Land Reserves and Property Development - As of December 31, 2024, the total land reserve of the company amounts to approximately 3.58 million square meters across 35 property projects in 10 cities[27]. - The company has a total of 3,581,776 square meters of land reserves, with 357,808 square meters completed, 722,460 square meters under construction, and 2,501,508 square meters planned for future development[29]. - The total area of land reserves is categorized into completed, under construction, and future development, indicating a strategic approach to project management[31]. - The company is focusing on expanding its land reserves and project pipeline to enhance future growth potential[31]. - The company has established operational bases in Guangdong, Hainan, Yunnan, Jiangsu, and Hunan provinces[2]. - The company has ongoing projects with a total area of 1,200,000 square meters, including 236,787 square meters in the second phase of the Jingye Shanhu Bay project[33]. - Future development projects are estimated to cover an area of 1,500,000 square meters, with 400,784 square meters planned for the Jingye Yingde Jinxiong project[32]. - The company is actively pursuing new projects and developments across different regions to strengthen its market position[30]. Financial Performance - The total contracted sales amount for 2024 was approximately RMB 470.5 million, a decrease of 69.5% compared to RMB 1,541.5 million in 2023[78]. - The confirmed revenue for 2024 was RMB 3,426.7 million, a significant increase of 567.3% from RMB 513.5 million in 2023[79]. - Revenue from property development and sales increased by 726.3% in 2024, reaching RMB 3,323.3 million, accounting for 97.0% of total revenue[80]. - The operating loss for 2024 was RMB 23.6 million, a significant improvement from the operating loss of RMB 1,977.5 million in 2023[78]. - Hotel operations revenue decreased by 18.9% to RMB 58.6 million in 2024, down from RMB 72.3 million in 2023, primarily due to the closure of a key hotel[82]. - Property management service revenue reached RMB 42.3 million in 2024, a 25.5% increase from RMB 33.7 million in 2023, driven by stable growth in managed property area[83]. - Commercial property investment revenue decreased by 51.9% to RMB 2.5 million in 2024 from RMB 5.2 million in 2023, primarily due to the sale of investment properties[84]. - The net loss for 2024 was RMB 132.6 million, significantly reduced from a loss of RMB 2,142.6 million in 2023, with basic and diluted loss per share improving to RMB 0.21 from RMB 1.11[95]. Operational Strategy and Management - The company operates four main business segments: property development and sales, hotel operations, property management, and commercial property investment[2]. - The company emphasizes its positioning as an "ecological and cultural real estate developer," focusing on natural resources and cultural heritage in project locations[2]. - The company is committed to building homes and communities that are truly suitable for buyers to live in[2]. - The group aims to maintain operational resilience and adapt its business structure in response to ongoing market uncertainties, focusing on "stable operations, ensuring delivery, and managing risks"[69]. - The group is actively seeking new financing sources and improving cash flow management to address liquidity risks and debt pressures[69]. - The company is committed to reducing debt and managing liquidity pressures while enhancing operational capabilities[74]. - The company plans to continue leveraging government policies to stabilize the market and enhance operational efficiency[73]. - The company aims to transform some existing properties into long-term rental sources to adapt to market demands[71]. Governance and Compliance - The company emphasizes strategic independent judgment through its independent non-executive directors, including Ma Qingnan, who has over 42 years of legal practice experience[115]. - The company is committed to maintaining high standards of governance and resource management through its independent committees[115][116][118]. - The independent non-executive directors have reviewed the non-competition agreement and assessed compliance by covenant parties[152]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations affecting its real estate development and management operations[159]. Stock Options and Shareholder Information - The stock option plan approved on November 13, 2019, aims to attract and retain top talent and provide additional incentives to employees and partners[160][161]. - The maximum number of shares that can be issued under the stock option plan is capped at 10% of the total issued shares as of the listing date, which translates to a maximum of 160 million shares[165]. - The company must seek shareholder approval for any stock options exceeding the 1% limit for individual participants[166]. - The stock option plan will remain effective for ten years from the adoption date, expiring on November 12, 2029, unless terminated earlier by shareholders[187]. - As of December 31, 2024, there are no unexercised stock options granted under the stock option plan[192]. - Mr. Chen Si Ming holds 1,200,000,000 ordinary shares, representing approximately 72.9% of the company's issued share capital as of December 31, 2024[194]. - The total number of issued ordinary shares as of December 31, 2024, is 1,646,173,000 shares[198]. Market Conditions and Risks - The group faces significant risks related to government regulations, particularly in property purchase policies in provinces such as Guangdong, Hainan, Jiangsu, Yunnan, and Hunan[158]. - The group's business performance is highly dependent on the economic conditions and real estate market in China, especially in the aforementioned provinces[158]. - The company anticipates a slow recovery in the real estate market, with continued government support expected in 2025[73].

