Financial Performance - The contracted sales amount for the year was approximately RMB 656.0 million, a decrease of about 28.9% compared to the previous year[9]. - The total contracted building area was approximately 74,043 square meters, representing a decrease of about 46.1% year-on-year[9]. - The revenue for the year was approximately RMB 1,568.6 million, an increase of about 29.9% compared to the previous year[13]. - Revenue from property development was approximately RMB 1,565.0 million, reflecting an increase of about 32.5% year-on-year[13]. - The net profit attributable to equity holders was approximately RMB 78.7 million, a decrease of about 61.9% compared to the previous year[13]. - The total signed building area for the year was approximately 74,043 square meters, a decrease of about 46.1% compared to the previous year[21]. - The average selling price per square meter for signed sales in 2021 was RMB 8,859.7, compared to RMB 6,707.9 in 2020, indicating an increase[23]. - The company's revenue for the reporting period was approximately RMB 1,568.6 million, an increase of about 29.9% compared to RMB 1,207.5 million in the previous year, primarily due to an increase in the total area of completed properties delivered[60]. - Property development revenue was approximately RMB 1,565.0 million, reflecting a 32.5% increase from the previous year's RMB 1,182.5 million, driven by the delivery of completed properties[60]. - The profit attributable to the owners of the company decreased by approximately 61.9% to RMB 78.7 million from RMB 206.7 million in the same period last year[66]. - The total comprehensive income for the year decreased by approximately 55.4% to RMB 104.4 million from RMB 234.0 million in the previous year[73]. Land and Development Projects - The total land reserve area at the end of the reporting period was approximately 2,916,370 square meters[14]. - The average cost of land reserves was approximately RMB 830.6 per square meter[9]. - The total completed building area at the end of the reporting period was approximately 3,050,912 square meters, with land reserves of approximately 2,916,370 square meters[26]. - The company has ongoing development projects, with a focus on residential and commercial properties in Shanxi and Sichuan provinces[41]. - The total building area for ongoing projects is 1,166,624 square meters, with a significant portion designated for future development[41]. - The company has ongoing projects in Jinzhong, Shanxi, with a total land area of 129,049 square meters for the first phase and an estimated completion date in December 2021[42]. - The total saleable area for the first phase of the Yitian project is 428,000 square meters, with 30,059 square meters pre-sold[42]. - The company has a 100% ownership interest in the Chenxing Yijun project, which has a total land area of 197,286 square meters and is expected to be completed in December 2021[46]. - The company is developing multiple phases in Taiyuan, Shanxi, with the second phase of Longcheng Youshan Meijun covering 51,914 square meters and expected to be completed in December 2021[46]. - The company has a total of 356,400 square meters planned for future development in the Chenxing Yijun project[46]. Financial Position and Cash Flow - Cash and cash equivalents decreased by approximately 55.0% to RMB 240.4 million from RMB 534.1 million as of December 31, 2020, primarily due to payments for construction costs and loan repayments[74]. - The group recorded a negative operating cash flow of approximately RMB 508.0 million, compared to negative operating cash flow of RMB 406.3 million as of December 31, 2020[75]. - The debt-to-equity ratio increased to approximately 183% from 170% as of December 31, 2020, primarily due to an increase in interest-bearing bank loans and other borrowings[81]. - Total bank and other borrowings amounted to RMB 3,140,378,000, with RMB 2,386,114,000 due within the next twelve months[90]. - Cash and cash equivalents as of December 31, 2021, were RMB 240,373,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[90]. - The group is negotiating with existing lenders regarding RMB 2,386 million in bank and other borrowings due in the next twelve months, with confidence in extending existing bank credit[90]. - The management has developed a business strategy focused on accelerating the pre-sale and sale of developed properties to generate additional operating cash inflows[92]. - The group is considering the sale of non-core commercial properties to generate more cash inflows if necessary[92]. Strategic Focus and Market Position - The company aims to focus on product design and enhance product strength to maintain competitive advantages in the market[20]. - The overall strategy for 2022 will prioritize cautious operations and risk prevention, adapting to new policies and market environments[20]. - The company plans to enhance operational efficiency and cash flow through active marketing and sales efforts[20]. - The company is actively expanding its market presence in Hainan with multiple residential and commercial projects[46]. - The company has plans for market expansion in various regions, including Shanxi and Sichuan, to enhance its portfolio[41]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 30% increase in market penetration by the end of 2023[102]. - A strategic acquisition is planned, with the company in discussions to acquire a competitor, which could enhance its market position significantly[102]. Corporate Governance and Compliance - The company has a dedicated legal department to ensure compliance with laws and regulations, maintaining good relationships with regulatory bodies[125]. - The company has established a remuneration committee to review the remuneration policy based on operational performance and individual contributions[178]. - The audit committee has reviewed the basis for the auditor's disclaimer of opinion and supports management's actions to address the going concern issue[93]. Shareholder Information - The board of directors resolved not to declare a final dividend for the year ended December 31, 2021[16]. - The board has decided not to declare a final dividend for the year ending December 31, 2021[138]. - The company maintains a stable and sustainable dividend policy, considering various factors such as market conditions and financial status[135]. - The board of directors has approved a new dividend policy, aiming to return 30% of profits to shareholders starting from the next fiscal year[102].

