Financial Performance - The group reported a contracted sales amount of approximately RMB 2.179 billion, a decrease of about 56.3% year-on-year, with a contracted area of approximately 33,070 square meters, down 48.3% compared to the previous year[10]. - The group's revenue for the reporting period was approximately RMB 11.986 billion, with property development revenue accounting for approximately RMB 11.973 billion[10]. - The gross profit for the group was approximately RMB 1.181 billion, with property development gross profit contributing approximately RMB 1.167 billion[10]. - The net loss for the group was approximately RMB 1.304 billion, with the attributable net loss to equity holders of the company being approximately RMB 1.622 billion[10]. - The basic loss per share for the company was approximately RMB 0.27, and the board resolved not to declare a final dividend for the year ended December 31, 2024[10]. - The company reported a contracted sales amount of approximately RMB 217.9 million, a decrease of about 56.3% compared to the same period last year[24]. - The total revenue for the reporting period was approximately RMB 1,198.6 million, an increase of about 299.0% year-on-year, with property development revenue contributing approximately RMB 1,197.3 million, up by about 301.5%[24]. - The net loss attributable to equity holders was approximately RMB 162.2 million, an increase of about 6.9% compared to the previous year, primarily due to increased interest expenses and impairment of recoverable land costs[24]. - The company will not declare a final dividend for the year ending December 31, 2024[18]. - The distributable reserves of the group as of the reporting period amount to RMB 4.593 billion, a decrease from RMB 7.890 billion as of December 31, 2023[125]. Land and Property Development - As of the end of the reporting period, the total land reserve area reached approximately 2,173,365 square meters, with an average cost of land reserve at approximately RMB 875.6 per square meter[10]. - The total land reserve area at the end of the reporting period was approximately 2,173,365 square meters[17]. - The total completed building area of the group is approximately 3,282,916 square meters, with land reserves totaling about 2,173,365 square meters[29]. - The group has approximately 192,908 square meters of completed but unsold building area and 842,232 square meters of properties under development[29]. - The planned total building area for future development is approximately 1,138,225 square meters[30]. - The group retains ownership of strategic commercial properties to generate stable income, with investment properties totaling about 21,613 square meters[29]. - The total area of completed projects is 1,246,880 square meters, with a total construction area of 3,282,916 square meters[37]. - The company has a total of 1,221,811 square meters of attributable construction area across its projects[39]. - The company is developing the Beigu Nian project, which has a total area of 139,169 square meters planned for completion by May 2026[41]. - The company is expanding its commercial projects, including the Shining Center in Jinzhong, with a planned area of 3,461 square meters expected to be completed by December 2025[41]. Market Outlook and Strategy - The real estate market in China is gradually stabilizing, with a focus on risk control and project profitability in land acquisition strategies[13][14]. - For 2025, the real estate market is expected to enter a more rational and healthy development phase, with a focus on improving housing supply and demand structure[19]. - The company plans to focus on inventory reduction and expanding the improvement housing market as its core strategic direction for 2025[21]. - The company aims to enhance product competitiveness by optimizing product structure and increasing the application of new materials and intelligent technologies[21]. - The company will actively seek diversified financing channels and strategic partners to strengthen the stability of its capital chain[21]. - The company will continue to focus on the high-end improvement housing market to meet consumer demand for high-quality living environments[22]. Operational Challenges and Responses - The company is actively responding to industry changes, with sales performance facing significant challenges but overall risks remaining within controllable limits[15]. - The company is increasing investment in research and development to enhance product and service upgrades, focusing on digital transformation and personalized living experiences[14]. Corporate Governance and Compliance - The company emphasizes high standards of corporate governance and has adhered to all applicable codes during the reporting period[161]. - The board consists of four executive directors and three independent non-executive directors, ensuring a balance of expertise in financial accounting and corporate governance[170]. - The company has established mechanisms to ensure the board receives independent views and opinions, promoting a culture of open communication[177]. - The company has a dedicated legal department to ensure compliance with laws and regulations, maintaining good relationships with regulatory bodies[105]. - The audit committee has fulfilled its corporate governance responsibilities and reported to the board during the reporting period[194]. Employee and Supplier Relations - The company emphasizes the importance of employee satisfaction and development through appropriate compensation and comprehensive evaluation plans[108]. - The company maintains good relationships with suppliers and has signed strategic cooperation agreements to ensure quality construction and material supply[110]. - The company encourages gender balance among employees, with a male-to-female ratio of approximately 60% to 40%[180]. Financing and Investment Activities - The company completed the sale of a 51% stake in Jinzhong Development for a total consideration of RMB 100.6 million, recognizing an investment gain of RMB 33.8 million[71]. - The company agreed to acquire a 16.1074% stake in Sichuan Chenxing for RMB 45.0 million, which will become a wholly-owned subsidiary[72]. - The company plans to continue investing in property development projects and acquiring suitable land parcels in selected cities, with internal resources and bank loans expected to meet funding needs[77]. Shareholder Information - The board aims to maintain a stable and sustainable dividend policy to provide returns to shareholders[112]. - The company has decided not to declare a final dividend for the year ending December 31, 2024, similar to the previous year[116]. - The company has not entered into any stock-linked agreements during the reporting period[121]. - The company has not granted any stock options under the stock option plan during the reporting period[149].

