信達天下 誠以致遠 ANNUAL REPORT 2024 年度報告 ANNUAL REPORT 2024 年度報告 田華先生 裘永清先生 高建華女士 目錄 CONTENTS | 2 | 公司資料 | | --- | --- | | 4 | 財務摘要 | | 5 | 主席報告 | | 8 | 管理層討論及分析 | | 23 | 董事及高級管理層履歷 | | 28 | 董事會報告 | | 42 | 企業管治報告 | | 61 | 環境、社會及管治報告 | | 102 | 獨立核數師報告 | | 109 | 綜合損益表 | | 110 | 綜合全面收益表 | | 111 | 綜合財務狀況表 | | 113 | 綜合權益變動表 | | 115 | 綜合現金流量表 | | 117 | 財務報表附註 | | 203 | 五年財務摘要 | | 205 | Corporate Information | | --- | --- | | 207 | Financial Highlights | | 208 | Chairman's Statement | | 212 | Management Discussion and An ...

4月17日，截至港股收盘，恒生指数上涨1.61%，报21395.14点。辰兴发展（02286.HK）收报0.248港元/ 股，上涨8.3%，成交量1000股，成交额275港元，振幅11.79%。 最近一个月来，辰兴发展累计跌幅19.65%，今年来累计跌幅15.19%，跑输恒生指数4.97%的涨幅。 财务数据显示，截至2024年12月31日，辰兴发展实现营业总收入11.99亿元，同比增长299.03%；归母净 利润-1.62亿元，同比减少6.82%；毛利率9.85%，资产负债率86.12%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，地产行业市盈率（TTM）平均值为4.52倍，行业中值-0.16倍。辰兴发展市盈率-0.78 倍，行业排名第185位；其他百仕达控股（01168.HK）为0.27倍、恒达集团控股（03616.HK）为1.71 倍、美联集团（01200.HK）为2.22倍、中国新城市（01321.HK）为2.62倍、中奥到家（01538.HK）为 2.76倍。 资料显示，辰兴发展控股有限公司1997年起步于晋商故里山西晋中,具备中国房地产开发企业一级资质, 是一家多元化发展的企 ...

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。 Chen Xing Development Holdings Limited 辰 興 發 展 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2286） 截至二零二四年十二月三十一日止年度的年度業績公告 財務摘要 – 1 – — 截至二零二四年十二月三十一日止年度（「報告期」）本集團已簽約銷售額 約人民幣217.9百萬元，相應的已簽約建築面積（「建築面積」）約33,070平 方米，較去年同期分別减少約56.3%及减少約48.3%； — 報告期內本集團的收入約人民幣1,198.6百萬元，其中來自物業開發的收 入約人民幣1,197.3百萬元； — 報告期內本集團的毛利約人民幣118.1百萬元，其中來自物業開發的毛利 約人民幣116.7百萬元； — 報告期內本集團的淨虧損約人民幣130.4百萬元，其中本公司權益持有人 持有應佔淨虧損約人民幣162.2百萬元； ...

