Group 1: Real Estate Policies - Wuhan extended the deadline for certain real estate policies to December 31, 2025, allowing new housing projects in specific districts to apply for pre-sale permits under certain conditions [1] Group 2: Company Financials and Strategies - Hongyang Real Estate announced the completion of approximately 3 billion yuan in loan extensions and new financing of about 90 million yuan in the first half of 2025 to address operational uncertainties [2] - Longguang Group is actively working on its overall debt restructuring plan, including preparing necessary legal documents and updating creditors on project and asset information [3] Group 3: Executive Changes - Zhongyuan Jianye announced the resignation of Executive Director Chen Aiguo due to family reasons, effective July 1, 2025 [4] Group 4: Industry Performance - The top 100 real estate companies in China reported a total sales revenue of 183.64 billion yuan in the first half of 2025, reflecting a year-on-year decline of 11.8%, with four companies exceeding 100 billion yuan in sales [5]

智通财经APP讯，中原建业(09982)发布公告，于2025年4月，本集团获得2个新签合约项目，合约建筑面 积8.45万平方米。 截至2025年4月30日止四个月，集团拥有4个新签合约项目，新增合约建筑面积18.24万平方米，较2024 年同期减少54.6%。 截至2025年4月30日，本集团拥有252个在管项目，总建筑面积为3005.21万平方米。 截至2025年4月30日，本集团拥有合计453个签约项目，累计签约建筑面积5579.24万平方米。 截至2025年4月30日止四个月，本集团于河南省以外的省份拥有1个新签合约项目，新增合约建筑面积 4.5万平方米。 截至2025年4月30日，本集团于河南省以外的省份拥有34个在管项目，总建筑面积为3633993平方米，佔 本集团所有在管项目总建筑面积12.1%。除河南省外，集团在管项目涵盖多个省份，包括安徽、山西、 陕西、河北、新疆、海南、内蒙古、湖北和山东九个省或自治区。 于2025年4月，该集团在管项目合约销售为8.96亿元，合约销售建筑面积14.59万平方米。2025年4月每平 方米平均售价为人民币6138元。 截至2025年4月30日止四个月，本集团在管 ...

中原建业集团集中签约9个项目 国贸地产公布一季度中标多个代建项目 项目 新城建管代建鑫海·海润华城领跑沧州区域市场 旭辉建管「森屿系」蠡棠森屿实景示范区亮相 本期关注 企业 金科金建管提出"规模前五、利润增长"目标 企业动态 献，并明确了全年代建业务战略蓝图及发展路径。2025年金科代建业务发展明细了"规模前五、利润增长"的双重目标，通过"纯轻、出资、纾困、配资"四大代建模式 研。远洋对轻资产业务领域全流程服务能力进行了介绍，并对住宅、商业、养老、产业园等典型项目案例做了分享。中国房协介绍了代建分会的年度工作计划，双方 项目获取 目4个，占总签约面积的43%。 服务平台项目总建筑面积约1万㎡；厦门银行福州2022-17地块项目；厦门医学院附属口腔医院科教综合用房装修工程项目等。 和全市顶尖的教育配套资源，总占地面积85.82亩，规划计容面积40万方。拟在政府保民生政策支持下，通过破产重整和投资人共益债资金介入，绿地智造作为品牌企 项目动态 4年11月17日洋房首开即引爆市场，蓄客39天突破133组，首开销售2.7亿；截至2025年一季度，总销售额达7.3亿，洋房溢价较竞品高出1500元/㎡，成为区域价值领跑 ...

