Business Strategy and Market Expansion - China Aoyuan focuses on the Guangdong-Hong Kong-Macao Greater Bay Area and aims to become a leader in healthy living, emphasizing sustainable and steady development[2] - Future outlook includes a projected revenue growth of 10-15% for the next fiscal year, driven by new project launches and market expansion[3] - Market expansion plans include entering three new cities in the Greater Bay Area by the end of 2024, aiming to increase market share by 5%[3] - The company is expanding its market presence, targeting three new regions in Asia by the end of the next fiscal year[66] - A strategic acquisition was completed, enhancing the company's capabilities in urban development, valued at $300 million[66] Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% to reach HKD 10 billion in the last fiscal year[3] - The company's total revenue for 2024 was approximately RMB 9.675 billion, a decrease of about RMB 17.858 billion or 64.9% compared to 2023[23] - The company's property development sales revenue was approximately RMB 8.168 billion, down 67.3% from RMB 24.964 billion in 2023[23] - The gross loss for 2024 was approximately RMB 16.189 billion, an increase of 1,013.4% compared to a gross loss of RMB 1.454 billion in 2023[24] - The company achieved a gross profit of approximately RMB 630 million in 2024, an increase of 88.6% from RMB 334 million in 2023, with a gross margin of 6.5%[24] - The company reported a profit attributable to owners of approximately RMB 35 million in 2024, compared to a loss of RMB 9.534 billion in 2023[28] Debt Management and Restructuring - Aoyuan's debt restructuring plan is underway, aiming to reduce liabilities by 30% over the next two years[3] - The company completed a comprehensive restructuring of its offshore debt, resulting in a restructuring gain of approximately RMB 26.155 billion[26] - The group had bank and other borrowings of approximately RMB 51.180 billion, reduced from RMB 71.760 billion as of December 31, 2023[32] Research and Development - The company is investing in new technologies, with a budget allocation of HKD 500 million for R&D in health and wellness products[3] - The company is investing $50 million in research and development for new technologies aimed at improving operational efficiency[66] Corporate Governance and Leadership - The company has seen significant leadership changes, with several directors resigning and new appointments made to strengthen governance and operational management[54][55] - The company emphasizes its commitment to environmental, social, and governance (ESG) development, with the appointment of non-executive directors to advise on these matters[49] - The company has a strong financial management team, with members having over 30 years of experience in audit, accounting, and financial management[50] - The company has a diverse board with members holding qualifications from prestigious institutions, enhancing its governance capabilities[49][50][51][53] Shareholder Relations and Dividend Policy - The company maintains a dividend policy with a payout ratio of 40%, reflecting its commitment to returning value to shareholders[3] - The company has no predetermined dividend payout ratio, and any future dividends will be decided at the discretion of the board, considering various factors[142] - The board will review the dividend policy periodically and may update or amend it as deemed appropriate[142] Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the importance of environmental management and integrates eco-friendly practices into its operations[156] - The company is committed to social responsibility, contributing to education, poverty alleviation, and community development[155] - The ESG report outlines the company's efforts and achievements in environmental and social aspects over the past year[145] - The board is responsible for overseeing the group's sustainable development strategy and integrating ESG management into the governance framework[158] Risk Management - The company has implemented risk management measures and guidelines, with regular internal monitoring assessments conducted by all departments to identify potential risks affecting business operations and financial processes[124] - The board has confirmed its responsibility for risk management and internal control systems, which aim to manage risks associated with achieving business objectives[121] Customer Service and Quality Control - The group implemented a customer service management system to improve service quality and efficiency, aiming for industry-leading standards[185] - The group emphasizes the importance of information security and has established internal protocols to manage information security incidents[190] - The group has a rigorous supplier management system, including regular performance evaluations and compliance checks to ensure quality and social responsibility[194] Employee Management and Training - The company has implemented a training program to enhance employees' awareness of integrity and compliance[176] - The company has arranged appropriate training for directors to ensure they are updated on business, legal, and regulatory changes[87]

2024年，公司录得亏损净额约20.97亿元及经营现金流出净额，流动负债超过流动资产约200.02亿 元。同日，集团的银行及其他借款以及优先票据及债券合共约为738.05亿元，其中约536.62亿元将于自 报告期末起计未来12个月内到期偿还。此外，集团已就待售物业及投资物业的承担合共约167.77亿元订 约但未作出拨备，包括其分占与其他投资者共同就合营企业作出的承担，而集团的银行结余及现金总额 （包括受限制银行存款）仅约为31.41亿元。 2024年3月20日，中国奥园通过在香港、开曼群岛及英属维京群岛并行落实计划安排，完成集团重 大境外债务的整体重组。根据计划的条款，集团若干优先票据及债券及借款的支付义务被解除，相关债 权人相应获得公司的票据及股份，而且集团的财务状况降杠杆效果显著。因此，董事认为集团的整体负 债及支付义务降低，短期流动资金压力得到部分缓解。 中国奥园称，为改善本集团的流动性及现金流以维持持续经营，董事已实施或正在实施以下措施： 集团一直与各种境内贷款人积极磋商借款重续及展期。截至综合财务报表批准日期，集团与若干境内金 融机构达成合同安排，境内借款本金金额约93.95亿元的现有境内融资安排获 ...

