[Corporate Information](index=4&type=section&id=Corporate%20Information) This section provides details on the company's governance structure, professional partners, and contact information [Board of Directors and Company Secretary](index=4&type=section&id=Board%20of%20Directors%20and%20Company%20Secretary) This section lists the board members, company secretary, and authorized representatives of Agile Group Holdings Limited - The Board comprises **9 members**, including 3 Executive Directors, 2 Non-executive Directors, and 4 Independent Non-executive Directors[6](index=6&type=chunk) - Ms Ko Tsz San was appointed as Company Secretary and Authorized Representative on 26 July 2024, following the resignation of Mr Ng Wai Hung on the same day[6](index=6&type=chunk) [Board Committees](index=4&type=section&id=Board%20Committees) This section details the composition of the company's various board committees - The chairmen are Mr Kwong Che Keung for the Audit Committee, Dr Cheng Hon Kwan for the Remuneration Committee, Mr Hui Chiu Chung for the Nomination Committee, and Mr Huang Fengchao for the Risk Management Committee[6](index=6&type=chunk) [Professional Advisors and Principal Bankers](index=4&type=section&id=Professional%20Advisors%20and%20Principal%20Bankers) This section lists the company's auditor, legal advisors, and principal bankers - Ernst & Young serves as the company's auditor[6](index=6&type=chunk) - Principal bankers include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank[6](index=6&type=chunk) [Offices and Investor Relations](index=4&type=section&id=Offices%20and%20Investor%20Relations) This section provides the company's registered office, principal offices, and investor relations contact details - The company's registered office is in the Cayman Islands, and its principal office in China is at Agile Center, Tianhe District, Guangzhou[6](index=6&type=chunk)[7](index=7&type=chunk) - The Investor Relations department can be reached at ir@agile.com.cn or (852) 2847 3383[7](index=7&type=chunk) [Listing Information](index=6&type=section&id=Listing%20Information) This section outlines the equity and debt securities of Agile Group and its subsidiaries listed on various stock exchanges - The company's ordinary shares (Stock Code: 3383) and A-Living Smart City Services Co, Ltd's H shares (Stock Code: 3319) are listed on the Main Board of the Hong Kong Stock Exchange[8](index=8&type=chunk) - The company has multiple USD senior notes listed on the Singapore Exchange with maturity dates between 2025 and 2026[9](index=9&type=chunk) - An indirect wholly-owned subsidiary, Panyu Agile, redeemed **RMB 1.45 billion** of its domestic corporate bonds listed on the Shanghai Stock Exchange on 9 April 2024[9](index=9&type=chunk) - The company has several USD senior perpetual capital securities listed on the Singapore Exchange with initial distribution rates from 6.875% to 8.375%[10](index=10&type=chunk) [Financial Highlights](index=7&type=section&id=Financial%20Highlights) This section presents a summary of the company's financial performance and position [Condensed Consolidated Statement of Profit or Loss Highlights](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20Highlights) For the six months ended 30 June 2024, revenue grew by 5.7% year-on-year, but the company recorded a gross loss and a significant increase in net loss Condensed Consolidated Statement of Profit or Loss Highlights (For the six months ended 30 June) | Indicator (RMB in millions) | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | 21,137 | 20,002 | +5.7% | | Gross (Loss)/Profit | (1,870) | 2,007 | -193.2% | | Gross (Loss)/Profit Margin | (8.8%) | 10.0% | -18.8 p.p. | | Loss for the Period | (8,900) | (3,611) | +146.5% | | Loss Attributable to Shareholders of the Company | (9,674) | (4,475) | +116.2% | | Basic Loss Per Share (RMB) | (1.917) | (0.963) | +99.1% | [Condensed Consolidated Statement of Financial Position Highlights](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position%20Highlights) As of 30 June 2024, total assets and shareholders' equity declined, while a sharp decrease in cash and a significant increase in short-term borrowings led to a higher net gearing ratio Condensed Consolidated Statement of Financial Position Highlights (As of 30 June) | Indicator (RMB in millions) | 30 June 2024 | 31 December 2023 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 219,421 | 241,808 | -9.3% | | Cash and Cash Equivalents | 4,148 | 8,637 | -52.0% | | Restricted Cash | 4,671 | 3,916 | +19.3% | | Short-term Borrowings | 42,384 | 25,869 | +63.8% | | Long-term Borrowings | 8,802 | 27,684 | -68.2% | | Shareholders' Equity | 17,798 | 27,442 | -35.1% | | Return on Equity | -106.8% | -50.3% | -56.5 p.p. | | Total Borrowings/Total Assets | 23.3% | 22.1% | +1.2 p.p. | | Net Gearing/Total Equity | 80.3% | 65.8% | +14.5 p.p. | [Chairman's Statement](index=8&type=section&id=Chairman's%20Statement) This section provides the chairman's perspective on the business review and future outlook [Business Review](index=8&type=section&id=Business%20Review) The Group's revenue was approximately RMB 21.14 billion, but it recorded a gross loss of RMB 1.87 billion due to the downturn in China's property market, with pre-selling value down 68.1% Business Overview for H1 2024 | Indicator | Amount (RMB) | | :--- | :--- | | Overall Revenue | 21.137 billion | | Property Development Revenue | 12.466 billion | | Property Management Revenue | 6.856 billion | | Other Businesses Revenue | 1.815 billion | | Overall Gross Loss | 1.870 billion | | Overall Gross Loss Margin | 8.8% | | Total Pre-selling Value | 8.99 billion | | Total Pre-selling GFA | 0.647 million sqm | | Average Pre-selling Price | 13,905/sqm | - **Pre-selling value decreased by 68.1%** year-on-year[15](index=15&type=chunk) - A total of over **18,800 units were delivered**, with approximately 15% delivered ahead of schedule, covering 50 projects in 32 cities[15](index=15&type=chunk) [Outlook and Appreciation](index=9&type=section&id=Outlook%20and%20Appreciation) The Group will continue to focus on key city clusters and is actively seeking a holistic solution for its offshore debt to improve its financial position - The Group will continue to focus on key city clusters such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, and accelerate property pre-sales and cash collection[16](index=16&type=chunk) Land Bank Distribution (As of 30 June 2024) | Region | Land Bank (million sqm) | % of Total Land Bank | | :--- | :--- | :--- | | Overall | 32.49 | 100% | | Guangdong-Hong Kong-Macao Greater Bay Area | 8.29 | 25% | | Yangtze River Delta | 2.38 | 7% | - The Group has engaged offshore financial and legal advisors to facilitate constructive dialogue with offshore creditors and formulate a holistic solution for its offshore debt[17](index=17&type=chunk) [Management's Discussion and Analysis](index=10&type=section&id=Management's%20Discussion%20and%20Analysis) This section provides a detailed analysis of the Group's operational and financial performance [Overall Performance](index=10&type=section&id=Overall%20Performance) The Group's revenue grew 5.7% year-on-year, but operating loss and net loss attributable to shareholders widened significantly due to market challenges and asset impairments Overall Financial Performance for H1 2024 | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 21.137 billion | 20.002 billion | +5.7% | | Operating Loss | 4.855 billion | 1.568 billion | +209.6% | | Loss for the Period | 8.900 billion | 3.611 billion | +146.5% | | Loss Attributable to Shareholders | 9.674 billion | 4.475 billion | +116.2% | | Basic Loss Per Share | 1.917 | 0.963 | +99.1% | - The loss was mainly due to the challenging property market leading to lower selling prices and gross profit margins, increased losses from the disposal of joint ventures/associates, and impairments on property projects and other assets[18](index=18&type=chunk) [Land Bank](index=10&type=section&id=Land%20Bank) As of 30 June 2024, the Group held a land bank with a total GFA of 32.49 million sqm in 78 cities, featuring a competitive average land cost - As of 30 June 2024, the Group had a land bank with an estimated total GFA of **32.49 million sqm** in 78 cities[19](index=19&type=chunk) - The land bank is distributed across South China, East China, West China, Central China, Hainan, Yunnan, Northeast China, North China, Hong Kong, and overseas regions[19](index=19&type=chunk) - The average land cost was **RMB 2,712 per sqm**, indicating a competitive cost advantage[19](index=19&type=chunk) [Property Development and Sales](index=10&type=section&id=Property%20Development%20and%20Sales) During the review period, recognized sales revenue from property development increased by 22.6% year-on-year, driven by a 53.0% rise in recognized GFA sold Property Development and Sales Data | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Recognized Sales Revenue | RMB 12.466 billion | RMB 10.166 billion | +22.6% | | Recognized GFA Sold | 1.17 million sqm | 0.76 million sqm | +53.0% | [Diversified Businesses](index=11&type=section&id=Diversified%20Businesses) The Group's diversified businesses include property management and other operations, with the former showing resilience while the latter experienced a significant revenue decline [Property Management](index=11&type=section&id=Property%20Management) Property management revenue slightly decreased by 2.9%, but the total GFA under management grew by 0.2% to 576.7 million sqm, reflecting business resilience Property Management Key Data | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Property Management Revenue | RMB 6.856 billion | RMB 7.062 billion | -2.9% | | Total GFA Under Management | 576.7 million sqm | 575.4 million sqm | +0.2% | [Other Businesses](index=11&type=section&id=Other%20Businesses) Other businesses, including property construction and environmental services, saw revenue decrease by 34.6% year-on-year during the review period Other Businesses Revenue | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Other Revenue | RMB 1.815 billion | RMB 2.774 billion | -34.6% | [Cost of Sales](index=11&type=section&id=Cost%20of%20Sales) Cost of sales increased by 27.9% year-on-year, primarily due to a 53.0% increase in recognized GFA sold and an 8.2% rise in average cost of sales Cost of Sales Data | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Cost of Sales | RMB 23.007 billion | RMB 17.995 billion | +27.9% | | Recognized GFA Sold | 1.17 million sqm | 0.76 million sqm | +53.0% | | Average Cost of Sales | +8.2% | - | +8.2% | - The increase in cost of sales was mainly driven by higher recognized GFA sold and a rise in the average cost of sales, attributed to increased average land cost and capitalized interest[23](index=23&type=chunk) [Gross (Loss)/Profit](index=11&type=section&id=Gross%20(Loss)╱Profit) The Group's gross profit turned into a gross loss of RMB 1.87 billion with a gross loss margin of 8.8%, mainly due to declining property selling prices and rising costs Gross Profit/Loss Data | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Gross (Loss)/Profit | (RMB 1.870 billion) | RMB 2.007 billion | -193.2% | | Gross (Loss)/Profit Margin | (8.8%) | 10.0% | -18.8 p.p. | | Average Recognized Selling Price | - | - | -19.8% | | Average