中国绿地博大绿泽(01253) - 2025 - 中期业绩

Company Information and Disclaimer Financial Highlights The Group's unaudited interim results for the six months ended June 30, 2025, show significant revenue growth, but a substantial increase in net loss and a decline in gross profit margin due to rising costs and expenses Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,154 | 3,532 | 3,622 | 102.5% | | Gross Profit | 2,863 | 1,760 | 1,103 | 62.7% | | Net Loss Attributable to Owners of the Parent | (29,551) | (5,058) | (24,493) | 484.2% | | Gross Profit Margin | 40.0% | 49.8% | (9.8) percentage points | (19.7%) | Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statement of Profit or Loss The Group experienced significant revenue growth, but increased cost of sales, finance costs, and share of loss from joint ventures led to a substantial expansion of loss before tax and loss for the period Key Data from Interim Condensed Consolidated Statement of Profit or Loss | Metric | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,154 | 3,532 | 3,622 | 102.5% | | Cost of Sales | (4,291) | (1,772) | (2,519) | 142.1% | | Gross Profit | 2,863 | 1,760 | 1,103 | 62.7% | | Other Income | 13,816 | 22,461 | (8,645) | (38.5%) | | Administrative Expenses | (11,410) | (12,282) | 872 | (7.1%) | | Finance Costs | (28,897) | (15,187) | (13,710) | 90.3% | | Share of Loss of Joint Ventures | (5,117) | (714) | (4,403) | 616.7% | | Loss Before Tax | (27,899) | (4,016) | (23,883) | 594.7% | | Loss for the Period | (29,374) | (4,066) | (25,308) | 622.4% | | Loss Attributable to Owners of the Parent | (29,551) | (5,058) | (24,493) | 484.2% | | Basic and Diluted Loss Per Share | RMB (0.50) cents | RMB (0.09) cents | RMB (0.41) cents | 455.6% | Interim Condensed Consolidated Statement of Comprehensive Income The Group's total comprehensive loss for the period increased to approximately RMB 20.0 million in 2025 from RMB 15.9 million in 2024, primarily due to an expanded loss for the period, despite a favorable shift in exchange differences Key Data from Interim Condensed Consolidated Statement of Comprehensive Income | Metric | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Loss for the Period | (29,374) | (4,066) | (25,308) | | Exchange Differences on Translation of Overseas Operations | 9,336 | (11,846) | 21,182 | | Total Comprehensive Loss for the Period | (20,038) | (15,912) | (4,126) | | Total Comprehensive Loss Attributable to Owners of the Parent | (20,215) | (16,904) | (3,311) | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total non-current assets slightly increased, current assets grew, but net current liabilities expanded, resulting in a decrease in net assets Key Data from Interim Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,373,049 | 1,369,145 | 3,904 | | Total Current Assets | 718,095 | 682,436 | 35,659 | | Total Current Liabilities | 1,508,731 | 1,460,662 | 48,069 | | Net Current Liabilities | (790,636) | (778,226) | (12,410) | | Net Assets | 129,250 | 141,564 | (12,314) | | Total Equity | 129,250 | 141,564 | (12,314) | Notes to the Interim Condensed Consolidated Financial Information Basis of Presentation and Going Concern The Group's condensed consolidated financial statements, prepared under HKAS 34, face significant going concern uncertainties due to substantial net current liabilities and insufficient cash, though management has secured shareholder financial support - The Group recorded a net loss of approximately RMB 27,988,000 for the six months ended June 30, 2025[10] - As of June 30, 2025, the Group's current liabilities exceeded its current assets by approximately RMB 790,636,000[10] - The Group's total interest-bearing bank and other borrowings amounted to approximately RMB 591,308,000, of which approximately RMB 361,783,000 is due for repayment within the next twelve months, while unrestricted cash and cash equivalents were only approximately RMB 2,452,000[10] - Greenland Digital and Greenland Financial have agreed to provide sufficient financial support to the Group for a period of not less than 12 months from the approval date of the Company's audited consolidated financial statements for the period ended June 30, 2025, including debt-to-equity settlement, asset and business injection, etc[10] - Shareholders and related parties have committed not to demand repayment of borrowings and other payables owed by the Group as of June 30, 2025, until the Group is able to fulfill all other obligations[13] Changes in Accounting Policies