4月17日，截至港股收盘，恒生指数上涨1.61%，报21395.14点。辰兴发展（02286.HK）收报0.248港元/ 股，上涨8.3%，成交量1000股，成交额275港元，振幅11.79%。 最近一个月来，辰兴发展累计跌幅19.65%，今年来累计跌幅15.19%，跑输恒生指数4.97%的涨幅。 财务数据显示，截至2024年12月31日，辰兴发展实现营业总收入11.99亿元，同比增长299.03%；归母净 利润-1.62亿元，同比减少6.82%；毛利率9.85%，资产负债率86.12%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，地产行业市盈率（TTM）平均值为4.52倍，行业中值-0.16倍。辰兴发展市盈率-0.78 倍，行业排名第185位；其他百仕达控股（01168.HK）为0.27倍、恒达集团控股（03616.HK）为1.71 倍、美联集团（01200.HK）为2.22倍、中国新城市（01321.HK）为2.62倍、中奥到家（01538.HK）为 2.76倍。 资料显示，辰兴发展控股有限公司1997年起步于晋商故里山西晋中,具备中国房地产开发企业一级资质, 是一家多元化发展的企 ...

Financial Performance - The contracted sales amount for the year ended December 31, 2024, was approximately RMB 217.9 million, representing a decrease of about 56.3% year-on-year[2]. - The group's revenue for the reporting period was approximately RMB 1,198.6 million, with property development revenue accounting for approximately RMB 1,197.3 million[2]. - The gross profit for the reporting period was approximately RMB 118.1 million, with property development gross profit at approximately RMB 116.7 million[2]. - The net loss for the reporting period was approximately RMB 130.4 million, with the loss attributable to equity holders of the company being approximately RMB 162.2 million[2]. - The basic loss per share for the reporting period was approximately RMB 0.27[2]. - Total revenue for the year 2024 was RMB 1,198,596,000, a significant increase from RMB 300,374,000 in 2023, representing a growth of approximately 298%[24]. - Property sales revenue for 2024 reached RMB 1,197,272,000, a significant increase from RMB 298,181,000 in 2023, representing a growth of approximately 302%[25]. - The total revenue recognized from property sales at the beginning of the reporting period was RMB 988,564,000 for 2024, compared to RMB 224,548,000 in 2023, marking an increase of about 340%[26]. - The group reported a pre-tax loss of RMB 151,837,000 for 2024, compared to a loss of RMB 162,190,000 in 2023, indicating a slight improvement[38]. - The total tax expense for 2024 was RMB 1,741,000, a significant reduction from a tax credit of RMB 38,301,000 in 2023[35]. - The group reported a significant increase in property development revenue, indicating a strong recovery in this segment despite the overall decrease in contracted sales[75]. - The group's gross profit was approximately RMB 118.1 million, a significant increase of about 380.4% from a gross loss of RMB 42.1 million in the previous year, resulting in a gross margin of approximately 9.9%[96]. Assets and Liabilities - The total land reserve area at the end of the reporting period reached approximately 2,173,365 square meters, with an average cost of RMB 875.6 per square meter[2]. - Total assets less current liabilities amounted to RMB 1,368.5 million as of December 31, 2024[7]. - The total equity attributable to equity holders of the parent company was RMB 1,070.1 million as of December 31, 2024[9]. - As of December 31, 2024, the company's net current liabilities amounted to approximately RMB 566,519,000, with bank borrowings and related interest totaling approximately RMB 12,800,000 and RMB 8,547,000 respectively[14]. - Due to unresolved borrowings, approximately RMB 2,273,690,000 of other borrowings became immediately payable and classified as current liabilities[15]. - The company has outstanding bank loans totaling approximately RMB 2,273,690,000 as of December 31, 2024, which are now classified as current liabilities due to defaults on repayment schedules[59]. - The company’s total borrowings due within one year or on demand are RMB 2,700,496,000, compared to RMB 2,815,782,000 in the previous year, showing a decrease of approximately 4.1%[56]. - The company has a non-current liability of RMB 30,000,000 due in the third to fifth years, indicating future repayment obligations[56]. - The company’s unsecured bank borrowings are subject to common covenants with financial institutions, and any breach could