中国奥园去年总营业额跌近65%，物业收入大降， 流动负债高企 深圳商报·读创客户端记者 李薇 到了2023年7月，中国奥园交出了一份境外债重组方案，披露境外债务重组主要条款获主要债权人 小组代表支持，随后与债权人小组成员签订重组支持协议。 有业内人士认为，中国奥园当初提出重组方案时或许对市场持一种乐观的态度，然而市场走向并没 有如预期那般，所以公司债务重组的推进容易遇到问题，公司仍面临着资金压力。 2024年3月，中国奥园宣布完成境外债务重组，这在一定程度上缓解了境外债务压力。 同年9月，中国奥园引入阿联酋的专业投资机构MultiGold，其持股比例达到16.48%，成为单一最大 股东。 中国奥园（03883.HK）近日发布2024年全年业绩公告。公告显示，2024年集团的总营业额约为人 民币96.75亿元，较2023年约人民币275.33亿元减少约人民币178.58亿元，降幅为64.9%。其中，物业发 展销售收入约为81.68亿元，同比下降67.3%。交付物业总建筑面积较2023年减少72.3%，平均售价上涨 18.1%至每平方米约9961元。 2024年集团毛损约为人民币161.89亿元，毛损率为167. ...

中国奥园：2024年公司拥有人应占溢利约为人民币 0.35亿元 3月26日午间，中国奥园发布2024年全年业绩。 3月26日午间，中国奥园发布2024年全年业绩。 2024年，集团毛损为约人民币161.89亿元，毛损率为167.3%。若撇除计入销售成本的可供销售物业 减值亏损(包括若干旧改项目亏损)，2024年，集团毛利为约人民币6.30亿元，毛利率为6.5%。 2024年，公司拥有人应占溢利约为人民币0.35亿元，而2023年亏损约人民币95.34亿元。若撇除重组 收益人民币261.55亿元，公司拥有人应占溢利转为亏损约人民币261.20亿元，较2023年亏损约人民币 95.34亿元上升174.0%。 2024年，实现物业合同销售額约人民币105.5亿元，合同销售面积约125.2万平方米。截至2024年 末，大湾区土地储备总建筑面积约564万平方米，权益建筑面积约424万平方米。 2024年，集团物业发展销售收入约为人民币81.68亿元，较2023年降幅约67.3%。交付物业的总建筑 面积82万平方米，较2023年减少72.3%；平均售价上涨18.1%至每平方米约人民币9,961元，主要是因为 平均售价较高 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 9,674,861 thousand, a significant decrease of 65.0% compared to RMB 27,533,316 thousand in 2023[3] - Gross loss for the year was RMB 16,188,703 thousand, compared to a gross loss of RMB 1,453,712 thousand in the previous year[3] - The company reported a net loss of RMB 2,096,637 thousand for the year, an improvement from a net loss of RMB 9,640,627 thousand in 2023[4] - Basic and diluted earnings per share for the year were RMB 0.71, a recovery from a loss per share of RMB 321.47 in the previous year[4] - The company reported a loss before tax of RMB 7,814,569 for the year ended December 31, 2023, with segment losses of RMB 4,008,416 from property development, RMB 1,088,159 from property investment, and RMB 273,700 from other services[20] - The pre-tax loss for 2024 was RMB 280,924 thousand, a decrease of 50% from RMB 561,720 thousand in 2023[27] - The company reported a significant gain of RMB 26,154,924 from the restructuring of offshore debt, which involved the release of liabilities totaling approximately RMB 44.611 billion[25] Assets and Liabilities - Total non-current assets decreased to RMB 17,043,986 thousand from RMB 21,560,472 thousand in 2023, reflecting a decline of 21.2%[5] - Current assets totaled RMB 142,461,130 thousand, down from RMB 177,811,016 thousand in 2023, indicating a decrease of 19.9%[5] - Current liabilities decreased to RMB 162,462,776 thousand from RMB 212,903,149 thousand, a reduction of 23.7%[6] - The company’s total equity was reported at RMB (25,867,637) thousand, compared to RMB (28,083,853) thousand in the previous year, showing an improvement in equity position[6] - The total assets as of December 31, 2024, were approximately RMB 159.505 billion, down from RMB 199.371 billion in 2023, while total liabilities were approximately RMB 185.373 billion[48] - As of December 31, 2024, the group's current liabilities exceeded current assets by approximately RMB 20.002 billion, with total bank and other borrowings amounting to approximately RMB 73.805 billion[11] - The group has a total cash balance of approximately RMB 3.141 billion, which is insufficient to cover the liabilities due within the next 12 months, estimated at RMB 53.662 billion[11] Cash Flow and Liquidity - The group recorded a net loss of approximately RMB 2.097 billion and a net operating cash outflow for the year ending December 31, 2024[11] - The group has implemented measures to improve liquidity, including negotiating extensions on existing domestic borrowings totaling approximately RMB 9.395 billion[14] - The group is actively exploring asset sale opportunities to enhance liquidity for debt repayment under the restructuring plan[14] - The group aims to accelerate the pre-sale and sale of properties under construction and completed projects to improve cash flow[14] - The company aims to focus on "ensuring delivery and payment" as core strategies while restructuring domestic debt and enhancing cash flow management[42] Revenue Breakdown - The total revenue for the year ending December 31, 2024, was RMB 9.675 billion, with property development