Real Estate Market Overview - For the year ended December 31, 2024, total investment in China's real estate sector was approximately RMB10.0 trillion, a year-on-year decrease of approximately 10.6%[15]. - Investment in residential properties amounted to approximately RMB7.6 trillion, representing a year-on-year decrease of 10.5%[15]. - The sales area of commercial properties was approximately 973.85 million square meters, down approximately 12.9% year-on-year, while the sales area of residential properties decreased by approximately 14.1%[15]. - Sales revenue of commercial properties was approximately RMB97 trillion, down approximately 17.1% from the previous year, with residential property sales decreasing by approximately 17.6%[15]. - The Central Government has implemented policies to support the real estate market, including lowering down payment ratios and reducing restrictions on housing purchases[16]. - Looking ahead to 2025, the company expects a gradual stabilization and recovery of the property market due to government measures supporting real estate enterprises[28]. - The macroeconomic outlook for 2025 suggests a gradual stabilization and recovery of the property market in China[64]. - The residential property market is expected to stabilize and gradually recover in 2025, with ongoing pre-sale and sale of residential properties in the Shandong Project[189]. Company Financial Performance - The total revenue of Xinming China for the year amounted to approximately RMB 86.8 million, representing a decrease of approximately RMB 333.5 million or 79.4% compared to the previous year[22]. - The loss attributable to shareholders increased to approximately RMB 542.5 million, up by approximately RMB 16.4 million or 3.1% from a loss of RMB 526.1 million in the previous year[22]. - Property sales recorded approximately RMB 85.4 million, a decrease of approximately RMB 333.5 million or 79.6% compared to RMB 418.9 million in 2023[27]. - The total gross floor area (GFA) of property sales delivered was approximately 7,451.3 sq.m., representing a decrease of approximately 88.3% compared to 63,413.5 sq.m. in 2023[27]. - The company reported a loss per share of approximately RMB 0.289, compared to RMB 0.281 in the previous year[23]. - Total revenue for the year was approximately RMB 86.8 million, a decrease of approximately RMB 333.5 million or approximately 79.2% compared to RMB 418.9 million in the previous year[76]. - Gross profit amounted to approximately RMB20.7 million, a decrease of approximately RMB32.8 million or 61.3% compared to RMB53.4 million in the same period last year[73]. - Operating loss increased by approximately RMB 34.1 million or approximately 6.0% to RMB 598.3 million, mainly due to decreased revenue and increased liquidated damages on borrowings[89]. Asset and Liability Management - As of December 31, 2024, total assets amounted to approximately RMB 2,144.7 million, while total liabilities were approximately RMB 5,694.0 million, resulting in total negative equity of approximately RMB 3,549.3 million[23]. - Total liabilities increased to approximately RMB5,694.0 million as of December 31, 2024, compared to approximately RMB5,175.2 million in 2023[43]. - The Group's total negative equity was approximately RMB3,549.3 million as of December 31, 2024, up from approximately RMB2,959.5 million in 2023[43]. - The current ratio of the Group decreased to 0.18:1 as of December 31, 2024, down from 0.22:1 as of December 31, 2023[110]. - The gearing ratio of the Group was (72.7)% as of December 31, 2024, compared to (110)% as of December 31, 2023[111]. - The net current liabilities of the Group were approximately RMB4,508.0 million, representing an increase of approximately RMB587.8 million or approximately 15.0% compared to RMB3,920.2 million as of December 31, 2023[109]. Strategic Initiatives and Future Plans - The company is focusing on the residential property development of the Shandong Project, with the fourth phase's main structure completed and presale expected to commence in March 2026[20]. - The company aims to accelerate the de-stocking of completed properties while exploring asset revitalization options, including changing property use and selling properties[30]. - The Management is negotiating with existing lenders to extend repayment schedules for outstanding borrowings to avoid immediate repayment demands[150]. - The Management is exploring financing arrangements with self-financed contractors to advance construction costs, with settlements based on sales proceeds[158]. - The Management is committed to implementing attractive sales promotion plans to ensure ample cash inflows due to weak market conditions[170]. - The Company has initiated proposals for capital restructuring and a rights issue to raise funds of up to HKD84.2 million for repaying borrowings and maintaining working capital[170]. - The Group plans to renovate commercial properties in Shanghai and Taizhou to enhance their value before sale, with renovation costs expected to be funded through a profit-sharing scheme or advanced receipts[179]. Audit and Compliance Issues - The auditors expressed a disclaimer of opinion on the consolidated financial statements due to multiple uncertainties affecting the Group's ability to continue as a going concern[136][143]. - The Group's ability to continue as a going concern is uncertain, dependent on generating sufficient financial and operating cash flows[146]. - The Audit Committee has been in close communication with Management regarding measures to improve cash flow, including renewing outstanding borrowings and accelerating property sales[185]. - The ongoing actions are intended to alleviate the Group's liquidity pressure and remove the Audit Modification[190]. - The Audit Committee believes the Group will have sufficient financial resources to continue as a going concern for the next 12 months[188].