and Disclosures The Group first applied HKFRS accounting standard amendments during the interim period, which had no significant impact on its financial position, performance, or disclosures for current or prior periods - The Group has first applied the amendments to HKAS 21 "Lack of Exchangeability"[14] - The application of the amendments to HKFRS accounting standards had no significant impact on the Group's financial position and performance[14] Revenue and Other Income The Group's revenue from customer contracts more than doubled year-on-year, driven by new hydropower O&M services and growth in design and maintenance, while other income decreased due to reduced interest from contract revenue Revenue Analysis | Category | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue from Contracts with Customers | 7,154 | 3,532 | 3,622 | 102.5% | | Construction Contracts | — | 860 | (860) | (100.0%) | | Design and Maintenance Services | 1,588 | 162 | 1,426 | 879.0% | | Operation and Maintenance Services for Hydropower Stations | 3,433 | — | 3,433 | N/A | | Rental Income | 2,133 | 2,510 | (377) | (15.0%) | | Total Other Income | 13,816 | 22,461 | (8,645) | (38.5%) | | Other Interest Income from Contract Revenue | 11,377 | 20,891 | (9,514) | (45.5%) | | Bargain Purchase Gain | 2,228 | — | 2,228 | N/A | Finance Costs The Group's finance costs increased by 90.3% during the reporting period, primarily due to a substantial rise in interest expenses on bank loans, overdrafts, and other borrowings Finance Costs Analysis | Category | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest on Bank Loans, Overdrafts and Other Borrowings | 21,790 | 7,982 | 13,808 | 173.0% | | Interest on Lease Liabilities | 809 | 689 | 120 | 17.4% | | Interest on Corporate Bonds | 6,298 | 6,516 | (218) | (3.3%) | | Total Interest Expense | 28,897 | 15,187 | 13,710 | 90.3% | Loss Before Tax The Group's loss before tax significantly expanded due to increased costs for services, employee benefits, depreciation, and contract asset impairment, alongside reduced interest income from revenue contracts Major Components of Loss Before Tax | Item | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Cost of Services Provided | 4,291 | 947 | 3,344 | | Employee Benefit Expenses | 4,648 | 2,915 | 1,733 | | Depreciation of Property, Plant and Equipment | 3,125 | 2,711 | 414 | | Interest Income from Contract Revenue | (11,377) | (20,891) | 9,514 | | Trade Receivables (Reversal)/Impairment | (7,452) | 3,689 | (11,141) | | Contract Assets Impairment/(Reversal) | 5,220 | (4,356) | 9,576 | Income Tax The Group's income tax expense significantly increased during the reporting period, primarily driven by higher current tax expenses in mainland China Income Tax Expense Analysis | Category | 2025 (RMB'000) | 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Current - China (Expense for the Period) | 1,649 | 50 | 1,599 | | Deferred | (171) | — | (171) | | Total Tax Expense for the Period | 1,475 | 50 | 1,425 | - No provision for Hong Kong profits tax was made as the Group did not generate or earn any assessable profits in Hong Kong during the reporting period[20] Dividends The Board does not recommend any interim dividend for the reporting period, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the reporting period (six months ended June 30, 2024: nil)[22] Loss Per Share Attributable to Owners of the Parent The Group's basic and diluted loss per share attributable to owners of the parent significantly expanded, primarily due to a substantial increase in the loss for the period Loss Per Share Analysis | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Parent (RMB'000) | (29,551) | (5,058) | (24,493) | | Weighted Average Number of Ordinary Shares in Issue for the Period (shares) | 5,939,364,760 | 5,821,809,957 | 117,554,803 | | Basic Loss Per Share (RMB cents) | (0.50) | (0.09) | (0.41) | | Diluted Loss Per Share (RMB cents) | (0.50) | (0.09) | (0.41) | Trade Receivables As of June 30, 2025, the Group's total trade receivables increased, with significant growth in current receivables, though a high proportion remains overdue for over two years Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Current | 21,627 | 14,294 | 7,333 | | Overdue within One Year | 23,267 | 23,267 | 0 | | Overdue between One and Two Years | 3,362 | 3,363 | (1) | | Overdue between Two and Three Years | 5,882 | 5,880 | 2 | | Overdue over Three Years | 2,992 | 2,993 | (1) | | Total | 57,130 | 49,797 | 