Financial Performance - Contract sales amount for the year was RMB 17.93 billion, a year-on-year decrease of approximately 47.5%[3] - Total revenue for the year was RMB 39.68 billion, down about 40.4% year-on-year[4] - Net loss attributable to owners was RMB 2.4 billion, compared to a net loss of RMB 4.25 billion in the previous year[5] - Gross profit for the year was RMB 906.94 million, down from RMB 3.18 billion in the previous year[4] - The company reported a pre-tax loss of RMB 1.39 billion, compared to a pre-tax profit of RMB 398.1 million in the previous year[4] - Revenue from customer contracts decreased to RMB 39,665,003,000 in 2024 from RMB 66,600,928,000 in 2023, representing a decline of approximately 40.5%[23] - Property sales revenue was RMB 39,457,318,000 in 2024, down from RMB 66,466,526,000 in 2023, indicating a decrease of about 40.7%[23] - The group recorded a net loss of RMB 2,874,620,000 for the year ending December 31, 2024[17] - The pre-tax loss attributable to the parent company was RMB 2,427,358,000, compared to a loss of RMB 4,245,658,000 in 2023, showing an improvement[30] - The total tax expense for the year was RMB 1,486,591,000, down from RMB 3,316,886,000 in 2023, reflecting a decrease of approximately 55.3%[28] - The basic loss per share for the year was calculated based on a weighted average of 3,693,842,564 shares, compared to 3,492,670,410 shares in 2023[30] - The group recorded a pre-tax loss of approximately RMB 1,388.0 million for the year ended December 31, 2024, compared to a pre-tax profit of approximately RMB 398.1 million in 2023[64] - The income tax expense decreased by approximately 55.2% to about RMB 1,486.6 million, down from RMB 3,316.9 million in the previous year[65] - The net loss attributable to the company's owners for the year ended December 31, 2024, was approximately RMB 2,427.4 million, a decrease of about 42.8% from RMB 4,245.7 million in 2023[66] Debt and Financial Stability - Total interest-bearing debt decreased to RMB 20.3 billion as of December 31, 2024[3] - The company completed its offshore debt restructuring on March 20, 2024[3] - Total interest-bearing bank and other borrowings amounted to RMB 20,250,742,000, with RMB 8,609,387,000 due within the next 12 months[17] - The group has successfully completed its offshore debt restructuring, canceling a total of RMB 8,858,845,000 in principal and interest related to defaulted debts[18] - The board has assessed the group's ability to continue as a going concern and identified significant uncertainties regarding cash flow generation and financing[19] - The group plans to continue negotiations with existing debt holders for the extension or rescheduling of bank and other borrowings[21] - The company's total equity decreased to RMB 19.38 billion from RMB 26.40 billion in the previous year[9] - The asset-liability ratio, excluding contract liabilities, was approximately 81.3% as of December 31, 2024, with a net debt ratio of approximately 74.9%[70] - The group had approximately RMB 38,973.9 million in assets pledged as collateral for borrowings as of December 31, 2024, compared to RMB 52,342.2 million on December 31, 2023[75] - The company has not obtained written agreements from creditors or banks regarding the plans to negotiate the extension or repayment of existing debts[92] Cash Flow and Liquidity - Total current assets decreased to RMB 116.94 billion from RMB 157.49 billion in the previous year[8] - Total current liabilities decreased to RMB 102.02 billion from RMB 151.13 billion in the previous year[9] - As of December 31, 2024, the group's net current assets amounted to approximately RMB 14,918.4 million, a significant increase from RMB 6,360.7 million on December 31, 2023[68] - Cash and bank balances, including restricted cash and pledged deposits, decreased by approximately 46.2% to RMB 5,740.5 million as of December 31, 2024, from RMB 10,662.5 million at the end of 2023[69] - The group plans to improve overall liquidity and repay outstanding debts by exploring various cash flow generation methods, including timely communication with banks for project development loans[77] - The company has a total cash and cash equivalents of RMB 3,550,680,000 as of December 31, 2024[91] Operational Performance - The company completed the delivery of approximately 80,000 property units in 2024, ranking 13th among Chinese real estate developers by delivery volume[41] - The total land reserve area as of December 31, 2024, was approximately 21.9 million square meters, with no new land acquisitions during the year[42] - The total land reserve as of December 31, 2024, was approximately 21.9 million square meters, with 6.1 million square meters of completed properties available for sale/rent and 15.8 million square meters under construction or for future development[51] - The group has implemented a business strategy focused on accelerating property sales and improving cash collection from outstanding sales proceeds[20] - The group aims to focus on accelerating property sales and effectively controlling costs and expenses to enhance cash flow[77] Corporate Governance and Compliance - The company has maintained a commitment to high levels of corporate governance, adhering to applicable codes and regulations throughout the year[85] - The independent auditor has not issued an opinion on the consolidated financial statements due to significant uncertainties regarding the company's ability to continue as a going concern[90] - The board consists of eight directors, including five executive directors and three independent non-executive directors[97] - The annual general meeting is scheduled for June 12, 2025, with a suspension of share transfer registration from June 9 to June 12, 2025[96] Future Outlook - The outlook for 2025 indicates a focus on financial safety, operational liquidity, and risk control, with expectations for gradual recovery in the real estate market supported by government policies[45] - Forward-looking statements in the announcement involve risks and uncertainties, and actual performance may differ significantly from those statements[99]