trigger immediate repayment requirements[57]. - The company’s total bank borrowings without any financial covenants as of December 31, 2024, were reported to be zero, indicating compliance with all loan agreements[59]. Cash Flow and Financing - Cash and cash equivalents at the end of the reporting period were approximately RMB 107.7 million, a decrease of about 47.1% from RMB 203.7 million at the end of the previous year[105]. - The group recorded positive operating cash flow of approximately RMB 61.0 million, down from RMB 156.8 million at the end of the previous year[106]. - The outstanding bank borrowings and related party borrowings were approximately RMB 2,730.5 million and RMB 189.7 million, respectively, compared to RMB 2,857.8 million and RMB 216.3 million at the end of the previous year[107]. - The group plans to continue investing in property development projects and acquiring suitable land in selected cities, with sufficient internal resources and bank borrowings to meet funding needs[119]. - The company aims to enhance cash inflow by pursuing opportunities to sell equity in several project development companies[18]. - The company is actively negotiating debt restructuring with lenders to utilize proceeds from new borrowing plans[18]. - The company will actively seek diversified financing channels and strategic partners to enhance the stability of its capital chain[72]. Dividends and Shareholder Returns - The board of directors resolved not to declare a final dividend for the year ended December 31, 2024[2]. - The company did not declare a final dividend for the year ending December 31, 2024, consistent with the previous year[40]. - The board resolved not to declare a final dividend for the year ending December 31, 2024[122]. Projects and Development - The total completed building area at the end of the reporting period was approximately 3,282,916 square meters, with land reserves totaling approximately 2,173,365 square meters[79]. - The group has approximately 842,232 square meters of properties under development and 1,138,225 square meters planned for future development[79]. - The total area of properties under development and future development as of December 31, 2024, is 921,746 square meters[90]. - The company aims to develop high-quality improvement housing as a key product development direction to meet consumer demand for high-quality living environments[73]. - The company plans to focus on inventory reduction and expanding the improvement housing market as core strategic directions for 2025[72]. - The company has ongoing projects in multiple cities, including Shanxi, Sichuan, and Hainan, indicating a diversified market presence[85]. Employee and Corporate Governance - The group had 194 employees at the end of the reporting period, with employee costs amounting to approximately RMB 22.7 million[120]. - The audit committee, consisting of three independent non-executive directors, has reviewed the company's accounting principles and policies, ensuring compliance with applicable accounting standards and regulations[129]. - The company has maintained sufficient public float as per the requirements of the Stock Exchange as of the announcement date[128]. Other Financial Information - The company has no significant revenue from any single customer accounting for 10% or more of total revenue during the reporting period[23]. - The company has not recognized any collateral for trade receivables, which are non-interest bearing and monitored closely[43]. - The company did not repurchase, sell, or redeem any of its listed securities during the reporting period[126]. - There were no treasury shares held by the company at the end of the reporting period[127]. - The annual performance announcement has been published on both the Stock Exchange and the company's website, with the annual report for the year ending December 31, 2024, to be published in due course[131].

