審核委員會 梁和平先生 太平紳士 （委員會主席） 黃之強先生 馮科博士 薪酬委員會 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告書 | 4 | | 管理層討論及分析 | 6 | | 董事資料 | 26 | | 企業管治報告 | 30 | | 董事會報告書 | 56 | | 獨立核數師報告 | 80 | | 綜合損益表 | 84 | | 綜合全面收益表 | 85 | | 綜合財務狀況表 | 86 | | 綜合權益變動表 | 88 | | 綜合現金流量表 | 89 | | 財務報表附註 | 91 | | 五年財務概要 | 186 | | 物業概要 | 187 | | 1 二零二四年年報 | | 公司資料 執行董事 朱慶凇先生（又名朱慶伊先生） （主席） 劉捷先生 （行政總裁） 廖騰佳先生 （副主席） 黃佳爵先生 （副主席） 朱沐之先生（又名朱拉伊先生） 葉麗霞女士 獨立非執行董事 梁和平先生 太平紳士 黃之強先生 馮科博士 黃之強先生 （委員會主席） 梁和平先生 太平紳士 黃佳爵先生 提名委員會 黃之強先生 （委員會主席） 梁和平先生 太平紳士 黃佳爵先生 註冊辦事處 Clarendo ...

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was approximately HKD 1,144,676,000, a decrease of about 10.6% compared to HKD 1,279,681,000 in the previous fiscal year[3]. - The total revenue for the fiscal year 2024 was approximately HKD 1,585,711,000, a decrease of about 31.2% compared to HKD 2,303,576,000 in fiscal year 2023[33]. - The gross profit decreased from approximately HKD 1,527,422,000 in fiscal year 2023 to approximately HKD 1,208,718,000 in fiscal year 2024, mainly due to reduced revenue[35]. - The company reported a net loss of HKD 3,467,435,000 for the fiscal year, compared to a loss of HKD 880,170,000 in the previous year, reflecting an increase in losses of approximately 294.5%[58]. - The adjusted pre-tax loss for the group amounted to HKD 3,605,386,000, with a total loss for the year of HKD 3,467,435,000[78]. Assets and Liabilities - The total assets as of December 31, 2024, were HKD 32,781,140,000, down from HKD 35,708,100,000 in the previous year, representing a decrease of approximately 8.1%[3]. - The total liabilities increased slightly to HKD 29,521,670,000 from HKD 29,343,689,000, indicating a rise of about 0.6%[3]. - The company's equity decreased to HKD 3,259,470,000 in 2024 from HKD 6,364,411,000 in 2023, a reduction of approximately 49%[61]. - The group's debt-to-asset ratio increased to 81% as of December 31, 2024, compared to 68% on December 31, 2023[50]. - The company's net current liabilities amounted to HKD 10,811,829,000 as of December 31, 2024, compared to HKD 5,416,385,000 in the previous year, indicating a deterioration in liquidity[61]. Revenue Sources - Property development revenue for fiscal year 2024 was approximately HKD 242,866,000, down from HKD 801,083,000 in fiscal year 2023, primarily due to a decrease in property deliveries[33]. - Revenue generated from hotel operations, specifically from Guangzhou Yunling Lake Hotel and Guangdong Luhu Hot Spring Holiday Hotel, amounted to approximately HKD 67,194,000 in fiscal year 2024, down from HKD 76,848,000 in fiscal year 2023[29]. - The project management services segment recorded revenue of approximately HKD 1,144,676,000 for the fiscal year 2024, a decrease from HKD 1,279,681,000 in fiscal year 2023, primarily due to a reduction in the number of project management agreements[26]. Impairment and Losses - The net impairment loss on financial assets surged to approximately HKD 2,248,461,000 in fiscal year 2024 from HKD 250,423,000 in fiscal year 2023, including significant impairment losses on trade receivables[39]. - The company incurred a net loss from financial assets impairment of HKD 2,248,461,000, compared to HKD 250,423,000 in the previous year, indicating a significant increase in impairment losses[58]. - The net fair value loss on investment properties for fiscal year 2024 was approximately HKD 463,602,000, compared to HKD 246,487,000 in fiscal year 2023[36]. Cash Flow and Financing - Cash and bank balances as of December 31, 2024, were approximately HKD 17,003,000, a substantial decrease from HKD 301,264,000 as of December 31, 2023[47]. - The group's financing cost for the fiscal year 2024 was approximately HKD 1,058,043,000, a decrease from HKD 1,123,925,000 in fiscal year 2023, primarily due to an increase in the interest capitalization rate[42]. - The company is actively discussing with financial institutions to extend repayment dates for its borrowings, highlighting ongoing financial challenges[63]. - The company has developed plans and measures to alleviate liquidity pressure and improve cash flow, including active communication with lenders regarding loan repayment[64]. Market Conditions and Strategic Focus - The management acknowledges ongoing challenges in the global economy, including inflation and low consumer sentiment, impacting recovery efforts in mainland China[5]. - The central government has optimized real estate control policies to stabilize the housing market, which is expected to improve market conditions[6]. - The company continues to focus on urban renewal projects in Guangzhou, enhancing its competitive advantage and market position[7]. Corporate Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and presented in Hong Kong dollars, rounded to the nearest thousand[68]. - The company has adopted the Listing Rules Appendix C3 regarding the standards for directors' securities transactions for the fiscal year 2024[102]. - The company has complied with the corporate governance code as per the Listing Rules Appendix C1 for the fiscal year 2024[103]. - The financial statements for the fiscal year 2024 have been audited by Ernst & Young, confirming consistency with the draft financial statements[105].