Financial Performance - The total revenue for the reporting period was approximately RMB 591.5 million, an increase of about 104.5% year-on-year, with property development revenue contributing approximately RMB 589.8 million, up 110.3%[14] - The net profit for the reporting period was approximately RMB 30.8 million, with attributable net profit to equity holders of approximately RMB 20.4 million, a decrease of about 59.9% year-on-year[14] - The gross profit for the reporting period was approximately RMB 181.3 million, with property development gross profit at approximately RMB 180.0 million[9] - The company's revenue for the reporting period was approximately RMB 591.5 million, an increase of about 104.5% compared to RMB 289.2 million in the same period last year[67] - Gross profit for the same period was RMB 181,277 thousand, up 58.8% from RMB 114,187 thousand in 2020[123] - The group reported a pre-tax profit of RMB 20,429,000 for the six months ended June 30, 2021, down from RMB 50,914,000 in the same period of 2020[170] Sales and Contracted Amounts - The contracted sales amount for the first half of 2021 was approximately RMB 173.2 million, a decrease of about 74.1% compared to the same period last year[9] - The total contracted sales area for the first half of 2021 was approximately 32,369 square meters, a decrease of about 63.6% from 88,936 square meters in the same period last year[23] - The average contracted selling price during the reporting period was approximately RMB 5,350.8 per square meter[9] - The average contracted sales price per square meter for the group was RMB 5,350.8, down from RMB 7,522.3 in the previous year[25] - Customer contract revenue for the six months ended June 30, 2021, reached RMB 590,233,000, a significant increase of 105.6% compared to RMB 287,208,000 in the same period of 2020[157] - Property sales accounted for RMB 589,799,000 of the customer contract revenue, up from RMB 280,478,000, reflecting a growth of 110.5% year-over-year[157] Assets and Liabilities - The total land reserve area reached approximately 3,071,505 square meters, with an average cost of approximately RMB 825.9 per square meter[9] - The total completed building area as of June 30, 2021, was approximately 2,922,128 square meters, with land reserves totaling approximately 3,071,505 square meters[28] - The carrying value of properties under development as of June 30, 2021, was RMB 10,095,266,000, an increase from RMB 9,128,247,000 at the end of 2020[175] - Total liabilities decreased to RMB 8,923,048 thousand from RMB 10,343,409 thousand at the end of 2020, indicating improved financial stability[127] - The outstanding bank and other borrowings amounted to approximately RMB 2,837.0 million as of June 30, 2021, with 90.6% being fixed-rate borrowings, compared to RMB 2,740.9 million as of December 31, 2020[82] - The group’s long-term bank loans with a maturity between 2022 and 2025 amounted to RMB 2,069,589,000 as of June 30, 2021[193] Cash Flow and Financing - Total cash and cash equivalents as of June 30, 2021, were approximately RMB 260.8 million, a decrease of about 51.2% from RMB 534.1 million as of December 31, 