Company Overview - Zhongliang Holdings Group is primarily engaged in real estate development in China, with a land bank across five core economic areas[2]. - The company is listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code 2772.HK[3]. - The headquarters is located in Shanghai, with a national footprint rooted in the Yangtze River Delta[3]. - Zhongliang Holdings Group's website is www.zldcgroup.com, providing further information about its operations and financial performance[8]. Financial Performance - For the six months ended June 30, 2024, the Group's recognized revenue amounted to approximately RMB22.70 billion, representing a year-on-year decrease of approximately 21.3%[16]. - The Group recorded a loss attributable to owners of the Company of approximately RMB1.71 billion for the six months ended June 30, 2024, compared to a profit of approximately RMB18.6 million for the corresponding period in the previous year[16]. - Revenue for the six months ended June 30, 2024, was approximately RMB 22,701.2 million, a year-on-year decrease of 21.3% from RMB 28,850.8 million for the same period in 2023[46]. - The Group's gross profit decreased by approximately 91.8% year-on-year to approximately RMB 205.2 million for the six months ended June 30, 2024[47]. - The gross profit margin fell from 8.7% for the six months ended June 30, 2023, to approximately 0.9% for the same period in 2024, primarily due to lower ASP relative to land acquisition costs and impairment on property projects[47]. - The Group achieved contracted sales of approximately RMB9.66 billion in the first half of 2024, representing a year-on-year decrease of approximately 54.1%[20]. - The Group's revenue decline reflects broader market challenges and economic conditions[15]. Market Environment - China's GDP grew by 5% in the first half of 2024, with a slight slowdown in growth rate in the second quarter compared to the first quarter[18]. - The high interest rate environment may be maintained for longer, posing the risk of economic recession[18]. - The global political and economic environment remains complex, with ongoing geopolitical conflicts and trade disputes adding uncertainties[18]. - The recovery of China's real estate industry is expected to be a slow and long-term process, with the current operating environment remaining harsh[20]. Corporate Governance - The interim report provides insights into the company's governance structure, including various committees such as the Audit Committee and Remuneration Committee[6]. - The report outlines the company's commitment to corporate governance and compliance with regulatory standards[1]. - The Audit Committee has reviewed the interim results and the interim report for the six months ended 30 June 2024[129]. - The Group has complied with all applicable code provisions under the Corporate Governance Code for the six months ended June 30, 2024[81]. Debt and Financial Management - As of June 30, 2024, the Group's total interest-bearing debts were approximately RMB21.4 billion, with onshore debts amounting to approximately RMB11.9 billion and offshore debts approximately RMB9.5 billion[21]. - The Group's cash and bank balances, including restricted cash and pledged deposits, totaled approximately RMB7.9 billion as of June 30, 2024[21]. - The Group has implemented decisive measures to stabilize cash flow, accelerate sales, and enhance operating efficiency since mid-2021[21]. - The Holistic Solution for offshore debts was approved on March 20, 2024, alleviating the pressure of offshore indebtedness[23]. - The Group is actively negotiating with existing debt holders for the renewal or extension of repayment of bank and other borrowings[149]. - The Group plans to explore different means to generate cash flow to improve overall liquidity and settle outstanding debts[64]. Shareholder Information - As of June 30, 2024, the company has issued a total of 3,676,189,613 shares[108]. - Mr. Yang Jian holds 2,822,167,839 shares, representing approximately 76.77% of the total shareholding[106]. - The company did not grant any options or awards to Directors or senior management during the six months ended June 30, 2024[104]. - The Board resolved not to recommend the payment of an interim dividend for the six months ended June 30, 2024[117]. Employee and Management - The staff cost recognized as expenses for the six months ended June 30, 2024, amounted to approximately RMB276.2 million, a decrease from approximately RMB437.8 million for the same period in 2023[77]. - As of June 30, 2024, the Group employed a total of 3,703 full-time employees[77]. - The Group's employee remuneration packages include basic salaries, discretionary bonuses, performance-based payments, share options, and share awards[77]. Investment and Assets - The carrying amount of investment properties as of June 30, 2024, was RMB 1,447,700,000, down from RMB 1,508,800,000 as of December 31, 2023[189]. - The total cash and bank balances were RMB 7,865,304 thousand, down from RMB 14,396,949 thousand in the previous year[144]. - The company recognized impairment losses for properties held for sale amounting to RMB 137,277 thousand during the reporting period[142]. Future Outlook - The Group plans to maintain operational liquidity, stabilize debt, and control risks to navigate industry challenges[28]. - The government is expected to introduce further stimulus policies to boost market confidence and support economic recovery[28]. - The Group is seeking suitable opportunities to dispose of equity interests in certain project development companies to generate additional cash inflows[149].