Guarantees - As of December 31, 2024, the outstanding guarantees amounted to RMB 1,482.2 million, a decrease from RMB 2,070.9 million as of December 31, 2023, reflecting a reduction of approximately 28.5%[3] Financial Data Accuracy - The clarification announcement does not affect any other financial data disclosed in the 2024 annual performance announcement, ensuring the accuracy of all other information remains unchanged[4]

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 3,426,674,000, an increase from RMB 2,926,185,000 in 2023, representing a growth of approximately 17.1%[4] - The gross profit before impairment losses was RMB 500,489,000, compared to a gross loss of RMB 1,620,079,000 in 2023, indicating a significant recovery[4] - The net loss for the year was RMB 132,575,000, a decrease from RMB 2,142,608,000 in 2023, showing an improvement of approximately 93.8%[4] - The company reported a basic and diluted loss per share of RMB 0.21 for 2024, compared to RMB 1.11 in 2023, indicating a significant reduction in losses per share[6] - The group recorded a net loss of RMB 133 million for the year ending December 31, 2024[11] - The group incurred a net loss of RMB 132,575,000 for the year, with a significant portion attributed to administrative expenses and financing costs[23] - The company reported a loss attributable to owners of RMB 344,100,000 for the year ended December 31, 2024, compared to a loss of RMB 1,835,407,000 in 2023, indicating an improvement in financial performance[41] - The net loss for 2024 was RMB 132.6 million, a significant improvement from a net loss of RMB 2,142.6 million in 2023, with basic and diluted loss per share improving from RMB 1.11 to RMB 0.21[82] Assets and Liabilities - The total assets as of December 31, 2024, were RMB 6,966,740,000, down from RMB 10,304,103,000 in 2023, reflecting a reduction of about 32.5%[8] - The total liabilities decreased to RMB 5,851,383,000 in 2024 from RMB 8,747,977,000 in 2023, a decline of approximately 33.3%[8] - Trade and other receivables totaled RMB 973,112,000 as of December 31, 2024, down from RMB 1,194,921,000 in 2023, with a significant increase in impairment provision from RMB 81,045,000 to RMB 173,356,000[43] - The company’s deferred income tax liabilities for the year ended December 31, 2024, were RMB 89,487,000, a decrease from RMB 126,653,000 in 2023, indicating a reduction in future tax obligations[36] - The total amount of trade and other payables as of December 31, 2024, is RMB 1,448,333 thousand, down from RMB 1,520,889 thousand in 2023, indicating a reduction of 4.7%[48] Cash Flow and Financing - The company’s cash and cash equivalents were RMB 125,006,000 as of December 31, 2024, compared to RMB 339,242,000 in 2023, a decrease of approximately 63.1%[7] - The group faced a liquidity pressure due to a decline in pre-sales and sales volume, as well as the amount of cash collected from these sales[13] - The group has restricted cash of RMB 134 million, primarily from designated bank accounts for pre-sale proceeds, which can only be used for certain construction payments pending approval[16] - The group aims to accelerate pre-sales and sales activities to better respond to market demand and improve cash flow[16] - The group plans to seek alternative financing and loans to meet its existing financial obligations and fund future operating expenses[16] - The group has a total of RMB 588 million in principal amount of loans considered in default due to overdue payments[12] - The group is actively communicating with lenders regarding defaulted loans to negotiate extensions and avoid immediate repayment demands[16] - The total borrowing cost for 2024 was RMB 258.8 million, a decrease of 8.1% from RMB 282.8 million in 2023, with the weighted average effective interest rate at 7.94%[89] Market and Operational Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings report[3] - The group has identified several uncertainties that may significantly question its ability to continue as a going concern[14] - The group is focused on maintaining compliance with banking and borrowing terms to secure necessary waivers and amendments[18] - The company aims to actively reduce debt pressure and improve cash flow by enhancing the efficiency of idle assets and increasing rental income from non-core properties[55] - The company plans to accelerate property sales in response to the central government's policies aimed at reducing inventory and stabilizing the market[57] - The company is facing significant uncertainties regarding its ability to continue as a going concern due to various regulatory and macroeconomic factors affecting its operational liquidity[107] Revenue Breakdown - The group reported total segment revenue of RMB 3,428,101,000, with property development and sales contributing RMB 3,323,347,000[23] - The revenue from property development and sales recorded a remarkable increase of 726.3%, rising from RMB 402.2 million in 2023 to RMB 3,323.3 million in 2024, accounting for 97.0% of the total revenue[66] - Hotel operations revenue decreased by 18.9% to RMB 58.6 million in 2024, down from RMB 72.3 million in 2023, primarily due to the closure of a key hotel[69] - Property management service revenue increased by 25.5% to RMB 42.3 million in 2024, compared to RMB 33.7 million in 2023, driven by stable growth in total managed property area[70] - Commercial property investment revenue fell by 51.9% to RMB 2.5 million in 2024, down from RMB 5.2 million in 2023, due to a reduction in rental properties sold[71] Employee and Operational Costs - The group confirmed employee costs for the year ended December 31, 2024, at RMB 91.1 million, a decrease from RMB 102.1 million in 2023, with a total of 552 employees compared to 743 in the previous year[97] - The company reported a decrease in employee benefits expenses to RMB 84,169,000 from RMB 91,508,000[30] - Administrative expenses decreased by 12.2% to RMB 76.2 million in 2024, down from RMB 86.8 million in 2023, due to ongoing cost control measures[76] Future Outlook and Plans - The company is preparing for the adoption of new accounting standards effective from 2025 and beyond, which are not expected to have a significant impact on future transactions[20] - The government is expected to implement macroeconomic policies to stimulate economic activity, which may positively impact the real estate sector in the future[60] - The company aims to transform some existing properties into long-term rental resources and improve certain properties with potential value through renovation[58] - Plans and measures are being developed to alleviate cash flow pressures and improve the financial situation, contingent on successful negotiations with lenders and compliance with loan terms[108]

