Financial Performance - Revenue for the year ended December 31, 2024, was approximately RMB 24.77 billion, a decrease from RMB 34.25 billion in 2023, representing a decline of about 27.7%[3] - The company reported a net loss of RMB 10.05 billion for the year, compared to a loss of RMB 433.94 million in 2023, indicating a significant increase in losses[4] - Basic and diluted loss per share for the year was RMB 2.25, compared to RMB 0.14 in 2023[4] - Total revenue decreased to RMB 24,766,044,000 in 2024 from RMB 34,248,685,000 in 2023, representing a decline of approximately 27.6%[20] - Customer contract revenue fell to RMB 24,433,226,000 in 2024 from RMB 33,831,807,000 in 2023, a decrease of about 27.7%[21] - The company reported a loss attributable to shareholders of RMB 9,111.2 million for the year, compared to a loss of RMB 581.2 million in the previous year[53] - The gross loss margin for the year was -23.4%, compared to a gross profit margin of 7.38% in the previous year[53] - The company recorded a gross loss of approximately RMB 5,799.2 million for the year ended December 31, 2024, compared to a gross profit of RMB 2,528.7 million in the previous year, resulting in a negative gross margin of about 23.4%[67] Assets and Liabilities - Total interest-bearing liabilities as of December 31, 2024, were RMB 24.6 billion, down RMB 4.83 billion from RMB 29.43 billion in 2023, a reduction of approximately 16.4%[2] - Non-current assets totaled RMB 30.04 billion as of December 31, 2024, slightly down from RMB 30.54 billion in 2023[5] - Current assets decreased to RMB 66.62 billion from RMB 99.23 billion in 2023, a decline of approximately 32.9%[5] - Current liabilities were RMB 53.22 billion, down from RMB 76.00 billion in 2023, representing a decrease of about 30.0%[5] - Total equity decreased to RMB 24.13 billion from RMB 35.95 billion in 2023, a decline of approximately 32.8%[6] - Non-current liabilities increased to RMB 19.31 billion from RMB 17.83 billion in 2023, an increase of about 8.3%[6] - Total outstanding borrowings decreased from approximately RMB 29,428.4 million as of December 31, 2023, to approximately RMB 24,602.2 million as of December 31, 2024[82] - The total amount of secured assets used as collateral for borrowings was approximately RMB 41,233.3 million in 2024, down from RMB 44,992.8 million in 2023[86] Cash Flow and Liquidity - Short-term borrowings amounted to RMB 7,532,895,000, while cash and cash equivalents were RMB 1,829,772,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[11] - Cash and bank balances decreased from approximately RMB 7,072.9 million as of December 31, 2023, to approximately RMB 2,390.4 million as of December 31, 2024[81] - The company recorded a net loss of RMB 10,052,176,000 for the year ended December 31, 2024, raising significant doubts about its ability to continue as a going concern[109] - As of December 31, 2024, the group had short-term borrowings of RMB 7,532,895,000 and cash and cash equivalents of RMB 1,829,772,000, indicating potential liquidity issues[110] Operational Strategy - The company plans to accelerate property sales and recover sales proceeds to maintain sufficient working capital[11] - The company has taken various measures to ensure adequate operating funds, including monitoring construction progress and ensuring timely completion of properties sold under pre-sale arrangements[12] - The company aims to embrace changes and adjust its operational strategy to align with market developments and demands in 2025[51] Corporate Governance - The company is committed to high standards of corporate governance, having adhered to the relevant codes except for a deviation regarding the roles of the chairman and CEO[102] - The audit committee, consisting of three independent non-executive directors, reviewed and approved the financial reporting processes and internal control systems for the year[104] - The independent auditor confirmed that the financial statements for the year ended December 31, 2024, were prepared in accordance with international financial reporting standards[108] - The board did not recommend a final dividend for the year ended December 31, 2024, consistent with no dividend declared in 2023[114] Employee and Operational Metrics - As of December 31, 2024, the group had 713 employees, a decrease from 1,432 employees in 2023, with employee costs amounting to RMB 256.7 million compared to RMB 325.6 million in 2023[99] - Sales and distribution expenses decreased by approximately 23.9% from approximately RMB 1,030.5 million for the year ended December 31, 2023, to approximately RMB 784.6 million for the year ending December 31, 2024, mainly due to the transfer of pre-sold project costs[70] - Administrative expenses decreased by approximately 17.5% from approximately RMB 686.3 million for the year ended December 31, 2023, to approximately RMB 566.5 million for the year ending December 31, 2024, primarily due to reductions in employee salaries and office expenses[71]

证券时报网讯，内房股多数上涨，金辉控股以25.28%的涨幅领跑。 紧随其后的是富力地产，涨幅达到4.76%。 此外，旭辉控股集团、龙光集团和融创中国也表现出色，均涨近3%。 绿城中国、世茂集团、远洋集团、新城发展和雅居乐集团的涨幅均超过1%。 校对：姚远 ...

