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].

Financial Performance - The contracted sales amount for the reporting period was approximately RMB 376.3 million, representing an increase of about 30.8% compared to the same period last year[9]. - The total revenue for the reporting period was approximately RMB 240.2 million, a decrease of about 52.9% year-on-year, with property development revenue contributing approximately RMB 237.9 million, down 53.2%[13]. - The gross profit for the reporting period was approximately RMB 65.6 million, with property development gross profit at approximately RMB 64.2 million[9]. - The net profit for the reporting period was approximately RMB 5.4 million, with the attributable net profit to the company's shareholders being approximately RMB 4.8 million, a decrease of about 46.2% year-on-year[13]. - The company reported a basic earnings per share of approximately RMB 0.01 for the reporting period[9]. - The company's revenue for the period was approximately RMB 240.2 million, a decrease of about 52.9% compared to the same period last year[19]. - Gross profit for the period was approximately RMB 65.6 million, a decrease of about 43.0% from RMB 115.0 million in the previous year, with a gross margin of 27.3%, up 4.7 percentage points year-on-year[59]. - The company's net profit attributable to equity holders was approximately RMB 4.8 million, down 46.2% from RMB 9.0 million in the same period last year, mainly due to a decrease in the total area of completed properties delivered and an increase in short-term borrowing interest[62]. - The company's total comprehensive income for the period was RMB 14,152,000, down 60.0% from RMB 35,408,000 in the same period last year[112]. Operational Strategy - The company faced significant downward pressure in the real estate market, with a notable decline in sales performance compared to the previous year[13]. - The company adjusted its operational strategies to mitigate risks and ensure stable operations amid challenging market conditions[13]. - The company plans to focus on developing improved residential properties and enhancing product competitiveness through new materials and advanced services[16]. - The company aims to capture the market opportunity for improved residential properties, targeting higher quality and better services to expand its market share[16]. - The company will adjust its operational strategies in response to local regulatory policies and seek financial support to mitigate risks[16]. - The company will continue to control operating costs and optimize human resources to improve management efficiency[16]. Land and Property Development - The total land reserve area at the end of the reporting period reached 2,708,026 square meters, with an average cost of approximately RMB 834.6 per square meter[9]. - As of June 30, 2023, the company had a total completed building area of approximately 3,183,414 square meters and land reserves of approximately 2,708,026 square meters[26]. - The group has 1,666,616 square meters of building area under development, with 1,402,140 square meters attributable to the group[31]. - The group has 926,264 square meters of future development planned[31]. - The completed projects include 1,250,951 square meters of high-rise buildings, 879,339 square meters of low-rise buildings, and 576,743 square meters of multi-layer apartments[32]. - The group has a total of 7,115 square meters of supporting facilities completed, with 22,789 square meters under development[32]. - The group’s future development includes 320,660 square meters of low-rise buildings and 234,812 square meters of high-rise buildings[32]. Financial Position and Cash Flow - The company's cash and cash equivalents were approximately RMB 143.0 million as of June 30, 2023, a decrease of about 57.3% from RMB 334.8 million at the end of 2022, primarily due to an increase in restricted cash[70]. - The company recorded negative operating cash flow of approximately RMB 66.3 million for the period, compared to positive operating cash flow of RMB 95.4 million in the same period last year[71]. - The company experienced a decrease in cash and cash equivalents, with a net reduction of RMB 193,320,000 for the six months ended June 30, 2023, compared to a reduction of RMB 14,271,000 in the same period of 2022[125]. - The total liabilities decreased to RMB 10,932,405,000 from RMB 11,028,055,000 at the end of 2022[115]. - The company raised RMB 259,500,000 in new bank and other loans during the first half of 2023, a significant increase from RMB 74,600,000 in the same period of 2022[125]. - The company has bank loans secured by various properties under development, with a total value of collateral amounting to RMB 727,100,000 as of June 30, 2023[164]. Shareholding Structure - As of June 30, 2023, the total number of issued shares of the company is 599,999,989 shares[98]. - White Dynasty BVI holds 346,944,000 shares, representing 57.82% of the company's total shares[103]. - The shareholding structure indicates significant concentration of ownership among a few key individuals and entities[104]. - The company is controlled by White Dynasty BVI, which is fully owned by White Empire BVI, a family trust established for the benefit of Mr. Bai and his family[98]. Employee and Management Information - The group had 233 employees as of June 30, 2023, with employee costs amounting to approximately RMB 14.0 million[85]. - Total remuneration paid to key management personnel was RMB 957,000 for the six months ended June 30, 2023, down from RMB 1,222,000 in the same period of 2022[172]. - The group’s short-term employee benefits decreased to RMB 906,000 for the six months ended June 30, 2023, from RMB 1,167,000 in the same period of 2022[172]. Legal and Compliance Matters - The audit committee reviewed the interim results for the six months ended June 30, 2023, and confirmed compliance with applicable accounting principles and regulations[95]. - The group has initiated legal action against a subsidiary for unpaid receivables amounting to RMB 89,697,000, reflecting concerns over the recoverability of this amount[148].

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 ...