Sales Performance - The contracted sales amount for the reporting period was approximately RMB 113.0 million, representing a decrease of about 69.8% compared to the same period last year[5]. - The company's signed sales amount for the first half of 2024 was approximately RMB 113.0 million, a decrease of about 69.8% compared to RMB 376.3 million in the same period last year[17]. - The total signed building area for the first half of 2024 was approximately 17,253 square meters, down about 61.3% from 44,996 square meters in the same period last year[17]. - The average signed price per square meter for the six months ended June 30, 2024, was RMB 6,549.6, a decrease of 22.0% from RMB 8,408.9 in the previous year[19]. - The signed sales amount for the six months ended June 30, 2024, was RMB 113.0 million, a decrease of 69.8% compared to RMB 374.7 million for the same period in 2023[19]. Revenue and Profitability - The group's revenue for the reporting period was approximately RMB 1,069.5 million, with revenue from property development accounting for approximately RMB 1,068.6 million[5]. - The company achieved revenue of approximately RMB 1,069.5 million in the first half of 2024, an increase of about 345.3% compared to the same period last year[16]. - Revenue from property development was approximately RMB 1,068.6 million, reflecting an increase of about 349.2% year-on-year[16]. - The net profit for the reporting period was approximately RMB 92.5 million, with the attributable net profit to equity holders of the company being approximately RMB 26.3 million[5]. - The net profit attributable to the company's equity holders was approximately RMB 26.3 million, an increase of about 447.9% compared to the same period last year[16]. Market Conditions - The overall real estate market in the first half of 2024 continued to face significant pressure, with a notable decline in sales area and sales amount[8]. - The national residential land supply and demand scale saw a year-on-year decline of over 30% in the first half of 2024[8]. - The real estate market is expected to gradually recover in the second half of 2024, driven by government policy optimization and a gradual restoration of market confidence[12]. Land and Development - As of the end of the reporting period, the total land reserve area reached 1,895,915 square meters, with an average cost of approximately RMB 814.7 per square meter[5]. - The company's land reserve area was approximately 1,895,915 square meters during the reporting period[16]. - The total area under development as of June 30, 2024, was 851,984 square meters, while the planned future development area was 838,344 square meters[23]. - The total land reserve amounts to 1,895,915 square meters, with 205,587 square meters completed and unsold, 851,984 square meters under development, and 838,344 square meters planned for future development[35]. Financial Position - The group's cash and cash equivalents were approximately RMB 188.8 million, a decrease of about 7.3% from RMB 203.7 million at the end of the previous year[52]. - The debt-to-equity ratio at the end of the reporting period was approximately 193.0%, up from 175.3% at the end of the previous year, mainly due to the acquisition of non-controlling interests[58]. - The company reported a significant increase in financing costs, which rose to RMB 94,225 thousand from RMB 16,525 thousand in the previous year, representing a growth of 471%[86]. - The net asset value as of June 30, 2024, was RMB 1,451,812 thousand, down from RMB 1,630,205 thousand at the end of 2023, indicating a decline of 11%[91]. Operational Efficiency - The company aims to enhance its internal capital management and risk management capabilities to adapt to market changes and challenges[13]. - The company will continue to control operating costs and optimize human resources to improve management efficiency[13]. - The company has 204 employees and incurred employee costs of approximately RMB 10.1 million during the reporting period[65]. Shareholder Information - As of June 30, 2024, the total number of issued shares of the company is 599,999,989 shares[81]. - Mr. Bai holds 346,944,000 shares, representing 57.82% of the company's equity[81]. - The company has not granted any options under the share option scheme since its adoption on June 12, 2015, which allows for a maximum of 50,000,000 shares to be issued[83]. Dividend Policy - The board of directors resolved not to declare an interim dividend for the six months ended June 30, 2024[5]. - The group did not declare any interim dividend for the six months ended June 30, 2024, consistent with the same period in 2023[17].

