Market Performance - In 2024, the total sales area of commercial housing in China decreased by approximately 12.2% year-on-year to about 974 million sq.m.[20] - The monetary value of commercial housing sales fell by approximately 17.0% year-on-year to around RMB 9.68 trillion[20] - Total investment in the real estate sector in 2024 amounted to approximately RMB 10.0 trillion, representing a year-on-year decrease of about 9.6%[20] - The real estate market in China is expected to gradually stabilize, with a focus on high-quality development rather than rapid growth[30][33] - The management anticipates a gradual recovery in the real estate market, contingent on improved consumer confidence and liquidity conditions[20] Company Financial Performance - The company's revenue for 2024 was RMB 641.6 million, a decrease of 84.5% compared to 2023[16] - The loss attributable to shareholders for 2024 was RMB 99.7 million, compared to a loss of RMB 481.8 million in 2023, reflecting a 796.7% improvement[16] - The loss per share (LPS) for 2024 was RMB 15.18 cents, a decrease of 76.4% from RMB 64.3 cents in 2023[16] - The Group recorded a revenue of approximately RMB 99.7 million for FY2024, representing a decrease of approximately 84.5% compared to last year's sales revenue of RMB 641.6 million[25][52] - The loss attributable to equity shareholders of the Company for FY2024 amounted to approximately RMB 113.8 million, a decrease of 76.4% compared to the loss of RMB 482.3 million for FY2023[25][52] - Revenue from property sales for FY2024 was approximately RMB94.4 million, a decrease of approximately 85.2% compared to RMB637.1 million in FY2023[86] - Gross rental income for FY2024 increased by approximately 17.8% to RMB5.3 million from RMB4.5 million in FY2023, primarily due to higher rental income from carparks and investment properties[87] Cost and Expenses - Cost of sales for FY2024 was approximately RMB116.8 million, representing a decrease of approximately 85.5% from RMB806.1 million in FY2023[90] - The gross loss for FY2024 was approximately RMB17.1 million, a decrease of approximately 89.6% compared to a gross loss of RMB164.5 million in FY2023[91] - Selling expenses for FY2024 decreased by approximately 86.8% to RMB7.6 million from RMB57.3 million in FY2023[94] - Administrative expenses for FY2024 were approximately RMB41.8 million, a decrease of approximately 15.7% from RMB49.6 million in FY2023[101] Debt and Financial Stability - The debt ratio increased to 51.3% in 2024 from 49.2% in 2023, indicating a 2.3% rise[16] - All bank loans at the subsidiary level had been repaid in full by the end of FY2024, indicating improved financial stability[24][28] - The Group's gearing ratio as of December 31, 2024, was Nil, indicating no bank loans were held by subsidiaries[111] - Finance costs for FY2024 were approximately RMB18,000, a decrease of approximately 99.7% from RMB6.4 million in FY2023 due to the repayment of all bank loans[103] Strategic Plans and Market Position - The company plans to focus on market expansion and new product development in response to the ongoing challenges in the real estate sector[20] - The Group plans to continue exploring investment opportunities, including sustainable development projects, to create long-term value for shareholders[31][34] - The Group aims to optimize the housing supply structure and establish a new model for real estate development in response to government policies[30][33] - The Group is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[20] Property Development and Inventory - The aggregated contracted sales value for FY2024 was approximately RMB 181 million, with a total GFA of approximately 26,400 sq.m., primarily from Million Cities Legend Phase 3 and other properties[26][29] - As of December 31, 2024, the total GFA of the Group's land bank was approximately 1,208,981 sq.m., including 348,000 sq.m. of unsold completed properties and 25,612 sq.m. of unsold properties under construction[60][63] - The total unsold completed properties in the land bank is approximately 348,000 sq.m., indicating potential future revenue opportunities[60][63] - The Group's properties held for future development include projects with a planned GFA of 835,369 sq.m., with various completion dates ranging from TBC to 2026[65] - The Group's properties under development include 25,612 sq.m. of GFA, with an estimated completion date between May 2025 and October 2025[68] Management and Governance - Mr. Wong Ting Chung has