Financial Performance - For the six months ended June 30, 2024, the total revenue from property development was HKD 101,036,000, a decrease of approximately 48.0% compared to HKD 194,540,000 in the same period of 2023[3]. - The group reported a net loss of HKD 859,224,000 for the period, compared to a loss of HKD 91,704,000 in the previous year, indicating a significant increase in losses[3]. - Total revenue for the review period was approximately HKD 723,666,000, a decrease of about 25.2% compared to HKD 967,147,000 for the same period in 2023[28]. - Gross profit decreased from approximately HKD 744,974,000 to about HKD 544,864,000, primarily due to the decline in revenue[31]. - The company reported a pre-tax loss of HKD 865,109,000 for the six months ended June 30, 2024, compared to a loss of HKD 19,457,000 for the same period in 2023[83]. - The adjusted loss before tax for the group was HKD 865,109,000, with a net loss for the period amounting to HKD 859,224,000[99]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to HKD 35,974,043,000, slightly up from HKD 35,882,100,000 at the end of 2023[3]. - The total liabilities increased to HKD 30,550,233,000 from HKD 29,573,689,000, reflecting a rise in financial obligations[3]. - Current liabilities increased to HKD 24,276,121,000 from HKD 21,584,565,000, leading to a net current liability of HKD 8,043,245,000[77]. - The company's equity as of June 30, 2024, is approximately HKD 5,417,732,000, down from HKD 6,276,933,000 as of December 31, 2023, primarily due to a loss attributable to equity holders of HKD 833,805,000 compared to HKD 66,923,000 in the same period last year[70]. - The group has outstanding bank and other borrowings due within 12 months totaling approximately HKD 10.457 billion, including HKD 8.547 billion that was not repaid by the reporting date[88]. Revenue Breakdown - The revenue from project management services for the review period is approximately HKD 514,231,000, a decrease of about 21.6% compared to HKD 656,673,000 in the same period last year[21]. - Rental income from investment properties, including the Mediterranean Hotel and the International Center, totaled approximately HKD 72,706,000, representing an increase of about 5.8% compared to HKD 68,698,000 in the previous year[22]. - The company operates two hotels, generating total revenue of approximately HKD 35,693,000 during the review period, down from HKD 47,236,000 in the same period last year[25]. - Total revenue for the six months ended June 30, 2024, was HKD 723,666,000, with property development contributing HKD 101,036,000, project management services HKD 514,231,000, and property investment and hotel operations HKD 108,399,000[99]. Construction and Sales - The group completed contracted sales of approximately HKD 265,454,000 during the review period, a decrease of about 80.3% compared to the same period last year[6]. - The total area sold under contract was approximately 8,066 square meters, down 78.1% from the previous year[6]. - The project "Zhuguang Financial City No. 1" recorded contracted sales of HKD 234,600,000 with a sold area of 4,174 square meters during the review period[7]. - The total construction area delivered for the "Yujing Mountain Water Garden" project reached approximately 708,971 square meters as of June 30, 2024, with a contract sales amount of approximately HKD 16,875,000 for 1,905 square meters during the review period[8]. Debt and Financing - Total bank and other borrowings amounted to approximately HKD 14,103,119,000, with a debt-to-equity ratio of 72% as of June 30, 2024, up from 68% as of December 31, 2023[45][47]. - The group maintains a cautious approach to treasury and funding policies, focusing on effective management of financing and risk[43]. - The company issued a total of USD 210,000,000 (approximately HKD 1,638,000,000) in secured preferred notes with a 12% annual interest rate, maturing on September 21, 2025[52]. - The group has outstanding secured bank loans of approximately HKD 7,865,000,000, secured by various assets including investment properties and subsidiaries[47]. Operational Strategies - The company aims to enhance product quality and maintain its position as an "urban renewal expert" through strategic partnerships and collaborations[4]. - The company is focusing on housing demand growth in first and major second-tier cities in China, indicating a strategic market expansion approach[6]. - The group plans to accelerate the development of properties and complete the pre-sale and sale of properties to improve cash flow[88]. Market Conditions - The central government continues to implement policies to stimulate demand and reduce inventory in the real estate sector, which may positively impact market confidence[4]. - The company continues to seek high-quality properties with value-added potential for investment to build a portfolio that will generate stable cash flow in the future[22]. Employee and Management - The group employed 510 staff as of June 30, 2024, a decrease from 793 employees as of December 31, 2023, with total employee costs of HKD 71,185,000[72]. - The total remuneration for key management personnel for the six months ended June 30, 2024, was HKD 5,004, a decrease of 44.5% from HKD 8,980 in 2023[146]. Governance and Compliance - The company has complied with the applicable code provisions of the Corporate Governance Code during the review period[176]. - All directors confirmed compliance with the standards set out in the code during the review period[177]. - The audit committee consists of three independent non-executive directors who reviewed the accounting principles and policies adopted by the group[178].