景業名邦集團控股有限公司 (於開曼群島註冊成立的有限公司) 中期報告 股份代號: 2231 2024 公司簡介 景業名邦集團控股有限公司（股份代號：2231）於2019年12月5日在聯交所上市。 景業名邦是一家中國物業開發商、營運商及物業管理服務供應商。於廣東省、海南省、雲南省、江蘇省 及湖南省設立營業據點，並營運四大主營業務，即(i)物業開發及銷售、(ii)酒店營運、(iii)物業管理及(iv)商 業物業投資。於2024年6月30日，本集團土地儲備的總建築面積達約3.85百萬平方米。 本集團堅持「生態人文地產發展商」的定位。依託我們選定項目地點的自然資源、獨有的景觀風貌特色及 深厚的文化，建造我們認為真正適宜買家居住的房屋及社區。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------|-----------------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------| ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 2,304,025 thousand, an increase from RMB 2,090,320 thousand in the same period of 2023, representing a growth of approximately 10.2%[1] - Gross profit before impairment losses on completed properties and properties under construction was RMB 213,705 thousand, compared to RMB 48,823 thousand in the previous year, indicating a significant improvement[1] - The net loss for the period was RMB 182,378 thousand, a reduction from a loss of RMB 421,472 thousand in the same period last year, reflecting a decrease in losses of approximately 56.7%[2] - The company reported a basic and diluted loss per share of RMB 0.16, an improvement from RMB 0.23 in the same period last year[2] - The company reported a loss attributable to shareholders of RMB 262,941,000 for the six months ended June 30, 2024, compared to a loss of RMB 377,280,000 for the same period in 2023, representing a 30.3% improvement[29] - Basic and diluted loss per share for the six months ended June 30, 2024, was RMB 0.16, compared to RMB 0.23 for the same period in 2023, indicating a reduction of 30.4%[29] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 8,360,356 thousand, down from RMB 10,304,103 thousand as of December 31, 2023, indicating a decrease of about 18.8%[3] - The total liabilities decreased to RMB 6,999,876 thousand from RMB 8,747,977 thousand, representing a reduction of about 20.0%[4] - The company's cash and cash equivalents decreased to RMB 32,249 thousand from RMB 125,006 thousand at the end of 2023, showing a decline of approximately 74.2%[3] - As of June 30, 2024, total bank and other borrowings amounted to RMB 3,209 million, with RMB 3,176 million due within 12 months[6] - The short-term and long-term borrowings' current portion was RMB 3,175,505 thousand as of June 30, 2024, slightly up from RMB 3,173,236 thousand as of December 31, 2023, indicating a marginal increase of about 0.1%[22] - The total interest-bearing loans and preferred notes amounted to RMB 3,208.6 million, a slight increase from RMB 3,202.2 million as of December 31, 2023[65] Operational Challenges - The group experienced a decline in pre-sales and sales volume, failing to meet management expectations due to a slowdown in the real estate market in mainland China[6] - There is significant uncertainty regarding the group's ability to continue as a going concern, dependent on generating sufficient financing and operational cash flow[9] - In the first half of 2024, the company faced challenges due to persistent inflation, geopolitical conflicts, and increased political risks, leading to weaker growth momentum in the global economy[38] Marketing and Sales - The company’s marketing expenses rose to RMB 110,093 thousand from RMB 31,746 thousand, indicating an increase of approximately 246.5%[1] - The total contract sales for the group amounted to approximately RMB 323.6 million for the six months ended June 30, 2024, a decrease of 64.2% compared to RMB 905.1 million for the same period in 2023[46] - The revenue from property development and sales recorded a substantial increase of 729.2%, rising from RMB 271.4 million in the first half of 2023 to RMB 2,250.4 million in 2024, accounting for 97.7% of total revenue during the review period[48] Debt Management - The group successfully extended or modified repayment terms for borrowings totaling RMB 2,916 million to alleviate cash flow pressure[7] - The group is actively negotiating with lenders regarding defaulted borrowings to avoid immediate repayment demands[9] - The group is enhancing its marketing efficiency by implementing a dual strategy of increasing and decreasing marketing expenses to optimize costs[41] - The company is actively optimizing its debt management by seeking new financing sources and enhancing liquidity through various measures, including asset disposals[39] Impairment and Expenses - The cost of completed properties held for sale and construction in progress impairment loss net amount was RMB 165,805 thousand for the six months ended June 30, 2024, significantly lower than RMB 341,524 thousand for the same period in 2023, showing a decrease of about 51.5%[23] - The total impairment loss on investment properties was RMB 8,310 thousand for the six months ended June 30, 2024, compared to a loss of RMB 3,977 thousand for the same period in 2023, reflecting an increase in impairment losses[23] - Sales and marketing expenses increased by 247.3% to RMB 110.1 million from RMB 31.7 million in the same period of 2023, primarily due to increased commission expenses[56] Corporate Governance - The board has resolved not to declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[30] - The board and management are committed to maintaining good corporate governance practices and have adhered to all applicable rules under the corporate governance code[77] - All directors have confirmed compliance with the standard code of conduct for securities transactions during the six-month period ending June 30, 2024[78] Future Outlook - The board believes that the group will have sufficient operating funds to meet its financing obligations over the next twelve months based on cash flow forecasts and planned measures[9] - The group anticipates continued government support for the real estate sector, although market expectations regarding income and property price declines remain uncertain[46] - The company continues to evaluate its strategies for market expansion and new product development to enhance future performance[20]