Sales Performance - The contracted sales amount for the reporting period was approximately RMB 113.0 million, representing a decrease of about 69.8% compared to the same period last year[5]. - The company's signed sales amount for the first half of 2024 was approximately RMB 113.0 million, a decrease of about 69.8% compared to RMB 376.3 million in the same period last year[17]. - The total signed building area for the first half of 2024 was approximately 17,253 square meters, down about 61.3% from 44,996 square meters in the same period last year[17]. - The average signed price per square meter for the six months ended June 30, 2024, was RMB 6,549.6, a decrease of 22.0% from RMB 8,408.9 in the previous year[19]. - The signed sales amount for the six months ended June 30, 2024, was RMB 113.0 million, a decrease of 69.8% compared to RMB 374.7 million for the same period in 2023[19]. Revenue and Profitability - The group's revenue for the reporting period was approximately RMB 1,069.5 million, with revenue from property development accounting for approximately RMB 1,068.6 million[5]. - The company achieved revenue of approximately RMB 1,069.5 million in the first half of 2024, an increase of about 345.3% compared to the same period last year[16]. - Revenue from property development was approximately RMB 1,068.6 million, reflecting an increase of about 349.2% year-on-year[16]. - The net profit for the reporting period was approximately RMB 92.5 million, with the attributable net profit to equity holders of the company being approximately RMB 26.3 million[5]. - The net profit attributable to the company's equity holders was approximately RMB 26.3 million, an increase of about 447.9% compared to the same period last year[16]. Market Conditions - The overall real estate market in the first half of 2024 continued to face significant pressure, with a notable decline in sales area and sales amount[8]. - The national residential land supply and demand scale saw a year-on-year decline of over 30% in the first half of 2024[8]. - The real estate market is expected to gradually recover in the second half of 2024, driven by government policy optimization and a gradual restoration of market confidence[12]. Land and Development - As of the end of the reporting period, the total land reserve area reached 1,895,915 square meters, with an average cost of approximately RMB 814.7 per square meter[5]. - The company's land reserve area was approximately 1,895,915 square meters during the reporting period[16]. - The total area under development as of June 30, 2024, was 851,984 square meters, while the planned future development area was 838,344 square meters[23]. - The total land reserve amounts to 1,895,915 square meters, with 205,587 square meters completed and unsold, 851,984 square meters under development, and 838,344 square meters planned for future development[35]. Financial Position - The group's cash and cash equivalents were approximately RMB 188.8 million, a decrease of about 7.3% from RMB 203.7 million at the end of the previous year[52]. - The debt-to-equity ratio at the end of the reporting period was approximately 193.0%, up from 175.3% at the end of the previous year, mainly due to the acquisition of non-controlling interests[58]. - The company reported a significant increase in financing costs, which rose to RMB 94,225 thousand from RMB 16,525 thousand in the previous year, representing a growth of 471%[86]. - The net asset value as of June 30, 2024, was RMB 1,451,812 thousand, down from RMB 1,630,205 thousand at the end of 2023, indicating a decline of 11%[91]. Operational Efficiency - The company aims to enhance its internal capital management and risk management capabilities to adapt to market changes and challenges[13]. - The company will continue to control operating costs and optimize human resources to improve management efficiency[13]. - The company has 204 employees and incurred employee costs of approximately RMB 10.1 million during the reporting period[65]. Shareholder Information - As of June 30, 2024, the total number of issued shares of the company is 599,999,989 shares[81]. - Mr. Bai holds 346,944,000 shares, representing 57.82% of the company's equity[81]. - The company has not granted any options under the share option scheme since its adoption on June 12, 2015, which allows for a maximum of 50,000,000 shares to be issued[83]. Dividend Policy - The board of directors resolved not to declare an interim dividend for the six months ended June 30, 2024[5]. - The group did not declare any interim dividend for the six months ended June 30, 2024, consistent with the same period in 2023[17].

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。 Chen Xing Development Holdings Limited 辰 興 發 展 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2286） 截至二零二四年六月三十日止六個月的中期業績公告 | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 財務摘要 | | — 截至二零二四年六月三十日止六個月（「 報告期 」）本集團已簽約銷售額約 人民幣 113.0 百萬元，相應的已簽約建築面積（「 建築面積 」）約 17, ...

X Chen Xing Development Holdings Limited 辰興發展控股有限公司 (Incorporated in the Cayman Islands with Iimited liability) (於開曼群島註冊成立的有限公司) Stock code: 2286 股份代號：2286 2023 ANNUAL REPORT 年 度 報 告 誠以致遠 信 達天下 CONTENTS | 2 | 公司資料 | | --- | --- | | 4 | 財務摘要 | | 5 | 主席報告 | | 8 | 管理層討論及分析 | | 25 | 董事及高級管理層履歷 | | 30 | 董事會報告 | | 44 | 企業管治報告 | | 63 | 環境、社會及管治報告 | | 100 | 獨立核數師報告 | | 107 | 綜合損益表 | | 108 | 綜合全面收益表 | | 109 | 綜合財務狀況表 | | 111 | 綜合權益變動表 | | 113 | 綜合現金流量表 | | 115 | 財務報表附註 | | 197 | 五年財務摘要 | | 199 | Corporate Informatio ...