Cost | - | - | +8.2% | - The shift from gross profit to gross loss was primarily caused by the continuous decline in average property selling prices, while average costs such as land and capitalized interest increased[24](index=24&type=chunk) [Other Income and Gains, Net](index=12&type=section&id=Other%20Income%20and%20Gains,%20Net) Net other income and gains decreased by 44.6% year-on-year to RMB 259 million, mainly due to lower interest income and foreign exchange gains Other Income and Gains, Net | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Other Income and Gains, Net | 0.259 billion | 0.467 billion | -44.6% | | Interest Income | 0.075 billion | 0.162 billion | -0.087 billion | | Foreign Exchange Gains | 0.036 billion | 0.212 billion | -0.176 billion | [Selling and Marketing Costs](index=12&type=section&id=Selling%20and%20Marketing%20Costs) Selling and marketing costs decreased by 9.8% year-on-year to RMB 664 million, reflecting the Group's effective cost control measures Selling and Marketing Costs | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Selling and Marketing Costs | 0.664 billion | 0.736 billion | -9.8% | [Administrative Expenses](index=12&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 35.6% year-on-year to RMB 925 million, primarily due to the Group's stringent cost control measures Administrative Expenses | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 0.925 billion | 1.437 billion | -35.6% | [Other Expenses](index=12&type=section&id=Other%20Expenses) Other expenses increased by 31.9% year-on-year to RMB 1.571 billion, mainly due to higher losses on the disposal of joint ventures and associates Other Expenses | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Other Expenses | 1.571 billion | 1.191 billion | +31.9% | [Finance Costs, Net](index=12&type=section&id=Finance%20Costs,%20Net) Net finance costs decreased by 53.4% year-on-year to RMB 498 million, mainly due to a significant reduction in foreign exchange losses on borrowings Finance Costs, Net | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Finance Costs, Net | 0.498 billion | 1.069 billion | -53.4% | | Foreign Exchange Loss on Borrowings | 0.190 billion | 0.958 billion | -0.768 billion | [Share of Profits and Losses of Investments Accounted for Using the Equity Method](index=12&type=section&id=Share%20of%20Profits%20and%20Losses%20of%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) The share of losses from investments accounted for using the equity method decreased by 21.2% year-on-year to RMB 266 million Share of Profits and Losses of Investments Accounted for Using the Equity Method | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Share of Losses | 0.266 billion | 0.337 billion | -21.2% | [Loss Attributable to Shareholders](index=13&type=section&id=Loss%20Attributable%20to%20Shareholders) For the six months ended 30 June 2024, the loss attributable to shareholders of the Company was RMB 9.674 billion, an increase of 116.2% from the same period last year Loss Attributable to Shareholders | Indicator (RMB) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Shareholders | 9.674 billion | 4.475 billion | +116.2% | [Liquidity, Financial and Capital Resources](index=13&type=section&id=Liquidity,%20Financial%20and%20Capital%20Resources) The Group faces liquidity pressure with decreased cash balances and increased short-term borrowings, leading to higher gearing ratios and defaults on certain loan payments [Cash Position and Available Funds](index=13&type=section&id=Cash%20Position%20and%20Available%20Funds) As of 30 June 2024, the Group's total cash and bank deposits stood at RMB 8.82 billion, a decrease of approximately 29.8% from the end of 2023 Cash Position and Available Funds | Indicator (RMB in millions) | 30 June 2024 | 31 December 2023 | Change | | :--- | :--- | :--- | :--- | | Total Cash and Bank Deposits | 8,820 | 12,553 | -29.8% | | Cash and Cash Equivalents | 4,148 | 8,637 | -52.0% | | Restricted Cash | 4,672 | 3,916 | +19.3% | [Borrowings](index=14&type=section&id=Borrowings) As of 30 June 2024, the Group's total borrowings were RMB 51.19 billion, with a significant shift from long-term to short-term debt and defaults on some payments Borrowing Repayment Schedule (RMB in millions) | Borrowing Type | 30 June 2024 | 31 December 2023 | | :--- | :--- | :--- | | Bank and Other Borrowings | 31,553 | 32,695 | | Senior Notes | 12,427 | 12,339 | | Domestic Corporate Bonds, etc | 7,206 | 8,520 | | Total | 51,186 | 53,554 | - As of 30 June 2024, principal and interest on certain bank borrowings, other borrowings, and senior notes were not repaid on their scheduled dates, which may trigger demands for accelerated repayment from creditors[35](index=35&type=chunk) [Currency Risk](index=14&type=section&id=Currency%20Risk) The Group primarily operates in RMB but has exposure to HKD, USD, MOP, and MYR through its bank deposits and borrowings, with no foreign currency forward contracts in place - The Group's main operations are conducted in RMB, but some financial instruments are denominated in HKD, USD, MOP, and MYR[36](index=36&type=chunk) - As of 30 June 2024, the Group had not entered into any foreign currency forward contracts[36](index=36&type=chunk) [Cost of Borrowing](index=14&type=section&id=Cost%20of%20Borrowing) Total borrowing costs decreased by 5.0% year-on-year to RMB 2.17 billion due to a lower average borrowing balance, though the effective interest rate rose to 7.96% Cost of Borrowing Data | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Cost of Borrowing | RMB 2.169 billion | RMB 2.284 billion | -5.0% | | Effective Interest Rate | 7.96% | 7.28% | +0.68 p.p. | [Contingent Liabilities and Financial Guarantees](index=15&type=section&id=Contingent%20Liabilities%20and%20Financial%20Guarantees) As of 30 June 2024, outstanding mortgage guarantees for property buyers increased to RMB 55.14 billion, and guarantees for loans of associates, joint ventures, and third parties also rose significantly Contingent Liabilities and Financial Guarantees (RMB in millions) | Guarantee Type | 30 June 2024 | 31 December 2023 | | :--- | :--- | :--- | | Mortgage Guarantees for Property Buyers | 55,135 | 50,592 | | Guarantees for Loans of Associates | 873 | 1,698 | | Guarantees for Loans of Joint Ventures | 11,441 | 3,180 | | Guarantees for Loans of Independent Third Parties | 6,498 | 3,350 | - The Group has not made any provision for mortgage guarantees, as management believes the net realizable value of the related properties is sufficient to cover potential defaults[39](index=39&type=chunk) [Commitments](index=15&type=section&id=Commitments) As of 30 June 2024, the Group had capital commitments of RMB 15.10 billion for property development activities and RMB 3.46 billion for land acquisition premiums Capital Commitments (RMB in millions) | Commitment Type | 30 June 2024 | 31 December 2023 | | :--- | :--- | :--- | | Property Development Activities | 15,099 | 17,833 | | Land Acquisition Premiums | 3,460 | 3,410 | | Purchase of Property, Plant and Equipment | 83 | 161 | | Acquisition of Additional Equity in Non-controlling Interests | 80 | 136 | [Material Investments, Acquisitions and Disposals, and Future Plans](index=16&type=section&id=Material%20Investments,%20Acquisitions%20and%20Disposals,%20and%20Future%20Plans) In February 2024, the Group completed a series of equity and debt transfer agreements involving two trading companies to optimize its asset structure - On 7 February 2024, Nantong Yaxin sold its 40% equity interest and related shareholder's loan in Qidong Xierme Trading Co, Ltd to Xinghe Investment for a net consideration of RMB 76,596,000[40](index=40&type=chunk)[41](index=41&type=chunk) - On the same day, Xinghe Investment sold its 20% equity interest and related shareholder's loan in Qidong Boerme Trading Co, Ltd to Nantong Yaxin[41](index=41&type=chunk) - Apart from the above transactions, there were no other material investments, acquisitions, or disposals during the period, nor any plans for significant capital asset additions[41](index=41&type=chunk) [Holistic Debt Management](index=16&type=section&id=Holistic%20Debt%20Management) Facing liquidity pressure, the Company defaulted on interest payments for certain senior notes and is actively engaging with creditors to seek a holistic solution for its offshore debt - The Company failed to pay the interest on its **USD 483 million 6.05% senior notes due 2025** and does not expect to be able to meet all its offshore debt payment obligations[42](index=42&type=chunk) - The Company has engaged external financial and legal advisors to assist in assessing its capital structure and liquidity and to seek a feasible holistic solution for its offshore debt[42](index=42&type=chunk) [Events After the Reporting Period](index=17&type=section&id=Events%20After%20the%20Reporting%20Period) The Group had no other significant events after the reporting period - The Group had no other significant events after the reporting period[43](index=43&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) As of 30 June 2024, the Group had 92,395 employees, with total staff costs decreasing by 9.6% year-on-year to RMB 3.24 billion Employee and Remuneration Data | Indicator | 30 June 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Employees | 92,395 | - | - | | Total Staff Costs | RMB 3.243 billion | RMB 3.587 billion | -9.6% | - Remuneration policies are based on market levels, employee performance, and contributions, and include retirement plans, medical benefits, and training programs[43](index=43&type=chunk) [Property Development Pre-selling](index=17&type=section&id=Property%20Development%20Pre-selling) During the review period, the total pre-selling value of the Group, together with its joint ventures and associates, amounted to RMB 8.99 billion Property Development Pre-selling Data | Indicator | H1 2024 | | :--- | :--- | | Total Pre-selling Value | RMB 8.99 billion | | Pre-selling GFA | 0.647 million sqm | | Average Pre-selling Price | RMB 13,905/sqm | [Property Management (Management Discussion)](index=17&type=section&id=Property%20Management%20(Management%20Discussion)) The property management business continues to adjust its strategy, focusing on core operations, service quality, and cash collection to maintain resilience - The property management business continues to deepen its strategic adjustments, solidifying its core operations and enhancing service quality[45](index=45&type=chunk) - It emphasizes the stability of existing projects and pursues quality expansion to maintain its business scale[45](index=45&type=chunk) - The business actively strengthens cash collection through various means, demonstrating resilience in its sustainable operations[45](index=45&type=chunk) [Outlook (Management Discussion)](index=17&type=section&id=Outlook%20(Management%20Discussion)) The Group anticipates more supportive government policies and will continue to accelerate property pre-sales while actively negotiating a holistic debt solution with offshore creditors - The Group expects more central government policies to de-stock and stabilize the market and will continue to accelerate property pre-sales and cash collection[46](index=46&type=chunk) - With a prudent and proactive strategy, the Group will continue