Financial Performance - For the year ended December 31, 2023, the group recorded a net loss of RMB 2,143 million and a net cash outflow of RMB 66 million[8]. - The group reported a total loss for the year of RMB 2,142,608 thousand, compared to a loss of RMB 887,825 thousand in 2022, representing an increase in losses of approximately 141%[27]. - The operating loss for the year was RMB 1,977,499 thousand, compared to RMB 1,013,715 thousand in 2022, indicating a worsening of operational performance[27]. - The net loss for the year amounted to RMB 2,142,608 thousand, reflecting a substantial increase compared to the previous year's loss[48]. - The group reported a loss of RMB 2,142.6 million for the year, with attributable loss to the company amounting to RMB 1,835.4 million[59]. - The net loss for 2023 was RMB 2,142.6 million, significantly higher than the net loss of RMB 887.8 million in 2022, with attributable loss to owners amounting to RMB 1,835.4 million[137]. Revenue and Sales - The group's revenue for the year ended December 31, 2023, was RMB 513,462 thousand, compared to RMB 513,310 thousand in 2022, reflecting a slight increase[27]. - Total revenue for the property development and sales segment reached RMB 517,736 thousand, with a significant contribution from external customer revenue of RMB 513,462 thousand[40]. - In 2023, the revenue from property development and sales was RMB 402.2 million, a decrease of 2.8% from RMB 413.8 million in 2022, accounting for 78.3% of total revenue[105]. - Revenue from hotel operations increased by 12.1% to RMB 72.3 million in 2023, up from RMB 64.5 million in 2022, driven by a recovery in travel demand post-pandemic[106]. - The commercial property investment income for 2023 was RMB 5.2 million, a decrease of 16.1% compared to RMB 6.2 million in 2022, primarily due to a reduction in rental properties[77]. Assets and Liabilities - As of December 31, 2023, the total borrowings of the group amounted to RMB 3,202 million, with current borrowings of RMB 3,173 million[8]. - The total liabilities of the group were RMB 8,747,977 thousand, while total equity and liabilities amounted to RMB 10,304,103 thousand[6]. - The group’s total equity decreased from RMB 12,487,254 thousand in 2022 to RMB 10,304,103 thousand in 2023[6]. - The group had overdue borrowings amounting to RMB 108 million, which included a principal amount of RMB 795 million[8]. - The group had cash and cash equivalents of RMB 125 million and restricted cash of RMB 339 million as of December 31, 2023[8]. - The group’s non-current assets totaled RMB 812,016 thousand, down from RMB 1,172,564 thousand in the previous year[4]. - The net debt ratio was 175.9%, a substantial increase from 73.8% in 2022, indicating a significant rise in leverage[144]. Impairment and Expenses - The impairment loss on completed properties held for sale and properties under construction was RMB 1,666,138 thousand, significantly higher than RMB 679,553 thousand in the previous year[27]. - The gross profit before impairment losses decreased by 37.4% to RMB 46.1 million in 2023, down from RMB 73.6 million in 2022, with the gross profit margin dropping from 14.3% to 9.0%[129]. - The group reported a total of RMB 10,869 thousand in expenses for the year ended December 31, 2023, compared to RMB 14,326 thousand in 2022[20]. - The company reported a decrease in employee benefits expenses, totaling RMB 102,087 thousand, down from RMB 111,595 thousand in the previous year[45]. - Sales and marketing expenses decreased by 15.5% to RMB 56.0 million in 2023, representing 3.6% of total contract sales, compared to 3.2% in 2022[111]. - Administrative expenses fell by 26.1% to RMB 86.8 million in 2023, accounting for 5.6% of total contract sales, down from 5.7% in 2022[112]. Cash Flow and Financing - The group anticipates continued pressure on cash flow due to declining pre-sale performance in the real estate market since 2021[33]. - The group is actively negotiating with lenders to seek waivers and extensions on loan repayments to ensure operational continuity[35]. - The group has successfully extended the repayment period for loans totaling RMB 598 million, with the new due date set for September 17, 2026[34]. - The group has arranged bank financing for certain property buyers, providing guarantees for their repayment obligations, which may impact future cash flows[146]. - The group is committed to managing liquidity risks by optimizing debt structure and disposing of non-core quality assets[66]. Market Conditions and Strategy - The real estate market continues to face downward pressure, with structural challenges affecting demand and financing channels for property companies[89]. - The group is focused on enhancing operational efficiency through organizational restructuring and a flatter management system to better allocate resources and reduce costs[97]. - The company is implementing measures to accelerate pre-sales and sales of properties under construction and to recover related sales proceeds in a timely manner[186]. - The company anticipates continued easing of government policies on the real estate sector in 2024, which is expected to gradually stabilize the industry[68]. - The group aims to enhance its product and service capabilities by focusing on the emerging market demands from the aging population and the Z generation[69]. Corporate Governance and Social Responsibility - The group emphasizes its commitment to corporate social responsibility and sustainable development initiatives[67]. - The group is committed to corporate social responsibility, supporting sustainable development initiatives in charity and green projects[100]. - The board has proposed not to distribute a final dividend for the year ending December 31, 2023[90]. Future Outlook - The effectiveness of the company's ongoing operations is contingent upon the success of these plans and measures, which are subject to various uncertainties[194]. - The consolidated financial statements are prepared on a going concern basis, dependent on the outcomes of the aforementioned plans[194]. - The company plans to successfully complete construction projects and deliver them to customers to facilitate the release of restricted pre-sale proceeds[195].

