tax liabilities of about RMB 487,000 related to fair value adjustments from acquisitions[72]. - As of December 31, 2022, the Group's cash and cash equivalents were RMB 150,500,000, slightly up from RMB 148,233,000 in 2021[74]. - The gearing ratio increased to 3.4% as of December 31, 2022, compared to 2.4% in the previous year, with no bank or other borrowings reported[75]. - The Group had no significant investments or acquisitions during the year and has no future plans for significant investments or capital asset acquisitions[76]. - As of December 31, 2022, the Group's capital commitments amounted to RMB 935,000, unchanged from the previous year, primarily for property development expenditures[84]. - The Group employed approximately 23 staff members as of December 31, 2022, with staff-related costs totaling RMB 2,250,000, a slight decrease from RMB 2,330,000 in the previous year[89]. Corporate Governance - The Company emphasizes the importance of quality management and technological progress, as evidenced by the awards received by its leadership[114]. - The Company is committed to maintaining high standards in corporate governance, as reflected in its board structure and committee memberships[121]. - The company has adopted the principles of good governance and code provisions contained in the Corporate Governance Code as its own code of corporate governance[132]. - The Board has reviewed the company's corporate governance practices and the duties performed by the committees during the year[133]. - The company is committed to maintaining good corporate governance practices and procedures to protect and maximize the interests of shareholders[134]. - The company has complied with all applicable code provisions set out in the Corporate Governance Code throughout the year[135]. - The company has implemented new requirements under the amended Corporate Governance Code effective from January 1, 2022[138]. - The Company has adopted an Anti-bribery and Corruption Policy during the Year to promote compliance with anti-corruption laws[141]. - The Board is committed to assessing the independence of independent non-executive Directors annually, ensuring independent views are available to the Board[141]. - The Company has established a Board Diversity Policy, which is subject to annual review by the Nomination Committee[141]. - The Company has a long-established practice of determining independent non-executive Directors' fees without equity-based remuneration linked to performance[141]. - The Board complied with Listing Rules by having at least three independent non-executive directors, representing at least one-third of the Board[154]. - The Company is committed to maintaining compliance with the Listing Rules regarding the appointment and independence of directors[165]. - The Board aims to appoint one female director by December 31, 2024, to enhance diversity[173]. - The Board is generally satisfied with its current composition, which lacks female representation[172]. - The Group's risk management processes now incorporate ESG factors, recognizing their significant impact on financial performance and reputation[174]. Leadership and Management - Mr. WANG Yong was redesignated from Deputy Chairman to Chairman on February 14, 2023, following the resignation of Mr. WANG Di[113]. - Mr. WANG Yong has been a non-executive Director and Chairman since 2005, and he is one of the founders of the Group[115]. - Mr. SUN Xinhu has been with the Group since 2003 and is currently the head of the Business Development Department[118]. - Mr. SUN Xinhu has over 4 years of experience in an international fast food chain in China and holds a master's degree in food science[119]. - The Company has a strong board with members having extensive experience in finance, accounting, and business development[121]. - Mr. WONG Kai Hing has over 20 years of experience in finance and accounting in various Hong Kong listed companies[121]. - The leadership team has a strong educational background, with degrees from reputable institutions such as The Chinese University of Hong Kong and Shandong Polytechnic University[119]. - The Company provides induction seminars and updates on industry knowledge and statutory regulations to ensure directors fulfill their responsibilities[188]. - Daily management and operations are delegated to the management team, while the Board retains overall responsibility[177]. - There are no material relationships among the Directors that could affect their independence[184]. - The Audit Committee consists of independent non-executive Directors, with Mr. WONG Kai Hing as the chairman, and held three meetings during the year[196]. - The Audit Committee reviewed the Company's financial controls, risk management, and internal control systems, including anti-bribery and whistle-blowing policies[196]. - The Remuneration Committee is chaired by Mr. WANG An and is responsible for recommending remuneration policies for Directors and senior management[200]. - The Company provides sufficient resources to Board committees for their duties and allows them to seek independent professional advice at the Company's expense[192]. - The majority of members in both the Audit and Remuneration Committees are independent non-executive Directors, ensuring governance standards are met[200]. - The Audit Committee's primary responsibilities include monitoring the integrity of financial statements and making recommendations for the appointment of external auditors[196]. - The Company’s governance structure includes three main committees: Audit, Remuneration, and Nomination, all with independent oversight[192]. - The terms of reference for all committees are available on the Company's website and the Stock Exchange[200].

