Sales Performance - In 2024, the Group recorded pre-sales of properties and car park units totaling approximately HK$784.5 million, an increase of 30.6% from HK$600.4 million in 2023[21]. - The total pre-sold gross floor area (GFA) was approximately 14,269 sq.m., an increase of approximately 89.2% from 2023[68]. - The average selling price (ASP) of pre-sold properties in 2024 was approximately HK$54,649.9 per sq.m., a decrease of approximately 30.3% compared to HK$78,355.4 per sq.m. in 2023[68]. - For the year ended December 31, 2024, the Group achieved property sales revenue (excluding car park sales) of approximately HK$804.3 million, with a saleable GFA of approximately 8,644 sq.m., representing increases of approximately 99.9% and 41.1% respectively compared to the previous year[74]. - Property sales revenue amounted to approximately HK$806.8 million, representing about 58.9% of total revenue, with a significant increase of approximately 99.0% compared to the previous year[98][101]. Rental Income and Occupancy - Rental income from investment properties was approximately HK$223.1 million in 2024, up by 2.7% from HK$217.2 million in 2023[21]. - The overall occupancy rate of the Group's investment properties was approximately 88.0% as of December 31, 2024[21]. - The average monthly rental income for the Group's investment properties was approximately HK$84.2 per sq.m. for the year ended December 31, 2024, compared to approximately HK$69.3 per sq.m. in the previous year[82]. - The occupancy rate of the Group's investment properties increased from approximately 82.5% as of December 31, 2023, to approximately 88.0% as of December 31, 2024[82]. - The average occupancy rate of Top Spring Commercial's projects was 90% as of the end of 2024, with 164 merchants signed throughout the year, representing a year-on-year increase of approximately 21.7% in rented area[39]. Property Development and Land Bank - The Group's land reserve across 17 property projects amounted to approximately 402,853 square meters as of December 31, 2024[21]. - The land reserve strategy focuses on the Greater Bay Area and first-tier cities such as Shenzhen, Shanghai, and Hong Kong[21]. - The total area of managed properties reached approximately 13.22 million square meters, with about 8.99 million square meters being properties not developed by the Group[21]. - The Group's strategic focus includes synergistic development of diversified businesses alongside its core real estate business[50]. - The Group plans to continue acquiring land with investment potential, particularly in economically vibrant areas with growth potential, such as the Greater Bay Area and Shanghai[91]. Financial Performance - The Group's consolidated revenue for the year ended December 31, 2024, reached approximately HK$1,369.3 million, an increase of approximately 43.5% compared to HK$954.3 million in 2023[95][100]. - The Group recorded a gross loss of approximately HK$116.8 million for the year, with a gross loss margin of approximately 8.5%, improved from a gross loss margin of approximately 26.6% in 2023[104][108]. - Direct costs increased to approximately HK$1,486.1 million, up from approximately HK$1,208.1 million in 2023, primarily due to increased property sales[103]. - The Group recorded an investment property valuation loss of approximately HK$1,195.9 million, a significant decline from a valuation gain of approximately HK$14.4 million in 2023[113]. - The Group's financing costs decreased by approximately 5.3% to approximately HK$303.2 million, attributed to the repayment of certain bank loans[114]. Market Conditions and Strategy - Over 700 policies have been introduced across various regions in 2024 to stabilize the real estate market, aiming for a "stop the decline and stabilize" policy goal[29]. - The Group is confident in Hong Kong's pivotal role in the Greater Bay Area and aims to leverage investment opportunities in high-end boutique properties[48]. - The Group aims to balance cash flow and profit in its commercial business while optimizing the portfolio to maximize asset returns[41]. - The Group is actively promoting the establishment of unmanned aerial vehicle landing sites in Yangpu District, enhancing the brand influence and competitiveness of the urban industrial community[32]. - The Group aims to capture business breakthroughs and growth points by integrating resources and investing prudently in line with market dynamics and industry trends[50]. Employee and Administrative Costs - As of December 31, 2024, the Group employed approximately 754 employees, a decrease from 851 employees as of December 31, 2023, representing a reduction of about 11.4%[159]. - Total staff and related costs for the year ended December 31, 2024, were approximately HK$196.9 million, down from approximately HK$218.6 million for the year ended December 31, 2023, indicating a decrease of about 9.9%[159]. - Administrative expenses increased by approximately 11.9% to approximately HK$197.8 million for the year ended 31 December 2024 from approximately HK$176.8 million for the year ended 31 December 2023[117]. Investment Properties - As of December 31, 2024, the total fair value of the Group's investment properties was approximately HK$6,378.4 million, accounting for about 38.4% of the Group's total assets[80]. - The Group recorded a loss in fair value of investment properties of approximately HK$915.9 million for the year ended December 31, 2024, compared to a gain of approximately HK$13.2 million in the previous year[80]. - The Group's investment property portfolio had a total leasable GFA of approximately 301,768 sq.m.[80]. - The proportion of leased area occupied by major tenants increased from approximately 29.6% to approximately 37.9% year-on-year[81]. - The Group's properties held for investment include 302,892 sq.m. of retail/office space and 574 sq.m. of campus space[65].