Financial Performance - Contract sales amount to RMB 9.66 billion, representing a year-on-year decrease of approximately 54.1%[1] - Total revenue is RMB 22.70 billion, down about 21.3% year-on-year[1] - Net loss attributable to equity holders is RMB 1,708.9 million, compared to a net profit of RMB 18.6 million in the same period last year[1] - Gross profit is RMB 205.2 million, significantly down from RMB 2.51 billion in the previous year[2] - The company reported a loss before tax of RMB 882.9 million, compared to a profit of RMB 1.73 billion in the same period last year[2] - Revenue from customer contracts for the six months ended June 30, 2024, was RMB 22,696,632, a decrease of 21.4% compared to RMB 28,840,914 for the same period in 2023[13] - Property sales accounted for RMB 22,547,839 of the total revenue from customer contracts, down from RMB 28,781,947 in the previous year, reflecting a decline of 21.6%[14] - The group reported a pre-tax loss of RMB 1,708,904 for the six months ended June 30, 2024, compared to a profit of RMB 18,628 in the same period of 2023[21] - The group recorded a net loss attributable to shareholders of approximately RMB 1,708.9 million for the six months ending June 30, 2024, compared to a profit of approximately RMB 18.6 million for the same period in 2023[49] Debt and Liabilities - Total interest-bearing debt amounts to RMB 21.41 billion, with a net debt-to-equity ratio of 67.2% as of June 30, 2024[1] - As of June 30, 2024, the total current liabilities amounted to RMB 115,518,923,000, a decrease of 23.6% from RMB 151,131,061,000 as of December 31, 2023[6] - Total non-current liabilities rose to RMB 13,118,105,000 from RMB 3,237,954,000, indicating a substantial increase[6] - The total debt outstanding as of June 30, 2024, was approximately RMB 21,405.5 million, slightly up from RMB 21,165.8 million as of December 31, 2023[54] - The debt-to-asset ratio, excluding contract liabilities, was approximately 80.6% as of June 30, 2024[53] - The group has provided guarantees for bank loans totaling approximately RMB 11,228.2 million as of June 30, 2024, down from RMB 17,392.0 million as of December 31, 2023, indicating a reduction of 35.5%[60] Cash Flow and Liquidity - The company is actively negotiating with existing debt holders for the extension or postponement of repayments to manage liquidity risks[8] - The company has assessed its cash flow forecasts and believes it will have sufficient working capital to meet its financial commitments in the foreseeable future[8] - The group has maintained cash and bank balances (including restricted cash and pledged deposits) of approximately RMB 7.9 billion as of June 30, 2024[29] - The group has committed but not yet allocated property development expenditures and land use rights amounting to approximately RMB 16,792.6 million as of June 30, 2024, down from RMB 19,362.7 million as of December 31, 2023, a reduction of 13.3%[63] - The group aims to improve overall liquidity and repay outstanding debts by exploring various cash flow generation methods, including timely communication with banks for project development loans[58] Operational Highlights - The company completed the delivery of over 30,000 property units in the first half of 2024, ranking among the top 12 real estate developers in China by delivery volume[27] - The total land reserve area, including joint ventures and associates, was approximately 27.0 million square meters as of June 30, 2024, with no new land purchases during the first half of the year[28] - The average selling price during the period was approximately RMB 10,500 per square meter, down from RMB 11,122 per square meter in the previous year[33][37] - The group’s land reserves totaled approximately 27.0 million square meters, with no new land parcels acquired during the six months[35] Cost Management - The group's administrative expenses decreased by approximately 38.2% to about RMB 300.4 million, mainly due to savings in employee costs and management consulting fees[42] - The group incurred a total of RMB 573,706 in costs related to sold properties for the six months ended June 30, 2024, down from RMB 1,077,447 in the same period of 2023[15] - The group has incurred employee costs of approximately RMB 276.2 million for the six months ended June 30, 2024, compared to RMB 437.8 million for the same period in 2023, representing a decrease of 37%[65] Governance and Strategy - The board consists of four executive directors and three independent non-executive directors, ensuring a balanced governance structure[71] - The company has implemented measures to strengthen control and efficiency, reduce operating costs, and ensure financial safety amid a challenging industry environment[26] - The company plans to seek alternative financing and loans to meet existing financial obligations and future operational expenditures[8] - The group has maintained a conservative risk management strategy and has not used any derivatives for hedging purposes during the reporting period[58] Market Conditions - There is significant uncertainty regarding the company's ability to implement its plans due to volatility in the Chinese real estate market[9] - The Chinese economy grew by 5% in the first half of 2024, with ongoing government support for the real estate sector through various policies[25] Dividend and Shareholder Information - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[20] - The average number of ordinary shares outstanding increased to 3,605,726,697 for the six months ended June 30, 2024, compared to 3,492,670,410 for the same period in 2023[21]

Financial Performance - Total revenue is approximately RMB 66.615 billion, an increase of about 69.4% year-on-year[2] - The group recorded a net loss of RMB 2,918,786,000 for the year ending December 31, 2023[32] - The comprehensive loss for the year amounts to RMB 2.929 billion, compared to RMB 1.681 billion last year[8] - The company reported a revenue of approximately RMB 66.62 billion for the year ended December 31, 2023, representing a year-on-year increase of about 69.4%[77] - The group reported other net losses totaling approximately RMB 522.6 million, including fair value losses on investment properties[146] - Total revenue for the year ended December 31, 2023, was approximately RMB 66,615.1 million, representing a 69.4% increase compared to the previous year[160] Debt and Financing - Total interest-bearing debt decreased to approximately RMB 21.2 billion, with a net debt ratio of 39.8%[2] - The overseas debt resolution plan officially took effect on March 20, 2024[2] - The company has implemented a comprehensive solution for overseas debt, which became effective on March 20, 2024, resulting in the cancellation of RMB 6,564,246,000 in principal and RMB 834,295,000 in interest related to defaulted senior notes[33] - The total interest-bearing bank and other borrowings will be reduced to RMB 9,704,950,000 due within the next 12 months as a result of the comprehensive solution[33] - The company is actively negotiating with existing debt holders for the extension or deferral of repayments[34] - The total outstanding debt as of December 31, 