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之內容概不負責， 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之任何損失承擔任何責任。 ZHUGUANG HOLDINGS GROUP COMPANY LIMITED 珠 光 控 股 集 團 有 限 公 司 * （於百慕達註冊成立之有限公司） （股份代號：1176） 二零二四年中期業績 珠光控股集團有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，本公司及其 附屬公司（統稱「本集團」）截至二零二四年六月三十日止六個月（「回顧期間」）之未 經審核簡明綜合中期業績連同二零二三年同期之比較數字如下： 財務摘要 業績 | --- | --- | |----------|-------| | | | | | | | | | | | | | | | | 資產總值 | | | --- | --- | |-----------------------------------|-----------------------| | 截至六月三十日止六個月 二零二四年 | 二零二三年 | | 千港元 ...

ESG Issues and Sustainable Development - The group identified "greenhouse gas emissions," "energy management," "water resources and wastewater management," "climate change mitigation and adaptation," and "renewable and clean energy" as key ESG issues critical to its sustainable development[10]. - In the fiscal year 2023, the group engaged a range of stakeholders, including employees, senior management, external suppliers, regulators, and customers, to provide feedback on 28 ESG issues related to environmental and social impacts[2]. - The group is committed to supporting China's 2030 carbon peak and 2060 carbon neutrality goals, prioritizing climate change as a key sustainable development objective[16]. - The group has gradually established appropriate climate indicators and targets, along with action plans to accelerate its progress towards carbon neutrality[16]. - Stakeholder feedback has been instrumental in shaping the group's sustainable development strategy and identifying future key sustainability trends[2]. - The group employs a comprehensive approach to ensure stakeholder engagement, considering the impact of its overall business on stakeholders[17]. - The group follows the guidelines of the Task Force on Climate-related Financial Disclosures (TCFD) to enhance climate-related information disclosure and management[16]. Environmental Performance and Emissions - The group continues to strengthen its environmental performance in property and business operations, adhering to relevant environmental laws and regulations in mainland China and Hong Kong[12]. - The company emitted 6.05 kg of SOX, 293.29 kg of NOX, and 64.15 kg of PM in fiscal year 2023, representing a slight increase of approximately 5% to 13% compared to the previous year due to increased gasoline and natural gas consumption post-pandemic[26]. - The total greenhouse gas emissions for the company in fiscal year 2023 were approximately 7,200 tons of CO2 equivalent, an increase of about 31% from fiscal year 2022, primarily due to a surge in energy consumption from increased business activities[39]. - The company aimed to keep the greenhouse gas emission intensity in fiscal year 2023 at or below the levels of fiscal year 2022, but the intensity increased by 1.57 tons of CO2 equivalent per million HKD, failing to meet the established target[39]. - The company has planted approximately 400 to 500 trees since its establishment, offsetting about 10 tons of CO2 equivalent in fiscal year 2023[39]. - The company has integrated environmental factors into all aspects of its operations, emphasizing emission control and waste management to protect the environment[25]. - The company did not violate any significant environmental laws regarding emissions, wastewater, and waste disposal during fiscal year 2023[26]. - The increase in emissions was mainly attributed to a significant rise in fossil fuel consumption, particularly gasoline used for transportation[27]. - The company has been actively taking measures to promote a transition to a low-carbon economy in response to the urgency of addressing greenhouse gas emissions and climate change risks[28]. Waste and Water Management - The group generated and disposed of approximately 2,880 tons of non-hazardous solid waste in the fiscal year 2023, with a slight increase in solid waste emission intensity to 1.40 tons per million HKD, compared to 1.01 tons per million HKD in fiscal year 2022[43][48]. - The total wastewater generated was approximately 119,746 cubic meters, with a reduction in wastewater emission intensity to 58.40 cubic meters per million HKD, achieving the set target[46][48]. - The group has implemented a comprehensive waste management system to enhance resource reuse and recycling, focusing on reducing wastewater generation and promoting water reuse at construction sites[47][51]. - The group collaborates with external waste management agencies to establish a comprehensive waste management approach, adhering to industry best practices[55]. - The group has installed wastewater treatment facilities at construction sites to ensure compliance with local regulations and standards[51][54]. - The group aims to maintain wastewater emission intensity at the same level in fiscal year 2024 as in fiscal year 