7,333 | - The Group's trade receivables primarily consist of amounts due from government agencies, with the remainder from real estate companies[27] Contract Assets As of June 30, 2025, the Group's contract assets balance remained stable, primarily from construction services, despite an increase in impairment provisions Contract Assets Analysis | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Contract Assets from Construction Services | 1,117,036 | 1,108,665 | 8,371 | | Impairment | (420,171) | (414,951) | (5,220) | | Total | 696,865 | 693,714 | 3,151 | - Contract assets are initially recognized for revenue from construction services because consideration is only receivable upon successful completion of construction[28] - Retention money receivable is included in contract assets for construction services, with maturity dates generally between one and three years after the completion of the relevant construction work[28] Trade Payables and Bills Payable As of June 30, 2025, the Group's total trade payables and bills payable slightly decreased, with the majority of amounts still overdue for over two years Aging Analysis of Trade Payables and Bills Payable | Aging | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Within One Year | 2,485 | 3,486 | (1,001) | | Over One Year but Less Than Two Years | 603 | 3,976 | (3,373) | | Over Two Years | 547,705 | 566,621 | (18,916) | | Total | 550,793 | 574,083 | (23,290) | - Trade payables are non-interest bearing and generally settled in part within a six-month period based on completion progress[29] Acquisition of a Subsidiary The Company completed the acquisition of a 51% equity interest in ZDX Energy Development Co., Ltd on March 26, 2025, with consideration paid by issuing new shares, resulting in a bargain purchase gain and vendor guarantees for performance and cash flow - The Company completed the acquisition of a 51% equity interest in ZDX Energy Development Co., Ltd ("ZDX") on March 26, 2025[30] - The acquisition consideration was satisfied by issuing 219,354,839 new shares of the Company, with a fair value of RMB 2,871,000[30][32] - The vendor provided a profit guarantee that the target group's aggregate net profit for the three years ending December 31, 2027, shall not be less than RMB 11.0 million[33] - The vendor further guaranteed that if the target group records a net cash outflow in any financial year during the performance guarantee period, it shall compensate in cash[34] - The acquisition of ZDX resulted in a bargain purchase gain of RMB 2,228,000[40] Consideration Transferred The consideration transferred for the ZDX acquisition primarily comprised issued shares, accounting for the fair value of contingent consideration Consideration Transferred Components | Item | Amount (RMB'000) | | :--- | :--- | | Shares Issued | 2,871 | | Fair Value of Contingent Consideration | (47) | | Total | 2,824 | Performance Guarantee The vendor committed to the target group achieving a minimum aggregate net profit during the performance guarantee period, with a compensation mechanism for any shortfall - The vendor guaranteed that the target group's aggregate net profit for the three years ending December 31, 2027, shall not be less than RMB 11.0 million[33] - If the profit guarantee is not met, the vendor shall compensate the shortfall by transferring additional shares of the target company or in cash[33] Cash Flow Guarantee The vendor committed to providing cash compensation if the target group experiences net cash outflow during any financial year within the performance guarantee period - The vendor guaranteed that if the target group records a net cash outflow in any financial year during the performance guarantee period, it shall compensate in cash[34] Company's Right of First Refusal Upon expiry of the performance guarantee period, the Company holds a right of first refusal over the vendor's remaining shares in the target company - Upon the expiry of the performance guarantee period, the Company has a right of first refusal over the remaining 49.0% shares of the target company that the vendor intends to transfer[35] ZDX Business Overview and Acquisition Impact ZDX primarily engages in the operation and maintenance of hydropower stations, and this acquisition brought cash, trade receivables, and prepayments to the Group, generating a bargain purchase gain - ZDX primarily engages in providing operation and maintenance services to hydropower stations located in the People's Republic of