been the chairman and executive director since November 2016, with over 21 years of experience in property investment and development[186] - Mr. Lau Ka Keung has served as the executive director and CEO since August 2016, responsible for strategic planning and general management[188] - The company has appointed various directors with significant experience across different industries, enhancing its governance and strategic oversight[199] - The leadership team is committed to maintaining high standards of corporate governance and transparency in operations[199] Investment and Loans - The Group granted a loan of RMB96,500,000 to Huizhou Zhongyi Real Estate Co., Ltd with a term of 3 years at an interest rate of 4% per annum[146] - A loan of RMB39,000,000 was granted to Huizhou Shengtaichang Information Consulting Company Limited for a term of 3 years at an interest rate of 3.5% per annum[151] - The Group aims to enhance investment income and profits through the loans granted, which are expected to generate stable revenue streams[154] Impairments and Provisions - The Group's impairment loss on other receivables was RMB 1.3 million in FY2024, reflecting ongoing challenges in the macroeconomic environment[52][54] - The impairment recorded for FY2024 was primarily driven by a drop in prices per square meter due to economic and market factors, leading to decreased selling velocities in the localities of the Group's properties[58][61] - The impairment provision for inventories decreased compared to FY2023, contributing to the reduced losses from both Gold Concept Group and Junhong[162][170]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 99.7 million, a decrease of 84.5% compared to RMB 641.6 million in 2023[3] - The gross loss for 2024 was RMB 17.1 million, representing an improvement of 89.6% from a gross loss of RMB 164.5 million in 2023[3] - Loss attributable to equity shareholders for 2024 was RMB 113.8 million, a reduction of 76.4% from RMB 482.3 million in 2023[3] - Basic and diluted loss per share for 2024 was RMB 15.18, down 76.4% from RMB 64.30 in 2023[3] - Total comprehensive loss for the year was RMB 148.4 million, compared to RMB 610.1 million in 2023, indicating a significant reduction[5] - The company reported a pre-tax loss of RMB 20,640,000 for 2024, compared to a pre-tax loss of RMB 80,987,000 in 2023, indicating an improvement[33] - The company recorded a total of RMB 100,424,000 in loans to third parties, including accrued interest, as of December 31, 2024[49] - The company recorded a loss attributable to equity shareholders of approximately RMB 113.8 million for the fiscal year 2024, a reduction of about 76.4% compared to the previous fiscal year[55] Revenue Sources - For the year ending December 31, 2024, property sales revenue was RMB 94,374,000, a significant decrease of 85.2% compared to RMB 637,108,000 in 2023[26] - Total rental income for 2024 was RMB 5,336,000, an increase of 17.8% from RMB 4,526,000 in 2023[26] - Revenue from property sales for the fiscal year 2024 was approximately RMB 94.4 million, a decrease of about 85.2% compared to RMB 637.1 million in fiscal year 2023[63] - Rental income from investment properties and inventory for fiscal year 2024 totaled approximately RMB 5.3 million, an increase of about 17.8% from RMB 4.5 million in fiscal year 2023[64] Assets and Liabilities - Total assets decreased to RMB 1,441.2 million in 2024 from RMB 1,672.4 million in 2023[6] - Current liabilities decreased to RMB 735.6 million in 2024 from RMB 819.3 million in 2023[6] - The net asset value for 2024 was RMB 701.5 million, down from RMB 849.9 million in 2023[7] - The total specified non-current assets decreased to RMB 290,864,000 in 2024 from RMB 410,349,000 in 2023, reflecting a decline of 29.0%[30] - The company's financial liabilities measured at amortized cost were RMB 429.8 million in 2024, down from RMB 447.2 million in 2023[14] Inventory and Sales - As of December 31, 2024, the total inventory amounted to RMB 566,369,000, a decrease from RMB 660,304,000 in 2023, with completed properties for sale valued at RMB 492,524,000[43] - The cost of sold inventory for the year was RMB 116,839,000, significantly lower than RMB 806,135,000 in 2023, indicating a reduction in inventory write-downs[44] - Contract liabilities related to property sales decreased to RMB 48,539,000 from RMB 78,161,000 in 2023, reflecting a reduction in prepayments received from customers[48] Corporate Governance and Compliance - The