to focus on key city clusters like the Greater Bay Area and the Yangtze River Delta[46](index=46&type=chunk) - The Group has engaged offshore financial and legal advisors to facilitate constructive negotiations with offshore creditors to formulate a holistic solution for its offshore debt situation[46](index=46&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=18&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This section presents the Group's detailed income statement for the period [Key Profit or Loss Data](index=18&type=section&id=Key%20Profit%20or%20Loss%20Data) For the six months ended 30 June 2024, the Group's revenue was RMB 21.14 billion, but a significant increase in cost of sales led to a gross loss of RMB 1.87 billion and a net loss of RMB 8.90 billion Interim Condensed Consolidated Statement of Profit or Loss (For the six months ended 30 June) | Indicator (RMB in thousands) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Revenue | 21,136,953 | 20,001,877 | | Cost of sales | (23,007,033) | (17,995,014) | | Gross (loss)/profit | (1,870,080) | 2,006,863 | | Loss for the period | (8,900,289) | (3,610,924) | | Loss attributable to shareholders of the Company | (9,673,862) | (4,475,392) | | Basic loss per share (RMB) | (1.917) | (0.963) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=19&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section details the Group's total comprehensive income, including items not recognized in profit or loss [Key Comprehensive Income Data](index=19&type=section&id=Key%20Comprehensive%20Income%20Data) For the six months ended 30 June 2024, the Group's loss for the period was RMB 8.90 billion, resulting in a total comprehensive loss of RMB 8.73 billion Interim Condensed Consolidated Statement of Comprehensive Income (For the six months ended 30 June) | Indicator (RMB in thousands) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Loss for the period | (8,900,289) | (3,610,924) | | Other comprehensive income for the period | 169,502 | 22,487 | | Total comprehensive loss for the period | (8,730,787) | (3,588,437) | | Total comprehensive loss attributable to shareholders of the Company | (9,560,184) | (4,449,400) | - Revaluation gains on transfer from property, plant and equipment to investment properties, net of tax, amounted to **RMB 142,905 thousand**[48](index=48&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=20&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the Group's assets, liabilities, and equity at the end of the reporting period [Assets](index=20&type=section&id=Assets) As of 30 June 2024, the Group's total assets were RMB 219.42 billion, a decrease of 9.3% from year-end 2023, with declines in both non-current and current assets Asset Overview (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Non-current assets | 83,363,196 | 90,991,166 | | Current assets | 136,057,995 | 150,816,986 | | Total assets | 219,421,191 | 241,808,152 | - Cash and cash equivalents decreased by **52.0%** from RMB 8,637,126 thousand to RMB 4,148,084 thousand[12](index=12&type=chunk)[49](index=49&type=chunk) [Equity and Liabilities](index=21&type=section&id=Equity%20and%20Liabilities) As of 30 June 2024, total equity decreased by 15.4% to RMB 52.76 billion, while total liabilities fell by 7.1% to RMB 166.66 billion, marked by a shift from long-term to short-term debt Equity and Liabilities Overview (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Total equity | 52,760,858 | 62,356,811 | | Non-current liabilities | 17,233,767 | 36,289,847 | | Current liabilities | 149,426,566 | 143,161,494 | | Total liabilities | 166,660,333 | 179,451,341 | - Equity and reserves attributable to shareholders of the Company decreased by **35.1%** from RMB 27,441,768 thousand to RMB 17,798,095 thousand[12](index=12&type=chunk)[50](index=50&type=chunk) - Non-current borrowings decreased significantly from RMB 27,684,144 thousand to RMB 8,802,054 thousand, while current borrowings rose sharply from RMB 25,869,427 thousand to RMB 42,383,517 thousand[12](index=12&type=chunk)[50](index=50&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=22&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details the movements in the Group's equity components during the period [Equity Movement Overview](index=23&type=section&id=Equity%20Movement%20Overview) For the six months ended 30 June 2024, a net loss of RMB 9.67 billion attributable to shareholders led to a decrease in total equity attributable to them Interim Condensed Consolidated Statement of Changes in Equity (For the six months ended 30 June) | Indicator (RMB in thousands) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Opening balance (Attributable to shareholders of the Company) | 27,441,768 | 75,726,863 | | (Loss)/profit for the period (Attributable to shareholders of the Company) | (9,673,862) | (4,475,392) | | Total other comprehensive (loss)/income | 113,678 | 26,000 | | Profit attributable to perpetual capital securities holders | 524,828 | 511,636 | | Total comprehensive (loss)/income attributable to non-controlling interests | 304,569 | 349,327 | | Closing balance (Attributable to shareholders of the Company) | 17,798,095 | 71,886,210 | - As of 30 June 2024, the total equity attributable to shareholders of the Company was **RMB 17,798,095 thousand**[51](index=51&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=24&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section outlines the Group's cash inflows and outflows from its operating, investing, and financing activities [Cash Flow Overview](index=25&type=section&id=Cash%20Flow%20Overview) For the six months ended 30 June 2024, the Group experienced net cash outflows from operating and financing activities, resulting in a net decrease in cash of RMB 4.49 billion Interim Condensed Consolidated Statement of Cash Flows (For the six months ended 30 June) | Cash Flow Type (RMB in thousands) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Net cash (used in)/from operating activities | (1,414,008) | 5,507,344 | | Net cash from/(used in) investing activities | 459,498 | (1,614,186) | | Net cash used in financing activities | (3,532,416) | (5,320,768) | | Net decrease in cash and cash equivalents | (4,486,926) | (1,427,610) | | Cash and cash equivalents at end of period | 4,148,084 | 7,029,557 | - Operating cash flow shifted from a net inflow to a net outflow, primarily due to increased interest and income tax paid[54](index=54&type=chunk) - The net cash outflow from financing activities was mainly driven by the repayment of borrowings, repayment of cash advances from related parties, and dividends paid to non-controlling interests[55](index=55&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=26&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed explanations and supplementary information for the financial statements [1 General Information](index=26&type=section&id=1%20General%20Information) Agile Group Holdings Limited, incorporated in the Cayman Islands in 2005, is an investment holding company primarily engaged in property development and management in Mainland China - The Company was incorporated in the Cayman Islands on 14 July 2005 and is principally engaged in investment holding[56](index=56&type=chunk) - The Group is principally engaged in property development and property management in the People's Republic of China[56](index=56&type=chunk) - This interim condensed consolidated financial information was approved by the Board of Directors on 30 August 2024[56](index=56&type=chunk) [2.1 Basis of Preparation](index=27&type=section&id=2.1%20Basis%20of%20Preparation) The financial information is prepared on a going concern basis, despite material uncertainties such as net losses and loan defaults, based on measures taken by the directors to improve liquidity - For the six months ended 30 June 2024, the Group recorded a net loss of **RMB 8,900,289,000**[57](index=57&type=chunk) - As of 30 June 2024, the Group had cash and bank balances of **RMB 8,819,527,000** (including restricted cash) and short-term borrowings of **RMB 42,383,517,000**[57](index=57&type=chunk) - The Board has implemented several measures to improve liquidity, including appointing financial advisors, seeking refinancing, accelerating pre-sales, controlling costs, and disposing of non-core businesses[57](index=57&type=chunk) - The Group's ability to continue as a going concern depends on accelerating property pre-sales, successfully renewing or extending borrowings, reaching agreements with lenders not to demand accelerated repayment, and successfully completing debt restructuring[59](index=59&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=28&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The Group adopted several amended HKFRSs during the period, which had no material impact on its financial position or performance - The amendment to HKFRS 16 regarding lease liability measurement in sale and leaseback transactions had no impact on the Group[61](index=61&type=chunk) - The amendment to HKAS 1 clarifying the classification of liabilities as current or non-current did not change the Group's liability classification[61](index=61&type=chunk) - Amendments to HKAS 7 and HKFRS 7 requiring additional disclosures on supplier finance arrangements had no impact on the Group[61](index=61&type=chunk) [3 Segment Information](index=33&type=section&id=3%20Segment%20Information) The Group operates in three segments: property development, property management, and others, with the majority of its revenue and assets located in Mainland China - The Group is organized into three business segments: property development, property management, and others[62](index=62&type=chunk) Segment Results (For the six months ended 30 June 2024, RMB in thousands) | Segment | Sales to External Customers | Operating (Loss)/Profit | | :--- | :--- | :--- | | Property development | 12,466,227 | (5,246,095) | | Property management | 6,856,366 | 722,909 | | Others | 1,814,360 | (332,242) | | The Group | 21,136,953 | (4,855,428) | - The majority of the Group's consolidated revenue and results are derived from the Mainland China market, and most of its non-current assets are located there[63](index=63&type=chunk)[71](index=71&type=chunk) [4 Revenue, Other Income and Gains, Net](index=36&type=section&id=4%20Revenue,%20Other%20Income%20and%20Gains,%20Net) The Group's revenue for the first half of 2024 was RMB 21.14 billion, while net other income and gains decreased by 44.6% due to lower interest income and exchange gains Revenue, Other Income and Gains, Net (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 21,136,953 | 20,001,877 | | Sales of properties | 12,466,227 | 10,166,120 | | Property management services | 6,856,366 | 7,061,654 | | Total other income and gains, net | 258,515 | 466,524 | | Interest income | 70,023 | 141,565 | | Net foreign exchange gains | 35,766 | 211,887 | - Revenue from sales of properties increased by **22.6%** year-on-year, while revenue from property management services decreased by **2.9%**[73](index=73&type=chunk) [5 Other Expenses](index=37&type=section&id=5%20Other%20Expenses) Other expenses for the first half of 2024 increased by 31.9% to RMB 1.57 billion, mainly due to losses on financial instruments and disposals of joint ventures