Financial Performance - The contracted sales amount for the reporting period was approximately RMB 634.1 million, a decrease of about 3.3% compared to the previous year[12]. - The total revenue for the reporting period was approximately RMB 1,195.9 million, representing a decrease of about 23.8% year-on-year, with property development revenue at approximately RMB 1,188 million, down 24.1%[12]. - The gross profit for the reporting period was approximately RMB 359.8 million, with property development gross profit at approximately RMB 369.5 million[8]. - The net profit for the reporting period was approximately RMB 50.9 million, with the profit attributable to the company's shareholders at approximately RMB 10.4 million, a decrease of about 86.7% year-on-year[12]. - The average signed sales price per square meter decreased from RMB 8,859.7 to RMB 7,819.7 year-on-year[23]. - The company's revenue for the reporting period was approximately RMB 1,195.9 million, a decrease of about 23.8% compared to RMB 1,568.6 million in the previous year[51]. - Property development revenue was approximately RMB 1,188 million, down about 24.1% year-on-year due to a reduction in the total area of completed properties delivered during the reporting period[51]. - Gross profit for the period was approximately RMB 359.8 million, a decrease of about 21.4% from RMB 457.6 million in the previous year, with a gross margin of approximately 30.1%, an increase of 0.9 percentage points year-on-year[53][54]. - Other income and gains decreased by approximately 53.2% to RMB 12.8 million from RMB 27.4 million in the previous year, primarily due to a reduction in rental and interest income[56]. - Profit attributable to the company's equity holders was approximately RMB 10.4 million, down about 86.7% from RMB 78.7 million in the previous year, mainly due to significant provisions for expected credit losses on financial assets[57]. Land and Development - The total land reserve area at the end of the reporting period reached approximately 2,739,643 square meters, down from 2,916,370 square meters in the previous year[13]. - The average cost of land reserves was approximately RMB 834.6 per square meter[8]. - The total construction area of completed properties is approximately 3,164,147 square meters, with land reserves of approximately 2,739,643 square meters[27]. - The company has approximately 1,685,883 square meters of properties under development and 926,264 square meters planned for future development[27]. - The total land reserve amounted to 2,739,643 square meters, with 127,496 square meters completed, 1,685,883 square meters under development, and 926,264 square meters planned for future development[49]. - The company is actively pursuing land acquisition for future developments, enhancing its growth strategy in key markets[41]. Strategic Focus and Market Position - The company maintained a cautious approach and adjusted its development strategy in response to market changes and policy shifts[12]. - The company plans to focus on the improvement housing market and enhance product design and R&D capabilities to increase market competitiveness[17]. - The company aims to strengthen its talent pool and management quality to support strategic transformation and high-quality development[17]. - The company will utilize data and new media tools for precise marketing to accelerate capital recovery and enhance risk resistance[17]. - The company plans to expand its market presence with new projects in Haikou and Wuzhishan, with significant commercial and residential developments[39]. - The company is considering strategic acquisitions to enhance its service offerings, with potential targets identified in the technology sector[93]. Corporate Governance and Compliance - The company is committed to high standards of corporate governance and has complied with all applicable code provisions during the reporting period[187]. - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee to oversee specific aspects of its affairs[191]. - The board consists of four executive directors and three independent non-executive directors, ensuring a balance of expertise in financial accounting and corporate governance[187]. - The company emphasizes the importance of transparency and accountability to its shareholders, aiming to create maximum value through good corporate governance practices[187]. - The company has established a remuneration committee to review the remuneration policy based on operational performance and individual contributions[165]. Employee and Social Responsibility - The group recognizes employees as its most valuable asset and aims to reward performance through appropriate compensation and training[122]. - The company continues to adopt environmentally friendly construction materials and practices to meet or exceed environmental standards[116]. - The board diversity policy aims for a balanced representation, with female representation at 14% as of the reporting period[196]. - The company has maintained a gender balance among employees, with a male to female ratio of approximately 58% to 42%[199]. - The board promotes a culture of openness and constructive relationships among directors, with annual meetings held exclusively for independent non-executive directors[195]. Financial Position and Risk Management - Cash and cash equivalents at the end of the reporting period were approximately RMB 334.8 million, an increase of about 39.3% from RMB 240.4 million at the end of the previous year[66]. - The company recorded positive operating cash flow of approximately RMB 22.0 million, compared to negative operating cash flow of approximately RMB 500.0 million at the end of the previous year[67]. - The outstanding bank borrowings at the end of the reporting period were approximately RMB 3,155.1 million, slightly up from RMB 3,140.4 million at the end of the previous year[68]. - The group's debt-to-equity ratio is approximately 179% at the end of the reporting period, a decrease from 183% as of December 31, 2021[73]. - The group has confirmed an expected credit loss of RMB 89.697 million related to uncollected receivables from a customer, reflecting low recovery prospects[79]. Shareholder Information - As of December 31, 2022, the total number of issued shares was 599,999,989[153]. - Mr. Bai Xuan Kui holds 346,944,000 shares, representing 57.82% of the company's equity[152]. - Mr. Bai Wu Kui holds 64,944,000 shares, representing 10.82% of the company's equity[152]. - The company has not declared a final dividend for the year ending December 31, 2022[131]. - The company's distributable reserves as of December 31, 2022, amounted to RMB 942.0 million, an increase from RMB 936.4 million as of December 31, 2021[139].