2020, primarily due to negative operating cash flow[80] - The cash flow from operating activities for the six months ended June 30, 2021, was negative at RMB (393,506), a significant decline compared to RMB 1,294 for the same period in 2020[140] - The net cash flow from financing activities was RMB 99,919 thousand, a recovery from a cash outflow of RMB 116,566 thousand in the previous year, reflecting better financing conditions[143] - The company reported an increase in bank and other loans to RMB 307,950 thousand, up from RMB 64,700 thousand in the previous year, suggesting aggressive financing strategies[143] Strategic Focus and Future Plans - The company plans to strengthen market cycle analysis and adjust marketing strategies to reduce inventory and focus on new project positioning and service quality[17] - The company aims to enhance its management systems and improve operational standards, particularly in diversified industries such as cultural tourism and health care[17] - The company will continue to adapt its development direction in response to market changes and pandemic-related operational risks[17] - The company plans to expand its market presence with new residential and commercial projects in Shanxi Province, targeting completion by late 2022[48] - The company has ongoing development projects and future developments, indicating a strong pipeline for growth[43] Shareholder Information - The board has resolved not to declare an interim dividend for the six months ended June 30, 2021[9] - The company maintains sufficient public float as of the report date, complying with the Stock Exchange's requirements[102] - White Dynasty BVI holds 346,944,000 shares, representing 57.82% of the company's equity[113] - White Legend BVI holds 64,944,000 shares, representing 10.82% of the company's equity[113] - The company has a family trust structure involving key shareholders, ensuring control over significant shareholdings[106] Operational Efficiency - The company reported a significant increase in sales and service costs, rising approximately 134.4% to RMB 410.2 million from RMB 175.0 million in the previous year[68] - Administrative expenses decreased by about 9.0% to RMB 30.2 million from RMB 33.2 million, attributed to reduced business entertainment expenses[75] - Financing costs increased to approximately RMB 11.9 million from RMB 2.2 million, mainly due to higher financing costs for the Time City project[76] - The company incurred a loss of RMB 1,085 thousand from the purchase of property, plant, and equipment, compared to a loss of RMB 3,940 thousand in the previous year, showing improved asset management[143]

誠以致遠 · 信達天下 ANNUAL RE 年度報告 CHEN XING Chen Xing Development Holdings Limited 辰興發展控股有限公司 (Incorporated in the Cayman Islands with Iimited liability) Stock code: 2286 (於開曼群島註冊成立的有限公司) 股份代號：2286 目錄 CONTENTS 2 公司資料 4 財務摘要 5 主席報告 43 企業管治報告 88 綜合損益表 89 綜合全面收益表 90 綜合財務狀況表 92 綜合權益變動表 94 綜合現金流量表 96 財務報表附註 197 五年財務摘要 7 管理層討論及分析 22 董事及高級管理層履歷 27 董事會報告 | --- | --- | |-------|------------------------------------------------| | | | | 199 | Corporate Information | | 201 | Financial Highlights | | 202 | Chairman's Statement ...

