Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 966.53 million, a decrease of approximately 23.44% compared to RMB 1,262.75 million in 2023[6]. - The net loss attributable to equity holders for 2024 was RMB 173.14 million, an improvement from a loss of RMB 464.53 million in the previous year, representing a reduction in loss of approximately 62.76%[6]. - The group reported revenue of approximately RMB 9.67 billion for the period, a decline of about 23.44% compared to RMB 12.63 billion in the same period of 2023, mainly due to lower revenue recognition from the Hefei Airport International Town project[34]. - The company reported a net loss of RMB 213,395,000 for 2024, an improvement from a net loss of RMB 602,458,000 in 2023[190]. - Basic loss per share for 2024 was RMB 0.23, compared to RMB 0.79 in 2023, indicating a reduction in losses per share[189]. - The company’s equity attributable to owners decreased to RMB (173,139,000) in 2024 from RMB (464,528,000) in 2023, showing a decline in shareholder equity[189]. - The company reported a loss attributable to shareholders of approximately RMB 173 million for the current period, compared to a loss of approximately RMB 465 million in the previous year[133]. Assets and Liabilities - Total assets as of December 31, 2024, were approximately RMB 11.60 billion, a decline of about 49.43% from RMB 22.93 billion in 2023, primarily due to the sale of a subsidiary and repayment of debts[7][21]. - Total equity as of December 31, 2024, was approximately RMB 1.197 billion, a decrease from RMB 3.337 billion as of December 31, 2023[39]. - The company’s total liabilities decreased from RMB 7,708,837 thousand in 2023 to RMB 4,595,982 thousand in 2024, a decrease of approximately 40.5%[192]. - Total current liabilities decreased from RMB 10,472,386 thousand in 2023 to RMB 5,804,239 thousand in 2024, a reduction of approximately 44.4%[192]. - Net current assets fell from RMB 6,883,492 thousand in 2023 to RMB 2,255,746 thousand in 2024, representing a decline of about 67.2%[192]. Operational Efficiency - The company has implemented lean management practices to optimize operational processes and reduce costs, which has begun to yield initial results in business structure adjustment and cost control[18]. - The company plans to continue its business transformation and enhance asset operation efficiency in 2025, aiming for sustainable development and increased shareholder value[19]. - The company achieved a total sales area of 47,400 square meters in 2024, with total sales revenue of approximately RMB 74.6 million, while the equity sales revenue was about RMB 24.5 million[23]. - The industrial park occupancy rate was approximately 96.3% as of the end of 2024, maintaining a high level of occupancy[26]. Risk Management - The company has established a robust risk management framework to identify, assess, and manage significant risks, ensuring long-term success[96]. - Major risks identified for 2025 include macroeconomic slowdown affecting market demand, with specific measures to monitor sales and leasing performance in integrated development projects[107]. - The company faced financing risks due to high financing costs and tightening cash flow, influenced by the ongoing downturn in the real estate sector, with the Hong Kong Monetary Authority reducing loan scales and concentration in the real estate industry[111]. - The company has implemented measures to enhance financing risk prediction and cash allocation, including establishing a tiered communication mechanism with banks at least six months in advance[111]. Corporate Governance - The company emphasizes high-quality corporate governance to enhance investor confidence and long-term shareholder value[63]. - The board is responsible for leading and governing the company, overseeing business and financial performance, and ensuring compliance with regulations[65]. - The company has adhered to the corporate governance code, ensuring transparency and timely disclosure of information[64]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors, with independent directors exceeding one-third of the board[67]. Employee Relations - The company employed a total of 133 full-time employees as of December 31, 2024, with competitive salary levels reviewed at least annually[46]. - The company has not faced any major employee issues or labor disputes that disrupted operations during the reporting period[46]. - The company has not encountered difficulties in recruiting and retaining experienced employees[46]. Procurement and Related Party Transactions - The company has established a new procurement service agreement with Konka Smart Technology Co., Ltd. for a maximum of RMB 90 million in 2024 and RMB 40 million in 2025[50]. - The company has complied with the disclosure requirements under the Listing Rules Chapter 14A regarding related party transactions[158]. - The actual transaction amount for the procurement service agreement with Konka Smart Technology was RMB 5.45 million, against an annual cap of RMB 9 million[156]. Market Conditions - The real estate market faced a cyclical downturn in 2024, with a 12.9% year-on-year decline in sales area and a 10.6% increase in unsold inventory, indicating a prolonged inventory digestion cycle[21][23]. - The outlook for 2025 indicates a moderate economic recovery in China, supported by proactive fiscal policies and a focus on infrastructure investment[44].