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） 截至二零二二年十二月三十一日止年度的年度業績公告 財務摘要 — 截至二零二二年十二月三十一日止年度（「報告期」）本集團已簽約銷售額 約人民幣634.1百萬元，相應的已簽約建築面積（「建築面積」）約81,090平 方米，較去年同期分別減少約3.3%及增加約9.5%； — 報告期內本集團的收入約人民幣1,195.9百萬元，其中來自物業開發的收 入約人民幣1,188百萬元； — 報告期內本集團的毛利約人民幣359.8百萬元，其中來自物業開發的毛利 約人民幣369.5百萬元； — 報告期內本集團的淨利潤約人民幣50.9百萬元，其中本公司母公司擁有 ...

Sales Performance - The contracted sales amount for the reporting period was approximately RMB 287.8 million, an increase of about 66.2% compared to the same period last year[10]. - The total contracted building area was approximately 32,416 square meters, showing a slight increase of about 0.1% year-on-year[10]. - The company signed sales amounting to approximately RMB 287.8 million, an increase of about 66.2% compared to the same period last year[21]. - The total signed building area for the period was approximately 32,416 square meters, a slight increase of about 0.1% compared to the previous year[22]. Revenue and Profitability - The group's revenue for the reporting period was approximately RMB 509.8 million, a decrease of about 13.8% compared to the previous year[14]. - Revenue from property development was approximately RMB 507.7 million, reflecting a decrease of about 13.9% year-on-year[14]. - The net profit for the reporting period was approximately RMB 37.6 million, with the profit attributable to equity holders of the company being approximately RMB 9.0 million, a decrease of about 56.2% year-on-year[14]. - Gross profit for the period was approximately RMB 115.0 million, a decrease of about 36.5% from RMB 181.3 million in the same period last year, with a gross profit margin of approximately 22.6%, down 8.0 percentage points year-on-year[74]. - The group's profit before tax for the six months ended June 30, 2022, was RMB 8,957,000, down 56.1% from RMB 20,429,000 in the same period of 2021[167]. Cost and Expenses - Selling and distribution expenses increased by approximately 19.6% to RMB 28.5 million, primarily due to higher sales agency fees[78]. - Administrative expenses decreased by approximately 36.1% to RMB 19.3 million, mainly due to reduced personnel costs and office expenses[79]. - Financing costs decreased by approximately 18.3% to RMB 9.8 million, primarily due to reduced financing costs for the Taiyuan Longcheng Youshan Meijun project[80]. - Income tax expenses decreased by approximately 57.9% to RMB 26.5 million, mainly due to a reduction in profit before tax and land appreciation tax[81]. Assets and Liabilities - The total land reserve area at the end of the reporting period reached approximately 2,814,941 square meters, with an average cost of approximately RMB 834.9 per square meter[10]. - The company holds a total completed building area of approximately 3,105,440 square meters and land reserves of approximately 2,814,941 square meters as of June 30, 2022[28]. - The total liabilities increased to RMB 11,037,467,000, up from RMB 10,894,000,000, indicating a rise in financial obligations[134]. - The total non-current liabilities surged to RMB 2,836,896,000, a substantial increase from RMB 782,351,000, indicating a shift in the company's financial structure[134]. Cash Flow - The group recorded positive operating cash flow of approximately RMB 95.0 million, compared to negative operating cash flow of RMB 393.5 million in the previous year[85]. - Net cash flow from operating activities for the six months ended June 30, 2022, was RMB 95,449 thousand, a significant recovery from a net outflow of RMB 393,506 thousand in the same period of 2021[145]. - Operating cash flow before tax profit for the six months ended June 30, 2022, was RMB 64,178 thousand, a decrease of 31.9% compared to RMB 93,885 thousand in 2021[143]. Shareholder Information - As of June 30, 2022, the total issued shares of the company amounted to 599,999,989 shares[111]. - Bai Xuan Kui holds 346,944,000 shares, representing 57.82% of the company's equity[111]. - Bai Wu Kui holds 64,944,000 shares, representing 10.82% of the company's equity[111]. - The board consists of four executive directors and three independent non-executive directors, ensuring a balance of power and accountability[102]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the reporting period[102]. - The audit committee, composed of three independent non-executive directors, reviewed the interim results for the six months ended June 30, 2022, and confirmed compliance with applicable accounting principles and regulations[108]. Future Plans and Strategies - The company aims to enhance product and service quality by focusing on the development of improved residential properties and utilizing new materials and technologies[21]. - The company plans to adjust its marketing strategies in response to local regulatory policies to promote sales and improve cash flow[21]. - The company will continue to build a professional core team and cultivate talent to meet its development needs during industry adjustments[21]. - The company aims to expand its market share in high-end residential products to enhance its competitiveness in the industry[21]. - The company will implement cost control measures and streamline management processes to improve operational efficiency[21].