Analysis of Other Expenses (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Total other expenses | 1,571,027 | 1,190,873 | | Net fair value loss on financial assets/liabilities at FVTPL | 443,755 | 670,380 | | Loss on disposal of joint ventures and associates | 649,174 | 272,617 | | Fair value loss on investment properties | 76,571 | 7,922 | [6 Loss Before Income Tax](index=38&type=section&id=6%20Loss%20Before%20Income%20Tax) The Group's loss before income tax for the first half of 2024 was RMB 5.62 billion, with major expenses including cost of properties sold and impairment provisions Components of Loss Before Income Tax (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Cost of properties sold | 14,993,227 | 8,596,889 | | Total employee benefit expenses | 3,243,344 | 3,586,904 | | Provision for impairment of properties under development and completed properties held for sale | 760,633 | 862,594 | | Net impairment losses on financial and contract assets | 83,867 | 677,521 | | Loss on disposal of joint ventures and associates | 649,174 | 272,617 | - The provision for impairment of properties is related to the decrease in the estimated market value of the properties and is included in "Cost of sales" in the consolidated statement of profit or loss[79](index=79&type=chunk) [7 Finance Costs, Net](index=39&type=section&id=7%20Finance%20Costs,%20Net) Net finance costs for the first half of 2024 decreased significantly by 53.4% to RMB 498 million, mainly due to capitalized interest and lower exchange losses on borrowings Analysis of Finance Costs, Net (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Total interest expense | 2,368,523 | 3,250,044 | | Less: Capitalization of interest and exchange losses | (1,869,081) | (2,155,553) | | Total net finance costs | 497,781 | 1,069,030 | - Exchange losses on borrowings decreased from **RMB 957,545 thousand** to **RMB 189,738 thousand**[81](index=81&type=chunk) [8 Income Tax Expense](index=40&type=section&id=8%20Income%20Tax%20Expense) The Group's income tax expense for the first half of 2024 increased substantially to RMB 3.28 billion, primarily comprising corporate and land appreciation taxes in Mainland China Analysis of Income Tax Expense (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Total current income tax | 2,140,814 | 1,728,664 | | Corporate income tax | 752,919 | 1,184,529 | | Mainland China land appreciation tax | 1,387,895 | 544,135 | | Deferred income tax | 1,140,436 | (1,092,106) | | Total income tax expense | 3,281,250 | 636,558 | - Certain subsidiaries benefit from a preferential corporate income tax rate of 15%, including high-tech enterprises and companies in western cities and the Hainan Free Trade Port[82](index=82&type=chunk)[83](index=83&type=chunk) [9 Dividends](index=40&type=section&id=9%20Dividends) The Board does not recommend the payment of any interim dividend for the six months ended 30 June 2024 and 2023 - The Board does not recommend the payment of any interim dividend for the six months ended 30 June 2024 and 2023[85](index=85&type=chunk) [10 Loss Per Share](index=41&type=section&id=10%20Loss%20Per%20Share) For the six months ended 30 June 2024, the basic and diluted loss per share attributable to shareholders was RMB 1.917, an increase from RMB 0.963 in the prior year period Calculation of Loss Per Share | Indicator | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Loss attributable to shareholders of the Company (RMB in thousands) | (9,673,862) | (4,475,392) | | Weighted average number of ordinary shares in issue (thousands) | 5,046,048 | 4,644,989 | | Basic and diluted loss per share (RMB per share) | (1.917) | (0.963) | - The Group had no potential ordinary shares with a dilutive effect outstanding during the six months ended 30 June 2024 and 2023[87](index=87&type=chunk) [11 Property, Plant and Equipment](index=41&type=section&id=11%20Property,%20Plant%20and%20Equipment) During the first half of 2024, the Group added property, plant and equipment costing RMB 693 million and recognized a revaluation surplus of RMB 191 million from a transfer to investment properties Cost of Additions to Property, Plant and Equipment (RMB in thousands) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Cost of assets added | 692,547 | 645,852 | - During the six months ended 30 June 2024, an office building with a carrying amount of RMB 460 million was transferred to investment properties, generating a revaluation surplus of **RMB 191 million** (RMB 143 million after tax)[88](index=88&type=chunk) [12 Investment Properties](index=42&type=section&id=12%20Investment%20Properties) As of 30 June 2024, the Group's investment properties had a closing balance of RMB 9.97 billion, with a fair value loss of RMB 76.6 million recorded during the period Closing Balance and Fair Value Loss of Investment Properties (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 30 June 2023 (Unaudited) | | :--- | :--- | :--- | | Closing balance | 9,969,181 | 9,466,081 | | Fair value loss | (76,571) | (7,922) | - The fair value of investment properties is measured using the income capitalization approach or direct comparison approach, utilizing significant unobservable inputs (Level 3)[91](index=91&type=chunk) - As of 30 June 2024, investment properties with a value of **RMB 5.924 billion** were pledged as collateral for the Group's bank borrowings[92](index=92&type=chunk) [13 Investments Accounted for Using the Equity Method](index=43&type=section&id=13%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) As of 30 June 2024, the Group's investments accounted for using the equity method totaled RMB 25.25 billion, with a net loss of RMB 649 million recognized from disposals during the period Investments Accounted for Using the Equity Method (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Share of net assets | 25,946,161 | 26,070,454 | | Less: Impairment | (696,818) | (696,818) | | Total | 25,249,343 | 25,373,636 | - During the period, the Group disposed of certain joint ventures and associates, recording a net loss of **RMB 649,174 thousand**[94](index=94&type=chunk) - The Group's share of unrecognized losses from certain associates and joint ventures amounted to **RMB 2,408,572 thousand**[95](index=95&type=chunk) [14 Properties Under Development](index=44&type=section&id=14%20Properties%20Under%20Development) As of 30 June 2024, the Group's properties under development totaled RMB 70.98 billion, with an impairment provision balance of RMB 5.58 billion Composition of Properties Under Development (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Total | 70,980,628 | 76,597,826 | | Land use rights | 45,495,689 | 49,668,767 | | Construction costs and capitalized expenses | 16,277,720 | 18,114,326 | | Capitalized interest | 9,207,219 | 8,814,733 | - As of 30 June 2024, the balance of the provision for impairment of properties under development was **RMB 5,578,947 thousand**[97](index=97&type=chunk) - Properties under development of approximately **RMB 24,214,468 thousand** were pledged as collateral for the Group's borrowings[97](index=97&type=chunk) [15 Completed Properties Held for Sale](index=45&type=section&id=15%20Completed%20Properties%20Held%20for%20Sale) All of the Group's completed properties held for sale are located in China, with an impairment provision balance of RMB 2.04 billion as of 30 June 2024 - All completed properties held for sale are located in China, with land use rights lease terms ranging from 40 to 70 years[98](index=98&type=chunk) - As of 30 June 2024, the balance of the provision for impairment of completed properties held for sale was **RMB 2,036,029 thousand**[98](index=98&type=chunk) - Approximately **RMB 1,344,733 thousand** of completed properties held for sale were pledged as collateral for the Group's bank borrowings[98](index=98&type=chunk) [16 Prepayments for Acquisition of Land Use Rights](index=45&type=section&id=16%20Prepayments%20for%20Acquisition%20of%20Land%20Use%20Rights) This section describes advance payments for the acquisition of land use rights for property development, which will be reclassified upon obtaining contractual rights - These amounts represent advance payments for the acquisition of land use rights for property development[99](index=99&type=chunk) - The amounts will be transferred to properties under development in the consolidated statement of financial position upon the Group obtaining the contractual rights to the relevant land[99](index=99&type=chunk) [17 Trade and Other Receivables](index=47&type=section&id=17%20Trade%20and%20Other%20Receivables) As of 30 June 2024, the Group's total trade receivables were RMB 10.26 billion and other receivables were RMB 42.84 billion, with significant impairment provisions for both Trade and Other Receivables (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Total trade receivables | 10,261,953 | 10,054,870 | | Total other receivables | 42,843,199 | 50,913,426 | | Impairment provision for trade receivables | (1,336,199) | (1,807,666) | | Impairment provision for other receivables | (2,582,515) | (2,418,892) | - As of 30 June 2024, approximately **RMB 1.254 billion** of trade receivables were pledged as collateral for the Group's bank borrowings[101](index=101&type=chunk) [18 Restricted Cash](index=47&type=section&id=18%20Restricted%20Cash) The Group's restricted cash is primarily denominated in RMB and subject to China's foreign exchange controls, mainly consisting of guarantee deposits for mortgages and pre-sold properties - Restricted cash is mainly denominated in RMB and is subject to the foreign exchange control rules and regulations of China[105](index=105&type=chunk) - Restricted cash primarily includes guarantee deposits for mortgage loans, construction of pre-sold properties, and accident compensation[105](index=105&type=chunk) [19 Cash and Cash Equivalents](index=48&type=section&id=19%20Cash%20and%20Cash%20Equivalents) As of 30 June 2024, the Group's cash and cash equivalents totaled RMB 4.15 billion, with the majority denominated in RMB Cash and Cash Equivalents (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Total | 4,148,084 | 8,637,126 | | Denominated in RMB | 4,015,038 | 8,089,969 | | Denominated in other currencies | 133,046 | 547,157 | - RMB is not freely convertible into other currencies but can be exchanged through authorized banks[106](index=106&type=chunk) [20 Trade and Other Payables](index=49&type=section&id=20%20Trade%20and%20Other%20Payables) As of 30 June 2024, the Group's trade payables were RMB 23.08 billion and other payables were RMB 29.44 billion, with a significant portion of trade payables aged over one year Trade and Other Payables (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Trade payables | 23,077,807 | 25,012,538 | | Other payables | 29,436,660 | 33,437,230 | | Total trade and other payables | 52,514,430 | 58,506,578 | Ageing Analysis of Trade Payables (RMB in thousands) | Ageing | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Within 90 days | 3,370,578 | 7,723,154 | | Over 90 days and within 180 days | 6,438,051 | 5,711,604 | | Over 180 days and within 365 days | 4,590,071 | 3,983,982 | | Over 365 days | 8,679,107 | 7,593,798 | [21 Borrowings](index=52&type=section&id=21%20Borrowings) As of 30 June 2024, the Group's total borrowings were RMB 51.19 