Business Operations - As of December 31, 2024, the cumulative GFA under management stood at approximately 55.61 million sq.m., serving over 500,000 property owners[17]. - The company signed contracts on project management projects in 136 counties and above-county-level cities across 8 provinces, municipalities, and autonomous regions, with a repeat cooperation rate of 62%[17]. - The project management business is primarily conducted through its wholly-owned subsidiaries, indicating a strong operational structure[16]. - The company has four business segments: commercial project management, government project management, capital project management, and management consulting, with traditional commercial project management being the core business[18]. - CCMGT has established a four-business structure: commercial construction, government construction, capital construction, and management consulting, with traditional commercial construction being the core business[20]. - The company has formed strategic partnerships with 30 government platform companies and 8 state-owned enterprises in Henan Province[20]. - The company signed a total of 449 project contracts during the year, with a contracted GFA of 55.61 million sq.m.[94]. - The Group signed 31 new project management projects with an additional contracted GFA of 2,517,200 sq.m., a year-on-year decrease of 64.8%[114]. - The company has embarked on a path of independent, national, large-scale, and professional development in project management[16]. Financial Performance - Revenue for the year ended 31 December 2024 was RMB 252.03 million, a decrease of 46.2% compared to RMB 468.38 million in 2023[89]. - Net profit for 2024 was RMB 73.22 million, down 63.6% from RMB 201.24 million in 2023, resulting in a net profit margin of 29.1%[89]. - The company achieved an opening inventory sales of RMB 8.74 billion in 2024, with a sales rate of 48.5%, which is 8.5% higher than the average level of 40% in third- and fourth-tier cities[76][80]. - In 2024, the company's contracted sales amounted to approximately RMB 13.4 billion, representing a year-on-year decrease of 54.6%, with a contracted sales GFA of approximately 2.17 million sq.m.[76]. - Revenue from projects in Henan province was RMB 226.4 million, accounting for 89.8% of total revenue, down 48.0% from RMB 435.1 million in 2023[133]. - Other income decreased by RMB 53.0 million or 71.8% to RMB 20.9 million, mainly due to a reduction in interest income on advances to third parties[134]. - Personnel costs amounted to RMB 101.5 million, representing a decrease of 9.6% from RMB 112.2 million in 2023, attributed to strict cost control measures[137]. - Other operating expenses were RMB 47.2 million, down 19.4% from RMB 58.6 million in 2023, also due to stringent expense management[138]. - The decline in revenue was attributed to lower service fees due to the downturn in the domestic real estate market and a significant decrease in completed projects[131]. Market Conditions - The focus of real estate policies in China shifted to support reasonable housing demand, particularly for rigid demand and improvement[70]. - The real estate market remained in a deep correction trajectory, with year-on-year contraction in real estate investments, sales, and project starts yet to be fundamentally reversed[102]. - The leading real estate developers' market shares were gradually eroded by medium-sized project management companies and new entrants, resulting in increasingly fierce competition[106]. - Preliminary statistics indicate that the planned GFA of newly contracted projects of project management companies in 2024 was estimated to be 165 million sq.m.[71]. - The market concentration of leading companies in project management remained above 50% in 2024[71]. - The economic environment in 2024 faced challenges, including weak global recovery and insufficient domestic demand, impacting overall market performance[101]. Strategic Initiatives - In September 2023, CCMGT launched the CCMGT C Platform, a new project management trust system aimed at enhancing brand premium and management capabilities[22]. - CCMGT aims to ensure every project is profitable and every risk is eliminated, focusing on sustainable cooperation with partners[25]. - The company plans to implement innovative expansion models and diversified cooperation in selected pilot cities in Henan[119]. - Future strategies include strengthening panoramic management and fine control to re-establish a leading position in the market[122]. - The company will focus on risk control and quality improvement to ensure high-quality development and security[127]. - CCMGT intends to innovate service models to strengthen collaboration across the industry chain[128]. - The company will continue to deepen its Greater Central China strategy, focusing on brand building and product quality[128]. Corporate Governance - The company has established a performance-based compensation structure to reward employees and promote healthy competition[188]. - The Group is committed to high corporate governance standards and has complied with applicable code provisions during the year, except for a deviation from code provision F.2.2[192]. - The company emphasizes win-win cooperation as its guiding ideology and aims for joint industry development[196]. - The company is focused on maintaining high standards of business ethics and corporate governance across its operations[197]. - The company has implemented a whistleblowing policy to allow employees and other stakeholders to report concerns about possible irregularities anonymously[197]. - A clear anti-corruption policy has been established to support anti-corruption laws and promote a culture of integrity within the company[197]. - The board is committed to monitoring and evaluating the company's culture to ensure long-term sustainable growth for shareholders[198]. Shareholder Information - The company was incorporated in the Cayman Islands on October 22, 2020, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 31, 2021[15]. - Mr. Wu Po Sum, the chairman, sold 395,560,000 shares, representing approximately 10.2% of the total issued share capital, as collateral under margin trading conditions[199]. - The chairman and other committee chairs were absent from the 2024 Annual General Meeting, but other directors attended to maintain communication with shareholders[195]. - The company plans to ensure the attendance of its auditor at future annual general meetings to address shareholder inquiries[195]. - The company reported a delay in the publication of its annual results and annual report for the year ending December 31, 2023, affecting the approval of the consolidated financial statements and auditor's report at the 2024 Annual General Meeting[195].