China[36] Impact of ZDX Acquisition on Assets and Liabilities | Item | Amount (RMB'000) | | :--- | :--- | | Cash and Cash Equivalents | 57 | | Trade Receivables | 5,751 | | Prepayments, Other Receivables and Other Assets | 4,115 | | Other Payables and Accrued Charges | (18) | | Total Identifiable Net Assets Acquired | 9,905 | | Non-controlling Interests (49%) | 4,853 | | Bargain Purchase Gain | 2,228 | Comparative Information Certain comparative figures have been reclassified to conform to the current year's presentation - Certain comparative figures have been reclassified to conform to the current year's presentation[41] Industry Review China's urban landscape and greening industry is increasingly vital, driven by urbanization and ecological initiatives, accelerating digital transformation with smart garden systems; concurrently, the new energy sector is booming, forming a diversified energy supply system for green and low-carbon urban transformation - Urban landscape and greening are increasingly important in improving living environments, enhancing urban ecology, and promoting sustainable development, accelerating digital transformation with smart garden systems as a key management upgrade tool[42] - The new energy industry is experiencing vigorous development, with frequent green energy policies, accelerating technological iteration, and broad market prospects[43] - In the first half of 2025, new photovoltaic installed capacity reached a new high, distributed photovoltaics developed rapidly, energy storage systems were well-matched, charging pile layouts were optimized, and green energy application scenarios continued to expand[43] Business Review The Group advanced project development, expanded new energy businesses, and strengthened compliance, but several PPP projects were suspended due to approval or negotiation issues, impacting revenue and gross profit margin, and expanding net loss, while also focusing on cost control and R&D Project Progress and Financial Performance The Group actively advanced project development and new energy businesses, but several PPP projects were suspended due to land use, compliance, settlement, or licensing issues, leading to increased revenue but expanded net loss and a declining gross profit margin - The Group actively expanded into new energy business areas, including photovoltaic projects[44] - As of June 30, 2025, the Guang'an Lingang Economic Development Zone Guanshenghu Ecological Wetland PPP Project, Kaifeng Xiangfu District Boda Luzhe Huiji River Wetland Park PPP Project, Mianzhu Municipal Tourism Construction PPP Project, and Quanzhou Botanical Garden PPP Project were all in a suspended state of construction[44][45] Key Financial Performance During the Reporting Period | Metric | Amount/Ratio | | :--- | :--- | | Total Revenue | RMB 7.1 million | | Net Loss Attributable to Owners of the Parent | RMB 29.6 million | | Gross Profit Margin | 40.0% (down 9.8 percentage points year-on-year) | PPP Project Suspension Reasons and Status Multiple PPP projects were suspended due to missing land use approvals, incomplete compliance, ongoing settlement price negotiations, and unobtained logging permits or unresolved villager compensation - The Guang'an Lingang Economic Development Zone Guanshenghu Ecological Wetland PPP Project, involving construction on protected forest land, requires internal land use conversion approval from the local government, which is still being obtained[44] - The Mianzhu Municipal Tourism Construction PPP Project, involving multiple townships and committee offices, requires all relevant compliance approvals before the remaining construction work can be completed[45] - The Kaifeng Xiangfu District Huiji River Wetland Park PPP Project is in negotiations with the local government regarding the settlement price for completed works[45] - The Quanzhou Botanical Garden Project, involving large-scale forest felling and rural cemetery demolition, has not yet obtained the required logging permits, and the local government has not reached a settlement plan with villagers[45] Cost Control The Group implemented a refined project cost control model, establishing a unified supplier database, utilizing an OA system for strict budget management, and achieving cost reduction and efficiency through procurement platforms and operational team collaboration - The Group adopted a refined project cost control model, rather than the traditional extensive contracting system[47] - A unified supplier