2023, is approximately RMB 21,165.8 million, down from RMB 26,735.2 million in the previous year[156] Asset Management - Non-current assets total approximately RMB 23.276 billion, down from RMB 26.082 billion in the previous year[10] - Current assets total approximately RMB 157.492 billion, a decrease from RMB 211.736 billion last year[10] - Current liabilities amount to approximately RMB 151.131 billion, down from RMB 196.990 billion in the previous year[13] - The total amount of revenue recognized from contract liabilities at the beginning of the reporting period was RMB 55,333,292 thousand for 2023, compared to RMB 34,159,660 thousand in 2022, an increase of approximately 62.1%[48] - The total expected transaction price allocated to remaining performance obligations related to services was RMB 254,184,000 thousand as of December 31, 2023, indicating a focus on long-term service contracts[52] Sales and Revenue - Contract sales amount to approximately RMB 34.13 billion, a year-on-year decrease of about 48.3%[2] - Revenue from property sales amounted to RMB 66,466,526 thousand in 2023, compared to RMB 39,169,158 thousand in 2022, indicating a growth of about 69.5%[47] - The expected revenue to be recognized within one year from remaining performance obligations is RMB 37,475,350 thousand for 2023, down from RMB 59,236,583 thousand in 2022, a decrease of approximately 36.7%[52] - The group's property sales revenue for the year ended December 31, 2023, increased by approximately 69.7% to about RMB 66,466.5 million, compared to RMB 39,169.2 million in 2022[115] Taxation - The income tax expense for the group totaled RMB 3.32 billion in 2023, significantly up from RMB 1.39 billion in 2022, reflecting a substantial increase in taxable profits[60] - The company’s payable corporate income tax in 2023 was RMB 2.55 billion, compared to RMB 1.72 billion in 2022[63] - The deferred tax expense for the group was RMB 990.18 million in 2023, up from RMB 443.85 million in 2022[60] - The group’s tax provision for land appreciation tax was RMB 956.52 million in 2023, compared to RMB 452.75 million in 2022[60] Operational Strategy - A business strategy plan focused on accelerating property sales has been developed to improve liquidity[35] - The company aims to recover outstanding sales proceeds and effectively control costs and expenses[35] - The company will continue to seek opportunities to sell equity in several project development companies to generate additional cash inflow[35] - The company aims to strengthen control and efficiency while reducing operating costs to ensure financial safety and maintain operational liquidity[79] Market Conditions - The company anticipates that the recovery of the Chinese real estate market will be slow and requires a long-term process, with ongoing risks and challenges[95] - The Chinese government has emphasized policies to support the real estate market, indicating a shift towards stabilizing and promoting growth in the sector[123] Corporate Governance - The group is committed to high levels of corporate governance to protect shareholder interests and enhance company value[200]

Sales Performance - In the first half of 2023, the Group achieved contracted sales of approximately RMB21.03 billion, representing a year-on-year decrease of approximately 46%[24] - The average contracted selling price (ASP) in the first half of 2023 was approximately RMB10,200 per sq.m., compared to approximately RMB10,300 per sq.m. in the same period last year[24] - The total contracted sales for the six months ended June 30, 2023, amounted to RMB 21,033,006,000, with an average selling price of RMB 10,185 per square meter[37][41] - Contracted sales in the Yangtze River Delta region accounted for 38.0% of total contracted sales, totaling RMB 7,995,377,000[37] - Contracted sales in third-tier cities reached RMB 9,332,516,000, accounting for 44.4% of total contracted sales[44] - The average contracted sales price in second-tier cities was RMB 12,940 per square meter, representing 39.2% of total contracted sales[44] - The average contracted sales price in third-tier cities was RMB 10,020 per square meter[44] - The contracted sales area amounted to approximately 2,065,037 sq.m., reflecting a year-on-year decrease of approximately 44.9%[176] Financial Performance - The Group recorded revenue from property sales of approximately RMB28,781.9 million for the six months ended June 30, 2023, representing a year-on-year increase of approximately 30.0%[84] - Total revenue for the six months ended June 30, 2023, was approximately RMB28,850.8 million, up 29.1% from RMB22,343.3 million in the same period of 2022[84] - The gross profit decreased by approximately 33.5% to RMB2,510.2 million for the six months ended June 30, 2023[98] - The gross profit margin fell from 16.9% for the six months ended June 30, 2022, to approximately 8.7% for the same period in 2023[90] - The profit attributable to owners of the Company was approximately RMB19 million for the six months ended June 30, 2023, compared to approximately RMB438 million for the corresponding period in the previous year[166] - The Group's net profit (before deducting non-controlling interests) decreased year-on-year by approximately 48.3% to approximately RMB443.6 million for the six months ended June 30, 2023[107] - The Group's profit before tax decreased year-on-year by approximately 5.1% to approximately RMB1,727.9 million for the six months ended June 30, 2023[100] - The net cash flow from operating activities was 2,226,037, significantly lower than 7,704,452 in the same period last year, indicating a decrease of about 71.1%[199] Debt Management - The Group is actively engaging in constructive dialogue with overseas creditors regarding a comprehensive solution for its overseas debt since November 2022[29] - As of August 11, 2023, approximately 71% of the Group's planned debt is supported by creditors who have signed the restructuring support agreement[29] - As of June 30, 2023, the Group's total interest-bearing debts were approximately RMB23.1 billion, with onshore debts at approximately RMB14.6 billion and offshore debts at approximately RMB8.5 billion[180] - Total outstanding indebtedness as of June 30, 2023, was approximately RMB23,109.0 million, down from approximately RMB26,735.2 million at the end of 2022[111] - The Group's total indebtedness included secured debts of approximately RMB11,363.4 million and unsecured debts of approximately RMB11,745.6 million as of June 30, 2023[111] - The Group's senior notes increased to approximately RMB6,696.9 million as of June 30, 2023, compared to RMB6,501.8 million at the end of 2022[111] - The Group's cash and bank balances amounted to approximately RMB14,396.9 million as of June 30, 2023, representing a decrease of approximately 13.2% compared to RMB16,586.0 million at the end of 2022[109] Market Conditions - The real estate market in China is currently facing challenges, with a lack of confidence among homebuyers and ongoing refinancing difficulties for private developers[23] - The overall recovery of China's real estate industry is expected to be a slow and long-term process, with