Financial Performance - Revenue for the year ending December 31, 2024, increased by approximately 43.5% to about HKD 1,369.3 million from approximately HKD 954.3 million in 2023[2] - The group reported a total comprehensive loss of approximately HKD 2,098.3 million for the year ending December 31, 2024, compared to HKD 1,143.6 million in 2023[7] - The group reported a net loss of approximately HKD 1,896,600,000 for the year ending December 31, 2024, compared to a net loss of approximately HKD 900,300,000 in 2023[13] - The attributable loss to equity shareholders and perpetual convertible securities holders was approximately HKD 1,832.6 million, compared to HKD 876.9 million in 2023[3] - Basic and diluted loss per share for the year ending December 31, 2024, was approximately HKD 1.20, compared to HKD 0.57 in 2023[3] Property Sales and Revenue - For the year ending December 31, 2024, the group recorded property and parking space pre-sales totaling approximately HKD 784.5 million, with an average selling price of approximately HKD 54,649.9 per square meter, representing an increase of about 30.7% and 89.2% compared to 2023[2] - Revenue from property sales reached HKD 806,752,000 in 2024, a significant increase of 99% compared to HKD 405,477,000 in 2023[23] - Property sales revenue for the year ended December 31, 2024, was approximately HKD 806,800,000, accounting for about 58.9% of total revenue, with a 99.0% increase compared to the previous year[75] - The group confirmed property sales revenue (excluding parking space sales) of approximately HKD 804.3 million, with a confirmed average selling price of HKD 93,047.2 per square meter, an increase of about 41.7%[55] Investment Properties - The total fair value of the investment property portfolio was approximately HKD 6,378.4 million, accounting for about 38.4% of the group's total assets[2] - The rental income generated from investment properties for the year ended December 31, 2024, was approximately HKD 223.1 million, representing an increase of about 2.7% compared to HKD 217.2 million for the year ended December 31, 2023[60] - The occupancy rate of the investment properties increased from approximately 82.5% as of December 31, 2023, to approximately 88.0% as of December 31, 2024[60] - The company recorded a fair value loss of approximately HKD 915.9 million for investment properties (net of deferred tax) for the year ended December 31, 2024[58] Financial Position and Liabilities - The net asset liability ratio for the group was approximately 80.0% as of December 31, 2024, compared to 63.6% in 2023[3] - The group's total equity decreased to HKD 6,024,844,000 in 2024 from HKD 8,123,162,000 in 2023[10] - The total liabilities for 2024 were HKD 10,591,825,000, down from HKD 11,917,705,000 in 2023, indicating a reduction of 11.1%[30] - The group's cash and cash equivalents were approximately HKD 376,900,000, which includes approximately HKD 115,100,000 outside mainland China[14] Operational Challenges - The group is facing significant uncertainty regarding its ability to continue as a going concern due to ongoing challenges in the property market and tightening financing conditions[14] - The group plans to implement measures to alleviate cash flow pressure and improve its financial situation, including discussions with banks and shareholders regarding continued financing[15] - The group is actively seeking potential buyers for properties and investments outside mainland China[21] Cost Management - The group continues to implement measures to control administrative costs and reduce capital expenditures[21] - Employee costs totaled HKD 196,877,000 in 2024, a decrease from HKD 218,567,000 in 2023, reflecting a reduction of 9.9%[35] - Selling and marketing expenses increased by approximately 236.6% to about HKD 257,600,000 for the year ended December 31, 2024, compared to approximately HKD 76,500,000 in the previous year[80] Corporate Governance and Future Plans - The board did not recommend the payment of a final dividend for the year ending December 31, 2024[3] - The company has adhered to all corporate governance codes as of December 31, 2024, with a noted exception regarding the roles of the chairman and CEO[111] - The company plans to continue identifying land with investment potential in both domestic and international markets, particularly in economically vibrant areas[66]

Financial Performance - For the six months ended June 30, 2024, total revenue was HKD 453,529,000, a decrease of 9.1% from HKD 498,669,000 in 2023[101]. - The Group recorded a loss attributable to equity shareholders of approximately HK$539.2 million, compared to a profit of approximately HK$23.4 million in the corresponding period of 2023[36]. - The Group recorded a gross loss of approximately HK$102.2 million for the six months ended 30 June 2024, a significant decline from a gross profit of approximately HK$160.6 million for the same period in 2023, resulting in a gross loss margin of approximately 22.5% compared to a gross profit margin of approximately 32.2% in the prior year[38]. - The Group recorded a net loss of HKD 560.6 million, compared to a profit of HKD 4.3 million for the same period in 2023[90]. - Revenue from property sales decreased to HK$189.4 million, down from HK$237.9 million for the six months ended June 30, 2023[90]. - The reportable segment loss for the property development segment was HK$312.4 million, compared to a loss of HK$23.1 million for the same period in 2023[90]. - Total comprehensive loss for the period was HKD 716,626,000, compared to a loss of HKD 313,432,000 in the same period last year[78]. Rental Income and Property Management - The rental income from investment properties was approximately HK$114.4 million, representing an increase of about 8.0% compared to HK$105.9 million in the corresponding period of 2023[7]. - The average monthly rental income for the Group's investment properties under operation was approximately HK$68.8 per sq.m. for the six months ended June 30, 2024, down from approximately HK$70.1 per sq.m. for the same period in 2023[25]. - The Group aims to maintain and moderately expand its rental properties, focusing on commercial and office properties to ensure stable cash flow and increase rental income[17]. - The Group's investment property portfolio had a total leasable GFA of approximately 307,246 sq.m.