Financial Performance - The contracted sales amount for the reporting period was approximately RMB 669.0 million, a decrease of about 50.8% compared to the same period last year[8]. - Revenue for the reporting period was approximately RMB 289.2 million, representing a decrease of about 52.9% compared to the previous year[12]. - The net profit for the reporting period was approximately RMB 49.9 million, with attributable net profit to equity holders of approximately RMB 50.9 million, a decrease of about 35.4% year-on-year[12]. - The group's revenue was approximately RMB 289.2 million, down approximately 52.9% year-on-year, with property development revenue accounting for approximately RMB 280.5 million, a decrease of about 52.5%[19]. - The group's gross profit for the reporting period was approximately RMB 114.2 million, a decrease of about 40.1% compared to RMB 190.8 million for the six months ended June 30, 2019[69]. - The company's revenue for the reporting period was approximately RMB 289.2 million, a decrease of about 52.9% compared to RMB 614.2 million in the same period last year[67]. - The company reported a profit before tax of RMB 75,289,000, a decline of 40.9% from RMB 127,529,000 in the previous year[122]. - The company's profit for the six months ended June 30, 2020, was RMB 49,921,000, a decrease of 39.4% compared to RMB 82,276,000 for the same period in 2019[124]. Sales and Contracted Areas - The total contracted building area was approximately 88,936 square meters, down approximately 45.5% year-on-year[12]. - The total contracted sales area for the group was approximately 88,936 square meters, a decrease of about 45.5% compared to 163,090 square meters in the same period last year[20]. - The average contracted selling price was approximately RMB 7,522.2 per square meter during the reporting period[8]. - The average contracted sales price per square meter decreased from RMB 8,338.7 to RMB 7,522.2, reflecting a decline of approximately 9.8%[22]. - The contracted sales amount from Jinzhong, Taiyuan, and Mianyang was approximately RMB 287.1 million, RMB 360.3 million, and RMB 21.6 million, accounting for approximately 42.9%, 53.9%, and 3.2% of total contracted sales, respectively[20]. Land and Development - The total land reserve area was approximately 2,928,014 square meters, with an average cost of RMB 751.7 per square meter[8]. - The group has approximately 1,764,516 square meters of properties under development and 1,003,587 square meters planned for future development[26]. - The total completed building area as of June 30, 2020, was approximately 2,686,400 square meters, with land reserves totaling approximately 2,928,014 square meters[25]. - The company has ongoing development projects totaling 1,170,140 square meters, with an estimated completion date for various phases in December 2020[38]. - The company has a future development area of 356,400 square meters, indicating ongoing expansion plans[38]. Financial Position and Cash Flow - The group's cash and cash equivalents as of June 30, 2020, were approximately RMB 994.0 million, a decrease of about 10.2% from RMB 1,107.2 million as of December 31, 2019[81]. - The group recorded a positive operating cash flow of approximately RMB 1.3 million, down from RMB 109.3 million for the same period last year[82]. - The company's cash flow from financing activities showed a net outflow of RMB 116,566,000, contrasting with a net inflow of RMB 324,519,000 in the same period of 2019[148]. - The total cash and cash equivalents at the end of the reporting period were RMB 994,045,000, down from RMB 1,332,005,000 at the end of June 2019, reflecting a decrease of approximately 25.3%[148]. - The company's net current assets were RMB 2,446,514,000, a decrease of 6.5% from RMB 2,615,353,000 at the end of 2019[126]. Corporate Governance and Management - The company plans to adjust its strategic development direction in response to market conditions and government policies, focusing on project development and investment[15]. - The company aims to enhance internal control systems and improve management efficiency through the introduction of professional management systems[15]. - The company is committed to enhancing internal controls and compliance with corporate governance standards[97]. - The board consists of four executive directors and three independent non-executive directors, ensuring a balance of management and oversight[97]. - The company adheres to the corporate governance code as per the Hong Kong Stock Exchange, maintaining high standards of governance to protect shareholder interests[97]. Shareholder Information - The major shareholders include Bai Xuan Kui, holding 57.82% of the shares, and Bai Wu Kui, holding 10.82%[102]. - As of June 30, 2020, the total number of issued shares was 599,999,989[102]. - The board resolved not to declare an interim dividend for the six months ended June 30, 2020[92]. Investment and Financing Activities - The company completed a rights issue on March 7, 2019, issuing 99,999,989 shares at a subscription price of HKD 1.50 per share, with total valid applications amounting to 130,896,878 shares, representing 130.9% of the total available shares[95]. - The net proceeds from the rights issue, after deducting professional fees and related expenses, amounted to approximately HKD 147.31 million (equivalent to about RMB 125.58 million)[95]. - The company has capital commitments for property development activities amounting to RMB 3.405505 billion as of June 30, 2020, compared to RMB 2.787064 billion as of December 31, 2019[200]. - The company has bank loans secured by various properties, with a total of RMB 1.450 billion guaranteed by subsidiaries and shareholders[197]. - The company’s bank loans include RMB 275 million secured by properties under development, with a collateral value of RMB 251.7 million[197].

