Core Insights - The company reported a revenue of RMB 202.52 billion for the year 2023, representing a year-on-year increase of 12.3% [1] - The profit attributable to shareholders was RMB 25.61 billion, up 10.1% year-on-year, while the core profit attributable to shareholders was RMB 23.65 billion [1] - The company achieved contract property sales of RMB 309.81 billion, a 5.1% increase year-on-year, despite a 3.7% decrease in sales area [1] Financial Performance - Revenue for commercial properties reached RMB 6.36 billion, marking a 20.9% increase year-on-year [1] - The profit attributable to shareholders, excluding the revaluation gains from investment properties after tax, was RMB 22.58 billion, reflecting a 12.1% increase year-on-year [1] Land Acquisition and Holdings - The company acquired 43 new land parcels in 23 cities across mainland China and Hong Kong, with a total gross floor area of 7.64 million square meters, and an equity land cost of RMB 122.66 billion, which is a 42.0% increase year-on-year [1] - As of the end of 2023, the total land reserve amounted to 54.03 million square meters [1] Debt and Liquidity - The total borrowings of the company stood at RMB 257.66 billion, with bank balances and cash amounting to RMB 105.63 billion [1] - The net gearing ratio was reported at 38.7%, with a weighted average cost of financing at 3.55% [1]

Core Viewpoint - China Overseas Development's stock rose over 5% following the release of its 2023 annual performance report, indicating positive market sentiment towards the company's financial results [1] Financial Performance - The company's revenue for 2023 reached 202.52 billion RMB, representing a year-on-year increase of 12.3% [1] - Shareholders' profit attributable to the company was 25.61 billion RMB, up 10.1% year-on-year [1] - After excluding the revaluation gains from investment properties, the profit attributable to shareholders was 22.58 billion RMB, reflecting a 12.1% increase year-on-year [1] - Core profit attributable to shareholders was reported at 23.65 billion RMB [1] - The company proposed a final dividend of 0.45 HKD per share, compared to 0.40 HKD in the same period last year, with a total annual dividend of 0.80 HKD per share [1] Sales and Property Development - The total contract sales of the group's property increased by 5.1% to 309.81 billion RMB, while the corresponding sales area decreased by 3.7% to 13.36 million square meters [1] - Revenue from commercial properties amounted to 6.36 billion RMB, marking a year-on-year increase of 20.9% [1] - During the year, the group launched 12 new commercial properties, including four office buildings, five shopping centers, and three long-term rental apartments, contributing to the growth in commercial property revenue [1]

Core Viewpoint - China Overseas Development (00688) reported a revenue of 202.52 billion RMB for the year ending December 31, 2023, representing a year-on-year increase of 12.3% [1] - The company's net profit attributable to shareholders was 25.61 billion RMB, up 10.1% year-on-year, indicating strong resilience and value creation for shareholders despite a challenging market environment [1] Financial Performance - Revenue for the year reached 202.52 billion RMB, a 12.3% increase compared to the previous year [1] - Net profit attributable to shareholders was 25.61 billion RMB, reflecting a 10.1% year-on-year growth [1] - Core net profit attributable to shareholders was 23.65 billion RMB, with basic earnings per share at 2.34 RMB [1] - The proposed final dividend is 0.45 HKD per share [1] Sales and Property Development - Contracted property sales increased by 5.1% to 309.81 billion RMB, while the corresponding sales area decreased by 3.7% to 13.36 million square meters [1] - The commercial property revenue rose by 20.9% to 6.36 billion RMB, supported by the addition of 12 new commercial properties [1] - The flagship shopping center, Zhenru Huanyu City