Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 18,396 million, a decrease of 31.6% compared to RMB 26,908 million in 2023[13]. - Gross profit for 2024 was RMB 10,885 million, down 12.1% from RMB 12,387 million in the previous year, resulting in a gross margin of 59.2%[13][15]. - The company recorded a pre-tax loss of RMB 177,301 million, an improvement of 65.7% from a loss of RMB 516,700 million in 2023[13]. - The net loss attributable to equity holders of the parent was RMB 145,755 million, a significant reduction of 72.8% compared to RMB 535,918 million in the prior year[13]. - Total assets as of December 31, 2024, were RMB 2,051,581 million, a decrease of 3.5% from RMB 2,126,038 million in 2023[13]. - The total equity attributable to equity holders of the parent increased by 103.6% to RMB 116,640 million from RMB 57,293 million in 2023[13]. Industry Trends and Opportunities - The Chinese economy grew by 5% in 2024, providing a stable backdrop for the landscaping industry, which continued to expand due to urbanization and ecological demands[21]. - The landscaping industry is experiencing new development opportunities driven by national strategies such as urban renewal and ecological protection[21]. - The adoption of smart landscaping and technological innovations, including IoT and AI, is enhancing operational efficiency and promoting digital transformation in the industry[21]. - The Chinese landscaping industry is projected to reach a market size of several hundred billion RMB by 2028, with an average growth rate remaining high in the coming years[38]. - The landscaping industry is moving towards ecological, intelligent, and diversified development, with significant growth points in ecological restoration and environmental governance[41]. Strategic Initiatives - The group completed a significant equity restructuring, transforming into a mixed-ownership listed company, supported by Greenland Group, which enhanced its strategic operational capabilities and resource integration efficiency[30]. - The group announced the acquisition of 51% of ZDX Energy International Co., Ltd., including its wholly-owned subsidiary engaged in hydropower station operation and maintenance services[31]. - A new joint venture, Shanghai Green Energy Zhihui Energy Technology Co., Ltd., was established to develop renewable energy projects, leveraging the partner's extensive experience in photovoltaic investment and construction[31]. - The group is actively exploring opportunities in the renewable energy sector, particularly in photovoltaic, wind, and hydropower fields, to diversify its business[30]. - The group emphasizes the integration of green technology and social responsibility into its long-term strategy, aligning with national policies on ecological civilization and carbon neutrality[32]. Operational Efficiency and Management - The group is focusing on optimizing existing project operational efficiency and compliance management to ensure stable cash flow and project progression[28]. - The group has implemented a refined project cost control model, establishing a unified supplier database and utilizing a self-developed project management information platform to ensure all expenditures strictly adhere to budget management[48]. - The group has received support from a well-known domestic procurement platform, fully opening supply chain channels to achieve cost reduction and efficiency improvement[48]. - The company has established a project management information platform to enhance operational efficiency and ensure compliance with budgetary constraints[48]. - The company aims to enhance its core competitiveness through capital structure optimization, cost control, and operational efficiency improvements[28]. Corporate Governance - The board of directors is composed of five members, including two executive directors and three independent non-executive directors, ensuring a diverse governance structure[61]. - The company has adopted the principles and provisions of the corporate governance code as the basis for its governance practices, ensuring compliance throughout the reporting period[57]. - The company has established three committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, each with defined responsibilities[74]. - The board retains final decision-making authority on significant matters, including policy issues, strategy, budget, and major transactions[69]. - The company has adopted a board diversity policy since August 28, 2014, aimed at achieving diversity among board members for sustainable development[82]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to a comprehensive ESG (Environmental, Social, and Governance) management approach, focusing on sustainable development practices[146]. - The company has established a sustainable operating system centered on ESG, gradually enhancing project quality and compliance levels[145]. - The company has established an ESG working group led by the board of directors, responsible for identifying and managing key ESG issues[154]. - The company aims to integrate ESG principles into daily operations and has developed an integrated data management platform for better ESG management[159]. - The company conducts long-term risk assessments and collects relevant information for analysis[117]. Environmental Impact and Sustainability - Green State's greenhouse gas emissions decreased by approximately 11.9% compared to 2023, primarily due to a reduction in project numbers[173]. - The total greenhouse gas emissions for 2024 amounted to 80.89 tons of CO2 equivalent, down from 111.83 tons in 2023[175]. - The company has committed to actively aligning with national emission reduction policies and aims to gradually lower total emission density through project design optimization and green technology[174]. - The company has implemented a series of long-term environmental protection measures to reduce waste and promote recycling[182]. - The company has developed multiple soil improvement technologies tailored to different regional soil structures, including key greening techniques for inland saline-alkali land, which combine physical and chemical methods to enhance soil structure and eliminate saline hazards[195].