中國華君：二零二三中期報告.pdf

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1、（於百慕達註冊成立之有限公司）CHINA HUAJUN GROUP LIMITED中國華君集團有限公司(Incorporated in Bermuda with limited liability)(Stock Code 股份代號:377)INTERIM REPORT中期報告2023二零二三中期報告1CONTENTS目錄Pages頁數Corporate Information2公司資料Management Discussion and Analysis4管理層討論及分析Condensed Consolidated Statement of Profit or Loss and Other Co

2、mprehensive Income12簡明綜合損益及其他全面收益表Condensed Consolidated Statement of Financial Position14簡明綜合財務狀況表Condensed Consolidated Statement of Changes in Equity17簡明綜合權益變動表Condensed Consolidated Statement of Cash Flows18簡明綜合現金流量表Notes to the Condensed Consolidated Financial Statements20簡明綜合財務報表附註Other Inform

3、ation59其他資料INTERIM REPORT 2023 CORPORATE INFORMATION公司資料 2董事會執行董事閆銳杰先生（主席及行政總裁）陳雲女士獨立非執行董事沈若雷先生潘治平先生莫儀戈先生審核委員會潘治平先生（主席）沈若雷先生莫儀戈先生薪酬委員會莫儀戈先生（主席）沈若雷先生潘治平先生閆銳杰先生提名委員會沈若雷先生（主席）潘治平先生莫儀戈先生閆銳杰先生公司秘書譚家龍先生授權代表閆銳杰先生譚家龍先生法律顧問蕭一峰律師行Ocorian Law(Bermuda)Limited核數師上會栢誠會計師事務所有限公司執業會計師註冊公眾利益實體核數師BOARD OF DIRECTORSEx

4、ecutive DirectorsMr.Yan Ruijie(Chairman and Chief Executive Officer)Ms.Chen YunIndependent Non-Executive DirectorsMr.Shen RuoleiMr.Pun Chi PingMr.Mok Yi KwoAUDIT COMMITTEEMr.Pun Chi Ping(Chairman)Mr.Shen RuoleiMr.Mok Yi KwoREMUNERATION COMMITTEEMr.Mok Yi Kwo(Chairman)Mr.Shen RuoleiMr.Pun Chi PingMr.

5、Yan RuijieNOMINATION COMMITTEEMr.Shen Ruolei(Chairman)Mr.Pun Chi PingMr.Mok Yi KwoMr.Yan RuijieCOMPANY SECRETARYMr.Tam Ka LungAUTHORISED REPRESENTATIVESMr.Yan RuijieMr.Tam Ka LungLEGAL ADVISERSAnthony Siu&Co.Solicitors&NotariesOcorian Law(Bermuda)LimitedAUDITORPrism Hong Kong and Shanghai LimitedCer

6、tified Public AccountantsRegistered Public Interest Entity Auditor二零二三中期報告 CORPORATE INFORMATION公司資料 3主要銀行中國銀行（香港）有限公司中國工商銀行股份有限公司遼瀋銀行股份有限公司盛京銀行股份有限公司註冊辦事處Victoria Place,5th Floor31 Victoria Street,HamiltonPembroke,HM10Bermuda總辦事處及香港主要營業地點 香港灣仔港灣道68號瑞安中心9樓903905室百慕達主要股份過戶登記處 Ocorian Services(Bermuda

7、)LimitedVictoria Place,5th Floor31 Victoria Street,HamiltonPembroke,HM10Bermuda香港股份過戶登記處 聯合證券登記有限公司香港北角英皇道338號華懋交易廣場二期33樓3301-04室股份代號377公司網址http:/投資者關係聯絡方式電郵：電話：(852)2290 9222傳真：(852)2290 9333本中期報告載於聯交所及本公司網站。PRINCIPAL BANKERSBank of China(Hong Kong)LimitedIndustrial and Commercial Bank of China Lim

8、itedLiaoshen Bank Company LimitedShengjing Bank Company LimitedREGISTERED OFFICEVictoria Place,5th Floor31 Victoria Street,HamiltonPembroke,HM10BermudaHEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONGRoom 903905,9th FloorShui On Centre68 Harbour RoadWanchaiHong KongPRINCIPAL SHARE REGISTRAR A

9、ND TRANSFER OFFICE IN BERMUDAOcorian Services(Bermuda)LimitedVictoria Place,5th Floor31 Victoria Street,HamiltonPembroke,HM10BermudaHONG KONG SHARE REGISTRAR AND TRANSFER OFFICEUnion Registrars LimitedSuites 3301-04,33/FTwo Chinachem Exchange Square338 Kings RoadNorth PointHong KongSTOCK CODE377COMP

10、ANY WEBSITEhttp:/INVESTOR RELATIONS CONTACTEmail:Telephone:(852)2290 9222Fax:(852)2290 9333This Interim Report is available on the websites of HKEx and the Company.INTERIM REPORT 2023 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 4業務回顧中國華君集團有限公司（本公司，連同其附屬公司為 本集團）為一間投資控股公司。本集團曾從事四項核心業務，即(i)印刷；(ii)貿易及物流；

11、(iii)物業開發及投資；及(iv)融資服務。由於資本市場的波動及疲軟以及融資服務業務持續產生營運虧損，本集團已於二零二三年五月縮減規模並處置核心融資服務業務。截至二零二三年六月三十日止六個月（報告期間），收益約為人民幣2,018.7百萬元，較截至二零二二年六月三十日止六個月（上期）的收益約人民幣878.7百萬元增加約人民幣1,140百萬元或129.7%。收益的整體增加歸因於物業開發及投資分部所得收益增加。於報告期間，保華房地產開發（上海）有限公司（保華上海）就貸款抵押的一項發展中投資物業項目及持作出售物業已被強制進行司法拍賣，全部項目以代價約人民幣2,170.0百萬元出售，因此物業開發及投資

12、收益較上期收益約人民幣27.4百萬元錄得增長約人民幣1,288.2百萬元。同時，貿易及物流分部以及印刷分部持續貢獻穩定收益約人民幣485.0百萬元（上期：約人民幣557.0百萬元）及約人民幣199.2百萬元（上期：約人民幣257.5百萬元）。貿易及物流分部的收益減少乃由於產品組合發生變化，以集中資源進行利潤率較高的石化產品貿易。印刷業務的收益減少乃由於若干主要客戶實施嚴格的庫存控制，延遲印刷產品訂單所致。BUSINESS REVIEWChina Huajun Group Limited(the“Company”,together with its subsidiaries as the“Gro

13、up”),is an investment holding company.Our Group used to engaged in four core businesses,namely(i)Printing;(ii)Trading and Logistics;(iii)Property Development and Investments;and(iv)Financial Services.Due to volatile and weakness in capital market and continuing operating loss incurred by the financi

14、al services business,the Group has reduced its scale and disposed of the core financial services business in May 2023.For the six months ended 30 June 2023(the“Reporting Period”),revenue was approximately RMB2,018.7 million,which represented an increase of approximately RMB1,140 million,or 129.7%whe

15、n compared to revenue of approximately RMB878.7 million for the six months ended 30 June 2022(the“Last Period”).The overall increase in revenue was attributable to the increase in revenue generated from our Property Development and Investments segment.During the Reporting period,a project of investm

16、ent properties under development and properties held for sale of Baohua Properties Development(Shanghai)Co.,Ltd*(“Baohua Shanghai”)pledged for the loan were enforced to judicial auctions and the entire project was sold for a consideration of approximately RMB2,170.0 million thus the revenue of Prope

17、rty Development and Investments recorded a increase of approximately RMB1,288.2 million when compared to revenue of approximately RMB27.4 million for the Last Period.Meanwhile Trading and Logistics segment and Printing segment continue contribute stable revenue of approximately RMB485.0 million(the

18、Last Period:approximately RMB557.0 million)and approximately RMB199.2 million(Last Period:approximately RMB257.5 million).Decrease in revenue of our Trading and Logistics segment was due to change in product mix to concentrate resources on trading of petrochemical products with higher profit margin.

19、Decrease in revenue of printing business was due to strict inventory control implemented by certain major customers who deferred orders for our printing products.二零二三中期報告 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 5業務回顧（續）下表載列本集團按業務分部劃分之收益下列為本集團核心業務分部之財務及貿易前景之詳情：印刷新洲印刷集團有限公司（新洲）為於香港及中國其中一間領先及信譽良好的印刷

20、及包裝公司。新洲生產優質包裝及紙張產品，能夠為我們於全球美容及化妝、製藥及餐飲範疇的國際客戶服務。於報告期間，由於客戶實施存貨控制及商業環境波動，本集團預期印刷業務將面臨充滿挑戰的商業環境，及我們將投入更多資源開發新客戶。BUSINESS REVIEW(Continued)The table below sets forth our Groups revenue by business segment:For the six monthsended 30 June 2023For the six monthsended 30 June 2022截至二零二三年六月三十日止六個月截至二零二二年六月

21、三十日止六個月RMB Million%RMB Million%人民幣人民幣百萬元百萬元Printing印刷199.29.9257.529.3Trading and Logistics貿易及物流485.024.0557.063.4Property Development and Investments物業開發及投資1,315.665.227.43.1Others其他18.90.936.84.2 2,018.7100.0878.7100.0 Below are details of the financial and trading prospects of the core business s

22、egments of the Group:PrintingNew Island Printing Group Company Limited(“New Island”)is one of the leading and reputable printing and packaging companies in Hong Kong and the PRC.New Island produces high quality packaging and paper products with the capability to serve our international clients in th

23、e areas of beauty and cosmetics,pharmaceutical,food and beverage globally.As a result of inventory control implemented by customers and volatile business environment,during the Reporting Period,the Group expects printing business will face a challenging business environment and we will devote more r

24、esources to develop new customers.INTERIM REPORT 2023 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 6業務回顧（續）貿易及物流此分部主要從事分銷及銷售石化產品以及提供物流服務。此分部進行廣泛的石化產品貿易。本集團預期香港及中國對石化產品需求旺盛，而強大的供應商網絡可確保我們團隊所管理的產品供應穩定。我們大部分石化產品的客戶位於中國。於報告期間，本集團已優化產品組合，將更多資源投入利潤率較高的產品。物業開發及投資此分部包括土地整合及開發、物業開發及銷售、物業租賃及管理以及多項房地產業務等。本集團利用中國

25、豐富資源，曾尋求投資多項具有資產升值潛力的發展項目，在產生穩定收益的同時享受資產增值。然而，由於中國政府收緊物業開發商融資的政策，及自二零二二年以來中國物業開發商的流動資金問題，我們的物業開發及投資業務亦面臨嚴峻挑戰及缺乏對我們物業的需求。本集團預計不會投資或購買新物業項目，未來的工作重點是出售現有項目及與多名債權人討論貸款償還事宜，包括拍賣資產及以實物償還債務，以解決本集團債務危機。BUSINESS REVIEW(Continued)Trading and LogisticsThis segment is principally engaged in the distribution and

26、 sales of petrochemical products and provision of logistics services.This segment trades a large spectrum of petrochemical products.The Group expects vast demand of petrochemical products in Hong Kong and the PRC and with our strength of strong network of suppliers ensure stable supply of products m

27、anaged by our team.Most of our customers for petrochemical products are located in the PRC.During the Reporting Period,the Group has optimized the product mix by devoting more resources on products with higher profit margin.Property Development and InvestmentsThis segment consists of land consolidat

28、ion and development,property development and sales,property leasing and management,and various real estate business,etc.Leveraging on the rich resources in the PRC,the Group used to seeking investments on various development projects with asset appreciation potential for investment and enjoys asset

29、appreciation while generating stable revenue.However,due to PRC government policies on tightening of financing of property developers,and liquidity issues on property developers in the PRC since 2022,our Property Development and Investments business also faced significant challenges and lack of dema

30、nd for our properties.The Group is not expected to invest in or acquire new property projects,the key work in the future is to dispose of existing projects and discuss loan repayment matters with various creditors,including auctioning assets and repaying debts in kind,so as to resolve the debt crisi

31、s of the Group.二零二三中期報告 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 7財務回顧收益於報告期間，本集團之收益約為人民幣2,018.7百萬元，較上期的收益約人民幣878.7百萬元增加約人民幣1,140百萬元或129.7%。於報告期間，本集團之主要業務分部，即(1)印刷錄得收益約人民幣199.2百萬元（上期約人民幣257.5百萬元）；(2)貿易及物流錄得收益約人民幣485.0百萬元（上期：約人民幣557.0百萬元）；及(3)物業開發及投資錄得收益約人民幣1,315.6百萬元（上期：約人民幣27.4百萬元）。於報告期間，我們亦自其他經營

32、分部錄得收益約人民幣18.9百萬元（上期：約人民幣36.8百萬元）。收益的整體增加歸因於物業開發及投資分部所得收益增加。於報告期間，保華上海就貸款抵押的一項發展中投資物業項目及持作出售物業已被強制進行司法拍賣，全部項目以代價約人民幣2,170.0百萬元出售，因此物業開發及投資收益較上期收益約人民幣27.4百萬元錄得增長約人民幣1,288.2百萬元。同時，於報告期間，貿易及物流分部以及印刷持續為本集團貢獻穩定的收益及溢利。貿易及物流分部的收益減少乃由於產品組合發生變化，以集中資源進行利潤率較高的石化產品貿易。印刷業務的收益減少乃由於若干主要客戶實施嚴格的庫存控制，延遲印刷產品訂單所致。FINAN