MAX, opened in December 2023 and has maintained a top position in Shanghai's shopping center rankings [1] Land Acquisition and Reserves - The company acquired 43 new land parcels across 23 cities in mainland China and Hong Kong, with a total building area of 7.64 million square meters [1] - The equity land price for these acquisitions was 122.66 billion RMB, a 42.0% increase year-on-year [1] - As of December 31, 2023, the total land reserve amounted to 54.03 million square meters [1] Debt and Financing - Total borrowings stood at 257.66 billion RMB, with bank balances and cash amounting to 105.63 billion RMB [1] - The net gearing ratio was 38.7%, with a weighted average financing cost of 3.55%, positioning the company within the lowest financing cost range in the industry [1]

Financial Performance - The group's revenue reached RMB 202.52 billion, representing a year-on-year increase of 12.3%[2] - Profit attributable to shareholders was RMB 25.61 billion, an increase of 10.1% year-on-year, while core profit attributable to shareholders was RMB 23.65 billion[2][3] - Basic earnings per share were RMB 2.34, reflecting a year-on-year increase of 10.1%[3] - The group's operating profit was RMB 40.53 billion, an increase from RMB 34.88 billion in the previous year[4] - Total revenue for the year ended December 31, 2023, reached RMB 210,315,650, an increase from RMB 188,625,841 in 2022, representing a growth of approximately 11.5%[14][15] - The company reported a net profit attributable to shareholders of RMB 25,609,837 for 2023, compared to RMB 23,264,747 in 2022, indicating an increase of about 10.0%[20] - The group's gross profit margin was 20.3%, with a net profit margin attributable to shareholders of 12.6%[31] Property Sales and Development - The group's property sales increased by 5.1% to RMB 309.81 billion, with a corresponding sales area of 13.36 million square meters, a year-on-year decrease of 3.7%[2] - The group's contracted property sales amounted to RMB 309.81 billion, representing a year-on-year increase of 5.1%[32] - The group's real estate development revenue for the year was RMB 192.88 billion, an increase of 11.8% year-on-year[34] - The segment profit for the real estate development business was RMB 33,146,004, while the commercial property operation business reported a profit of RMB 7,770,667, contributing to a total segment profit of RMB 41,169,374 for 2023, up from RMB 39,593,688 in 2022[14][15][17] - The company’s total segment revenue from external customers in the real estate development business was RMB 192,877,444, while the commercial property operation business generated RMB 6,361,835 in revenue for 2023[14] Land Acquisition and Reserves - The group acquired 43 new land parcels in 23 cities in mainland China and Hong Kong, with a total land reserve area of 7.64 million square meters, and the equity land cost increased by 42.0% to RMB 122.66 billion[2] - The total land reserve area for the group’s subsidiaries (excluding China Overseas Macro Yang) was 35.22 million square meters as of December 31, 2023[39] - The total land reserve area for China Overseas Macro Yang was 1.88 million square meters as of December 31, 2023[40] - The group acquired 43 land parcels in 23 cities in mainland China and Hong Kong, with a total land acquisition cost of RMB 134.21 billion, a 42.0% increase year-on-year[28] Financial Position and Debt Management - As of December 31, 2023, total borrowings amounted to RMB 257.66 billion, with cash and bank balances of RMB 105.63 billion, resulting in a net gearing ratio of 38.7%[2] - The group's net debt repayment amounted to RMB 15.58 billion, effectively controlling funding costs[29] - The group's weighted average financing cost for 2023 was 3.55%, among the lowest in the industry[29] - The group reported a sales area of 13.36 million square meters, a decrease of 3.7% year-on-year[32] - The group repaid RMB 98.49 billion in debts ahead