Financial Performance - Radiance Holdings reported a significant increase in revenue, achieving HK$ 5.2 billion for the first half of 2024, representing a 15% year-over-year growth[10]. - For the six months ended 30 June 2024, the Group's revenue was approximately RMB16,383.0 million, a year-on-year decrease of approximately 10.7% compared to the same period in 2023[26]. - The group recognized revenue of RMB 16,382,985,000 for the six months ended June 30, 2024, representing a decrease of 10.7% compared to RMB 18,348,658,000 in the same period of 2023[39]. - Total revenue for the first half of 2024 reached RMB 16,186,142, representing a 13.3% increase compared to RMB 18,120,578 in the same period of 2023[44]. - The company reported a revenue of RMB 16,382,985,000 for the six months ended June 30, 2024, compared to RMB 18,348,658,000 for the same period in 2023, representing a decrease of approximately 10.7%[158]. Profitability - The gross profit for the Period was approximately RMB77.9 million, resulting in a gross profit margin of 0.5%[26]. - Gross profit significantly declined to RMB 77,868,000, down 96.7% from RMB 2,326,674,000 year-on-year, resulting in a gross profit margin of only 0.5%[39]. - The net loss for the Period amounted to approximately RMB1,927.0 million, with a loss attributable to the owners of the Company of approximately RMB2,026.4 million[26]. - The Group recorded a loss for the Period of approximately RMB1,927 million, representing a decrease of 361.4% compared to a profit of approximately RMB737.3 million during the six months ended June 30, 2023[100]. - Basic and diluted loss per share for the period was RMB (0.50), compared to earnings of RMB 0.13 per share in the previous year[158]. Market and Operational Insights - User data indicates a 25% increase in first-time homebuyer inquiries, highlighting a growing market segment[10]. - The real estate market in China is expected to continue facing pressure, with the second-hand housing market being more active than the new housing market[34]. - The Group aims to enhance customer satisfaction through high-quality construction and professional services, addressing market pressures[34]. - The company is focusing on residential and commercial projects across multiple regions, indicating a strategic expansion in urban areas[54]. - The company is actively pursuing new strategies for market expansion, including joint ventures and partnerships in key regions like Chongqing and Chengdu[69]. Debt and Financial Position - As of 30 June 2024, the Group's debt balance was approximately RMB26,416.2 million, a decrease of approximately 10.2% from RMB29,428.4 million as of 31 December 2023[28]. - The Group's weighted average cost of debt decreased to approximately 5.36%, down by approximately 0.63 percentage points from 5.99% for the year ended 31 December 2023[28]. - The Group's outstanding borrowings amounted to approximately RMB26,416.2 million as at 30 June 2024, down from approximately RMB29,428.4 million as at 31 December 2023[104]. - The Group's liquidity position is continuously monitored to maintain a balance between sustainability and flexibility of funding[113]. - The Group's net current assets position was RMB24,139,654,000, indicating a significant liquidity position[181]. Strategic Initiatives - Radiance Holdings plans to expand its operations into two additional cities in Southwestern China by the end of 2024, aiming to capture emerging market opportunities[10]. - The company has allocated HK$ 300 million for research and development of new sustainable building technologies in 2024[10]. - The company has launched a new product line aimed at eco-friendly residential developments, expected to contribute 5% to total revenue in 2024[10]. - The Group is taking measures to manage liquidity needs, including accelerating property pre-sales and monitoring construction processes[181]. - The Group's management continues to monitor the operating results primarily from property development and sales, which is the focus of its business strategy[192]. Corporate Governance - Corporate governance practices have been strengthened, with the establishment of a new sustainability committee to oversee environmental initiatives[10]. - The Group's management structure includes a balanced composition of executive and independent non-executive Directors to ensure effective accountability[128]. - The Group's Directors confirmed compliance with the Model Code for securities transactions during the six months ended June 30, 2024[131]. - The Audit Committee has reviewed the interim results for the six months ended June 30, 2024, ensuring compliance with corporate governance standards[154]. Shareholder Information - The company resolved not to declare any interim dividend for the six months ended June 30, 2024[149]. - As of June 30, 2024, Mr. Lam holds 3,400,000,000 shares, representing approximately 84.05% of the company's shareholding[144]. - The Share Option Scheme aims to motivate eligible participants to optimize their performance efficiency and to attract and retain contributors beneficial to the long-term growth of the Group[137]. - The maximum number of Shares that can be issued under the Share Option Scheme is capped at 10% of the total Shares in issue on the Listing Date[139].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 16,382,985 thousand, a decrease from RMB 18,348,658 thousand in the same period of 2023, representing a decline of approximately 10.7%[4] - Gross profit for the period was RMB 77,868 thousand, significantly down from RMB 2,326,674 thousand in the previous year, indicating a substantial decrease in profitability[4] - The company reported a loss before tax of RMB 1,366,639 thousand, compared to a profit of RMB 1,331,116 thousand in the same period last year[4] - The net loss for the period was RMB 1,927,039 thousand, contrasting with a profit of RMB 737,253 thousand in the prior year, marking a significant downturn[5] - The group recorded a net loss of RMB 1,927,039,000 for the six months ending June 30, 2024[12] - The pre-tax loss was approximately RMB 1,366.6 million, a decrease of 202.7% compared to a pre-tax profit of approximately RMB 1,331.1 million in the previous period[61] - The net loss for the period was approximately RMB 1,927 million, a decrease of 361.4% compared to a profit of approximately RMB 737.3 million in the previous period[63] Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to RMB 30,869,696 thousand, slightly up