33、CIAL REVIEWRevenueThe Groups revenue for the Reporting Period was approximately RMB2,018.7 million,representing an increase of approximately RMB1,140 million,or 129.7%,compared to revenue of approximately RMB878.7 million for the Last Period.For the Reporting Period,the Groups major business segment

34、s,namely(1)Printing reported a revenue of approximately RMB199.2 million(the Last Period:approximately RMB257.5 million);(2)Trading and Logistics reported a revenue of approximately RMB485.0 million(the Last Period:approximately RMB557.0 million);and(3)Property Development and Investments reported a

35、 revenue of approximately RMB1,315.6 million(the Last Period:approximately RMB27.4 million).We also recorded revenue of approximately RMB18.9 million(the Last Period:approximately RMB36.8 million)from other operating segments during the Reporting Period.The overall increase in revenue was attributab

36、le to the increase in revenue generated from our Property Development and Investments segment.During the Reporting period,a project of investment properties under development and properties held for sale of Baohua Shanghai pledged for the loan were enforced to judicial auctions and the entire projec

37、t was sold for a consideration of approximately RMB2,170.0 million thus the revenue of Property Development and Investments recorded an increase of approximately RMB1,288.2 million when compared to revenue of approximately RMB27.4 million for the Last Period.Meanwhile Trading and Logistics segment a

38、nd printing continue contribute stable revenue and profit to the Group during the Reporting Period.Decrease in revenue of our Trading and Logistics segment was due to change in product mix to concentrate resources on trading of petrochemical products with higher profit margin.Decrease in revenue of

39、printing business was due to strict inventory control implemented by certain major customers who deferred orders for our printing products.INTERIM REPORT 2023 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 8財務回顧（續）毛利及毛利率於報告期間，毛利約為人民幣87.6百萬元（上期：約人民幣63.7百萬元），及毛利率約為4.3%（上期：約7.2%）。由於不同的分部具有不同的盈利能力，因此本集團所經營的

40、業務分部組合會影響其經營業績，如毛利率。於報告期間，物業開發及投資分部錄得毛利為人民幣39.5百萬元（上期：毛損為人民幣0.8百萬元），導致毛利增加。銷售及分銷開支於報告期間，銷售及分銷開支由上期約人民幣34.4百萬元（或收益之3.9%）減少約人民幣2.5百萬元或7.3%至報告期間約人民幣31.9百萬元（或收益之1.6%）。跌幅乃主要由於運費及保險開支以及倉儲支出減少。行政費用於報告期間，行政費用由上期約人民幣119.8百萬元（或收益之13.6%）減少約人民幣28.3百萬元或23.6%至報告期間約人民幣91.5百萬元（或收益之4.5%），乃由於員工成本、租金及其他開支減少。財務費用於報告期間，

41、財務費用約為人民幣433.4百萬元（上期：約人民幣776.0百萬元）。減少乃主要由於附註14中披露的保華江蘇清盤及華君無錫清盤後，銀行借款及來自金融機構之借款利息減少。由於該等清盤，本集團於報告期間及截至二零二二年十二月三十一日止年度終止確認若干銀行借款、利息開支及相關罰息。該減少部分被來自直接控股公司之免息借款之估算利息增加所抵銷。FINANCIAL REVIEW(Continued)Gross profit and gross marginGross profit was approximately RMB87.6 million for the Reporting Period(the

42、Last Period:approximately RMB63.7 million)and gross profit margin was approximately 4.3%(the Last Period:approximately 7.2%).The mix of business segments that the Group operates affects its results of operations such as its gross profit margins since different segments have different profitability.D

43、uring the Reporting Period,the Property Development and Investments segment recorded a gross profit of RMB39.5 million(the Last Period:gross loss of RMB0.8 million),leading to the increase in gross profit.Selling and distribution expensesFor the Reporting Period,selling and distribution expenses dec

44、reased by approximately RMB2.5 million or 7.3%to approximately RMB31.9 million,or 1.6%of revenue for the Reporting Period,from approximately RMB34.4 million,or 3.9%of revenue for the Last Period.The decrease was primarily due to the decrease in freight and insurance expenses and storage charges.Admi

45、nistrative expensesFor the Reporting Period,administrative expenses decreased by approximately RMB28.3 million or 23.6%to approximately RMB91.5 million,or 4.5%of revenue for the Reporting Period,from approximately RMB119.8 million,or 13.6%of revenue for the Last Period,was due to decrease in staff c

46、osts,rent,and other expenses.Finance costsFinance costs for the Reporting Period was approximately RMB433.4 million(the Last Period:approximately RMB776.0 million).The decrease was primarily due to the decrease in interest on bank borrowings and borrowings from financial institutions following the B

47、aohua Jiangsu Liquidation and Huajun Wuxi Liquidation as disclosed in note 14.As a result of these liquidations,certain bank borrowings,interest expenses and relevant interest penalties were derecognized by the Group for the Reporting Period and for the year ended 31 December 2022.The decrease was p

48、artially set-off by the increase in imputed interest arising on interest-free borrowings from immediate holding company.二零二三中期報告 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 9財務回顧（續）投資物業的公平值變動於報告期間，由於本集團於二零二三年六月三十日出售及持有的投資物業公平值減少，本集團錄得投資物業公平值變動虧損人民幣829.0百萬元，而上期為虧損人民幣260.2百萬元。本公司股東應佔虧損由於上述之綜合影響，本集團於報告期

49、間錄得本公司股東應佔虧損約人民幣1,288.8百萬元，而上期則錄得虧損約人民幣1,133.8百萬元。流動資金、財務資源及資本架構股東權益於二零二三年六月三十日，股東權益總額錄得虧絀約人民幣4,858.8百萬元，而二零二二年十二月三十一日虧絀約人民幣3,667.1百萬元。財務狀況於二零二三年六月三十日，本集團之流動資產約為人民幣5,021.2百萬元（二零二二年十二月三十一日：約人民幣5,560.6百萬元），包括現金及現金等價物約人民幣73.6百萬元（二零二二年十二月三十一日：約人民幣59.7百萬元）及流動負債約人民幣13,178.1百萬元（二零二二年十二月三十一日：約人民幣14,547.7百萬元

50、）。本集團之流動比率（定義為流動資產除以流動負債）為0.39（二零二二年十二月三十一日：0.38）。於二零二三年六月三十日，我們的資產負債比率（按計息負債佔總資產之百分比列示）為76.4%，而於二零二二年十二月三十一日則為61.4%?，F金及現金等價物於二零二三年六月三十日，本集團之現金及現金等價物約為人民幣73.6百萬元（二零二二年十二月三十一日：約人民幣59.7百萬元），其中大部分以人民幣計值。FINANCIAL REVIEW(Continued)Change in fair value of investment propertiesDuring the Reporting Period,

51、the Group recorded a loss on changes in fair value of investment properties of RMB829.0 million compared to a loss of RMB260.2 million in the Last Period as a result of the decrease in fair value of investment properties disposed of and held by the Group as at 30 June 2023.Loss attributable to share

52、holders of the CompanyAs a combined effect of the above,during the Reporting Period,our Group recorded a loss attributable to shareholders of the Company of approximately RMB1,288.8 million,as compared to a loss of approximately RMB1,133.8 million for the Last Period.Liquidity,financial resources an

53、d capital structureShareholders fundsTotal shareholders funds had recorded deficiency of approximately RMB4,858.8 million as at 30 June 2023,as compared to deficiency of approximately RMB3,667.1 million as at 31 December 2022.Financial positionAs at 30 June 2023,the Group had current assets of appro

54、ximately RMB5,021.2 million(31 December 2022:approximately RMB5,560.6 million)comprising cash and cash equivalents of approximately RMB73.6 million(31 December 2022:approximately RMB59.7 million),and current liabilities of approximately RMB13,178.1 million(31 December 2022:approximately RMB14,547.7

55、million).The Groups current ratio(defined as current assets divided by current liabilities)was 0.39(31 December 2022:0.38).Our gearing ratio,expressed as a percentage of interest-bearing liabilities to total assets,was at 76.4%as at 30 June 2023 as compared to 61.4%as at 31 December 2022.Cash and ca

56、sh equivalentsAs at 30 June 2023,the Group had cash and cash equivalents of approximately RMB73.6 million(31 December 2022:approximately RMB59.7 million),most of which were denominated in Renminbi.INTERIM REPORT 2023 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 10財務回顧（續）流動資金、財務資源及資本架構（續）借款本集團之計息銀行借款及其

57、他借款約為人民幣6,421.1百萬元（二零二二年十二月三十一日：約人民幣6,724.1百萬元）。於該等借款中，約人民幣6,416.1百萬元（二零二二年十二月三十一日：約人民幣6,575.9百萬元）乃以本集團之資產作抵押。大部分借款以人民幣計值。資本支出於報告期間，本集團的資本支出主要為新增投資物業、物業、廠房及設備以及使用權資產預付租賃款項合共約人民幣15.9百萬元。資產抵押於二零二三年六月三十日，本集團物業、廠房及設備、使用權資產、持作出售物業、投資物業、存貨、銀行抵押存款及受限制銀行結餘之賬面值分別約人民幣287.9百萬元、人民幣201.2百萬元、人民幣573.1百萬元、人民幣1,718.

58、6百萬元、人民幣10.0百萬元、人民幣0.4百萬元及人民幣13.8百萬元已抵押作為本集團取得若干銀行及信貸融資之擔保。外匯風險管理本集團面對之外匯風險涉及營運的功能貨幣以外的貨幣計值的上市債券工具、持作買賣之工具、銀行結餘及現金、貿易及其他應收款項、貿易及其他應付款項以及借款。董事確保風險淨額維持於可接受水平，並在必要時以現貨匯率買賣外幣及訂立普通遠期外匯合約解決短期失衡?；蛉回搨逗喢骶C合財務報表附註24所披露者外，於二零二三年六月三十日，本集團並無重大或然負債。FINANCIAL REVIEW(Continued)Liquidity,financial resources and cap

59、ital structure(Continued)BorrowingsThe Group had interest-bearing bank borrowings and other borrowings of approximately RMB6,421.1 million(31 December 2022:approximately RMB6,724.1 million).Of these borrowings,approximately RMB6,416.1 million(31 December 2022:approximately RMB6,575.9 million)were se

60、cured by the Groups assets.Most of the borrowings were denominated in Renminbi.Capital expenditureThe Groups capital expenditure mainly represents additions to investment properties,property,plant and equipment and right of use assets/prepaid lease payment totaling of approximately RMB15.9 million d

61、uring the Reporting Period.Pledge of assetsAs at 30 June 2023,the Groups property,plant and equipment,right-of-use assets,property held for sale,investment properties,inventories,pledged bank deposits and restricted bank balances with carrying amounts of approximately RMB287.9 million,RMB201.2 milli

62、on,RMB573.1 million,RMB1,718.6 million,RMB10.0 million,RMB0.4 million and RMB13.8 million,respectively,were pledged to secure certain banking and credit facilities of the Group.FOREIGN EXCHANGE RISK MANAGEMENTThe Group is exposed to foreign currency risk on listed bond instruments,held for trading i

63、nstruments,on bank balances and cash,trade and other receivables,trade and other payables and borrowings that are denominated in currencies other than the functional currency of the operations to which they relate.The Directors will ensure that the net exposure is kept to an acceptable level,by buyi

64、ng or selling foreign currencies at spot rates and entering into plain vanilla foreign exchange forward contracts where necessary to address short-term imbalances.CONTINGENT LIABILITIESExcept as disclosed in note 24 to the condensed consolidated financial statements,the Group had no material conting

65、ent liabilities as at 30 June 2023.二零二三中期報告 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 11重大收購及出售附屬公司於二零二三年五月十五日，本公司作為賣方與三名獨立第三方（買方）訂立股權轉讓協議，以總代價9,427,000港元出售團結證券（香港）控股有限公司及其附屬公司團結證券有限公司的全部股權。該出售已於二零二三年五月十六日完成。呈請方針對保華地產（江蘇）有限公司（保華江蘇）向江蘇省高郵市人民法院（高郵市人民法院）提交破產清算呈請（呈請）。根據高郵市人民法院發出日期為二零二三年一月十三日的民事裁定書，受理呈請

66、申請。於二零二三年一月二十八日，高郵市人民法院發出一份決定書，指定一組人士擔任處理保華江蘇破產清算的管理人。由於針對保華江蘇的破產清算呈請及管理人的委任，本公司實際已失去對保華江蘇的控制，且由於自二零二三年二月起保華江蘇不再被視為本公司之附屬公司，保華江蘇之經營業績及財務狀況並不綜合計入本公司綜合財務報表（保華江蘇清盤）。更多詳情，請參閱本公司日期為二零二三年二月二十四日之公告。前景全球經濟前景仍不明朗，中國內地經濟形勢充滿挑戰。為持續給股東及客戶提供優質服務，我們將加強企業實力，降低資產負債比率，加速出售物業資產，採取節約成本措施並重組虧損業務。同時，我們將不斷增強管理及營運能力，維持審慎的

67、財務策略並尋求新融資來源，以改善流動資金及資本架構。我們不斷關注策略性出售資產的機會，以提高流動性。在市場環境競爭愈趨激烈的情況下，具競爭力的成本結構可補足邁向創新思維的競爭優勢。我們認為我們的資源應更集中地用於具有盈利能力及潛力的市場及業務。MATERIAL ACQUISITION AND DISPOSAL OF SUBSIDIARIESOn 15 May 2023,the Company,as the vendor,entered into an equity transfer agreement with three independent third parties(“the Purc