company adhered to the corporate governance code and maintained high standards of corporate governance throughout the fiscal year 2024[96] - The audit committee, consisting of three independent non-executive directors, reviewed and approved the consolidated financial statements for the fiscal year 2024[101] - The company's auditor, KPMG, confirmed that the preliminary announcement of the consolidated financial position and results for the fiscal year 2024 matched the audited financial statements[102] Future Outlook and Strategy - The company anticipates that the real estate market will gradually stabilize and operate moderately, with a focus on high-quality development[56] - The government is expected to continue implementing policies to stabilize the real estate market, including reducing restrictive measures and promoting the acquisition of existing commercial housing[56] - The company plans to explore and develop potential investment opportunities in sustainable projects to create long-term value for shareholders and investors[56] Dividends and Shareholder Returns - The company did not declare a final dividend for the year ended December 31, 2024[3] - The group has not declared any final dividends for the fiscal year 2024, consistent with the previous year[94] Employee and Operational Costs - The total employee costs for the fiscal year 2024 were approximately RMB 18.2 million, a decrease from RMB 31 million in 2023[90] Miscellaneous - The company has no single customer contributing over 10% of total revenue for 2024, maintaining a diversified customer base[26] - The company is currently evaluating the potential impact of new accounting standards that will take effect after January 1, 2025, but does not expect significant effects on the consolidated financial statements[24] - The group has no significant events occurring after the fiscal year ending December 31, 2024[89]

Economic Overview - The gross domestic product (GDP) of China experienced a solid growth rate of approximately 5.0% year-on-year in the first half of 2024[5]. - The overall macro-economy in China is showing a stable and forward-looking trend despite facing negative external factors[5]. Real Estate Market Performance - The total sales area of commercial housing in China amounted to approximately 479 million sq.m., representing a decrease of approximately 19.5% compared to the same period last year[6]. - The sales volume of commercial housing decreased by approximately 25.3% year-on-year to approximately RMB 4.71 trillion in the first half of 2024[6]. - Total investment in the real estate sector in the first half of 2024 amounted to approximately RMB 5.25 trillion, representing a year-on-year decrease of approximately 10.3%[6]. - Market confidence in the real estate sector remains low, with cautious purchasing behavior and a strong wait-and-see sentiment among buyers[6]. - The real estate sector continues to face challenges of insufficient market demand and deleveraging, with an overall downtrend remaining unchanged[6]. Government Policies and Market Outlook - The central government has implemented stimulus policies in the real estate sector, including reducing the down payment ratio and lowering interest rates for housing loans[9]. - The policies to support the real estate sector aim to gradually restore stable development and build a new model for real estate development[9]. - The pace of market recovery is expected to be constrained due to weak demand, and it will take time to consume the excess inventory[9]. - The central government is expected to continue easing regulatory policies in the real estate sector to promote healthy market development and accelerate inventory reduction[15][18]. - The Group anticipates that inflation will ease and interest rates will gradually decline, which may improve market conditions in the second half of 2024[15][18]. Financial Performance of the Group - The Group recorded a revenue of approximately RMB 46.1 million for the first half of 2024, representing a decrease of approximately 85.9% compared to RMB 327.7 million in the same period of 2023[12][19]. - The loss attributable to equity shareholders for the first half of 2024 was approximately RMB 61.7 million, compared to a profit of approximately RMB 0.7 million in the corresponding period of 2023[12][19]. - The Group's aggregated contracted sales value for the first half of 2024 was approximately RMB 106.2 million, with a total gross floor area (GFA) of approximately 15,200 sq.m.