contributing RMB 8.168 billion and property investment contributing RMB 183.098 million[18] - Total revenue for the year ended December 31, 2023, was RMB 27,533,316, with property development contributing RMB 24,963,572, property investment RMB 199,402, and other services RMB 2,370,342[19] - For the year ending December 31, 2024, external segment revenue is projected to be RMB 9,674,861, with property development expected to generate RMB 8,167,792 and other services RMB 1,323,971[20] - The company experienced a significant decrease in revenue from external customers in mainland China, dropping from RMB 27,530,284 in 2023 to RMB 9,663,632 in 2024[23] Employee and Operational Costs - Total employee costs for 2024 amounted to RMB 344,732 thousand, down 50.5% from RMB 695,927 thousand in 2023[27] - Selling and distribution expenses decreased by 47.7% to approximately RMB 539 million, while administrative expenses decreased by 53.7% to approximately RMB 954 million due to cost control measures[46] Market Conditions - Property contract sales for the group significantly declined in 2024, adversely affecting cash income from sales and pre-sales[12] - The average selling price of delivered properties increased by 18.1% to approximately RMB 9,961 per square meter, driven by a higher proportion of sales in the East China region[43] - Property contract sales amounted to approximately RMB 10.55 billion, with a total sales area of about 1.252 million square meters, reflecting a significant decline in the real estate market[40] Other Financial Metrics - The company recognized other comprehensive income of RMB 94,480 thousand for the year, compared to RMB 9,550 thousand in 2023[4] - The total interest expense for the year 2024 was RMB 7,190,741, down from RMB 9,429,983 in 2023[26] - The income tax expense for 2024 was RMB 2,615,256 thousand, an increase of 43.3% compared to RMB 1,826,058 thousand in 2023[28] - The impairment loss on properties held for sale was RMB 16,818,773 thousand in 2024, a significant increase from RMB 1,787,929 thousand in 2023[27] Corporate Governance - The company did not declare any dividends for the fiscal year ending December 31, 2024, consistent with 2023[31] - The board recommended not to declare a final dividend for the year ended December 31, 2024, consistent with the previous year[59] - There were no significant events affecting the group after the reporting date[57]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 9,674,861, a significant decrease of 65.0% compared to RMB 27,533,316 in 2023[3] - Gross loss for the year was RMB 16,188,703, compared to a gross loss of RMB 1,453,712 in the previous year[3] - The company reported a net loss of RMB 2,096,637 for the year, an improvement from a net loss of RMB 9,640,627 in 2023[4] - Other income and gains for the year amounted to RMB 23,453,112, a significant increase from a loss of RMB 1,383,563 in 2023[3] - The company reported a significant loss of RMB 26,154,924 thousand related to the restructuring of offshore debt, which included the release of liabilities amounting to approximately RMB 44.611 billion[25] - The pre-tax loss for 2024 was RMB 280,924 thousand, a decrease of 50% from RMB 561,720 thousand in 2023[27] - Total employee costs for 2024 amounted to RMB 344,732 thousand, down 50.5% from RMB 695,927 thousand in 2023[27] - The income tax expense for 2024 was RMB 2,615,256 thousand, an increase of 43.3% compared to RMB 1,826,058 thousand in 2023[28] - Basic earnings per share for 2024 were RMB 35,033 thousand, a significant recovery from a loss of RMB 9,533,566 thousand in 2023[32] Assets and Liabilities - The company’s total assets decreased to RMB 159,505,116 from RMB 199,371,488 in 2023, reflecting a decline of 20.0%[5] - The company’s non-current assets totaled RMB 17,043,986, down from RMB 21,560,472 in 2023, indicating a decrease of 21.2%[5] - The company’s cash and cash equivalents decreased to RMB 886,427 from RMB 1,858,831, a decline of 52.4%[5] - Total liabilities rose to RMB 58,659,823 thousand in 2024, compared to RMB 57,059,766 thousand in 2023, indicating a 2.8% increase[36] - The group had total