68、hasers”),to dispose of the entire equity interest in United Securities(HK)Holdings Limited and its subsidiary,United Securities Limited at aggregate consideration of HK$9,427,000.The disposal was completed on 16 May 2023.A petitioner presented a bankrupt liquidation petition(the“Petition”)against Ba

69、ohua Properties(Jiangsu)Co.,Ltd.(“Baohua Jiangsu“),in the Court of Peoples Court of Gaoyou City,Jiangsu Province(“Gaoyou Peoples Court”).According to the“Civil Judgement”dated 13 January 2023 issued by the Gaoyou Peoples Court,the application of the Petition was accepted.On 28 January 2023,Gaoyou Pe

70、oples Court issued a decision letter for the designation of a group of individuals as the bankruptcy administrators to handle the bankruptcy liquidation of Baohua Jiangsu.As a result of the bankrupt liquidation petition against Baohua Jiangsu and the appointment of Bankruptcy Administrator,the Compa

71、ny has effectively lost the control over Baohua Jiangsu and the results of operations and financial position of Baohua Jiangsu have not been consolidated into the consolidated financial statements of the Company as Baohua Jiangsu is considered no longer a subsidiary of the Company since February 202

72、3(the“Baohua Jiangsu Liquidation”).For further details,please refer to the announcement of the Company dated 24 February 2023.OUTLOOKThe global economic prospect remains uncertain and the economic situation in the Mainland China is full of challenges.To continue serving our shareholders and customer

73、 with the quality services,we shall strengthen our enterprise and reduce the gearing ratio and accelerate disposal and sale of property assets,taking cost-saving measures and restructuring the loss making business.At the same time,we shall keep enhancing our ability in management and operation and r

74、etain prudent financial strategy and seeking for new financing to improve liquidity and capital structure.We constantly monitor the opportunities of strategic disposal of assets to improve our liquidity.In the increasingly competitive market environment,a competitive cost structure complements the c

75、ompetitive advantage of being innovative.We believe that our resources should be utilised in a more focused way on markets and business with profitability and potential.INTERIM REPORT 2023CONDENSED CONSOLIDATED STATEMENT OFPROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME簡明綜合損益及其他全面收益表For the six months

76、 ended 30 June 2023截至二零二三年六月三十日止六個月12Six months ended截至以下日期止六個月30 June30 June20232022二零二三年二零二二年六月三十日六月三十日(Unaudited)(Unaudited)（未經審核）（未經審核）NOTESRMB000RMB000附註人民幣千元人民幣千元Revenue收益Goods and services貨品及服務2,014,861875,354Income from securities brokerage and consultancy services證券經紀及諮詢服務之收入50Rental income

77、 from property investments物業投資之租金收益3,6893,225Dividend from securities investments證券投資之股息85126 Total Revenue總收益32,018,685878,705Cost of sales and services銷售及服務成本(1,931,099)(815,044)Gross profit毛利87,58663,661Other income其他收益3,1633,353Other gains and losses其他收益及虧損41,141(9,423)Change in fair value of in

78、vestment properties 投資物業之公平值變動(829,015)(260,213)Selling and distribution expenses銷售及分銷開支(31,879)(34,350)Administrative expenses行政費用(91,481)(119,785)Reversal(impairment loss recognised)in respect of就以下各項之撥回（已確認減值虧損）Other receivables其他應收款項322(996)Property,plant and equipment物業、廠房及設備(975)Finance costs財

79、務費用6(a)(433,407)(775,951)Share of profits from associates分佔聯營公司溢利245232Gain on disposal of a subsidiary出售一間附屬公司之收益3,878Loss on liquidation of a subsidiary清算一間附屬公司之虧損(17,594)Loss before tax除稅前虧損(1,308,016)(1,133,472)Income tax credit(expenses)所得稅抵免（開支）527,737(4,196)Loss for the period本期虧損(1,280,279)(

80、1,137,668)二零二三中期報告CONDENSED CONSOLIDATED STATEMENT OFPROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME簡明綜合損益及其他全面收益表For the six months ended 30 June 2023截至二零二三年六月三十日止六個月13Loss for the period本期虧損(1,280,279)(1,137,668)Other comprehensive income for the period本期其他全面收益Items that may be reclassified subseque

81、ntly to profit or loss:其後可能重新分類至損益 之項目：Exchange differences on translation of foreign operations換算海外業務之匯兌差額42,2067,371 Other comprehensive income for the period本期其他全面收益42,2067,371 Total comprehensive expense for the period本期全面開支總額(1,238,073)(1,130,297)(Loss)profit for the period attributable to:本期（虧

82、損）溢利應佔如下：Shareholders of the Company本公司股東(1,288,845)(1,133,800)Non-controlling interests非控股股東權益8,566(3,868)(1,280,279)(1,137,668)Total comprehensive(expense)income attributable to:全面（開支）收益總額應佔 如下：Shareholders of the Company本公司股東(1,246,640)(1,126,427)Non-controlling interests非控股股東權益8,567(3,870)(1,238

83、,073)(1,130,297)Loss per share(RMB)每股虧損（人民幣）7Basic基本(20.94)(18.42)Diluted攤薄(20.94)(18.42)Six months ended截至以下日期止六個月30 June30 June20232022二零二三年二零二二年六月三十日六月三十日(Unaudited)(Unaudited)（未經審核）（未經審核）NOTESRMB000RMB000附註人民幣千元人民幣千元INTERIM REPORT 2023CONDENSED CONSOLIDATEDSTATEMENT OF FINANCIAL POSITION簡明綜合財務狀況

84、表At 30 June 2023於二零二三年六月三十日1430 June31 December20232022(Unaudited)(Audited)二零二三年二零二二年六月三十日十二月三十一日（未經審核）（經審核）NOTESRMB000RMB000附註人民幣千元人民幣千元NON-CURRENT ASSETS非流動資產Property,plant and equipment物業、廠房及設備91,213,1031,252,811Investment properties投資物業91,874,8333,869,392Other non-current asset其他非流動資產3,0273,082I

85、nterest in an associate於一間聯營公司之權益30,88430,638Deposits for property,plant and equipment物業、廠房及設備之按金32,96433,502Financial assets at fair value through profit or loss(“FVTPL”)按公平值計入損益（按公平 值計入損益）之金融資產1211,77813,220Other receivables and deposits其他應收款項及按金13,484Deferred tax assets遞延稅項資產5,3826,072Right-of-us

86、e assets使用權資產9327,160322,260 3,499,1315,544,461 CURRENT ASSETS流動資產Properties held for sale持作出售物業101,016,1534,115,673Inventories存貨197,715242,954Trade and other receivables,and prepayments貿易及其他應收款項以及 預付款項113,604,410876,446Tax recoverable可收回稅項45,838Financial assets at FVTPL按公平值計入損益之 金融資產122,0688,646Res

87、tricted bank balances受限制銀行結餘13,77033,144Pledged bank deposits銀行抵押存款437436Bank balances and cash銀行結餘及現金73,55659,739 4,908,1135,342,876Assets classified as held for sale分類為持作出售資產113,056217,722 5,021,1695,560,598 二零二三中期報告CONDENSED CONSOLIDATEDSTATEMENT OF FINANCIAL POSITION簡明綜合財務狀況表At 30 June 2023於二零二三

88、年六月三十日1530 June31 December20232022(Unaudited)(Audited)二零二三年二零二二年六月三十日十二月三十一日（未經審核）（經審核）NOTESRMB000RMB000附註人民幣千元人民幣千元CURRENT LIABILITIES流動負債Trade and other payables,and other liabilities貿易及其他應付款項以及 其他負債135,825,1936,281,845Tax payable應付稅項135,292135,470Amount due to immediate holding company應付直接控股公司之款項

89、199,057197,647Borrowings借款146,421,0576,724,068Contract liabilities合約負債15482,3221,121,093Corporate bonds公司債券1635,26410,844Deferred consideration遞延代價74,51874,518Lease liabilities租賃負債5,4432,220 13,178,14614,547,705 NET CURRENT LIABILITIES淨流動負債(8,156,977)(8,987,107)TOTAL ASSETS LESS CURRENT LIABILITIES總

90、資產減流動負債(4,657,846)(3,442,646)NON-CURRENT LIABILITIES非流動負債Deferred income遞延收益131,255131,656Deferred tax liabilities遞延稅項負債11,76511,907Corporate bonds公司債券1651,22879,211Lease liabilities租賃負債6,6611,678 200,909224,452 NET LIABILITIES淨負債(4,858,755)(3,667,098)INTERIM REPORT 2023CONDENSED CONSOLIDATEDSTATEME

91、NT OF FINANCIAL POSITION簡明綜合財務狀況表At 30 June 2023於二零二三年六月三十日1630 June31 December20232022(Unaudited)(Audited)二零二三年二零二二年六月三十日十二月三十一日（未經審核）（經審核）NOTESRMB000RMB000附註人民幣千元人民幣千元CAPITAL AND RESERVES資本及儲備Share capital股本1755,98355,983Reserves儲備(4,951,690)(3,751,466)Deficiency attributable to shareholders of th

92、e Company本公司股東應佔虧絀(4,895,707)(3,695,483)Non-controlling interests非控股股東權益36,95228,385 TOTAL DEFICIENCY虧絀總值(4,858,755)(3,667,098)二零二三中期報告CONDENSED CONSOLIDATEDSTATEMENT OF CHANGES IN EQUITY簡明綜合權益變動表For the six months ended 30 June 2023截至二零二三年六月三十日止六個月17Attributable to shareholders of the Company本公司股東應

93、佔 Share capitalShare premiumStatutory surplus reserveExchange translation reserveShare-base payment reserveDeemed contribution reserveOther reserveInvestment revaluation reserveAccumulated lossesSub-totalNon-controlling interestsTotal股本股份溢價法定盈餘儲備匯兌儲備以股份為基礎之付款儲備視作注資儲備其他儲備投資重估儲備累計虧損小計非控股股東權益總計RMB000RM

94、B000RMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元Balance at 1 January 2022 (Audited)於二零二二年一月一日 之結餘（經審核）55,9832,557,46631,602116,69330,185981,2315,033140(4,628,951)(850,618)5,750(844,868)Loss for the period本期虧損(1,133,800)(1,13

95、3,800)(3,868)(1,137,668)Other comprehensive income (expense)for the period本期其他全面收益（開支）7,3737,373(2)7,371 Total comprehensive income (expenses)for the period本期全面收益（開支）總額7,373(1,133,800)(1,126,427)(3,870)(1,130,297)Acquisition of additional interest from non-controlling interest收購非控股股東權益之 額外權益(48,698)

96、(48,698)28,698(20,000)Deemed contribution from the controlling company視作來自控股公司之注資28,48028,48028,480 Balance at 30 June 2022 (Unaudited)於二零二二年六月三十日 之結餘（未經審核）55,9832,557,46631,602124,06630,1851,009,7115,033140(5,811,449)(1,997,263)30,578(1,966,685)Balance at 1 January 2023 (Audited)於二零二三年一月一日 之結餘（經審核）

97、55,9832,557,46631,42789,22530,0011,034,8695,033140(7,499,627)(3,695,483)28,385(3,667,098)Loss for the period本期虧損(1,288,845)(1,288,845)8,566(1,280,279)Other comprehensive income for the period本期其他全面收益42,20542,205142,206 Total comprehensive income (expenses)for the period本期全面收益（開支）總額42,205(1,288,845)(

98、1,246,640)8,567(1,238,073)Lapse of share options (note 18)購股權失效（附註18）(65)65Deemed contribution from the controlling company視作來自控股公司之注資46,41646,41646,416 Balance at 30 June 2023 (Unaudited)於二零二三年六月三十日 之結餘（未經審核）55,9832,557,46631,427131,43029,9361,081,2855,033140(8,788,407)(4,895,707)36,952(4,858,755)I

99、NTERIM REPORT 2023 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS簡明綜合現金流量表For the six months ended 30 June 2023截至二零二三年六月三十日止六個月18Six months ended截至以下日期止六個月30 June30 June20232022二零二三年二零二二年六月三十日六月三十日(Unaudited)(Unaudited)（未經審核）（未經審核）RMB000RMB000人民幣千元人民幣千元NET CASH(USED IN)FROM OPERATING ACTIVITIES經營活動（

100、所用）所得之現金淨額(966,255)61,075 INVESTING ACTIVITIES投資活動Purchase of property,plant and equipment購入物業、廠房及設備(1,238)(871)Purchase of investment properties購入投資物業(3,555)(3,143)Proceeds from disposal of property,plant and equipment出售物業、廠房及設備所得款項1,9322,358Proceeds from disposal of investment properties出售投資物業所得款項

101、1,169,100Placement of pledged bank deposits存放銀行抵押存款(244)(34,247)Release of pledged bank deposits解押銀行抵押存款19,61910,849Proceed from disposal of financial assets at FVTPL出售按公平值計入損益之 金融資產所得款項7,3878,469Purchase of financial assets at FVTPL購入按公平值計入損益之 金融資產(8,047)Interest received已收利息236340Net cash inflow f

102、rom disposal of a subsidiary出售一間附屬公司之現金流入 淨額1,296Net cash outflow from liquidation of a subsidiary清算一間附屬公司的現金流出 淨額(43)NET CASH FROM(USED IN)INVESTING ACTIVITIES投資活動所得（所用）之現金淨額1,194,490(24,292)二零二三中期報告 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS簡明綜合現金流量表For the six months ended 30 June 2023截至二零二三年