billion, with a significant shift from non-current to current debt and defaults on certain interest payments Total Borrowings and Classification (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Borrowings classified as non-current liabilities | 8,802,054 | 27,684,144 | | Borrowings classified as current liabilities | 42,383,517 | 25,869,427 | | Total borrowings | 51,185,571 | 53,553,571 | - The Company failed to pay interest on certain senior notes issued in 2020 and 2021, amounting to **USD 14,611,000** and **USD 21,010,000**, respectively[112](index=112&type=chunk) - As of 30 June 2024, principal and interest on certain bank borrowings, other borrowings, and senior notes were not repaid on their scheduled dates, which may entitle creditors to demand repayment[116](index=116&type=chunk) - Multiple borrowings are secured by land use rights, properties, trade receivables, properties under development, investment properties, and shares in certain subsidiaries and joint ventures[115](index=115&type=chunk)[116](index=116&type=chunk) [22 Share Capital](index=53&type=section&id=22%20Share%20Capital) As of 30 June 2024, the Company's issued and fully paid share capital consisted of 5,046,047,500 shares with a par value of HK$0.1 each Share Capital and Premium (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Share capital | 500,302 | 500,302 | | Share premium | 4,878,375 | 4,878,375 | | Number of ordinary shares in issue (thousands) | 5,046,048 | 5,046,048 | [23 Share Award Scheme](index=53&type=section&id=23%20Share%20Award%20Scheme) The Company's share award scheme, adopted in 2013, has been terminated, and the employee share trust no longer holds any shares as of 30 June 2024 - The Company adopted a share award scheme on 10 December 2013 and established an employee share trust[118](index=118&type=chunk) - As of 30 June 2024, the employee share trustee held no shares under the share award scheme[118](index=118&type=chunk) - No related expenses were recognized in the consolidated statement of profit or loss, and no awarded shares vested as performance conditions were not met[118](index=118&type=chunk) [24 Reserves](index=54&type=section&id=24%20Reserves) The Group's reserves include merger reserves and statutory funds, with other reserves decreasing by RMB 74.4 million due to the acquisition of additional equity in subsidiaries - The Group's merger reserve represents the difference between the share capital of subsidiaries acquired under the Reorganisation and the nominal value of the Company's shares[119](index=119&type=chunk) - Chinese subsidiaries are required to transfer a portion of their post-tax profits to a statutory reserve fund until it reaches 50% of their registered capital[119](index=119&type=chunk) - During the six months ended 30 June 2024, the acquisition of additional equity in subsidiaries resulted in a decrease in other reserves of **RMB 74,387 thousand**[119](index=119&type=chunk) [25 Perpetual Capital Securities](index=55&type=section&id=25%20Perpetual%20Capital%20Securities) The Company has issued a total of USD 1.9 billion in senior perpetual capital securities, with no maturity date and discretionary deferral of distributions, several of which have been deferred Movement of Perpetual Capital Securities (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 30 June 2023 (Unaudited) | | :--- | :--- | :--- | | Opening balance | 14,265,874 | 13,224,477 | | Profit attributable to holders | 524,828 | 511,636 | | Closing balance | 14,790,702 | 13,736,113 | - The Company has issued senior perpetual capital securities with a total principal amount of **USD 1.9 billion**, which have no maturity date and allow for discretionary deferral of distributions[121](index=121&type=chunk) - The Company has elected to defer multiple distributions originally scheduled between December 2022 and June 2024[121](index=121&type=chunk) [26 Subsidiaries with Material Non-controlling Interests](index=57&type=section&id=26%20Subsidiaries%20with%20Material%20Non-controlling%20Interests) A-Living Smart City Services Co, Ltd is the Group's subsidiary with material non-controlling interests, in which the Group holds a 53.05% stake - A-Living Smart City Services Co, Ltd is the Group's subsidiary with material non-controlling interests, in which the Group holds a **53.05%** equity stake[122](index=122&type=chunk) A-Living Condensed Consolidated Statement of Financial Position (RMB in thousands) | Indicator | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Net current assets | 5,218,764 | 7,443,651 | | Net non-current assets | 7,658,249 | 7,005,480 | | Net assets | 12,877,013 | 14,449,131 | | Accumulated non-controlling interests | 9,105,651 | 8,731,535 | A-Living Condensed Consolidated Statement of Profit or Loss (RMB in thousands) | Indicator | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Revenue | 7,022,621 | 7,698,512 | | (Loss)/profit for the period | (1,532,313) | 951,506 | | Profit allocated to non-controlling interests | 356,107 | 553,507 | [27 Business Combinations](index=59&type=section&id=27%20Business%20Combinations) During the first half of 2024, the Group acquired the remaining equity in several joint ventures and associates for RMB 108 million, resulting in a loss of RMB 14.7 million - The Group acquired the remaining equity interests in several joint ventures and associates for a total consideration of **RMB 107,984 thousand**[126](index=126&type=chunk) - Upon completion of the acquisitions, the relevant project companies became wholly-owned subsidiaries of the Group[126](index=126&type=chunk) - The Group remeasured the fair value of its previously held interests, resulting in a recognized loss of **RMB 14,706 thousand**[126](index=126&type=chunk) Net Cash Flow from Business Combinations (RMB in thousands) | Indicator | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Cash inflow/(outflow) during the period | 9,452 | (32,100) | [28 Disposal of Subsidiaries](index=60&type=section&id=28%20Disposal%20of%20Subsidiaries) In the first half of 2024, the Group disposed of interests in several subsidiaries to independent third parties, recording a loss on disposal of RMB 12.7 million - The Group sold certain equity interests in several subsidiaries to independent third parties, resulting in a loss of control over the disposed projects[130](index=130&type=chunk) Details of Disposal of Subsidiaries (RMB in thousands) | Indicator | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Consideration for disposal | 32,944 | 306,416 | | (Loss)/gain on disposal | (12,655) | 1,852 | | Net cash inflow from disposal | 2,635 | 147,926 | [29 Contingent Liabilities and Financial Guarantees](index=61&type=section&id=29%20Contingent%20Liabilities%20and%20Financial%20Guarantees) As of 30 June 2024, the Group's total contingent liabilities and financial guarantees increased significantly to RMB 73.95 billion, mainly comprising mortgage and loan guarantees Contingent Liabilities and Financial Guarantees (RMB in thousands) | Guarantee Type | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Guarantees for mortgage financing for certain buyers | 55,134,741 | 50,592,159 | | Guarantees for loans of associates | 872,558 | 1,698,040 | | Guarantees for loans of joint ventures | 11,441,361 | 3,179,580 | | Guarantees for loans of third parties | 6,497,606 | 3,349,859 | | Total | 73,946,266 | 58,819,638 | - The Group has not made any provision for mortgage guarantees, as management believes the net realizable value of the related properties is sufficient to cover potential defaults[134](index=134&type=chunk) [30 Commitments](index=61&type=section&id=30%20Commitments) As of 30 June 2024, the Group's total capital contractual commitments amounted to RMB 18.72 billion, primarily for property development and land acquisition Capital Contractual Commitments (RMB in thousands) | Commitment Type | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Property development activities | 15,099,246 | 17,832,626 | | Acquisition of land use rights | 3,459,635 | 3,410,027 | | Property, plant and equipment | 83,152 | 161,116 | | Acquisition of additional equity in non-controlling interests | 80,406 | 136,508 | | Total | 18,722,439 | 21,540,277 | [31 Related Party Transactions](index=72&type=section&id=31%20Related%20Party%20Transactions) The Group engages in transactions with various related parties, including its ultimate holding company and entities controlled by founding shareholders, involving services, loans, and construction - Related parties include the ultimate holding company, companies with significant influence from founding shareholders and their immediate family members, associates, and joint ventures[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) Transactions with Related Parties (RMB in thousands) | Transaction Type | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Office service fees received from Atlas (China) | 1,855 | 24,931 | | Repayment of loans from related parties | 21,350 | 146,086 | | Loans to related parties | – | 19,242 | | Interest income | 5,057 | 20,503 | | Provision of construction services to | 240,942 | 550,665 | Balances with Related Parties (RMB in thousands) | Balance Type | 30 June 2024 (Unaudited) | 31 December 2023 (Audited) | | :--- | :--- | :--- | | Trade receivables from related parties | 2,138,472 | 2,631,457 | | Other receivables from related parties | 21,456,741 | 18,725,134 | | Loans and interest receivable | 1,771,252 | 2,640,400 | | Other payables to related parties | 9,393,339 | 9,522,910 | | Contract liabilities from related parties | 94,928 | 59,927 | [32 Fair Value Measurement of Financial Instruments](index=76&type=section&id=32%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) The carrying amounts of the Group's financial instruments approximate their fair values, which are measured using various valuation techniques based on observable and unobservable inputs - The carrying amounts of the Group's financial instruments approximate their fair values, and the fair value of short-term instruments is similar to their carrying amount[156](index=156&type=chunk) - Fair value is measured using significant unobservable inputs (Level 3), with valuation techniques including market approach, asset approach, guideline public company method, binomial option pricing model, and discounted cash flow method[157](index=157&type=chunk)[159](index=159&type=chunk) Fair Value Hierarchy of Financial Instruments (As of 30 June 2024, RMB in thousands) | Type | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | Financial assets | 1,373 | – | 2,509,615 | 2,510,988 | | Financial liabilities | – | – | 1,130,553 | 1,130,553 | [Corporate Governance](index=77&type=section&id=Corporate%20Governance) This section outlines the company's adherence to corporate governance principles [Compliance with the Corporate Governance Code](index=77&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Company has complied with all code provisions of the Corporate Governance Code, except for the dual role of Chairman and Chief Executive Officer held by the same individual - The Company has complied with all code provisions of the Corporate Governance Code during the reporting period[171](index=171&type=chunk) - The roles of Chairman and Chief Executive Officer are both held