[12][19]. - The cost of sales for the first half of 2024 was approximately RMB 31.4 million, a decrease of approximately 84.5% from RMB 202.5 million in the same period of 2023[20]. - The gross profit for the first half of 2024 was approximately RMB 14.8 million, down 88.2% from RMB 125.2 million in the previous year[20]. - Revenue from property sales for the six months ended June 30, 2024, was approximately RMB 43.5 million, a decrease of approximately 86.6% compared to RMB 325.8 million for the same period in 2023[24]. Changes in Assets and Liabilities - Total assets decreased to RMB 1,574,851,000 as of June 30, 2024, down from RMB 1,672,400,000 at the end of 2023, representing a decline of approximately 5.8%[121]. - Total equity attributable to equity shareholders decreased to RMB 625,609,000 from RMB 685,421,000, reflecting a decline of approximately 8.7%[122]. - The company reported a loss for the period of RMB 61,722,000 for the six months ended June 30, 2024, compared to a profit of RMB 730,000 for the same period in 2023[125]. - Cash and cash equivalents decreased to RMB 314,416,000 from RMB 363,294,000, a reduction of about 13.5%[121]. - Trade and other receivables increased significantly to RMB 233,550,000 from RMB 150,095,000, marking a rise of approximately 55.6%[121]. Corporate Governance and Compliance - The Board is committed to maintaining high standards of corporate governance and has complied with all mandatory code provisions for the six months ended June 30, 2024[82]. - All Directors confirmed full compliance with the Model Code and the Company's code of conduct for the six months ended June 30, 2024[86]. - The Audit Committee reviewed the unaudited interim financial information for the six months ended June 30, 2024, which was also reviewed by external auditor KPMG[89]. Shareholder Information - Mr. Wong Ting Chung holds 562,500,000 ordinary shares, representing approximately 75.0% of the issued share capital of the Company[96]. - The total number of issued ordinary shares is 750,000,000[5]. - The Company has not entered into any arrangements to enable Directors to acquire benefits through the acquisition of shares or debentures during the six months ended June 30, 2024[100]. Employee and Management Compensation - The Group's total staff costs were approximately RMB 12.4 million, down from RMB 17.7 million for the same period in 2023[73]. - The Group's key management personnel received short-term employee benefits totaling RMB 3,215,000 for the six months ended June 30, 2024, down from RMB 3,543,000 in the same period of 2023[197].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬城控股有限公司 MILLION CITIES HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：2892） 截至2024年6月30日止六個月之 未經審計綜合中期業績公告 | --- | --- | --- | --- | --- | |----------------------------------|-----------------------------|-----------------------------|--------------|--------| | | | | | | | 財務摘要 | | | | | | | 截至 6 月 30 2024 年 | 日止六個月 2023 年 | 變動 | | | | 人民幣百萬元 （未經審計） | 人民幣百萬元 （未經審計） | 人民幣百萬元 | % | | 收入 | 46.1 | 327.7 | –281.6 | ...

Financial Performance - Revenue for 2023 reached RMB 641.6 million, representing a 12.3% increase from RMB 571.2 million in 2022[14]. - Profit attributable to shareholders for 2023 was RMB (482.3) million, compared to RMB 69.2 million in 2022, indicating a significant loss[14]. - Earnings per share (EPS) decreased to (64.3) RMB cents in 2023 from 9.2 RMB cents in 2022[14]. - For FY2023, the Group recorded a revenue of approximately RMB 641.6 million, a 12.3% increase compared to RMB 571.2 million in FY2022[29][54]. - The Group reported a significant loss attributable to equity shareholders of approximately RMB 482.3 million for FY2023, compared to a profit of approximately RMB 69.2 million in FY2022[29][54]. - The gross loss for FY2023 was approximately RMB 164.5 million, a decrease of approximately RMB 439.6 million compared to a gross profit of approximately RMB 275.1 million in FY2022[104]. Market Conditions - The total sales area of commercial housing in China decreased by approximately 17.7% year-on-year to about 1.12 billion square meters in 2023[22]. - The monetary value of commercial housing sales fell by approximately 12.5% year-on-year to around RMB 11.7 trillion in 2023[22]. - Total investment in the real estate sector decreased by approximately 16.6% year-on-year to RMB 11.1 trillion in 2023[22]. - The economic downturn and property market slump have led to a conservative and uncertain attitude