Financial Performance - The group's revenue reached approximately RMB 86.8 million, a decrease of about 79.4% compared to the previous year[5] - The group's gross profit was approximately RMB 20.7 million, down 61.3% year-on-year[5] - The loss attributable to the company's owners was approximately RMB 542.5 million, compared to RMB 526.1 million in the previous year[5] - The basic loss per share attributable to the company's owners was approximately RMB 0.289, compared to RMB 0.281 in the previous year[5] - The company reported a net loss of RMB 589.7 million for the year, slightly down from RMB 592.6 million in the previous year[6] - The group reported a net loss of approximately RMB 589,691,000 for the year ending December 31, 2024[11] - The company reported a total loss before tax of RMB 598,269,000 for 2024, compared to a loss of RMB 564,156,000 in 2023, indicating a slight increase in losses[21] - The financing costs for 2024 amounted to RMB 96,663,000, up from RMB 77,079,000 in 2023, reflecting a 25.4% increase[27] - The group recorded an operating loss of approximately RMB 598.3 million, an increase in loss of about RMB 34.1 million or 6.0% compared to RMB 564.2 million last year[91] - The loss attributable to shareholders for the year was approximately RMB 542.5 million, an increase of about RMB 16.4 million or approximately 3.7% compared to the previous year[93] Assets and Liabilities - Non-current assets totaled RMB 1,134.5 million, slightly up from RMB 1,128.9 million in the previous year[7] - Current assets decreased to RMB 1,010.3 million from RMB 1,086.7 million year-on-year[7] - Total liabilities increased to RMB 5,518.2 million from RMB 5,006.9 million in the previous year[7] - The total equity attributable to owners of the company was a deficit of RMB 3,244.5 million, compared to a deficit of RMB 2,756.0 million in the previous year[8] - Current liabilities exceeded current assets by approximately RMB 4,507,983,000 as of December 31, 2024[11] - The group has outstanding borrowings of approximately RMB 1,212,708,000 and convertible bonds of approximately RMB 282,125,000, both of which are overdue[11] - The total liabilities of the group as of December 31, 2024, were approximately RMB 56,940 million, an increase from approximately RMB 51,752 million on December 31, 2023[75] - The total amount of trade payables at the end of 2024 was RMB 459,566,000, a decrease from RMB 483,698,000 in 2023[47] - The total amount of trade receivables, prepayments, other receivables, and other assets was approximately RMB 48.7 million, an increase of about RMB 7.0 million or approximately 16.9% compared to RMB 41.7 million the previous year[96] Cash Flow and Financing - The group is accelerating the pre-sale and sale of properties, such as the Shandong project, to improve cash flow[16] - The management estimates that most of the proceeds from the Shanghai project will be used to repay outstanding borrowings[16] - The company is actively promoting the sale of individual property development projects or entire commercial properties at appropriate prices[16] - The group aims to expedite the liquidation of property inventory to improve its financial leverage[16] - The company is exploring various opportunities for additional funding through discussions with potential lenders/investors[16] - Management has implemented measures to improve liquidity and financial condition, including negotiations with lenders and accelerating property sales[59] - The company is negotiating with financial institutions to extend repayment schedules and hopes to waive overdue interest penalties[63] - The company plans to accelerate the sale of pre-sold and completed properties, particularly in the Shandong project, which commenced sales in September 2023[63] - The company aims to sell all or part of its commercial properties in Taizhou and Shanghai to improve cash flow and reduce debt[65] Market Outlook - China's property investment is expected to decline by 10.6% and overall property sales are projected to drop by 12.9% in 2024[64] - The residential property market is expected to stabilize and gradually recover starting in 2025[69] - The group anticipates a gradual recovery in the real estate market, supported by government measures to stabilize the sector[82] Audit and Governance - The independent auditor's report indicates significant uncertainty regarding the company's ability to continue as a going concern[61] - Management believes that preparing the financial statements on a going concern basis is appropriate, contingent on the successful implementation of liquidity improvement measures[61] - The audit committee has been in close communication with management regarding cash flow improvement measures[67] - The company has adopted the corporate governance code and has complied with its principles during the review year, with a noted deviation regarding the separation of the roles of Chairman and CEO[115] Employee and Operational Metrics - The group had a total of 50 employees as of December 31, 2024, a decrease from 55 employees as of December 31, 2023[112] - The total construction area delivered during the year was approximately 7,451.3 square meters, a significant decrease of about 88.3% from approximately 63,413.5 square meters in 2023[73] - The group has five property development projects with a total construction area of approximately 382,000 square meters across different cities in China[76] - As of December 31, 2024, the group has five property development projects with a total construction area of approximately 382,000 square meters, of which about 281,000 square meters have been completed[81]