2023[51]. - The group has set a target for solid waste emission intensity not to exceed the previous fiscal year's level, although it slightly increased in fiscal year 2023[43][48]. - The company continues to promote sustainable water resource management and implement water-saving policies and practices[109]. Financial Performance - The group's consolidated revenue for the fiscal year 2023 was approximately HKD 2,050,576,000, a decrease of about 27.77% compared to HKD 2,838,843,000 for the fiscal year 2022[58]. - The consolidated gross profit decreased by approximately 26.35% to HKD 1,448,422,000 from HKD 1,966,695,000 in the previous fiscal year[58]. - The consolidated loss for the fiscal year 2023 was approximately HKD 936,170,000, which is an 8.38% improvement from the loss of HKD 1,021,759,000 in fiscal year 2022[58]. - The number of issued ordinary shares as of December 31, 2023, was 7,225,632,753, with shareholders' equity amounting to approximately HKD 5,089,180,000, resulting in a net asset value per share of approximately HKD 0.70[59]. - The group's debt-to-asset ratio as of December 31, 2023, was 68%, up from 66% the previous year[64]. - Cash and bank balances as of December 31, 2023, were approximately HKD 301,000,000, down from HKD 760,000,000 in the previous year[64]. - The weighted average cost of capital for the fiscal year 2023 was 6.29%, compared to 6.50% in the previous fiscal year[64]. Project Management and Development - The group is focusing on urban renewal projects in Guangzhou, enhancing its competitive advantage in the region[60][61]. - The group is committed to improving operational efficiency and reducing waste sent to landfills through standardized waste management planning[69][70]. - The total contract sales amount reached approximately HKD 3,850,499,000 in fiscal year 2023, representing an increase of about 75.92% compared to fiscal year 2022[88]. - The total area of sold contracts in fiscal year 2023 was approximately 92,902 square meters, an increase of about 34.93% from the previous year[88]. - The company will continue to optimize its structure and enhance quality to overcome challenges in the real estate market[81]. - The group is actively expanding its land reserves through various channels, including participation in government public listings and urban renewal projects[128]. - The group is focused on enhancing its project management services to diversify revenue sources and leverage its expertise in urban renewal[130]. Energy Consumption and Efficiency - The total electricity consumption increased by approximately 29% in fiscal year 2023 due to the rise in economic activities post-pandemic[79]. - The intensity of electricity consumption in fiscal year 2023 was approximately 2.09 kWh per million HKD, slightly higher than the previous year, indicating a failure to meet the set target[79]. - The group aims to maintain the same level of electricity consumption intensity in fiscal year 2024 as in fiscal year 2023[79]. - The group has implemented various energy efficiency measures, including the installation of solar panels and the use of LED lighting[98]. - The group is actively seeking cleaner alternative fuels as the main fuel source for its vehicles[100]. - The group continues to promote low-carbon transportation among employees, advocating the use of public transport, electric vehicles, and carpooling[100]. Paper Consumption and Digitalization - The paper consumption in fiscal year 2023 was 2,027 kilograms, a significant decrease of about 40% year-over-year, with an 18% reduction in paper intensity achieved[111]. - The company has set a target to maintain the same level of paper intensity in fiscal year 2024 as in fiscal year 2023, focusing on reducing paper usage through digitalization[111]. Awards and Recognition - The International Finance Centre Phase II received multiple awards in 2023, including the Gold Certification for Existing Buildings 2.0 from the Hong Kong Green Building Council[1]. - The International Finance Centre Phase II was awarded the "Excellent" Indoor Air Quality Certificate by the Environmental Protection Department in June 2023, recognizing its efforts in improving indoor air quality[1]. - The International Finance Centre Phase II achieved the "Outstanding" Waste Reduction Certificate, reflecting its commitment to waste management through the implementation of the "3R principles" (Reduce, Reuse, Recycle)[1]. - The company participated in the "Energy Saving Charter 2023," maintaining indoor temperatures between 24 to 26 degrees Celsius from June to September 2023 to reduce energy consumption[1]. - The company collaborated with the International Finance Centre Phase II to launch a program aimed at reducing single-use plastic waste, receiving a Diamond Level Certification for reducing the use of plastic bags[1].