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 18,396,000, a decrease of 31.6% from RMB 26,908,000 in 2023[3]. - Gross profit for the same period was RMB 10,885,000, down 12.1% from RMB 12,387,000 in 2023, resulting in a gross margin of 59.2%, an increase of 13.2 percentage points[3][4]. - The net loss attributable to the parent company was RMB 145,755,000, significantly improved from a loss of RMB 535,918,000 in 2023, reflecting a reduction of 72.8%[4]. - Total comprehensive loss for the year was RMB 163,873,000, compared to RMB 529,925,000 in the previous year, indicating a substantial decrease[5]. - The basic and diluted loss per share improved to RMB 2.52 from RMB 16.03 in the previous year[4]. - Other income for 2024 totals RMB 34,460,000, a decrease of 40.5% from RMB 57,879,000 in 2023[27]. - The group reported a pre-tax loss of RMB 24,312,000 for 2024, compared to a profit of RMB 14,750,000 in 2023[27]. - Financial costs for 2024 amount to RMB 58,212,000, a decrease of 8.5% from RMB 63,544,000 in 2023[30]. - The company has not declared any final dividends for the years ended 2024 and 2023[34]. - The company recorded a net loss of RMB 143,699,000 for the year ended December 31, 2024[73]. Assets and Liabilities - Non-current assets totaled RMB 1,369,145,000, slightly down from RMB 1,400,972,000 in 2023[7]. - Current assets decreased to RMB 682,436,000 from RMB 725,066,000 in 2023, primarily due to a reduction in trade receivables[7]. - Total liabilities decreased to RMB 2,110,017,000 from RMB 2,045,877,000 in 2023, with current liabilities accounting for RMB 1,460,662,000[8]. - The company's equity increased to RMB 141,564,000 from RMB 80,161,000 in 2023, reflecting improved financial stability[8]. - The group has only about RMB 1,801,000 in unrestricted cash and cash equivalents, raising significant doubts about its ability to continue as a going concern[74]. - Current liabilities exceeded current assets by approximately RMB 778,226,000 as of December 31, 2024[73]. - Total interest-bearing bank and other borrowings amounted to approximately RMB 576,527,000, with RMB 354,347,000 due within the next twelve months[11][73]. Revenue Sources - Major customers contributing over 10% of total revenue include Customer C with RMB 7,476,000 and Customer B with RMB 3,170,000 for the year 2024[20]. - Total revenue from customer contracts decreased to RMB 18,396,000 in 2024 from RMB 26,908,000 in 2023, representing a decline of approximately 31%[21]. - Construction services revenue fell to RMB 15,816,000 in 2024 from RMB 24,258,000 in 2023, a decrease of about 35%[21]. Strategic Focus and Operations - The company continues to focus on landscaping design services and related activities, indicating a strategic emphasis on core business areas[9]. - The company is focusing on municipal and urban landscaping projects, providing a "one-stop" service solution that includes investment financing, planning design, project construction, and commercial operation[51]. - The company is actively exploring ecological restoration and environmental governance as key growth points, particularly in areas such as mine restoration and wetland protection[49]. - The company aims to actively explore opportunities in green infrastructure and new energy sectors, promoting business transformation and upgrades[62]. - The company plans to deepen its involvement in the operation of hydropower stations and expand its footprint in the new energy generation sector[62]. - The company is committed to creating positive value for society and the environment, aligning with long-term sustainable development goals[63]. Debt Management and Financing - The group is currently reviewing its debt structure and seeking external financing opportunities, including potential equity financing if necessary[13]. - The group has taken measures to manage its liquidity needs and improve its financial position, including cash flow forecasts covering at least twelve months from December 31, 2024[12]. - The group is actively negotiating with lenders regarding the renewal of expired bank financing and repayment arrangements for outstanding borrowings[13]. - The group has received commitments from shareholders and related parties not to demand repayment of borrowings due by December 31, 2024, until all other obligations are fulfilled[13]. Trade Receivables and Impairment - Trade receivables amounted to RMB 532,749 thousand in 2024, slightly up from RMB 526,752 thousand in 2023, with an increase in impairment losses to RMB (482,952) thousand from RMB (370,108) thousand[39]. - The aging analysis of trade receivables shows that overdue amounts exceeding three years increased to RMB 2,993 thousand in 2024 from RMB 34,006 thousand in 2023[39]. - The expected credit loss rate for trade receivables was 99.2% for amounts overdue over three years in 2024, compared to 90.5% in 2023[41]. - The impairment loss on trade receivables increased to RMB 112,844,000 in 2024 from RMB 73,516,000 in 2023, indicating a rise of 53.5%[28]. - The company maintains strict control over trade receivables, with overdue balances reviewed regularly by senior management[37]. - The company has not held any collateral or other credit enhancements for its trade receivables[37]. Market Outlook - The Chinese landscaping industry is expected to reach a market size of several hundred billion RMB by 2028, with an average growth rate remaining high in the coming years[48]. - By the end of 2024, China's installed solar power capacity is expected to reach approximately 890 million kilowatts, a significant year-on-year increase of 45.2%[61]. - The total national green electricity trading volume in 2024 reached 151.93 billion kilowatt-hours, representing a year-on-year growth of 233%[61]. - The installed capacity of wind power is projected to be around 520 million kilowatts by the end of 2024, reflecting a year-on-year increase of 18.0%[61]. - By 2025, the proportion of non-fossil energy generation capacity is expected to rise to about 55%, with wind and solar power accounting for over 17% of the total national electricity generation[62]. - The Shanghai municipal government expanded its investment in municipal infrastructure and landscaping in 2024, with the landscaping business scale estimated at approximately RMB 9 billion[63]. - The landscaping business scale in Shanghai is projected to reach RMB 12 billion by 2025, driven by the city's continued push for "Ecological City" development[63]. Corporate Governance - The company has adhered to all corporate governance codes during the reporting period, ensuring transparency and accountability[66].