Financial Performance - The Group's revenue for the six months ended June 30, 2024, was approximately RMB 78.7 million, representing a decrease of approximately 66.2% compared to RMB 233.0 million for the same period last year [11]. - Gross profit for the Group was approximately RMB 15.7 million, reflecting a decrease of approximately 56.2% year-on-year [11]. - Loss attributable to the owners of the Company was approximately RMB 334.9 million, which is an increase of approximately 33.2% compared to the previous year [11]. - Basic loss per share attributable to owners of the Company was approximately RMB 0.178, compared to RMB 0.134 for the same period last year [14]. - The Group's total revenue decline indicates significant challenges faced in the current market environment [14]. - The increase in loss attributable to owners suggests ongoing operational difficulties that need to be addressed [14]. - Property sales revenue was approximately RMB 78.3 million, accounting for approximately 99.4% of total revenue, with a total GFA sold of approximately 16,727 sq.m., a decrease of approximately 52.0% compared to the same period last year [30]. - Rental income decreased to approximately RMB 0.4 million, a decline of approximately 79.2% from RMB 2.1 million for the same period last year, primarily due to adjustments in rental plans [38]. - Selling and administrative expenses amounted to approximately RMB 10.0 million, representing a decrease of approximately 53.8% compared to RMB 21.6 million for the same period last year [45]. - Other income and losses amounted to a loss of approximately RMB 4.5 million, an increase of approximately 9.1% compared to the loss of approximately RMB 4.1 million for the same period last year [40]. - The operating loss was approximately RMB 337.4 million, an increase of approximately RMB 66.8 million or 24.7% compared to the loss of approximately RMB 270.6 million for the same period last year [51]. Assets and Liabilities - As of 30 June 2024, total assets amounted to approximately RMB 2,068.1 million, while total liabilities were approximately RMB 5,370.4 million, resulting in total deficits of approximately RMB 3,302.3 million [24]. - As of June 30, 2024, total assets decreased to approximately RMB 2,068.1 million, down by approximately RMB 147.6 million from RMB 2,215.7 million as of December 31, 2023 [71]. - Total liabilities increased to approximately RMB 5,370.4 million, representing an increase of approximately RMB 195.3 million compared to RMB 5,175.2 million as of December 31, 2023 [72]. - The current ratio as of June 30, 2024, was 0.18:1, down from 0.27:1 as of December 31, 2023 [74]. - Cash and cash equivalents totaled approximately RMB 1.1 million as of June 30, 2024, down from approximately RMB 1.9 million as of December 31, 2023 [65]. - Trade receivables, prepayments, other receivables, and other assets decreased to approximately RMB 36.4 million, down by approximately RMB 5.2 million compared to RMB 41.7 million as of December 31, 2023 [66]. - Trade payables, contract liabilities, other payables, and accruals increased to approximately RMB 2,733.2 million, up by approximately RMB 665.5 million or 7.1% compared to RMB 2,067.7 million as of December 31, 2023 [70]. - The total trade payables, contract liabilities, other payables, and accrued expenses amounted to approximately RMB 2,733.2 million, an increase of approximately RMB 665.5 million or 7.1% compared to RMB 2,067.7 million as of December 31, 2023, primarily due to provisions for related interest penalties and loan defaults [75]. Corporate Governance - The roles of chairman and CEO are held by the same individual, Mr. Chen, which the Board believes is beneficial for the Group's management and business prospects [175]. - The company has adopted the corporate governance code as per the Listing Rules and has complied with it during the reporting period, with the exception of the separation of the roles of Chairman and CEO, which are held by Mr. Chen Chengshou [177]. - The Audit Committee has reviewed the interim results for 2023 and confirmed compliance with applicable accounting standards, laws, and regulations [191]. - The Audit Committee consists of four independent non-executive Directors, ensuring appropriate professional and accounting qualifications [192]. - The Remuneration Committee is responsible for reviewing and determining the remuneration packages for Directors and senior management, consisting of four independent non-executive Directors [198]. - The Nomination Committee leads the process for Board appointments and considers the challenges and opportunities facing the company [200]. Employee and Talent Management - As of June 30, 2024, the Group has a total of 42 employees, down from 55 employees as of June 30, 2023, primarily due to a cost efficiency campaign [108]. - The Group has adopted a share option scheme and a share award scheme to improve employee remuneration linked to performance [108]. - The Group is focused on upgrading talent and maintaining harmonious labor relations while improving the remuneration allocation system [108]. Future Outlook and Strategies - The domestic economy is expected to gradually recover due to active fiscal policies and sound monetary policies implemented by the central government [15]. - The property market is anticipated to stabilize and recover, with investment sentiment expected to rebound in the second half of 2024 [15]. - The management aims to accelerate the pre-sale and sale of properties, particularly in the Shandong Project, to generate adequate net cash inflows and control costs [164]. - Most of the net proceeds from the Shandong Project will be used to repay outstanding borrowings [165]. - The management is actively negotiating with large property developers to sell individual or whole commercial properties at appropriate prices, particularly in the Shanghai project [165]. - The management has proposed a capital re-organization and rights issue to raise approximately HK$84.2 million to repay bank loans and maintain adequate working capital [171]. - The Company is focused on de-stocking properties by selling residential and commercial properties in Shandong, Taizhou, and Shanghai to improve liquidity [171]. - The management is committed to improving the Group's liquidity and financial position through various measures, including refinancing and asset sales [162]. - The Company intends to keep shareholders informed about developments regarding the repayment of outstanding borrowings and refinancing efforts [172].