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 966,530,000, a decrease of 23.5% compared to RMB 1,262,753,000 in 2023[4] - The operating profit for the year was RMB 623,179,000, a significant recovery from an operating loss of RMB 125,042,000 in the previous year[4] - The net loss for the year was RMB 213,395,000, improved from a net loss of RMB 602,458,000 in 2023, representing a reduction of approximately 64.6%[4] - The company's basic loss per share was RMB 0.23, compared to RMB 0.79 in the previous year, indicating a 70.9% improvement[4] - The company reported a net loss of RMB 236,504,000 for 2024, an improvement from a net loss of RMB 431,342,000 in 2023[23] - The company reported operating revenue of approximately RMB 967 million for the period, a decline of about 23.44% compared to the same period last year, mainly due to a decrease in comprehensive development business revenue[37] - The attributable loss to equity holders was approximately RMB 0.173 billion, a reduction of about 62.88% compared to a loss of RMB 0.465 billion in 2023[45] Assets and Liabilities - Total assets decreased to RMB 8,059,985,000 from RMB 18,768,953,000, reflecting a reduction of 57.0%[6] - The company's net current assets decreased to RMB 2,255,746,000 from RMB 6,883,492,000, a decline of 67.2%[7] - Non-current liabilities decreased to RMB 4,595,982,000 from RMB 7,708,837,000, a reduction of 40.0%[7] - Total assets for the reporting segments decreased to RMB 11,572,007,000 in 2024 from RMB 22,642,110,000 in 2023[23] - Total liabilities for the reporting segments decreased to RMB 4,791,267,000 in 2024 from RMB 11,671,996,000 in 2023[23] - As of December 31, 2024, total assets decreased by approximately 49.43% year-on-year to about RMB 11.597 billion, primarily due to the sale of a subsidiary's equity and repayment of certain borrowings[37] - The total equity of the group was approximately RMB 1.197 billion, a decrease of about 64.13% from RMB 3.337 billion as of December 31, 2023[44] Revenue Sources - Total revenue from customer contracts for 2024 was RMB 966,530,000, a decrease of 23.5% from RMB 1,262,753,000 in 2023[15] - Property sales revenue for 2024 was RMB 841,262,000, down 7.6% from RMB 910,533,000 in 2023[15] - Hotel revenue significantly decreased to RMB 26,826,000 in 2024 from RMB 236,981,000 in 2023, representing an 88.7% decline[15] - The total amount of existing contracts expected to be recognized as revenue in the future is RMB 95,159,000, down 92.7% from RMB 1,303,936,000 in 2023[16] - The company generated RMB 961,550,000 in external transaction revenue from mainland China in 2024, down 23.5% from RMB 1,257,849,000 in 2023[25] Expenses and Costs - Total interest expenses rose to RMB 641,975,000 in 2024 from RMB 510,941,000 in 2023, an increase of 25.66%[27] - Employee costs decreased significantly to RMB 81,416,000 in 2024 from RMB 154,761,000 in 2023, a reduction of 47.41%[28] - The total depreciation expense dropped to RMB 44,359,000 in 2024 from RMB 124,584,000 in 2023, a decrease of 64.36%[28] - The income tax expense for 2024 was RMB 241,336,000, compared to RMB 8,778,000 in 2023, indicating a substantial increase[29] - The group recorded a significant reduction in selling and administrative expenses, with selling expenses decreasing by about 50.01% to RMB 40.35 million and management expenses decreasing by about 43.27% to RMB 114 million compared to 2023[47] Strategic Initiatives - In 2025, the company will focus on three main strategies: "de-stocking, asset management, and risk prevention" to enhance cash flow and reduce debt levels[56] - The company aims to improve asset-liability levels and mitigate cash flow pressure through enhanced risk management and compliance systems[56] Market Conditions - The real estate market saw a year-on-year decline of approximately 12.9% in the total sales area of commercial housing, with an increase of about 10.6% in unsold area, indicating prolonged inventory digestion cycles[38] - The global economy is expected to enter a moderate recovery in 2025, supported by proactive fiscal policies and moderate monetary easing in China[55] Corporate Governance - The board of directors consists of seven members, including three executive directors and three independent non-executive directors[69] - The company has adopted revised articles of association effective June 17, 2024, in response to updates in listing rules and applicable laws[59] Miscellaneous - The company has not adopted any new accounting standards or interpretations that have a significant impact on its financial performance for the current period[11] - The group did not declare any dividends for the year ending December 31, 2024, consistent with 2023[49] - The company has not engaged in any significant investments, acquisitions, or disposals of subsidiaries during the reporting period[61] - The company will publish its 2024 annual report on its website and the stock exchange's website in due course[67]