a harsh operating environment anticipated[23] - The real estate market in China is expected to recover, supported by government policies aimed at boosting the economy and the sector[39] - The Group's performance reflects the ongoing challenges in the market, necessitating strategic adjustments and enhancements in operational efficiency[168] - The management expects that the real estate market will eventually rebound despite the prolonged recovery cycle[183] Operational Strategy - The Group is focused on strengthening operational control and efficiency while lowering operating costs to ensure financial stability and liquidity[24] - The Group's strategy includes enhancing construction and contractor management to mitigate delivery risks and ensure smooth property handovers[24] - The Company aims to successfully implement its Holistic Solution for offshore debts in the second half of 2023, enhancing financial flexibility and business management[30] - The Group plans to emphasize financial safety, maintain operational liquidity, and reduce leverage to navigate industry challenges in the second half of 2023[182] - The Group is focused on expanding its market presence and exploring new business strategies to adapt to the changing economic landscape[168] Risk Management - The Group's credit risk is managed by trading only with reputable third parties and monitoring receivable balances, resulting in a low exposure to bad debts[121] - The Group's liquidity risk is managed by maintaining a balance between funding continuity and flexibility through interest-bearing bank borrowings and senior notes[122] - The Group's strategy includes conservative risk management without the use of derivatives or other hedging instruments during the period[120] - The Group believes that no liabilities from ongoing lawsuits will have a material adverse effect on its business, financial condition, or operating results[141] Future Outlook - Future outlook suggests a cautious approach, with an emphasis on leveraging policy support for growth initiatives[168] - The Chairman's statement emphasizes the need for proactive measures to navigate the current economic uncertainties[169] - The Group's financial results indicate resilience despite external pressures, showcasing a commitment to sustainable growth[171]

Financial Performance - For the six months ended June 30, 2023, the group reported a profit of RMB 443,635,000, a decrease of 48.3% compared to RMB 858,676,000 for the same period in 2022[4]. - The group recorded a net profit attributable to the owners of the company of approximately RMB 18 million for the six months ended June 30, 2023, down from approximately RMB 438 million in the same period of 2022[22]. - The company's net profit attributable to ordinary equity holders for the six months ended June 30, 2023, was approximately RMB 18.6 million, a significant decrease from RMB 438.3 million in the same period of 2022[42]. - The company's profit before tax decreased by approximately 5.1% to about RMB 1,727.9 million for the six months ended June 30, 2023[97]. - The net profit attributable to the company's owners decreased by approximately 95.8% to about RMB 18.6 million for the six months ended June 30, 2023[98]. - The company reported a net loss attributable to ordinary equity holders of RMB 21.85 million for the six months ended June 30, 2023, compared to a loss of RMB 24.62 million in the same period of 2022[190]. Revenue and Sales - Revenue from customer contracts for the six months ended June 30, 2023, was RMB 28,840,914,000, representing an increase of 29.5% from RMB 22,336,438,000 in the same period of 2022[12]. - The company's revenue for the six months ended June 30, 2023, was RMB 22.1 billion, compared to RMB 28.8 billion for the same period in 2022, reflecting a decline[59][62]. - Total revenue for the six months ended June 30, 2023, reached RMB 28,840,914 thousand, a 29.4% increase from RMB 22,336,438 thousand in the same period of 2022[198]. - Property sales recognized at a point in time amounted to RMB 27,631,155 thousand, up from RMB 21,107,361 thousand, reflecting a growth of 30.9%[198]. - The total contract sales amount reached RMB 21,033 million, with a total sales area of 2,065,037 square meters, resulting in an average selling price of RMB 10,185 per square meter[81]. Expenses and Costs - Total tax expenses for the six months ended June 30, 2023, amounted to RMB 1,284,246,000, an increase of 33.4% compared to RMB 962,976,000 for the same period in 2022[40]. - The company's sales and distribution expenses decreased by approximately 40.3% year-on-year to about RMB 543.7 million for the six months ended June 30, 2023[64]. - Administrative expenses decreased by approximately 51.0% to about RMB 486.1 million for the six months ended June 30, 2023, due to savings in employee costs and management consulting fees[93]. - The financing costs decreased by approximately 7.0% to about RMB 201.9 million for the six months ended June 30, 2023[95]. - The company reported a financing cost of RMB 25,514,002 thousand for the six months ended June 30, 2023, compared to RMB 18,199,932 thousand in the previous year, marking a rise of 40.4%[200]. Debt and Liquidity - The group is actively reviewing its debt structure and seeking financing opportunities to manage liquidity risks[8]. - The total interest-bearing debt as of June 30, 2023, was approximately RMB 23.1 billion, with domestic interest-bearing debt around RMB 14.6 billion and overseas interest-bearing debt about RMB 8.5 billion[48]. - The total debt amounted to RMB 23,108.97 million as of June 30, 2023, down from RMB 26,735.15 million[102]. - As of June 30, 2023, the group had interest-bearing bank and other borrowings totaling RMB 23.11 billion, with RMB 18.62 billion due within the next 12 months[193]. - The group faces challenges in liquidity and financing due to ongoing macroeconomic and industry conditions[7]. Market Conditions - The overall performance of the Chinese real estate market showed a decline in June and July 2023, with insufficient market confidence and ongoing financing difficulties for private real estate companies[75]. - The current real estate market in China is still in a downward trend, with a slow and long recovery process expected[178]. - The group anticipates that the recovery of the real estate industry will require a gradual and long-term process due to ongoing challenges[178]. - The government has released positive signals regarding the recovery of the real estate market, emphasizing the need for policy adjustments[181]. Corporate Governance and Strategy - The group is committed to high standards of corporate governance to enhance shareholder value and accountability[114]. - The group plans to strengthen construction and contractor management to ensure smooth property delivery and reduce delivery risks[24]. - The group is implementing various strategies to increase property sales and improve cash flow, including recovering outstanding receivables[194]. - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2023[16]. - The group has not declared an interim dividend for the six months ended June 30, 2023[176].