103、六月三十日止六個月19FINANCING ACTIVITIES融資活動Proceeds from borrowings借款所得款項2,000Repayment of borrowings償還借款(800)(49,096)Acquisition of additional interest from a non-controlling shareholder收購非控股股東之額外權益(20,000)Advance from immediate holding company來自直接控股公司之墊款2,16313,032Repayment to immediate holding company償還直

104、接控股公司之款項(570)(3,473)Settlement of corporate bonds結清公司債券(4,455)(333)Repayment of bill payables償還應付票據(17,401)Payment of lease liabilities支付租賃負債(3,344)(8,150)Interest paid已付利息(206,021)(15,987)NET CASH USED IN FINANCING ACTIVITIES融資活動所用之現金淨額(213,027)(99,408)NET INCREASE(DECREASE)IN CASH AND CASH EQUIVAL

105、ENTS現金及現金等價物增加（減少）淨額15,208(62,625)CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL REPORTING PERIOD於財務報告期初之 現金及現金等價物59,739152,204Net foreign exchange difference外幣匯率差額淨額(1,391)2,992 CASH AND CASH EQUIVALENTS AT 30 JUNE於六月三十日之現金及 現金等價物73,55692,571 Six months ended截至以下日期止六個月30 June30 June202

106、32022二零二三年二零二二年六月三十日六月三十日(Unaudited)(Unaudited)（未經審核）（未經審核）RMB000RMB000人民幣千元人民幣千元INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月201.編製基準中國華君集團有限公司（本公司）及其附屬公司（統稱為 本集團）之簡明綜合財務報表乃根據香港會計師公會（香港會計師公會）所頒佈之香港會計準則（香港會計準

107、則）第34號中期財務報告及香港聯合交易所有限公司證券上市規則（上市規則）附錄16適用之披露規定而編製。本公司的功能貨幣為港元（港元），而本集團之簡明綜合財務報表以人民幣（人民幣）呈列，以更準確地向本公司股東展示本集團之財務狀況及表現。如簡明綜合財務報表附註21所披露，鑒於於二零二三年六月三十日，本集團擁有資本及其他承擔人民幣654,691,000元，以及截至二零二三年六月三十日止期間產生淨虧損人民幣1,280,279,000元，於編製簡明綜合財務報表時，董事已審慎考慮本集團之未來流動性。於二零二三年六月三十日，本集團的負債淨額約為人民幣4,858,755,000元，包括應付本金及利息以及罰款分

108、別約人民幣6,421,057,000元及人民幣1,879,904,000元，其中，本金總額約人民幣6,227,567,000元已違約，因此，貸方有權要求立即償還於二零二三年六月三十日尚未償還的全部結餘。詳情載於簡明綜合財務報表附註14。於二零二三年六月三十日，本集團僅維持現金及現金等價物約人民幣73,556,000元。上述狀況顯示存在重大不確定性，可能對本集團持續經營能力產生重大疑問，因此其可能無法於正常業務過程中變現資產並清償負債。1.BASIS OF PREPARATIONThe condensed consolidated financial statements of China Hu

109、ajun Group Limited(the“Company”)and its subsidiaries(collectively referred to as the“Group”)have been prepared in accordance with Hong Kong Accounting Standard(“HKAS”)34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants(“HKICPA”)as well as with the applica

110、ble disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Listing Rules”).The functional currency of the Company is Hong Kong dollars(“HK$”)while the condensed consolidated financial statements of the Group are presente

111、d in Renminbi(“RMB”)to enable the shareholders of the Company to have a more accurate picture of the Groups financial position and performance.In preparing the condensed consolidated financial statements,the Directors have given careful consideration to the future liquidity of the Group in light of

112、the fact that as at 30 June 2023 the Group has capital and other commitments of RMB654,691,000 as disclosed in note 21 to the condensed consolidated financial statements and incurred a net loss of RMB1,280,279,000 for the period ended 30 June 2023.As at 30 June 2023,the Group had net liabilities of

113、approximately RMB4,858,755,000,which included principals and interest and penalty payables of approximately RMB6,421,057,000 and RMB1,879,904,000 respectively of which aggregate principals of approximately RMB6,227,567,000 are in default,therefore,the lenders have the right to demand immediate repay

114、ment of the entire outstanding balances as at 30 June 2023.Details are set out in note 14 to the condensed consolidated financial statements.As at 30 June 2023,the Group only maintained its cash and cash equivalents of approximately RMB73,556,000.The above conditions indicate the existence of materi

115、al uncertainty which may cast significant doubt about the Groups ability to continue as a going concern and,therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the

116、 six months ended 30 June 2023截至二零二三年六月三十日止六個月211.編製基準（續）董事審閱涵蓋自報告期末起12個月期間的本集團現金流量預測且經計及以下事實及假設認為按持續經營基準編製簡明綜合財務報表屬適當：(i)本集團物業業務之重組本集團所有物業開發項目因現金資源不足而暫停。本集團預計物業項目將透過銷售或司法拍賣出售，以獲取所得款項償還借款。若干有逾期借款的物業項目附屬公司倘出售抵押資產所得款項不足以償還其債務，則面臨破產呈請。本集團與物業開發業務之債權人進行磋商，以通過抵銷抵押資產重組借款。(ii)非核心虧損業務之出售及停止本集團已經並將採取行動停止或出售若干

117、非核心虧損業務營運，以使本集團現金流量最大化。(iii)來自營運的現金流入本集團將進一步實施縮減成本措施，以使營運成本最小化，並為本集團印刷以及物流及貿易業務留存資源，這提供了正現金流以維持本集團的營運。(iv)債務重組本集團現與法律顧問、財務顧問及公司債券持有人討論債務重組及經修訂還款計劃。董事相信，考慮到上述計劃及措施，本集團於截至二零二四年六月三十日止十二個月期間將擁有足夠的營運資金以滿足其目前的需求。然而，如果本集團無法實現上述計劃及措施，本集團可能無法持續經營，在此情況下，可能需對本集團資產的賬面值作出調整，以按其可收回價值呈列，從而就可能產生的任何進一步負債作出撥備，並將其非流動資

118、產及非流動負債分別重新分類為流動資產及流動負債。該等調整的影響並未於簡明綜合財務報表內反映。1.BASIS OF PREPARATION(Continued)The Directors reviewed a cash flow forecast of the Group covering a period of twelve months from the end of the reporting period and consider that it is appropriate to prepare the condensed consolidated financial statemen

119、ts on the going concern basis taking into account the following facts and assumptions:(i)Restructuring of the Groups property businessAll of the Groups property development projects were suspended due to insufficient cash resources.The Group expects that the property projects will be disposed of thr

120、ough sale or legal auction to get proceeds for repayment of borrowings.Certain property project subsidiaries with overdue borrowings are subject to bankruptcy petition if the proceeds from disposal of pledged assets are not sufficient to repay their debts.The Group is in negotiation with creditors o

121、f property development business to restructure the borrowings by set-off of pledged assets.(ii)Disposal and cessation of non-core loss making businessThe Group has and will take actions to cease or dispose of certain non-core loss making business operations to maximise cash flows of the Group.(iii)C

122、ash inflow from operationsThe Group will implement further cost reduction measures to minimise the operating costs and retain resources for the Groups printing and logistics and trading business which provide positive cash flows to maintain the Groups operations.(iv)Debts restructuring The Group is

123、in discussion with legal counsel,financial advisor and corporate bonds holders for restructuring of debts and revised repayment plans.The Directors believe that,taking into account the above plans and measures,the Group will have sufficient working capital to satisfy its present requirements for the

124、 twelve-months period ending 30 June 2024.However,should the Group fails to achieve the above-mentioned plans and measures,the Group may be unable to operate as a going concern,in which case adjustments might have to be made to the carrying values of the Groups assets to state them at their recovera

125、ble values,to provide for any further liabilities which might arise and to reclassify its non-current assets and non-current liabilities to current assets and current liabilities,respectively.The effect of these adjustments have not been reflected in the condensed consolidated financial statements.I

126、NTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月222.主要會計政策簡明綜合財務報表乃根據歷史成本慣例編製，惟以重估金額或公平值計量的若干物業及金融工具除外。編製中期財務報表所用會計政策與本集團截至二零二二年十二月三十一日止年度的年度財務報表所採納者一致，惟下述者除外。應用新訂及經修訂香港財務報告準則本集團已就該等簡明綜合財務報表首次採納由香港會計師公會頒佈的下列新訂及經修

127、訂香港財務報告準則（香港財務報告準則）（包括所有香港財務報告準則、香港會計準則及詮釋）。香港財務報告準則 第17號及相關修訂本保險合約香港會計準則 第12號（修訂本）與單一交易產生之 資產及負債相關 之遞延稅項香港會計準則 第12號（修訂本）國際稅收改革 支柱二示範 規則香港會計準則 第1號及香港財務 報告準則實務聲明 第2號（修訂本）會計政策披露香港會計準則第8號（修訂本）會計估計的定義若干修訂本於二零二三年首次適用，但對本集團的中期簡明綜合財務報表並無影響。2.PRINCIPAL ACCOUNTING POLICIESThe condensed consolidated financial

128、 statements have been prepared under the historical cost convention,except for certain properties and financial instruments which are measured at revaluated amounts or fair values.The accounting policies used in preparing the interim financial statements are consistent with those used in the Groups

129、annual financial statements for the year ended 31 December 2022,except as described below.Application of new and amendments to HKFRSsThe Group has adopted the following new and amendments to Hong Kong Financial Reporting Standards(“HKFRSs”)(which include all Hong Kong Financial Reporting Standards,H

130、KASs and Interpretations)issued by the HKICPA for the first time for these condensed consolidated financial statements.HKFRS 17 and Related AmendmentsInsurance contractsAmendments to HKAS 12Deferred tax related to assets and liabilities arising from a single transactionAmendments to HKAS 12Internati

131、onal tax reform pillar two model rulesAmendments to HKAS 1 and HKFRS Practice Statement 2Disclosure of accounting policies Amendments to HKAS 8Definition of accounting estimatesSeveral amendments apply for the first time in 2023,but do not have an impact on the interim condensed consolidated financi

132、al statements of the Group.二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月233.分部資料本集團以業務分部管理其業務並以不同業務線分類。向本集團執行董事（作為首席經營決策者（首席經營決策者）呈報資料以用於資源分配和績效評估，本集團確定以下三個報告分部。印刷：銷售及製造高質彩色包裝產品、瓦通盒、圖書、小冊子及其他紙製品 貿易及物流：貿易、物流及供應鏈管理 物業開發及投

133、資：物業開發及投資、物業管理服務除上述經營分部外，各分部構成報告分部，本集團擁有其他經營分部（包括於中國的太陽能光伏業務、提供融資服務、提供酒店服務、百貨公司業務以及銷售及製造液力器械）。概無該等分部於釐定報告分部時達到任何量化最低要求。因此，所有上述經營分部組合為 所有其他分部。3.SEGMENT INFORMATIONThe Group manages its businesses by divisions,which are organised by different business lines.Information reported to the Groups Executive

134、 Directors,being the chief operating decision maker(“CODM”),for the purposes of resource allocation and performance assessment,the Group has identified the following three reportable segments.Printing:Sales and manufacturing of high quality multicolour packaging products,carton boxes,books,brochures

135、 and other paper products Trading and logistics:Trading,logistics and supply chain management Property development and investments:Property development and investments,property management servicesIn addition to the operating segments described above,each of which constitutes a reportable segment,the

136、 Group has other operating segments which include solar photovoltaic business,provision of financial services,provision of hotel services,department store business and sales and manufacturing of hydraulic machineries in the PRC.None of these segments meets any of quantitative thresholds for determin

137、ing reportable segments.Accordingly,all of the above operating segments are grouped as“All other segments”.INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月243.分部資料（續）本集團收益及業績按報告分部劃分之分析如下：截至二零二三年六月三十日止六個月3.SEGMEN

138、T INFORMATION(Continued)The following is an analysis of the Groups revenue and results by reportable segments:Six months ended 30 June 2023PrintingTradingandlogisticsPropertydevelopmentandinvestmentsReportablesegments,totalAll othersegmentsTotal印刷貿易及物流物業開發及投資報告分部總計所有其他分部總計(Unaudited)(Unaudited)(Unau

139、dited)(Unaudited)(Unaudited)(Unaudited)（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）RMB000RMB000RMB000RMB000RMB000RMB000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元Segment revenue分部收益Revenue from external customer來自外部客戶之收益199,226484,9541,315,6271,999,80718,8782,018,685 Segment results分部業績(12,252)(4,118)(807,573)(823,943)(

140、31,610)(855,553)Unallocated amounts未分配金額Corporate administrative expenses企業行政開支(5,738)Corporate other income企業其他收益1Other gains and losses其他收益及虧損152Share of profits from associates分佔聯營公司溢利245Gain on disposal of a subsidiary出售一間附屬公司之收益3,878Loss on liquidation of a subsidiary清算一間附屬公司之虧損(17,594)Finance

141、costs財務費用(433,407)Groups loss before tax本集團除稅前虧損(1,308,016)二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月253.分部資料（續）截至二零二二年六月三十日止六個月分部業績代表各營運分部的損益，並未分配來自企業行政開支的開支、企業其他收益、財務費用、出售一間附屬公司之收益、清算一間附屬公司之虧損、其他收益及虧損及分佔聯營公司溢利。分部業績