of schedule, resulting in a net debt repayment of RMB 15.58 billion during the year[44] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.45 per share, totaling an annual dividend of HKD 0.80 per share[2][3] - The total dividend for the year, including an interim dividend of HKD 0.35 per share, will be HKD 0.80 per share[26] - The board has proposed a final dividend of HKD 0.45 per share for the year ending December 31, 2023, amounting to approximately RMB 4,516,406,000, pending shareholder approval[21] Cash Flow and Receivables - Total operating cash inflow was RMB 231.69 billion, representing a year-on-year increase of 14.8%[44] - As of December 31, 2023, trade and other receivables amounted to RMB 6,987,106,000, a slight decrease from RMB 7,042,079,000 in the previous year[23] - The company closely monitors the credit quality and recoverability of receivables, ensuring minimal provisions for trade and other receivables[23] - The company has a low expected credit risk for trade and other receivables due to a diverse customer base and strong repayment history[23] Corporate Governance and Compliance - The company adhered to the corporate governance code as per the listing rules during the fiscal year ending December 31, 2023[54] - The company has adopted a code of conduct for directors' securities transactions, confirming compliance by all directors during the fiscal year 2023[55] - The audit and risk management committee reviewed the accounting policies and the audited consolidated financial statements for the year ending December 31, 2023[56] - Ernst & Young confirmed that the figures in the performance announcement are consistent with the audited consolidated financial statements for the fiscal year 2023[56] Sustainability and Community Engagement - The company aims to reduce carbon emission intensity by over 30% per unit area by 2030, based on 2019 levels, and achieve carbon neutrality by 2060[48] - The company has established a leadership group for carbon peak and carbon neutrality, and has published a "Carbon Neutrality White Paper" and an "Implementation Plan for Carbon Peak"[48] - The company actively participates in community building in Hong Kong, launching initiatives to improve living conditions for residents[48] - The company is involved in rural revitalization efforts in Gansu, helping to establish the "Zhuoni Mushroom" brand[48] - The company has implemented a comprehensive performance management system to fairly assess employee contributions[48] Market Strategy and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and drive future growth[14] - The group aims for a 25% growth in commercial property revenue for 2024, building on the previous year's growth[30]

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[中I Tnaf 国bol]e 海_Ti外tle]发 展（0688） [评Tab级le_：Inv est] 增持 当前价格（港元）： 10.46 春节扰动，销售承压 2024.03.11 海 ——2 月经营数据点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 10.30-21.60 当前股本（百万股） 10,945 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 114,483 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司发布2月经营数据，月度销售额同比跌幅走阔，与行业基本一致，仍等待企稳； 中国海外发展 恒生 ...

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[中I Tnaf 国bol]e 海_Ti外tle]发 展（0688） [评Tab级le_：Inv est] 增持 当前价格（港元）： 11.52 龙头房企，行稳致远 2024.02.15 海 ——1 月经营数据点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 10.74-21.60 当前股本（百万股） 10,945 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 126,085 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司发布1月经营数据，月度销售额同比回落，但降幅出现边际改善；拿地投资节奏 中国海外发展 恒生 ...

每经编辑 肖芮冬     沪指震荡下探，央国企抗跌性明显，中国海外发展、华润置地、中国移动、中国石化等多股上涨，央企共赢ETF（517090）涨1%，成交额超6000万元。 国盛证券表示，国企改革不断深化，央企投资机遇凸显。国企改革三年行动是党和国家近年来着力推动的具有标志性意义的一项重大工作。随着2022年“国企改革三年行动”圆满结束，2023年国企改革再次步入新的阶段，主要强调国企的价值创造与价值实现。 目前整体而言，央企的估值水平明显低于其他类型企业，在中国特色估值体系下，衡量企业的价值需要充分考虑到国家政策这一重要因素，未来随着国家政策的推动，央企的价值有望得到重估。 富时中国国企开放共赢指数前十大成分股累计权重较高，聚焦央企龙头公司，这些公司代表了央企改革发展的核心趋势，通过配置富时中国国企开放共赢指数可以较好的享受到央企改革发展带来的红利。可以关注央企共赢ETF（517090）。 ...