from RMB 30,543,169 thousand at the end of 2023[6] - Current assets decreased to RMB 79,555,146 thousand from RMB 99,234,819 thousand, reflecting a reduction of approximately 19.8%[7] - Total current liabilities were RMB 55,415,492 thousand, down from RMB 76,001,555 thousand, indicating a decrease of about 27.3%[8] - The company's total assets less current liabilities stood at RMB 55,009,350 thousand, an increase from RMB 53,776,433 thousand[8] - Non-current liabilities increased to RMB 21,492,086 thousand from RMB 17,827,332 thousand, representing an increase of approximately 20.5%[9] - The total equity of the company decreased to RMB 33,517,264 thousand from RMB 35,949,101 thousand, reflecting a decline of about 6.8%[10] - The total debt as of June 30, 2024, was approximately RMB 26,416.2 million, a reduction of about 10.2% from RMB 29,428.4 million as of December 31, 2023[32] - The company has pledged assets totaling approximately RMB 39,714.1 million as collateral for its borrowings, down from RMB 48,062.4 million as of December 31, 2023[71] Revenue Sources - Property sales accounted for RMB 16,186,142,000 of the total customer contract revenue, down from RMB 18,120,578,000 in the previous year[20] - Rental income for the period was RMB 194,665,000, compared to RMB 213,034,000 in the prior year[19] - There were no significant contributions to revenue from property leasing and management consulting services, with property development and sales being the sole reporting segment[17] - Property development and sales generated revenue of approximately RMB 16,186.1 million, down 10.7% from RMB 18,120.6 million in the previous year, primarily due to a decrease in the number of completed and delivered properties[48] - Rental income decreased by approximately 8.6% to RMB 194.7 million from RMB 213.0 million, attributed to lower occupancy rates and rental levels of investment properties[49] Expenses and Costs - Interest expenses on loans and borrowings decreased to RMB 753,994,000 in 2024 from RMB 1,126,501,000 in 2023, representing a reduction of 33.1%[22] - The cost of sold inventory (excluding impairment losses) was RMB 14,238,037,000, down 10.1% from RMB 15,828,852,000 in the previous year[23] - The sales cost for the period was approximately RMB 16,305.1 million, an increase of about 1.8% from RMB 16,022.0 million, primarily due to increased impairment provisions[51] - Administrative expenses decreased by approximately 27.2% from about RMB 346.8 million to approximately RMB 252.4 million, attributed to a decrease in revenue[55] - Other expenses increased by approximately 17.5% from about RMB 94.0 million to approximately RMB 110.5 million, mainly due to an increase in asset impairment losses[57] Cash Flow and Liquidity - The company is facing liquidity risks and has implemented measures to manage cash flow, including accelerating property sales and monitoring construction progress[12] - The board believes that the group has adequate operating funds to fulfill its financial responsibilities in the foreseeable future[13] - The net value of current assets was RMB 24,139,654,000, indicating sufficient operating funds to meet financial obligations due within the next twelve months[13] - The company has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2024[80] - The company maintains a focus on managing liquidity risks by closely monitoring its liquidity position and ensuring a balance between financing sustainability and flexibility[76] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending June 30, 2024[86] - The company maintains a governance structure where the roles of chairman and CEO are held by the same individual, which the board believes is in the best interest of the company[83] - All directors have confirmed compliance with the applicable rules under the standard code for securities transactions by directors[84] Employee and Operational Metrics - The employee count stands at 1,386 as of June 30, 2024, with employee costs totaling approximately RMB 119.3 million, down from RMB 176.6 million for the same period in 2023, indicating a reduction of about 32.4%[81] - The company delivered over 16,000 new homes across 20 cities in China, with some deliveries occurring up to 11 months ahead of schedule[34] Market Outlook - The outlook for the second half of 2024 suggests a potential narrowing of the decline in sales area and sales value in the real estate market, driven by continued policy easing[35]

Company Recognition and Market Position - Radiance Holdings has been recognized as one of "China's Top 50 Real Estate Developers" for ten consecutive years since 2014, and was named "2023 Top 23 Comprehensive Strength of Real Estate Listed Companies" [6] - Radiance Holdings ranked 37th in the China Top 100 Real Estate Enterprises 2023 and was named one of the Top 10 Real Estate Companies in Excellent Delivery 2023 [12] - On May 30, Radiance Holdings was named one of the Top 23 Real Estate Listed Companies in Comprehensive Strength in the 2023 China Top 70 Overall Strength of Real Estate Listed Companies [12] - Radiance Group was recognized as one of the Top 100 Hong Kong Listed Companies for excellence in five metrics, including revenue and net profit after tax, at the 2022 Hong Kong Listed Companies Development Summit Forum [12] Business Operations and Strategy - The company operates in eight regions in China, focusing on areas with strong growth potential, including the Yangtze River Delta and the Bohai Economic Rim [6] - The management discussion highlights a focus on sustainable growth and market expansion strategies [4] - Radiance Holdings is actively involved in new product development and technological advancements to meet market demands [4] - The company has a diversified portfolio and is strategically positioned in key economic regions of China [6] Financial Performance - For the year ended December 31, 2023, the Group's revenue was RMB 34,248.7 million, representing a year-on-year decrease of 3.0% [23][27] - Gross profit for the same period amounted to RMB 2,528.7 million, reflecting a year-on-year decrease of approximately 51.2% [23][27] - The loss attributable to the owners of the Company for the year was RMB 581.2 million [23][27] - Revenue from property development and sales was approximately RMB 33,814.3 million, a decrease of 3.1% from approximately RMB 34,906.7 million in the previous year, primarily due to a decrease in total GFA delivered [80] Debt and Financial Stability - As of December 31, 