Financial Performance - In the first half of 2024, the company achieved revenue of approximately RMB 598 million, an increase of about 208.25% compared to the same period last year[5]. - The comprehensive development business generated revenue of approximately RMB 595 million, up approximately 214.81% year-on-year, with a segment profit attributable to equity holders of approximately RMB 62.88 million, an increase of about 1,109.31%[6]. - The group achieved revenue of approximately RMB 598 million, an increase of about 208.3% compared to RMB 194 million in the same period last year[11]. - Revenue for the six months ended June 30, 2024, was RMB 598,479,000, a significant increase from RMB 193,621,000 in the same period of 2023, representing a growth of 208%[41]. - Gross profit for the same period was RMB 111,422,000, compared to RMB 61,153,000 in 2023, indicating a year-over-year increase of 82%[41]. - The net loss for the period was RMB 207,140,000, an improvement from a net loss of RMB 243,541,000 in the previous year, reflecting a reduction of 15%[43]. - The total loss for the six months ended June 30, 2024, was RMB 207,140,000, a reduction from a loss of RMB 243,541,000 in the same period of 2023, showing an improvement of about 15%[69]. - The company reported a net loss attributable to equity holders of the company was RMB (221,217) thousand for the six months ended June 30, 2024, compared to RMB (340,912) thousand in 2023, showing an improvement of about 35%[81]. Asset and Liability Management - The total assets of the group as of June 30, 2024, were approximately RMB 19.868 billion, a decrease of about 13.4% compared to RMB 22.932 billion as of December 31, 2023[11]. - The total assets as of June 30, 2024, were RMB 15,849,329,000, down from RMB 18,768,953,000 at the end of 2023, a decrease of 16%[46]. - The company's equity attributable to owners was RMB (497,441,000) as of June 30, 2024, compared to RMB (220,171,000) at the end of 2023, indicating an increase in accumulated losses[50]. - The total liabilities decreased to RMB 16,793,938,000 from RMB 19,594,298,000, representing a reduction of about 14%[72]. - The total outstanding bank and other loans amounted to approximately RMB 2.925 billion as of June 30, 2024, down from RMB 3.648 billion as of December 31, 2023[18]. - The guarantees provided to financial institutions for mortgage loans amounted to RMB 878 million, an increase from RMB 559 million as of December 31, 2023[20]. - The group’s accounts payable as of June 30, 2024, amounted to RMB 887,147,000, down from RMB 1,002,146,000 in 2023[97]. Investment and Development - The company holds a total land reserve of approximately 1,208,100 square meters across various projects in Hefei, Shanghai, Chongqing, and Zhongshan[6]. - The group plans to accelerate the de-stocking of existing real estate projects and ensure stable cash flow return in the second half of 2024[22]. - The group aims to capture investment opportunities arising from the third wave of artificial intelligence and actively seek quality acquisition targets[22]. - The group acquired investment properties, factories, and equipment at a cost of RMB 66,000 thousand for the six months ended June 30, 2024, a significant decrease from RMB 3,715,000 thousand in 2023[83]. Operational Efficiency - The company is focusing on cash collection and cost control to mitigate operational pressures during the reporting period[5]. - The group’s management fees decreased by approximately 33.9% to RMB 51.24 million from RMB 77.53 million in the same period last year[14]. - The company reported a net cash outflow from operating activities of RMB (682,079) thousand for the six months ended June 30, 2024, compared to RMB (986,600) thousand for the same period in 2023, indicating an improvement of approximately 30.8%[55]. - The company incurred a loss of RMB (496,208) thousand in cash used for operating activities for the six months ended June 30, 2024, compared to a loss of RMB (781,515) thousand in the same period of 2023, showing a reduction in losses[55]. Corporate Governance - The company emphasizes good corporate governance practices to enhance shareholder value and investor confidence[35]. - The company has adopted a standard code for securities trading by directors, ensuring compliance during the reporting period[36]. - The audit committee has reviewed the unaudited interim results and discussed internal controls and accounting practices with management[37]. Market Conditions - The overall new housing market in China continued to adjust, with the top 100 real estate companies' sales declining by 41.6% year-on-year in the first half of 2024[6]. - The total import and export volume in China increased by 6.1% year-on-year in the first half of 2024, indicating a positive trend[5]. - The group expects a GDP growth target of 5% for the full year 2024, supported by a recovery in the Chinese economy[21].