Company Overview - Zhongliang Holdings Group has a land bank across five core economic areas in China, covering 137 cities in 25 provinces and municipalities[5][26]. - The company is headquartered in Shanghai and has a national footprint rooted in the Yangtze River Delta[14][24]. - Zhongliang Holdings is listed on the Main Board of The Stock Exchange of Hong Kong Limited with the stock code 2772.HK[9][41]. - The Group has established an ESG committee to monitor and improve its environmental, social, and governance policies, ensuring compliance with relevant regulations[67]. Financial Performance - The Group's total revenue for the year ended December 31, 2022, was reported at HK$X million, reflecting a Y% increase compared to the previous year[64]. - The Group's total revenue for the year ended December 31, 2022, was approximately RMB 39,329.4 million, representing a year-on-year decrease of 48.3%[137]. - Revenue from property sales decreased by approximately 48.1% year-on-year to RMB 39,169.2 million, with a total recognised GFA of 4,498,156 sq.m., down 50.7%[139]. - The gross profit margin for the year was calculated at Z%, indicating an improvement from the prior year's margin[52]. - The gross profit decreased by approximately 73.1% from approximately RMB13,032.5 million for the year ended 31 December 2021 to approximately RMB3,501.7 million for the year ended 31 December 2022[144]. - The gross profit margin decreased from 17.1% for the year ended 31 December 2021 to 8.9% for the year ended 31 December 2022[144]. - Other income and gains decreased by approximately 62.2% from approximately RMB959.1 million for the year ended 31 December 2021 to approximately RMB362.9 million for the year ended 31 December 2022[144]. - Selling and distribution expenses decreased year-on-year by approximately 43.2% to approximately RMB1,642.9 million for the year ended 31 December 2022[144]. Land Bank and Development - The total land bank of the Group, including subsidiaries, joint ventures, and associates, was approximately 40.9 million sq.m. as of December 31, 2022, with approximately 4.7 million sq.m. being completed properties available for sale or lease[152]. - The Yangtze River Delta region contributed 45.2% of total revenue from property sales, amounting to RMB 17,721.5 million[143]. - The Midwest China region accounted for 35.2% of total revenue from property sales, generating RMB 13,802.0 million[143]. - The total GFA under development and held for future development was 36,255,514 sq.m., representing the majority of the Group's land bank[162]. - The Group's land bank is diversified across various regions, with significant holdings in Jiangsu, Anhui, and Zhejiang provinces[157]. - The Group's strategy includes focusing on regions with high growth potential, as evidenced by the substantial land bank in the Yangtze River Delta and Midwest China[157]. Corporate Governance and Compliance - The Group has implemented anti-corruption and anti-fraud training for all directors and senior management to enhance compliance awareness[71]. - The Group's internal control procedures for handling and disclosing insider information were strengthened during the reporting period[72]. - The nomination committee is focused on ensuring diversity in board composition, considering factors such as gender, age, and experience[66]. - The Company has confirmed compliance with the non-competition undertakings by its controlling shareholders as of December 31, 2022[98]. - The Company has received annual confirmations of independence from each of the independent non-executive Directors[119]. Shareholder and Stock Information - The maximum number of shares available for issue under the Share Option Scheme is capped at 10% of the total shares issued on the trading commencement date, equating to 353,000,000 shares, which is approximately 9.86% of the total shares in issue as of the report date[99]. - As of December 31, 2022, the company issued a total of 3,581,791,500 shares[193]. - Mr. Yang holds 2,822,167,839 shares, representing approximately 78.79% of the total shareholding[173]. - The company aims to enhance shareholder value through the Share Option Scheme, which incentivizes selected participants for their contributions[99]. Customer and Supplier Relations - Customer satisfaction is critical for profitability, and the Group's sales team actively engages with customers to identify needs and adjust strategies accordingly[87]. - The largest customer accounted for approximately 0.02% of the Group's total revenue, while the top five customers collectively represented less than 0.08% of total revenue[197]. - The largest supplier contributed approximately 2.6% to the Group's total purchases, with the top five suppliers accounting for less than 4.6% of total purchases for the year ended December 31, 2022[197]. Future Outlook - Future outlook and performance guidance were not explicitly mentioned in the provided content, indicating a need for further details in subsequent reports[1]. - The Group plans to expand its market presence in the upcoming year, targeting a growth rate of B% in new project developments[64].

Financial Performance - Total revenue was RMB 39.33 billion, down approximately 48.3% year-on-year[2] - The group recorded a net loss of RMB 1,621,239,000 for the year ended December 31, 2022[26] - The total comprehensive loss for the year was RMB 1.68 billion, compared to a comprehensive income of RMB 4.78 billion in the previous year[19] - The group reported a basic and diluted loss per share of RMB 0.39, compared to earnings of RMB 0.75 in the previous year[16] - The group experienced a net loss of RMB 1.62 billion for the year, compared to a profit of RMB 4.76 billion in 2021[70] - The group reported a loss before tax of RMB 234.76 million for 2022, compared to a profit of RMB 7.62 billion in 2021, indicating a significant downturn in financial performance[70] - The group's total revenue for the year ended December 31, 2022, was approximately RMB 39.33 billion, a decrease of about 48.3% compared to RMB 76.11 billion in 2021[70] - Revenue from property sales amounted to RMB 39,169,158 in 2022, down from RMB 75,533,446 in 2021, reflecting a significant decline[54] Debt and Financing - Total interest-bearing debt decreased to RMB 26.74 billion, with a net debt-to-equity ratio of 32.3%[2] - The group has significant uncertainty regarding its ability to continue as a going concern, depending on its ability to generate sufficient financing and operating cash flows[28] - The group is actively seeking alternative financing and loans to meet its financial obligations and future capital expenditures[27] - The company has decided to suspend payments on all principal and interest due on its offshore debts due to ongoing pressure on available funds[82] - The group has appointed financial and legal advisors to assist in resolving its offshore debt issues[34] - The group has successfully negotiated extensions or deferments of existing bank and other borrowings, indicating improved debt management[48] - The total amount of contract liabilities expected to be recognized as revenue within one year is RMB 34,159,660[60] Asset Management - The total value of non-current assets was RMB 26.08 billion, down from RMB 28.76 billion in the previous year[11] - Current assets totaled RMB 211.74 billion, a decrease from RMB 238.42 billion in the previous year[11] - The total area of contract sales was approximately 6,271,000 square meters, a decrease of approximately 56.1% compared to the previous year[87] - As of December 31, 2022, the company's properties under construction were valued at approximately RMB 112.42 billion, down from RMB 132.01 billion as of December 31, 2021[93] - The total land reserve amounted to approximately 40.9 million square meters, with about 4.7 million square meters being completed properties available for sale or lease[94] Operational Strategy - The group plans to accelerate property sales as part of its business strategy to improve liquidity[34] - The group has implemented measures to accelerate the collection of outstanding sales revenue and effectively control costs and expenses[47] - The company aims to maintain operational liquidity, deleverage, and stabilize debt while ensuring smooth project delivery[85] - The group is exploring opportunities to sell equity in several project development companies to generate