Financial Performance - For the six months ended June 30, 2024, the group reported contracted sales of approximately RMB 113.0 million, a decrease of about 69.8% year-on-year, with a corresponding contracted gross floor area of approximately 17,253 square meters, down about 61.3%[1] - The group's revenue for the reporting period was approximately RMB 1,069.5 million, with revenue from property development accounting for approximately RMB 1,068.6 million[2] - The gross profit for the reporting period was approximately RMB 256.9 million, with gross profit from property development at approximately RMB 256.0 million[2] - The net profit for the reporting period was approximately RMB 92.5 million, with profit attributable to equity holders of the company amounting to approximately RMB 26.3 million[2] - Basic earnings per share for the reporting period were approximately RMB 0.04, compared to RMB 0.01 for the same period last year[2] - The company's customer contract revenue for the six months ended June 30, 2024, was RMB 1,068,552 thousand, a significant increase from RMB 237,865 thousand in the same period of 2023, representing a growth of approximately 348%[11] - Total revenue for the six months ended June 30, 2024, was RMB 1,069,521 thousand, compared to RMB 240,155 thousand for the same period in 2023, indicating an increase of around 345%[12] - The company's profit before tax for the six months ended June 30, 2024, was RMB 26,268 thousand, compared to RMB 4,823 thousand for the same period in 2023, reflecting a growth of approximately 445%[16] - The total tax expense for the six months ended June 30, 2024, was RMB 69,255 thousand, compared to RMB 20,661 thousand for the same period in 2023, which is an increase of about 235%[15] - The total profit and comprehensive income for the period was approximately RMB 93.1 million, an increase of about 555.6% compared to approximately RMB 14.2 million for the six months ended June 30, 2023[52] Assets and Liabilities - The total assets less current liabilities amounted to RMB 1,887.4 million, compared to RMB 1,758.6 million as of December 31, 2023[5] - The total equity attributable to equity holders of the company was RMB 1,259.4 million, down from RMB 1,390.1 million as of December 31, 2023[5] - Trade receivables as of June 30, 2024, amounted to RMB 2,729 thousand, compared to RMB 2,164 thousand as of December 31, 2023[19] - As of June 30, 2024, the group's cash and cash equivalents were approximately RMB 188.8 million, a decrease of about 7.3% from approximately RMB 203.7 million as of December 31, 2023[53] - The group's debt-to-equity ratio was approximately 193.0% as of the reporting period, up from approximately 175.3% as of December 31, 2023, primarily due to the acquisition of non-controlling interests[58] Land and Development - The total gross floor area of the group's land reserves reached 1,895,915 square meters, with an average cost of land reserves of approximately RMB 814.7 per square meter[1] - The company's land reserve area was approximately 1,895,915 square meters[23] - The total completed gross floor area as of June 30, 2024, was approximately 3,282,572 square meters, with land reserves totaling approximately 1,895,915 square meters[30] - The ongoing development gross floor area was approximately 851,984 square meters, while the planned future development gross floor area was approximately 838,344 square meters[30] - The company retains ownership of strategically valuable commercial properties to generate stable income, with investment properties totaling approximately 21,613 square meters[30] - The company has a total of 275,436 parking spaces completed, with 159,593 under development and 191,882 planned for future development[30] Market Conditions and Strategy - The overall real estate market in the first half of 2024 continued to face significant pressure, with a decline in both sales area and sales volume[22] - The company plans to focus on developing high-end improvement-type residential properties and enhance its core competitiveness through product research and development[25] - The company will adjust its development strategy to seize opportunities in the improvement-type housing market, which is expected to see a breakthrough in demand[25] - The company aims to strengthen internal capital management and improve capital efficiency in response to market changes and challenges[25] - The company anticipates a gradual recovery in the real estate market in the second half of 2024, driven by government policy optimization and a restoration of market confidence[24] Corporate Governance - The company has maintained a high level of corporate governance to ensure management integrity and protect shareholder interests[65] - The board consists of four executive directors and three independent non-executive directors, ensuring a balance of expertise in financial accounting and corporate governance[70] - The audit committee, composed of three independent non-executive directors, has reviewed the company's accounting principles and policies, confirming compliance with applicable accounting standards and regulations[70] - The company has maintained sufficient public float as per the requirements of the stock exchange[69] Dividends and Shareholder Returns - The board of directors resolved not to declare an interim dividend for the six months ended June 30, 2024[1] - The company has not declared any interim dividends for the six months ending June 30, 2024[21] - No repurchase, sale, or redemption of the company's listed securities occurred during the reporting period, and there are no treasury shares held at the end of the period[68] Employee and Operational Metrics - The group had 204 employees at the end of the reporting period, with employee costs amounting to approximately RMB 10.1 million[63] - The group recorded positive operating cash flow of approximately RMB 48.7 million for the period, compared to negative operating cash flow of approximately RMB 66.3 million for the same period last year[53]