Financial Performance - The total revenue for the year ended December 31, 2023, amounted to approximately RMB 418.9 million, representing an increase of approximately RMB 412.9 million or approximately 68.1 times compared to the previous year[15]. - The loss attributable to shareholders decreased to approximately RMB 526.1 million, a reduction of approximately RMB 1,724.3 million or approximately 76.6% from a loss of approximately RMB 2,250.4 million in the previous year[15]. - The loss per share was approximately RMB 0.280, a significant reduction from RMB 1.198 in 2022, representing a decrease of approximately 76.6% in net loss[19][21]. - The Group recorded property sales of approximately RMB 418.9 million, an increase of approximately RMB 412.9 million or about 68.1 times compared to RMB 6.1 million in 2022, primarily due to the completion of residential property development projects in Shandong[34]. - Gross profit amounted to approximately RMB 53.4 million, an increase of approximately RMB 33.4 million or 1.67 times compared to RMB 20.0 million in the same period last year, with a gross profit margin of approximately 12.6%[75]. Asset and Liability Management - As of December 31, 2023, total assets amounted to approximately RMB 2,215.7 million, down from RMB 2,626.8 million in 2022, while total liabilities increased to approximately RMB 5,175.2 million from RMB 4,993.7 million[19][21]. - The Group's total negative equity was approximately RMB 2,959.5 million, compared to approximately RMB 2,366.9 million in 2022[38]. - The total current assets were approximately RMB 1,086.7 million, representing approximately 49.0% of total assets, down from 56.6% in the previous year[106]. - The net current liabilities of the Group were approximately RMB 3,920.2 million, an increase of approximately RMB 577.6 million or 17.3% compared to RMB 3,342.6 million as of December 31, 2022[113]. - The current ratio as of December 31, 2023, was 0.22:1, down from 0.31:1 in the previous year[114]. Property Development and Sales - The presale amount for the residential property development in the Shandong Project reached approximately RMB 27.6 million during the year[14]. - The Group's property sales accounted for approximately 99.1% of total revenue, with total gross floor area (GFA) delivered being approximately 63,413.5 sq.m., a significant increase of approximately 61,565.1 sq.m. compared to 2022[20][22]. - The Group's property portfolio consists of 6 development projects across various cities in China, with a total GFA of approximately 379,000 sq.m., of which approximately 278,000 sq.m. is completed[20][22]. - The average selling price for properties sold was RMB 6,632 per sq.m.[50]. - The Group's ongoing projects include 77,000 sq.m. under development, with 22,000 sq.m. planned for future development[46]. Strategic Direction and Future Outlook - The company is focusing on asset revitalization and liability reduction as part of its strategic direction[13]. - The property market is expected to gradually stabilize and recover, with the introduction of supportive measures from the government, which will benefit real estate enterprises[24][27]. - Looking ahead to 2025, the property market is expected to gradually stabilize and recover, supported by favorable government measures[66]. - The management aims to accelerate the pre-sale and sale of properties under development and completed properties to generate adequate net cash inflows[173]. - The Group plans to raise approximately HKD 84.2 million through capital restructuring and rights issues to repay debts and maintain sufficient working capital for normal operations[183]. Financial Challenges and Management Actions - The Group is actively negotiating with financial institutions to extend repayment dates or refinance outstanding borrowings[14]. - The auditor expressed a disclaimer of opinion on the consolidated financial statements due to multiple material uncertainties affecting the Group's ability to continue as a going concern[147]. - The Group's ability to continue as a going concern is contingent upon generating sufficient financial and operating cash flows[159]. - Management is negotiating with existing lenders to prevent immediate repayment demands on overdue borrowings, including those with cross-default terms[161]. - The Group is exploring various financing options with financial institutions and potential investors to support working capital needs in the foreseeable future[167]. Market Conditions - The real estate industry faced significant challenges in 2023, with many enterprises under pressure and some defaulting on debts[13]. - The overall real estate market in China saw a decrease in commodity property sales by 6.5% year-on-year, indicating a challenging environment for developers[30][33]. - The commercial and residential real estate business environment in China has not fully recovered post-COVID-19 pandemic, affecting loan approvals from banks[165]. - The total gross floor area (GFA) of commercial and residential properties for sale in China has been sluggish, leading to lower-than-expected pre-sales and sales in 2023 due to tightened housing credit facilities[193]. Operational Adjustments - The Group has actively made business adjustments, exploring changes in property use and sales, although these measures have not yet contributed to revenue for the year[48]. - The management has implemented measures to improve liquidity and cash flow, including accelerating the pre-sale and sale of properties[159]. - The ongoing action plan includes the disposal of investment properties, which is expected to generate substantial proceeds and alleviate liquidity pressure[194]. - The Group is actively exploring various project uses and property sales to accelerate cash flow, although these efforts have not yet contributed to revenue in the review year[34].