Financial Performance - Revenue from hotel operations increased by 12.1% to RMB 72.3 million in 2023 compared to RMB 64.5 million in 2022, driven by the recovery of tourism demand post-pandemic[19] - The company recorded a net loss of RMB 2,142,608 thousand for the year 2023, compared to a net loss of RMB 887,825 thousand in 2022[4] - Gross loss after deducting impairment losses on completed and under-construction properties was RMB 1,620,079 thousand in 2023, compared to RMB 605,947 thousand in 2022[4] - The company recorded a net loss of RMB 2,142.6 million in 2023, compared to a net loss of RMB 887.8 million in 2022, with attributable losses to owners of RMB 1,835.4 million and RMB 721.9 million, respectively[25] - The group recorded a net loss of RMB 2,143 million for the year ended December 31, 2023, with a net cash outflow of RMB 66 million[47] - The group reported a net loss attributable to owners of RMB 1,835,407 thousand in 2023, compared to a net loss of RMB 721,859 thousand in 2022[68] - The company reported a net loss of RMB 2,142,608,000 in 2023, compared to a net loss of RMB 887,825,000 in 2022, showing a significant deterioration in financial performance[79][80] - The company's basic and diluted loss per share was RMB 1.11 in 2023, compared to RMB 0.44 in 2022[169] Assets and Liabilities - Total assets decreased to RMB 10,304,103 thousand in 2023 from RMB 12,487,254 thousand in 2022[10] - Total liabilities decreased to RMB 8,747,977 thousand in 2023 from RMB 8,769,231 thousand in 2022[13] - The company's equity attributable to owners decreased to RMB 392,414 thousand in 2023 from RMB 2,247,110 thousand in 2022[10] - Non-current assets decreased to RMB 812,016 thousand in 2023 from RMB 1,172,564 thousand in 2022[9] - The company's cash and cash equivalents decreased to RMB 125,006 thousand in 2023 from RMB 187,025 thousand in 2022[9] - The company's inventory decreased to RMB 914 thousand in 2023 from RMB 1,173 thousand in 2022[9] - The company's total equity decreased to RMB 1,556,126 thousand in 2023 from RMB 3,718,023 thousand in 2022[10] - Total borrowings as of December 31, 2023, amounted to RMB 3,202 million, with current borrowings at RMB 3,173 million, while cash and cash equivalents and restricted cash were RMB 125 million and RMB 339 million, respectively[47] - Total liabilities for the group amounted to RMB 8,747,977 thousand in 2023, compared to RMB 8,769,231 thousand in 2022[60] - The group's short-term and long-term borrowings (current portion) increased to RMB 3,173,236 thousand in 2023 from RMB 1,797,073 thousand in 2022[60] - The company's total assets decreased to RMB 10,042,186,000 in 2023 from RMB 12,137,449,000 in 2022, indicating a reduction in asset base[79][80] - The company's total liabilities decreased to RMB 4,921,808,000 in 2023 from RMB 4,547,151,000 in 2022, reflecting a reduction in overall debt[79][80] - Total assets decreased to RMB 10,304,103 thousand in 2023 from RMB 12,487,254 thousand in 2022, a decline of 17.5%[83] - Deferred tax assets decreased to RMB 261,917 thousand in 2023 from RMB 349,805 thousand in 2022, a decline of 25.1%[83] - The company's cash and bank balances totaled RMB 464.2 million as of December 31, 2023, a decrease from RMB 884.7 million as of December 31, 2022[171] - The company's net debt ratio increased significantly to 175.9% as of December 31, 2023, up from 73.8% as of December 31, 2022[178] - The company's interest-bearing borrowings and priority notes totaled RMB 3,202.2 million as of December 31, 2023, down from RMB 3,628.5 million as of December 31, 2022[173] - Property presale proceeds of RMB 304.1 million were deposited in designated bank accounts as construction guarantees, down from RMB 615.1 million in 2022[183] - Cash deposits for bank loan guarantees decreased to RMB 5.5 million from RMB 26.0 million in 2022[183] - Total bank and other borrowings decreased to RMB 1,955.0 million from RMB 2,429.0 million in 2022, secured by assets including land, property, and equipment[189] - Outstanding guarantees for property buyers' bank financing stood at RMB 2,070.9 million, slightly down from RMB 2,084.5 million in 2022[193] - The company's borrowings are primarily denominated in RMB, USD, and HKD, with RMB borrowings decreasing to RMB 1,600.31 million from RMB 2,043.74 million in 2022[187] Revenue and Sales - The company's total contract sales in 2023 were approximately RMB 1,541.5 million, a decrease of 25.3% from RMB 2,064.4 million in 2022, with corresponding contract construction area decreasing by 20.2% to 158,000 square meters from 198,000 square meters[43] - Revenue from property development and sales decreased by 2.8% to RMB 402.2 million in 2023, accounting for 78.3% of total revenue, primarily due to lower average selling prices[115] - Property management service revenue increased by 17.0% to RMB 33.7 million in 2023, driven by growth in the total managed floor area[117] - Commercial property investment revenue decreased by 16.1% to RMB 5.2 million in 2023, mainly due to reduced rental properties[118] - Contract sales amounted to RMB 1,541.5 million in 2023, a 25.3% year-on-year decrease, with a 20.2% drop in sales area to 158,000 square meters[130] - Revenue from property development and sales in Zhaoqing increased to RMB 226.4 million, accounting for 56.3% of total property sales revenue, with a total construction area of 52,207 square meters and an average selling price of RMB 4,336 per square meter[144] - The group's total confirmed revenue remained relatively stable at RMB 513.5 million in 2023, compared to RMB 513.3 million in 2022[142] - Zhuodu Property achieved revenue of RMB 33.7 million in 2023, a year-on-year increase of 17.0%[134] - The group's property sales revenue in Guangzhou accounted for 6.2% of total revenue, with a total construction area of 3,471 square meters and an average selling price of RMB 7,181 per square meter[144] - Property sales revenue in Tengchong accounted for 3.9% of total revenue, with a total construction area of 4,498 square meters and an average