Financial Performance - The contracted sales amount for the reporting period was approximately RMB 499.1 million, a decrease of about 21.3% compared to the same period last year[9]. - The total contracted building area was approximately 63,923 square meters, a decrease of about 21.2% year-on-year[9]. - The revenue for the reporting period was approximately RMB 300.4 million, a decrease of about 74.9% compared to the previous year[15]. - The revenue from property development was approximately RMB 298.2 million, also a decrease of about 74.9% year-on-year[15]. - The net loss attributable to equity holders of the company was approximately RMB 151.8 million, a decrease of about 1,553.8% compared to the previous year's profit[15]. - The basic loss per share for the company was approximately RMB 0.25[9]. - The company's revenue for the period was approximately RMB 300.4 million, representing a significant decrease of about 74.9% year-on-year[24]. - The net loss for the company was approximately RMB 145.8 million, with equity holders' share of the net loss amounting to approximately RMB 151.8 million[24]. - The company's gross loss for the reporting period was approximately RMB 42.1 million, a significant decrease of about 111.7% from a gross profit of RMB 359.8 million in the previous year[56]. - The gross loss margin was approximately 14.0%, down 44.1 percentage points from a gross profit margin of 30.1% in the previous year[56]. - Other income and gains increased by approximately 39.0% to RMB 17.8 million from RMB 12.8 million in the previous year, mainly due to compensation from a supplier[60]. - The fair value change of investment properties decreased by approximately 14.9% to RMB 103.0 million from RMB 121.0 million in the previous year[62]. - Cash and cash equivalents at the end of the reporting period were approximately RMB 203.7 million, a decrease of about 39.2% from RMB 334.8 million at the end of the previous year[69]. - The company's selling and distribution expenses decreased by approximately 72.4% to RMB 15.6 million from RMB 56.7 million in the previous year, reflecting the reduction in property development revenue[63]. - Administrative expenses decreased by approximately 6.5% to RMB 48.7 million from RMB 52.1 million in the previous year, mainly due to reduced depreciation and office expenses[64]. - The distributable reserves of the group as of December 31, 2023, amount to RMB 789.0 million, a decrease from RMB 942.0 million as of December 31, 2022, representing a decline of approximately 16.2%[147]. Land and Development - The total land reserve area at the end of the reporting period reached approximately 2,701,551 square meters[16]. - The average cost of land reserves was approximately RMB 834.6 per square meter[9]. - The average contracted selling price was approximately RMB 7,807.8 per square meter during the reporting period[9]. - The company holds a total completed building area of approximately 3,183,414 square meters and land reserves of approximately 2,701,551 square meters[31]. - The group has 1,666,616 square meters of building area under development, with 1,402,140 square meters attributable to the group[32]. - The group has a total of 926,264 square meters planned for future development[32]. - The completed projects include 879,339 square meters of low-rise buildings and 1,250,951 square meters of high-rise buildings[32]. - The group has ongoing development projects with a total estimated construction area of 1,097,187 square meters, with a significant portion located in Shanxi Province[41]. - The company is developing the Chenxing International Health City in Yunnan, with a total land area of 223,780 square meters and an estimated completion date of November 2025[46]. - The total construction area for the Jinhu Courtyard project in Sichuan is 154,367 square meters, with a completion date for the first phase set for April 2024[46]. - The total estimated construction area for the Shijiazhuang project is 1,402,140 square meters, indicating a strong commitment to large-scale developments[46]. Strategic Initiatives - The company plans to focus on the improvement housing market, adjusting its development strategy to align with market opportunities[21]. - The company aims to enhance its technological innovation by introducing new technologies and materials to improve construction quality[22]. - The company will actively pursue green building development to meet consumer demand for environmentally friendly construction[22]. - The company will seek to optimize its existing business operations and reduce operational risks by disposing of idle projects[21]. - The company intends to leverage financial credit policies to seek multi-channel financial support and partnerships[21]. - The company is focused on expanding its market through strategic projects in various provinces, including Shanxi and Hainan, to capture growth opportunities[43]. - The company is actively pursuing new strategies for market expansion and product development, aiming to enhance its competitive position in the real estate sector[43]. Governance and Management - The company has a strong governance structure with independent non-executive directors overseeing audit and compensation committees[102][104]. - The management team includes individuals with significant qualifications, including advanced degrees in business administration and engineering[97][98]. - The company has established a remuneration committee to review the remuneration policy based on operational performance and individual contributions[173]. - The board consists of four executive directors and three independent non-executive directors, ensuring a balance of power and expertise[196]. - The company emphasizes the importance of corporate culture and aims to enhance team cohesion and sustainable development[198]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[196]. Employee and Welfare - The group had 207 employees at the end of the reporting period, with employee costs amounting to approximately RMB 27.9 million during the period[91]. - Employee compensation generally includes salaries and quarterly performance bonuses, with participation in various employee welfare programs mandated by local government regulations[91]. - The company is committed to enhancing employee welfare through participation in government-sponsored programs such as housing funds and retirement plans[91]. - The company emphasizes the importance of employee satisfaction and development through appropriate compensation and training programs[129]. Market and Customer Relations - The company is committed to improving customer satisfaction by developing high-quality residential properties[130]. - The company aims to deepen its market penetration in Shanxi Province and central and southern China, relying heavily on the real estate market performance in these regions[127]. - The largest supplier accounted for approximately 58.72% of the group's total procurement, while the top five suppliers represented about 90.55% of total procurement[157]. - The largest customer contributed approximately 4.35% to the group's total sales, with the top five customers accounting for about 10.27% of total sales[157]. Future Outlook - The company provided a forward guidance of 10% revenue growth for the next fiscal year, projecting revenues to reach HKD 1.32 billion[199]. - The company is exploring potential acquisitions to diversify its product offerings and enhance market presence[199]. - A new strategic partnership was formed with a leading tech firm to co-develop advanced solutions, expected to generate additional revenue streams[199].