[25]. - The average occupancy rate of Landmark's commercial projects was 90%, with some projects reaching 100% occupancy[16]. Property Development and Sales - In the first half of 2024, the Group recorded pre-sales of properties and car park units totaling approximately HK$416.1 million, a slight decrease from HK$421.7 million in the same period of 2023[5]. - The total pre-sold gross floor area (GFA) was approximately 3,800 sq.m., representing a decrease of approximately 23.4% from about 4,962 sq.m. for the six months ended June 30, 2023[21]. - The average selling price (ASP) of properties for the six months ended June 30, 2024, was approximately HK$108,763.2 per sq.m., compared to approximately HK$84,522.4 per sq.m. for the same period in 2023[21]. - The Group sold 38 car park units, generating pre-sales of approximately HK$2.8 million for the six months ended June 30, 2024[21]. - The Group plans to accelerate the pre-sales and sales of its properties under development and completed properties, as well as speed up the collection of outstanding sales proceeds[92]. Investment Properties and Valuation - The Group recorded a loss of approximately HK$79.8 million in the fair value of its investment properties for the six months ended June 30, 2024, compared to a gain of approximately HK$35.2 million for the same period in 2023[25]. - As of June 30, 2024, the total fair value of the Group's investment properties was approximately HK$7,882.0 million, representing about 40.7% of the Group's total asset value[25]. - The fair value of the investment properties as of June 30, 2024, was HK$1,232.8 million for The Spring Land in Shenzhen and HK$1,373.0 million for Chengdu Fashion Mark[26]. - The Group's investment properties include a total leasable area of 340,766 sq.m. for completed projects, 90,588 sq.m. for projects under development, and 6,497 sq.m. for projects contracted to be acquired, totaling approximately 437,851 sq.m.[30][31]. Financial Position and Liabilities - The Group had aggregate borrowings of approximately HK$7,438.8 million as at 30 June 2024, with approximately HK$3,220.0 million repayable within one year[40]. - The Group's net gearing ratio increased to approximately 69.2% as of June 30, 2024, compared to 62.8% as of December 31, 2023, primarily due to exchange rate depreciation and losses incurred during the period[42]. - The Group's total liabilities increased to HKD 9,979,567,000 from HKD 10,002,455,000 in the previous year[99]. - The Group's total equity attributable to equity shareholders decreased to HKD 7,402,902 from HKD 8,092,201, a decline of approximately 8.52%[80]. - The Group's current bank loans and other borrowings amounted to HKD 3,215.4 million, including HKD 1,093.8 million from outside Chinese Mainland[161]. Corporate Governance and Compliance - The Board believes that having the same individual serve as both chairman and CEO ensures consistent leadership and effective long-term strategy planning[51]. - All Directors confirmed compliance with the Model Code for Securities Transactions during the six months ended June 30, 2024[51]. - The Group's corporate governance practices have been applied in accordance with the Corporate Governance Code during the reporting period[51]. - The audit committee has reviewed the interim results for the six months ended June 30, 2024, ensuring compliance with accounting principles[52]. - The interim financial report is prepared in accordance with Hong Kong Accounting Standard 34, with no significant issues noted during the review[160]. Market Conditions and Strategic Outlook - The real estate industry continues to face significant pressure, with signs of stabilization emerging in certain key cities[11]. - Over 300 easing measures were issued by the central and local governments in the first half of 2024 to stimulate the real estate market[11]. - The Group plans to monitor market dynamics and industry trends to identify new economic development opportunities and foster synergistic growth across diversified businesses[18]. - The Group aims to maintain corporate development resilience by advancing business development in an orderly manner[12]. - The Group is actively seeking potential buyers for its properties and investments outside of Mainland China[92].

Financial Performance - Revenue for the six months ended June 30, 2024, decreased by approximately 9.1% to about HKD 453.5 million from approximately HKD 498.7 million for the same period in 2023[1]. - The total comprehensive loss for the period was approximately HKD 716.6 million, compared to a total comprehensive income of approximately HKD 313.4 million for the same period in 2023[5]. - The company reported a net loss of HKD 560.6 million for the six months ended June 30, 2024, compared to a profit of HKD 4.3 million for the same period in 2023[11]. - The group recorded a loss attributable to equity shareholders of approximately HKD 539.2 million, compared to a profit of approximately HKD 23.4 million for the same period in 2023[2]. - The group reported property sales revenue of approximately HKD 187.8 million for the six months ended June 30, 2024, with a recognized average selling price of HKD 130,145.5 per square meter[47]. Revenue Breakdown - For the six months ended June 30, 2024, the group recorded property and parking space pre-sale revenue of approximately HKD 416.1 million, a decrease of about 1.3% compared to the same period in 2023, with an average selling price of HKD 108,763.2 per square meter, an increase of approximately 28.7% year-on-year[1]. - Revenue from sales decreased to HKD 189.4 million, down from HKD 237.9 million in the previous year, representing a decline of approximately 20.3%[11]. - Revenue from property management and related services was HKD 130,802,000, slightly down from HKD 134,029,000 in 2023[16]. - Total customer contract revenue for the six months ended June 30, 2024, was HKD 339,128,000, a decrease of 13.7% from HKD 392,803,000 in 2023[16]. Investment Properties - The fair value of the investment property portfolio as of June 30, 2024, was approximately HKD 7.882 billion, accounting for about 40.7% of the group's total assets[2]. - The total fair value of the group's investment properties as of June 30, 2024, was approximately HKD 7.882 billion, accounting for about 40.7% of the total assets[49]. - Rental income generated by the group was approximately HKD 114.4 million, representing an increase of about 8.0% compared to HKD 105.9 million for the same period last year[50]. - The average monthly rental income for the group's operating investment properties was approximately HKD 68.8 per square meter, down from HKD 70.1 per square meter in the previous year[50]. - The group has ongoing development and sales activities in key regions including the Greater Bay Area and Yangtze River Delta[53]. Financial Position - The net debt ratio as of June 30, 2024, was approximately 69.2%, up from 62.8% as of December 31, 2023[2]. - The company's total assets less current liabilities amounted to HKD 12.9 billion, a decrease from HKD 13.4 billion as of December 31, 2023[8]. - Current liabilities totaled HKD 6.4 billion, down from HKD 6.6 billion at the end of 2023[8]. - The company's non-current liabilities included bank loans and other borrowings of