中原建业公告，截至2025年3月31日止三个月，本集团拥有2个新签合约项目，新增合约建筑面积97900 平方米，较2024年同期减少73.2%。截至2025年3月31日，本集团拥有250个在管项目，总建筑面积为 2996.76万平方米。截至2025年3月31日，本集团拥有合计451个签约项目，累计签约建筑面积5570.79万 平方米。于2025年3月，本集团在管项目合约销售为人民币8.75亿元，合约销售建筑面积14.51万平方 米。截至2025年3月31日止三个月，本集团在管项目合约销售为人民币26.9亿元，同比减少29.1%，合约 销售建筑面积46.02万平方米，同比减少27.8%。 ...

中原建业(09982)发布2024年度业绩，股东应占溢利 6513.1万元，同比下降67.2% 于年内，新签代建项目31个，新增合约建面积251.72万平方米，较2023年同期减少64.8%;其中，新签约 省内项目26个，新增合约建筑面积211.3万平方米;新签约省外项目5个，新增合约建筑面积40.42万平方 米。集团在管项目的合约销售金额134.02亿元，同比减少54.6%;合约销售面积217.4万平方米，同比减少 53.3%。截至2024年12月31日，集团在管项目248个，在管项目建筑面积2986.97万平方米，其中省内项 目215个，总建筑面积2628.07万平方米;省外项目33个，总建筑面积358.9万平方米。中原建业专注于大 中原区域三四线市场，省内外合计进驻136个县市。省内总计107个：17个地级市，1个省直辖县级市， 89个县及县级市;省外合计29个：6个地级市，23个县级市。 智通财经APP讯，中原建业(09982)发布截至2024年12月31日止年度业绩，收入2.52亿元(人民币，下 同)，同比下降46.2%;股东应占溢利6513.1万元，同比下降67.2%;每股基本盈利1.72分。 期 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 252.0 million, a decrease of 46.2% compared to 2023[4] - The net profit for the fiscal year was RMB 73.2 million, down 63.6% from 2023, resulting in a net profit margin of 29.1%[4] - Basic earnings per share for the year were RMB 1.72, a decline of 69.2% compared to the previous year[4] - Total comprehensive income for the year amounted to RMB 76.997 million, compared to RMB 200.186 million in 2023[8] - Other income for 2024 totaled RMB 20,864,000, a significant drop of approximately 71.7% compared to RMB 73,888,000 in 2023[33] - The group reported a profit before tax of RMB 247,219,000 for 2024, compared to RMB 93,765,000 in 2023, indicating a significant increase[41] - Net profit for the year was RMB 73.2 million, down 63.6% from RMB 201.2 million in 2023, primarily due to the decline in revenue[124] Revenue and Contracts - The group's revenue from customer contracts for real estate agency services decreased to RMB 252,026,000 in 2024 from RMB 468,377,000 in 2023, representing a decline of approximately 46.1%[28] - Revenue from projects in Henan Province accounted for 89.8% of total revenue, amounting to RMB 226.4 million, down 48.0% from RMB 435.1 million in 2023[118] - The nominal total amount of remaining performance obligations under existing contracts as of December 31, 2024, is RMB 1,895,815,000, down from RMB 2,146,122,000 in 2023, indicating a decrease of about 11.7%[29] - Contract liabilities related to real estate construction services decreased to RMB 222,259,000 in 2024 from RMB 309,936,000 in 2023, indicating a decline of about 28%[63] - The expected revenue to be recognized from contract liabilities within one year is RMB 138,390,000 in 2024, down from RMB 204,878,000 in 2023, a decrease of approximately 32.4%[64] Assets and Liabilities - The company's cash and cash equivalents increased to RMB 2,484.045 million from RMB 1,835.783 million in 2023[10] - Trade and other receivables decreased significantly to RMB 469.863 million from RMB 1,121.515 million in 2023[10] - The company's total assets less current liabilities stood at RMB 2,550.228 million, up from RMB 2,423.230 million in 2023[10] - The total lease liabilities as of December 31, 2024, were RMB 4,729,000, a decrease from RMB 7,846,000 in 2023, reflecting a reduction of about 39.5%[73] - The allowance for credit losses increased to RMB 180,186,000 in 2024 from RMB 134,042,000 in 2023, indicating a rise of approximately 34.4%[65] Taxation - The effective tax rate increased to 21.9% from 18.6% in 2023, an increase of 3.3 percentage points due to changes in the income structure of different tax rate companies[123] - The group recorded a tax expense of RMB 20,547,000 for 2024, down from RMB 45,982,000 in 2023, indicating a reduction in tax liabilities[41] - The group’s subsidiaries in mainland China are subject to a corporate income tax rate of 25%, except for one subsidiary benefiting from a reduced rate of 15%[41] Corporate Governance and Compliance - The company is committed to achieving high standards of corporate governance and has adhered to applicable corporate governance codes[147] - The financial statements comply with all applicable Hong Kong Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance[15] - The company has established an Audit Committee consisting of three independent non-executive directors[155] Employee and Operational Management - The group’s employee costs, including salaries and benefits, totaled RMB 101,467,000 in 2024, down from RMB 112,217,000 in 2023, representing a decrease of approximately 9.6%[35] - The company emphasizes the importance of providing comprehensive continuous training programs to enhance employees' business skills and risk management capabilities[146] - The company has adopted a performance-based employee compensation structure to reward employee performance and achievements[145] Market and Strategic Outlook - The macroeconomic