among potential buyers, delaying their purchasing decisions[64]. - The overall market environment remains challenging, impacting both property valuations and sales velocity[64]. Company Strategy and Outlook - The Group anticipates a gradual return to normalized operations in the real estate market due to supportive financial measures[23]. - The Group expects that city-based policies will support reasonable housing demand and ensure project delivery[23]. - The central government is expected to adjust and optimize real estate-related policies, which may lead to a gradual market recovery with increased transaction volume and prices[35][37]. - The Group plans to explore investment opportunities, including sustainable development projects, to create long-term value for shareholders[36][38]. - The Group's management continues to monitor market conditions closely to adapt strategies for property sales and development[74]. Property Development and Valuation - As of December 31, 2023, the total GFA of the Group's land bank was approximately 1,321,119 sq.m., including 390,541 sq.m. of unsold completed properties, 95,209 sq.m. of unsold and under construction properties, and 835,369 sq.m. reserved for future development[67]. - Significant impairment recorded in FY2023 was primarily driven by a drop in prices per square meter due to various economic and market factors, leading to a general decrease in unit prices in the localities of the Group's properties[64]. - The Group maintained the same valuation methodology as in the 2022 fiscal year, which involves adjustments based on recent comparable property sales[61]. - The total unsold gross floor area across completed projects indicates a significant opportunity for future sales and revenue generation[79]. - The ongoing development projects are strategically positioned to capitalize on market trends and consumer demand in the real estate sector[82]. Financial Costs and Expenses - The cost of sales increased significantly to RMB 806.1 million in FY2023, representing a 172.3% increase from RMB 296.1 million in FY2022[54]. - The Group experienced a gross loss of approximately RMB 164.5 million in FY2023, compared to a gross profit of RMB 275.1 million in FY2022, marking a 159.8% decline[54]. - The Group's finance costs rose to RMB 6.4 million in FY2023, a 37.7% increase from RMB 4.6 million in FY2022[54]. - Selling expenses for FY2023 were approximately RMB 57.3 million, an increase of approximately 63.6% from RMB 35.0 million in FY2022, primarily due to increased sales commissions and advertising fees[112]. - Administrative expenses for FY2023 were approximately RMB 49.6 million, a decrease of approximately 21.8% from RMB 63.4 million in FY2022, mainly due to project cancellations and reductions in professional and entertainment expenses[113]. Shareholder Information - As of December 31, 2023, Mr. Wong Ting Chung holds 562,500,000 shares, representing 75.0% of the issued share capital of the Company[156]. - The Company has a Share Option Scheme that allows for the issuance of options not exceeding 30% of the issued share capital at any time[168]. - The interests of directors and chief executives in shares and underlying shares were recorded, with Mr. Lau Ka Keung also holding 562,500,000 shares, equivalent to 75.0%[156]. - The Company confirmed compliance with non-competition agreements by its controlling shareholders during the year ended December 31, 2023[163]. - The total maximum number of shares that may be issued upon exercise of all outstanding share options is capped at 30% of the issued share capital[168]. Environmental, Social, and Governance (ESG) Initiatives - The Group is committed to improving its ESG performance by reducing greenhouse gas emissions and energy consumption[185].

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 641.6 million, representing a 12.3% increase from RMB 571.2 million in 2022[3] - The company reported a gross loss of RMB 164.5 million for 2023, compared to a gross profit of RMB 275.1 million in 2022, indicating a significant decline of 159.8%[3] - The net loss attributable to equity shareholders for 2023 was RMB 482.3 million, a drastic decrease from a profit of RMB 69.2 million in 2022, reflecting a change of 796.9%[3] - Basic and diluted loss per share for 2023 was RMB 64.30, compared to earnings of RMB 9.2 per share in 2022, marking a decline of 798.9%[3] - The total comprehensive loss for the year was RMB 610.1 million, compared to a total comprehensive