by Mr Chan Cheuk Lam, which the Board believes provides strong and consistent leadership for the Group's development[171](index=171&type=chunk) - The Board believes that other Board members have sufficient authority to review and/or monitor the exercise of power by the Chairman and the President of the Company[171](index=171&type=chunk) [Other Information](index=78&type=section&id=Other%20Information) This section provides supplementary disclosures required by listing rules [Compliance with the Model Code for Securities Transactions by Directors](index=78&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code for directors' securities transactions on terms no less exacting than the required standard, with which all directors have complied - The Company has adopted a code for securities transactions by directors on terms no less exacting than the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules[173](index=173&type=chunk) - All directors have fully complied with the code for directors' securities transactions during the six months ended 30 June 2024[173](index=173&type=chunk) [Directors' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=80&type=section&id=Directors'%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of 30 June 2024, several directors held long positions in the shares of the Company and its associated corporations, primarily as beneficiaries of family trusts Directors' Long Positions in the Company's Shares (As of 30 June 2024) | Director's Name | Capacity | Number of Shares | Approx % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Chan Cheuk Lam | Beneficiary of a trust | 2,453,096,250 | 51.48% | | | Beneficial owner | 88,274,000 | | | | Controlled corporation | 56,574,250 | | | Chan Cheuk Hung | Beneficiary of a trust | 2,453,096,250 | 48.61% | | Chan Cheuk Hay | Beneficiary of a trust | 2,453,096,250 | 48.77% | | | Beneficial owner | 7,875,000 | | | Chan Cheuk Nam | Beneficiary of a trust | 2,453,096,250 | 48.75% | | | Beneficial owner | 6,781,500 | | | Huang Fengchao | Beneficial owner | 1,400,000 | 0.03% | Directors' Long Positions in A-Living's Shares (As of 30 June 2024) | Director's Name | Capacity | Number of Shares | Approx % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Chan Cheuk Lam | Beneficiary of a trust | 666,736,750 | 46.95% | | Chan Cheuk Hung | Beneficiary of a trust | 666,736,750 | 46.95% | | Chan Cheuk Hay | Beneficiary of a trust | 666,736,750 | 46.95% | | Chan Cheuk Nam | Beneficiary of a trust | 666,736,750 | 46.95% | | Huang Fengchao | Controlled corporation | 12,288,972 | 0.87% | Directors' Short Positions in A-Living's Shares (As of 30 June 2024) | Director's Name | Capacity | Number of Shares | Approx % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Chan Cheuk Lam | Beneficiary of a trust | 93,793,638 | 6.61% | | Chan Cheuk Hung | Beneficiary of a trust | 93,793,638 | 6.61% | | Chan Cheuk Hay | Beneficiary of a trust | 93,793,638 | 6.61% | | Chan Cheuk Nam | Beneficiary of a trust | 93,793,638 | 6.61% | [Substantial Shareholders' Interests and Short Positions](index=82&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions) As of 30 June 2024, several substantial shareholders held long positions in the Company's shares, primarily through trust beneficiary status or controlled corporations Substantial Shareholders' Long Positions in the Company's Shares (As of 30 June 2024) | Shareholder Name | Capacity | Number of Shares | Approx % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Fufeng Investment Limited | Trustee | 2,453,096,250 | 48.61% | | Top Coast Investment Limited | Beneficial owner | 2,453,096,250 | 48.61% | | Chan Cheuk Yin | Beneficiary of a trust | 2,453,096,250 | 48.93% | | | Controlled corporation | 15,687,500 | | | Luk Sin Fong, Fion | Beneficiary of a trust | 2,453,096,250 | 51.48% | | | Controlled corporation | 14,276,250 | | | | Spouse | 130,572,000 | | | Chan Sze Long | Beneficial owner | 95,942,993 | 6.09% | | | Controlled corporation | 211,489,507 | | - Fufeng Investment Limited and Top Coast Investment Limited hold shares in the Company through the Chan Family Trust[182](index=182&type=chunk) [Interests of Any Other Persons](index=82&type=section&id=Interests%20of%20Any%20Other%20Persons) As of 30 June 2024, no other persons had notified the Company of any disclosable interests or short positions in its shares - As of 30 June 2024, no other person had notified the Company of any disclosable interests or short positions in its shares[185](index=185&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=82&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the reporting period, the Group redeemed and cancelled portions of its domestic corporate bonds, with no other purchases, sales, or redemptions of its listed securities - Panyu Agile repurchased **RMB 20,000,000** of its 5% public domestic corporate bonds due 2025 (Public Bond II) on 28 March 2024, which were cancelled by 12 April 2024[186](index=186&type=chunk) - Pany

Financial Performance - The company's revenue for the six months ended June 30, 2024, was RMB 21,137 million, an increase from RMB 20,002 million in the same period of 2023[2] - The gross loss for the period was RMB 1,870 million, compared to a gross profit of RMB 2,007 million in the previous year[2] - The net loss attributable to shareholders was RMB 9,674 million, up from RMB 4,475 million in the same period last year[2] - The company reported a revenue of RMB 21,136,953 thousand for the six months ended June 30, 2024, compared to RMB 20,001,877 thousand for the same period in 2023, representing an increase of approximately 5.7%[8] - The company incurred a loss of RMB 8,900,289 thousand for the six months ended June 30, 2024, compared to a loss of RMB 3,610,924 thousand for the same period in 2023, indicating a significant increase in losses[9] - The basic and diluted loss per share for the period was RMB (1.917), compared to RMB (0.963) for the same period in 2023, reflecting a worsening financial performance[8] - The total loss for the period was RMB 8.900 billion, a 146.5% increase from a loss of RMB 3.611 billion in 2023[44] - The loss attributable to shareholders was RMB 9.674 billion, up 116.2% from RMB 4.475 billion in the same period of 2023[44] Assets and Liabilities - Total assets decreased to RMB 219,421,191 thousand as of June 30, 2024, from RMB 241,808,152 thousand as of December 31, 2023, a decline of approximately 9.3%[10] - The company's total liabilities decreased to RMB 166,660,333 thousand as of June 30, 2024, from RMB 179,451,341 thousand as of December 31, 2023, a reduction of about 7.1%[12] - The company's equity attributable to shareholders decreased to RMB 52,760,858 thousand as of June 30, 2024, from RMB 62,356,811 thousand as of December 31, 2023, reflecting a decline of approximately 15.5%[11] - The net debt ratio of the group was approximately 80.3% as of June 30, 2024[5] - The group had contingent liabilities of RMB 55.135 billion as of June 30, 2024, up from RMB 50.592 billion on December 31, 2023, reflecting increased financial commitments[63] Cash Flow and Liquidity - The total cash and bank deposits amounted to RMB 88.20 billion as of June 30, 2024[3] - The group is taking measures to improve liquidity, including accelerating property sales and managing costs[14] - The ability to continue as a going concern is dependent on successful negotiations with creditors and the acceleration of property sales[17] - The board believes that, based on cash flow forecasts and the measures taken, the group will have sufficient working capital to meet its financial obligations for the next 12 months[15] - The company is facing liquidity pressure and has not paid interest on its USD 483 million 6.05% senior notes due in 2025, indicating an inability to meet all payment obligations under its offshore debt[68] Property Development and Sales - The total presale amount for the group was RMB 89.9 billion, with a presale average price of RMB 13,905 per square meter, representing a year-on-year decrease of 68.1%[3] - The company delivered over 18,800 units across 50 projects in 32 cities during the review period, with approximately 15% delivered ahead of schedule[6] - The group's property development recognized sales revenue was RMB 12.466 billion, a 22.6% increase from RMB 10.166 billion in 2023, with a total sales area of 1.17 million square meters, up 53.0%[45] - The company has land reserves of approximately 32.49 million square meters across 78 cities, with 8.29 million square meters (25%) located in the Greater Bay Area and 2.38 million square meters (7%) in the Yangtze River Delta[72] Financial Management and Strategy - The company plans to accelerate property presales and enhance cash collection from sales proceeds in response to ongoing market challenges[7] - The group plans to seek refinancing for existing borrowings and new debt financing to address financial obligations[14] - The group may consider selling non-core assets to generate additional cash flow if necessary[14] - The company is focusing on expanding its market presence and developing new products and technologies to improve future performance[13] Corporate Governance - The company adhered to all provisions of the Corporate Governance Code except for the separation of roles between the Chairman and the CEO, which is currently held by Mr. Chen Zhuolin[75] - The board of directors consists of nine members, including Mr. Chen Zhuolin as Chairman and CEO, ensuring a unified leadership for the company's development[78] Other Financial Metrics - The company reported a net other comprehensive income of RMB 169,502 thousand for the six months ended June 30, 2024, compared to RMB 22,487 thousand for the same period in 2023, indicating improved performance in this area[9] - The fair value loss on investment properties was RMB 76,571 thousand, compared to a loss of RMB 7,922 thousand in the previous period, highlighting increased challenges in property valuation[28] - The impairment provision for properties was RMB 862,594 thousand, compared to RMB 760,633 thousand in the previous period, suggesting increased caution in asset valuation[27] - The actual borrowing interest rate for the group was 7.96% for the review period, compared to 7.28% in the same period of 2023[62]

Agile Therapeutics has combined with Insud Pharma's US Subsidiary, Exeltis USA, Inc., expanding an already significant women's health/contraceptive portfolio Agile Therapeutics Common Shareholders to receive $1.52 per share of common stock Agile common stock will cease to be listed on the OTC QB PRINCETON, N.J., Aug. 26, 2024 (GLOBE NEWSWIRE) -- Agile Therapeutics, Inc. ("Agile") (OTCQB: AGRX), a women's healthcare company, today announced the completion of the acquisition of Agile by Insud Pharma, S.L. ("I ...

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 部份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） 雅居樂集團控股有限公司 （股份代號：3383） 2023年年報之補充公告 茲提述雅居樂集團控股有限公司（「本公司」）於2024年4月25日刊發之截至2023年12 月31日止年度的年報（「2023年年報」）。除另有指明外，本公告所用詞彙與2023年年 報所界定者具有相同涵義。本公告提供2023年年報之補充資料。 關於2023年年報第92頁「關連方交易」一節，董事會謹此提供以下補充資料： 「綜合財務報表附註45所載若干關連方交易均為獲全面豁免遵守上市規則第十四A 章項下之申報、公告、股東批准及年度審閱規定的關連交易或持續關連交易。除上 文所披露者外，誠如綜合財務報表附註45所載，據董事所知，年內概無其他關連方 交易構成須遵守上市規則第十四A章項下申報規定的關連交易或持續關連交易。本 公司確認已遵守上市規則第十四A章項下有關上述關連交易及持續關連交易的規 定。」 除本公告所 ...

