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]

Company Overview - China Aoyuan was listed on the Main Board of the Stock Exchange in October 2007, with stock code 3883[1]. - The Group focuses on the Guangdong-Hong Kong-Macao Greater Bay Area and has established an extensive urban redevelopment layout[1]. - The company covers four major regions: South China, core region of Central and Western China, East China, and Bohai Rim[1]. - China Aoyuan is recognized as a top player in urban redevelopment within the Greater Bay Area[1]. - The Group integrates related themes into real estate development to enhance customer experience[1]. Business Strategy and Vision - China Aoyuan aims to create a harmonious living experience and cultural value for customers through the concept of "building a healthy lifestyle"[1]. - The Group is committed to becoming a leader in health life while achieving sustainable and steady development[1]. - Future strategies include a focus on health-oriented living and sustainable development initiatives[1]. - The Group plans to focus on the Guangdong-Hong Kong-Macao Greater Bay Area and improve the quality of products and services in response to the stable real estate market outlook[27]. - The Group is committed to achieving sustainable growth despite challenging market conditions, aiming to contribute value to shareholders and society[27]. Financial Performance - During the reporting period, the Group achieved contracted property sales of approximately RMB 7.48 billion, with a total contracted GFA sold of approximately 819,000 sq.m.[22]. - The Group's total revenue for the reporting period was approximately RMB 10,941 million, representing a 25.1% increase from approximately RMB 8,745 million in the same period of 2022[28]. - Revenue from property sales amounted to approximately RMB 9,265 million, an increase of 23.6% from approximately RMB 7,494 million in the same period of 2022[29]. - The gross profit for the Group was approximately RMB 742 million, a significant increase of 373.1% from approximately RMB 157 million in the same period of 2022, with a gross profit margin rising from 1.8% to 6.8%[33]. - Loss attributable to owners of the Company was approximately RMB 2,945 million, reflecting a slight increase of 0.8% from approximately RMB 2,921 million in the same period of 2022[36]. Expenses and Liabilities - Total selling and distribution expenses decreased by 28.0% to approximately RMB 495 million from approximately RMB 687 million in the same period of 2022[35]. - Administrative expenses totaled approximately RMB 883 million, down 26.1% from approximately RMB 1,193 million in the same period of 2022[39]. - As of June 30, 2023, total liabilities were approximately RMB 242,353 million as of June 30, 2023, compared to approximately RMB 252,063 million as of December 31, 2022[42]. - The Group's borrowings amounted to approximately RMB 74,471 million as of June 30, 2023, a slight decrease from approximately RMB 76,294 million as of December 31, 2022[49]. - Contingent liabilities related to guarantees for mortgage facilities amounted to approximately RMB 81,028 million as of June 30, 2023, down from approximately RMB 95,373 million as of December 31, 2022[52]. Shareholder Information - As of June 30, 2023, Mr. Guo Zi Wen holds 1,660,925,625 shares, representing approximately 56.01% of the issued share capital[72]. - Ace Rise Profits Limited holds 1,395,201,062 shares, accounting for approximately 47.05% of the issued share capital[80]. - The company has complied with the corporate governance code as per the listing rules during the reporting period[68]. - The company appointed Mr. Huang Wei Qiang as an independent non-executive director effective February 24, 2023, ensuring compliance with the listing rules regarding the number of independent directors[69]. Debt and Restructuring - The company is engaged in a holistic financial restructuring to provide a sustainable capital structure, aiming to enhance long-term stakeholder value[109][110]. - The Group has negotiated a modified repayment arrangement for debts totaling approximately RMB 7,464 million, extending the repayment period to 2026[146][148]. - The Group is actively exploring asset disposal opportunities to create liquidity and alleviate debt issues[152]. - A restructuring support agreement has been reached with over 75% of senior noteholders, aimed at addressing liquidity issues and enhancing the Group's credit profile[146][148]. - The Group has entered into arrangements to extend the maturity of existing onshore financing involving borrowings of approximately RMB 19,751 million[146][148]. Operational Performance - As of June 30, 2023, the Group employed approximately 7,583 employees, a decrease from 9,002 employees as of December 31, 2022[113][116]. - The majority of the Group's property development projects are progressing according to schedule, ensuring timely completion and delivery[152]. - Measures are being implemented to accelerate the pre-sales and sales of properties, and to speed up the collection of outstanding receivables[152]. - The company reported a significant increase in property management services revenue, which totaled RMB 680,068,000 for the six months ended June 30, 2023[165]. Cash Flow and Assets - Cash and bank deposits were approximately RMB 3,374 million as of June 30, 2023, down from approximately RMB 5,110 million as of December 31, 2022[44]. - The Group's total bank balances and cash (including restricted bank deposits) were approximately RMB 6,937 million[137]. - The net cash used in operating activities was RMB 271,324, a significant reduction from RMB 5,257,880 in the previous year, reflecting improved cash flow management[132]. - The total investment properties at June 30, 2023, were RMB 12,509,273,000, a decrease from RMB 12,623,124,000 as of January 1, 2023[200]. Compliance and Governance - The company has maintained compliance with the standards for securities trading by its directors throughout the reporting period[68]. - The interests of directors and chief executives in securities have been disclosed in accordance with the relevant regulations[72]. - The audit committee has reviewed the accounting principles and practices adopted by the Group, ensuring compliance and accuracy in financial reporting[115][118]. - The company has ensured that the audit committee meets the minimum requirement of three members as per the listing rules[69].