Financial Performance - The Group's revenue for the six months ended June 30, 2023, was approximately RMB 233.0 million, representing an increase of approximately 9 times compared to RMB 23.2 million for the same period last year [11]. - Gross profit for the Group was approximately RMB 35.9 million, reflecting an increase of approximately 93.1% compared to the same period last year [11]. - Loss attributable to the owners of the Company was approximately RMB 251.5 million, a decrease of approximately 73.2% from a loss of approximately RMB 939.9 million in the same period last year [14]. - Basic loss per share was approximately RMB 0.134, compared to RMB 0.500 for the six months ended June 30, 2022 [15]. - Revenue from property sales was approximately RMB 230.9 million, representing an increase of approximately 7.7 times compared to the same period last year [17]. - The Group recorded total revenue of approximately RMB233.0 million, representing an increase of approximately 9 times from RMB23.2 million in the same period last year [25]. - Loss attributable to the owners of the Company was approximately RMB251.5 million, a decrease of 73.2% from a loss of approximately RMB939.9 million for the same period last year [26]. - Gross profit for the period was approximately RMB 35.9 million, an increase of approximately RMB 17.3 million or 93.1% compared to RMB 18.6 million for the same period last year [42]. - Operating loss was approximately RMB 270.6 million, a decrease of approximately RMB 872.5 million or 76.3% compared to the loss of approximately RMB 1,143.1 million for the same period last year [55]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to approximately RMB 2,233.8 million, down from approximately RMB 2,626.8 million as of December 31, 2022 [16]. - Total liabilities were approximately RMB 4,882.3 million as of June 30, 2023, compared to approximately RMB 4,993.7 million as of December 31, 2022 [16]. - Total deficits were approximately RMB 2,648.5 million as of June 30, 2023, compared to approximately RMB 2,366.9 million as of December 31, 2022 [16]. - Net liabilities per share increased to approximately RMB 1.41 as of June 30, 2023, from approximately RMB 1.26 as of December 31, 2022 [16]. - As of June 30, 2023, total current assets were approximately RMB 1,108.8 million, down approximately RMB 379.0 million from RMB 1,487.8 million as of December 31, 2022, accounting for approximately 49.6% of total assets [80]. - The Group's cash and cash equivalents decreased to approximately RMB 1.8 million, down approximately RMB 6.2 million or 77.7% from RMB 8.0 million as of December 31, 2022 [72]. - Trade receivables, prepayments, and other assets totaled approximately RMB 42.9 million, a decrease of approximately RMB 14.7 million or 25.5% compared to RMB 57.5 million as of December 31, 2022 [73]. - The current ratio as of June 30, 2023, was 0.24:1, down from 0.31:1 as of December 31, 2022 [83]. - The gearing ratio improved to (140.8)% as of June 30, 2023, compared to (186.5)% as of December 31, 2022 [84]. Revenue Sources - Property sales revenue was approximately RMB230.9 million, accounting for about 99.1% of total revenue, with a total GFA sold of approximately 34,870 sq.m., an increase of approximately 37.5 times compared to the same period last year [32]. - The average selling price for contracted sales was approximately RMB6,621 per sq.m., a significant increase of approximately 103.3% compared to RMB3,257 per sq.m. in the same period last year [25]. - Rental income decreased to approximately RMB2.1 million, a decline of approximately 89.6% from RMB20.2 million in the same period last year [41]. - The actual area leased out of the Group's investment properties was approximately 28,286.78 sq.m., representing about 45.5% of the total investment properties held-for-lease [40]. Cost Management - Selling and administrative expenses decreased by approximately RMB 15.6 million or 41.9% to approximately RMB 21.6 million compared to RMB 37.2 million for the same period last year [48]. - Other expenses amounted to approximately RMB 226.5 million, a decrease of approximately RMB 108.0 million or 32.3% compared to RMB 334.5 million for the same period last year [49]. - Finance costs increased to approximately RMB 36.4 million, an increase of approximately RMB 34.7 million or 21.1 times compared to RMB 1.6 million for the same period last year [57]. - Income tax expenses amounted to approximately RMB 11.0 million, an increase of approximately RMB 183.2 million compared to an income tax credit of approximately RMB 172.2 million for the same period last year [58]. Strategic Initiatives - The Group adopted a rapid sales and fund recovery strategy, leading to significant discounts in selling prices to clear remaining commercial property inventory [25]. - Looking ahead, the macroeconomic environment in China is expected to rebound, which may positively impact the real estate market and investment intentions [21]. - The management is actively pursuing negotiations with large property developers to sell individual property development projects or whole commercial properties at appropriate prices [173]. - The management is actively promoting attractive sales strategies for residential properties to maintain adequate cash inflow due to a weakened market segment [177]. - A proposal for capital re-organization and rights issue has been launched to raise approximately HK$84.2 million to repay borrowings and maintain working capital [177][179]. Corporate Governance - The Audit Committee has reviewed the interim results for 2023 and confirmed compliance with applicable accounting standards and regulations [198]. - The Audit Committee consists of four independent non-executive Directors, ensuring appropriate professional qualifications for oversight [199]. - The company has adopted the Corporate Governance Code and complied with its provisions during the reporting period, with a noted deviation regarding the roles of chairman and CEO being held by the same individual [181][183].