Financial Performance - Total revenue for the first half of 2024 was approximately RMB 1.022 million, a decrease of 81% compared to RMB 5.267 million in the same period of 2023[7]. - Gross profit for the same period was RMB 0.197 million, representing a significant increase of 393% from RMB 0.040 million in 2023[7]. - The net loss attributable to shareholders was RMB 5.058 million, down 81% from RMB 27.156 million in the previous year[7]. - The gross margin improved to 19.3% from 0.8% in the previous year, indicating enhanced operational efficiency[7]. - The total revenue for the group reached RMB 1,022 million, with a net loss attributable to the parent company of RMB 5,058 million; the gross profit margin increased to 19.3%, up 18.5 percentage points year-on-year[17]. - The company reported a revenue of RMB 1,022,000 (approximately $142,000) for the six months ended June 30, 2024, compared to RMB 5,267,000 (approximately $735,000) for the same period in 2023, representing a decrease of 81.6%[52]. - Gross profit for the same period was RMB 197,000, a significant increase from RMB 40,000 in 2023, indicating a positive trend in profitability[52]. - The company recorded a net loss of RMB 4,066,000 for the six months ended June 30, 2024, a substantial improvement compared to a net loss of RMB 27,056,000 in 2023, reflecting a reduction in losses by 85%[52][53]. - The company reported a pre-tax loss of RMB 4,016 thousand for the six months ended June 30, 2024, an improvement from a loss of RMB 27,004 thousand in the same period of 2023[58]. - Basic and diluted loss per share for the six months ended June 30, 2024, was RMB 0.09, compared to RMB 0.81 for the same period in 2023, showing a significant reduction in losses per share[81]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 2,125,556 thousand, showing a slight decrease of 0% from RMB 2,126,038 thousand[7]. - The overall asset-liability ratio increased to 88.6% from 75.0%, reflecting a shift in financial leverage[7]. - The company’s total liabilities decreased to RMB 1,451,234,000 as of June 30, 2024, from RMB 1,570,105,000 at the end of 2023, indicating improved financial stability[54]. - The total liabilities decreased from RMB 326,171,000 at the end of 2023 to RMB 349,271,000 as of June 30, 2024, showing an increase of 7.1%[100]. - The company’s total issued share capital for its main subsidiaries includes RMB 1,050,000,000 for Boda Green Ecology Construction Group, indicating substantial investment in its core business[61]. - The company’s cash and cash equivalents increased to RMB 6,432,000 as of June 30, 2024, compared to RMB 6,227,000 at the end of 2023[54]. - The company’s total interest-bearing bank and other borrowings amounted to RMB 558,825,000, a decrease from RMB 595,477,000 as of December 31, 2023, representing a reduction of approximately 6.15%[102]. - The total current borrowings were RMB 216,084,000, down from RMB 240,478,000 in the previous period, indicating a decrease of about 10.12%[102]. - Non-current borrowings totaled RMB 342,741,000, compared to RMB 354,999,000 at the end of 2023, reflecting a decline of approximately 3.44%[102]. - The company reported a significant reduction in restricted bank balances from RMB 25,400,000 at the end of 2023 to RMB 8,373,000 as of June 30, 2024, a decrease of 67.1%[96]. Equity and Share Capital - The total equity attributable to shareholders increased by 226% to RMB 186,948 thousand from RMB 57,293 thousand[7]. - As of June 30, 2024, the company has issued a total of 5,821,809,957 shares[25]. - The company issued 1,979,000,000 shares at an issue price of HKD 0.1 per share, representing approximately 42.59% of the enlarged issued share capital[51]. - The company issued 5,821,809,957 shares as of June 30, 2024, an increase from 3,342,536,957 shares as of December 31, 2023, representing a growth of approximately 74.08%[104]. - The company plans to increase its authorized share capital from HKD 100 million to HKD 200 million by issuing 4 billion new shares[128]. Operational Strategy and Market Position - The company's operating cash flow strategies focused on optimizing capital structure and enhancing cost management to stabilize cash flow[9]. - The landscaping industry in China saw a 10.6% growth in high-tech industry investment, indicating strong market potential[9]. - The company is actively participating in urban greening and vertical garden projects, responding to the growing demand for high-quality public green spaces[9]. - The company completed a significant equity restructuring, successfully transforming into a mixed-ownership listed group, enhancing its sustainable development capabilities[10]. - The collaboration with the major shareholder, Greenland Group, has strengthened the company's business layout in emerging fields such as photovoltaics, energy storage, charging infrastructure, and energy management[10]. - The company plans to invest in new energy sectors, including photovoltaics and energy storage, supported by Greenland Group's resources and capital[14]. - The establishment of the Guizhou Green Gold Low Carbon Trading Center marks the company's commitment to supporting national carbon reduction strategies and developing a full industry chain for carbon credit trading[13]. - The company aims to enhance its competitiveness in the new energy sector through technology research