income of RMB 98.6 million in 2022[6] Assets and Liabilities - Total assets decreased to RMB 1,672.4 million in 2023 from RMB 2,754.4 million in 2022, a reduction of approximately 39.3%[8] - Current liabilities decreased to RMB 819.3 million in 2023 from RMB 1,282.9 million in 2022, a decline of 36.2%[9] - The company's equity attributable to equity shareholders decreased to RMB 685.4 million in 2023 from RMB 1,167.5 million in 2022, a decline of 41.2%[9] - The group's total designated non-current assets decreased to RMB 410.349 million from RMB 683.529 million in 2022[34] - Trade and other payables decreased significantly to RMB 499,599,000 in 2023 from RMB 781,928,000 in 2022, a reduction of about 36.1%[63] Cash Flow and Financing - The company’s cash and cash equivalents increased to RMB 363.3 million in 2023 from RMB 205.6 million in 2022, an increase of 76.5%[8] - Financing costs decreased significantly to RMB 6,363,000 in 2023 from RMB 26,574,000 in 2022, a reduction of approximately 76%[37] - The company had a debt ratio of 0% as of December 31, 2023, down from approximately 10.9% on December 31, 2022, due to the repayment of all outstanding bank loans during the fiscal year 2023[97] Revenue Sources - Property sales revenue was RMB 637.108 million, up from RMB 538.068 million in 2022, reflecting a growth of 18.5%[30] - Total rental income increased to RMB 4.526 million from RMB 3.089 million, representing a growth of 46.6%[30] - Revenue from external customers in Huizhou was RMB 596.101 million, a rise of 16.5% from RMB 511.672 million in 2022[34] - Interest income from bank deposits rose to RMB 4.783 million, compared to RMB 3.592 million in 2022, marking a 33.2% increase[35] - The group reported a net income from other sources of RMB 21.289 million, significantly up from RMB 6.458 million in 2022[35] Inventory and Write-downs - Total inventory as of December 31, 2023, was RMB 660,304,000, down from RMB 1,455,589,000 in 2022, representing a decrease of about 54%[52] - The company reported a significant increase in inventory write-downs to RMB 475,069,000 in 2023 from RMB 40,997,000 in 2022, marking an increase of over 1,100%[52] - The expected recoverable amount of inventory beyond one year decreased to RMB 594,187,000 in 2023 from RMB 1,400,743,000 in 2022, a decline of approximately 58%[52] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the fiscal year 2023[131] - The company's auditor, KPMG, confirmed that the financial data disclosed in the preliminary announcement matched the audited financial statements for the fiscal year 2023[132] - The company has adopted the corporate governance code and has complied with all statutory provisions during the fiscal year 2023[126] - The board will continue to strengthen corporate governance practices to ensure compliance with the latest developments[127] Market Outlook and Strategy - The company aims to stabilize operations, enhance sales, and control costs to maintain business stability amid challenges in the real estate sector[71] - The People's Bank of China and financial regulators extended certain policies to support the real estate sector until the end of 2024, aiming to alleviate financial pressures[70] - The company anticipates a gradual market recovery with increased transaction volumes and prices due to policy easing and economic recovery[74] Employee and Operational Metrics - The total employee costs for fiscal year 2023 were approximately RMB 31 million, a decrease from RMB 41.8 million in fiscal year 2022[117] - The company employed a total of 60 full-time employees as of December 31, 2023, down from 130 in the previous year[117]

CONTENTS 目 錄 Corporate Information 2 公司資料 Chairman’s Statement 4 主席報告 Financial Highlights 7 財務摘要 Management Discussion and Analysis 8 管理層討論及分析 Other Information 18 其他資料 Review Report 27 審閱報告 Consolidated Statement of Profit or Loss 29 綜合損益表 Consolidated Statement of Profit or Loss and 30 綜合損益及其他全面收益表 Other Comprehensive Income Consolidated Statement of Financial Position 31 綜合財務狀況表 Consolidated Statement of Changes in Equity 33 綜合權益變動表 Condensed Consolidated Statement of Cash Flows 34 簡明綜合現金流量表 Notes to th ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬 城 控 股 有 限 公 司 MILLION CITIES HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：2892） 截至2023年6月30日止六個月之 未經審計綜合中期業績公告 財務摘要 截至6月30日止六個月 2023年 2022年 變動 人民幣百萬元 人民幣百萬元 人民幣百萬元 % （未經審計） （未經審計） 收入 327.7 82.0 245.7 299.7% 毛利 125.2 23.1 102.1 442.1% 毛利率 38.2% 28.2% 不適用 +10.0p.p. ...