Financial Performance - The Group's revenue for the six months ended June 30, 2022, was approximately RMB 23.1 million, a decrease of approximately 25.7% compared to RMB 31.1 million for the same period last year[10]. - Gross profit for the Group was approximately RMB 18.6 million, representing a decrease of approximately 28.8% compared to the same period last year[10]. - Loss attributable to the owners of the Company was approximately RMB 939.9 million, an increase of approximately 3 times compared to RMB 286.5 million for the same period last year[10]. - Basic loss per share was approximately RMB 0.500, compared to RMB 0.153 for the six months ended June 30, 2021[14]. - The Group recorded total revenue of approximately RMB 23.1 million, a decrease of approximately 25.7% from RMB 31.1 million in the same period last year[42]. - Property sales revenue was approximately RMB 2.9 million, representing an increase of approximately 20.8% compared to RMB 2.4 million for the same period last year[53]. - The average selling price for contracted sales was approximately RMB 3,257 per sq.m., a decrease of approximately 0.9% from RMB 3,288 per sq.m. in the corresponding period last year[42]. - The operating loss for the period was approximately RMB 970.9 million, a significant increase of about RMB 675.3 million or 2.3 times compared to the loss of RMB 295.6 million in the same period last year[68]. - The loss on changes in fair value of investment properties was approximately RMB 95.0 million, an increase in loss of about RMB 98.0 million compared to a gain of RMB 3.0 million in the previous year[69]. - Rental income decreased to approximately RMB 20.2 million, a decline of approximately 29.6% from RMB 28.7 million for the same period last year[55]. Assets and Liabilities - As of June 30, 2022, total assets amounted to approximately RMB 4,134.2 million, down from approximately RMB 5,223.7 million as of December 31, 2021[15]. - Total liabilities were approximately RMB 5,082.4 million, slightly down from approximately RMB 5,201.0 million as of December 31, 2021[15]. - The Group reported a total deficit of approximately RMB 948.2 million as of June 30, 2022, compared to total equity of approximately RMB 22.7 million as of December 31, 2021[15]. - The Group's cash and bank deposits totaled approximately RMB 14.6 million, a decrease of approximately RMB 5.6 million or 27.7% from RMB 20.2 million as of December 31, 2021[87]. - Net cash generated from operating activities was approximately RMB 7.6 million, down from approximately RMB 106.5 million for the same period in 2021[88]. - Trade receivables, prepayments, other receivables, and other assets totaled approximately RMB 181.0 million, an increase of approximately RMB 34.4 million from RMB 146.6 million as of December 31, 2021[89]. - Trade payables, contract liabilities, other payables, and accruals amounted to approximately RMB 2,322.5 million, an increase of approximately RMB 287.7 million from RMB 2,034.8 million as of December 31, 2021[90]. - Current liabilities increased to approximately RMB 4,776.1 million, up by approximately RMB 53.6 million from RMB 4,722.5 million as of December 31, 2021, accounting for approximately 94.0% of total liabilities[103]. - The Group's net current liabilities were approximately RMB 2,642.7 million, an increase of approximately RMB 79.1 million from RMB 2,563.6 million as of December 31, 2021[98]. - The current ratio as of June 30, 2022, was 0.45, slightly down from 0.46 as of December 31, 2021[104]. - The gearing ratio increased to 255.9% as of June 30, 2022, compared to 98.7% as of December 31, 2021[105]. Market Conditions - The Chinese government implemented strict COVID-19 prevention measures, impacting market conditions and leading to varied recovery rates across different city tiers[16]. - The overall performance of the real estate market remained sluggish, with most project prices flat or reduced despite a slight month-on-month increase in newly-built residence prices[29]. - From January to June 2022, nationwide real estate development investment reached RMB 6,831.4 billion, a decrease of 5.4% year-on-year, with residential investment amounting to RMB 5,180.4 billion, down 4.5%[22]. - The real estate market control has become more stringent, with ongoing impacts from the "three red lines" policy affecting the industry[30]. - The Central Government's deregulation measures are expected to promote residential project sales in the third quarter of 2022[36]. Strategic Initiatives - The Group plans to increase marketing efforts and promotional campaigns to accelerate cash inflows and de-stocking of remaining commercial properties in the second half of 2022[31]. - The Group aims to complete the fourth round of pre-sale activities for the Shandong Project, expecting to recognize revenue upon completion of legal registration and transfer of residential properties[32]. - The Company completed the third phase of pre-sale activities for the residential part of the Shandong Project, aiming to increase cash inflows[190]. - Majority of net proceeds from the Shandong Project will be used to repay outstanding borrowings[190]. - The Company is negotiating the sale of the entire Shanghai property development project, which may lead to positive cash inflow and reduced debts[190]. - The Company plans to sell commercial properties in Taizhou and/or Shanghai by the end of 2022 to improve working capital and financial leverage[190]. Employee and Corporate Governance - The Group had a total of 63 employees as of June 30, 2022, down from 88 employees a year earlier, primarily due to a cost efficiency campaign[128]. - The Company recognizes the importance of maintaining compliance with Listing Rules and applicable laws in its share schemes[174]. - The Company has adopted a Share Option Scheme effective for 10 years, allowing eligible participants to subscribe for shares, with a maximum of 10% of shares in issue on the Listing Date[163]. - The Company adopted a Share Award Scheme on 26 January 2016 to recognize contributions by eligible participants and attract suitable personnel for further development[174]. Legal and Financial Issues - A petition for winding up the Company was filed in June 2022, with a hearing adjourned to September 28, 2022, due to insolvency concerns[137]. - The Company is negotiating with financial institutions for the renewal or extension of repayment for outstanding borrowings[187]. - The Zhejiang Wenzhou Intermediate People's Court ordered the auction of a property at a price of RMB 282.41 million to repay part of the loans owed to a major lender[187]. - The management is taking measures to improve liquidity and financial position to address audit modifications from the 2021 annual report[186]. - The audit modification is expected to be removed if the Company successfully implements the action plan by the end of 2022[200].