Financial Position and Liquidity - The total bank and other borrowings of the group as of December 31, 2023, amounted to RMB 2,857,782,000, with RMB 2,815,782,000 due for repayment within the next twelve months[7] - The cash and cash equivalents as of December 31, 2023, were only RMB 203,689,000, indicating a significant liquidity concern[7] - There are significant uncertainties regarding the group's ability to continue as a going concern due to the mismatch between liabilities and cash reserves[7] Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements reflect the group's financial position and performance accurately as of December 31, 2023[6] - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards[6] - The independent auditor did not provide any modifications to their opinion regarding the financial statements despite the noted uncertainties[6] Company Developments and Announcements - The company has not disclosed any new product developments or technological advancements in the recent announcements[3] - No information regarding market expansion or mergers and acquisitions was provided in the latest financial disclosures[3] - The company has reiterated that all other information in the annual performance announcement remains unchanged[7] - The announcement was made on April 2, 2024, by the chairman of the company, Bai Xuan Kui[8]

Financial Performance - For the year ended December 31, 2023, the group recorded contracted sales of approximately RMB 499.1 million, a decrease of about 21.3% year-on-year[3]. - The group's revenue for the reporting period was approximately RMB 300.4 million, with property development revenue accounting for approximately RMB 298.2 million[3]. - The group reported a gross loss of approximately RMB 42.1 million, with a gross loss from property development of approximately RMB 44.3 million[3]. - The net loss for the reporting period was approximately RMB 145.8 million, with the loss attributable to equity holders of the company amounting to approximately RMB 151.8 million[3]. - Total revenue for 2023 was RMB 300,374,000, a decrease of 74.9% compared to RMB 1,195,880,000 in 2022[31]. - Customer contract revenue for 2023 was RMB 298,181,000, down from RMB 1,194,047,000 in 2022, indicating a significant decline in business activity[31]. - The company reported a pre-tax loss of RMB 151,837,000 for 2023, compared to a profit of RMB 10,444,000 in 2022, indicating a significant downturn in financial performance[48]. - The total tax expense for the year was a credit of RMB 38,301,000 in 2023, compared to an expense of RMB 59,699,000 in 2022, showing a shift towards a tax benefit[45]. - The total loss and comprehensive income for the reporting period amounted to approximately RMB 132.7 million, a decrease of about 371.2% from a profit of RMB 48.9 million in the previous year[125]. Assets and Liabilities - As of the end of the reporting period, the total land reserve of the group reached approximately 2,701,551 square meters, with an average cost of land reserve of approximately RMB 834.6 per square meter[3]. - The total assets of the group as of December 31, 2023, were approximately RMB 12,504.0 million, compared to RMB 11,831.9 million in the previous year[12]. - The net asset value of the group was approximately RMB 1,630.2 million, a decrease from RMB 1,762.9 million in the previous year[14]. - The company has outstanding bank loans totaling approximately RMB 321,817,000 in principal and RMB 4,314,000 in interest, classified as current liabilities due to repayment defaults[20]. - The total outstanding bank and other borrowings amounted to approximately RMB 2,857.8 million and RMB 216.3 million, respectively, down from RMB 3,192.1 million and RMB 257.6 million as of December 31, 2022[129]. - The company has provided guarantees for customer mortgage loans amounting to approximately RMB 1,353.8 million at the end of the reporting period[131]. Cash Flow