liabilities of approximately RMB 73.81 billion due within one year, a decrease from RMB 107.45 billion as of December 31, 2023[51] - The group provided guarantees for bank mortgage loans amounting to approximately RMB 66.445 billion, down from RMB 74.592 billion as of December 31, 2023[52] - The group had approximately RMB 65.37 billion in assets pledged to various banks for project loans and general bank financing, down from RMB 72.54 billion a year earlier[56] Cash Flow and Financing - The group recorded a net loss of approximately RMB 2.097 billion and a net operating cash outflow for the year ending December 31, 2024[11] - The total bank and other borrowings, along with preferred notes and bonds, amounted to approximately RMB 73.805 billion, with about RMB 53.662 billion due within the next 12 months[11] - The group has successfully extended existing domestic financing arrangements totaling approximately RMB 9.395 billion[14] - The group is actively exploring potential asset sales to enhance liquidity for debt repayment under the restructuring plan[14] - The group is implementing measures to improve liquidity and cash flow, including accelerating the pre-sale and sale of properties under construction[13] - The group has implemented several interest rate management policies to mitigate cash flow interest rate risks[51] Property Development - The group achieved property contract sales of RMB 9.675 billion, with residential apartments contributing RMB 6.759 billion, commercial apartments RMB 0.486 billion, and retail shops RMB 0.275 billion[18] - Property contract sales amounted to approximately RMB 10.55 billion, with a total sales area of about 1.252 million square meters, reflecting a significant decline in the real estate market[40] - The average selling price of delivered properties increased by 18.1% to approximately RMB 9,961 per square meter, driven by a higher proportion of sales in the East China region[43] - The group continues to ensure timely delivery of property development projects, with most projects progressing as scheduled[14] Market and Customer Base - Revenue from external customers in mainland China decreased to RMB 9,663,632 thousand in 2024 from RMB 27,530,284 thousand in 2023, indicating a significant decline[23] - The company has no individual customer contributing more than 10% of total revenue for the years ended December 31, 2023, and 2024, indicating a diversified customer base[24] Employee and Organizational Changes - The group employed 3,123 employees as of December 31, 2024, a decrease from 3,998 employees as of December 31, 2023[58] - The company plans to focus on "ensuring delivery and payment" as core strategies while enhancing organizational structure and resource allocation[42] Dividends and Shareholder Returns - The company did not declare any dividends for the fiscal year ending December 31, 2024, consistent with 2023[31] - The board recommended not to declare a final dividend for the year ended December 31, 2024, consistent with the previous year[59] Other Notable Information - The company recorded a net foreign exchange loss of RMB 54,682 thousand in 2024, down from RMB 569,937 thousand in 2023, showing improvement in currency management[25] - Interest expenses decreased to RMB 7,190,741 thousand in 2024 from RMB 9,429,983 thousand in 2023, reflecting a reduction in borrowing costs[26] - The average trade payable period is between six months to one year, with trade payables totaling RMB 18,803,519 thousand in 2024[36] - The company reported a significant increase in deferred tax liabilities, totaling RMB 1,382,834 thousand in 2024, compared to RMB 1,180,855 thousand in 2023[28] - The impairment loss on properties for 2024 was RMB 16,818,773 thousand, a substantial increase from RMB 1,787,929 thousand in 2023[27] - There were no significant events affecting the group after the reporting date[57]

中國奥園集團股份有限公司 China Aoyuan Group Limited (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) HKEx Stock Code 香港聯交所上市編號：3883 低調務實理性 r 做長跑運動員 Humble and Pragmatic Ready for a Long Run Interim Report 中期報告 Group Introduction 集團簡介 China Aoyuan was listed on the Main Board of the Stock Exchange in October 2007 (Stock Code: 3883). As the pioneer of composite real estate in China, China Aoyuan integrated related themes into real estate development, with an aim to create harmonious and excell ...