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 598,479,000, a significant increase of 208.5% compared to RMB 193,621,000 in the same period of 2023[2] - Gross profit for the same period was RMB 111,422,000, up 82.3% from RMB 61,153,000 year-on-year[2] - Operating profit for the six months was RMB 275,520,000, compared to an operating loss of RMB 37,339,000 in the previous year[2] - The company reported a loss attributable to equity holders of RMB 221,217,000, slightly higher than the loss of RMB 212,428,000 in the same period last year[2] - Basic loss per share improved to RMB (0.296) from RMB (0.456) year-on-year[2] - The group reported a total revenue of RMB 598,479,000 for the six months ended June 30, 2024, compared to RMB 193,621,000 for the same period in 2023, indicating a significant increase[14] - The group’s profit for the reporting period was RMB 76,960,000, compared to a loss of RMB 37,340,000 in the same period last year, reflecting a turnaround in financial performance[17] - The company reported a consolidated loss of RMB 207,140,000 for the six months ended June 30, 2024, compared to a loss of RMB 243,541,000 for the same period in 2023, representing a 14.9% improvement[18] - The comprehensive development business recorded a profit of approximately RMB 62.88 million, a significant increase of about 1,109.31% compared to a loss of RMB 6.23 million in the same period of 2023[44] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 15,849,329,000, down from RMB 18,768,953,000 at the end of 2023[4] - Current liabilities decreased to RMB 8,865,974,000 from RMB 11,885,461,000 at the end of 2023[5] - The company’s net current assets increased to RMB 6,983,355,000 compared to RMB 6,883,492,000 at the end of 2023[5] - Non-current liabilities stood at RMB 7,927,964,000, up from RMB 7,708,837,000 at the end of 2023[6] - Total equity decreased to RMB 3,074,114,000 from RMB 3,337,307,000 at the end of 2023[8] - Total assets for the reporting segments amounted to RMB 19,554,517,000 as of June 30, 2024, down from RMB 22,642,110,000 at the end of 2023[17] - The group’s liabilities for the reporting segments were RMB 9,379,407,000, a decrease from RMB 11,671,996,000 at the end of 2023, indicating improved financial health[17] - The company's total liabilities also decreased to RMB 16,793,938,000 as of June 30, 2024, compared to RMB 19,594,298,000 at the end of 2023, a reduction of 14.5%[18] Revenue Sources - The revenue from the comprehensive development business was RMB 516,567,000, while the hotel income was RMB 26,857,000, showing a decline in hotel revenue compared to RMB 113,738,000 in the previous year[14] - Revenue from Mainland China increased significantly to RMB 596,012,000 for the six months ended June 30, 2024, up from RMB 191,197,000 in 2023, marking a growth of 212.5%[20] - The group’s investment property rental income was RMB 51,846,000, slightly down from RMB 52,905,000 in the previous year, indicating stability in this revenue stream[14] - The rental income from industrial parks was approximately RMB 17.44 million, an increase of 18.35% year-on-year, with an occupancy rate of 98.7%[40] Expenses and Costs - Interest expenses totaled RMB 312,666,000 for the six months ended June 30, 2024, compared to RMB 177,884,000 in 2023, indicating an increase of 75.6%[21] - Selling expenses were approximately RMB 17.98 million, a decrease of about 47.1% compared to RMB 33.96 million in the same period of 2023[46] - Management expenses were approximately RMB 51.24 million, a decrease of about 33.9% compared to RMB 77.53 million in the same period of 2023[47] - Interest expenses increased to approximately RMB 240.18 million, an increase of about 223.3% compared to RMB 74.30 million in the same period of 2023[48] Market Conditions and Future Outlook - The company anticipates a GDP growth target of 5% for the full year 2024, supported by a recovering Chinese economy[55] - The real estate market is expected to see a gradual narrowing of the decline in new home sales, with macroeconomic policies likely to stabilize the economy in the second half of 2024[55] - The management has indicated that future performance will be influenced by ongoing market conditions and strategic initiatives in new product development and market expansion[12] - The company is facing significant downward pressure in the real estate market, with policies aimed at optimizing housing supply yet to fully take effect[38] Corporate Governance and Compliance - The group has not adopted any new accounting standards or interpretations that would significantly impact the financial statements for the current period[10] - The group’s financial report is prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance and transparency[10] - The company emphasizes good corporate governance practices to enhance shareholder value and investor confidence[61] - The board of directors confirmed compliance with the standard code for securities trading during the reporting period[62] - The audit committee reviewed the unaudited interim results and internal controls during the reporting period[63] Strategic Initiatives - The group is focused on expanding its comprehensive development and equity investment businesses, which are key drivers of revenue growth[12] - The company plans to enhance operational management capabilities and improve net asset return rates in its industrial park business[55] - The group intends to optimize management efficiency and enhance operational capabilities to create a market-oriented business model[56] - The company will focus on capturing investment opportunities arising from the third wave of artificial intelligence, leveraging its industry resource advantages[55] Shareholder Information - The company has not approved or paid any dividends related to the previous fiscal year as of June 30, 2023[36] - The company plans to sell its 50.5% stake in OCT Shanghai Real Estate for RMB 2,055,399,300[57] - The company has revised its Articles of Association, effective June 17, 2024, following shareholder approval[58] - No significant investments, acquisitions, or disposals of subsidiaries or joint ventures occurred during the reporting period[60] - No share buybacks, purchases, or sales of listed securities were conducted during the reporting period[64] - The interim report will be published on the company's and the stock exchange's websites[65]