and market expansion, leveraging Greenland Group's support in funding and technology[14]. - The focus on ESG principles is becoming central to the company's strategy, aligning with the growing importance of environmental, social, and governance factors in investment decisions[11]. - The company recognizes the need to integrate business value with social value, which is crucial for long-term success in the landscaping industry[11]. Employee and Management - As of June 30, 2024, the group employed 74 full-time employees in China, down from 78 as of December 31, 2023, with employee costs amounting to approximately RMB 2.92 million during the reporting period[44]. - The total remuneration for key management personnel was RMB 583 thousand for the six months ended June 30, 2024, a decrease of 44.6% compared to RMB 1,048 thousand for the same period in 2023[115]. - The group’s short-term employee benefits decreased to RMB 510 thousand for the current period, down from RMB 855 thousand in the previous year, indicating a reduction in employee-related expenses[115]. Governance and Compliance - The company has established a remuneration committee to set formal and transparent procedures for determining the remuneration of directors and senior management, based on performance criteria[44]. - The audit committee has reviewed the accounting principles and policies adopted by the group and confirmed that the interim report and unaudited consolidated interim results comply with applicable accounting standards[46]. - The company has adhered to all applicable code provisions of the corporate governance code during the reporting period[42]. - There were no rights granted to directors or their immediate family members to acquire shares or debentures of the company during the reporting period[37]. - The company is in the process of appointing a new auditor following the resignation of Ernst & Young, with further announcements to be made in due course[45]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2024, was a net outflow of RMB 12,162 thousand, compared to a net outflow of RMB 509 thousand in the same period of 2023[58]. - The net cash flow from investing activities for the six months ended June 30, 2024, was RMB 9,206,000, an increase of 20.7% compared to RMB 7,632,000 in the same period of 2023[59]. - The net cash flow used in financing activities was RMB 3,202,000 for the six months ended June 30, 2024, compared to a net outflow of RMB 3,913,000 in the same period of 2023, indicating an improvement[59]. - The company has not made any significant acquisitions or disposals during the reporting period, nor does it hold any significant investments as of June 30, 2024[41]. - The company has not made any investments in intangible assets during the reporting period, suggesting a focus on existing operations rather than new acquisitions[59]. Risk Management - The group has not experienced any changes in risk management policies during the reporting period, maintaining stability in financial risk management[118]. - The group’s trade receivables and contract assets are primarily from government authorities, indicating a low credit risk exposure[122]. - The group utilizes a working capital planning tool to monitor liquidity risks, ensuring adequate cash flow management[123]. Market Outlook - The company is optimistic about achieving significant accomplishments in the new energy sector and contributing to global green energy transformation[14]. - The landscaping industry is expected to see increased concentration as larger companies expand their market share, driven by further integration of the industry chain[16]. - By 2024, the Chinese government aims to achieve a forest coverage rate of 24.1%, which will provide policy support and market demand for the landscaping industry[16].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,022 thousand, a decrease of 80.6% compared to RMB 5,267 thousand for the same period in 2023[3] - Gross profit for the same period was RMB 197 thousand, up from RMB 40 thousand, resulting in a gross margin of 19.3% compared to 0.8% in 2023[3] - The net loss attributable to the parent company was RMB 5,058 thousand, significantly improved from a net loss of RMB 27,156 thousand in the prior year[3] - Other income and gains increased to RMB 24,971 thousand from RMB 12,324 thousand, indicating a growth of 102.1%[3] - The company reported a basic and diluted loss per share of RMB 0.09 for the period, compared to RMB 0.81 in the same period last year[3] - The group reported a pre-tax loss from continuing operations of RMB 5,058,000 for the six months ended June 30, 2024, compared to a loss of RMB 27,156,000 in the same period of 2023[21] - The company reported a net loss attributable to ordinary shareholders of RMB 5,058,000 for the six months ended June 30, 2024, compared to a loss of RMB 27,156,000 for the same period in 2023[22] - The basic and diluted loss per share for the six months ended June 30, 2024, was RMB (0.09), a significant improvement from RMB (0.81) in the previous year[22] Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to RMB 1,422,467 thousand, an increase from RMB 1,400,972 thousand as of December 31, 2023[5] - Current liabilities decreased to RMB 1,451,234 thousand from RMB 1,570,105 thousand, reflecting a reduction of 7.6%[6] - The total equity attributable to the parent