Financial Performance - The group reported a loss attributable to equity holders of HKD 871.0 million for the year, compared to a loss of HKD 997.2 million in 2022[11] - For the fiscal year 2023, the total revenue of the group was approximately HKD 2,050,576,000, a decrease of about 27.8% compared to HKD 2,838,843,000 in the fiscal year 2022[80] - The gross profit decreased from approximately HKD 1,966,695,000 in fiscal year 2022 to approximately HKD 1,448,422,000 in fiscal year 2023, mainly due to reduced revenue[62] - The net loss for the fiscal year 2023 was HKD 936,170, compared to a net loss of HKD 1,021,759 in 2022, representing a 8.4% improvement[142] - The total comprehensive income for the fiscal year 2023 was HKD (1,043,107), a decrease from HKD (1,572,369) in 2022[143] - The company reported a fair value loss on investment properties of HKD 246,487 for the fiscal year 2023, compared to HKD 184,464 in 2022[142] - The financing costs for the fiscal year 2023 were HKD (1,123,925), a decrease from HKD (1,270,106) in 2022, indicating a reduction of 11.5%[142] - The group recorded a net loss of approximately HKD 936 million for the fiscal year ending December 31, 2023[130] Revenue Breakdown - Revenue from property development was HKD 548.1 million, down 38.5% from HKD 890.0 million in 2022[11] - Revenue from project management services was HKD 1,279.7 million, a decrease of 25.0% from HKD 1,705.2 million in 2022[11] - The project management services segment generated revenue of approximately HKD 1,279,681,000 in fiscal year 2023, down from HKD 1,705,171,000 in fiscal year 2022, primarily due to a reduction in the number of project management agreements[81] - The total revenue from property investment and hotel operations was approximately HKD 222,812,000, compared to HKD 243,635,000 in the previous fiscal year[61] Assets and Liabilities - Total assets as of December 31, 2023, were HKD 35,882.1 million, a decrease from HKD 37,119.1 million in 2022[2] - Total liabilities as of December 31, 2023, were HKD 29,573.7 million, slightly down from HKD 29,767.6 million in 2022[2] - The equity value decreased to HKD 6,308.4 million in 2023 from HKD 7,351.5 million in 2022[2] - The group's asset-liability ratio increased to 68% as of December 31, 2023, compared to 66% as of December 31, 2022[114] - The total current liabilities amounted to approximately HKD 5.46 billion[130] - The total non-current assets as of December 31, 2023, were approximately HKD 19.76 billion, compared to HKD 9.16 billion in the previous year[125] Land and Property Development - As of December 31, 2023, the company's land reserves in China totaled approximately 775,533 square meters, which includes total saleable area, pre-sold but undelivered area, and total rental area[28] - The company aims to focus on urban renewal projects in Guangzhou, enhancing its competitive advantage in the region[4] - The company is actively expanding its land reserves through various channels, including government public listings and urban renewal projects[28] - The company aims to explore new investment and development opportunities in Chinese cities with growth potential and optimal investment value[28] - The group plans to continue improving product quality and providing high-quality properties to buyers[14] Financial Challenges and Outlook - The global economic environment remains unstable, with significant risks and uncertainties affecting growth prospects[32] - The group anticipates that the real estate industry in China will continue to face significant challenges in 2024 due to global economic uncertainties[78] - There is significant uncertainty regarding the group's ability to achieve its plans and measures for continued operations[152] - The macroeconomic environment is expected to improve, with government policies potentially benefiting the real estate sector[56] Employee and Operational Metrics - The group employed 793 staff in Hong Kong and China as of December 31, 2023, down from 883 staff in the previous year[120] - Total employee costs for the fiscal year 2023 were approximately HKD 189.6 million, a decrease from HKD 241.7 million in fiscal year 2022[120] - Administrative and sales & marketing expenses decreased from approximately HKD 498,576,000 in fiscal year 2022 to about HKD 413,749,000 in fiscal year 2023, primarily due to reduced employee costs[106] Investment and Financing - The group is actively discussing refinancing existing loans with banks and other lenders[152] - The group has received a financial support letter from its ultimate holding company, which agrees to provide necessary financial support for the next twelve months[132] - The group aims to control administrative costs and manage capital expenditures effectively[152] - The company aims to accelerate the pre-sale and sale of development properties to improve operational cash flow[175] Miscellaneous - The company did not declare any dividends for the year ending December 31, 2023, consistent with the previous year[197] - The company did not experience any significant employee-related issues during the fiscal year 2023, maintaining good relations with its employees[141] - The company has not adopted any financial instruments for hedging purposes during the fiscal year 2023[139] - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and presented in Hong Kong dollars[153]