Dublin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The "Agile Leadership for Pharma and Biopharma Professionals in a hybrid world Training Course" conference has been added to ResearchAndMarkets.com's offering. Working in the pharmaceutical, biopharma, device and animal health industries has become increasingly challenging and fast moving. Previously, excellence in technical areas would have guaranteed a successful career. Now, to develop and even sustain your career you will almost certainly need to build your lead ...

Agile Therapeutics Common Shareholders expected to receive $1.52 per share of common stock – approximately a 356% premium to the closing share price on June 25, 2024 "We started Agile with the goal of improving women's health through innovative, clinically differentiated products for women," said Agile Chairperson and Chief Executive Officer Al Altomari. "We are proud of what we have been able to accomplish with our small, dedicated team: gaining approval of Twirla, the only low dose combined hormonal contr ...

Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 43.31 billion, a decrease of 19.8% compared to RMB 54.03 billion in 2022[4]. - The gross loss for the year was RMB 0.524 billion, with a gross loss margin of -1.2%, down from a gross profit of RMB 1.001 billion and a margin of 1.9% in the previous year[4]. - The net loss for the year was RMB 12.777 billion, a slight improvement of 4.5% from a net loss of RMB 13.373 billion in 2022[4]. - The company's equity attributable to shareholders decreased by 32.2% to RMB 27.442 billion from RMB 40.446 billion in 2022[5]. - The total assets as of December 31, 2023, were RMB 241.808 billion, down 11.5% from RMB 273.382 billion in 2022[5]. - The return on equity for the year was -50.3%, compared to -37.0% in the previous year, reflecting a decline of 13.3 percentage points[5]. - The operating loss for the year was RMB 9.56 billion, an increase of 46.7% from RMB 6.51 billion in 2022[45]. - The financial expenses net amount was RMB 851 million, a decrease of 72.6% from RMB 3.10 billion in 2022[58]. - The loss attributable to shareholders was RMB 13.80 billion, a decrease of 7.9% from RMB 14.98 billion in 2022[60]. Revenue Breakdown - The company reported property development sales revenue of RMB 23.598 billion and diversified business revenue of RMB 19.712 billion, with respective contributions of 54.5% and 45.5% to total revenue[25]. - The revenue from property development and diversified businesses accounted for 54.5% and 45.5% respectively, with the share of diversified business revenue increasing by 5.6 percentage points compared to the previous year[30]. - The property development revenue was RMB 23.60 billion, down 27.3% from RMB 32.46 billion in 2022, with a total sales area of 2.13 million square meters, a decline of 35.6%[47]. - The property management revenue increased by 6.2% to RMB 14.53 billion from RMB 13.68 billion in 2022, with a total managed area of 590.5 million square meters, an increase of 8.2%[48]. Debt and Cash Management - The company’s cash and cash equivalents increased by 2.1% to RMB 8.637 billion from RMB 8.463 billion in 2022[5]. - The company’s net debt to total equity ratio increased to 65.8% from 57.3% in the previous year, indicating a rise of 8.5 percentage points[5]. - The net debt ratio as of December 31, 2023, was 65.8%, with total cash and bank deposits amounting to RMB 12.553 billion[38]. - The group's total borrowings as of December 31, 2023, were RMB 53.554 billion, down from RMB 59.486 billion as of December 31, 2022[63]. - The total borrowing cost for the group in 2023 was RMB 4.531 billion, a 1.5% increase from RMB 4.464 billion in 2022, with an actual borrowing rate of 7.61% compared to 6.03% in 2022[67]. Land Reserves and Development Projects - As of December 31, 2023, the company holds land reserves of approximately 33.35 million square meters across 79 cities, with 21.4% of this in the Greater Bay Area and 9.9% in the Yangtze River Delta[29]. - The total pre-sale amount for real estate projects managed under the "Aoyuan" brand reached RMB 45.3 billion, corresponding to a cumulative pre-sale area of 3.039 million square meters and an average pre-sale price of RMB 14,904 per square meter[27]. - The group holds land reserves of approximately 33.35 million square meters across 79 cities, with an average land cost of RMB 3,030 per square meter[46]. - The company has a total of 180 projects with an estimated total construction area of 83,085,973 square meters and land reserves of 33,351,916 square meters[110]. Strategic Initiatives and Future Outlook - The company aims to enhance its brand recognition across China while maintaining its commitment to corporate social responsibility[24]. - The company plans to continue its operational model focused on real estate while expanding its brand recognition nationally and maintaining its market position[42]. - The outlook for 2024 anticipates economic recovery in China supported by government stimulus policies, while monitoring global economic factors such as U.S. interest rate changes and inflation[89]. - The company is committed to social responsibility and charity initiatives as part of its operational strategy[90]. - The company is focusing on strategic expansions and new developments to enhance its market presence in southern China[118]. Corporate Governance and Management - The company has fully complied with all provisions of the corporate governance code for the year ending December 31, 2023, except for a deviation from provision C.2.1 regarding the separation of the roles of chairman and CEO[183]. - The board consists of 9 members, including 3 executive directors, 2 non-executive directors, and 4 independent non-executive directors[187]. - The company emphasizes the importance of independent directors with extensive experience in finance and management to enhance corporate governance[168]. - The leadership team is well-qualified, with members holding advanced degrees and professional certifications in their respective fields[171][175]. - The company has a strong commitment to maintaining high levels of corporate governance, emphasizing integrity, transparency, accountability, and independence[181].

Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 43.31 billion, a decrease from RMB 54.03 billion in 2022[2]. - The net loss for the year was RMB 12.78 billion, compared to a net loss of RMB 13.37 billion in the previous year[2]. - The company reported a total revenue of RMB 43,310,454 thousand for the year ending December 31, 2023, a decrease from RMB 54,034,327 thousand in 2022, representing a decline of approximately 19.8%[19]. - The net loss attributable to shareholders for the year was RMB 12,776,851 thousand, compared to a loss of RMB 13,373,285 thousand in the previous year, indicating a slight improvement[20]. - The operating loss for the year was RMB 9.555 billion, an increase of 46.7% from RMB 6.513 billion in 2022[62]. - The group recorded a significant operating loss of RMB 11,850,602 thousand for the year, with the property development division alone incurring a loss of RMB 7,169,724 thousand[32]. - The total revenue from external customers was RMB 43,310,454 thousand, showing a decline compared to the previous year’s performance[32]. - The total confirmed sales revenue from property development was RMB 23.598 billion, down 27.3% from RMB 32.456 billion in 2022[63]. - The total area of confirmed sales was 2.13 million square meters, a decrease of 35.6% from 3.31 million square meters in 2022[63]. - The group reported a gross loss of RMB 524 million, a decrease of 152.4% compared to a gross profit of RMB 1 billion in 2022, with a gross loss margin of 1.2%[66]. Assets and Liabilities - Total assets decreased to RMB 241,808,152 thousand as of December 31, 2023, down from RMB 273,382,215 thousand in 2022, reflecting a reduction of about 11.5%[21]. - The company’s total liabilities decreased to RMB 179,451,341 thousand from RMB 197,655,352 thousand, a reduction of about 9.2%[22]. - The company’s total equity decreased to RMB 62,356,811 thousand from RMB 75,726,863 thousand, a decline of approximately 17.7%[23]. - The group’s total trade and other payables decreased to RMB 58.507 billion from RMB 65.657 billion in 2022[10]. - The group’s net current assets were RMB 7,655,492,000, indicating liquidity concerns[27]. - The total borrowings amounted to RMB 53.55 billion as of December 31, 2023, a decrease from RMB 58.99 billion in 2022[73]. Cash Flow and Financing - The total cash and bank deposits amounted to RMB 12.55 billion as of December 31, 2023[3]. - Cash and bank balances, including restricted cash, amounted to RMB 12,553,455,000, while short-term borrowings were RMB 25,869,427,000[27]. - The group successfully extended the repayment of borrowings amounting to approximately RMB 7,498,214,000[27]. - The company plans to accelerate property pre-sales to enhance cash flow from sales proceeds[28]. - The group reported a net financial expense of RMB 851,197 thousand in 2023, significantly lower than RMB 3,101,837 thousand in 2022, marking a decrease of approximately 72.5%[45]. - The total borrowing cost for 2023 was RMB 4.531 billion, an increase of 1.5% from RMB 4.464 billion in 2022, primarily due to higher actual borrowing rates in 2023[77]. - The actual borrowing rate for the year was 7.61%, compared to 6.03% in 2022[77]. Business Operations - The total presale amount reached RMB 45.30 billion, corresponding to a cumulative presale area of 3.039 million square meters, with an average presale price of RMB 14,904 per square meter[3]. - The company delivered over 72,000 units across 120 projects in 60 cities during the year[7]. - The revenue from property development and diversified businesses accounted for 54.5% and 45.5% of total revenue, respectively, with the share of diversified business revenue increasing by 5.6 percentage points year-on-year[5]. - The company continues to focus on the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta for future development[8]. - The company has three ongoing development projects overseas, including one in Malaysia and two in Cambodia and the United States[8]. Market and Economic Outlook - The company anticipates continued economic recovery in 2024, supported by government policies aimed at stabilizing the real estate market[90]. - The real estate sector continues to face a downward trend due to insufficient demand, despite government stimulus measures[27]. - The company is considering selling non-core properties and businesses to generate additional cash flow[27]. - The group will adhere to its operational model of "focusing on real estate while developing diversified businesses" to further enhance brand awareness[18]. Corporate Governance and Compliance - The company has adopted its own code of conduct for directors' securities trading, confirming compliance as of December 31, 2023[96]. - The company has adhered to all provisions of the Corporate Governance Code as of December 31, 2023, with the exception of certain deviations explained in the report[97]. - The board of directors consists of nine members, including the Chairman and CEO, ensuring a unified leadership for the company's development[100]. - The financial data for the year ending December 31, 2023, has been agreed upon by the auditors, confirming the accuracy of the reported figures[100].