company increased to RMB 186,948 thousand from RMB 57,293 thousand, showing a significant improvement[7] - Trade receivables at the end of the reporting period amounted to RMB 158,205,000, slightly up from RMB 156,644,000 at the end of 2023[23] - The aging analysis of trade receivables showed that RMB 37,870,000 was due within one year, down from RMB 74,993,000 in the previous year[23] - Contract assets as of June 30, 2024, were RMB 1,102,107,000, compared to RMB 1,086,057,000 at the end of 2023, indicating stability in contract asset balances[25] - Trade payables at the end of the reporting period were RMB 598,721,000, a decrease from RMB 615,968,000 at the end of 2023[27] - As of June 30, 2024, the total outstanding bank and other borrowings amounted to RMB 558.825 million, a decrease from RMB 595.477 million as of December 31, 2023[35] Revenue Breakdown - Customer contract revenue for the six months ended June 30, 2024, was RMB 1,022,000, a decrease of 81.6% compared to RMB 5,267,000 for the same period in 2023[11] - Construction contract revenue contributed RMB 860,000, down from RMB 5,227,000 in the previous year, reflecting a decline of 84.5%[13] - Total other income for the six months ended June 30, 2024, was RMB 24,971,000, an increase of 102.5% from RMB 12,324,000 in the same period of 2023[14] Costs and Expenses - Financial costs for the six months ended June 30, 2024, totaled RMB 15,187,000, a decrease of 26.5% compared to RMB 20,663,000 in the previous year[16] - Interest income from bank loans and other borrowings increased to RMB 7,982,000 for the six months ended June 30, 2024, compared to RMB 7,172,000 in the previous year[16] Corporate Governance and Compliance - The company is committed to enhancing its corporate governance practices to protect shareholder interests and improve corporate value and transparency[38] - The company has established an audit committee to review its accounting principles and policies, ensuring compliance with applicable accounting standards[40] - The company has maintained compliance with the corporate governance code and has not engaged in any share buybacks during the reporting period[37] Strategic Focus and Development - The company is focusing on ecological construction and environmental restoration, aligning with national policies aimed at increasing forest coverage and improving ecological quality by 2025[28] - The company has implemented a refined project cost control model, utilizing a unified supplier database and a self-developed project management information platform[30] - Five investment projects under the PPP model have entered the operational phase, while others are in construction or preparation stages[29] - The company plans to leverage its existing infrastructure project experience and technical accumulation to explore opportunities in the ecological technology sector, transitioning from traditional forestry business[34] - The government emphasizes the importance of green economy and sustainable development, which aligns with the company's focus on ecological construction and sustainable business practices[33] - The company aims to achieve a transformation towards ecological technology, which is expected to provide diversified growth momentum for its business[34] Dividends - The company did not declare any interim dividend for the period ended June 30, 2024, consistent with the previous year[20] - The company has not proposed any interim dividend for the reporting period, consistent with the previous period[41]

Financial Performance - For the year ended December 31, 2023, the total revenue was approximately RMB 26.9 million, a decrease of 75% compared to RMB 109.3 million in 2022[10]. - The gross profit for the same period was approximately RMB 12.4 million, down 51% from RMB 25.4 million in 2022, resulting in a gross margin of 46%[10][18]. - The loss attributable to equity holders of the parent company was approximately RMB 535.9 million, an increase of 27% from RMB 422.8 million in 2022[10][18]. - Total assets decreased by 28% to RMB 2,126.0 million from RMB 2,939.2 million in 2022[10]. - The total equity attributable to equity holders of the parent company fell by 90% to RMB 57.3 million from RMB 563.1 million in 2022[10]. - The company maintained a debt-to-asset ratio of 96.5%, up from 74.4% in 2022, indicating increased financial leverage[10]. - The total revenue achieved by the company for the year ended December 31, 2023, was RMB 26.9 million, with a net loss attributable to shareholders of RMB 535.9 million; the gross profit margin increased by 22.8 percentage points to 46.0% compared to the same period last year[35]. Strategic Initiatives - The company plans to strengthen partnerships with government departments and state-owned enterprises to enhance its reputation and service quality[17]. - The group completed a significant equity restructuring, issuing a total of 2,479,273,000 shares to reduce offshore short-term debt and financial costs, transitioning to a state-owned mixed-ownership listed group[19]. - The entry of state capital has enhanced the group's financial stability and market reputation, increasing investor confidence and attracting more business opportunities[20]. - The new major shareholder, Greenland Group, provides crucial support in management, business expansion, and market strategy, facilitating closer collaboration