environment in 2024 is expected to be challenging, with increased difficulty in stabilizing economic operations, but the government has implemented strong macro-control measures to boost economic recovery[100] - The company aims to enhance its brand influence in the Central Plains region through comprehensive real estate development and operational services[106] - The company plans to adopt innovative models for project management and service fee distribution to stimulate diverse cooperation[110] Shareholder Information - The board of directors did not recommend the distribution of a final dividend for the year[4] - The company will seek to restore trading of its shares as soon as possible[143] - The 2025 Annual General Meeting is scheduled for May 21, 2025[159]

Company Overview - As of June 30, 2024, the company managed projects across 136 counties and cities in 9 provinces, collaborating with 233 partners on 433 projects, with a cumulative planning GFA of approximately 54.48 million m²[20]. - The company was incorporated in the Cayman Islands on October 22, 2020, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 31, 2021[16]. - As of June 30, 2024, the company has completed an overall contracted area of 1.39 million m², signing strategic cooperation agreements with 29 platform companies and 8 state-owned enterprises[44]. - The company has established a presence in 136 counties and cities in Greater Central China, focusing on third- and fourth-tier markets[95]. Market Position and Performance - The company achieved a repeat cooperation rate of 61% and served over 500,000 property owners, indicating strong market presence and customer retention[20]. - The average selling price of projects managed by the company is 10% higher than that of competitors, reflecting its brand advantage and effective management capabilities[20]. - The project management industry saw a cumulative contracted area of 83.45 million m² in the first half of 2024, representing a year-on-year increase of 3%[41]. - The concentration rate of the top 5 enterprises in the project management industry is 50%, while the top 10 enterprises maintain a concentration rate of 70%[42]. - The project management market is becoming increasingly competitive, with the TOP 10 enterprises maintaining a concentration rate of 70%[85]. Financial Performance - Revenue for the first half of 2024 decreased to RMB 146,238,000, a decline of 61.8% compared to RMB 382,402,000 in 2023[66]. - Net profit for the same period fell to RMB 48,326,000, down 74.7% from RMB 191,388,000 in 2023[66]. - The net profit margin decreased to 33.0%, down from 50.0% in the previous year, representing a decline of 17.0%[66]. - The Group's revenue for the period was RMB 146.2 million, representing a year-on-year decrease of 61.8% compared to RMB 382.4 million in the same period of 2023[120]. - The decline in revenue was attributed to lower service fees due to the ongoing downturn in the domestic real estate market and a lesser increase in new project developments compared to the decrease in completed projects[120]. Project Management and Development - The project management business is primarily conducted through wholly-owned subsidiaries, focusing on commercial project management while expanding into government and capital project management[17]. - The company has cumulatively contracted 25 government project management projects, with a total contracted area of 3.5933 million m², including 4 projects of 340,000 m² contracted outside Henan Province[44]. - The company is focusing on promoting government project management, with three major business models: traditional government project management, joint venture platform model, and equity trading model[25]. - The company aims to build a cooperation platform that achieves a win-win situation for all parties through synergistic development, fulfilling its corporate mission of "building quality lives for the people of Central China"[32]. Strategic Initiatives - The company continues to explore new strategies for market expansion and technological advancements in project management services[17]. - The company has established a new project management trust system called CCMGT Project Management C Platform, aimed at enhancing cooperation models and creating value for stakeholders[27]. - The company plans to innovate its business model and optimize investment mechanisms to enhance competitiveness in traditional and new project areas[54][56]. - The company aims to enhance operational efficiency by optimising its organisational structure, streamlining management levels, and strengthening cross-departmental collaboration[109]. Human Resources and Employee Development - The Group had 751 full-time employees, including 417 assigned to property