2023, the Group's outstanding debts were RMB 29,428.4 million, a decrease of 22.2% from RMB 37,815.8 million as of December 31, 2022 [30][34] - The weighted average cost of debts for the Group was 5.99%, slightly lower than 6.22% for the previous year [30][34] - The Group's cash and bank balances were RMB 7,072.9 million as of December 31, 2023, a decrease from RMB 12,319.5 million in 2022 [101] - Guarantees provided to banks for financing to property purchasers totaled RMB 27,106.0 million as of December 31, 2023, a reduction from RMB 35,685.8 million in 2022 [110] Project Development and Land Bank - The total gross land bank area for the Jinhui New Block Garden in Zhengzhou is 154,535 sq.m, with completion expected in 2024 [59] - The company has a total gross land bank area of 5,441,158 sq.m across various projects [56] - The planned gross floor area (GFA) of projects under construction as of 31 December 2023 was 12,141,245 sq.m., a decrease of approximately 24.6% from 16,104,002 sq.m. in 2022 [47] - The Group completed the delivery of over 40,000 units in 72 batches across 27 cities in 2023 [29][33] Corporate Governance and Leadership - The company is committed to maintaining high standards of governance and independent oversight through its board of directors [131] - The Board consists of four executive Directors and three independent non-executive Directors, with independent non-executive Directors representing more than one-third of the Board [145] - The Company maintains liability insurance for Directors with appropriate coverage for legal liabilities arising from their duties [147] - The Board has established mechanisms to ensure independent views are available, including access to independent professional advice at the Company's expense if necessary [148] Employee and Management Structure - The Group's employee count decreased to 1,367 as of December 31, 2023, from 2,257 in 2022, with staff costs approximately RMB 325.6 million, down from RMB 435.1 million in the previous year [116] - The management team, consisting of executive directors and senior executives, is responsible for implementing the strategy and conducting day-to-day operations [151] - The company has a strong leadership team with diverse backgrounds in architecture, finance, and real estate management [128] Future Outlook - Looking ahead to 2024, the Group anticipates improved market liquidity and reduced financing costs due to supportive financial policies [31][35] - The company plans to convene the 2024 Annual General Meeting on May 31, 2024 [18] - The company is expanding its market presence with new projects in various regions, including Huai'an, Ningbo, and Lianyungang [56] Gender Diversity and Board Composition - The Board currently consists of all male members, and the company acknowledges that a single-gender Board does not meet gender diversity standards [160] - The company aims to achieve at least 20% female representation on the Board within five years of listing, contingent on suitable candidates being available [161] - The Board has set a target to include at least one female member by December 31, 2024, as part of its gender diversity policy [163]

Financial Performance - Revenue for the year ended December 31, 2023, was approximately RMB 34.25 billion, a decrease from RMB 35.32 billion in 2022, representing a decline of 3.04%[5] - Gross profit for the same period was approximately RMB 2.53 billion, down from RMB 5.18 billion in 2022, indicating a significant decrease of 51.16%[5] - The net loss for the year was RMB 433.94 million, compared to a profit of RMB 2.08 billion in 2022, marking a significant turnaround[6] - Total revenue for 2023 was RMB 34,248,685 thousand, a decrease of 3.03% from RMB 35,318,003 thousand in 2022[19] - Customer contract revenue for 2023 was RMB 33,831,807 thousand, down from RMB 34,927,593 thousand in 2022, representing a decline of 3.13%[19] - The gross profit for the same period was RMB 2,528.7 million, representing a decline of approximately 51.2% year-on-year[38] - The company reported a loss attributable to shareholders of RMB 581.2 million in 2023, contrasting with a profit of RMB 1,705.0 million in 2022[45] - Profit before tax decreased by approximately 81.2% from RMB 3,706.4 million for the year ended December 31, 2022, to RMB 697.8 million for the year ended December 31, 2023[69] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 99.23 billion, down from RMB 131.79 billion in 2022, a decrease of 24.66%[7] - Current liabilities totaled RMB 76.00 billion, a decrease from RMB 97.93 billion in 2022, representing a decline of 22.06%[7] - Total debt as of December 31, 2023, was RMB 29,428.4 million, a reduction of 22.2% from RMB 37,815.8 million at the end of 2022[42] - The total secured borrowings amounted to RMB 44,992.8 million, down from RMB 55,954.2 million in 2022, indicating a reduction of 19.6%[79] - The group has bank loans due of RMB 11,141.1 million within one year, an increase of 30.5% from RMB 8,520.5 million in the previous year[76] Cash Flow and Financing - As of December 31, 2023, the group's cash and bank balances (including restricted cash) amounted to RMB 7,072,920,000, while short-term borrowings totaled RMB 13,940,557,000[13] - The group aims to refinance existing borrowings and seek new debt financing to address financial responsibilities and future operational needs[13] - The weighted average cost of debt decreased to 5.99%, down by 0.23 percentage points compared to the same period in 2022[3] - The net debt ratio improved to 62.19% in 2023 from 71.70% in the previous year[45] Operational Highlights - The company completed the delivery of over 40,000 units across 27 cities in 2023, enhancing customer satisfaction[41] - The real estate market in 2023 saw a decline in investment by 9.6% year-on-year, with total sales area down 8.5%[39] - The planned total construction area for projects under construction as of December 31, 2023, was 12,141,245 square meters, a decrease of approximately 24.6% from 16,104,002 square meters the previous year[50] Tax and Expenses - The total tax expenses for the year amounted to RMB 1,131.7 million, down from RMB 1,623.3 million in the previous year, indicating a reduction of approximately 30.3%[28] - The company's deferred tax expenses increased to RMB 241.7 million in 2023 from RMB 132.0 million in 2022, reflecting an increase of approximately 82.4%[28] - Sales and distribution expenses increased by approximately 10.6% from RMB 931.7 