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 | | | | | ...