HKD 4.2 billion, an increase from HKD 3.9 billion in the previous period[9]. - The group had a cash balance of approximately RMB 2,041,900,000 (equivalent to about HKD 2,193,000,000) as of June 30, 2024, exposing it to foreign exchange risks[79]. Operational Challenges - The company faces significant uncertainty regarding its ability to continue as a going concern due to ongoing challenges in the property market and tightening financing conditions[11]. - The group faces significant uncertainty regarding its ability to continue as a going concern due to ongoing market challenges and tightening financing conditions[44]. - There remains significant uncertainty regarding the management's ability to implement the plans and measures outlined[13]. - The company has outstanding bank loans and other borrowings of HKD 3.2 billion, with a significant portion maturing between July and December 2024[11]. Corporate Governance - The company emphasizes the importance of maintaining corporate governance to protect and enhance shareholder interests[88]. - The roles of Chairman and CEO are held by the same individual, Mr. Huang Jun Kang, which the board believes enhances leadership consistency and strategic planning efficiency[87]. - The audit committee has reviewed the interim financial results for the six months ending June 30, 2024, although the financial data has not been audited[89]. - The interim financial report will be made available to shareholders and published on the company's website at an appropriate time[90].

Land and Property Development - The company has a land reserve of approximately 439,632 square meters across 20 property projects as of December 31, 2023, focusing on the Greater Bay Area and first-tier cities like Shenzhen, Shanghai, and Hong Kong [25]. - The Group's land bank, consisting of 20 property projects, was approximately 439,632 sq.m. as of December 31, 2023 [40]. - The Shenzhen Upper Residence project has a total value of approximately RMB 2.5 billion, with registered sales of approximately RMB 1.903 billion as of the end of 2023 [30]. - The Topspring International Mansion and Jianshang Commercial Building in Shenzhen, with a GFA of approximately 101,700 sq.m., are scheduled for sale in the second quarter of 2024 [30]. - The Shanghai Top Spring International Centre has a GFA of approximately 100,000 sq.m. and is actively integrating into the local innovative industrial system [29]. - The Group's projects include significant developments in cities such as Shenzhen, Shanghai, and Nanjing, with a strong emphasis on commercial and residential property investment [146]. Financial Performance - In 2023, the Group's rental income from investment properties was approximately HKD 217.2 million, a decrease of about 2.7% compared to HKD 223.2 million in 2022 [38]. - The Group recorded total pre-sales of properties and car park units of approximately HK$600.4 million in 2023, a decrease of approximately 14.6% compared to 2022 [128]. - Revenue from the sale of properties (excluding car park units) was approximately HK$402.3 million, reflecting a significant decrease of approximately 87.1% compared to the previous year [133]. - The group's consolidated revenue for 2023 was approximately HKD 954.3 million, a decrease of about 74.0% compared to 2022 [199]. - The loss attributable to equity shareholders and holders of perpetual convertible securities for 2023 was approximately HKD 876.9 million, compared to a loss of HKD 185.1 million in 2022 [199]. - Revenue for the year ended December 31, 2023, decreased by approximately 74.0% to about HKD 954,300,000 from approximately HKD 3,667,200,000 for the year ended December 31, 2022 [200]. Occupancy and Rental Income - As of December 31, 2023, the overall occupancy rate of the Group's investment properties was approximately 82.5% [38]. - The occupancy rate of the Group's investment properties decreased from approximately 83.3% as of December 31, 2022, to approximately 82.5% as of December 31, 2023 [164]. - The average monthly rental income for the Group's operational investment properties was approximately HK$69.3 per square meter for the year ended December 31, 2023, down from approximately HK$70.7 per square meter for the previous year [164]. Environmental, Social, and Governance (ESG) Initiatives - The company has identified 15 significant environmental, social, and governance issues that impact its stakeholders, maintaining a consistent focus on these areas [17]. - The Group has identified four key ESG categories: Environmental Protection, Employment Management, Operating Practices, and Community Involvement [95]. - The Group has established a three-tier ESG management structure consisting of the Board, senior management, and the ESG function group to ensure effective governance [110]. - The Group is committed to integrating sustainable development into its business strategy and governance framework, recognizing the importance of environmental, social, and governance (ESG) matters [145]. - The Group has been proactive in corporate social responsibility, supporting education for students from poor families through initiatives like the New Great Wall Scholarship Project [106]. Customer and Supplier Relations - The company maintains a supplier list of 165 suppliers, all located in China, and conducts annual reviews of their background and performance [5]. - The company has a strict complaint handling policy in place to ensure customer feedback is addressed promptly and effectively [8]. - The Group has improved customer complaint handling processes and enhanced customer experience through a mobile application [90]. - The Group has implemented a fair tendering mechanism to enhance long-term partnerships with suppliers and business partners [90]. Employee Development and Safety - The company emphasizes employee development through customized training programs, ensuring staff are equipped with the latest industry knowledge [2]. - The company is committed to ensuring a safe working environment for its employees, certified under ISO 45001 Occupational Health and Safety Management System [16]. - The Group has organized occupational and professional staff training to provide a healthy and safe working environment [89]. Community Engagement and Recognition - The Group received recognition for its contributions to community support, education, and cultural initiatives, enhancing its reputation in the market [57]. - The Group has established the "Laimeng Scholarship Fund" in collaboration with the China Poverty Alleviation Foundation to support impoverished university students from Guangdong, Jiangsu, Jiangxi, and Sichuan since 2010 [86]. - In 2023, the Group received multiple recognitions for charitable works, including aid to minority communities and contributions to education and cultural affairs [87].