and Financing - The company anticipates that operating cash flows may not be sufficient to meet the repayment schedule and related interest payments due to potential immediate repayment demands on loans[22]. - The company has secured new financing of RMB 250 million since December 31, 2023, to support its debt restructuring efforts[25]. - The company plans to use the expected net proceeds of approximately RMB 23.5 million from a share transfer agreement to repay bank loans and supplement general working capital[136]. - Cash and cash equivalents at the end of the reporting period were approximately RMB 203.7 million, a decrease of about 39.2% from RMB 334.8 million at the end of the previous year, mainly due to the repayment of bank loans[126]. Operational Strategy - The company plans to accelerate the pre-sale and sale of developed properties to generate additional operating cash inflows[25]. - The company plans to adjust its development strategy to focus on inventory reduction and the improvement housing market in response to market changes[80]. - The company aims to integrate existing operations, activate current assets, and dispose of idle projects to reduce operational risks[80]. - The company will leverage financial credit policies and seek multi-channel financial support to mitigate risks[80]. - The company is actively negotiating with lenders for debt restructuring to utilize proceeds from new borrowing plans[25]. Market and Sales - The average contracted selling price during the reporting period was approximately RMB 7,807.8 per square meter[3]. - The total signed construction area for the year ended December 31, 2023, was approximately 63,923 square meters, a decrease of about 21.2% compared to the previous year[85]. - Property sales accounted for RMB 298,181,000 in 2023, down from RMB 1,187,566,000 in 2022, indicating a significant decline in property sales revenue[33]. - The expected revenue to be recognized within one year is RMB 1,078,766,000 for 2023, compared to RMB 1,131,227,000 in 2022, reflecting a decrease of 4.6%[36]. Corporate Governance - The company maintains a high standard of corporate governance to ensure management integrity and protect shareholder interests[149]. - The board consists of four executive directors and three independent non-executive directors, responsible for strategic decision-making and business oversight[149]. - The audit committee, composed of three independent non-executive directors, reviews accounting principles, risk management, and internal controls[155]. - The company has adopted the corporate governance code and has complied with it throughout the reporting period[149]. Employee and Administrative Expenses - The company has 207 employees, with employee costs incurred during the reporting period amounting to approximately RMB 27.9 million[145]. - The company's administrative expenses decreased by approximately 6.5% to RMB 48.7 million, primarily due to reductions in depreciation and office expenses[121].

CHENXING CHENSING Chen Xing Development Holdings Limited 辰興發展控股有限公司 (Incorporated in the Cayman Islands with Iimited liability) (於開曼群島註冊成立的有限公司) Stock code: 2286 股份代號：2286 2023 INTERIM REPORT 中 期 報 告 誠以致遠 · 信 達天下 目錄 CONTENTS | 2 | 公司資料 | | --- | --- | | 4 | 財務摘要 | | 5 | 主席報告 | | 7 | 管理層討論及分析 | | 24 | 企業管治及其他事項 | | 30 | 中期簡明綜合損益表 | | 31 | 中期簡明綜合全面收益表 | | 32 | 中期簡明綜合財務狀況表 | | 34 | 中期簡明綜合權益變動表 | | 36 | 中期簡明綜合現金流量表 | | 38 | 中期簡明綜合財務報表附註 | 55 Corporate Information 57 Financial Highlights 58 Chairman's Statement ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Chen Xing Development Holdings Limited 辰 興 發 展 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2286） 截至二零二三年六月三十日止六個月的中期業績公告 財務摘要 — 截至二零二三年六月三十日止六個月（「報告期」）本集團已簽約銷售額約 人民幣376.3百萬元，相應的已簽約建築面積（「建築面積」）約44,996平方 米，較去年同期分別增加約30.8%及約38.8%； — 報告期內本集團的收入約人民幣240.2百萬元，其中來自物業開發的收入 約人民幣237.9百萬元； — 報告期內本集團的毛利約人民幣65.6百萬元，其中來自物業開發的毛利 約人民幣64.2百萬元； — 報告期內本集團的淨利潤約人民幣5.4百萬元，其中本公司母公司擁有人 ...