development projects[187]. - The company emphasizes a performance-based compensation structure to incentivize employee performance and optimize the existing compensation system according to market standards[192]. - The company provides comprehensive ongoing training to enhance employees' business skills and risk management capabilities, supporting sustainable development[192]. Financial Position and Cash Management - Total cash and cash equivalents increased by 21.0% to RMB 2,222,083,000 from RMB 1,835,783,000 at the end of 2023[68]. - The company reported a nil gearing ratio as of June 30, 2024, indicating no borrowings[157]. - The company has other debtors amounting to RMB 391.4 million, primarily consisting of advances to third parties, including loans of RMB 100 million each to two strategic customers[158]. - The company maintained a cash and cash equivalents position of RMB 2,222.1 million as of June 30, 2024, compared to RMB 1,835.8 million as of December 31, 2023[156]. Challenges and Market Conditions - The real estate market is facing challenges with shrinking land transactions and declining sales, leading to liquidity constraints for some enterprises, making project management a viable option for risk mitigation[37]. - In the first half of 2024, 341 policy relaxations were implemented across 222 provinces and cities to stimulate the real estate market[81]. - The real estate financing coordination mechanism has been established, with nearly one trillion dollars approved for financing white-listed projects[81]. Awards and Recognition - The Company received six major awards in project management, including recognition as a top performer in government project management[50][51]. - The company received multiple awards in 2024, including being ranked fourth among China's outstanding listed real estate enterprises in project management operation[89].

Company Overview - As of December 31, 2023, Central China Management Company Limited (CCMGT) managed projects across 134 counties and cities, collaborating with 223 partners on 418 projects, totaling a planned capacity area of approximately 53.09 million square meters[19]. - The company was incorporated in the Cayman Islands on October 22, 2020, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 31, 2021[17]. - The total number of projects under management as of December 31, 2023, was 264, with an aggregate GFA of 31,690,340 sq.m.[158]. Business Performance - Revenue for the year ended December 31, 2023, was RMB 468,377,000, a decrease of 22.7% compared to RMB 605,679,000 in 2022[128]. - Net profit for 2023 was RMB 201,237,000, down 33.8% from RMB 303,900,000 in 2022, resulting in a net profit margin of 43.0%, down from 50.2%[128]. - The company achieved a high net profit margin and quality development despite the challenges in the real estate market in 2022[44]. - The company's contracted sales from sales on behalf of partners reached RMB 29.5 billion in 2023, a 38% increase from 2022, with a contracted sales gross floor area of 4.66 million sq.m.[106]. - The overall signed area for the company in 2023 was 7.16 million sq.m., representing a 113% year-on-year growth compared to 2022, including 22 government projects totaling 3.26 million sq.m.[105]. Market Position and Strategy - CCMGT's average selling price for projects is 10% higher than that of its competitors, reflecting its brand strength and market positioning[19]. - The company has established strategic partnerships with 27 governmental platform companies and 8 state-owned enterprises in Henan, enhancing its government project management capabilities[20]. - The project management business has become a "second growth curve" for many real estate developers, with the top 5 companies accounting for 47% of new contracts in 2023[141]. - The company aims to achieve future project management revenue levels of RMB 50 billion to 100 billion, driven by increased demand for government and capital project management[117]. - The company plans to enhance its cooperation with government platform companies and establish expansion offices in out-of-province markets to improve operational efficiency[168]. Awards and Recognition - CCMGT was recognized as one of the 2023 China Outstanding Project Management Operation Real Estate Companies for its strong business operations and innovative business model[40]. - CCMGT was recognized as one of the Top 5 Project Management Service Providers in China for its comprehensive strength in August 2023[51]. - The company ranked second in the 2023 Top 10 Brands of China Real Estate Project Management Enterprises, reflecting its strong brand presence[54]. - The company received three awards for its leading brand status in project management, government project management, and