Financial Performance - The company's revenue for the year 2023 decreased to HKD 954,319,000 from HKD 3,667,163,000 in 2022, representing a decline of approximately 74%[1]. - The net loss for the year 2023 was HKD 900,330,000, compared to a net loss of HKD 183,641,000 in 2022, indicating a significant increase in losses[3]. - The company's property sales revenue dropped to HKD 405,500,000 in 2023 from HKD 3,139,900,000 in 2022, reflecting a decrease of about 87%[23]. - Revenue from external customers for 2023 was HKD 954,319,000, a decrease of 74% from HKD 3,667,163,000 in 2022[49]. - Reported segment revenue for 2023 was HKD 1,052,637,000, down from HKD 3,773,013,000 in 2022, reflecting a decline of approximately 72%[52]. - Adjusted EBITDA for the reporting segments showed a loss of HKD 455,926,000 in 2023 compared to a profit of HKD 276,674,000 in 2022[52]. - The group reported a fair value loss on financial assets of HKD (102,082,000) in 2023, compared to HKD (12,331,000) in 2022, indicating increased financial strain[36]. - The group recorded total comprehensive loss for the year was approximately HKD 1,143.6 million, compared to HKD 1,146.9 million for the previous year[97]. Assets and Liabilities - The total assets less current liabilities as of December 31, 2023, were HKD 13,418,892,000, down from HKD 15,688,656,000 in 2022[10]. - The company's equity attributable to shareholders and perpetual convertible securities holders decreased to HKD 8,092,201,000 in 2023 from HKD 9,223,880,000 in 2022[10]. - Total assets reported for 2023 were HKD 20,040,867,000, a decrease from HKD 21,832,640,000 in 2022, indicating a reduction of about 8%[52]. - Total liabilities for 2023 were HKD 11,917,705,000, down from HKD 12,550,634,000 in 2022, representing a decline of approximately 5%[52]. - The group’s total segment assets were HKD 19,581,235,000 in 2023, down from HKD 21,315,702,000 in 2022, reflecting a decrease of approximately 8%[52]. Cash and Financing - The company's cash and cash equivalents amounted to HKD 665,200,000 as of December 31, 2023, while the current bank loans and other borrowings were HKD 3,305,900,000[23]. - The financing costs for the year 2023 were HKD 319,999,000, slightly down from HKD 324,257,000 in 2022[21]. - The group has renewed existing bank financing of HKD 635,000,000 for at least 12 months and secured new bank loans of HKD 846,000,000, while repaying existing bank loans of HKD 799,000,000[24]. - The weighted average cost of borrowings as of December 31, 2023, was approximately 6.1%, up from 4.9% in 2022[98]. - The total borrowings of the group amounted to approximately HKD 7,289,300,000, with HKD 3,312,000,000 due within one year[108]. Market Conditions and Future Outlook - The company faces significant uncertainty regarding its ability to continue as a going concern due to the challenging property market and tightening financing environment[23]. - The group plans to accelerate the pre-sale and sale of its development and completed properties, as well as recover outstanding sales proceeds and other receivables[17]. - The group aims to maintain and moderately increase stable rental income properties while focusing on potential investment opportunities to foster new business growth points[194]. - The group plans to continue identifying land with investment potential in both domestic and overseas markets, particularly in the Greater Bay Area and Shanghai[186]. Property and Rental Income - The group's revenue from property management and related services for 2023 was HKD 405,477,000, compared to HKD 3,139,871,000 in 2022, indicating a significant decrease[30]. - Total rental income from investment properties was HKD 954,319,000 in 2023, down from HKD 3,667,163,000 in 2022[34]. - The rental income generated from investment properties for the year ended December 31, 2023, was approximately HKD 217.2 million, a decrease of about 2.7% from HKD 223.2 million for the year ended December 31, 2022[163]. - The average monthly rental income from operating investment properties was approximately HKD 69.3 per square meter, down from HKD 70.7 per square meter for the year ended December 31, 2022[163]. - The occupancy rate of the group's investment properties decreased from approximately 83.3% as of December 31, 2022, to about 82.5% as of December 31, 2023[163]. Shareholder Information - The group has no declared final dividend for the year ended December 31, 2023, compared to a final dividend of HKD 0.01 per share in 2022[74]. - The basic and diluted loss per share for the year ended December 31, 2023, was approximately HKD 0.57, compared to HKD 0.12 for the year ended December 31, 2022[78]. - As of December 31, 2023, the net asset value per share was approximately HKD 5.3, down from HKD 6.0 as of December 31, 2022[78]. - The net debt-to-equity ratio increased to approximately 62.8% as of December 31, 2023, from 54.7% as of December 31, 2022[78]. Governance and Compliance - The company maintained compliance with all corporate governance codes as of December 31, 2023, with a board composition that includes more than half independent non-executive directors[131]. - The company has adopted the standard code for securities trading by directors, ensuring compliance as of December 31, 2023[127]. - The company plans to review its existing governance structure in a timely manner to ensure effective leadership and strategic planning[131]. - The company’s chairman and CEO roles are held by the same individual, which the board believes enhances consistent leadership and effective business planning[131].