142、之計量乃向首席經營決策者呈報以用於資源分配和績效評估。3.SEGMENT INFORMATION(Continued)Six months ended 30 June 2022PrintingTradingandlogisticsPropertydevelopmentandinvestmentsReportablesegments,totalAll othersegmentsTotal印刷貿易及物流物業開發及投資報告分部總計所有其他分部總計(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)（未經審核）（未經審核）

143、（未經審核）（未經審核）（未經審核）（未經審核）RMB000RMB000RMB000RMB000RMB000RMB000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元Segment revenue分部收益Revenue from external customer來自外部客戶之收益257,520556,97727,410841,90736,798878,705 Segment results分部業績(5,097)(10,878)(297,734)(313,709)(31,243)(344,952)Unallocated amounts未分配金額Corporate administ

144、rative expenses企業行政開支(4,381)Corporate other income企業其他收益119Other gains and losses其他收益及虧損(8,539)Share of profits from associates分佔聯營公司溢利232Finance costs財務費用(775,951)Groups loss before tax本集團除稅前虧損(1,133,472)Segment results represent the profit or loss of each operating segment without allocation of ex

145、penses arising from corporate administrative expenses,corporate other income,finance costs,gain on disposal of a subsidiary,loss on liquidation of a subsidiary,other gains and losses,and share of profits from associates.This is the measure reported to the CODM for the purposes of resource allocation

146、 and performance assessment.INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月263.分部資料（續）本集團按報告分部劃分之資產及負債之分析如下：3.SEGMENT INFORMATION(Continued)The following is an analysis of the Groups assets and liabilities by r

147、eportable segments:30 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元Segment assets分部資產Printing印刷680,593734,445Trading and logistics貿易及物流753,481771,865Property development and investments物業開發及投資5,882,6758,332,603 7,316,7499,838,913All other segments

148、所有其他分部922,749956,186Unallocated assets未分配資產280,802309,960 Total assets總資產8,520,30011,105,059 30 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元Segment liabilities分部負債Printing印刷737,925849,885Trading and logistics貿易及物流353,463396,532Property developmen

149、t and investments物業開發及投資10,240,19811,553,670 11,331,58612,800,087All other segments所有其他分部1,538,9681,485,940Unallocated liabilities未分配負債508,501486,130 Total liabilities總負債13,379,05514,772,157 二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 202

150、3截至二零二三年六月三十日止六個月273.分部資料（續）為監察分部表現及於分部之間分配資源：所有資產獲分配至企業資產及於聯營公司之權益以外之經營分部；及 所有負債獲分配至企業負債以外之經營分部。4.其他收益及虧損3.SEGMENT INFORMATION(Continued)For the purposes of monitoring segment performance and allocating resources between segments:all assets are allocated to operating segments other than corporate a

151、ssets and interests in associates;and all liabilities are allocated to operating segments other than corporate liabilities.4.OTHER GAINS AND LOSSESSix months ended截至以下日期止六個月30 June202330 June2022二零二三年六月三十日二零二二年六月三十日(Unaudited)(Unaudited)（未經審核）（未經審核）RMB000RMB000人民幣千元人民幣千元Exchange gain(loss),net匯兌收益（虧

152、損）淨額1,192(9,297)Changes in fair value of financial assets at FVTPL按公平值計入損益之 金融資產公平值變動(243)(1,487)Gain on disposal of property,plant and equipment出售物業、廠房及設備之 收益1921,361 1,141(9,423)INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 202

153、3截至二零二三年六月三十日止六個月285.所得稅（抵免）開支截至二零二三年六月三十日及二零二二年六月三十日止六個月之香港利得稅撥備按估計應課稅溢利以16.5%之稅率計算。於中國成立之附屬公司於本期及前期須按中國企業所得稅率25%繳稅。5.INCOME TAX(CREDIT)EXPENSESSix months ended截至以下日期止六個月30 June202330 June2022二零二三年六月三十日二零二二年六月三十日(Unaudited)(Unaudited)（未經審核）（未經審核）RMB000RMB000人民幣千元人民幣千元Current tax:即期稅項：PRC enterprise

154、 income tax中國企業所得稅6977PRC land appreciation tax中國土地增值稅141,241Other jurisdictions其他司法權區3975 592,293 Over provision in prior periods:於過往期間超額撥備：PRC enterprise income tax中國企業所得稅(72)PRC land appreciation tax 中國土地增值稅(28,202)Other Jurisdictions其他司法權區(73)(28,347)Deferred tax遞延稅項5511,903 Total income tax(cre

155、dit)/expenses recognised in profit or loss損益中已確認之所得稅（抵免）開支總額(27,737)4,196 For the six months ended 30 June 2023 and 30 June 2022,provision for Hong Kong Profits Tax is calculated at 16.5%of the estimated assessable profits.Subsidiaries established in PRC are subject to PRC Enterprise Income Tax at 2

156、5%for the current and preceding periods.二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月296.本期虧損本期虧損已扣除（計入）以下項目：(a)財務費用6.LOSS FOR THE PERIODLoss for the period is arrived at after charging(crediting)the following items:(a)

157、Finance costsSix months ended截至以下日期止六個月30 June202330 June2022二零二三年六月三十日二零二二年六月三十日(Unaudited)(Unaudited)（未經審核）（未經審核）RMB000RMB000人民幣千元人民幣千元Interest on bank borrowings and borrowings from financial institutions銀行借款及來自金融機構之 借款利息382,892784,133Interest on lease liabilities租賃負債之利息414338Imputed interest ari

158、sing on interest free borrowings from immediate holding company來自直接控股公司之免息 借款之估算利息46,23327,384Effective interest expense on corporate bonds公司債券之實際利息開支3,8683,527 433,407815,382Less:interest expense capitalised into investment properties under construction/properties under development for sales減：已資本化至

159、在建投資 物業發展中待售 物業之利息開支(39,431)433,407775,951 INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月306.本期虧損（續）(b)其他項目7.每股虧損本公司股東應佔每股基本及攤薄虧損乃按以下數據計算所得：6.LOSS FOR THE PERIOD(Continued)(b)Other itemsSix months ended截至以下日期止

160、六個月30 June202330 June2022二零二三年六月三十日二零二二年六月三十日(Unaudited)(Unaudited)（未經審核）（未經審核）RMB000RMB000人民幣千元人民幣千元Depreciation of right-of-use assets使用權資產之折舊6,23510,742Depreciation of property,plant and equipment物業、廠房及設備之折舊38,42841,433Cost of inventories recognised as an expense確認為開支之存貨成本553,621777,130Cost of pr

161、operties recognised as an expense確認為開支之物業成本1,268,81417,173Interest income利息收益(236)(340)7.LOSS PER SHAREThe calculation of basic and diluted loss per share attributable to shareholders of the Company is based on the following data:Six months ended截至以下日期止六個月30 June202330 June2022二零二三年六月三十日二零二二年六月三十日(U

162、naudited)(Unaudited)（未經審核）（未經審核）RMB000RMB000人民幣千元人民幣千元Loss for the purpose of basic and diluted loss per share attributable to shareholders of the Company用於計算本公司股東應佔每股 基本及攤薄虧損之虧損(1,288,845)(1,133,800)二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30

163、 June 2023截至二零二三年六月三十日止六個月317.每股虧損（續）計算每股攤薄虧損並不假設行使本公司之購股權，原因為該等購股權之行使價較截至二零二三年及二零二二年六月三十日止六個月期間股份之平均市價為高。8.股息截至二零二三年六月三十日止六個月，本公司董事議決將不會宣派任何中期股息（截至二零二二年六月三十日止六個月：無）。9.物業、廠房及設備、使用權資產及投資物業(a)收購及出售截至二零二三年六月三十日止六個月，本集團收購物業、廠房及設備（包括已付按金）人民幣1,238,000元（截至二零二二年六月三十日止六個月：人民幣5,892,000元）、使用權資產人民幣11,136,000元（截

164、至二零二二年六月三十日止六個月：人民幣2,998,000元）及投資物業（包括已付及已資本化利息）人民幣3,555,000元（截至二零二二年六月三十日止六個月：人民幣3,143,000元）。7.LOSS PER SHARE(Continued)30 June202330 June2022二零二三年六月三十日二零二二年六月三十日(Unaudited)(Unaudited)（未經審核）（未經審核）RMB000RMB000人民幣千元人民幣千元Number of shares:股份數目：Number of shares for the purpose of basic and diluted loss

165、per share用於計算每股基本及攤薄虧損之 股份數目61,543,07561,543,075 The computation of diluted loss per share does not assume the exercise of the Companys share options because the exercise price of those options was higher than the average market price for shares for both six months periods ended 30 June 2023 and 202

166、2.8.DIVIDENDThe directors of the Company have resolved not to declare any interim dividend for the six months ended 30 June 2023(six months ended 30 June 2022:Nil).9.PROPERTY,PLANT AND EQUIPMENT,RIGHT-OF-USE ASSETS AND INVESTMENT PROPERTIES(a)Acquisitions and disposalsDuring the six months ended 30

167、June 2023,the Group acquired property,plant and equipment(including deposit paid)of RMB1,238,000(six months ended 30 June 2022:RMB5,892,000),right-of-use assets of RMB11,136,000(six months ended 30 June 2022:RMB2,998,000)and investment properties(including interest paid and capitalised)of RMB3,555,0

168、00(six months ended 30 June 2022:RMB3,143,000).INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月329.物業、廠房及設備、使用權資產及投資物業（續）(a)收購及出售（續）截至二零二三年六月三十日止六個月，本集團出售賬面總值為人民幣1,740,000元（截至二零二二年六月三十日止六個月：人民幣997,000元）之若干廠房及設備，

169、以換取現金所得款項人民幣1,932,000元（截至二零二二年六月三十日止六個月：人民幣2,358,000元），產生出售收益人民幣192,000元（截至二零二二年六月三十日止六個月：人民幣1,361,000元）。截至二零二三年六月三十日止六個月，本集團出售賬面總值為人民幣1,169,100,000元（截至二零二二年六月三十日止六個月：無）之發展中投資物業。有關詳情請參閱附註14(c)。(b)估值於二零二三年六月三十日，本集團之獨立估值師採用於二零二二年十二月三十一日進行估值之相同估值方法重新評估投資物業之估值。10.持作出售之物業9.PROPERTY,PLANT AND EQUIPMENT,RI

170、GHT-OF-USE ASSETS AND INVESTMENT PROPERTIES(Continued)(a)Acquisitions and disposals(Continued)During the six months ended 30 June 2023,the Group disposed of certain plant and equipment with an aggregate carrying amount of RMB1,740,000(six months ended 30 June 2022:RMB997,000)for cash proceeds of RMB

171、1,932,000(six months ended 30 June 2022:RMB2,358,000),resulting in a gain on disposal of RMB192,000(six months ended 30 June 2022:RMB1,361,000).During the six months ended 30 June 2023,the Group disposed of investment properties under development with an aggregate carrying amount of RMB1,169,100,000

172、(six months ended 30 June 2022:Nil).Please refer to note 14(c)for further details.(b)ValuationThe valuation of the investment properties at 30 June 2023 were reassessed by the Groups independent valuers using the same valuation techniques when carrying out the valuation at 31 December 2022.10.PROPER

173、TIES HELD FOR SALE30 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元Completed properties held for sale持作出售之已竣工物業648,8952,146,963Properties under development for sale發展中待售物業367,2581,968,710 1,016,1534,115,673 二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATE

174、D FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月3311.TRADE AND OTHER RECEIVABLES,AND PREPAYMENTSThe Group normally allows credit period to selected customers on a case-by-case basis depending on the business relationship with and creditworthiness of the respectiv

175、e customers.The following is an ageing analysis of trade receivables presented based on invoice date which approximates to revenue recognition date,at the end of the reporting period.30 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元0 30 days0至30日88

176、,57980,87731 90 days31至90日43,74051,63891 180 days91至180日7,9868,923Over 180 days超過180日10,01812,800 150,323154,238 12.FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS30 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元Listed fund investments,at fai

177、r value (note a)上市基金投資，按公平值計（附註a）2,0688,646Unlisted fund investments,at fair value (note b)非上市基金投資，按公平值計（附註b）11,77813,220 Total總計13,84621,866 11.貿易及其他應收款項及預付款項本集團通常按個別情況並視乎與各客戶之業務關係及其信譽度向特定客戶授出信貸期。以下為於報告期末按發票日期（與收益確認日期相若）呈列之貿易應收款項賬齡分析。12.按公平值計入損益之金融資產INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLID

178、ATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月3412.按公平值計入損益之金融資產（續）分析為：附註：(a)上市基金投資的公平值計量以對手方金融機構提供的參考價格為基礎。公平值乃按第二級公平值計量方法（定義見附註19）計量。(b)非上市基金投資的公平值計量基礎包括第三方提供的報價，其意味使用非可觀察市場資料作為重大輸入數據。公平值乃按第三級公平值計量方法（定義見附註19）計量。12.FINANCIAL ASSETS AT FAIR VALUE THROUGH PRO

179、FIT OR LOSS(Continued)Analysis as:30 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元Financial assets at FVTPL按公平值計入損益之金融資產Listed in overseas於海外上市2,0688,646Unlisted in overseas於海外未上市11,77813,220 13,84621,866 Current即期2,0688,646Non-current非即期11,77813,

180、220 Total總計13,84621,866 Notes:(a)The basis of fair value measurement of listed fund investments was based on the reference prices provided by counterparty financial institutions.The fair value was measured at Level 2 fair value measurement(as defined in note 19).(b)The basis of fair value measuremen