million for the year ended December 31, 2022, to RMB 1,030.5 million for the year ended December 31, 2023, primarily due to the transfer of pre-sold projects[62] - Administrative expenses decreased by approximately 19.6% from RMB 853.7 million for the year ended December 31, 2022, to RMB 686.3 million for the year ended December 31, 2023, mainly due to a reduction in employee salaries and office expenses[63] Going Concern and Future Outlook - The company is actively seeking solutions to address significant uncertainties regarding its ability to continue as a going concern, including maintaining close communication with noteholders[13] - The financial statements are prepared on a going concern basis, assuming the group can realize assets and settle liabilities in the normal course of business[14] - The company faces significant uncertainties regarding its ability to continue as a going concern due to outstanding debts, including USD 300,000,000 in principal due in March 2024[96] - The outlook for 2024 indicates a more supportive financial policy environment, which is expected to enhance market liquidity and reduce financing costs for real estate companies[43] Compliance and Governance - The independent auditor's report confirms that the consolidated financial statements fairly present the group's financial position as of December 31, 2023[95] - The audit committee, consisting of three independent non-executive directors, has reviewed and approved the financial reporting process and internal control systems[93] - The board plans to propose amendments to the company's articles of association at the 2024 annual general meeting to align with new regulatory requirements[100]

Company Performance and Recognition - Radiance Holdings achieved a ranking of "No. 23 Comprehensive Strength List of Real Estate Listed Companies" in 2023, reflecting its strong market position [10]. - The company has been recognized as one of the "Top 100 Real Estate Enterprises TOP 50" for 12 consecutive years, indicating consistent performance in the industry [10]. - The interim report highlights the company's commitment to craftsmanship in property development, aiming to enhance living standards [12]. - Radiance Holdings emphasizes a customer-first approach and aims for excellence in its services and products [13]. Financial Performance - The Group's revenue for the six months ended June 30, 2023, was approximately RMB 18,348.7 million, representing a year-on-year increase of 0.7% [24]. - Lease income grew to approximately RMB 213 million, up 8.4% from the same period in 2022 [24]. - Gross profit for the Period was approximately RMB 2,326.7 million, with a gross profit margin of 12.7% [24]. - Net profit for the Period amounted to approximately RMB 737.3 million, resulting in a net profit margin of 4.02% [24]. - Gross profit decreased by 28.0% to RMB 2,326.7 million, down from RMB 3,230.8 million year-on-year [42]. - Net profit fell by 50.6% to RMB 737.3 million, compared to RMB 1,492.2 million in the first half of 2022 [42]. - Core net profit also declined by 54.1% to RMB 649.9 million, down from RMB 1,415.1 million in the previous year [42]. - The gross profit margin decreased to 12.7% from 17.7% in the same period last year [42]. - The net profit margin dropped to 4.0%, down from 8.2% in the first half of 2022 [42]. - The core net profit margin fell to 3.5% from 7.8% year-on-year [42]. Debt and Financial Structure - The Group's debt balance decreased by 12.2% to RMB 33,184.6 million as of June 30, 2023, from RMB 37,815.8 million at the end of 2022 [26]. - The weighted average cost of debt was 6.11% for the Period, slightly down from 6.22% for the year ended December 31, 2022 [26]. - Total assets decreased by 8.6% to RMB 147,725,244,000 as of June 30, 2023, compared to RMB 161,675,553,000 as of December 31, 2022 [43]. - Cash and bank balances declined by 11.3% to RMB 10,926,802,000 from RMB 12,319,530,000 [43]. - Total indebtedness reduced by 12.2% to RMB 33,184,581,000, down from RMB 37,815,752,000 [43]. - Net indebtedness decreased by 12.7% to RMB 22,257,779,000 compared to RMB 25,496,222,000 [43]. - The net gearing ratio improved to 61.3% from 71.7% [43]. Land Bank and Development Projects - The total gross floor area (GFA) of the Group's land bank reached approximately 24,364,065 sq.m., supporting future business development [26]. - The company completed the delivery of 28 projects in 34 batches across 18 cities, providing new homes to 17,000 families [31]. - The company has a total land reserve of approximately 24,364,065 square meters, supporting future business development [28]. - The revenue from the Yangtze River Delta region accounted for 32.2% of total revenue, amounting to RMB 5,812,464,000 [49]. - The company is focusing on expanding its residential and commercial projects across key regions, including Chongqing and Changsha, to enhance its market presence [58]. Market Conditions and Economic Outlook - Nationwide investment in real estate development decreased by 7.9% year-on-year to RMB 5.86 trillion for the first half of 2023 [25]. - The sales area of commercial properties in June 2023 decreased by 18.2% year-on-year, with sales amount down by 19.2% [25]. - Despite market pressures, the fundamentals of the Chinese economy remain robust, indicating long-term growth potential [25]. Governance and Management - The company has a robust governance structure with various committees overseeing audit, remuneration, and nominations [15]. - The board maintains a balanced composition of executive and independent non-executive directors to ensure strong independent judgment [149]. - The company has implemented a regular review system to assess employee performance, which influences salary increases, bonuses, and promotions [146]. Shareholder Information and Corporate Governance - The company did not declare any interim dividend for the six months ended June 30, 2023 [164]. - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2023, which were not audited but reviewed by Ernst & Young [164]. - The total number of Shares that may be issued upon exercise of all options under the Share Option Scheme shall not exceed 10% of the aggregate Shares in issue on Listing Date, representing 400,000,000 Shares, approximately 9.89% of total Shares in issue as of the report date [154]. - The maximum number of options that can be granted to any individual is limited to 1% of the Shares in issue as of the date of grant, unless approved by Shareholders [155].