Financial Performance - For the six months ending June 30, 2024, the total revenue was RMB 4,643,295,000, a decrease of 57.1% compared to RMB 10,849,420,000 for the same period in 2023[1] - The net profit for the period was RMB 22,100,490,000, compared to a net loss of RMB 2,896,300,000 in the previous year, indicating a significant turnaround[2] - Basic earnings per share for the period was RMB 660.16, compared to a loss per share of RMB 99.30 in the same period last year[2] - The total comprehensive income for the period was RMB 22,125,855,000, compared to a loss of RMB 2,913,602,000 in the previous year[2] - The group recorded a net loss of approximately RMB 4.538 billion for the six months ending June 30, 2024, excluding one-time comprehensive restructuring gains[6] - The company reported a significant foreign exchange loss of RMB 24,953,000 for the six months ended June 30, 2024[16] - The effective tax expense for the six months ended June 30, 2024, was RMB 531,972,000, compared to RMB 499,110,000 for the same period in 2023[17] - The profit attributable to shareholders for the first half of 2024 was approximately RMB 22.31 billion, a significant turnaround from a loss of RMB 2.94 billion in the same period of 2023, primarily due to gains from the completion of offshore debt restructuring[36] Assets and Liabilities - Non-current assets totaled RMB 20,638,605,000, down from RMB 21,560,472,000 as of December 31, 2023[3] - Current assets decreased to RMB 167,995,688,000 from RMB 177,811,016,000 as of December 31, 2023[4] - Current liabilities were RMB 164,670,533,000, a decrease from RMB 212,903,149,000 as of December 31, 2023[4] - The company reported a net asset value of RMB (1,772,335,000), improving from RMB (28,083,853,000) in the previous year[4] - The company’s total liabilities decreased to RMB 55.823 billion as of June 30, 2024, from RMB 57.060 billion as of December 31, 2023[27] - As of June 30, 2024, total assets amounted to approximately RMB 188.63 billion, down from RMB 199.37 billion as of December 31, 2023, while total liabilities decreased to approximately RMB 190.41 billion from RMB 227.46 billion[38] Revenue Sources - Total customer contract revenue for the six months ending June 30, 2024, was RMB 4.643 billion, with RMB 3.994 billion from property development and RMB 649.108 million from other sources[11] - Property development revenue accounted for 84.4% of total revenue, while other income from hotel operations and property investment contributed 13.7% and 1.9% respectively[32] - Total external segment revenue for the six months ended June 30, 2024, was RMB 4,734,241,000, with property development contributing RMB 3,994,187,000[14] Cost Management and Restructuring - The group has implemented rigorous cost control measures and is actively exploring potential asset sales to generate liquidity[8] - The group completed a comprehensive restructuring of significant offshore debt, resulting in a substantial deleveraging of its financial position[6] - The company completed a significant offshore debt restructuring on March 20, 2024, which relieved payment obligations of approximately RMB 45.083 billion[46] Market and Operational Strategy - The company continues to focus on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[5] - The group aims to accelerate the pre-sale and sale of ongoing and completed projects to improve cash flow and reduce operational expenses[8] - The group continues to ensure timely delivery of property projects, with most projects progressing as scheduled[7] Employee and Corporate Governance - As of June 30, 2024, the company employed approximately 3,678 employees, a decrease from 3,998 employees as of December 31, 2023[51] - The audit committee consists of Mr. Zhang Guoqiang (Chairman), Mr. Li Jingbo, and Mr. Huang Weiqiang, who reviewed the accounting principles and financial reporting matters for the six months ending June 30, 