and resource integration[22]. - The group plans to explore green infrastructure projects and new energy sectors, including photovoltaics, energy storage, and energy management, leveraging existing project experience and the major shareholder's resources[27]. - The strategic shift towards green low-carbon industries aligns with government support and market trends, ensuring long-term development prospects[27]. - The company is committed to optimizing its business structure and enhancing technical capabilities to achieve significant growth in new development areas[30]. Environmental, Social, and Governance (ESG) Efforts - The emphasis on Environmental, Social, and Governance (ESG) will drive the landscaping industry towards ecological protection, resource recycling, and low-carbon development, enhancing sustainability and competitive advantage[23]. - The company is committed to technological innovation and has invested more in establishing a technology center to enhance research and development capabilities, focusing on green technology applications[37]. - The company aims to align with national policies promoting ecological civilization and rural revitalization, which are expected to create new development opportunities in the environmental protection and agriculture sectors[39]. - The company is focused on sustainable development and will actively promote the implementation of ESG principles while continuing to invest in core business areas such as ecological construction and environmental restoration[39]. - The company has established an ESG working group led by the board of directors to identify, assess, prioritize, and manage significant ESG-related issues[147]. - The ESG report is prepared according to the guidelines set by the Hong Kong Stock Exchange to inform stakeholders about the company's ESG policies and performance[144]. - The company aims to collaborate with top domestic and international enterprises to introduce advanced technologies and management experiences to improve core competitiveness[138]. Corporate Governance - The board of directors is committed to maintaining robust corporate governance practices to enhance corporate value and accountability[48]. - The company has adopted the principles of the corporate governance code as a foundation for its governance practices since its listing[48]. - The board consists of five members, including two executive directors and three independent non-executive directors[52]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with defined responsibilities[64]. - The company has received annual written confirmations of independence from all independent non-executive directors[56]. - The company emphasizes high ethical standards in business operations to achieve long-term goals and maximize shareholder returns[45]. - The company has established a disclosure policy to guide handling of confidential information and regulatory disclosures[89]. Risk Management - The company has established a risk management and internal control system aimed at managing risks associated with achieving business objectives, providing reasonable assurance against material misstatements or losses[102]. - The company’s risk management framework includes identifying potential risks, assessing their impact, and implementing controls to mitigate them, ensuring effective resource use and compliance with regulations[107]. - The board is responsible for evaluating the nature and extent of risks the company is willing to take to achieve its strategic objectives[102]. - The company emphasizes long-term risk assessment and management, focusing on various risk parameters to ensure sustainable growth[106]. Environmental Impact - Air emissions of nitrogen oxides (NOx) decreased from 93.13 kg in 2022 to 46.63 kg in 2023, representing a reduction of approximately 50%[164]. - Sulfur oxides (SOx) emissions from owned vehicles decreased from 0.12 kg in 2022 to 0.06 kg in 2023, a reduction of 50%[164]. - Particulate matter (PM) emissions decreased from 8.92 kg in 2022 to 4.55 kg in 2023, a reduction of approximately 49%[164]. - Total greenhouse gas emissions decreased by approximately 49.37% from 220.89 tons CO2 equivalent in 2022 to 111.83 tons CO2 equivalent in 2023[166]. - The company has not generated any hazardous waste during the reporting period, thus no related targets were set[174]. - The company has maintained high standards in waste management and has established a waste management process to ensure proper classification and recycling[173]. - The average electricity consumption per employee decreased by approximately 33.68% compared to 2022, primarily due to fewer engineering projects[179]. Shareholder Communication - The company emphasizes the importance of regular communication with shareholders to ensure they receive necessary information for informed assessments of the company's strategy, operations, and financial performance[118]. - The company has established multiple channels for ongoing dialogue with shareholders, including company communications, announcements, and the company website[123]. - Shareholders can submit written inquiries to the board of directors, and the company generally does not handle oral or anonymous inquiries[116]. - The company encourages shareholder participation in annual general meetings, where key matters, including the election of individual directors, will be presented as independent resolutions[120].