Financial Performance - Total revenue for 2023 was RMB 1,262,753,000, a decrease of 59.0% compared to RMB 3,072,451,000 in 2022[5] - The company reported a loss attributable to equity holders of RMB 464,528,000, improving from a loss of RMB 1,912,536,000 in the previous year[5] - Basic loss per share for 2023 was RMB 0.79, compared to RMB 2.88 in 2022, indicating a reduction in losses[5] - In 2023, the company achieved operating revenue of approximately RMB 1.263 billion, a decrease of about 58.89% compared to the same period last year[17] - The company reported a loss attributable to equity holders of approximately RMB 466 million, an improvement of about RMB 1.448 billion compared to the previous year[17] - The group reported a revenue of approximately RMB 1.263 billion, a decrease of about 58.89% from RMB 3.072 billion in the same period of 2022[29] - The gross profit margin for the period was approximately 11.02%, up 0.53 percentage points from 10.49% in 2022[30] - The attributable loss to equity holders was approximately RMB 466 million, compared to a loss of RMB 1.913 billion in 2022, representing a reduction of about 75.68%[31] - The company reported a net loss of RMB 602,458,000 for 2023, significantly improved from a net loss of RMB 1,996,062,000 in 2022[193] - The total comprehensive loss for 2023 was RMB 664,535,000, compared to RMB 2,282,206,000 in 2022, indicating a reduction in overall losses[193] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 22,931,605,000, slightly up from RMB 22,776,039,000 in 2022[6] - The total scale of the company's funds reached RMB 4.37 billion, with actively managed funds amounting to RMB 1.5 billion by the end of 2023[24] - The total equity of the group as of December 31, 2023, was approximately RMB 3.337 billion, a decrease of about 66.23% from RMB 9.881 billion in 2022[29] - The company's net asset value decreased to RMB 3,337,307,000 in 2023 from RMB 9,880,683,000 in 2022, a decline of 66.3%[197] - Total liabilities rose to RMB 11,885,461,000 in 2023 from RMB 10,377,755,000 in 2022, an increase of 14.5%[196] Cash Flow and Liquidity - Cash and cash equivalents increased to RMB 2,457,335,000 from RMB 1,915,139,000, representing a growth of 28.3%[6] - The liquidity ratio remained stable at 1.58, indicating a solid financial position[11] - The current ratio as of December 31, 2023, was approximately 1.58, a decrease of 0.03 points from 1.61 in 2022[36] - The total cash and cash equivalents as of December 31, 2023, included approximately 95.41% in RMB, 4.57% in Hong Kong dollars, and 0.02% in US dollars, showing a decrease in US dollar holdings from 0.1% in the previous year[38] Strategic Focus and Future Plans - The company aims to enhance core competitiveness and cash flow management while mitigating investment and debt risks in 2024[14] - The company plans to focus on high-quality development and explore new investment opportunities to drive growth[16] - The group plans to focus on revitalizing low-efficiency assets and accelerating inventory turnover to improve business structure in 2024[50] - The company aims to optimize asset structure and reduce liabilities while enhancing management efficiency in 2024[49] - The company will leverage its industrial resource advantages to strengthen post-investment capabilities and actively promote the development of invested enterprises in 2024[50] Governance and Management - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors, with independent directors exceeding one-third of the board[65] - The company emphasizes high-quality corporate governance to enhance investor confidence and protect shareholder interests, ensuring timely and accurate information disclosure[62] - The company has appointed a new joint company secretary on June 26, 2023, who is a practicing lawyer with extensive experience in corporate finance[61] - The company is committed to continuous professional development and training for its directors and senior management[64] - The board is responsible for overseeing the company's governance policies and compliance with legal regulations[64] Risk Management - The company has established a robust risk management framework to identify, assess, and manage significant risks, ensuring long-term success[95] - The Risk Control Audit Department conducts annual audits and reports on the effectiveness of risk management systems across subsidiaries[97] - The company has implemented a three-line defense risk management organizational structure to enhance decision-making and monitoring[99] - Major risks identified for 2024 include real estate market downturns and human resource retention challenges due to competitive salary pressures[108][110] - The company plans to implement flexible pricing