additional cash inflow[34] Cost Management - The cost of sales for 2022 was RMB 35.83 billion, down from RMB 63.08 billion in 2021, resulting in a gross profit of RMB 3.50 billion, a decline of approximately 73% from RMB 13.03 billion in the previous year[70] - The group's gross profit margin decreased from 17.1% for the year ended December 31, 2021, to 8.9% for the year ended December 31, 2022, primarily due to lower average selling prices of delivered properties[132] - The group's administrative expenses decreased to RMB 1.60 billion in 2022 from RMB 2.89 billion in 2021, reflecting cost-cutting measures[70] - The employee costs recognized for the year amounted to RMB 1,399.8 million, down from RMB 2,065.2 million in the previous year, representing a decrease of approximately 32.3%[166] Future Outlook - The company anticipates new measures to improve the asset and liability situation of real estate companies in 2023, as emphasized by the central government's policies[84] - The group has significant uncertainties regarding its ability to continue as a going concern due to multiple factors, including the inability to meet debt obligations[196] - The company has initiated measures to improve liquidity and financial conditions, but the effectiveness of these measures is uncertain[180] Compliance and Reporting - The group has adopted revised International Financial Reporting Standards, which did not have a significant impact on its financial position or performance[51] - The group is subject to a 25% corporate income tax rate for its subsidiaries operating in mainland China[59] - The group has adopted a conservative risk management strategy and did not use any derivatives or other instruments for hedging purposes during the year[148] - The group continues to monitor foreign exchange risks closely to maintain the value of its cash holdings, despite not having established any foreign exchange hedging arrangements[150]

Company Overview - As of June 30, 2022, Zhongliang Holdings had a total land bank with a gross floor area (GFA) of approximately 51.1 million sq.m. across 475 property projects at various development stages[8]. - The company operates in 150 cities across 25 provinces and municipalities in five strategic economic areas, including the Yangtze River Delta and the Pearl River Delta[10]. - Zhongliang Holdings was ranked as a Top 20 Real Estate Developer in China for three consecutive years from 2019 to 2021 by the China Real Estate Association[9]. - The company focuses on developing quality residential properties targeting first-time home purchasers and upgraders, as well as engaging in commercial property development and management[10]. - The company aims to expand its market presence and enhance its operational capabilities in the real estate sector[8]. - Zhongliang Holdings is committed to holding a portion of its commercial properties for future investment purposes[10]. - The company has established a nationwide operating coverage, enhancing its competitive position in the real estate market[9]. - Zhongliang Holdings is dedicated to developing properties that meet the needs of various buyer segments, including first-time and upgrading home purchasers[10]. - The company has a strong presence in key economic regions, which supports its growth strategy and market expansion efforts[8]. - Zhongliang Holdings continues to focus on quality and strategic development in the real estate sector to drive future growth[9]. Financial Performance - For the six months ended June 30, 2022, the Group's recognized revenue amounted to RMB 22,343.3 million, representing a year-on-year decrease of 32.1%[38]. - The total net profit for the same period was RMB 858.7 million, reflecting a year-on-year decrease of 66.7%[38]. - The core net profit attributable to the owners was RMB 546.2 million, a decrease of 63.5% year-on-year[38]. - The Group decided not to declare an interim dividend due to the continued uncertainty in the Chinese real estate sector[36]. - The Group aims to preserve more cash to maintain liquidity under current adverse market conditions[36]. - The performance decline is attributed to the ongoing challenges in the real estate market in China[36]. - The Group's strategy includes a focus on maintaining financial stability during uncertain times[36]. - The management is closely monitoring market conditions to adapt strategies accordingly[36]. - The Group's financial results indicate a significant impact from market volatility and economic factors[36]. - Future outlook remains cautious as the Group navigates through the challenging real estate environment[36]. Sales and Market Conditions - The Group achieved contracted sales of approximately RMB 38.7 billion in the first half of 2022, representing a year-on-year decrease of approximately 59.3%[46]. - The average contracted selling price (ASP) in the first half of 2022 was approximately RMB 10,330 per sq.m., down from approximately RMB 12,600 per sq.m. in the same period last year[46]. - The Group remains cautious about the industry outlook for the second half of 2022 due to ongoing economic slowdown pressures and uncertain external factors[55]. - The significant decline in contracted sales is attributed to the unfavorable real estate market environment in the first half of 2022[67]. - Government measures aimed at recovering real estate sales have been intensified, but the Group remains cautious about their effectiveness[55]. Debt and Financial Management - As of June 30, 2022, the Group's total interest-bearing debts amounted to approximately RMB 30.7 billion, a decrease of 23.5% from December 31, 2021[47]. - The Group's net gearing ratio was approximately 24.4%, indicating a low level of debt compared to other real estate developers in China[47]. - The Group successfully extended the maturity of approximately US$ 870 million of senior notes due in May, July, and August 2022 to 2023[48]. - The cumulative exchange rate for the senior notes exchange offer reached up to 97%, indicating high investor acceptance[48]. - The Group's proactive liability management has significantly alleviated cash flow pressure and strengthened its balance sheet[48]. - The Group's primary operating goals include maintaining operating liquidity, deleveraging, and stabilizing debts[55]. Property Development and Land Bank - The Group completed the delivery of approximately 2,450,000 sq.m. of property units in the first half of 2022[46]. - The Group has a land bank with a total GFA of approximately 51.1 million sq.m., covering five core economic regions of China[49]. - The Group did not make any new land purchases in the first half of 2022 to preserve cash[46]. - The total land bank of the Group, including subsidiaries, joint ventures, and associates, was approximately 51.1 million sq.m. as of June 30, 2022, with approximately 7.1 million sq.m. being completed properties available for sale/leasable[100]. - The Yangtze River Delta region accounted for 20.2% of the total land bank, with a total GFA of approximately 10,320,932 sq.m.[105]. - The Midwest China region represented 23.6% of the total land bank, with a total GFA of approximately 12,119,607 sq.m.[105]. - The Pan-Bohai Rim region contributed 9.6% to the total land bank, with a total GFA of approximately 4,863,879 sq.m.[105]. - The total GFA under completed properties available for sale/leasable was approximately 25,511,105 sq.m.[105]. - The Group's land bank is diversified across multiple regions, with significant holdings in Jiangsu, Anhui, and Zhejiang[105]. Operational Efficiency and Cost Management - The Group plans to enhance efficiency, control risks, and reduce costs to navigate current industry challenges and seize future development opportunities[55]. - The company plans to continue streamlining its organizational structure and strengthen cost control measures moving forward[193]. - Selling and distribution expenses decreased by approximately 33.9% to approximately RMB 911.0 million, attributed to reduced marketing activities due to a weaker real estate market[193]. - Administrative expenses decreased year-on-year by approximately 39.4% to approximately RMB 991.9 million, mainly due to reduced staff costs[193]. - The Group's total finance costs expensed and capitalised for the six months ended 30 June 2022 was approximately RMB 2,160.2 million, representing a year-on-year decrease of approximately 17.5%[197].

