Financial Data and Key Metrics Changes - The company achieved a black zero in Q1 and improved earnings before tax by 47% in the first half of the year [4][6] - The equity ratio is back above 30%, within the target range of 30% to 35% [6] - Net debt is slightly below EUR 550 million, indicating it is well under control [7] Business Line Data and Key Metrics Changes - Residential sales doubled in the first half, with 208 apartments sold compared to 97 in the same period last year [9] - The company has a pipeline of 2,800 apartments over the next four years, ensuring steady income [10] Market Data and Key Metrics Changes - Newly started residential construction projects in Germany decreased by 85% since Q4 2022, leading to forecasts dropping below 200,000 new apartments in 2025 [11] - Q2 prices for residential properties rose by 3.8% in Germany, 4% in Austria, and 17% in the Czech Republic, indicating a tightening supply [12] Company Strategy and Development Direction - The company emphasizes the importance of ESG, stating it will remain relevant and is a major driver of future growth in Europe [5][21] - The outlook is optimistic, with expectations of returning to profitability and a continued flight to real assets, particularly in real estate [23] Management's Comments on Operating Environment and Future Outlook - Management noted that the current economic environment is challenging, but there are signs of recovery, with a belief that the worst is behind [47] - The company expects to maintain a strong sales run rate in residential properties despite market challenges [10] Other Important Information - The company successfully issued a green hybrid, which helped improve its equity position [7] - The liquidity position is strong, with EUR 168 million available against repayment obligations of EUR 102 million [14] Q&A Session Summary Question: Update on sales in Mainz - The company sold two apartments in Q2, maintaining a 50% sales rate, but financing remains challenging for buyers [30] Question: Status of the Timber Pioneer project in Frankfurt - The letting process is slow due to summer breaks, but positive news is expected soon [32] Question: Hotel segment performance - The hotel output was stable, with Poland performing better than last year, while Germany faced challenges due to the absence of extraordinary events [35][36] Question: Update on residential projects in Mainz - Construction for new apartments is expected to start next year, with a focus on timing to ensure smoother sales [38] Question: Leasing sales and project contributions - Strong results in residential sales came from specific projects in Austria and the Czech Republic, with expectations for continued performance [49] Question: Potential reallocation of projects from office to residential - The company is considering rezoning projects to residential due to the significant demand-supply imbalance [55] Question: Update on hotel potential sales - Exclusivity has been granted to one party for the Kopinski Jockberg hotel, but no immediate results are expected [59] Question: Lead times for office leases - Lead times have extended significantly, with current landlords making it difficult for new leases to be signed [70][71] Question: Personal cost expectations - Personal costs are expected to decrease in the second half due to a reduction in the workforce [78]

Core Viewpoint - Minsheng International (00938) reported a revenue of HKD 138 million for the fiscal year ending March 31, 2024, reflecting a year-on-year growth of 8.95%, while the net loss attributable to shareholders increased to HKD 592 million from HKD 552 million in the previous year [2] Financial Performance - The company achieved a revenue of HKD 138 million, marking an 8.95% increase year-on-year [2] - The net loss attributable to shareholders was HKD 592 million, compared to a loss of HKD 552 million in the previous year [2] - The net cash flow from operating activities was -HKD 5.85 million, an improvement from -HKD 45.88 million in the previous year [2] - Basic earnings per share were -HKD 0.92 [2] Valuation Metrics - As of July 29, the price-to-book ratio (TTM) was approximately -0.25 times, and the price-to-sales ratio (TTM) was about 2.72 times [2] Business Segments - The company operates through four main segments: 1. Chongqing Property Division, focusing on residential apartments, serviced apartments, and shopping malls [10] 2. Property Management Services Division, offering property management, housekeeping, and landscaping services [10] 3. Renovation and Decoration Division, involved in the decoration of hotels, malls, offices, schools, and hospitals [10] 4. Japanese Hotel Operations Division, managing resort hotels in Hokkaido, Japan [10] Cash Flow Analysis - The net cash flow from financing activities was HKD 147.23 million, a decrease of HKD 296.01 million year-on-year [21] - The net cash flow from investing activities was -HKD 4.067 million, compared to -HKD 3.364 million in the previous year [21] Asset and Liability Changes - Investment properties decreased by 12.49% compared to the previous period, with a 1.42 percentage point drop in total asset proportion [30] - Contract assets increased by 113.56%, contributing to a 0.47 percentage point rise in total asset proportion [30] - Accounts payable and notes payable surged by 663.04%, increasing their proportion of total assets by 48.5 percentage points [33] - Short-term borrowings rose by 7.5%, with a 12.11 percentage point increase in total asset proportion [33] Liquidity Ratios - The current ratio was 0.13, and the quick ratio was 0.03 [36]