Financial Performance - In Q3 2023, the group achieved contract property sales amounting to RMB 239.03 billion, representing an 18.7% year-on-year increase, with a sold floor area of 10.33 million square meters, up 11.9% year-on-year[3] - The group's revenue for Q3 2023 was RMB 28.25 billion, with an operating profit of RMB 3.53 billion[4] - For the first nine months of 2023, the group's revenue reached RMB 117.41 billion, and operating profit was RMB 22.60 billion, reflecting a 5.9% year-on-year increase excluding gains from equity acquisitions[4] Financial Position - As of September 30, 2023, the group's cash and bank balances stood at RMB 115.53 billion, with a net gearing ratio of 39.7%, indicating a strong financial position[4] Land Acquisition - In Q3 2023, the group acquired ten new land parcels in nine cities in mainland China and Hong Kong, adding a total floor area of 1.48 million square meters, with total land costs amounting to RMB 31.62 billion[3] Market Outlook - The group maintains confidence in the stabilization and improvement of the real estate market, supported by recent policy adjustments such as lowering down payment ratios and removing purchase restrictions[2] - The Hong Kong property market is expected to remain stable in the medium to long term, despite current high interest rates and a cautious market atmosphere[2] - The overall economic recovery in China is showing positive signs, although domestic demand still requires strengthening[2] Risk Management - The group is actively managing challenges and leveraging financial resources to seize market opportunities amid ongoing economic uncertainties[3] - The group emphasizes the importance of not overly relying on forward-looking statements due to inherent risks and uncertainties[5]

Financial Performance - In the first half of 2023, the group achieved a sales contract amount of RMB 180.18 billion, representing a year-on-year growth of 30.1%[19] - The group's revenue for the six months ended June 30, 2023, was RMB 89.16 billion, with a profit attributable to shareholders of RMB 13.49 billion[19] - The core profit attributable to shareholders was RMB 13.82 billion, and total equity attributable to shareholders was RMB 363.89 billion[19] - The total revenue for the group during the period was RMB 89.16 billion, with an operating profit of RMB 19.07 billion and a net profit attributable to shareholders of RMB 13.49 billion, resulting in a net profit margin of 15.1%[22] - The group's property sales amount increased by 30.1% to RMB 180.18 billion, with a sold floor area of 8.04 million square meters, up 28.3% year-on-year[23] - Operating profit for the first half of 2023 was RMB 19,070,389 thousand, down from RMB 24,131,232 thousand in the same period last year, representing a decline of 21%[57] - Net profit for the period was RMB 14,211,408 thousand, a decrease of 19% from RMB 17,593,773 thousand in the previous year[58] - The company reported a consolidated profit before tax of RMB 19,815,172 for the six months ended June 30, 2023, compared to RMB 25,161,842 in the same period of 2022, a decline of about 21.3%[81] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.35 per share for the six months ended June 30, 2023[19] - The interim dividend declared for the six months ended June 30, 2023, is HKD 0.35 per share, amounting to approximately RMB 3,524,252,000, compared to RMB 7,018,822,000 for the previous year[92] - The interim dividend declared for the six months ended June 30, 2023, is HKD 0.35 per share, compared to HKD 0.40 per share for the same period in 2022[126] Land Acquisition and Development - The group added 16 new land reserves with a total acquisition cost of RMB 41.43 billion, resulting in a new total value of RMB 71.70 billion[19] - The new total value from land reserves in first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen) accounted for 44.7% of the group's new total value[19] - The group completed a total construction area of 6.74 million square meters across 28 cities in mainland China during the first half of the year[28] - The group acquired 13 land parcels in 11 cities, adding a total floor area of 1.9 million square meters, with a total land cost of RMB 37.88 billion[31] - The company added a total of 4.7 million square meters of land in the first half of 2023, with a total floor area of 1.904 million square meters[32] - As of June 30, 2023, the company's total land reserves amounted to 60.96 million square meters, with an attributable area of 32.95 million square meters[33] Market Conditions and Outlook - The real estate market experienced a downturn after a brief recovery, impacting overall market conditions[19] - The group remains confident in the stabilization and recovery of the real estate market, supported by strong economic fundamentals in China[20] - The group maintained industry-leading sales and profitability levels despite market volatility and uncertainties[19] Financial Position and Ratios - The weighted average financing cost for the group