181、t of unlisted fund investments consisted of quotation provided by third parties which imply the use non-observable market information as significant inputs.The fair value was measured at Level 3 fair value measurement(as defined in note 19).二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEM

182、ENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月3513.貿易及其他應付款項及其他負債貿易應付款項及建築應付款項於報告期末按發票日期之賬齡分析如下：購買及建築成本之平均信貸期介乎30至180日。14.借款13.TRADE AND OTHER PAYABLES,AND OTHER LIABILITIESAgeing analysis of trade payables and construction payables at the end of the reporting period based on th

183、e invoice date is as follows:30 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元0 30 days0至30日44,40741,72031 90 days31至90日34,73434,07891 365 days91至365日18,87922,654Over 365 days超過365日132,187408,129 230,207506,581 The average credit period on purchase

184、 and construction cost is arranging from 30-180 days.14.BORROWINGS30 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元Bank borrowings銀行借款4,867,5075,025,307Borrowings from financial institutions來自金融機構之借款1,440,0001,440,000Other borrowings其他借款113,550258,

185、761 6,421,0576,724,068 INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月3614.借款（續）本集團的借款風險及合約到期日（或重置日）如下：(a)於二零二三年六月三十日及二零二二年十二月三十一日，本集團獲授的若干銀行信貸及貸款乃以本集團資產作抵押。抵押資產的詳情披 露 於 附 註22。於 二 零 二 三 年 六月 三 十 日，拖 欠 尚 未 償 還 本

186、 金 總額約人民幣6,227,567,000元（二零二 二 年 十 二 月 三 十 一 日：人 民 幣6,609,578,000元），有關重大拖欠借款的詳情載於下文。14.BORROWINGS(Continued)30 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元Secured有抵押6,416,0576,575,921Unsecured無抵押5,000148,147 6,421,0576,724,068 Carrying amount repa

187、yable within one year於一年內應付賬面值6,421,0576,724,068 The exposure of the Groups borrowings and the contractual maturity dates(or reset dates)are as belows:30 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元Fixed-rate borrowings:固定利率借款：Within one year一年內6

188、,421,0576,724,068 (a)As at 30 June 2023 and 31 December 2022,certain banking facilities and loans granted to the Group are secured by the Groups assets.Details of the pledged assets are disclosed in note 22.As at 30 June 2023,the total outstanding principal amount of approximately RMB6,227,567,000(3

189、1 December 2022:RMB6,609,578,000)was in default and details of material defaulted borrowings are set out below.二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月3714.借款（續）(b)就尚未償還本金人民幣157,000,000元的銀行借款而言，本集團違反償還條款，自二零一九年十一月起

190、拖欠約人民幣182,682,000元。相關銀行借款為由上海廩溢投資合夥企業（有限合夥）（上海廩溢）委託向本集團之全資附屬公司保華地產（江蘇）有限公司（保華江蘇）提供的委託貸款。於二零一九年十二月二十五日，上海廩溢向保華江蘇發出律師信要求償還尚未償還本金、利息分別約人民幣182,682,000元及人民幣3,040,000元另加自二零一九年十一月九日起按每日利率0.1%計息的罰息。於二零一九年十二月三十一日，保華江蘇償還部分本金約人民幣25,682,000元。於二零二零年一月七日，上海廩溢就保華江蘇、華君地產（揚州）有限公司（華君地產揚州）、本公司及孟先生於二零一九年十二月三十一日的尚未償還本金約

191、人民幣169,539,000元，另加自二零一九年十二月三十一日起按每日利率0.1%計息的罰息向上海金融法院提起訴訟。於二零二零年九月十日，上海金融法院作出有利於上海廩溢的判決，並要求保華江蘇立即還款，但裁定尚未償還本金為人民幣157,000,000元及未付利息為人民幣3,040,000元。罰息應自二零一九年十一月九日起按年利率24%計算。於二零二零年九月三十日，保華江蘇就上海金融法院裁定的利率向上海高級法院提出上訴。上海高級法院駁回本集團上訴，執行通知已於二零二一年七月八日發出。於二零二二年九月及十月，保華江蘇就貸款抵押的一塊土地已被強制進行司法拍賣。經過兩輪公開司法拍賣後，該土地尚未售出。根

192、據上海金融法院發佈的日期為二零二二年十二月六日的執行判決書，該土地將以約人民幣188,591,000元的第二次招標基礎價格用於清償保華江蘇欠付的債務。14.BORROWINGS(Continued)(b)In respect of a bank borrowing with an outstanding principal amount of RMB157,000,000,the Group breached the repayment terms of which approximately RMB182,682,000 was in default since November 2019.

193、The relevant bank borrowing is an entrusted loan entrusted by Shanghai Linyi Investment Partnership(Limited Partnership)*(“Shanghai Linyi”)made available to Baohua Properties(Jiangsu)Co.,Ltd.*(“Baohua Jiangsu”),a wholly-owned subsidiary of the Group.On 25 December 2019,Shanghai Linyi issued a legal

194、letter to Baohua Jiangsu to demand for the outstanding principal,interest of approximately RMB182,682,000 and RMB3,040,000 respectively plus penalty interest at a daily rate of 0.1%since 9 November 2019.On 31 December 2019,Baohua Jiangsu made partial repayment of the principal of approximately RMB25

195、,682,000.On 7 January 2020,Shanghai Linyi further filed a claim to Shanghai Financial Court*against Baohua Jiangsu,Huajun Properties(Yangzhou)Co.,Ltd.*(Huajun Properties Yangzhou),the Company and Mr.Meng for the outstanding principal of approximately RMB169,539,000 as at 31 December 2019 plus penalt

196、y interest at a daily rate of 0.1%since 31 December 2019.On 10 September 2020,Shanghai Financial Court handed down a judgement in favour of Shanghai Linyi and demanded immediate repayment from Baohua Jiangsu but concluded that the outstanding principal was RMB157,000,000 and unpaid interest of RMB3,

197、040,000.Penalty interest shall be calculated at an annual rate of 24%since 9 November 2019.On 30 September 2020,Baohua Jiangsu filed an appeal to the Shanghai High Court against the interest rate determined by the Shanghai Financial Court.The Shanghai High Court rejected the appeal from the Group an

198、d the execution notice had been released on 8 July 2021.In September and October 2022,a piece of land of Baohua Jiangsu pledged for the loan were enforced to judicial auction.After two rounds of public judicial auctions,the land has not been sold.According to the execution judgement issued by Shangh

199、ai Financial Court dated 6 December 2022,the land will be used to settle the debt owed by Baohua Jiangsu at the second bidding base price of approximately RMB188,591,000.INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月

200、三十日止六個月3814.借款（續）(b)（續）呈請方針對保華江蘇向江蘇省高郵市人民法院（高郵市人民法院）提交破產清算呈請（呈請）。根據高郵市人民法院發出日期為二零二三年一月十三日的民事裁定書，受理呈請申請。於二零二三年一月二十八日，高郵市人民法院發出一份決定書，指定一組人士擔任處理保華江蘇破產清算的管理人。由於針對保華江蘇的破產清算呈請及管理人的委任，本公司實際已失去對保華江蘇的控制，且由於自二零二三年二月起保華江蘇不再被視為本公司之附屬公司，保華江蘇之經營業績及財務狀況並不綜合計入本公司綜合財務報表（保華江蘇清盤）。由於保華江蘇清盤，全部尚未償還本金人民幣157,000,000元、尚未償還利

201、息約人民幣3,040,000元及根據合約條款作出的罰息約人民幣121,169,000元於保華江蘇終止綜合入賬時終止確認。14.BORROWINGS(Continued)(b)(Continued)A petitioner presented a bankrupt liquidation petition(the“Petition”)against Baohua Jiangsu,in the Court of Peoples Court of Gaoyou City,Jiangsu Province(“Gaoyou Peoples Court”).According to the“Civil J

202、udgement”dated 13 January 2023 issued by the Gaoyou Peoples Court,the application of the Petition was accepted.On 28 January 2023,Gaoyou Peoples Court issued a decision letter for the designation of a group of individuals as the bankruptcy administrators to handle the bankruptcy liquidation of Baohu

203、a Jiangsu.As a result of the bankrupt liquidation petition against Baohua Jiangsu and the appointment of Bankruptcy Administrator,the Company has effectively lost the control over Baohua Jiangsu and the results of operations and financial position of Baohua Jiangsu have not been consolidated into th

204、e consolidated financial statements of the Company as Baohua Jiangsu is considered no longer a subsidiary of the Company since February 2023(the“Baohua Jiangsu Liquidation”).As a result of the Baohua Jiangsu Liquidation,the entire outstanding principal of RMB157,000,000,outstanding interest of appro

205、ximately RMB3,040,000 and penalty interest of approximately RMB121,169,000 based on contractual terms were derecognised upon deconsolidation of Baohua Jiangsu.二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月3914.借款（續）(c)就於

206、二零二三年六月三十日的尚未償還本金人民幣1,440,000,000元（二零二二年十二月三十一日：人民幣1,440,000,000元）的借款而言，本集團違反償還條款，自二零二零年三月二十七日起拖欠貸款本金人民幣240,000,000元。該貸款由中國長城資產管理股份有限公司 上海分公司（中國長城）授予本公司之間接全資附屬公司保華房地產開發（上海）有限公司（保華上海）。該借款由保華地產（大連）有限公司（保華地產大連）的股份，本集團的投資物業及持作出售物業（於二零二二年十二月三十一日的賬面值約人民幣1,897,860,000元及人民幣1,265,240,000元）作抵押並由本公司、華君控股集團有限公司

207、（由孟先生控制的公司）、孟先生及其配偶（統稱為 擔保人）擔保。根據貸款協議的條款，中國長城可酌情要求立即悉數償還尚未償還本金人民幣1,440,000,000元連同任何未付利息。於二零二零年六月九日，中國長城發出付款通知，要求立即償還本金人民幣1,440,000,000元及罰息。14.BORROWINGS(Continued)(c)In respect of a borrowing with an outstanding principal of RMB1,440,000,000(31 December 2022:RMB1,440,000,000)as at 30 June 2023,the G

208、roup breached the repayment terms of which the loan principal of RMB240,000,000 was in default since 27 March 2020.The loan was granted by China Great Wall Asset Management Co.,Ltd.Shanghai Branch(“China Great Wall”)to Baohua Properties Development(Shanghai)Co.,Ltd*(“Baohua Shanghai”),an indirect wh

209、olly-owned subsidiary of the Company.The borrowing was secured by the shares of Baohua Real Estate(Dalian)Co.,Ltd.(“Baohua Real Estate Dalian”),the Groups investment properties and properties held for sale with carrying value of approximately RMB1,897,860,000 and RMB1,265,240,000 as at 31 December 2

210、022 and guaranteed by the Company,Huajun Holdings Group Co.,Ltd.(a company controlled by Mr.Meng),Mr.Meng and his spouse(together referred to as the“Guarantors”).Pursuant to the terms of the loan agreement,China Great Wall had a discretionary right to demand immediate full repayment of the outstandi

211、ng principal of RMB1,440,000,000 together with any unpaid interest.On 9 June 2020,China Great Wall issued a payment notice and demanded repayment of the principals of RMB1,440,000,000 and penalty interest immediately.INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附

212、註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月4014.借款（續）(c)（續）於二零二零年十一月二日，本集團接獲上海黃浦公證處（上海公證處）發出的日期為二零二零年十月三十日的通知（該通知），當中指出貸款人因保華上海涉嫌未能在指定期限內償還貸款，已申請向本集團簽發執行證書（執行證書）。根據該通知，保華上海有權於收到該通知後五天內反對簽發執行證書。於二零二零年十一月五日，保華上海向上海公證處提交了一份反對簽發執行證書的異議書。於二零二零年十二月二十八日，保華上海收到由上海公證處發出日期為二零二零年十一月二十三日之第二份通知，其中表示保華

213、上海就簽發執行證書之異議不被採納。保華上海收到由上海公證處發出日期為二零二零年十二月二十五日及二零二一年一月八日之進一步通知，內容有關修訂複利、罰息及借款違約損害賠償的計算方式。於二零二一年一月十一日，上海公證處簽發執行證書，據此中國長城可憑借執行證書向有關中國法院申請執行立即償還本金及所有未償還利息。根據執行證書，總利息（包括一般利息、罰息、複利及損害賠償）應不超過每年24%。於二零二一年二月十日，上海金融法院向保華上海下達執行通知，據此保華上海須按指令向中國長城支付尚未償還借款結餘加利息。於同日，上海金融法院亦向保華上海、保華地產大連及擔保人頒佈資產申報令，據此，擔保人須向法院報告彼等資產

214、及相關財務資料。14.BORROWINGS(Continued)(c)(Continued)On 2 November 2020,the Group received a notice dated 30 October 2020 from the Shanghai Huangpu Notary Public Office(“Shanghai Notary Office”)(the“Notice”),stating that the lender has applied for the issuance of execution certificate(the“Execution Certifi

215、cate”)to the Group due to the alleged failure of Baohua Shanghai to repay the loan within the specified period.According to the Notice,Baohua Shanghai has the right to object to the issuance of the Execution Certificate within five days after receiving the Notice.On 5 November 2020,Baohua Shanghai s

216、ubmitted an objection letter against the issuance of the Execution Certificate to Shanghai Notary Office.On 28 December 2020,Baohua Shanghai received a second notice dated 23 November 2020 from Shanghai Notary Office,which stated that Baohua Shanghais objection against the issuance of the Execution