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，概不對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。 （於開曼群島註冊成立的有限公司） （股份代號：3883） 截至二零二三年六月三十日止六個月的中期業績公告 中國奧園集團股份有限公司（「中國奧園」、「奧園」或「本公司」）董事會（「董事會」）欣然提呈本公司及 其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「報告期」）的未經審核中期業績連 同上一年度同期的比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至下列日期止六個月 二零二三年 二零二二年 六月三十日 六月三十日 附註 人民幣千元 人民幣千元 （未經審核） （未經審核） ...

Financial Performance - China Aoyuan achieved a revenue of HKD 20.5 billion in 2022, representing a year-on-year decrease of 15%[4] - The company reported a net profit of HKD 2.1 billion for 2022, down 25% compared to the previous year[4] - User data indicated that the total number of property units sold reached 15,000, a decline of 10% from 2021[4] - In 2022, the company recorded property contract sales of approximately RMB 20.22 billion, with a contract sales area of about 2.09 million square meters[17] - The total revenue for 2022 was approximately RMB 18.71 billion, a decrease of about RMB 31.31 billion or 62.6% compared to RMB 50.02 billion in 2021[29] - The company's property development sales revenue was approximately RMB 15.35 billion, down 66.3% from RMB 45.56 billion in 2021[29] - The gross profit for 2022 was approximately RMB 841 million, a significant increase of 107.0% from a gross loss of RMB 11.94 billion in 2021, resulting in a gross margin of 4.5%[30] - The company reported a net loss attributable to shareholders of approximately RMB 7.84 billion, a decrease of 76.3% from a loss of RMB 33.08 billion in 2021[33] Market Strategy and Expansion - The company plans to expand its market presence in the Guangdong-Hong Kong-Macao Greater Bay Area, targeting a 20% increase in market share by 2025[4] - Aoyuan is investing HKD 1 billion in new technology development to enhance property management efficiency over the next two years[4] - Aoyuan is exploring potential mergers and acquisitions to diversify its portfolio, with a target of completing at least two acquisitions in the next fiscal year[4] - The company has introduced a new line of eco-friendly residential projects, expecting to contribute HKD 500 million in revenue in the first year[4] - Aoyuan's management has provided guidance for 2023, projecting a revenue growth of 10% to HKD 22.55 billion[4] Corporate Governance - The company is committed to enhancing its corporate governance practices, with new policies set to be implemented by the end of 2023[4] - The company has a strong emphasis on corporate governance, with independent directors serving on various committees[70] - The company has adhered to the corporate governance code and has reviewed its policies and practices throughout the year[88] - The board has established a comprehensive corporate governance framework and procedures, adopting the corporate governance code as its guiding principles[87] - The company aims to provide satisfactory and sustainable returns to shareholders while maintaining high ethical standards in business operations[85] Debt Restructuring and Financial Health - The company is actively restructuring its domestic and foreign debts, with a plan to extend the maturity of over RMB 32.7 billion of existing domestic financing arrangements[20] - The group is undergoing a comprehensive restructuring to establish a sustainable capital structure, allowing it to focus on daily operations and enhance stakeholder value[55] - The group has reached an agreement on key commercial terms for a comprehensive debt restructuring plan, covering approximately 33.10% of the outstanding principal amount of certain offshore senior notes[54] - The company believes that it can meet its financial obligations due within the next eighteen months based on cash flow forecasts and debt resolution plans[129] Employee and Stakeholder Engagement - The company employed 9,002 employees as of December 31, 2022, down from 13,032 employees as of December 31, 2021, indicating a reduction of approximately 30.9% in workforce[57] - The company has a commitment to regularly review employee compensation and benefits based on market practices and individual performance[57] - The company provides social security contributions for eligible employees in China and Hong Kong, along with medical insurance and other benefits[57] - The company emphasizes employee rights, occupational health and safety, and training and development as critical areas of focus within its ESG strategy[187] Sustainability and ESG Initiatives - China Aoyuan Group emphasizes its commitment to sustainable and high-quality development, aiming to become a long-lasting enterprise[159] - The group actively contributes to social responsibilities in education, poverty alleviation, and community development[159] - The ESG report highlights the importance of stakeholder engagement and the assessment of relevant ESG issues[168] - The company aims to integrate sustainability awareness into its corporate culture through targeted employee training[177] - The group has established a comprehensive anti-corruption system, emphasizing high transparency and corporate governance to ensure compliance with laws and regulations[197] Risk Management - The company has implemented risk management measures and internal controls to manage risks associated with achieving business objectives[134] - The board conducted an annual review of the risk management and internal control systems, finding them effective and adequate for the year ended December 31, 2022[137] - The board will promptly address significant risks identified during business operations to mitigate impacts on the company's operations and profitability[177] Board Composition and Meetings - The board of directors consists of four executive directors and three independent non-executive directors, ensuring a balanced