green project management in September 2023[66]. - CCMGT received multiple awards in 2023, including recognition as one of China's Top 5 Project Management Service Providers[149]. Project Management and Operations - CCMGT's core business remains traditional commercial project management, which has a high business share and strong profit realization potential[20]. - The project management business is primarily conducted through its wholly-owned subsidiaries, indicating a streamlined operational structure[18]. - The company has independent capital, construction, and management capabilities, positioning itself for large-scale and professional development in the industry[18]. - The company has a mature marketing and management team, contributing to its competitive advantage in project execution[19]. - The company launched the "3.0 Project Management Model — CCMGT Project Management C Platform" on September 24, 2023, to enhance competitiveness and integrate the entire industrial chain[107]. Financial Health - Total cash and cash equivalents increased by 17.3% to RMB 1,835,783,000 as of December 31, 2023, compared to RMB 1,564,617,000 in 2022[130]. - Total assets rose by 16.0% to RMB 3,125,571,000 in 2023, up from RMB 2,693,436,000 in 2022[130]. - Total liabilities increased by 37.0% to RMB 706,356,000 in 2023, compared to RMB 515,644,000 in 2022[130]. - Personnel costs decreased by 8.8% to RMB 112.2 million from RMB 123.1 million in 2022, attributed to strict cost control measures[191]. - Other income increased to RMB 73.9 million, up 107.8% from RMB 35.6 million in 2022, primarily due to higher interest income on advances to third parties[188]. Future Outlook - The company aims to contribute to urban construction and upgrading in China, fulfilling its corporate mission of "Building quality lives for the people of Central China"[26]. - The company plans to emphasize "change" and "innovation" in its operational strategies for 2024[164]. - CCMGT aims to expand its services to small- and medium-sized developers in Henan to improve project management standards[163]. - The company is focusing on a joint venture platform model to enhance cooperation with partners and government[101]. - The external environment remains complex and uncertain, impacting market confidence and demand recovery[92].

Impairment Losses - Trade receivables impairment loss for 2023 amounted to RMB 95,096 thousand, a significant increase from RMB 17,287 thousand in 2022, representing a growth of 451.5%[5] - Total impairment losses for contracts and other receivables reached RMB 111,529 thousand in 2023, compared to RMB 36,633 thousand in 2022, indicating a rise of 204.5%[5] - The provision for impairment losses on other receivables increased from RMB 9,075 thousand in 2022 to RMB 12,536 thousand in 2023[15] - The impairment losses recognized during the year amounted to RMB 3,461 thousand in 2023, down from RMB 7,180 thousand in 2022[15] Expected Credit Losses - The expected credit loss rate for trade receivables within 6 months is 25.63%, with a total book value of RMB 258,833 thousand and a provision of RMB 66,328 thousand[8] - The expected credit loss rate for trade receivables over 1 year is 59.22%, with a total book value of RMB 21,905 thousand and a provision of RMB 12,972 thousand[8] - The total provision for expected credit losses for trade receivables and contract assets increased from RMB 69,161 thousand at the beginning of 2022 to RMB 177,229 thousand by the end of 2023[10] - The expected credit loss rate for contract assets in 2023 is 25.63%, with a total book value of RMB 168,530 thousand and a provision of RMB 43,187 thousand[8] - The expected credit loss rate for other receivables is assessed at 1.46% for 2023, compared to 1.80% for 2022[13] Credit Risk - The company has not identified any significant concentration of credit risk in its trade receivables and contract assets[6] - The company’s credit risk primarily arises from trade and other receivables, with limited risk from cash and cash equivalents due to counterparties being banks and financial institutions with good credit ratings[6] - The company’s management believes that the credit quality of receivables has not significantly changed, and no impairment provision is necessary for overdue but non-impaired receivables[9] - The company believes there is no inherent significant credit risk associated with the outstanding deposits and prepayments[13] Trade Receivables Overview - The total book value of trade receivables in 2023 was RMB 396,496 thousand, with total provisions amounting to RMB 134,042 thousand[8] - The total balance of other receivables as of December 31, 2023, is RMB 857,396 thousand, with a provision for expected credit losses of RMB 12,536 thousand[13]