Property Development and Projects - As of June 30, 2023, the company has a total of 20 property projects across 10 cities, with an estimated net saleable/leasable area of approximately 445,348 square meters[5]. - Completed projects include 348,002 square meters of net saleable/leasable area, with significant contributions from Shenzhen, Changzhou, and Dongguan[5]. - Projects under development account for an estimated 90,849 square meters, primarily located in Shenzhen and Hong Kong[7]. - The company holds land reserves in major cities, with Shenzhen and surrounding regions accounting for 142,745 square meters of estimated net saleable/leasable area[9]. - The estimated net saleable/leasable area for contracted projects awaiting acquisition or land use change is 6,497 square meters, primarily in Hong Kong[7]. - The company maintains a strong interest in high-speed railway cities, enhancing its strategic positioning in urban development[5]. - The company aims to leverage its experience to identify and acquire land linked to transportation and infrastructure development[9]. - The company is focused on expanding its footprint in regions with significant growth potential, particularly in the context of China's economic landscape[9]. - The Group's urban industrial community business in Shanghai has integrated into the "Knowledge Innovation Community," enhancing industrial concentration and attracting influential enterprises such as Huawei and Henkel[54]. - The Jishengchang Project in Longgang District, Shenzhen, is expected to complete project approval in Q4 2023, focusing on residential land development[54]. - The Group's old factory transformation project in Nansha District, Guangzhou, has 52.5 mu of land included in the 2022 Urban Renewal Projects Annual Plan[54]. Financial Performance - For the six months ended June 30, 2023, the Group's total revenue and property sales revenue were approximately HK$98.7 million and HK$237.9 million, respectively, representing decreases of approximately 82.7% and 90.9% compared to the same period in 2022[13]. - The Group recorded a profit attributable to equity shareholders of approximately HK$23.4 million, an increase from approximately HK$6.3 million in the corresponding period of 2022[13]. - The Group's basic earnings per ordinary share for the six months ended June 30, 2023, was HK1.5 cents, compared to HK0.4 cent in the same period of 2022[13]. - Direct costs decreased to approximately HK$338.1 million for the six months ended June 30, 2023, from approximately HK$2,483.1 million for the same period in 2022, primarily due to a decrease in property sales[19]. - The Group's gross profit decreased by approximately 59.9% to approximately HK$160.6 million for the six months ended June 30, 2023, with a gross profit margin of approximately 32.2%[20]. - Other revenue decreased by approximately HK$33.5 million, or approximately 34.8%, to approximately HK$62.9 million for the six months ended June 30, 2023, primarily due to a decrease in bank and other interest income[21]. - Other net income increased significantly by approximately 720.6% to an income of approximately HK$78.2 million for the six months ended June 30, 2023, mainly due to additional compensation income from the Hong Kong government[22]. - Selling and marketing expenses decreased by approximately 37.3% to approximately HK$41.8 million for the six months ended 30 June 2023 from approximately HK$66.7 million for the same period in 2022[24]. - Administrative expenses decreased by approximately 19.3% to approximately HK$108.0 million for the six months ended 30 June 2023 from approximately HK$133.9 million for the same period in 2022 due to a reduction in staff costs[24]. - Income tax expenses decreased by approximately 64.3% to approximately HK$52.8 million for the six months ended June 30, 2023 from approximately HK$147.9 million for the same period in 2022, consistent with the decrease in property sales[24]. Investment Properties and Rental Income - As of June 30, 2023, the total fair value of the Group's investment properties was approximately HK$7,992.5 million, representing about 38.0% of the Group's total asset value[82]. - The total leasable GFA of the Group's investment property portfolio was approximately 304,789 sq.m. as of June 30, 2023[82]. - The Group generated rental income of approximately HK$105.9 million for the six months ended June 30, 2023, reflecting an increase of approximately 0.2% from HK$105.7 million for the same period in 2022[82]. - The average monthly rental income for the Group's investment properties under operation was approximately HK$70.1 per sq.m. for the six months ended June 30, 2023, down from HK$71.3 per sq.m. for the same period in 2022[82]. - The occupancy rate for the Group's investment properties as of June 30, 2023, was 78.9% for The Spring Land – Shenzhen and 82.0% for Chengdu Fashion Mark[84]. - The fair value gain of the Group's investment properties for the six months ended June 30, 2023, was approximately HK$35.2 million, compared to HK$35.6 million for the same period in 2022[82]. Market and Economic Conditions - The Group is focusing on the Greater Bay Area, particularly core cities like Hong Kong, Shenzhen, and Guangzhou, to leverage development opportunities[71]. - The Group aims to maintain and moderately increase rental properties that generate stable income growth, emphasizing the importance of steady rental income for cash flow[71]. - The Group is actively seeking overseas investment opportunities, particularly in Hong Kong, to capitalize on its role in the Greater Bay Area[72]. - The Group plans to monitor market changes and focus on new economic development opportunities to foster new business growth points[72]. - The Group's strategy includes leveraging its asset management capabilities to enhance rental income and property value appreciation[71]. - The Group is committed to integrating resources and making prudent investments to achieve synergistic development across diversified businesses and real estate[72]. - The Group reported a significant uncertainty regarding its ability to continue as a going concern due to the prolonged property market slowdown[197]. Share Options and Corporate Governance - No share options were granted under the new share option scheme as of June 30, 2023[115]. - The Company has complied with all code provisions under the Corporate Governance Code during the six