Financial Performance - The company's revenue for the six months ended June 30, 2023, was RMB 20,002 million, a decrease of 36.8% compared to RMB 31,645 million in 2022[11]. - Gross profit for the same period was RMB 2,007 million, down 72.9% from RMB 7,398 million, resulting in a gross margin of 10.0%, a decline of 13.4 percentage points[11]. - The company reported a net loss of RMB 3,611 million for the period, compared to a profit of RMB 3,354 million in the previous year, representing a decrease of 207.7%[11]. - Loss attributable to shareholders was RMB 4,475 million, a significant drop from a profit of RMB 2,401 million in 2022, marking a decline of 286.4%[11]. - Basic loss per share was RMB 0.963, compared to earnings of RMB 0.618 per share in the prior year, reflecting a decrease of 255.8%[11]. - The group reported a loss attributable to shareholders of RMB 4.475 billion, reflecting a significant financial challenge[14]. - The operating loss for the group was RMB 1.568 billion, a decline of 120.0% from an operating profit of RMB 7.839 billion in the same period of 2022[33]. - The group’s gross profit was RMB 2.007 billion, a decline of 72.9% from RMB 7.398 billion in the same period of 2022, with a gross margin of 10.0%, down 13.4 percentage points[43]. - The company reported a total comprehensive loss of RMB 4,449,400,000 for the six months ended June 30, 2023, compared to a profit of RMB 3,354,066,000 for the same period in 2022[85]. Operational Strategies - The company is focusing on new product development and technology innovation to enhance market competitiveness[3]. - Future outlook includes strategic market expansion and potential mergers and acquisitions to drive growth[3]. - The management emphasized the importance of risk management and governance in navigating current market challenges[4]. - The company plans to improve operational efficiency to recover from the current financial downturn[3]. - Continued investment in customer data analytics is expected to enhance user engagement and retention strategies[3]. - The company aims to enhance its brand recognition nationwide and maintain its market position amid intense competition[75]. - The company remains committed to its operational model of focusing on real estate while developing diversified businesses[75]. Assets and Liabilities - The total assets decreased by 3.9% from RMB 273.382 billion in 2022 to RMB 262.787 billion in 2023[12]. - The total liabilities as of June 30, 2023, were RMB 190,900,905 thousand, down from RMB 197,655,352 thousand at the end of 2022[81]. - As of June 30, 2023, the total equity of the company was RMB 71,886,210,000, a decrease from RMB 75,726,863,000 as of January 1, 2023, reflecting a loss of RMB 3,610,924,000 during the period[84]. - The company has a net current asset value of RMB 21,936,964,000, indicating a strong liquidity position[95]. - The company’s total borrowings amounted to RMB 57.57 billion as of June 30, 2023, with bank borrowings at RMB 34.58 billion and other borrowings at RMB 2.53 billion[54]. - The debt-to-equity ratio was 58.7% as of June 30, 2023, compared to 57.3% at the end of 2022[58]. Cash Flow and Financing - The company’s cash flow statement for the six months ended June 30, 2023, indicates significant cash movements, although specific figures were not detailed in the provided content[86]. - Operating cash flow for the six months ended June 30, 2023, was RMB 9,441,348,000, an increase of 16.3% from RMB 8,111,765,000 in 2022[87]. - Net cash generated from operating activities was RMB 5,507,344,000, up 27.8% from RMB 4,308,855,000 in the previous year[87]. - Net cash used in investing activities was RMB 1,614,186,000, a significant decrease from RMB 7,811,933,000 in 2022[88]. - Net cash flow from financing activities was RMB (5,320,768,000), compared to RMB (22,019,233,000) in the same period last year, indicating improved cash management[88]. Employee and Compensation - The total salary cost for the group for the six months ended June 30, 2023, was RMB 3.587 billion, compared to RMB 3.876 billion for the same period in 2022[72]. - The group had a total of 101,907 employees as of June 30, 2023, with a total compensation cost of RMB 3.587 billion for the first half of the year[72]. Real Estate and Development - The pre-sale amount for real estate projects managed under the "Aoyuan" brand reached RMB 28.23 billion, corresponding to a total pre-sale area of 1.891 million square meters, with an average pre-sale price of RMB 14,930 per square meter[17]. - The group had a total land reserve of approximately 38.64 million square meters across 79 cities, with an average land cost of RMB 3,200 per square meter[37]. - Property development revenue was RMB 11.732 billion, down 50.7% from RMB 23.776 billion in the same period of 2022, with total sales area confirmed at 760,000 square meters, a decrease of 52.5%[38]. - The average cost per square meter for confirmed sales increased by 29.8% to RMB 14,625, compared to RMB 11,268 in the same period of 2022[42]. Financial Management - The company reported a fair value loss on financial assets/liabilities of RMB 670,380,000 for the first half of 2023, compared to a gain of RMB (962,522,000) in the same period of 2022[123]. - The company recognized impairment losses on trade receivables and contract assets totaling RMB 316,996,000 for the first half of 2023, slightly up from RMB 298,070,000 in the same period of 2022[123]. - The company incurred a corporate income tax expense of RMB 1,184,529,000 for the first half of 2023, significantly lower than RMB 2,533,631,000 in the same period of 2022, representing a decrease of approximately 53.3%[126]. Guarantees and Commitments - As of June 30, 2023, the total guarantees provided by the company amounted to RMB 51,897,428,000, a decrease of 12.7% from RMB 59,426,017,000 as of December 31, 2022[193]. - The company has committed but unprovided amounts for property development activities reached RMB 16,562,917,000, an increase of 52.5% from RMB 10,873,280,000 as of December 31, 2022[194].

Financial Performance - The company's revenue for the six months ended June 30, 2023, was RMB 20.002 billion, a decrease of 36.9% compared to RMB 31.645 billion for the same period in 2022[2]. - Gross profit for the same period was RMB 2.007 billion, resulting in a gross margin of 10%[5]. - The company reported a loss of RMB 3.611 billion, compared to a profit of RMB 3.354 billion in the previous year[2]. - For the six months ended June 30, 2023, the company reported a revenue of RMB 20,001,877 thousand, a decrease from RMB 31,644,691 thousand in the same period of 2022, representing a decline of approximately 36.9%[17]. - The gross profit for the same period was RMB 2,006,863 thousand, down from RMB 7,398,467 thousand in 2022, indicating a decrease of about 72.9%[17]. - The net loss for the period was RMB 3,610,924 thousand, compared to a profit of RMB 3,354,066 thousand in the prior year, marking a significant shift in performance[18]. - The operating loss for the same period was RMB 1.568 billion, a decline of 120.0% from an operating profit of RMB 7.839 billion in 2022[48]. - The net loss attributable to shareholders was RMB 4.475 billion, a decline of 286.4% compared to a profit of RMB 2.401 billion in the same period of 2022[58]. Sales and Revenue Breakdown - The total presale amount reached RMB 28.23 billion, with a total presale area of 1.891 million square meters and an average presale price of RMB 14,930 per square meter[3]. - Revenue from property sales and construction services for the six months ended June 30, 2023, was RMB 11,731,984 thousand, down from RMB 23,776,170 thousand in 2022, indicating a decrease of about 50%[35]. - The group's property development recognized sales revenue was RMB 11.732 billion, a decrease of 50.7% compared to RMB 23.776 billion in the same period of 2022[49]. - Property management revenue increased to RMB 7.062 billion, up 7.4% from RMB 6.573 billion in the same period of 2022, with total managed area reaching 575.4 million square meters, an increase of 8.9%[50]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 262,787,115 thousand, a decrease from RMB 273,382,215 thousand at the end of 2022, reflecting a reduction of approximately 3.5%[20]. - The total liabilities decreased to RMB 190,900,905 thousand from RMB 197,655,352 thousand, indicating a reduction of approximately 3.9%[20]. - The company's cash and cash equivalents stood at RMB 7,029,557 thousand, down from RMB 8,463,079 thousand at the end of 2022, representing a decline of about 16.9%[20]. - The total trade receivables amounted to RMB 12.084 billion as of June 30, 2023, down from RMB 12.898 billion as of December 31, 2022[45]. - The total trade and other payables were RMB 59.268 billion as of June 30, 2023, compared to RMB 65.657 billion as of December 31, 2022[46]. Debt and Financing - The company's net debt ratio was 58.7%, an increase of 1.4 percentage points from December 31, 2022[3]. - The company aims to optimize its financing structure, having secured refinancing of approximately HKD 2.308 billion and USD 36.9 million in March 2023, and HKD 5.257 billion and USD 47.2 million in May 2023[13]. - The total borrowings of the group amounted to RMB 57.568 billion as of June 30, 2023, including bank loans and other borrowings of RMB 34.578 billion, preferred notes of RMB 12.562 billion, and various bonds totaling RMB 10.411 billion[60]. - The debt ratio as of June 30, 2023, was 58.7%, up from 57.3% on December 31, 2022, calculated based on net borrowings divided by total equity[62]. Strategic Focus and Market Outlook - The company continues to focus on the Greater Bay Area and Yangtze River Delta for future development, with land reserves in these regions accounting for 26.0% and 10.8% of total reserves, respectively[8]. - The company is actively pursuing a cautious and proactive development strategy, emphasizing the Chinese real estate market while also exploring overseas opportunities[8]. - The company anticipates a recovery in the Chinese economy in the second half of 2023, driven by improved market conditions and government policy adjustments[15]. - The outlook for the second half of 2023 anticipates continued economic recovery in China, with expectations for expansionary growth as the impact of the pandemic recedes[74]. Corporate Governance and Social Responsibility - The company emphasizes a commitment to corporate social responsibility and sustainable development through various community and environmental initiatives[14]. - The company has adhered to all provisions of the corporate governance code, except for the requirement that the roles of the chairman and CEO should be separate[77]. - The company received recognition as one of the "Top 50 Environmental Enterprises in China" and won the "Hazardous Waste Treatment Investment Operation Annual Benchmark" award from the E20 Environmental Platform[11]. Shareholder Information - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2023, compared to no dividend in 2022[75]. - The company aims to utilize the net proceeds from the share placements for debt repayment, refinancing existing debts, and general corporate purposes[69].