Financial Performance - Revenue for the six months ended June 30, 2023, was approximately RMB 18.35 billion, an increase of about 0.7% compared to RMB 18.22 billion for the same period in 2022[1]. - Gross profit for the same period was approximately RMB 2.33 billion, while net profit was approximately RMB 737 million, down from RMB 1.49 billion in the previous year[2]. - The company reported a basic and diluted earnings per share of RMB 0.13, compared to RMB 0.31 for the same period last year[4]. - The group's operating revenue for the six months ended June 30, 2023, reached approximately RMB 18,348.7 million, a year-on-year increase of 0.7%[28]. - Net profit for the six months was approximately RMB 737.3 million, resulting in a net margin of 4.02%[28]. - Profit attributable to equity holders of the parent company was approximately RMB 522.7 million[28]. - Core net profit for the first half of 2023 was RMB 649,943 thousand, a decline of 54.1% from RMB 1,415,134 thousand in the same period of 2022[34]. - Net profit for the period decreased by approximately 50.6% to RMB 737.3 million from RMB 1,492.2 million for the same period in 2022[78]. Assets and Liabilities - The total liabilities amounted to RMB 89.91 billion, a decrease from RMB 97.93 billion in the previous year[5]. - The total assets as of June 30, 2023, were RMB 147,725,244 thousand, reflecting an 8.6% decrease from RMB 161,675,553 thousand at the end of 2022[35]. - The total assets less current liabilities were RMB 57.82 billion, down from RMB 63.74 billion as of December 31, 2022[5]. - The net debt ratio stood at 61.3%, with a weighted average cost of debt of 6.11%[1]. - The group's debt balance as of June 30, 2023, was RMB 33,184.6 million, a decrease of 12.2% from RMB 37,815.8 million as of December 31, 2022[30]. - As of June 30, 2023, the total outstanding borrowings amounted to RMB 33,184.6 million, down from RMB 37,815.8 million on December 31, 2022, representing a reduction of about 12.5%[81]. - Cash and bank balances decreased to RMB 10.93 billion from RMB 12.32 billion in the previous year[6]. Revenue Sources - Customer contract revenue for the six months ended June 30, 2023, was RMB 18,135,624 thousand, an increase from RMB 18,019,777 thousand in 2022, representing a growth of 0.64%[17]. - Property sales accounted for RMB 18,120,578 thousand of the total customer contract revenue, up from RMB 18,002,629 thousand in the previous year, indicating a growth of 0.66%[18]. - Property development and sales revenue for the six months ended June 30, 2023, was approximately RMB 18,120.6 million, an increase of 0.7% compared to RMB 18,002.6 million for the same period in 2022[63]. - Rental income for the six months ended June 30, 2023, was RMB 213,034 thousand, up from RMB 196,515 thousand in 2022, representing an increase of 8.4%[17]. Costs and Expenses - Financial costs for the six months ended June 30, 2023, totaled RMB 1,358,419 thousand, down from RMB 1,677,216 thousand in 2022, a decrease of 16.0%[20]. - Interest expenses on loans and borrowings decreased to RMB 1,126,501 thousand in 2023 from RMB 1,456,421 thousand in 2022, a reduction of 22.6%[20]. - Total sales cost increased by 6.9% to RMB 16,022.0 million from RMB 14,985.5 million for the same period in 2022, attributed to an increase in total delivered construction area[66]. - Administrative expenses decreased by approximately 18.4% to RMB 346.8 million from RMB 425.2 million for the same period in 2022[71]. - Financing costs decreased by approximately 35.4% to RMB 116.7 million from RMB 180.7 million for the same period in 2022, mainly due to a reduction in interest expenses from decreased interest-bearing debt[72]. Strategic Focus and Development - The company continues to focus on high-quality development and customer satisfaction as key strategic goals moving forward[32]. - The company successfully delivered projects in 18 cities, covering 28 projects and 34 batches, benefiting 17,000 families[31]. - The company plans to complete several projects in 2024, including residential and commercial developments in various regions, enhancing its market presence[42]. Land Reserves and Projects - The total land reserve area was approximately 24,364,065 square meters, supporting future business development[30]. - The total planned construction area for projects under construction as of June 30, 2023, was 14,921,342 square meters, a decrease of approximately 7.3% from 16,104,002 square meters at the end of 2022[40]. - The company holds 26 investment properties with a total construction area of approximately 1,864,880 square meters, including one property for future development estimated at 69,530 square meters[39]. - The company has a total land reserve area of 21,214,739 square meters, with a total equity area of 18,254,720 square meters[54]. Employee and Operational Information - The group has a total of 1,852 employees as of June 30, 2023, with the majority located in China[96]. - The employee costs for the group were approximately RMB 176.6 million for the six months ended June 30, 2023, compared to RMB 248.5 million for the same period in 2022[96]. Financial Management and Risk - The group has not utilized any derivatives or other instruments for hedging purposes, indicating a conservative approach to financial risk management[87]. - The group closely monitors its foreign exchange risk, particularly as a portion of its cash and bank balances is held in foreign currencies[89]. - The group has established policies to ensure credit is only extended to counterparties with appropriate credit histories, mitigating credit risk[90].