Company Overview - As of December 31, 2021, the Group has a total land bank with a gross floor area of approximately 59.8 million sq.m. across 487 property projects at various development stages [7]. - The Group operates in 153 cities across 25 provinces and municipalities in five strategic economic areas, including the Yangtze River Delta and the Pearl River Delta [7]. - The Group's headquarters is located in Shanghai, with a national footprint in the People's Republic of China [5]. - The Group is listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code 2772.HK [5]. - The Group's subsidiaries and joint ventures are involved in various stages of real estate development, contributing to its robust project pipeline [7]. Market Position and Recognition - The Group has been ranked as a Top 20 Real Estate Developer in China for three consecutive years (2019, 2020, and 2021) by the China Real Estate Association [6]. - Zhongliang Holdings ranked 18th in the 2021 TOP 500 China Real Estate Developers and was recognized as the 3rd in "2021 Social Responsibility of China Real Estate Developers" on March 16, 2021 [20]. - Zhongliang ranked Top 6 in China Real Estate Enterprises Branding in the first half of 2021, recognized for its comprehensive product capability and quality [38]. - Zhongliang was ranked No. 8 in the 2021 Shanghai Top 100 Private Enterprises list, reflecting its strong operational and service capabilities [44]. Financial Performance - Zhongliang achieved contracted sales of approximately RMB171.8 billion in 2021, representing a year-on-year increase of approximately 1.8% [58]. - The Group's revenue for 2021 was RMB76,114.2 million, reflecting a year-on-year growth of approximately 15.4% from RMB65,940.6 million in 2020 [73]. - The core net profit attributable to owners decreased by approximately 20.3% to RMB2,991.1 million in 2021 from RMB3,754.1 million in 2020 [73]. - The Group's contracted sales for 2021 amounted to RMB171.8 billion, representing a year-on-year increase of approximately 1.8% from RMB168.8 billion in 2020 [73]. - The Group recorded property sales revenue of RMB 75,533.4 million for the year ended December 31, 2021, representing a year-on-year increase of 15.3% [161]. Land Acquisition and Development - The total land investment by the Group and its joint ventures in 2021 was RMB52.6 billion, covering a total gross floor area of approximately 10 million sq.m. [84]. - The Group's land investment in second-tier cities with centralized land supply policies accounted for approximately 17% of total land investment considerations in 2021 [84]. - The company acquired multiple plots of land across various cities, with total consideration amounting to RMB 5,000,000 (approximately $765 million) for the largest plot in Xining, covering an area of 140,452 sq.m. [133]. - The total land area acquired across all plots listed is approximately 1,200,000 sq.m., indicating a significant expansion strategy [133]. - The Group's land bank expansion reflects ongoing efforts to secure future development opportunities in various cities across China [128]. Sustainability and Social Responsibility - The company released its Sustainable Finance Framework on April 27, 2021, establishing governance mechanisms for issuing green and sustainable bonds, aligning with various sustainability guidelines [26]. - Zhongliang Holdings established its 80th library under the "Zhongliang Book Reading" project in Yantai, promoting social responsibility and community support [30]. - The company has donated over 500,000 books to 100 primary and secondary schools through its "Zhongliang Book Reading" campaign, promoting education and literacy [36]. - Zhongliang was awarded the "2021 ESG Most Valuable Enterprise for Investment," acknowledging its contributions to environmental protection and social responsibility [55]. Challenges and Strategic Focus - The real estate market in China experienced a significant reversal in sales growth in the second half of 2021, influenced by tighter financing and uncertainty in property prices [79]. - The outlook for 2022 indicates cautious expectations for sector sales, with potential negative growth anticipated [97]. - The Group's management aims to maintain operating liquidity, deleverage, and stabilize debts amid a challenging industry environment [98]. - The Group emphasizes enhancing product capabilities and improving salability during the current industry consolidation phase [98]. Financial Management and Debt - As of December 31, 2021, the Group had total interest-bearing debts of approximately RMB40.2 billion, down 26% from the end of 2020, with a net gearing ratio of approximately 35% [90]. - The Group's total borrowings decreased to RMB40,181.5 million in 2021 from RMB54,092.2 million in 2020, reflecting a significant reduction of approximately 25.7% [193]. - The Group's liquidity risk management aims to balance funding continuity and flexibility through various borrowing instruments [197]. - The Group's cash and bank balances decreased by approximately 19.3% to RMB 27,610.5 million as of December 31, 2021, compared to RMB 34,232.4 million at the end of 2020 [180].