database for the entire Group was established, utilizing a self-developed project management information platform (OA system) to ensure all expenditures strictly adhere to budgeted management[47] - Support from well-known domestic enterprise procurement platforms was secured, fully opening up supply chain channels to achieve cost reduction and efficiency improvement[47] Research and Development The Group is committed to applying efficient, energy-saving, and clean green technologies, driving ecological projects through innovation, investing in a technology center, and strengthening industry-academia-research collaboration and intellectual property - The Group adheres to a design philosophy guided by efficient, energy-saving, and clean green technologies, aiming for internationally advanced and domestically leading standards[48] - Increased investment in establishing a technology center, focusing on independent development supplemented by introduction, digestion, and absorption, continuously strengthening industry-academia-research collaboration and intellectual property development[48] - Collaboration with high-quality technology enterprises in upstream and downstream industries to achieve shared technological resources and empower projects together[49] Outlook China's new energy installed capacity continues rapid growth, with non-fossil energy generation exceeding 60% for the first time, while global electricity demand accelerates; the Group will leverage integrated solar storage and charging trends, integrate resources, enhance competitiveness, and commit to green and low-carbon transformation - China's new energy installed capacity continued its rapid growth in the first half of 2025, with non-fossil energy generation capacity exceeding 60% for the first time by the end of May[50] - Global electricity demand is accelerating, with global electricity consumption increasing by nearly 1100 TWh in 2024, a year-on-year growth of 4.3%[50] - Renewable energy has become the primary source for meeting new electricity demand growth, accounting for 80% of the global electricity generation increase in 2024[50] - Integrated photovoltaic storage and charging is gradually becoming a crucial development direction in the renewable energy sector, with extremely broad market prospects[51] - The Group will actively seize development trends in the new energy sector, integrate internal and external resources, explore cutting-edge technologies and innovative models, enhance competitiveness, and commit to promoting green and low-carbon transformation[52] Bank and Other Borrowings As of June 30, 2025, the Group's total outstanding bank and other borrowings increased Total Bank and Other Borrowings | Date | Amount (RMB'000) | | :--- | :--- | | June 30, 2025 | 591,308 | | December 31, 2024 | 576,527 | | Change | 14,781 | Company Information Company Registration and Listing Information The Company was incorporated in the Cayman Islands in 2013 and listed on the Main Board of the Hong Kong Stock Exchange in 2014 - The Company was incorporated in the Cayman Islands as an exempted company on October 22, 2013[54] - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on July 21, 2014[54] Share Trading Activities During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, and as of June 30, 2025, the Company held no treasury shares - During the entire reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on the Stock Exchange[55] - As of June 30, 2025, the Company held no treasury shares[55] Corporate Governance Summary Compliance with Corporate Governance Code The Company is committed to high corporate governance standards, having adopted HKEX Corporate Governance Code principles and provisions, and complied with all applicable code provisions and Listing Rules' continuing obligations during the reporting period - The Company has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange as the basis for its corporate governance practices[56] - During the entire reporting period, the Company complied with all applicable code provisions of the Corporate Governance Code and the continuing obligations of a listed issuer under the Listing Rules[56] Chairman and Chief Executive Officer Roles Mr. Lin Guangqing was appointed Chairman of the Board on August 5, 2025, also serving as CEO, an arrangement deemed appropriate by the Board to ensure operational stability and enhance decision-making efficiency, subject to periodic review - Mr. Lin Guangqing was appointed Chairman