Financial Performance - For the year ended December 31, 2023, the company reported total revenue of RMB 26,908,000, a decrease of 75.5% from RMB 109,275,000 in 2022[3] - Gross profit for the same period was RMB 12,387,000, down 51.2% from RMB 25,396,000 in the previous year, resulting in a gross margin of 46.0%, up from 23.2%[5] - The net loss attributable to shareholders was RMB 535,918,000, compared to a net loss of RMB 422,794,000 in 2022, representing an increase in loss of 26.8%[5] - The group reported a net loss attributable to the company's owners of RMB 535,918,000 for the year ended December 31, 2023, indicating significant financial challenges[18] - The group reported a pre-tax loss of RMB 516,700,000 for 2023, compared to a loss of RMB 482,776,000 in 2022, indicating an increase in losses year-over-year[46] - Basic loss per share for 2023 was RMB (16.03) compared to RMB (12.65) in 2022, indicating a worsening of per-share losses[50] - The group did not declare any final dividends for the years ended December 31, 2023, and 2022[47] Assets and Liabilities - The company's total assets decreased to RMB 2,176,744,000 from RMB 2,940,093,000, a decline of 26.0% year-over-year[9] - Current liabilities totaled RMB 1,570,105,000, down from RMB 1,969,958,000, indicating a reduction of 20.2%[10] - The total equity attributable to shareholders decreased to RMB 57,293,000 from RMB 563,118,000, a decline of 89.8%[10] - As of December 31, 2023, the group's net current liabilities amounted to RMB 845,039,000, raising substantial doubts about its ability to continue as a going concern[18] - Trade receivables decreased to RMB 526,752,000 in 2023 from RMB 620,358,000 in 2022, with a notable increase in impairment provisions[50] - The group's total liabilities increased, with bank loans and other borrowings interest rising to RMB 35,646,000 in 2023 from RMB 31,031,000 in 2022[41] Income and Gains - Other income and gains increased significantly to RMB 73,678,000 from RMB 22,569,000, marking a growth of 226.5%[5] - The group reported other income totaling RMB 57,879,000 in 2023, up from RMB 22,070,000 in 2022, marking an increase of approximately 162.5%[36] - The total amount of other income and profit for 2023 was RMB 73,678,000, significantly higher than RMB 22,569,000 in 2022, representing an increase of approximately 226.5%[36] Operational Changes and Strategies - The new management is reviewing operational conditions and taking actions to strengthen cost control while actively seeking new investment and business opportunities[22] - The group has taken measures to accelerate the collection of outstanding trade and other receivables[22] - The group is currently assessing its debt structure and exploring financing opportunities to improve its financial situation[22] - The group has implemented a refined project cost control model, establishing a unified supplier database and utilizing a self-developed project management information platform to ensure all project expenditures strictly adhere to budget management[68] Future Outlook and Investments - The board has reviewed cash flow forecasts covering a twelve-month period from December 31, 2023, and believes the group will have sufficient working capital to meet its operational and financial obligations[20] - The company has five investment projects under the PPP model that have entered the operational phase as of December 31, 2023[66] - The group plans to leverage existing infrastructure project experience and technology to explore opportunities in ecological technology, transitioning from traditional landscaping to ecological technology[74] - The group is focused on sustainable development and will actively promote ESG principles while investing in ecological construction and environmental restoration[71] Governance and Compliance - The group has established an audit committee to review the annual performance, ensuring compliance with applicable accounting standards and regulations[80] - The group has maintained high corporate governance standards, ensuring transparency and accountability to enhance shareholder value[77] Shareholder Information - Following the issuance of 1,979,000,000 ordinary shares at HKD 0.1 each, the total number of issued shares increased to 5,821,809,957, with Greenland Financial holding 51.02% of the issued shares[86][87] - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2023[85]

據中國國家統計局的統計，2023年上半年，中國國內生產總值(GDP)同比增長了5.5%，其中第二季GDP較去年同 期增長6.3%，按季增長值0.1%。2023年來，國家出台多項政策，推動基礎設施投資建設提速。根據國家統計局數 據顯示，2023年上半年，中國固定資產投資（不含農戶）達人民幣243,113億元，同比增長3.8%；計劃總投資億元 及以上項目投資同比增長10.9%，增速比前5個月快0.2個百分點，比全部投資增速高7.1個百分點；同時亦對全部 投資增長的貢獻率比前5個月提高10個百分點。而從近期各地發佈的情況看，重大項目加快建設，為擴內需、穩 增長、惠民生提供了有力支撐。 截至2023年6月30日，本集團實現總收益約人民幣5,267千元，期內經營利潤約人民幣40千元，母公司擁有人應佔 純利虧損約人民幣27百萬元，毛利率為0.8%及純利率虧損為515.6%。在收入承壓的大環境下，本集團成功實現 增效降本主要因為本集團採取了穩健的發展策略，並實施了多項措施以穩定現金流並推動高品質發展。 美麗中國建設及雙碳目標繼續引領行業前行 | --- | --- | |-------------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Greenland Broad Greenstate Group Company Limited 中 國 綠 地 博 大 綠 澤 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1253） 截至2023年6月30日止六個月 中期業績公告 財務摘要 截至6月30日止六個月 2023年 2022年 變動 未經審核 未經審核 收益 人民幣千元 5,267 95,240 (89,973) 毛利 人民幣千元 40 29,934 (29,894) 母公司擁有人應佔 純利 人民幣千元 (27,156) 418 (27,574) 毛利率 % 0.8 31.4 (30.6) 於本公告中，「我們」指本公司（定義見下文）及本集團（定義見下文（）視乎文 義所指）。 ...