strategies and enhance asset management to mitigate risks in real estate project management[108] Shareholder Communication - The company emphasizes communication with shareholders and investors through various channels, including shareholder meetings and press conferences, to keep them informed about business developments[123] - The company has established a shareholder communication policy to ensure timely and equal access to information for shareholders[124] - The company aims to maintain a transparent management structure to facilitate effective communication with shareholders[62] Environmental, Social, and Governance (ESG) - The company has a dedicated ESG committee to address environmental, social, and governance issues[57] - The company is committed to enhancing its ESG performance by setting measurable goals and regularly reporting progress to the board[96] - The group maintained a commitment to sustainable development, integrating environmental management into its operations and project investments[144] - The company has continuously updated and improved its environmental management system to drive green development[144]

Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 1,262,753,000, a decrease of 59.0% compared to RMB 3,072,451,000 in 2022[4] - The gross profit for the same period was RMB 139,166,000, down 56.7% from RMB 322,317,000 in the previous year[4] - The operating loss for the year was RMB 125,042,000, compared to an operating loss of RMB 35,346,000 in 2022, indicating a significant decline in operational performance[4] - The net loss attributable to equity holders of the company was RMB 464,528,000, a reduction from RMB 1,912,536,000 in the previous year, showing an improvement in net loss[4] - The total comprehensive loss for the year was RMB 664,535,000, compared to RMB 2,282,206,000 in 2022, reflecting a decrease in overall losses[7] - The company reported a basic loss per share of RMB 0.79, an improvement from RMB 2.88 in the previous year[4] - The reported segment loss for the year was RMB (429,785) thousand, significantly improved from a loss of RMB (1,910,034) thousand in the previous year, indicating a reduction of about 77%[31] - The company reported a pre-tax loss of RMB 593,680,000 for 2023, an improvement from a loss of RMB 1,888,740,000 in 2022[46] - The attributable loss to ordinary shareholders for 2023 was RMB 593,269,000, compared to RMB 2,157,923,000 in 2022, indicating a significant reduction in losses[47] - The total loss for the reporting period was approximately RMB 6.02 billion, a decrease of about 13.94 billion compared to RMB 19.96 billion in 2022, reflecting a reduction of approximately 69.9%[73] Revenue Breakdown - Revenue from property sales was RMB 910,533,000, down from RMB 2,833,797,000 in the previous year, indicating a decrease of about 68%[23] - Hotel revenue increased to RMB 236,981,000 from RMB 134,333,000, reflecting a growth of approximately 76%[23] - The total amount of existing contracts expected to be recognized as revenue in the future is RMB 1,303,936,000, down from RMB 1,787,480,000 in 2022, a decrease of about 27%[24] - The comprehensive development business revenue was approximately RMB 1.252 billion, a decrease of about 59.08% from RMB 3.060 billion in the same period last year[69] Assets and Liabilities - The company's cash and cash equivalents increased to RMB 2,457,335,000 from RMB 1,915,139,000, indicating improved liquidity[11] - Non-current assets decreased to RMB 4,162,652,000 from RMB 6,048,525,000, showing a reduction in long-term asset holdings[11] - Current liabilities rose to RMB 10,472,386,000 from RMB 8,977,887,000, indicating increased short-term financial obligations[14] - The total assets decreased to RMB 18,768,953,000 from RMB 16,727,514,000, reflecting a decline in the overall asset base[11] - Total liabilities rose to RMB 19,594,298 thousand in 2023 compared to RMB 12,895,356 thousand in 2022, marking an increase of about 52%[31] - The company's total equity as of December 31, 2023, was approximately RMB 3.337 billion, a decrease from RMB 9.881 billion as of December 31, 2022[78] Operational Efficiency - Employee costs for 2023 totaled RMB 134,302,000, a decrease of 25.2% from RMB 179,886,000 in 2022[40] - Total depreciation expenses for 2023 were RMB 118,111,000, down 32.4% from RMB 174,993,000 in 2022[40] - The current year corporate income tax provision was RMB 56,650,000, a reduction of 52.8% compared to RMB 119,789,000 in 2022[42] - The management expenses for the company for the twelve months ended December 31, 2023, were approximately RMB 200.52 million, a decrease of about 30% compared to RMB 285.13 million in 2022[74] Strategic Initiatives - The company plans to optimize its asset structure and reduce inventory as key strategies for stable development amid market challenges[56] - The company aims to enhance operational capabilities and management skills to ensure sustainable high-quality development[54] - In 2024, the company aims to strengthen its core business and enhance asset management to improve operational efficiency[98] - The company plans to focus on revitalizing low-efficiency assets and optimizing its business structure in 2024[100] Compliance and Governance - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with relevant regulations[20] - The company emphasizes high-quality corporate governance to enhance investor confidence and protect shareholder interests[103] - The company's consolidated financial statements for the year ending December 31, 2023, have been agreed upon by the auditors, indicating consistency with the preliminary figures[108] Future Outlook - The announcement contains certain forward-looking statements reflecting the company's beliefs, plans, or expectations for the future, based on various assumptions and current estimates[110]