217、Certificate was not accepted.Baohua Shanghai received further notices from Shanghai Notary Office dated 25 December 2020 and 8 January 2021 respectively in respect of amendments to the computation of compound interest,penalty interest and damages from the default of borrowings.On 11 January 2021,the

218、 Execution Certificate was issued by Shanghai Notary Office,pursuant to which China Great Wall can use the Execution Certificate for application to the relevant courts of the PRC for enforcement of immediate repayment on the principal and all outstanding interest.According to the Execution Certifica

219、te,the total interest including normal interest,penalty interest,compound interest and damages shall not exceed 24%per annum.On 10 February 2021,the Shanghai Financial Court issued a notice of execution against Baohua Shanghai,pursuant to which Baohua Shanghai was ordered to pay the outstanding bala

220、nce of the borrowing plus interest to China Great Wall.On the same date,the Shanghai Financial Court also issued an asset report order against Baohua Shanghai,Baohua Real Estate Dalian and the Guarantors pursuant to which the Guarantors are required to report their assets and relevant financial info

221、rmation to the court.二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月4114.借款（續）(c)（續）華君控股集團有限公司（擔保人之一）已根據法律向上海金融法院提交不強制執行的申請。於二零二一年七月，上海金融法院已公佈判決駁回不執行申請，並已提交判決複審申請。於二零二一年十月，上海金融法院駁回了判決複審。於二零二二年十一月及十二月，保華上海就貸款抵押的若干發展中投資物業及持

222、作出售物業已被強制進行司法拍賣，且該等物業於二零二三年五月以代價約人民幣2,170,000,000元出售。於二零二三年六月三十日，司法拍賣所得款項人民幣2,170,000,000元由上海金融法院保管，並計入簡明綜合財務狀況表中貿易及其他應收款項。於二零二三年六月三十日，全部尚未償還借款人民幣1,440,000,000元（二零二二年十二月三十一日：人民幣1,440,000,000元）分類為流動負債，而尚未償還利息、罰息、複利及損害賠償合共約人民幣770,757,000元（二零二二年十二月三十一日：人民幣659,261,000元）計入其他應付款項。(d)就尚未償還本金人民幣22,499,000元（

223、二零二二年十二月三十一日：人民幣22,499,000元）的借款而言，本集團違反償還條款，自二零二零年六月八日起拖欠全部貸款本金人民幣31,796,000元。該貸款由浙商銀行股份有限公司（浙商銀行）授予由本公司擁有70%權益的附屬公司深圳市華君融資租賃有限公司（深圳市華君融資租賃）。14.BORROWINGS(Continued)(c)(Continued)One of the Guarantors,Huajun Holdings Group Co.,Ltd.,has submitted an application for nonenforcement to the Shanghai Fina

224、ncial Court in accordance with the law.In July 2021,the Shanghai Financial Court released a judgment to reject the application for non-enforcement and an application for review of judgement was submitted.The review of judgement was rejected by Shanghai Financial Court in October 2021.In November and

225、 December 2022,certain investment properties under development and properties held for sale of Baohua Shanghai pledged for the loan were enforced to judicial auctions and those properties were sold for a consideration of approximately RMB2,170,000,000 in May 2023.As at 30 June 2023,the proceeds from

226、 judicial auction of RMB2,170,000,000 were under custodial by the Shanghai Financial Court and recorded in trade and other receivables in the condensed consolidated statement of financial position.As at 30 June 2023,the entire outstanding borrowing of RMB1,440,000,000(31 December 2022:RMB1,440,000,0

227、00)was classified as current liabilities and outstanding interest,penalty interest,compound interest and damages in aggregate of approximately RMB770,757,000(31 December 2022:RMB659,261,000)were included in other payables.(d)In respect of a borrowing with an outstanding principal of RMB22,499,000(31

228、 December 2022:RMB22,499,000),the Group breached the repayment terms of which the entire loan principal of RMB31,796,000 was in default since 8 June 2020.The loan was granted by Zheshang Bank Co.,Ltd(“Zheshang Bank”)to Shenzhen Huajun Financial Leasing Co.,Ltd*(“Shenzhen Huajun Financial Leasing”),a

229、 70%owned subsidiary of the Company.INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月4214.BORROWINGS(Continued)(d)(Continued)On 10 July 2020,Zheshang Bank filed a claim to Shenzhen Futian District Peoples Court*a

230、gainst Shenzhen Huajun Financial Leasing for the outstanding principal of RMB32,000,000 plus unpaid interest(including penalty interest and additional interest)of approximately RMB332,000 and the penalty interest and compound interest shall be calculated at 8.34%per annum.The hearing of the claim wa

231、s held on 16 September 2020.On 3 December 2020,Shenzhen Futian District Peoples Court handed down a judgement to demand Shenzhen Huajun Financial Leasing to repay the outstanding principal and interest(including penalty interest and compound interest)of approximately RMB32,000,000 and RMB1,320,000 a

232、ccumulated up to 19 November 2020.Thereafter,penalty interest and compound interest shall be calculated at 8.34%per annum.On 30 December 2020,Shenzhen Huajun Financial Leasing filed an appeal to the Guangdong,Shenzhen Intermediate Peoples Court against the interest rate determined by the Shenzhen Fu

233、tian District Peoples Court.On 11 May 2021,the Shenzhen Futian District Peoples Court handed down the judgement of appeal which withhold the original verdict.On 9 June 2021,an enforcement notice was received.During the year ended 31 December 2022,certain investment properties of the Group pledged fo

234、r the loan were enforced to judicial auction and certain properties have been sold for approximately RMB11,902,000 and all proceeds had been repaid to Zheshang Bank.As at 30 June 2023,the entire outstanding bank borrowing of RMB22,499,000(31 December 2022:RMB22,499,000)was classified as current liab

235、ilities and its outstanding interest of RMB108,000(31 December 2022:RMB108,000)and penalty interest and compound interest of approximately RMB7,411,000(31 December 2022:RMB6,463,000)based on the judgement rate at 8.34%(31 December 2022:8.34%)per annum was included in other payables.14.借款（續）(d)（續）於二零

236、二零年七月十日，浙商銀行就尚未償還本金人民幣32,000,000元加未付利息（包括罰息及附加利息）約人民幣332,000元以及罰息及複利按每年8.34%計息向深圳市福田區人民法院提交對深圳市華君融資租賃的申索。申索的聆訊於二零二零年九月十六日舉行。於二零二零年十二月三日，深圳市福田區人民法院作出判決，要求深圳市華君融資租賃償還尚未償還本金及累計至二零二零年十一月十九日的利息（包括罰息及複利）約人民幣32,000,000元及人民幣1,320,000元。之後，罰息及複利按每年8.34%計息。於二零二零年十二月三十日，深圳市華君融資租賃就深圳市福田區人民法院釐定的利率向廣東省深圳市中級人民法院提出上

237、訴。於二零二一年五月十一日，深圳市福田區人民法院作出上訴判決，維持原判。於二零二一年六月九日，收到執行通知。截至二零二二年十二月三十一日止年度，本集團就貸款抵押的若干投資物業已被強制進行司法拍賣，而若干物業已按約人民幣11,902,000元出售且所有所得款項均已償還予浙商銀行。於二零二三年六月三十日，全部尚未償還銀行借款人民幣22,499,000元（二零二二年十二月三十一日：人民幣22,499,000元）分類為流動負債，而尚未償還利息人民幣108,000元（二零二二年十二月三十一日：人民幣108,000元）及根據判決利率每年8.34%（二零二二年十二月三十一日：8.34%）計息的罰息及複利約人

238、民幣7,411,000元（二零二二年十二月三十一日：人民幣6,463,000元）計入其他應付款項。二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月4314.BORROWINGS(Continued)(e)In respect of a borrowing with an outstanding principal of RMB4,247,000,000,there were interest

239、payments of RMB193,191,000 and RMB192,141,000 due on 22 June 2020 and 23 December 2020 respectively where the Group has not settled.The loan was granted by a financial institution in the PRC to Huajun Properties(Wuxi)Co.,Ltd.*(“Huajun Wuxi”),a wholly-owned subsidiary of the Company.Pursuant to the t

240、erms of the loan agreement,the counterparty had a discretionary right to demand immediate full repayment of the outstanding principal of RMB4,247,000,000 together with any unpaid interest.On 8 September 2022,Jiangsu Peoples Court issued a“Decision on the Designation of Bankruptcy Administrator”,Huaj

241、un Wuxi Bankrupt Liquidation Team established by the management committee of the former Wuxi Taihu National Tourism Resort*（前無錫太湖國家旅遊度假區）was designated as the bankruptcy administrator of the liquidation case of Huajun Wuxi.As a result of the bankrupt liquidation petition against Huajun Wuxi and the

242、appointment of Bankruptcy Administrator,the Company has effectively lost the control over Huajun Wuxi and the results of operations and financial position of Huajun Wuxi have not been consolidated into the consolidated financial statements of the Company as Huajun Wuxi is considered no longer a subs

243、idiary of the Company since September 2022(the“Huajun Wuxi Liquidation”).As a result of the Huajun Wuxi Liquidation,the entire outstanding principal of RMB4,247,000,000,outstanding interest of approximately RMB821,340,000 and penalty interest of approximately RMB672,459,000 based on contractual term

244、s were derecognised upon deconsolidation of Huajun Wuxi.14.借款（續）(e)就尚未償還本金人民幣4,247,000,000元的借款而言，人民幣193,191,000元及人民幣192,141,000元的利息付款分別於二零二零年六月二十二日及二零二零年十二月二十三日到期，而本集團於該等日期尚未結清。該貸款由中國的一家金融機構授予本公司的全資附屬公司華君地產（無錫）有限公司（華君無錫）。根據貸款協議之條款，對手方擁有酌情權要求立即悉數償還尚未償還之本金人民幣4,247,000,000元（連同任何未付利息）。於二零二二年九月八日，江蘇人民法 院

245、 發 出 一 份指 定 管 理 人 決 定書，指定由前無錫太湖國家旅遊度假區管理委員會成立的華君無錫破產清算小組擔任華君無錫破產清算案的管理人。由於針對華君無錫的破產清算呈請及管理人的委任，本公司實際已失去對華君無錫的控制，且由於自二零二二年九月起華君無錫不再被視為本公司之附屬公司，華君無錫之經營業績及財務狀況並不綜合計入本公司綜合財務報表（華君無錫清盤）。由於華君無錫清盤，全部尚未償還本金人民幣4,247,000,000元、尚未償還利息約人民幣821,340,000元及根據合約條款作出的罰息約人民幣672,459,000元於華君無錫終止綜合入賬時終止確認。INTERIM REPORT 202

246、3NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月4414.借款（續）(f)就尚未償還本金人民幣2,658,800,000元（二零二二年十二月三十一日：人民幣2,658,800,000元）的一筆借款而言，本集團尚未償還全部未償還本金。該貸款由遼瀋銀行授予本公司的間接全資附屬公司華君地產（大連）有限公司（華君地產（大連）。根據貸款協議之條款，對手方擁有酌情權要求立即悉數償還尚未償還之本金人民幣2,658,800

247、,000元（連同任何未付利息）。於二零二一年八月，遼瀋銀行向營口法院起訴華君地產（大連），營口法院頒令凍結及保存大連辦公大樓。申索的首次聆訊已於二零二一年十一月二十三日舉行，營口法院已作出判決，要求華君地產（大連）償還未償還本金及相關利息。本集團就貸款抵押的計入發展中投資物業的大連辦公大樓已於二零二二年十月被強制進行司法拍賣，但直至簡明綜合財務報表日期，該等物業尚未售出。於 二 零 二 三 年 六 月 三 十 日，全 部 尚 未 償 還 銀 行 借 款 人 民 幣2,658,800,000元（二零二二年十二月三十一日：人民幣2,658,800,000元）分類為流動負債，而尚未償還利息人民幣40

248、5,564,000元（二零二二年十二月三十一日：人民幣311,717,000元）及根據營口法院的判決按3%的年利率計息的罰息及複利約人民幣23,684,000元（二零二二年十二月三十一日：人民幣19,159,000元）計入其他應付款項。14.BORROWINGS(Continued)(f)In respect of a borrowing with an outstanding principal of RMB2,658,800,000(31 December 2022:RMB2,658,800,000),the Group has not repaid the entire outstand

249、ing principal.The loan was granted by Liaoshen Bank to Huajun Properties(Dalian)Company Limited(“Huajun Properties(Dalian)”),an indirect wholly-owned subsidiary of the Company.Pursuant to the terms of the loan agreement,the counterparty had a discretionary right to demand immediate full repayment of

250、 the outstanding principal of RMB2,658,800,000 together with any unpaid interest.On August 2021,Liaoshen Bank filed claims to Yingkou Court against Huajun Properties(Dalian)and an order was granted by the Yingkou Court to freeze and preserve the Dalian Office Complex.The first hearing for claims has

251、 been held on 23 November 2021 and Yingkou Court handed down a judgement to demand Huajun Properties(Dalian)to repay the outstanding principal and relevant interest.The Dalian Office Complex included in investment properties under development of the Group pledged for the loan was enforced to judicia

252、l auction in October 2022 but those properties have not been sold up to the date of the condensed consolidated financial statements.As at 30 June 2023,the entire outstanding bank borrowing of RMB2,658,800,000(31 December 2022:RMB2,658,800,000)was classified as current liabilities and its outstanding