2024[52] Dividends and Shareholder Information - The company did not declare any dividends for the six months ending June 30, 2024, consistent with the previous year[8] - The company has not declared an interim dividend for the six months ended June 30, 2024, compared to no dividend declared for the same period in 2023[47] - The interim results announcement will be published on the Hong Kong Stock Exchange website and the company's website, with a comprehensive interim report to be sent to shareholders[53] - The company will disclose all necessary information required by listing rules in the interim report for the six months ending June 30, 2024[53]

Financial Performance - The company achieved property contract sales of approximately RMB 13.712 billion, with a contract sales area of about 1.304 million square meters in 2023[51]. - In 2023, the company's total revenue was approximately RMB 27.533 billion, an increase of about RMB 8.822 billion or 47.1% compared to RMB 18.711 billion in 2022[55]. - Property development sales revenue for 2023 was approximately RMB 24.964 billion, up by about RMB 9.611 billion or 62.6% from RMB 15.353 billion in 2022[55]. - The total area of delivered properties increased by 41.6% to 2.96 million square meters in 2023, compared to 2.09 million square meters in 2022[55]. - The average selling price per square meter rose by 15.0% to approximately RMB 8,434 in 2023, up from about RMB 7,335 in 2022[55]. - The company’s gross loss for 2023 was approximately RMB 1.454 billion, a decline of 272.9% compared to a gross profit of RMB 841 million in 2022, resulting in a gross loss margin of 5.3%[71]. - The company reported a net loss of approximately RMB 1.384 billion in other income, primarily due to foreign exchange losses of about RMB 570 million and losses from the sale of investment properties of approximately RMB 894 million[72]. Operational Initiatives - The company is actively promoting the "Double Hundred Action" to ensure the resumption of work and delivery of properties[51]. - The company focuses on integrating and revitalizing resources to maintain stable operations[51]. - The company aims to maintain stable operations and accelerate its return to sustainable development in 2024, focusing on delivering projects and enhancing operational efficiency[63]. - The company successfully completed its debt restructuring process, which significantly improved its net asset position and reduced debt pressure[69]. Environmental Sustainability - The group has implemented a water recycling system at construction sites to significantly improve water resource reuse rates[92]. - The group aims to reduce greenhouse gas emissions by adopting low-energy consumption building technologies[89]. - The group has established a climate response plan requiring local climate studies for all future projects to enhance property resilience against climate risks[113]. - The group reported a significant reduction in air pollutants: nitrogen oxides decreased from 177.86 kg in 2022 to 41.28 kg in 2023, sulfur dioxide from 1.57 kg to 0.64 kg, and particulate matter from 13.28 kg to 2.87 kg[133]. - The group has established a waste management mechanism for contractors to minimize waste and environmental impact[123]. - The group actively promotes green construction practices to minimize construction waste and environmental impact[84]. - The group has set annual environmental goals and work arrangements to promote sustainable development[84]. - The company has policies in place to reduce significant impacts on the environment and natural resources[165]. - The company identifies and addresses major climate-related issues that may affect its operations[166]. - The total amount of hazardous waste generated was measured in tons, with a focus on density per production unit[178]. - The company established emission reduction targets and outlined steps taken to achieve these goals[178]. - The total energy consumption was reported in kilowatt-hours, with density metrics provided per production unit[178]. - The total water consumption was reported, with density metrics provided per production unit[178]. Human Resources and