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。 XIWANG PROPERTY HOLDINGS COMPANY LIMITED 西王置業控股有限公司* （於百慕達註冊成立之有限公司） （股份代號：2088） 截至2022年12月31日止年度之年度業績公告 西王置業控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司及 其附屬公司（「本集團」）截至2022年12月31日止年度（「本年度」）之年度業績。本公 告符合香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）有關隨附 年度業績之初步公告的相關要求。本集團截至2022年12月31日止年度之年度業績 已獲本公司審核委員會審閱。本公告同時在本公司網站及聯交所指定網站刊登。 截至2022年12月31日止年度之年度報告印刷版本將於適當時候寄發予股東，並可 於上述網站查閱。 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion, representing a 15% growth compared to the previous period[11]. - The company reported a net profit margin of 18%, an increase from 15% in the previous year[11]. - Cash flow from operations improved by 25%, amounting to HKD 400 million, indicating strong financial health[11]. - Revenue for the period amounted to RMB 23.4 million, an increase from RMB 14.6 million in 1H2021, primarily from sales of construction materials in the PRC[39]. - Cost of sales during the period was RMB 23.2 million, up from RMB 13.9 million in 1H2021[39]. - Gross profit decreased to RMB 0.2 million from RMB 0.7 million in 1H2021 due to changes in the product mix offered to customers[41][44]. - Loss for the period was RMB 3,253,000, compared to a profit of RMB 4,735,000 in the same period last year[112]. - Total comprehensive loss for the period amounted to RMB 1,898,000, compared to a total comprehensive income of RMB 4,356,000 in the previous year[112]. User Growth and Market Expansion - User data showed a 20% increase in active users, reaching 500,000 by the end of the reporting period[11]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2023[11]. - New product launches are expected to contribute an additional HKD 300 million in revenue over the next six months[11]. Strategic Initiatives - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[11]. - The company is exploring potential acquisitions to enhance its portfolio, with a budget of HKD 500 million allocated for this purpose[11]. - A new strategic partnership was established, expected to generate an additional HKD 200 million in annual revenue[11]. - Investment in new technology development increased by 30%, totaling HKD 150 million for the current fiscal year[11]. Real Estate Development - The Group's main revenue source for the six months ended 30 June 2022 was from trading of construction materials in Shandong Province, with all revenues derived from this region[12]. - The unsold portion of the Lanting and Meijun projects as of 30 June 2022 was approximately 1,402 square meters, primarily consisting of storage rooms and parking spaces[12]. - The Meijun Project Phase Three is expected to commence in early 2023 with demolition works, and the entire development is projected to be completed by late 2026[23]. - The local government is actively planning the development of Zouping City South New Town to accommodate population growth, positively impacting the land value of the Meijun Project Phase Three area[17]. - The management has expressed strong confidence in the Meijun Project Phase Three, considering its location attractive for further resource deployment[16]. Financial Health and Risks - The Group has maintained a conservative approach to potential projects due to fluctuations in the real estate market and has not relied heavily on aggressive fundraising[12]. - The COVID-19 pandemic has negatively influenced the real estate market in Mainland China, leading to delays in construction schedules and property deliveries[28]. - The PRC Government has implemented various restrictive measures to control speculative behaviors in the real estate market, which may affect property delivery schedules and occupancy rates[33]. - The Group will continue to monitor government policies and market demand closely, particularly in Zouping City, to mitigate risks associated with external financing and project delivery[35]. Corporate Governance and Shareholding - As of June 30, 2022, Xiwang Group is the ultimate holding company of Xiwang Property Holdings, with Mr. WANG Yong owning 25.24% of Xiwang Group[72]. - The interests of the Directors in shares include 982,999,588 ordinary shares (69.78%) and 506,244,669 convertible preference shares (99.75%) as of June 30, 2022[64]. - The company has a significant concentration of ownership, with major shareholders holding substantial percentages of both ordinary and preference shares[86]. - The Directors resolved not to declare any interim dividend for the period, consistent with the previous year where no interim dividend was declared[61]. Operational Metrics - The Group sold approximately 6,000 tonnes of construction materials during the period, a 100% increase from approximately 3,000 tonnes in 1H2021[25]. - The Group has established a new property management company, Shandong Keen Lofty Property Management Limited, which has secured management service contracts covering an aggregate gross floor area of approximately 179,000 square meters, all residential properties[25]. - The Group's new property management services began generating income in August 2022, marking the first revenue from this segment[25]. - The Group's capital commitment amounted to RMB 0.9 million as of June 30, 2022, unchanged from December 31, 2021, primarily for property development expenses[52].