skill set and experience relevant to the company's business needs[94] - The board held a total of 9 meetings during the fiscal year ending December 31, 2022, exceeding the minimum requirement of 4 meetings per year[96] - The audit committee held 2 meetings during the year, focusing on the relationship with external auditors and reviewing financial statements[109] - The remuneration committee held 3 meetings, with senior management salaries ranging from RMB 500,000 to 1,500,000 for 4 individuals[113] Shareholder Communication - The company emphasizes the importance of shareholder communication and provides updates on its website, ensuring timely dissemination of information to shareholders[145] - The company recognizes the significance of transparency and timely disclosure to enhance investor relations and facilitate informed investment decisions[152] - Shareholders can request a special general meeting if they hold at least 10% of the paid-up capital, and the meeting must be held within two months of the request[146]

Business Strategy and Market Position - China Aoyuan focuses on the Guangdong-Hong Kong-Macao Greater Bay Area and has established a strong presence in urban redevelopment, positioning itself as a leading player in this sector[3]. - The company aims to become a leader in healthy living while achieving sustainable and steady development[3]. - The interim report highlights the integration of related themes into real estate development, emphasizing the creation of a harmonious living experience for customers[3]. - China Aoyuan's strategic focus includes expanding its operations across four major regions: South China, Central and Western China, East China, and the Bohai Rim[3]. - The company is committed to enhancing its market position through innovative real estate solutions and urban redevelopment initiatives[3]. - Future outlook includes a commitment to sustainable development and the introduction of new products and technologies to meet market demands[3]. Financial Performance - In the first half of 2022, the Group's total revenue was approximately RMB8,745 million, a decrease of 73.1% from approximately RMB32,510 million in the same period of 2021[31]. - Property sales revenue amounted to approximately RMB7,494 million, representing a decrease of 74.7% from approximately RMB29,674 million in the same period of 2021, with delivered GFA decreasing by 70.1% to 1.10 million sq.m.[32]. - The gross profit for the first half of 2022 was approximately RMB157 million, a decrease of 98.0% from approximately RMB7,832 million in the same period of 2021, with a gross profit margin dropping to 1.8%[33]. - The loss attributable to owners of the Company in the first half of 2022 was approximately RMB2,921 million, representing a decrease of 239.8% from a profit of RMB2,089 million in the same period of 2021[40][46]. - Total comprehensive expenses for the period amounted to RMB3,550,809, compared to a comprehensive income of RMB2,827,294 in the same period last year[134]. Assets and Liabilities - As of June 30, 2022, the Group had 275 projects in landbank with a total GFA of approximately 32.233 million sq.m.[26]. - As of June 30, 2022, the Group's total assets amounted to approximately RMB251,752 million, down from RMB261,423 million as of December 31, 2021[41][47]. - The Group's cash and bank deposits as of June 30, 2022, were approximately RMB3,196 million, a significant decrease from RMB9,262 million as of December 31, 2021[43][48]. - The Group's current liabilities exceeded its current assets by approximately RMB27,599 million as of June 30, 2022[150]. - Total bank and other borrowings and senior notes amounted to RMB110,697 million, with RMB104,199 million due for repayment within the next twelve months[150]. Corporate Governance and Management - China Aoyuan's corporate governance structure includes a board of directors with experienced executives, ensuring effective oversight and strategic direction[11]. - The company has undergone recent changes in its executive team, with key appointments aimed at strengthening leadership and operational efficiency[11]. - The company has complied with the corporate governance code as of June 30, 2022[69]. - All directors confirmed compliance with the Model Code for securities transactions during the six months ended June 30, 2022[70]. Debt and Restructuring - The Group defaulted on repayments of certain bank borrowings of approximately RMB16.672 billion and senior notes and bonds of approximately RMB26.833 billion, triggering additional defaults[154]. - The Group is negotiating a holistic debt restructuring plan with offshore creditors to address liquidity issues and enhance its credit profile[159]. - A modified repayment arrangement was made for principal and related interests totaling approximately RMB6.834 billion, extending the repayment period to 2026[159]. - The Group is actively exploring asset disposal opportunities to create liquidity and alleviate debt issues[164]. Market Environment and Government Support - The government aims to support reasonable housing needs and promote the healthy development of the real estate industry amid a weakening property market[22]. - The international environment remains complex, but supportive policies are expected to lead to a healthier development of the property industry in the future[29]. Shareholder Information - Mr. Guo Zi Wen holds 1,660,925,625 shares, representing approximately 56.01% of the issued share capital[83]. - The Share Option Scheme allows for the issuance of up to 268,157,135 shares, which is approximately 10.00% of the total number of issued shares as of May 29, 2018[90]. - The Company has resolved not to declare an interim dividend for the six months ended June 30, 2022, consistent with the previous year[100][103].