Financial Performance - For the year ended December 31, 2021, total revenue amounted to approximately RMB101.8 million, representing a decrease of approximately 20.8% from RMB128.5 million in the previous year[14]. - The loss attributable to shareholders was approximately RMB863.9 million, a decrease of approximately RMB136.9 million from a loss of RMB1,000.8 million in the prior year[14]. - Loss per share was approximately RMB0.46, compared to RMB0.533 for the year ended December 31, 2020[15]. - The Group recorded property sales of approximately RMB41.6 million, representing a decrease of approximately 40.4% compared to the same period last year[16]. - The company's total revenue for the year was approximately RMB 101.8 million, a decrease of about 20.8% compared to RMB 128.5 million in the same period last year[17]. - The loss attributable to shareholders was approximately RMB 863.9 million, reduced by RMB 136.9 million from a loss of RMB 1,000.8 million in the previous year[17]. - The group recorded property sales of approximately RMB 41.6 million, a decrease of about 40.4% year-on-year[18]. - The Group's revenue for the year was approximately RMB 101.8 million, with property sales contributing approximately 40.8% and property leasing services contributing approximately 59.2%[54]. - Gross profit for the year amounted to approximately RMB 77.6 million, representing an increase of approximately RMB 16.0 million or 26.0% compared to the previous year[56]. - Other income and gains increased significantly to approximately RMB 279.9 million, up approximately RMB 276.5 million or 81.3 times compared to RMB 3.4 million in the same period last year[57]. Assets and Liabilities - As of December 31, 2021, total assets amounted to approximately RMB5,223.6 million, down from RMB6,422.2 million in the previous year[15]. - Total liabilities were approximately RMB5,201.0 million, a decrease from RMB5,558.2 million as of December 31, 2020[15]. - The total assets of the Group as of December 31, 2021, were approximately RMB5,223.6 million, representing a decrease of approximately RMB1,198.6 million from RMB6,422.2 million as of December 31, 2020[88]. - The total liabilities of the Group as of December 31, 2021, were approximately RMB5,201.0 million, a decrease of approximately RMB357.2 million compared to RMB5,558.2 million as of December 31, 2020[88]. - The current ratio of the Group as of December 31, 2021, was 0.46:1, down from 0.61:1 as of December 31, 2020[89]. - The gearing ratio of the Group as of December 31, 2021, was 98.7%, an increase from 71.1% as of December 31, 2020[90]. - The sum of trade payables, contract liabilities, other payables, and accruals was approximately RMB2,034.8 million as of December 31, 2021, an increase of approximately RMB89.7 million from RMB1,945.1 million as of December 31, 2020[82]. - The total current assets were approximately RMB2,158.8 million as of December 31, 2021, representing approximately 41.3% of total assets, down from 47.3% as of December 31, 2020[88]. - The net current liabilities of the Group were approximately RMB2,563.6 million as of December 31, 2021, an increase of approximately RMB622.5 million from RMB1,941.1 million as of December 31, 2020[88]. - The Group provided guarantees over mortgage loans of certain purchasers amounting to approximately RMB103.3 million as of December 31, 2021, compared to RMB16.1 million as of December 31, 2020[99]. Property Development and Sales - The Group's property portfolio comprised 15 development projects with an aggregate Gross Floor Area (GFA) of approximately 539,623 sq.m.[16]. - The presale amount for the Shandong Project reached approximately RMB244.7 million during the year[11]. - The Group delivered GFA of approximately 1,823 sq.m., remaining flat compared to the previous year[16]. - The average selling price of properties sold was approximately RMB22,820 per sq.m.[39]. - Property sales accounted for approximately 40.8% of the Group's total revenue, indicating a decline due to weak investment sentiment and COVID-19 impacts[36]. - The Group's ongoing projects include various phases of the China South-western City, with significant GFA under development[35]. - The total estimated saleable GFA for ongoing projects is significant, indicating strong future development potential[33]. - Future developments include new residential and commercial projects aimed at increasing overall GFA and sales potential[34]. - The Group's total gross floor area (GFA) for property development projects was approximately 539,623 sq.m., with 374,388 sq.m. completed and 127,228 sq.m. under development as of December 31, 2021[46]. Rental Income and Investment Properties - Rental income increased to approximately RMB60.2 million, representing a rise of approximately RMB1.4 million or 2.4% compared to RMB58.8 million in 2020[40]. - The actual area leased out of investment properties