Financial Performance - The total revenue for the group during the review period was approximately HKD 967,147,000, representing a decrease of about 27.6% compared to HKD 1,336,618,000 for the same period in 2022[39]. - Revenue from property development decreased to HKD 194,540,000, down 31.2% from HKD 282,593,000 in the previous year[44]. - Project management services revenue fell to HKD 656,673,000, a decline of 28.9% compared to HKD 923,673,000 in the prior year[44]. - The group reported a loss of HKD 91,704,000 for the period, with an income tax expense of HKD 72,247,000 and an adjusted loss before tax of HKD 19,457,000[144]. - The group reported a loss of HKD 91,704,000 for the six months ended June 30, 2023, compared to a loss of HKD 450,454,000 for the same period in 2022[170]. - Total comprehensive loss for the period amounted to HKD 376,949,000, slightly improved from HKD 398,482,000 in the previous year[170]. - The gross profit for the same period was HKD 744,974,000, down 30.3% from HKD 1,070,626,000 year-over-year[192]. - The net loss before tax for the period was HKD 19,457,000, a significant improvement from a loss of HKD 441,484,000 in the previous year[192]. Assets and Liabilities - The total asset value as of June 30, 2023, was HKD 35,962,490,000, down from HKD 37,119,082,000 at the end of 2022[44]. - The total liabilities decreased to HKD 28,987,921,000 from HKD 29,767,564,000, indicating a reduction of 2.6%[44]. - The group's equity attributable to shareholders decreased to HKD 6,974,569,000 as of June 30, 2023, compared to HKD 7,351,518,000 at the end of 2022[174]. - The net value of current assets decreased to HKD 5,923,365,000 from HKD 9,728,549,000 as of December 31, 2022[172]. - As of June 30, 2023, the group's bank and other borrowings amounted to approximately HKD 14,783,203,000, with 54.1% due within one year[106]. Property Development and Projects - The group has ongoing property development projects with a total contract sales amount of approximately HKD 118,801,000 as of June 30, 2023[19]. - The "Zhuguang Yijing" project in Hebei has a total saleable area of approximately 164,603 square meters, with cumulative delivered area reaching 149,628 square meters by June 30, 2023[26]. - The "Zhuguang International Center" project has a total building area of approximately 109,824 square meters, with 43,824 square meters sold as of June 30, 2023[30]. - The cumulative delivered gross floor area of the "New City Yujing" project reached approximately 229,224 square meters as of June 30, 2023[50]. - The "Tianhu Yujing" project recorded a contract sales area of approximately 654 square meters, generating sales of about HKD 6,169,000 during the review period[52]. Strategic Focus and Market Outlook - The group aims to optimize its structure and enhance capabilities to overcome challenges posed by the current market adjustments in China's real estate sector[38]. - The outlook for the second half of 2023 indicates that the global economy will continue to face multiple challenges and instability[66]. - The Chinese government continues to implement policies to stabilize the real estate market, which is a key focus for economic growth[45]. - The group plans to intensify sales efforts in the Guangzhou area, which will remain a key sales region for the second half of 2023, while accelerating cooperation with strategic partners for land acquisition[94]. Financial Management and Cost Control - The group plans to effectively manage working capital by controlling costs and capital expenditures[1]. - Administrative and marketing expenses decreased from approximately HKD 233,919,000 to about HKD 176,949,000, primarily due to reduced employee costs during the review period[98]. - Other expenses dropped significantly from approximately HKD 668,516,000 to about HKD 56,250,000, mainly due to the absence of foreign exchange losses recorded in the previous period[99]. - Net financing costs decreased to approximately HKD 492,911,000 from HKD 700,200,000, attributed to a reduction in interest expenses from bank and other borrowings[100]. Investment and Future Plans - The company plans to continue seeking high-quality properties with value-added potential for investment[65]. - The company expects to meet its financial obligations and maintain operations for at least the next twelve months, supported by internal resources and debt financing[185]. - There are no significant investment or capital asset plans anticipated in the next six months, according to management's current assessment[186]. - The company has approximately HKD 573,915,000 in contracted but not provided capital expenditures for development properties as of June 30, 2023, down from HKD 620,805,000 at the end of 2022[186].