Financial Performance - In the first half of 2023, the company reported operating revenue of approximately RMB 194 million, a decrease of about 77.9% compared to the same period last year[4]. - The company's attributable loss to equity holders was approximately RMB 212 million, primarily due to significant losses from joint ventures and reduced revenue recognition in real estate projects[4]. - Total revenue for the six months ended June 30, 2023, was RMB 193,621,000, a decrease of 78% compared to RMB 877,008,000 for the same period in 2022[60]. - The company reported a net loss of RMB 243,541,000 for the six months ended June 30, 2023, compared to a net loss of RMB 113,770,000 in 2022, representing a 114% increase in losses[61]. - The company reported a loss attributable to ordinary shareholders of RMB 340,912,000 for the six months ended June 30, 2023, compared to a loss of RMB 180,933,000 for the same period in 2022, representing an increase of 88.5%[101]. - The company’s total liabilities rose to RMB 18,321,951 thousand as of June 30, 2023, compared to RMB 12,895,356 thousand at the end of 2022, marking an increase of about 42%[92]. Real Estate Market Conditions - The real estate market continues to face challenges, with a year-on-year decline in real estate development investment of 7.9% and a 5.3% decrease in the sales area of commercial housing nationwide[6]. - The group plans to accelerate inventory turnover and meet housing demand through targeted strategies in the real estate market, particularly in Hefei and Huizhou[34]. - Property sales revenue dropped significantly to RMB 22,129,000 from RMB 795,697,000, reflecting a decline of approximately 97%[84]. - The company anticipates that the real estate market will slowly recover amidst ongoing economic pressures and supportive government policies in the second half of 2023[32]. Asset and Liability Management - As of June 30, 2023, the total assets of the group were approximately RMB 24.09 billion, an increase of about 5.77% compared to RMB 22.78 billion as of December 31, 2022[14]. - The group’s current assets were approximately RMB 18.315 billion, up from RMB 16.728 billion as of December 31, 2022, while current liabilities increased to approximately RMB 14.911 billion from RMB 10.378 billion[25]. - The capital debt ratio increased to approximately 48.6% as of June 30, 2023, from about 30.1% as of December 31, 2022, primarily due to an increase in bank and other loans[26]. - The company’s total liabilities related to assets classified as held for sale amounted to RMB 1,413,609,000 as of June 30, 2023, compared to RMB 1,399,868,000 as of December 31, 2022, showing a slight increase of 1.0%[111]. Investment and Financing Activities - The company plans to sell a 51% stake in Shanghai Shouchi Enterprise Management Co., Ltd[8]. - The company plans to publicly list and sell 51% equity interest in Shanghai Shouchi Enterprise Management Co., Ltd. for a total consideration of RMB 612 million, expected to be completed within the year[42]. - The company fully redeemed USD 500 million of perpetual capital securities on July 17, 2023, and USD 300 million on August 25, 2023, with both securities delisted thereafter[43]. - New loans received amounted to RMB 2,403,676,000, a significant increase from RMB 55,000, indicating a strategic shift in financing[74]. Operational Efficiency and Cost Management - The company is implementing lean management and strict cost control measures to mitigate risks and enhance asset utilization[4]. - The group’s sales expenses were approximately RMB 33.96 million, a decrease of about 14.8% from RMB 39.87 million in the same period of 2022[20]. - The group’s management expenses were approximately RMB 78 million, a decrease of about 17% from RMB 94 million in the same period of 2022[20]. - The company’s cash used in operating activities increased by 73% year-over-year, highlighting challenges in operational efficiency[73]. Corporate Governance and Compliance - The company has confirmed compliance with the corporate governance code during the reporting period[52]. - All directors have confirmed adherence to the securities trading code during the reporting period[53]. - The audit committee has reviewed the unaudited interim results and discussed internal controls and accounting principles with management[56]. - The company has adopted a revised and restated Articles of Association effective from June 20, 2023, to comply with the Hong Kong Stock Exchange Listing Rules and applicable laws in the Cayman Islands[40]. Employee and Management Information - As of June 30, 2023, the group employed 475 full-time staff, maintaining competitive salary levels and providing comprehensive training programs[37]. - The short-term employee benefits for key management personnel decreased to RMB 1,104,000 in the first half of 2023 from RMB 1,988,000 in the same period of 2022, a reduction of approximately 44.4%[130].

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份內 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。 Overseas Chinese Town (Asia) Holdings Limited 華 僑 城（亞 洲）控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：03366） 二零二三年中期業績公告 業績 華僑城（亞洲）控股有限公司（「本公司」）的董事（「董事」）會（「董事會」）欣然宣佈本公司及 其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「報告期」）未經審計的 合併業績，以及二零二二年同期的比較數字如下： ...