selling price of RMB 3,468 per square meter[144] - The group's total property sales revenue in 2023 was RMB 402.2 million, with a total construction area of 72,641 square meters and an average selling price of RMB 5,332 per square meter[144] - The company's revenue for 2023 was RMB 513.5 million, a slight increase from RMB 513.3 million in 2022[155] - The top three cities by revenue, Qingyuan, Tengchong, and Zhaoqing, achieved an average gross profit margin of 16.3% before impairment losses, accounting for 82.7% of the company's property development and sales revenue in 2023[161] Expenses and Costs - The company's administrative expenses decreased by 26.1% to RMB 86.8 million in 2023, compared to RMB 117.5 million in 2022, accounting for 5.6% of total contract sales (2022: 5.7%)[24] - Other net losses decreased from RMB 200.5 million in 2022 to RMB 163.0 million in 2023, primarily due to non-recurring losses from the sale of subsidiaries in 2022, partially offset by an increase in impairment losses on right-of-use assets[45] - The group's total expenses for 2023 were RMB 2,276,399 thousand, a significant increase from RMB 1,303,097 thousand in 2022[61] - The group's impairment losses on completed and under-construction properties amounted to RMB 1,666,138 thousand in 2023, up from RMB 679,553 thousand in 2022[61] - The group's employee benefit expenses (including directors' remuneration) decreased to RMB 102,087 thousand in 2023 from RMB 124,497 thousand in 2022[61] - The group's finance costs net of capitalized interest amounted to RMB 13,916 thousand in 2023, down from RMB 28,731 thousand in 2022[62] - The group's hotel operating expenses increased to RMB 42,951 thousand in 2023 from RMB 34,664 thousand in 2022[61] - The group's advertising costs decreased slightly to RMB 22,267 thousand in 2023 from RMB 22,831 thousand in 2022[61] - The company's sales cost increased by 6.3% to RMB 467.4 million in 2023, up from RMB 439.7 million in 2022[159] - The company's gross profit before impairment losses on completed and under-construction properties decreased by 37.4% to RMB 46.1 million in 2023, down from RMB 73.6 million in 2022[160] - The gross profit margin before impairment losses on completed and under-construction properties dropped from 14.3% in 2022 to 9.0% in 2023[160] - The company's net financing costs decreased to RMB 9.9 million in 2023 from RMB 22.0 million in 2022, primarily due to a non-recurring loss of RMB 9.1 million from early redemption of bank loans in 2022[166] - Borrowing costs decreased by 12.6% to RMB 282.8 million in 2023, with a weighted average interest rate of 8.00%[190] Liquidity and Financing - The company failed to repay certain borrowings totaling RMB 78 million after December 31, 2023, which also constitutes part of the aforementioned default and cross-default borrowings[28] - The company plans to accelerate pre-sales and sales of properties under construction and completed properties for sale, and to speed up the collection of sales proceeds to alleviate liquidity pressure[30] - The company will continue to seek alternative financing and borrowings to meet existing financial obligations and fund future operating expenses[30] - The company's ability to obtain new financing depends on the current and future regulatory environment, the willingness of existing lenders to agree to extension or renewal terms, and the company's ability to comply with the terms and conditions of its borrowings[33] - The group successfully extended the repayment period for loans totaling RMB 598 million, with the maturity date extended to September 17, 2026[50] - In January 2024, the group completed an exchange of USD 152 million (RMB 1,077 million) in priority notes due January 11, 2024, for new priority notes due January 9, 2025[50] - Restricted cash as of December 31, 2023, was RMB 339 million, primarily from restricted presale proceeds in designated bank accounts[50] - The group's ability to continue as a going concern depends on successful negotiations with lenders to avoid immediate repayment demands and to secure related waivers[51] - The group plans to complete and deliver properties to customers as scheduled, enabling the release of restricted presale proceeds to fulfill other financing obligations[52] - The group's cash flow forecast indicates sufficient working capital to meet financing obligations over the next 12 months from December 31, 2023[50] - The company failed to repay loans totaling RMB 78 million, which are part of cross-defaulted borrowings[185] Market and Strategy - The company focused on expanding its marketing strategy for vacation and wellness projects in cities like Xi'an, Beijing, and Chongqing, targeting inland customer groups[104] - Projects such as Zengcheng Jingye Yifang Tiandi and Nanjing Jiuyunfu continued to perform well, contributing to revenue[105] - The company leveraged the post-pandemic recovery in service-oriented consumption, focusing on hotel, homestay, and commercial complex operations through new media marketing[106] - The company successfully issued $159,284,612 in senior notes with a 9.5% interest rate, maturing on January 9, 2025, including an exchange offer for $152,100,000 of notes due in January 2024[107] - The group expects the central government to continue implementing loose policies in the real estate sector in 2024, with market expectations gradually recovering[138] - The group is committed to promoting the coordinated development of cultural tourism, vacation hotels, homestays, and commercial complexes, adopting a "rent and sell simultaneously" strategy to revitalize existing resources[135] Other Financial Metrics - The company's deferred tax assets are not classified as segment assets but are managed uniformly[42] - The company's consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[26] - The company's future liquidity and performance, as well as available financial resources, are under careful consideration by the board to assess the company's ability to continue as a going concern[29] - The group's deferred