Employee Welfare - The employee turnover rate for 2023 was 82%, an increase from 58% in 2022[110]. - The percentage of full-time employees remained at 100% in 2023, compared to 99.8% in 2022[105]. - The total number of employees in 2023 was 1,432, significantly lower than 14,375 in 2022, primarily due to changes in equity holdings and disclosure scope[111]. - The group has a clear human resources management system to ensure compliance with labor laws, with no significant violations reported during the reporting period[117]. - The group has set up a reward system for employees, including cash bonuses and paid leave for those achieving professional qualifications[128]. - The company distributed small gifts to employees' children during the Children's Day event, enhancing employee belonging and family happiness[142]. - The company adheres to various labor laws and regulations, including the Labor Law of the People's Republic of China, ensuring employee rights and competitive compensation[154]. - The company promotes a diverse and harmonious work environment, providing equal opportunities regardless of cultural background, gender, or religion[154]. - The company conducts various employee care activities, such as birthday parties and health-promoting events, to improve employee well-being and promote work-life balance[161]. - The group actively encourages employee health and well-being through various initiatives, including sports activities and mental health services[140]. - The group has a strict recruitment process to prevent the hiring of underage workers, with immediate action taken if violations are found[118]. - The company reported a total employee turnover rate categorized by gender, age group, and region[173]. - The average training hours completed per employee were categorized by gender and employee type[180]. - The company provides training and development opportunities to attract and retain talent, including programs for disabled individuals and recent graduates[154]. Compliance and Governance - The company complies with external laws and regulations related to product responsibility, including the Product Quality Law of the People's Republic of China[149]. - The company emphasizes community investment and adheres to the Charity Law of the People's Republic of China[163]. - The company is committed to anti-corruption measures, complying with various laws including the Anti-Money Laundering Law of the People's Republic of China[163]. - The company outlined its policies to prevent child and forced labor, including measures taken to eliminate violations[193]. - The company reported the percentage of products recalled for safety and health reasons from total sold or delivered products[185]. - The number of complaints received regarding products and services was documented[197]. - The group has established internal management policies to enhance resource efficiency and reduce environmental impact during office operations[87]. - The group has introduced measures to improve water efficiency, including setting water usage quotas with contractors[92].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 27,333,914,000, an increase of 47.9% from RMB 18,459,360,000 in 2022[2] - The company reported a gross loss of RMB 1,453,712,000 for 2023, compared to a gross profit of RMB 840,882,000 in 2022[2] - The net loss for the year was RMB 9,640,627,000, which is a 13.4% increase from the net loss of RMB 8,496,026,000 in 2022[3] - Basic loss per share for 2023 was RMB 321.47, compared to RMB 264.47 in 2022[4] - Total revenue for 2023 was approximately RMB 27.533 billion, an increase of about RMB 8.822 billion or 47.1% compared to RMB 18.711 billion in 2022[88] - Property development revenue was approximately RMB 24.964 billion, up about RMB 9.611 billion or 62.6% from RMB 15.353 billion in 2022[88] Assets and Liabilities - Non-current assets decreased to RMB 21,560,472,000 in 2023 from RMB 25,061,353,000 in 2022, a decline of 13.5%[9] - Current assets decreased to RMB 177,811,016,000 in 2023 from RMB 203,512,682,000 in 2022, a decline of 12.7%[9] - Total liabilities decreased to RMB 212,903,149,000 in 2023 