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 3,072,451,000, representing a 108.4% increase compared to RMB 1,474,128,000 in 2021[7] - The loss attributable to equity holders of the company for 2022 was RMB 1,912,536,000, compared to a loss of RMB 883,252,000 in 2021[7] - Basic loss per share for 2022 was RMB 2.88, up from RMB 1.49 in 2021[7] - The gross profit margin for the period was approximately 10.5%, a decrease of 10.1 percentage points from 20.6% in the previous year[40] - The attributable loss to equity holders was approximately RMB 1.913 billion, compared to a loss of RMB 0.883 billion in the same period last year, representing an increase in loss of about 116.7%[40] - The company's financing leasing business generated revenue of approximately RMB 2.13 million, a decrease of about 86.5% from RMB 15.81 million in the previous year[39] - The attributable loss from equity investments and fund business was approximately RMB 1.806 billion, an increase in loss of about 82.2% compared to RMB 0.991 billion in the previous year[41] - The group reported a segment loss attributable to equity holders of approximately RMB 24 million, a decrease of about 118.8% year-on-year, primarily due to significant losses in some projects affected by pandemic control measures[28] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 22,776,039,000, down from RMB 26,342,763,000 in 2021[8] - Cash and cash equivalents decreased to RMB 1,915,139,000 from RMB 3,331,662,000 in the previous year[8] - The equity attributable to equity holders of the company was RMB 6,185,275,000, down from RMB 8,620,508,000 in 2021[8] - The total equity of the company was approximately RMB 9.881 billion, down about 20.3% from RMB 12.399 billion in the previous year[39] - Current assets as of December 31, 2022, were approximately RMB 16.728 billion, compared to RMB 16.454 billion as of December 31, 2021[48] - Total outstanding bank and other loans as of December 31, 2022, was approximately RMB 4.733 billion, down from RMB 5.747 billion as of December 31, 2021[49] - The capital debt ratio as of December 31, 2022, was approximately 30.1%, a decrease of about 0.6 percentage points from 30.7% as of December 31, 2021[49] Operational Strategy - The company is focusing on "cultural tourism + technology" investments and optimizing asset-liability structure to enhance risk management and operational stability[16] - The company plans to increase investment in high-quality projects within the industry chain to strengthen its influence and sustainable development capabilities[16] - The company aims to enhance liquidity by actively managing existing assets and accelerating the turnover of real estate projects during the recovery of the real estate market[18] - The company plans to expand its specialty industrial parks in response to national policy directions, utilizing various capital market tools to improve operational efficiency[18] - The company expects the real estate market to gradually recover, providing more development opportunities and higher quality growth in 2023[19] - The company will continue to leverage its strengths in cross-border asset management and focus on its core business to deliver returns to shareholders[19] Management and Governance - The company emphasizes good corporate governance and strategic planning in its operations[66] - The management team has a strong academic background, with members holding advanced degrees in business and finance[64][66] - The company is committed to maintaining transparency and accountability in its operations, enhancing communication with shareholders and investors[71] - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors, ensuring independent judgment and compliance with financial reporting standards[75] - The company has established appropriate policies and procedures to promote a culture of compliance and allow stakeholders to express concerns about misconduct[71] - The company has a strong focus on training and continuous professional development for its directors and senior management[74] Risk Management - The company emphasizes the importance of a robust risk management and internal control system to achieve strategic objectives[106] - The company conducts annual risk assessments across four dimensions: strategic, financial, operational, and legal/compliance risks[114] - Major risks identified include real estate project management risks due to market downturns and investment management risks related to private equity funds[117] - The company has established a "risk manager" system across departments to improve the effectiveness of risk management and internal controls[115] - The risk management framework is structured around a "three lines of defense" model, ensuring comprehensive risk management policies, implementation measures, and assessment processes[110] Shareholder Communication - The company has established a shareholder communication policy to ensure timely and equal access to information for shareholders[130] - The board is satisfied with the implementation and effectiveness of the shareholder communication policy[132] - The company emphasizes the importance of effective communication with shareholders and investors, utilizing various channels such as press conferences and meetings[129] Related Party Transactions - The group has adhered to the disclosure requirements for related party transactions as per the listing rules[168] - The total amount of related transactions during the review period included a property management agreement with a transaction amount of RMB 60,260,000 against an annual cap of RMB 62,320,000[172] - The group has entered into related party transactions that are exempt from the reporting and announcement requirements under Chapter 14A of the Listing Rules due to the terms being on normal commercial terms[175] Employee Relations - The group employed a total of 556 full-time employees, with competitive salary levels reviewed at least annually[53] - There were no significant employee issues or labor disputes reported during the period, indicating a good relationship with employees[54] - The group has participated in defined contribution retirement plans covering all full-time employees, fulfilling its obligations by making designated contributions[180] Environmental, Social, and Governance (ESG) - The company is committed to ESG initiatives, with several board members actively participating in the ESG committee[67][65][64] - The company emphasizes sustainable development principles in its operations, focusing on green development and environmental management[155] - The ESG committee reviewed the 2021 ESG report and assessed the completion of set sustainability goals[107]

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 或任何部份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。 Overseas Chinese Town (Asia) Holdings Limited 華 僑 城（亞 洲）控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：03366） 截至二零二二年十二月三十一日止年度的 年度業績公告 業績 華僑城（亞洲）控股有限公司（「本公司」）的董事會（「董事會」）欣然提呈本公司及其 附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度（「本期」）按香 港財務報告準則編製之經審核合併業績，以及截至二零二一年十二月三十一日 止年度的比較數字。 本集團按香港財務報告準則編製之本期財務資料載列如下： ...