Financial Position and Liquidity - The total bank and other borrowings of the group as of December 31, 2023, amounted to RMB 2,857,782,000, with RMB 2,815,782,000 due for repayment within the next twelve months[7] - The cash and cash equivalents as of December 31, 2023, were only RMB 203,689,000, indicating a significant liquidity concern[7] - There are significant uncertainties regarding the group's ability to continue as a going concern due to the mismatch between liabilities and cash reserves[7] Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements reflect the group's financial position and performance accurately as of December 31, 2023[6] - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards[6] - The independent auditor did not provide any modifications to their opinion regarding the financial statements despite the noted uncertainties[6] Company Developments and Announcements - The company has not disclosed any new product developments or technological advancements in the recent announcements[3] - No information regarding market expansion or mergers and acquisitions was provided in the latest financial disclosures[3] - The company has reiterated that all other information in the annual performance announcement remains unchanged[7] - The announcement was made on April 2, 2024, by the chairman of the company, Bai Xuan Kui[8]

Financial Performance - For the year ended December 31, 2023, the group recorded contracted sales of approximately RMB 499.1 million, a decrease of about 21.3% year-on-year[3]. - The group's revenue for the reporting period was approximately RMB 300.4 million, with property development revenue accounting for approximately RMB 298.2 million[3]. - The group reported a gross loss of approximately RMB 42.1 million, with a gross loss from property development of approximately RMB 44.3 million[3]. - The net loss for the reporting period was approximately RMB 145.8 million, with the loss attributable to equity holders of the company amounting to approximately RMB 151.8 million[3]. - Total revenue for 2023 was RMB 300,374,000, a decrease of 74.9% compared to RMB 1,195,880,000 in 2022[31]. - Customer contract revenue for 2023 was RMB 298,181,000, down from RMB 1,194,047,000 in 2022, indicating a significant decline in business activity[31]. - The company reported a pre-tax loss of RMB 151,837,000 for 2023, compared to a profit of RMB 10,444,000 in 2022, indicating a significant downturn in financial performance[48]. - The total tax expense for the year was a credit of RMB 38,301,000 in 2023, compared to an expense of RMB 59,699,000 in 2022, showing a shift towards a tax benefit[45]. - The total loss and comprehensive income for the reporting period amounted to approximately RMB 132.7 million, a decrease of about 371.2% from a profit of RMB 48.9 million in the previous year[125]. Assets and Liabilities - As of the end of the reporting period, the total land reserve of the group reached approximately 2,701,551 square meters, with an average cost of land reserve of approximately RMB 834.6 per square meter[3]. - The total assets of the group as of December 31, 2023, were approximately RMB 12,504.0 million, compared to RMB 11,831.9 million in the previous year[12]. - The net asset value of the group was approximately RMB 1,630.2 million, a decrease from RMB 1,762.9 million in the previous year[14]. - The company has outstanding bank loans totaling approximately RMB 321,817,000 in principal and RMB 4,314,000 in interest, classified as current liabilities due to repayment defaults[20]. - The total outstanding bank and other borrowings amounted to approximately RMB 2,857.8 million and RMB 216.3 million, respectively, down from RMB 3,192.1 million and RMB 257.6 million as of December 31, 2022[129]. - The company has provided guarantees for customer mortgage loans amounting to approximately RMB 1,353.8 million at the end of the reporting period[131]. Cash Flow and Financing - The company anticipates that operating cash flows may not be sufficient to meet the repayment schedule and related interest payments due to potential immediate repayment demands on loans[22]. - The company has secured new financing of RMB 250 million since December 31, 2023, to support its debt restructuring efforts[25]. - The company plans to use the expected net proceeds of approximately RMB 23.5 million from a share transfer agreement to repay bank loans and supplement general working capital[136]. - Cash and cash equivalents at the end of the reporting period were approximately RMB 203.7 million, a decrease of about 39.2% from RMB 334.8 million at the end of the previous year, mainly due to the repayment of bank loans[126]. Operational Strategy - The company plans to accelerate the pre-sale and sale of developed properties to generate additional operating cash inflows[25]. - The company plans to adjust its development strategy to focus on inventory reduction and the improvement housing market in response to market changes[80]. - The company aims to integrate existing operations, activate current assets, and dispose of idle projects to reduce operational risks[80]. - The company will leverage financial credit policies and seek multi-channel financial support to mitigate risks[80]. - The company is actively negotiating with lenders for debt restructuring to utilize proceeds from new borrowing plans[25]. Market and Sales - The average contracted selling price during the reporting period was approximately RMB 7,807.8 per square meter[3]. - The total signed construction area for the year ended December 31, 2023, was approximately 63,923 square meters, a decrease of about 21.2% compared to the previous year[85]. - Property sales accounted for RMB 298,181,000 in 2023, down from RMB 1,187,566,000 in 2022, indicating a significant decline in property sales revenue[33]. - The expected revenue to be recognized within one year is RMB 1,078,766,000 for 2023, compared to RMB 1,131,227,000 in 2022, reflecting a decrease of 4.6%[36]. Corporate Governance - The company maintains a high standard of corporate governance to ensure management integrity and protect shareholder interests[149]. - The board consists of four executive directors and three independent non-executive directors, responsible for strategic decision-making and business oversight[149]. - The audit committee, composed of three independent non-executive directors, reviews accounting principles, risk management, and internal controls[155]. - The company has adopted the corporate governance code and has complied with it throughout the reporting period[149]. Employee and Administrative Expenses - The company has 207 employees, with employee costs incurred during the reporting period amounting to approximately RMB 27.9 million[145]. - The company's administrative expenses decreased by approximately 6.5% to RMB 48.7 million, primarily due to reductions in depreciation and office expenses[121].