from RMB 236,888,559,000 in 2022, a decline of 10.1%[13] - The company’s equity attributable to shareholders was negative at RMB 32,181,479,000 in 2023, compared to negative RMB 22,717,415,000 in 2022[20] - The company’s total liabilities amounted to approximately RMB 227.455 billion as of December 31, 2023, down from RMB 252.063 billion a year earlier[94] - As of December 31, 2023, the group's bank and other borrowings amounted to RMB 71.76 billion, a decrease from RMB 76.29 billion as of December 31, 2022[98] Cash Flow and Financing - The company reported a significant increase in financing costs, which were RMB 287,558,000 in 2023 compared to RMB 427,772,000 in 2022[2] - The company’s cash and cash equivalents decreased to RMB 1,858,831,000 in 2023 from RMB 5,110,292,000 in 2022, a decline of 63.6%[9] - The group recorded a net cash outflow from operations for the year ended December 31, 2023[26] - The group has extended existing domestic financing arrangements totaling approximately RMB 16.739 billion to improve liquidity and cash flow[29] - The group is actively exploring potential asset sales to increase liquidity for debt repayment[30] - The group anticipates funding its construction cost commitments primarily through property sales and bank borrowings[101] Operational Highlights - Property contract sales for the group significantly declined in 2023, adversely affecting cash income from sales and pre-sales of properties[27] - The group aims to accelerate the pre-sale and sale of ongoing and completed projects to improve cash flow[30] - The total area of properties delivered increased by 41.6% to 2.96 million square meters, with the average selling price rising by 15.0% to approximately RMB 8,434 per square meter[88] - The group has prioritized the delivery of property development projects, with most projects progressing on schedule[30] Employee and Cost Management - The group employed 3,998 employees as of December 31, 2023, a significant reduction from 9,002 employees as of December 31, 2022[113] - The total employee costs decreased to RMB 695,927 thousand in 2023 from RMB 1,409,920 thousand in 2022, a reduction of approximately 50.7%[58] - The group continues to implement strict cost control measures to reduce unnecessary expenses[31] Tax and Other Expenses - The company reported a total tax expense of RMB 1,826,058 thousand in 2023, significantly higher than RMB 424,110 thousand in 2022, reflecting an increase of approximately 331.5%[60] - The company recognized a loss of RMB 1,600,959 from the sale of subsidiaries during the reporting period[47] - The company incurred a foreign exchange loss of RMB 569,937 in 2023, compared to a loss of RMB 2,835,381 in 2022, indicating a significant improvement[55] - Other income, gains, and losses for the year ended December 31, 2023, amounted to RMB 1,383,563, a decrease from RMB 3,731,073 in 2022[55] Restructuring and Future Outlook - The group has completed a significant restructuring of its offshore debt, which has notably reduced overall leverage and alleviated short-term liquidity pressure[26] - The restructuring plan included the issuance of new notes amounting to USD 1.8 billion and cash consideration of USD 2.87 million[107] - The group completed a restructuring on March 20, 2024, which involved the release of payment obligations related to RMB 42.87 billion in outstanding principal amounts of certain notes and borrowings[106] - The group has implemented several interest rate management policies to mitigate cash flow interest rate risks due to floating rate borrowings[98] Dividend and Reporting - The company did not recommend any dividend payment for the year ended December 31, 2023, consistent with the previous year[64] - The board recommended not to declare a final dividend for the year ended December 31, 2023, consistent with the previous year[114] - The company will publish its annual performance announcement and annual report on the Hong Kong Stock Exchange and its website[123] - The external auditor confirmed that the financial figures for the year ending December 31, 2023, are consistent with the consolidated financial statements[122]