Financial Performance - The group's total revenue for the review period is approximately HKD 967,147,000, a decrease of about 27.6% compared to HKD 1,336,618,000 for the same period in 2022[7]. - Property development revenue for the review period is approximately HKD 194,540,000, down from HKD 282,593,000 in the same period last year, primarily due to a decrease in the number of properties delivered[9]. - The group recorded a gross profit of approximately HKD 744,974,000, down from HKD 1,070,626,000 for the same period in 2022, mainly due to the decrease in revenue[10]. - Other income and gains decreased to approximately HKD 74,117,000 from HKD 178,909,000 in the same period last year, primarily due to the absence of gains from derivative financial instruments[12]. - The group recorded a loss before tax of HKD 19,457,000, significantly improved from a loss of HKD 441,484,000 in the prior year[95]. - The total comprehensive loss for the period was HKD 376,949,000, compared to HKD 398,482,000 in the previous year, indicating a slight improvement[96]. - The group experienced a loss of approximately HKD 91,704,000 for the period, a significant improvement from a loss of HKD 450,454,000 in the same period last year[121]. Revenue Sources - The group reported a total revenue of HKD 967,147,000, with property development contributing HKD 194,540,000, project management services HKD 656,673,000, and property investment and hotel operations HKD 115,934,000[114]. - The group's project management services revenue for the review period was approximately HKD 656,673,000, down from HKD 923,673,000 in the same period last year, attributed to a decrease in the number of project management agreements signed[33]. - The total revenue generated from the operation of two hotels during the review period was approximately HKD 47,236,000, compared to HKD 40,319,000 for the six months ended June 30, 2022[36]. Assets and Liabilities - As of June 30, 2023, the total non-current assets amounted to HKD 10,352,792,000, a decrease from HKD 9,163,881,000 as of December 31, 2022[80]. - Current assets totaled HKD 25,609,698,000, down from HKD 27,955,201,000 in the previous period[80]. - The total liabilities increased to HKD 19,686,333,000 from HKD 18,226,652,000, reflecting a rise in current liabilities[80]. - The total equity value decreased to HKD 6,974,569,000 from HKD 7,351,518,000, indicating a decline in shareholder equity[81]. - The group's total assets as of June 30, 2023, were HKD 35,962,490,000, compared to HKD 37,119,082,000 as of December 31, 2022[138]. - The group's total liabilities as of June 30, 2023, were HKD 28,987,921,000, compared to HKD 29,767,564,000 as of December 31, 2022[138]. Cash Flow and Financing - Cash and bank balances were reported at HKD 650,333,000, down from HKD 759,572,000, highlighting a decline in cash reserves[80]. - The company is actively discussing refinancing options with banks to alleviate liquidity pressure and improve cash flow[85]. - The company plans to control administrative costs and manage capital expenditures to enhance financial stability[85]. - The net financing costs for the group decreased to approximately HKD 492,911,000 from HKD 700,200,000 in the same period last year, primarily due to a reduction in interest-bearing bank and other borrowings[118]. - The group holds approximately 29.56% equity in a joint venture, which reported a loss of HKD 27,863,000 during the review period[117]. Market Conditions and Strategy - The global economic growth has significantly slowed due to inflationary pressures, rising interest rates, and geopolitical conflicts, creating a challenging environment[39]. - The group aims to optimize its structure and enhance quality to overcome challenges in the Chinese real estate market[6]. - The group plans to focus on selling properties in the Guangzhou area in the second half of 2023, as it remains a key sales region[6]. - The Chinese government has implemented policies to stabilize the real estate market, which include extending loans to well-governed private real estate companies and promoting financing through various channels[61]. - The group aims to strengthen its position as an "urban renewal expert" through strategic partnerships and the development of quality urban renewal projects[40]. Employee and Operational Insights - The group maintains good relationships with employees and has not faced significant issues related to employee recruitment or retention during the review period[58]. - The overall employee cost for the period was approximately HKD 93,576,000, down from HKD 120,512,000 for the same period last year[95]. - The company encourages continuous learning for employees through internal training, including updates on accounting standards and market development training[77]. - As of June 30, 2023, the company employed 862 staff, a reduction from 883 employees as of December 31, 2022[95]. Project Developments - The total land reserve in China as of June 30, 2023, was approximately 817,533 square meters, which includes saleable building area, pre-sold but undelivered area, and rental area[29]. - The group has actively expanded its land reserves through various channels, including government public listings and urban renewal projects[29]. - The group aims to maintain sufficient land reserves and accurate urban layouts to support its development needs for the next three to five years[29]. - The project "New City Yujing" has a total land area of approximately 280,836 square meters and a total saleable building area of approximately 310,716 square meters, with cumulative delivered building area of approximately 229,224 square meters as of June 30, 2023[66].