CHENXING CHENSING Chen Xing Development Holdings Limited 辰興發展控股有限公司 (Incorporated in the Cayman Islands with Iimited liability) (於開曼群島註冊成立的有限公司) Stock code: 2286 股份代號：2286 2023 INTERIM REPORT 中 期 報 告 誠以致遠 · 信 達天下 目錄 CONTENTS | 2 | 公司資料 | | --- | --- | | 4 | 財務摘要 | | 5 | 主席報告 | | 7 | 管理層討論及分析 | | 24 | 企業管治及其他事項 | | 30 | 中期簡明綜合損益表 | | 31 | 中期簡明綜合全面收益表 | | 32 | 中期簡明綜合財務狀況表 | | 34 | 中期簡明綜合權益變動表 | | 36 | 中期簡明綜合現金流量表 | | 38 | 中期簡明綜合財務報表附註 | 55 Corporate Information 57 Financial Highlights 58 Chairman's Statement ...

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。 Chen Xing Development Holdings Limited 辰 興 發 展 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2286） 截至二零二三年六月三十日止六個月的中期業績公告 財務摘要 — 截至二零二三年六月三十日止六個月（「報告期」）本集團已簽約銷售額約 人民幣376.3百萬元，相應的已簽約建築面積（「建築面積」）約44,996平方 米，較去年同期分別增加約30.8%及約38.8%； — 報告期內本集團的收入約人民幣240.2百萬元，其中來自物業開發的收入 約人民幣237.9百萬元； — 報告期內本集團的毛利約人民幣65.6百萬元，其中來自物業開發的毛利 約人民幣64.2百萬元； — 報告期內本集團的淨利潤約人民幣5.4百萬元，其中本公司母公司擁有人 ...