was 3.54%, which is among the lowest in the industry[20] - The group maintained a debt-to-asset ratio of 58.3% and a net gearing ratio of 37.7% as of June 30, 2023[20] - The group has a cash reserve of RMB 114.21 billion, providing ample financial space to respond to market fluctuations[20] - As of June 30, 2023, the company's net current assets were RMB 362.23 billion, with a current ratio of 2.2 times and a net gearing ratio of 37.7%[37] - As of June 30, 2023, the company's total borrowings amounted to RMB 251.55 billion, with 19% due within one year[39] Sustainability and Corporate Responsibility - The group has set a mid-to-long-term carbon reduction target to decrease carbon emissions intensity by over 30% by 2030 (based on 2019 levels) and aims for carbon neutrality by 2060[45] - The group has been included in the Hang Seng Sustainable Development Index for 13 consecutive years and ranks first among 499 real estate companies in the global ESG ratings by Refinitiv[45] - The group has established a "Carbon Peak and Carbon Neutrality Working Leadership Group" to advance its dual carbon goals and has completed background research and carbon verification[46] - In the first half of 2023, the group constructed 82,900 square meters of affordable housing and completed 107,000 square meters, with a cumulative completion area of 4.565 million square meters[54] - The group has actively participated in rural revitalization efforts in Gansu, focusing on promoting high-quality local black fungus products nationwide[46] Employee and Governance - The company maintained a 100% coverage rate for employee health check-ups and supplementary medical insurance plans[56] - The company signed 100% of its management and employees to a "Clean Business Commitment" each year, ensuring integrity in operations[56] - The company achieved a 100% establishment rate of labor unions in its subsidiaries, with over 700 employee activities conducted in the first half of 2023[56] - The company completed 24 management system certifications, including ISO 45001:2018 and ISO 9001:2015, enhancing its operational standards[56] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules during the six months ending June 30, 2023[146] Cash Flow and Investment Activities - The company recorded total operating cash receipts of RMB 126.72 billion, with sales cash receipts of RMB 120.27 billion[39] - The company's capital expenditure for the period was RMB 65.54 billion, including land costs of RMB 29.66 billion and construction costs of RMB 35.88 billion[39] - The net cash generated from operating activities was RMB 33,702,826, compared to a net cash outflow of RMB 21,103,335 in the previous year, indicating a significant turnaround[63] - The company reported a decrease in cash used in investing activities, amounting to RMB 433,568, down from RMB 898,187 in the prior year, reflecting improved investment efficiency[64] - The company’s financing activities resulted in a net cash outflow of RMB 29,408,651, contrasting with a net inflow of RMB 16,144,630 in the same period last year, highlighting changes in financing strategy[64] Share Options and Executive Compensation - The company has granted stock options totaling 256,050,000 shares under the stock option plan, with 164,363,000 shares remaining after adjustments[134] - The company’s stock options are subject to a maximum of 40% of the remuneration for each grantee[106] - The stock options plan includes vesting conditions that require performance indicators to be met before exercise[135] - The stock options granted to key executives include a total of 466,000 shares for Mr. Yan Jian Guo and Mr. Luo Liang, with additional options for other executives totaling 1,600,000 shares[134] - The company has not granted or expired any stock options during the current period[109]

Financial Performance - The group's total revenue for the period was RMB 89.16 billion[4]. - The profit attributable to shareholders was RMB 13.49 billion, with a core profit of RMB 13.82 billion, and basic earnings per share of RMB 1.23[4]. - The group's operating profit for the period was RMB 19.07 billion, down from RMB 24.13 billion in the same period last year[5]. - The total comprehensive income for the period was RMB 14.13 billion, compared to RMB 16.94 billion in the previous year[6]. - The company's profit before tax for the six months ended June 30, 2023, was RMB 19,815,172, a decrease of 21.3% compared to RMB 25,161,842 for the same period in 2022[17]. - The income tax expense for the period was RMB 5,603,764, down 26.1% from RMB 7,568,069 in the same period last year[20]. - Basic earnings per share attributable to shareholders for the six months ended June 30, 2023, was RMB 1.23, compared to RMB 1.53 for the same period in 2022[22]. - The gross profit margin was 22.6%, and the net profit margin attributable to shareholders was 15.1%[31]. Property Sales and Development - The group's property sales amount increased by 30.1% to RMB 180.18 billion, with a sold floor area of 8.04 