Real Estate Market Outlook - The real estate market in Shandong is expected to stabilize in the future due to the deepening of local policies and the adjustment of market expectations[26]. - The overall price index in the real estate market has stabilized, with significant price increases in third-tier cities showing a marked decline[26]. - The real estate market in Shandong is expected to maintain stable prices with limited new developments, supporting the group's pricing strategy[45]. - The average price increase in the real estate market has narrowed year-on-year, with third-tier cities experiencing the most significant decline, highlighting the need for careful pricing strategies[114]. - The real estate market in Shandong Province, particularly in Zouping City, is expected to maintain stable property prices with limited new developments, indicating a potential for continued demand[116]. Company Strategy and Development - The company plans to focus on developing higher-end residential properties to align with the urbanization process and the rising living standards in Shandong[26]. - The company has diversified its revenue sources by starting a building materials trading business in China, which is expected to broaden its income base and create value for shareholders[26]. - The company aims to enhance market regulation and curb speculation in real estate to meet reasonable housing demands[26]. - The company is adapting to the tightening credit environment and increasing land supply, which has led to a cautious investment attitude in land acquisition[26]. - The company plans to actively respond to national policies and regional demands to maintain strength, balance risks, and ensure long-term stable development[46]. Project Developments - The Lanting project in Zouping City will provide approximately 390 residential units across 11 buildings, with development divided into two phases[29]. - The Meijun project consists of three phases, with the first two phases completed, providing a total of approximately 810 residential units[30]. - The company emphasizes the integration of green building and prefabricated construction in its project designs to meet local housing demands[30]. Financial Performance - The group's revenue for the year ended December 31, 2021, was RMB 25,169,000, slightly down from RMB 25,228,000 in 2020[35]. - The cost of sales decreased significantly to RMB 24,475,000 in 2021 from RMB 34,030,000 in 2020, indicating improved cost management[35]. - Other income recorded was RMB 3,291,000, down from RMB 4,908,000 in 2020, primarily due to reduced interest income from related parties[35]. - Administrative expenses were reduced to RMB 5,483,000 in 2021 from RMB 7,022,000 in 2020, reflecting cost-saving measures implemented by the group[35]. - The group had cash and cash equivalents of RMB 148,233,000 as of December 31, 2021, compared to RMB 144,368,000 in 2020, indicating stable liquidity[37]. Corporate Governance - The board consists of two executive directors, three non-executive directors, and three independent non-executive directors, ensuring compliance with listing rules[66]. - The company has adopted the corporate governance code and has been compliant with all applicable provisions throughout the year[62]. - The independent non-executive directors possess adequate industry and financial experience, ensuring the protection of shareholders' interests[68]. - The company is committed to maintaining good corporate governance practices to safeguard shareholder rights[62]. - The company secretary provides advice and services to ensure compliance with all applicable rules and regulations[69]. Risk Management - The company has established a voting agreement among shareholders, ensuring that votes at shareholder meetings are cast according to the instructions of Mr. Wang Yong[72]. - The Audit Committee held two meetings during the year, reviewing the effectiveness of the company's risk management and internal control systems[77]. - The company aims to continuously review and improve its risk management and internal control systems to protect shareholder investments[89]. - The company employs a structured enterprise risk management process that includes risk identification, assessment, response, and monitoring, conducted at least annually[93]. - Major identified risks for the year include sales and taxation processes, with action plans developed to address these areas[94]. Shareholder Information - The company has not declared any dividends in the past three years, with future dividends subject to board approval based on various factors[103][102]. - The company’s reserves available for distribution to shareholders as of December 31, 2021, amounted to RMB 201,784,000, a decrease from RMB 204,623,000 as of December 31, 2020[137]. - As of December 31, 2021, Mr. Wang Yong holds 982,999,588 ordinary shares, representing 69.78% of the company[150]. - Mr. Wang Yong also holds 506,244,669 convertible preferred shares, accounting for 99.75% of that class of shares[150]. - The company has established a new financial services framework agreement with Xi Wang Financial, effective until November 30, 2022, with maximum daily deposit limits set at RMB 500 million[168]. Audit and Compliance - The audit committee has reviewed the consolidated financial statements and confirmed compliance with applicable accounting standards and legal requirements[174]. - The audit opinion confirms that the consolidated financial statements present a true and fair view of the Group's financial position as of December 31, 2021[179]. - The auditor identified and assessed risks of material misstatement due to fraud or error and designed audit procedures to address these risks[194]. - The auditor evaluated the appropriateness of accounting policies adopted by the board and the reasonableness of accounting estimates and related disclosures[196]. - The audit report includes key audit matters that are most significant to the audit of the current period's consolidated financial statements[198].