tax liabilities increased to RMB 239,045 thousand in 2023 from RMB 200,280 thousand in 2022[60] - Corporate income tax increased to RMB 22,109 thousand in 2023 from RMB 6,244 thousand in 2022, a significant rise of 254%[89] - Land value-added tax decreased to RMB (2,709) thousand in 2023 from RMB 15,210 thousand in 2022, a decline of 117.8%[89] - Trade receivables provision increased significantly to RMB 13,357,000 in 2023 from RMB 426,000 in 2022, reflecting a substantial rise in expected credit losses[73] - Total trade payables increased to RMB 901,025,000 in 2023 from RMB 832,347,000 in 2022, indicating higher liabilities[75] - Trade receivables pledged as collateral amounted to RMB 1,097,000 thousand in 2023, down from RMB 1,600,000 thousand in 2022, a decline of 31.4%[94] - Other receivables net of impairment provisions decreased to RMB 866,057 thousand in 2023 from RMB 1,030,147 thousand in 2022, a decline of 15.9%[97] - The company did not recommend the distribution of a final dividend for the year ended December 31, 2023[102] - The adoption of new and revised standards and interpretations did not have a significant impact on the group's consolidated financial statements[53] - The company completed a transaction on July 26, 2023, resulting in no longer holding any equity in the target company[197]

第27至68頁的財務報表於2023年8月30日經董事會批准，並由以下董事代表董事會簽署。 董事 29 景業名邦集團控股有限公司 2023年中期報告 截至2022年6月30日止六個月 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------|-------|--------------------------------------------------------------------------------------|-------|----------------------------------------|-------|-------| | | 股本 | 本公司擁有人應佔 \n人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 | | 其他儲備 保留盈利 小計 非控股權益 總計 | | | | 截至 2023 年 6 月 30 日止六個月 | | | | | | | | （未經審核） | | | | | | | | 於 2023 年 1 月 1 日的結餘 | | 14,74 ...

景業名邦將「以 穩 謀 存」作 為 當 前 階 段 的 發 展 要 義，始 終 保 持 戰 略 定 力 與 經 營 韌 性，堅 持「生 態 人 文 綜 合 運 營 商」的 發 展 定 位，堅 定 實 施 多 元 一 體 化 發 展 戰 略， 強 化 管 理、降 本 增 效，提 升 運 營 能 力，努 力 應 對 嚴 峻 的 市 場 挑 戰 與 深 刻 的 行 業 變 局，為 未 來 的 長 遠 發 展 奠 定 基 礎。 景 業 名 邦 在 上 半 年 以「一 項 一 策」精 準 銷 售 政 策 及 行 銷 策 略；同 時 快 速 反 覆 運 算 行 銷 戰 術 及 技 術，深 入 梳 理 並 研 讀 客 戶 需 求，通 過「線 上 新 媒 體 傳 播 充 分 釋 放 項 目 價 值、線 下 強 化 項 目 社 群 適 住 體 驗 定 向 拓 客」的 聯 動 鏈 路，有 效 提 升 整 體 獲 客 及 轉 化 能 力。此 外，堅 持 探 索「內 固 外 拓」的 行 銷 模 式，對 內 繼 續 貫 徹「全 員、全 民、全 面」的 行 銷 方 針，提 升 各 項 目 作 戰 團 隊 的 行 銷 效 率；對 外，則 ...

Shareholding and Stock Options - The company has a significant shareholder, Mr. Chan Si Ming, holding 1,200,000,000 shares, which represents approximately 72.9% of the total issued share capital[15]. - Mr. Liu Hua Xi holds a 2.5% interest in Zhongshan Jingyue, which is part of the company's joint venture[16]. - No stock options were granted or agreed upon during the year ending December 31, 2022[11]. - The stock option plan will remain effective for ten years from the adoption date, expiring on the business day before the tenth anniversary[8]. - The company can terminate the stock option plan at any time by resolution at a shareholders' meeting, but previously granted options will remain valid[10]. - The company must notify all option holders regarding any proposed restructuring or merger plans on the same day as the meeting notice to shareholders[1]. - All unexercised stock options will become invalid and terminate upon the effectiveness of any approved restructuring or arrangement[4]. - The board is required to make efforts to ensure that shares issued due to exercised options become part of the company's issued capital upon the effective date of any arrangement[1]. - The company has no arrangements to grant rights to purchase shares or debt securities to any directors or their immediate family members during the year ending December 31, 2022[12]. - The stock option plan can be amended by board resolution, but any significant changes must be approved by shareholders at a general meeting[9]. - As of December 31, 2022, major shareholders hold approximately 72.9% of the company's issued share capital, totaling 1,200,000,000 shares[19]. Financial Performance - The group's revenue for the year ended December 31, 2022, was RMB 513 million, a decrease of 75% compared to RMB 2,043 million for the year ended December 31, 2021[129]. - The group recorded a net loss of RMB 888 million for the year ended December 31, 2022[129]. - As of December 31, 2022, the total amount of bank and other borrowings was RMB 3,628 million, with RMB 1,797 million due within 12 months[129]. - The group's cash and cash equivalents amounted to RMB 187 million as of December 31, 2022[129]. - The board believes that the group will have sufficient operating funds to meet its financing obligations for the next twelve months[139]. - The company has implemented plans to alleviate liquidity pressure and improve financial conditions, as detailed in the financial statements[107]. Corporate Governance - The board of directors confirmed adherence to all corporate governance code provisions throughout the fiscal year ending December 31, 2022[45]. - The company has adopted a standard code for securities trading by directors, ensuring compliance throughout the fiscal year[46]. - The company has appointed at least three independent non-executive directors, constituting at least one-third of the board members, in compliance with listing rules[81]. - The independent non-executive directors do not receive performance-related equity compensation, ensuring their objectivity and independence[55]. - The board of directors is composed of five executive directors and three independent non-executive directors, all of whom possess extensive experience and professional knowledge[76]. - The term for independent non-executive directors is fixed at three years, starting from December 5, 2022, with the possibility of termination by either party with a three-month written notice[61]. - The board meets at least four times a year, with additional meetings as necessary, ensuring adequate time for discussion of relevant issues[70]. - The company has mechanisms in place to ensure the board receives independent viewpoints, with