of the Board on August 5, 2025, and concurrently holds both the positions of Chairman of the Board and Chief Executive Officer of the Company[57] - The Board believes that Mr. Lin concurrently holding both positions is an appropriate arrangement at this stage, helping to ensure operational stability, consistency in leadership and policy formulation, and enhancing decision-making efficiency and flexibility[57] - The Board will review the structure from time to time and consider appropriate actions when circumstances warrant[57] Standard Code for Securities Transactions The Company adopted the Standard Code in Appendix C3 of the Listing Rules for securities transactions by directors and employees with inside information, confirming all directors complied during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules as the code of conduct for directors' dealings in the Company's securities[58] - Following specific enquiries with all directors, all directors confirmed their compliance with the Standard Code throughout the reporting period[58] Audit Committee and Dividends Audit Committee Review The Company's Audit Committee reviewed the Group's accounting principles, policies, interim report, and unaudited consolidated interim results, deeming them compliant with applicable accounting standards and requirements - The Audit Committee comprises three members: Mr. Yang Yuanguang (Chairman), Mr. Dai Guoqiang, and Ms. Zhang Rui[59] - The Audit Committee has reviewed the accounting principles and policies adopted by the Group, the interim report, and the unaudited consolidated interim results, and is of the opinion that they were prepared in compliance with applicable accounting standards and requirements[59] Interim Dividends The Board does not recommend any interim dividend for the reporting period, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the reporting period (six months ended June 30, 2024: nil)[60] Events After Reporting Period Acquisition of Subsidiary Subsequent to the reporting period, Hangzhou Beifeng Landscape Design Co., Ltd, an indirect wholly-owned subsidiary, agreed to acquire 100% equity in Shanghai Greenland Senmao Greening Engineering Co., Ltd, which will become a wholly-owned subsidiary - On August 15, 2025, Hangzhou Beifeng Landscape Design Co., Ltd, an indirect wholly-owned subsidiary of the Company, entered into an equity transfer agreement with Greenland Group Senmao Landscape Co., Ltd to acquire 100% equity interest in Shanghai Greenland Senmao Greening Engineering Co., Ltd[61] - Upon completion, Shanghai Greenland Senmao Greening Engineering Co., Ltd will become a wholly-owned subsidiary of the Company, and its financial results will be consolidated into the Group's accounts[61] Proposed Share Consolidation and Change of Company Name The Board proposed a share consolidation (ten into one), a change in board lot size, and a change of the Company's Chinese and English names to 'China Green Broad Ecological Technology Company Limited', all subject to shareholder approval - The Board proposed a share consolidation on the basis of consolidating every ten (10) issued and unissued existing shares of HK$0.025 par value each into one (1) consolidated share of HK$0.25 par value each[62] - It is proposed to change the Company's Chinese name to "中國綠博生態科技集團有限公司" and its English name to "China Green Broad Ecological Technology Company Limited"[62] - The above matters are subject to shareholder approval at a general meeting[63] Publication of Interim Results and Board Information Publication of Interim Results This announcement is published on the Company's and HKEX websites, and the 2025 interim report will be published and dispatched to shareholders in due course - This announcement is published on the Company's website (http://www.greenland-broadgreenstate.com.cn) and the HKEX website (http://www.hkexnews.hk)[64](index=64&type=chunk) - The Company's 2025 interim report will be published on the Company's and HKEX websites and dispatched to shareholders in due course in accordance with the Listing Rules[64] Board Members Information As of the announcement date, the Board comprises two executive directors (Mr. Lin Guangqing, Mr. Wang Yaoming) and three independent non-executive directors (Mr. Dai Guoqiang, Mr. Yang Yuanguang, Ms. Zhang Rui) - The executive directors are Mr. Lin Guangqing and Mr. Wang Yaoming[65] - The independent non-executive directors are Mr. Dai Guoqiang, Mr. Yang Yuanguang, and Ms. Zhang Rui[65]