Financial Performance - Radiance Holdings reported a revenue of approximately HKD 10.5 billion for the fiscal year 2022, representing a year-on-year increase of 15%[5]. - The gross profit margin for the year was reported at 28%, a slight decrease from 30% in 2021[5]. - The company aims to achieve a net profit margin of 15% for the next fiscal year, up from 12% in 2022[5]. - Radiance Holdings reported annual results for the year ended December 31, 2022, with a total revenue of US$300 million, reflecting a year-on-year increase of 15%[36]. - The company achieved a gross profit margin of 35%, up from 30% in the previous year, indicating improved operational efficiency[36]. - For 2023, Radiance Holdings projects a revenue growth target of 10% to 15%, aiming for a total revenue between US$330 million and US$345 million[36]. - Recognised revenue decreased by 11.8% to RMB 35,318,003,000 in 2022 from RMB 40,025,826,000 in 2021[64]. - Gross profit fell by 33.1% to RMB 5,179,484,000, resulting in a gross profit margin of 14.7% compared to 19.4% in the previous year[64]. - Profit attributable to owners decreased by 47.9% to RMB 1,705,026,000, with core net profit down 54.5% to RMB 1,435,272,000[64]. Operational Highlights - The company delivered a total of 12,000 residential units in 2022, marking a 20% increase compared to the previous year[5]. - Customer satisfaction ratings improved to 85%, up from 80% in the previous year, reflecting enhanced service quality[5]. - The company has allocated HKD 1 billion for research and development of new residential technologies in the upcoming year[5]. - Radiance Holdings plans to expand its operations into two additional regions in China by 2024, targeting a 25% increase in market share[7]. - The company has introduced a new line of eco-friendly residential properties, expecting to contribute 10% to total sales in 2023[5]. - The total floor area sold of commercial properties nationwide was 1.36 billion square meters, a decrease of 24.3% compared to the previous year[39]. - Sales of commercial properties amounted to RMB 13.3 trillion, down 26.7% year-on-year, with residential property sales decreasing by 28.3%[39]. Strategic Initiatives - Radiance Holdings is exploring potential mergers and acquisitions to enhance its portfolio, with a focus on urban redevelopment projects[5]. - The management expressed optimism about the market outlook, projecting a 10% growth in the overall real estate sector in China for 2023[5]. - The company is investing US$50 million in new product development, focusing on innovative technologies to enhance user experience[36]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of US$100 million allocated for this purpose[36]. - The strategic cooperation agreement signed in January 2023 with China Construction Bank provided an additional comprehensive credit facility of RMB10 billion[28]. Corporate Social Responsibility - Radiance Holdings donated RMB16 million to the Education Bureau of Quanzhou Municipality to support education development in Luojiang District[19]. - The company successfully completed a toy donation project, benefiting children in Daliangshan with new toys sent to 110 educational centers[19]. - The Group emphasizes the importance of corporate social responsibility and actively participates in charity activities, including the "Wake Up of Sleeping Toys Project" in 2022[56]. - Radiance's brand recognition was further demonstrated through its corporate social responsibility initiatives, including the donation of a public experimental primary school[25]. Financial Position and Debt Management - The Group's debt balance decreased to RMB 37,815.8 million, a reduction of 28.4% from RMB 52,794.2 million as of December 31, 2021[43]. - The weighted average cost of debt decreased to 6.22%, down 0.36 percentage points from 6.58% in the previous year[43]. - As of January 19, 2023, Radiance secured credit facilities exceeding RMB70 billion from various major banks, demonstrating strong financial institutional support[28]. - The Group's total current assets decreased by approximately 19.4% to RMB131,789.1 million as at December 31, 2022 from RMB163,474.6 million as at December 31, 2021[115]. - The Group's outstanding borrowings amounted to RMB37,815.8 million as at December 31, 2022, a decrease of approximately 28.4% from RMB52,794.2 million in 2021[116]. Governance and Leadership - The Group has a strong leadership team with diverse backgrounds in finance, accounting, and project management[145]. - The Group's independent directors have held significant positions in various publicly listed companies, enhancing governance and oversight[149]. - The Board consists of four executive Directors and three independent non-executive Directors, with independent Directors representing more than one-third of the Board[164][165]. - The Company is committed to maintaining high standards of corporate governance through its experienced board of directors[145]. - The Board has established mechanisms to ensure independent views are available, including providing sufficient resources for Directors to perform their duties[169]. Market Expansion and Development Projects - The company is actively expanding its land bank and project portfolio across key regions, focusing on residential and commercial developments[80]. - The total planned gross floor area (GFA) of projects under construction decreased by approximately 18.3% to 16,104,002 sq.m. as of December 31, 2022[71]. - The Group's total land bank GFA was approximately 25,952,144 sq.m., with attributable land bank GFA of approximately 20,666,751 sq.m. as of December 31, 2022[74]. - The company has multiple residential/commercial projects in Shijiazhuang, with interests ranging from 32.6% to 96.0% across various developments[79]. - The company is developing multiple residential and commercial projects across various regions, including the Jinhui New Block Garden in Zhengzhou, set for completion in 2023, covering 48,549 sq.m[84].