was approximately 136,273.82 sq.m., representing approximately 90.2% of the total investment properties held-for-lease[40]. - As of December 31, 2021, the Group's leased area was approximately 136,273.82 sq.m., representing about 90.2% of the total investment properties available for lease[41]. - The average occupancy rate for the Group's commercial investment properties was approximately 76.0% to 98.0% across different locations[45]. Management and Strategic Focus - The company plans to accelerate the de-stocking of completed properties and explore various asset revitalization strategies, including changing property use and selling properties in their entirety[20]. - The company aims to negotiate with financial institutions regarding outstanding borrowings to improve its liability and financial gearing conditions[20]. - The management has implemented measures to improve liquidity, including accelerating the pre-sale and sale of properties such as the Shandong Project and controlling costs[137]. - The management is exploring various financing options for working capital and commitments in the foreseeable future[137]. - The management believes that the consolidated financial statements for the year ended December 31, 2021, are prepared on a going concern basis, despite significant uncertainties[129]. - The management is negotiating with large property developers to sell the entire Shanghai property development project by the end of 2022, with proceeds aimed at repaying outstanding borrowings[144]. - The management believes that the value of the Group's properties is sufficient to repay outstanding principal and interest, and penalty interests may be waived after repayment[142]. Challenges and Market Conditions - The overall sentiment of property investment declined due to the COVID-19 pandemic and the Evergrande debt crisis, impacting property sales negatively[14]. - The commercial real estate business environment in China remains challenging post-COVID-19, affecting loan approvals from banks[134]. - The company is facing challenges in cash flow management due to ongoing government housing regulations and tightened credit financing policies in China, impacting the total sold building area and residential property sales[149]. - The board and audit committee are aware that the action plan to address the audit reservation is ongoing, particularly the sale of investment properties, which is expected to alleviate liquidity pressure[150]. - The overall property market is expected to recover in 2022, improving investment sentiment and economic conditions[142]. Corporate Governance and Board Composition - The company has a diverse board with members having backgrounds in finance, real estate, and energy sectors[172]. - The company has appointed several independent non-executive directors with extensive backgrounds in finance and corporate governance, enhancing its board expertise[186]. - The independent non-executive directors are involved in key committees, including audit and remuneration, which are crucial for corporate governance[190]. - The directors' profiles indicate a strong emphasis on financial compliance and corporate advisory services, which may benefit the company's strategic initiatives[184]. - The company is focused on expanding its market presence through strategic appointments and leveraging the experience of its directors[185].

(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司） Stock code 股份代號：2699 INTERIM REPORT 2021 中期報告 CONTENTS 目錄 | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 4 | Results Highlights | 業績摘要 | | 5 | Chairman's Statement | 主席報告書 | | 9 | Management Discussion and Analysis | 管理層討論與分析 | | 30 | Corporate Governance and Other Information | 企業管治及其他資料 | | 35 | Unaudited Condensed Consolidated Statement of | Profit or Loss and Other Comprehensive | | Income | 未經審核簡明綜合損益及其他全面收益表 | | | ...

CONTENTS 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Chairman's Statement | 4 | | 主席報告書 | | | Management Discussion and Analysis | 8 | | 管理層討論與分析 | | | Profiles of Directors and Senior Management | 28 | | 董事及高級管理層簡介 | | | Directors' Report | 37 | | 董事會報告書 | | | Corporate Governance Report | 54 | | 企業管治報告書 | | | Environmental, Social and Governance Report | 85 | | 環境、社會及管治報告書 | | | Independent Auditors' Report | 118 | | --- | --- | | 獨立核數師報告 | | | Consolidated Statement of Profit or Loss and ...

目錄 新明中國控股有限公司 中期報告2020 2 公司資料 董事 執行董事 陳承守先生 （主席兼行政總裁） 豐慈招先生 浦巍先生 非執行董事 | 公司簡介 | 2 | | --- | --- | | 公司資料 | 3 | | 業績摘要 | 5 | | 主席報告書 | 6 | | 管理層討論及分析 | 10 | | 企業管治及其他資料 | 25 | | 中期簡明綜合損益及其他綜合收益表 | 28 | | 中期簡明綜合財務狀況表 | 30 | | 中期簡明綜合權益變動表 | 32 | | 中期簡明綜合現金流量表 | 34 | | 中期簡明綜合財務報表附註 | 36 | 1 新明中國控股有限公司 中期報告2020 新明中國控股有限公司 中期報告2020 PB 公司簡介 新明中國控股有限公司（「本公司」或「新明中國」），於2015年7月6日在香港聯合交易所有限公司（「聯交 所」）主板上市（股份代號：02699），連同其附屬公司（統稱「本集團」），是一家綜合性住宅及商業物業開發 商。目前，本集團在中國上海、重慶、台州、滕州及杭州及其他地區發展16個物業開發項目。 本公司具備全面的物業開發能力，擁有多元化及完整的物業開發 ...