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 109,275 thousand, a decrease of 59% compared to RMB 267,498 thousand in 2021[14] - Gross profit for the same period was RMB 25,396 thousand, down 68% from RMB 80,259 thousand in 2021[14] - The company reported a loss before tax of RMB 482,776 thousand, compared to a profit of RMB 11,716 thousand in 2021, representing a decline of 4,221%[14] - Net loss attributable to equity holders of the parent was RMB 422,794 thousand, a significant drop from a profit of RMB 4,542 thousand in the previous year[14] - Total assets as of December 31, 2022, were RMB 2,939,193 thousand, down from RMB 3,358,341 thousand in 2021, a decrease of RMB 419,148 thousand[14] - Total equity attributable to equity holders of the parent decreased to RMB 563,118 thousand from RMB 1,016,282 thousand in 2021, a decline of RMB 453,164 thousand[14] - The company's gross margin for 2022 was 23.2%, down from 30.0% in 2021[16] - The total revenue for the group reached approximately RMB 109.3 million, with an operating profit of about RMB 25.4 million, and a net loss attributable to the parent company of approximately RMB 422.8 million, resulting in a gross margin of 23.2% and a net loss margin of 386.9%[23] - The group achieved total revenue of RMB 1,093 million in 2022, with a net loss attributable to shareholders of RMB 422.8 million, and a gross margin of 23.2%, down 6.8 percentage points year-on-year[41] Liquidity and Leverage - The current ratio decreased to 0.8 in 2022 from 1.0 in 2021, indicating a decline in liquidity[16] - The debt-to-asset ratio increased to 74.4% in 2022 from 60.5% in 2021, reflecting higher leverage[16] - The company's debt-to-asset ratio increased to 74% as of December 31, 2022, compared to 61% in 2021[173] Strategic Focus and Initiatives - The company is focusing on restructuring and strategic initiatives to improve financial performance in the upcoming fiscal year[18] - The group has maintained a focus on managing project compliance and cash flow stability, while actively managing construction progress and marketing expenses to adapt to the challenging revenue environment[23][29] - The group plans to enhance its capabilities in green technology and innovation, investing more in establishing a technology center and developing proprietary technologies and products[31] - The group aims to align with China's "30-60 goals" and urbanization efforts, promoting energy-saving, ecological, and functional development in urban landscaping[33] - The group will continue to focus on cash flow management and risk control in project investments to ensure operational stability and sustainability[29] - The group is committed to optimizing project management and enhancing its capabilities to undertake larger projects, thereby improving profit margins and return on net assets[45] - The group will continue to adopt a dual approach of PPP and general contracting to improve project precision and operational efficiency[52] Market and Economic Environment - The GDP of China grew by 3.0% to RMB 121 trillion in 2022, showcasing strong performance among major economies despite facing pressures from demand contraction, supply shocks, and weakened expectations[22] - The landscape industry is expected to maintain healthy growth in the coming years, driven by increasing market demand for environmental quality and ecological construction[33] - The market demand for landscaping projects is expected to approach RMB 1.1 trillion by 2025, driven by government investments in urban greening projects[37] - The company faces significant risks due to potential economic slowdown in China, which may decrease demand for its landscaping design and construction services[182] Corporate Governance - The board is committed to maintaining effective corporate governance practices to ensure sustainable returns for shareholders and manage overall business risks[54] - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced governance structure[62] - The company has adopted the principles and code provisions of the corporate governance code as the foundation of its governance practices since its listing[57] - The company has received annual written confirmations of independence from all independent non-executive directors, affirming their independence throughout the reporting period[67] - The board retains ultimate decision-making authority on significant matters, including policy, strategy, budget, and major transactions[71] - The company believes that having the same individual serve as both chairman and CEO ensures consistent leadership and effective strategic planning[65] - The board is responsible for leading and controlling the company, ensuring high standards of compliance reporting and independent judgment in corporate actions[75] Employee and Diversity Policies - Employee costs for the reporting period amounted to approximately RMB 8.0 million, with 102 full-time employees in China as of December 31, 2022[189] - The overall employee gender ratio is 67% male and 33% female, with 48% of other employees being male[94] - The company emphasizes gender diversity at all levels, with the nomination committee reviewing the diversity policy annually to ensure its effectiveness[94] - The board believes it has achieved the goals set by the diversity policy[100] Risk Management and Compliance - The company has conducted annual self-assessments to ensure compliance with control policies across all departments[131] - The board of directors is responsible for the risk management and internal control systems, which aim to manage risks rather than eliminate them[133] - The company has complied with all relevant laws and regulations in China and Hong Kong during the reporting period[188] Stock Options and Financial Instruments - The company has a total of 39,482,142 stock options available for issuance under the stock option plan, representing 1.18% of the company's issued share capital[139] - During the reporting period, 1,473,643 stock options were cancelled or forfeited[145] - The company issued and sold redeemable fixed interest notes with a principal amount of $40,000,000, equivalent to approximately RMB 258.4 million, at an annual interest rate of 9.00%[150] - The stock option plan will remain effective for a period not exceeding ten years from June 25, 2014, with approximately one year remaining as of December 31, 2022[144] - The maximum number of stock options granted to each eligible person in any 12-month period cannot exceed 1% of the total issued shares[168] Audit and Financial Reporting - The audit committee reviewed the annual performance and annual report for the year ending December 31, 2021, and the interim financial performance for the six months ending June 30, 2022[82] - The audit committee, along with management and external auditors, reviewed the accounting principles and policies adopted by the company during the reporting period[197] - The company plans to present a resolution to reappoint Ernst & Young as its auditor at the upcoming annual general meeting[198] - The consolidated financial statements reflect a true and fair view of the group's financial position as of December 31, 2022[200] - The financial performance and cash flows for the year ended on December 31, 2022, have been properly prepared according to the Hong Kong Financial Reporting Standards[200]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Greenland Broad Greenstate Group Company Limited 中 國 綠 地 博 大 綠 澤 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1253） 截至2022年12月31日止年度 年度業績公告 及恢復股份買賣 財務摘要 截至12月31日止年度 2022年 2021年 變動 經審核 經審核 收益 人民幣千元 109,275 267,498 (158,223) 毛利 人民幣千元 25,396 80,259 (54,863) 母公司擁有人 應佔純利 人民幣千元 (422,794) 4,542 (427,336) 毛利率 % 23.2 30.0 (6.8) ...