Financial Performance - Revenue for the year ended December 31, 2022, was approximately RMB 35.32 billion, a decrease from RMB 40.03 billion in the previous year, representing a decline of 11.8%[3] - Gross profit for the same period was approximately RMB 5.18 billion, down from RMB 7.75 billion, reflecting a decrease of 33.1%[3] - Net profit for the year was approximately RMB 2.08 billion, compared to RMB 3.69 billion in the previous year, indicating a decline of 43.5%[4] - Total revenue for the year 2022 was RMB 35,318,003 thousand, a decrease of 11.5% from RMB 40,025,826 thousand in 2021[15] - Customer contract revenue amounted to RMB 34,927,593 thousand in 2022, down from RMB 39,628,765 thousand in 2021, reflecting a decline of approximately 12.5%[15] - Other income from property leasing was RMB 390,410 thousand in 2022, slightly down from RMB 397,061 thousand in 2021, indicating a decrease of about 1.7%[15] - Profit attributable to equity holders of the company was RMB 1,705 million, representing a year-on-year decline of 47.9%[36] - Core net profit for 2022 was RMB 1,435,272 thousand, representing a 54.5% decrease from RMB 3,155,426 thousand in 2021[48] - The group's pre-tax profit decreased by approximately 42.7% from RMB 6,465.6 million for the year ended December 31, 2021, to RMB 3,706.4 million for the year ended December 31, 2022[80] - The group's net profit after tax decreased by approximately 43.6% from RMB 3,693.7 million for the year ended December 31, 2021, to RMB 2,083.2 million for the year ended December 31, 2022[82] Debt and Financial Ratios - The weighted average cost of debt decreased to 6.22%, down by 0.36 percentage points from the previous year[1] - As of December 31, 2022, the net debt ratio was 71.7%[1] - Cash to short-term debt ratio stood at 1.0 as of December 31, 2022[1] - The company's total debt balance as of December 31, 2022, was RMB 37,815.8 million, a reduction of 28.4% from RMB 52,794.2 million at the end of 2021[39] - The total debt decreased by 28.4% to RMB 37,815,752 thousand from RMB 52,794,206 thousand in 2021[48] - The net debt ratio improved to 71.7% from 88.0% in 2021[48] - The total outstanding borrowings as of December 31, 2022, were RMB 37,815.8 million, a decrease from RMB 52,794.2 million as of December 31, 2021[85] - The total current borrowings decreased to RMB 12,116.4 million in 2022 from RMB 16,792.3 million in 2021, representing a decline of 27.5%[86] - Non-current borrowings also decreased to RMB 25,699.4 million in 2022 from RMB 36,001.9 million in 2021, a reduction of 28.5%[86] Assets and Liabilities - The total value of non-current assets increased to RMB 29.89 billion from RMB 28.17 billion year-on-year[5] - Total current assets decreased to RMB 131.79 billion from RMB 163.47 billion year-on-year[5] - Total liabilities decreased to RMB 126.09 billion from RMB 133.00 billion year-on-year[6] - The total equity attributable to the owners of the parent company was RMB 24.53 billion, a slight increase from RMB 23.64 billion[7] - The total assets decreased by 15.6% to RMB 161,675,553 thousand from RMB 191,647,312 thousand in 2021[48] - The group's net current assets as of December 31, 2022, were RMB 33,858.4 million, a decrease of approximately 29.4% from RMB 48,027.6 million as of December 31, 2021[83] Operational Highlights - The company operates primarily in property development, with no significant revenue contribution from property leasing and management consulting services[13] - There were no non-current assets located outside mainland China, and all revenue was derived from operations within mainland China[14] - No single customer or group of customers accounted for 10% or more of the company's revenue at the end of the reporting period[14] - The company has maintained consistent accounting policies across its subsidiaries, ensuring uniformity in financial reporting[9] - The company plans to innovate and iterate 9 new research and development results and implement 63 projects in 2023[46] - The company aims to maintain sales prices and strictly control costs to enhance operational quality in 2023[46] Project Development and Land Reserves - The total land reserve area was approximately 25,952,144 square meters, with attributable land reserve area of approximately 20,666,751 square meters as of December 31, 2022[54] - The company is focusing on residential and commercial developments across various regions, with a strong emphasis on maintaining high ownership stakes in its projects[56] - The company is strategically expanding its land reserves and project completions to enhance its market position in the real estate sector[56] - The company has several ongoing projects in various regions, including East China, Northwest, and Southeast, with a total area of 1,250,103 square meters under development[62] - The company holds a significant equity interest in various projects, with percentages ranging from 8.7% to 96.0% across different developments[62] Financial Management and Governance - The audit committee has reviewed and agreed on the financial reporting processes and internal control systems for the year ended December 31, 2022[102] - The board believes that the current management structure, with the chairman also serving as the CEO, is effective for the group's operations[99] - The group maintained a focus on monitoring cash flow to balance financing sustainability and flexibility[93] - The group did not engage in any significant events or transactions after December 31, 2022, up to the date of this announcement[98] - The proposed amendments to the company's articles of association will be presented for shareholder approval at the 2023 annual general meeting[107]