annual reviews of the effectiveness of these mechanisms[77]. - The nomination committee was established on November 13, 2019, to review the board's structure and composition at least annually[85]. - The company has complied with listing rules regarding the appointment of independent non-executive directors, ensuring at least one has appropriate professional qualifications or financial management expertise[81]. - Independent non-executive directors are required to notify the company promptly of any changes in their personal information that may significantly affect their independence[79]. - The board held a total of five meetings during the fiscal year, ensuring all directors allocated reasonable time to follow up on company matters[94]. - The nomination committee was established on November 13, 2019, and is responsible for proposing candidates for the board, ensuring diversity and quality requirements are met[99]. - The audit committee, consisting of three independent non-executive directors, oversees the integrity of financial statements and risk management systems[96]. - The board is responsible for ensuring clear and balanced financial disclosures in annual and interim reports[103]. - The remuneration committee reviewed and assessed the compensation of directors and senior management during the fiscal year[98]. - The board aims to maintain a balance of skills and experience among its members, considering diversity as a key factor in nominations[88]. - The company encourages active participation from all directors in board matters, ensuring decisions reflect a consensus[90]. - The company has adopted a board diversity policy to enhance governance and efficiency, emphasizing the importance of diverse skills and backgrounds[123]. - The remuneration committee consists of one executive director and three independent non-executive directors, ensuring transparency in compensation policies[120]. - The company’s remuneration policy aims to provide competitive market salaries to attract and retain high-quality talent[126]. - The board of directors has a balanced mix of knowledge and skills, with members aged between 34 and 70 years[124]. - The company’s audit report for the fiscal year ending December 31, 2022, reflects compliance with applicable accounting standards[128]. - The company has implemented strict internal controls to prevent unauthorized use of confidential information[109]. - The board meetings and committee meetings were attended by all directors, demonstrating strong governance practices[116]. - The company is committed to timely disclosure of insider information as per regulatory requirements[109]. Operational Highlights - The total land reserve of the group reached approximately 3.9 million square meters as of December 31, 2022[152]. - The group operates in five provinces, focusing on property development, hotel operations, property management, and commercial property investment[152]. - The company emphasizes its positioning as an "ecological and cultural real estate developer" based on selected project locations and cultural heritage[148]. - The company successfully issued $152.1 million 7.5% senior notes due in 2023, with an exchange offer completed for $149.6 million of existing notes[178]. - As of December 31, 2022, the company has a total land reserve of approximately 3.9 million square meters across 36 property projects in 11 cities[189]. - The company has completed the delivery of two projects, Qingyuan Jingye Yongjing Garden and Zhaoqing Jingye Yifang Tiandi, by September 30, 2022, fulfilling market commitments[180]. - The company has expanded its hotel brand with the opening of Zhuosi Dao Yueshe in Guangzhou, enhancing its diversified strategic layout[166]. - The company has a total of 36 projects, with 15 under construction and 11 planned for future development[190]. - The company is focusing on rural revitalization as part of its strategic initiatives[166]. - The company has received multiple awards, including being recognized as a council member unit by Guangdong Housing Association for the period 2022-2026[181]. - The company has a significant presence in various provinces, including Guangdong, Hunan, Jiangsu, and Yunnan, with ongoing projects in these regions[190]. - The company is committed to enhancing its property management services, as evidenced by its recognition as an outstanding member unit by Hunan Zhuodu Property Service Co., Ltd.[169]. - The company reported a total land area of 1,000,000 square meters for future development projects, with an estimated total building area of 500,000 square meters[192]. - The completed and unsold rental properties amount to 200,000 square meters, representing 20% of the total land area[194]. - The company has ongoing construction projects totaling 300,000 square meters, with an expected completion date in 2024[196]. - The residential projects in Hainan Province cover an area of 58,823 square meters, with no unsold or rental properties reported[196]. - The company plans to expand its market presence in Guangdong Province, with new projects covering an area of 252,047 square meters[196]. - The total estimated building area for future developments in Yunnan Province is projected to be 113,842 square meters[196]. - The company has a strategic focus on residential properties, with 100% ownership in all listed projects[196]. - The total area of completed projects is 1,000,000 square meters, with a significant portion already sold or rented out[194]. - The company is exploring potential acquisitions to enhance its market position and expand its portfolio[200]. - The projected total building area for the next phase of development is estimated at 400,784 square meters, with a completion target of 2024[196]. Compliance and Safety - No significant safety incidents or claims for personal or property damage were reported during the fiscal year ending December 31, 2022[35]. - The company has not incurred any major fines or penalties for non-compliance with environmental laws and regulations as of December 31, 2022[34].