months ended June 30, 2023[119]. - The audit committee has reviewed the accounting principles and interim results for the six months ended June 30, 2023[120]. - The interim financial report is unaudited but has been reviewed by KPMG, with no audit opinion expressed[120]. - The Company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[123]. - The Company engages with the investment community to strengthen communication and address inquiries regarding its status[121]. - There were no significant changes in the nature of the Group's principal activities during the period under review[123]. Employee and Operational Metrics - The total staff cost for the six months ended June 30, 2023, was approximately HK$111.5 million, compared to HK$110.5 million for the same period in 2022[94]. - The number of employees decreased to 807 as of June 30, 2023, from 883 as of December 31, 2022[94]. Financial Position and Assets - The net assets attributable to equity shareholders decreased to HK$8,920,128,000 as of June 30, 2023, from HK$9,223,880,000 as of December 31, 2022[91]. - The net assets per share attributable to equity shareholders was HK$5.8 as of June 30, 2023, down from HK$6.0 as of December 31, 2022[91]. - Non-current assets totaled HKD 10,007,233,000 as of June 30, 2023, compared to HKD 10,416,839,000 as of December 31, 2022, indicating a decrease[186]. - Investment properties decreased from HKD 8,297,230,000 as of December 31, 2022, to HKD 7,971,579,000 as of June 30, 2023[186]. - Cash and cash equivalents increased from HKD 579,975,000 as of December 31, 2022, to HKD 890,795,000 as of June 30, 2023[186]. - The Group's total current assets were HKD 11,013,781,000 as of June 30, 2023, compared to HKD 11,415,801,000 as of December 31, 2022[186]. - The Group's interest in associates increased from HKD 186,912,000 as of December 31, 2022, to HKD 195,098,000 as of June 30, 2023[186].

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倚賴該等內容而引致的任何損失承擔任何責任。 TOP SPRING INTERNATIONAL HOLDINGS LIMITED 萊 蒙 國 際 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：03688） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 摘要 • 截至二零二三年六月三十日止六個月，本集團錄得物業及停車位預售額 共約421,700,000港元，較二零二二年同期減少約24.4%，其中約419,400,000 港元來自物業預售額，已預售可銷售建築面積約為4,962平方米以及約 2,300,000港元來自18個停車位的預售額。本集團的物業預售額平均售價 約為每平方米84,522.4港元，較二零二二年同期減少約8.9%。 • 於二零二三年六月三十日，本集團在10個城市擁有20個項目，估計淨可 銷售╱可租賃建築面積合共約445,348平方米。 • 截 至 二 零 二 三 年 六 ...

Real Estate Development and Projects - Estimated net saleable/leasable GFA as of December 31, 2022, is 20,172 sq.m. for Dongguan Landmark[1] - Total estimated GFA for Tianjin Le Leman City is 97,854 sq.m., with an estimated net saleable/leasable GFA of 97,526 sq.m. as of December 31, 2022[14] - Expected completion date for the Shenzhen project is August 2023, with a total estimated GFA of 107,281 sq.m. and an estimated net saleable/leasable GFA of 58,294 sq.m. as of December 31, 2022[18] - Estimated net saleable/leasable GFA for the Hong Kong Kowloon Tong Rutland Quadrant Project is 20,050 sq.m. as of December 31, 2022[24] - The company has a diverse portfolio that includes residential, retail, industrial parks, property management, education, and investment[29] Sustainability and Environmental Management - The company emphasizes sustainability in its business strategy and governance structure, with the Board overseeing ESG issues and strategies[40] - The company aims to positively impact the communities it invests in and promote high-quality, environmentally friendly lifestyles[38] - The company maintains open communication with stakeholders to align its sustainability strategies with their expectations[39] - The Group identified 15 material ESG issues that are impactful and significant to its stakeholders, with no major changes in principal activities during the year under review[43] - The Group implemented "Six 100%" measures for dust pollution prevention and control at construction sites, in compliance with regulatory requirements[49] - The Group emphasizes the integration of green building concepts throughout the property lifecycle, adhering to the GB/T 50378–2020 standards[47] - The Group has reinforced the management of construction waste disposal and recycling in response to the latest regulations[49] - The Group treats wastewater at construction sites to acceptable limits prior to discharge[49] - The Group maintains regular inspections on environmental, safety, and health measures conducted by construction contractors[49] - The Group's ESG management approach is shaped by stakeholder feedback, ensuring alignment with their concerns and expectations[69] - The Group aims to lead a quality and environmentally-friendly lifestyle, addressing emerging ESG challenges through sustainable development initiatives[68] - The company strictly adheres to national and local laws regarding greenhouse gas emissions, air pollution, and waste management, including the Environmental Protection Law of the PRC[74] - The company has implemented a wide range of environmentally friendly practices in property development and education-related businesses, including integrating green building designs and responsible construction practices[74] - The green building concept is incorporated throughout the lifecycle of buildings, following guidelines such as the Assessment Standard for Green Building (GB/T 50378–2020)[75] - Various monitoring measures are implemented at construction sites to ensure compliance with environmental laws, enhancing environmental friendliness and reducing negative impacts on nearby communities[77] - The company promotes energy efficiency through the adoption of energy-efficient designs and equipment in its properties[74] - The company aims to improve water use efficiency through water-efficient designs and recycling practices at construction sites[74] - The company has implemented measures to treat waste cooking oils from restaurants before discharge, ensuring compliance with environmental regulations[100] - The company aims for zero incidents regarding the use and storage of pesticides and cleansing agents[100] - The company supports local government initiatives for old clothing recycling by providing venues and encouraging donations[89] - The company is focused on promoting environmental friendliness and reducing negative impacts on nearby communities through its construction practices[98] Corporate Governance - The company has adopted the Corporate Governance