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之內容概不負責， 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之任何損失承擔任何責任。 * 所譯中文名稱僅供識別 | --- | --- | --- | |---------------------------------------|------------------------------------------------|-------------------| | | 截至十二月三十一日止年度 \n二零二二年 千港元 | 二零二一年 千港元 | | 經營分部之收入： | | | | — 物業發展 | 890,037 | 889,185 | | — 項目管理服務 | 1,705,171 | 1,893,417 | | — 物業投資及酒店營運 | 243,635 | 202,419 | | 母公司擁有人應佔本年度（虧損） ╱ 溢利 | (997,194) | 71,018 | | | 於十二月三十一日 二零二二年 千港元 | 二零二一年 千港元 | | 資產總值 | 37,119, ...

Financial Performance - For the six months ended June 30, 2022, the total revenue from property development was HKD 322,912,000, a decrease of 39.7% compared to HKD 535,117,000 in the same period of 2021[8]. - The group reported a net loss of HKD 450,454,000 for the period, compared to a profit of HKD 271,917,000 in the same period of 2021[8]. - The total revenue for the review period was approximately HKD 1,336,618,000, a decrease of about 15.9% compared to HKD 1,589,175,000 for the same period in 2021[59]. - Gross profit decreased from HKD 1,164,631,000 to HKD 1,070,626,000, primarily due to the reduction in revenue during the review period[61]. - The company reported a loss before tax of HKD 441,484 for the six months ended June 30, 2022, compared to a profit of HKD 428,067 in the previous year[152]. - The total comprehensive loss for the period was HKD 386,796,000, compared to a loss of HKD 298,482,000 in the same period last year[166]. Assets and Liabilities - The total assets as of June 30, 2022, amounted to HKD 40,558,538,000, down from HKD 42,897,797,000 at the end of 2021, representing a decrease of 5.4%[8]. - The total liabilities decreased to HKD 32,033,133,000 from HKD 33,821,494,000, a reduction of 5.3%[8]. - The company's cash and bank balances decreased to HKD 1,002,347 from HKD 2,063,976 at the end of 2021, indicating a liquidity challenge[156]. - The equity attributable to the owners of the parent as of June 30, 2022, was HKD 8,395,473, down from HKD 8,934,685 at the end of 2021[160]. Revenue Sources - The project management services segment recorded revenue of approximately HKD 923,673,000 for the review period, a decrease of about 3.2% compared to HKD 954,462,000 in the same period last year[52]. - Rental income from investment properties, including the Mediterranean Hotel and Zhu Kong International Center, totaled approximately HKD 90,033,000, representing a decrease of about 9.6% from HKD 99,596,000 in the previous year[55]. - Property development revenue was approximately HKD 322,912,000, down from HKD 535,117,000 in the same period last year, primarily due to a decrease in the number of properties delivered[59]. Project Development - The group completed contracted sales of approximately HKD 788,939,000 during the review period, a decline of 45.9% compared to the same period in 2021[13]. - The total area of sold contracted properties was approximately 25,058 square meters, down 45.2% from the previous year[13]. - The project "Zhuguang Financial City No. 1" recorded a contracted sales area of approximately 7,589 square meters, generating sales of HKD 508,141,000 during the review period[16]. Financing and Debt Management - The total borrowings as of June 30, 2022, amounted to HKD 17,936,087,000, a decrease from HKD 19,195,996,000 as of December 31, 2021[78]. - The group recognized a net impairment loss on financial assets of approximately HKD 108,919,000 during the review period, compared to a reversal of impairment loss of HKD 58,917,000 in the previous year[73]. - The company is actively managing its debt obligations with a structured repayment plan over the next few years[89]. Operational Strategy - The group aims to enhance its competitive advantage by focusing on urban renewal projects in major cities, particularly in response to the ongoing challenges in the real estate market[10]. - The management emphasizes a strategy of "optimizing structure and enhancing capabilities to improve quality" to navigate the challenges posed by the real estate market adjustments[12]. - The group is focused on risk management and transaction supervision related to its business operations[75]. Employee and Administrative Costs - The company employed 954 staff members as of June 30, 2022, an increase from 927 as of December 31, 2021, with total employee costs amounting to approximately HKD 120,512,000 during the review period[150]. - Administrative and selling expenses decreased from approximately HKD 240,438,000 to HKD 233,919,000, mainly due to reduced employee costs[64]. Cash Flow and Liquidity - Cash generated from operating activities was HKD 611,787,000, a recovery from a cash outflow of HKD 202,247,000 in the prior year[169]. - The net cash flow from investing activities was HKD 1,318,625,000, down from HKD 2,851,240,000 in the previous year[171]. - The company raised HKD 2,746,425,000 from bank and other borrowings, compared to HKD 439,616,000 in the same period last year[171]. Compliance and Reporting - The company has implemented revisions to the Hong Kong Financial Reporting Standards, which have no impact on its financial position and performance[186]. - The company monitors the performance of its operating segments to determine resource allocation and performance evaluation[200].