Financial Performance - In 2022, the revenue of Million Cities Holdings Limited was RMB 166.4 million, representing a decrease of 58.4% compared to RMB 402.4 million in 2021[15]. - Profit attributable to shareholders for 2022 was RMB 69.2 million, down 57.7% from RMB 163.5 million in 2021[15]. - The company's earnings per share (EPS) decreased to 9.22 RMB cents in 2022 from 22.18 RMB cents in 2021[17]. - For FY2022, the Group recorded a revenue of approximately RMB 571.2 million, representing a year-on-year decrease of about 57.7%[32]. - The net profit attributable to equity shareholders decreased to approximately RMB 69.2 million, a decline of approximately 58.4% year-on-year[32]. - Revenue from property sales for FY2022 amounted to approximately RMB568.1 million, representing a decrease of approximately 57.7% compared to RMB1,345.4 million in FY2021[85]. - Gross profit for FY2022 was approximately RMB275.1 million, down approximately 12.2% from RMB313.4 million in FY2021, with a gross profit margin increasing to approximately 48.2%[88][89]. - The Group's profit before taxation decreased by 18.1% to RMB 237,055,000 from RMB 289,562,000 in FY2021[58]. Market Conditions - The total sales area of commercial housing in China decreased by approximately 24.3% to 1.36 billion square meters in 2022 compared to the previous year[26]. - The sales volume of commercial housing in monetary terms fell by approximately 26.7% to RMB 13.3 trillion in 2022[26]. - Total investment in the real estate sector in 2022 was approximately RMB 13.3 trillion, reflecting a year-on-year decrease of about 10.0%[26]. - The easing of pandemic prevention measures in 2023 is expected to spur rapid economic recovery and bolster consumer confidence[35]. - The government has gradually relaxed funding restrictions on real estate enterprises, which is anticipated to relieve cash flow tightness for developers[35]. - The central government continues to emphasize that "houses are built to be inhabited but not for speculation" as a guiding principle for the real estate market[27]. - The GDP of China grew by 3% in 2022 despite the challenging economic environment[22]. Financial Management - The debt ratio improved to 47.0% in 2022 from 55.2% in 2021, indicating better financial stability[17]. - Finance costs significantly reduced by 80.6% to RMB 4,622,000 from RMB 23,845,000, indicating improved financial management[58]. - The Group's gearing ratio as of December 31, 2022, was approximately 10.9%, down from approximately 23.7% as of December 31, 2021, primarily due to bank loan repayments[113]. - Cash and cash equivalents as of December 31, 2022, amounted to approximately RMB 205.6 million, with 79.1% denominated in RMB and 20.9% in HKD[114]. - The Group's bank loans as of December 31, 2022, were interest-bearing at one-year Loan Prime Rate plus 1.95% per annum[127]. Development Projects - The Group achieved an aggregated contracted sales value of approximately RMB 487.0 million with a total gross floor area of approximately 40,800 sq.m. in FY2022[32]. - The estimated completion dates for several development projects are set for 2026, indicating ongoing expansion efforts[68]. - As of December 31, 2022, the total GFA of the Group's land bank was approximately 1,581,176 sq.m., including 409,997 sq.m. of unsold completed properties[62]. - The total unsold GFA across all completed projects is 409,997 sq.m., indicating a significant inventory that may impact future revenue[77]. - The Group's completed development projects include 55% ownership interest in Million Cities Tycoon Place Phase 3 and 4, with 10,001 sq.m. and 7,743 sq.m. unsold GFA respectively[74]. Employee Management - The Group had a total of 130 full-time employees as of December 31, 2022, down from 200 in 2021[155]. - The Group's total staff costs for FY2022 were approximately RMB41.8 million, down from RMB48.8 million in 2021, with about RMB13.5 million capitalized into inventories[155]. - The Group emphasizes employee training programs to maintain and enhance its rich experience in property development[165]. - The compensation policy for the Group's employees is based on individual performance and experience, aligning with salary trends in Hong Kong and China[165]. Governance and Management - The company has a strong board of directors with members holding significant positions in various listed companies, enhancing its governance and oversight capabilities[191]. - The company is committed to maintaining high standards of financial management and internal controls, as evidenced by the expertise of its board members[196]. - The management team includes independent non-executive directors responsible for providing independent opinions to the board[200]. - Mr. Wong Ting Chung, the Chairman and Executive Director, has over 19 years of experience in property investment and development, primarily responsible for the Group's strategic planning[169]. - Mr. Lau Ka Keung, the CEO, has been with the Group since 2006 and is responsible for executing strategic planning and general management[173].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬 城 控 股 有 限 公 司 MILLION CITIES HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：2892） 截至2022年12月31日止年度全年業績 財務摘要 截至12月31日止年度 2022年 2021年 變動 人民幣百萬元 人民幣百萬元 人民幣百萬元 % （概約） （概約） （概約） （概約） 收入 571.2 1,348.5 (777.3) –57.7% 毛利 275.1 313.4 (38.3) –12.2% 毛利率 48.2% 23.2% 不適用 25.0% 本公司權益股東應佔 ...