Code as the basis for its corporate governance practices, ensuring high standards to enhance corporate value and safeguard shareholder interests[197] - The Board consists of three executive directors, two non-executive directors, and three independent non-executive directors, with Mr. WONG Chun Hong serving as the chairman[197] - The company has complied with all Code Provisions of the Corporate Governance Code during the year ended December 31, 2022, except for the separation of the roles of chairman and CEO[197] - The Board is responsible for overseeing major matters, including management strategies, internal controls, financial performance, and monitoring senior management[197] - The company will review its current governance structure when appropriate to ensure effective leadership and accountability[197] - The Board consists of at least one-third independent non-executive Directors, ensuring a balanced composition[198] - All Directors receive regular updates on the Group's performance, position, and prospects to make informed decisions[198] - The Company has mechanisms in place to ensure independent views are available to the Board, reviewed annually[198] - The Board is responsible for developing and reviewing corporate governance policies and practices[198] - All Directors are subject to retirement by rotation and eligible for re-election at least once every three years[200] - Newly appointed Directors receive a comprehensive, tailor-made induction to understand the Company's operations and responsibilities[200] Employee Welfare and Development - As of December 31, 2022, the Group has a total of 883 employees, comprising 882 full-time and 1 part-time employee[117] - Employee distribution by region shows 96% in Hong Kong and 4% in Mainland China[119] - Employee age distribution indicates 20% are under 30, 68% are between 30-50, and 12% are over 50[120] - The Group strictly complies with relevant labor laws and regulations, ensuring occupational health and safety, and prohibits any form of discrimination[116] - All employees are entitled to paid annual leave, sick leave, and other benefits, promoting work-life balance[117] - The Group has a zero-tolerance policy towards child labor and forced labor, requiring valid identification for all employees during recruitment[116] - The Group is committed to providing an inclusive working environment to foster employee diversity and development opportunities[115] - The Group has established grievance channels for employees to report suspected non-compliance or misconduct[115] - The Group emphasizes the importance of employee contributions to overall business success and aims to optimize career development mechanisms[116] - The company encourages employee development through competitive salaries and regular performance reviews to maximize their potential and value[132] - Approximately 10,200 hours of training and development were provided for employees in 2022, enhancing their professional skills and knowledge[175] - The company reported a 100% training rate for middle management, with an average of 9.31 training hours completed per employee in that category[150] - The company actively supports employee well-being and work-life balance through team-building events to enhance cohesion and teamwork[149] Community Engagement and Social Responsibility - The company donated approximately HK$1,463,000 to support various community investment programs during the year[182] - The New Great Wall-Top Spring International Scholarship program has been providing financial support for college students from Guangdong, Jiangsu, Jiangxi, and Sichuan since 2010[182] - The company is dedicated to supporting charitable initiatives and donations to contribute to the development of charity undertakings in China[182] - The Group organized recycling campaigns for second-hand textbooks in 2022, donating them to students in need to alleviate economic burdens[110] Health and Safety - The company achieved a zero-incident goal for major health and safety accidents, ensuring no work-related deaths or lost days due to injuries were recorded during the year[162] - There were no work-related fatalities or lost days due to work-related injuries recorded during the year under review, indicating a strong safety compliance record[144] - The company has set a safety objective of zero major health and safety incidents and conducts regular safety inspections to ensure compliance with health and safety measures[142] - The company adheres to ISO 45001 certification for occupational health and safety management systems, demonstrating commitment to employee safety[161] - Regular safety inspections are conducted to ensure health and safety measures are effectively implemented across properties and construction sites[161] - Employees are provided with personal protective equipment, including surgical masks and disinfectants, to minimize infection risks during the COVID-19 pandemic[161] Financial Performance and Emissions - In 2022, the Group's operations generated 10,281.84 tonnes of carbon dioxide equivalent, with approximately 96% of emissions coming from energy consumption through purchased electricity (Scope 2) [110] - Total GHG emissions in 2022 amounted to 9,731.59 tonnes of carbon dioxide equivalent, reflecting a decrease of 1.49% compared to 2021 [112] - The Group's total energy consumption in 2022 was 18,573,936.23 kWh, showing an increase of 0.88% from the previous year [112] - The Group's water consumption in 2022 was 553,752.60 m³, which is a reduction of 8.74% compared to 2021 [112] - The Group's general waste generated in 2022 was 26,260.66 tonnes, a significant reduction of 20.61% compared to 2021 [112] - The Group is actively implementing various emission reduction measures and energy-efficient initiatives to mitigate environmental impacts [110]

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之內容概不 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倚賴該等內容而引致之任何損失承擔任何責任。 TOP SPRING INTERNATIONAL HOLDINGS LIMITED 萊 蒙 國 際 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：03688） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 的 綜 合 年 度 業 績 公 告 摘要 • 截至二零二二年十二月三十一日止年度，本集團錄得物業及停車位預 售額合共約703,000,000港元。物業預售額約663,300,000港元，已預售建築 面積約7,877平方米，而平均售價約每平方米84,207.2港元，較二零二一年 分別下降約61.0%、69.1%及增加約26.3%。 • 截至二零二二年十二月三十一日止年度的收入由截至二零二一年十二 月 三 十 一 日 止 年 度 約639,000,000 港 元 增 加 約473.9%至 約3,667,200,000 港 元。 • 截 至 二 零 二 二 年 十 ...