million square meters, up 28.3% year-on-year[3]. - For the six months ended June 30, 2023, the total revenue from property development was RMB 72,441,180, while revenue from property investment was RMB 2,431,157, resulting in a total segment revenue of RMB 89,159,725[14]. - The segment profit from property development was RMB 17,171,745 for the six months ended June 30, 2023, compared to RMB 23,251,353 for the same period in 2022, showing a decline of approximately 26.2%[15]. - The group added 16 new land reserves with a total acquisition cost of RMB 41.43 billion, contributing a total value of RMB 71.70 billion[29]. - The group acquired 13 land parcels in 11 cities in mainland China, adding a total floor area of 1.9 million square meters, with total land reserves of 60.96 million square meters as of June 30, 2023[3]. - The total completed project area in 28 cities in mainland China reached 6.74 million square meters during the period[35]. Assets and Liabilities - As of June 30, 2023, the group's total borrowings were RMB 251.55 billion, with cash and bank balances of RMB 114.21 billion, resulting in a net gearing ratio of 37.7%[3]. - The total assets of the company as of June 30, 2023, were RMB 616,880,038, down from RMB 632,102,667 as of December 31, 2022, representing a decrease of about 2.4%[8]. - The group's non-current assets totaled RMB 254.25 billion, while current assets amounted to RMB 666.19 billion as of June 30, 2023[7]. - Non-current liabilities decreased from RMB 259,004,842 as of December 31, 2022, to RMB 233,100,501 as of June 30, 2023, indicating a reduction of about 10.0%[8]. - The total amount of accounts receivable increased to RMB 5,181,182 from RMB 4,616,052 year-over-year[26]. Cash Flow and Financing - The group's total operating cash inflow was RMB 126.72 billion, with sales collection of RMB 120.27 billion[43]. - The total borrowings amounted to RMB 251.55 billion, with RMB 47.86 billion due within one year, accounting for 19.0% of total borrowings[43]. - The group maintained a low financing cost of 3.54% and a debt-to-asset ratio of 58.3% as of June 30, 2023[29]. - The total cash on hand was RMB 114.21 billion, providing a strong financial buffer against market fluctuations[29]. - The group has available funds totaling RMB 164.57 billion, consisting of bank balances and unused credit facilities of RMB 50.36 billion[44]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.35 per share[4]. - The mid-term dividend declared is HKD 0.35 per share, down from HKD 0.40 per share in 2022[48]. - The company declared an interim dividend of HKD 0.35 per share, amounting to approximately RMB 3,524,252,000[24]. ESG and Sustainability - The group aims to reduce carbon emissions intensity by over 30% by 2030, based on 2019 levels, as part of its carbon neutrality goals[47]. - During the first half of 2023, the group added 15 new projects meeting green building standards, totaling 2.56 million square meters, bringing the cumulative total to 584 projects with a total area of 10.1 million square meters[47]. - The group has been recognized as one of the top 30 companies in Hong Kong for ESG performance, being included in the Hang Seng Sustainable Development Index for 13 consecutive years[46]. - The group has received high ratings from major ESG rating agencies, including a top score from Refinitiv, ranking first among 499 real estate companies[46]. - The group has actively participated in rural revitalization efforts, focusing on promoting local specialty products in Gansu Province[47]. Governance and Compliance - The company has complied with the corporate governance code as of June 30, 2023, adhering to best practices[53]. - The audit and risk management committee reviewed the unaudited interim results for the six months ending June 30, 2023, discussing risk management and internal controls[55]. - The company has not adopted any new accounting standards that are expected to have a significant impact on the financial statements for the current period[10]. - The company plans to continue evaluating the impact of new accounting standards and their potential adoption in future reporting periods[10]. Other Financial Metrics - The group's share of net profit from joint ventures and associates reached RMB 1.29 billion[35]. - The company's rental income for the six months ended June 30, 2023, was RMB 2,431,157, which is a key component of the property investment segment[14]. - The group achieved rental income from investment properties of RMB 2.43 billion, with office rental income of RMB 1.65 billion and shopping center rental income of RMB 700 million[40]. - The group recorded a foreign exchange loss of RMB 1.73 billion during the period, compared to a loss of RMB 2.39 billion in the previous year[31]. - Net other income and (loss)/gain included bank deposit interest income of RMB 1,097,724, up 26.4% from RMB 868,306 in the previous year[18]. - Total financial expenses amounted to RMB 5,241,304, an increase of 8.3% from RMB 4,841,976 in the prior year[19].