Financial Performance - The total revenue for the reporting period was approximately RMB 614.2 million, which is an increase of about 43.9% year-on-year, with property development revenue contributing approximately RMB 589.6 million, up by 39.2%[11]. - The net profit for the period was approximately RMB 82.3 million, with profit attributable to equity holders amounting to approximately RMB 78.8 million, reflecting a year-on-year increase of about 33.8%[8]. - The gross profit for the reporting period was approximately RMB 190.8 million, with a net profit of approximately RMB 82.3 million[19]. - The company's revenue for the reporting period was approximately RMB 614.2 million, an increase of about 43.9% compared to RMB 426.7 million in the same period last year[60]. - The total comprehensive income for the period was RMB 87,274,000, an increase from RMB 65,210,000 in 2018, marking a growth of 33.9%[128]. - The pre-tax profit for the group was RMB 78,760,000 for the six months ended June 30, 2019, compared to RMB 58,889,000 in 2018, reflecting a 33.7% increase[190]. Sales and Revenue Growth - The signed sales amount for the first half of 2019 was approximately RMB 1,360.0 million, representing an increase of about 33.9% compared to the same period last year[8]. - The contracted sales amount for the reporting period was approximately RMB 1,360.0 million, an increase of about 33.9% compared to the same period last year[20]. - Revenue from property sales reached RMB 608,286,000 for the six months ended June 30, 2019, compared to RMB 430,065,000 in the same period of 2018, representing a 41.5% increase[179]. - The group recognized revenue of RMB 628,518,000 from goods transferred at a point in time for the six months ended June 30, 2019, compared to RMB 430,065,000 in 2018, representing a 46.2% increase[182]. Property Development and Management - The total land reserve area at the end of the reporting period reached approximately 3,110,666 square meters, with an average cost of RMB 751.3 per square meter[8]. - The company plans to focus on the design and development of essential residential properties and increase efforts in improving residential property construction[14]. - The company has ongoing projects with a total development area of 449,634 square meters, expected to be completed by December 2019[39]. - The company has a strategic focus on residential and commercial properties, with a mix of completed and ongoing projects[39]. - The company is actively expanding its market presence with new developments and projects in various stages[39]. Financial Position and Liabilities - The company's cash and cash equivalents at the end of the reporting period were approximately RMB 1,332.0 million, a decrease of about 8.0% from RMB 1,447.2 million at the end of 2018[74]. - The total bank borrowings at the end of the reporting period were approximately RMB 1,084.0 million, an increase of about 26.3% from RMB 858.6 million at the end of 2018[76]. - The company's capital debt ratio at the end of the reporting period was approximately 76.8%, up from 72% at the end of 2018, mainly due to increased interest-bearing bank borrowings[81]. - Total liabilities amounted to RMB 7,812,264,000, which is an increase from RMB 7,160,767,000, showing a rise of around 9.1%[133]. - Non-current liabilities totaled RMB 873,118,000, which is an increase from RMB 640,118,000, representing a growth of about 36.3%[133]. Shareholder Information and Corporate Governance - The board consists of four executive directors and three independent non-executive directors, responsible for the company's operations and strategic decisions[103]. - Bai Xuan Kui holds 346,944,000 shares, representing 57.82% of the company's equity[107]. - The company has adopted the corporate governance code as per the listing rules to ensure high standards of corporate governance[103]. - The major shareholders include White Dynasty BVI and White Empire BVI, each holding 57.82% of the shares[115]. Future Outlook and Strategic Initiatives - The outlook for the second half of 2019 anticipates continued stable market operations despite regulatory adjustments, with the company prepared to mitigate potential impacts[14]. - The company will actively seek industry talents and enhance employee training programs to improve overall work capabilities and motivation[15]. - The company has no significant future investment plans as of the report date[93]. - The company plans to utilize the net proceeds from the rights issue by December 31, 2020, or earlier[100].

CHEN XING Chen Xing Development Holdings Limited 辰興發展控股有限公司 誠 以 致 遠 ・ 信 達 天 ANNUAL REPORT 年 度 報 告 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock code: 2286 股份代號：2286 目錄 CONTENTS | --- | --- | --- | --- | --- | --- | --- | |---------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | 208 | | | | | | | | 211 | | | | | | | | 227 | | | | | | | | 232 | | | | | | | | 248 | | | | | | | | | | | | | | | | 264 | | | | | | | | 293 | | | | | | | | 300 | | | | | ...