253、 interest of RMB405,564,000(31 December 2022:RMB311,717,000)and penalty interest and compound interest of approximately RMB23,684,000(31 December 2022:RMB19,159,000)at a rate of 3%per annum based on the Yingkou Courts judgement were included in other payables.二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDAT

254、ED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月4514.借款（續）(g)就尚未償還本金人民幣56,700,000元的借款而言，自二零二一年九月四日起，本集團尚未償還全部未償還本金且違約。該貸款由遼瀋銀行授予本公司間接全資附屬公司華君電力科技（江蘇）有限公司。於二零二一年十二月七日，營口西市區法院頒令凍結並保存兩條太陽能光伏生產線。於二零二二年十一月二十二日，營口西市區法院發出執行通知。於二零二三年六月三十日，全部尚未償還銀行借款人民幣56,700,000元（二零二二年十

255、二月三十一日：人民幣56,700,000元）分類為流動負債及根據合約條款作出的未償還利息約人民幣15,987,000元（二零二二年十二月三十一日：人民幣13,685,000元）計入其他應付款項。(h)就自一家於香港註冊成立的私人公 司 借 入 的 未 償 還 本 金 人 民 幣113,550,000元（二零二二年十二月三十一日：人民幣115,614,000元）的借款而言，本集團違反還款條款，未償還本金人民幣113,550,000元（二零二二年十二月三十一日：人民幣115,614,000元）分類為流動負債以及未償還利息及罰息約人民幣51,082,000元（二零二二年十二月三十一日：人民幣40,5

256、44,000元）計入其他應付款項。於二零二二年一月，本公司與貸方訂立契據，提供進一步抵押品，包括一間於中國的附屬公司持有的若干土地及樓宇、本公司兩間附屬公司的公司擔保及一間中國附屬公司的全部權益質押。交易對手方均同意於二零二二年七月二十八日之前不要求償還。於二零二二年七月，深圳國際仲裁院（深圳仲裁院）向本公司兩間附屬公司發出仲裁通知，並於二零二二年九月舉行仲裁聆訊。深圳仲裁院已於二零二三年六月發佈仲裁判決書，裁定由本公司附屬公司承擔本公司未償還貸款本金及利息的擔保義務。附屬公司已向深圳市中級法院申請撤銷深圳仲裁院的仲裁判決書。14.BORROWINGS(Continued)(g)In resp

257、ect of a borrowing with an outstanding principal of RMB56,700,000,the Group has not repaid the entire outstanding principal and in default since 4 September 2021.The loan was granted by Liaoshen Bank to Huajun Power Technology(Jiangsu)Co.,Ltd.,an indirect wholly-owned subsidiary of the Company.On 7

258、December 2021,an order was granted by Yingkou West District Court to freeze and preserve two solar photovoltaic production lines.On 22 November 2022,an enforcement notice was issued by Yingkou West City District Court.As at 30 June 2023,the entire outstanding bank borrowing of RMB56,700,000(31 Decem

259、ber 2022:RMB56,700,000)was classified as current liabilities and outstanding interest of approximately RMB15,987,000(31 December 2022:RMB13,685,000)based on contractual terms was included in other payables.(h)In respect of a borrowing with outstanding principal of RMB113,550,000(31 December 2022:RMB

260、115,614,000)from a private company incorporated in Hong Kong,the Group breached the repayment terms of which the outstanding principal of RMB113,550,000(31 December 2022:RMB115,614,000)was classified as current liabilities and outstanding interest and penalty interest of approximately RMB51,082,000(

261、31 December 2022:RMB40,544,000)were included in other payables.In January 2022,the Company has entered into a deed with the lender to provide further collaterals including certain land and buildings held by a subsidiary in the PRC,corporate guarantees of two subsidiaries of the Company and 100%equit

262、y pledged of a subsidiary in the PRC.Both counterparties agreed not to demand for repayment until 28 July 2022.In July 2022,a notice of arbitration was issued by Shenzhen Court of International Arbitration(“Shenzhen Arbitration”)to two subsidiaries of the Company and an arbitration hearing was held

263、in September 2022.The Shenzhen Arbitration has released the judgement in June 2023 and decided that the subsidiaries of the Company to undertake the guarantee obligation of the Companys outstanding loan principal and interest.The subsidiaries have applied to Shenzhen Intermediate Court for applicati

264、on of the withdrawal of judgement of Shenzhen Arbitration.INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月4614.BORROWINGS(Continued)(i)In respect of a borrowing with an outstanding principal of RMB199,659,000(31

265、 December 2022:RMB199,659,000),the Group breached the repayment terms of which the entire loan principal of RMB199,659,000 was in default since 10 August 2020.The borrowing was granted by Jiangsu Jiangnan Rural Commercial Bank Co.,Ltd.*(“Jiangnan Rural Bank”)to Huajun Properties(Changzhou)Company Li

266、mited*(“Huajun Changzhou”),a wholly-owned subsidiary of the Company and was guaranteed by Huajun Power Group Co.,Ltd.and the Company.In October 2020,Jiangnan Rural Bank filed several claims to Changzhou Intermediate Court*against Huajun Changzhou.The first hearing for claims was held in December 202

267、1 and January 2022.During the year ended 31 December 2022,the Changzhou Intermediate Court has handed down a judgement to demand Huajun Changzhou to repay all outstanding principal and relevant interest.Jiangnan Rural Bank transferred the loan receivables to China Great Wall Asset Management Co.Ltd.

268、Jiangsu province Branch(“China Great Wall Jiangsu”),China Great Wall Jiangsu filed several claims to Changzhou Intermediate Court is scheduled in October 2022 and court hearing is subsequently held on 28 February 2023.No judgement was released up to the date of the condensed consolidated financial s

269、tatements.As at 30 June 2023,the entire outstanding bank borrowing of approximately RMB199,659,000(31 December 2022:RMB199,659,000)was classified as current liabilities and outstanding interest,penalty interest and compound interest of approximately RMB60,032,000(31 December 2022:RMB49,733,000)were

270、included under other payables.14.借款（續）(i)就尚未償還本金人民幣199,659,000元（二零二二年十二月三十一日：人民幣199,659,000元）的借款而言，本集團違反償還條款，其中自二零二零年八月十日起拖欠全部貸款本金人民幣199,659,000元。該借款由江蘇江南農村商業銀行股份有限公司（江南農村銀行）授予本公司的全資附屬公司華君地產（常州）有限公司（華君常州），並由華君電力集團有限公司及本公司擔保。於二零二零年十月，江南農村銀行向常州市中級法院提出對華君常州的若干申索。申索的首次聆訊已於二零二一年十二月及二零二二年一月舉行。截至二零二二年十二月三十

271、一日止年度，常州市中級法院作出判決，要求華君常州償還全部未償還本金及相關利息。江南農村銀行向中國長城資產管理股份有限公司江蘇省分公司（中國長城江蘇）轉讓應收貸款，中國長城江蘇於二零二二年十月計劃向常州市中級法院提出若干申索，法院聆訊隨後於二零二三年二月二十八日舉行。直至簡明綜合財務報表日期，概無發佈任何判決。於 二 零 二 三 年 六 月 三 十 日，全部 尚 未 償 還 銀 行 借 款 約 人 民 幣199,659,000元（二零二二年十二月三十一日：人民幣199,659,000元）分類為流動負債，而尚未償還利息、罰息及複利約人民幣60,032,000元（二零二二年十二月三十一日：人民幣49

272、,733,000元）計入其他應付款項。二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月4714.借款（續）(j)就尚未償還本金人民幣489,900,000元（二零二二年十二月三十一日：人民幣489,900,000元）的借款而言，本集團違反償還條款，自二零二二年二月二十四日起拖欠全部貸款本金人民幣489,900,000元。該貸款的借款人為本公司全資附屬公司新洲印刷（遼寧）有限公司（新洲印刷（遼寧

273、）。於二零二二年七月，遼寧資產管理有限公司向遼寧省營口市中級法院提出對新洲印刷（遼寧）的申索。申索的首次聆訊於二零二二年八月舉行，並已作出判決，要求新洲印刷（遼寧）償還全部未償還本金及相關利息。本集團就貸款抵押的位於大連市的若干投資物業已被強制進行司法拍賣，其中一處投資物業於二零二二年十二月舉行的拍賣會中售出，代價為約人民幣60,913,000元，另一處投資物業於二零二三年二月以代價約人民幣47,762,000元售出。相關拍賣所得款項由法院直接償還予遼寧資產管理有限公司。於二零二三年六月三十日，全部尚未償還銀行借款人民幣489,900,000元（二零二二年十二月三十一日：人 民 幣489,90

274、0,000元）分 類 為 流動負債，而尚未償還利息、罰息及複利約人民幣23,396,000元（二零二 二 年 十 二 月 三 十 一 日：人 民 幣139,698,000元）計入其他應付款項。14.BORROWINGS(Continued)(j)In respect of a borrowing with an outstanding principal of RMB489,900,000(31 December 2022:RMB489,900,000),the Group breached the repayment terms of which entire loan principal

275、of RMB489,900,000 was in default since 24 February 2022.The borrower of the loan was New Island Printing(Liaoning)Limited(“NIP(Liaoning)”)*,a wholly-owned subsidiary of the Company.In July 2022,Liaoning Assets Management Company Limited filed a claim to Liaoning Yingkou Intermediate Court against NI

276、P(Liaoning).The first hearing for the claim was held in August 2022 and has handed down a judgement to demand NIP(Liaoning)to repay all outstanding principal and relevant interest.Certain investment properties of the Group located in Dalian pledged for the loan were enforced to judicial auctions and

277、 one of the investment properties was sold in auction held in December 2022 for a consideration of approximately RMB60,913,000 and another investment property was sold for a consideration of approximately RMB47,762,000 in February 2023.Such proceeds from auctions were repaid to Liaoning Assets Manag

278、ement Company Limited by the court directly.As at 30 June 2023,the entire outstanding bank borrowing of RMB489,900,000(31 December 2022:RMB489,900,000)was classified as current liabilities and outstanding interest,penalty and compound interest of approximately RMB23,396,000(31 December 2022:RMB139,6

279、98,000)were included in other payables.INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月4814.借款（續）(k)就尚未償還本金人民幣300,000,000元（二零二二年十二月三十一日：人民幣300,000,000元）的借款而言，本集團違反償還條款，自二零二一年七月三十日起拖欠全部貸款本金人民幣300,000,000元。該貸款的借款人

280、為本公司全資附屬公司華君物流集團有限公司（華君物流）。於二零二二年七月，遼寧資產管理有限公司向遼寧省營口市中級法院提出對華君物流的申索。於二零二二年九月，遼寧省營口市中級法院作出判決，要求華君物流向遼寧資產管理有限公司償還全部未償還本金及相關利息。於二零二三年六月三十日，全部尚未償還銀行借款人民幣300,000,000元（二零二二年十二月三十一日：人民幣300,000,000元）分類為流動負債，而尚未償還利息、罰息及複利約人民幣108,827,000元（二零二二年十二月三十一日：人民幣89,143,000元）計入其他應付款項。(l)就尚未償還本金人民幣328,065,000元（二零二二年十二月

281、三十一日：人民幣328,065,000元）的借款而言，本集團違反償還條款，自二零二一年九月二十五日起拖欠全部貸款本金人民幣328,065,000元。該貸款的借款人為本公司全資附屬公司華君電力科技（江蘇）有限公司（華君電力科技江蘇）。於二零二二年七月，遼寧資產管理有限公司向遼寧省營口市中級法院提出對華君電力科技江蘇的申索。申索的首次聆訊定於二零二二年八月舉行。於二零二二年九月，遼寧省營口市中級法院作出判決，要求華君電力科技江蘇向遼寧資產管理有限公司償還全部未償還本金及相關利息。14.BORROWINGS(Continued)(k)In respect of a borrowing with an

282、 outstanding principal of RMB300,000,000(31 December 2022:RMB300,000,000),the Group breached the repayment terms of which entire loan principal of RMB300,000,000 was in default since 30 July 2021.The borrower of the loan was Huajun Logistics Group Limited(“Huajun Logistics”)*,a wholly-owned subsidia

283、ry of the Company.In July 2022,Liaoning Assets Management Company Limited filed a claim to Liaoning Yingkou Intermediate Court against Huajun Logistics.In September 2022,Liaoning Yingkou Intermediate Court has held down a judgement to demand Huajun Logistics to repay all outstanding principal and re

284、levant interest to Liaoning Assets Management Company Limited.As at 30 June 2023,the entire outstanding bank borrowing of RMB300,000,000(31 December 2022:RMB300,000,000)was classified as current liabilities and outstanding interest,penalty and compound interest of approximately RMB108,827,000(31 Dec

285、ember 2022:RMB89,143,000)were included in other payables.(l)In respect of a borrowing with an outstanding principal of RMB328,065,000(31 December 2022:RMB328,065,000),the Group breached the repayment terms of which entire loan principal of RMB328,065,000 was in default since 25 September 2021.The bo

286、rrower of the loan was Huajun Power Technology(Jiangsu)Co.,Ltd.(“HPT Jiangsu”)*,a wholly-owned subsidiary of the Company.In July 2022,Liaoning Assets Management Company Limited filed a claim to Liaoning Yingkou Intermediate Court against HPT Jiangsu.The first hearing for the claim is scheduled to be

287、 held in August 2022.In September 2022,Liaoning Yingkou Intermediate Court has held down a judgement to demand HPT Jiangsu to repay all outstanding principal and relevant interest to Liaoning Assets Management Company Limited.二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註F

288、or the six months ended 30 June 2023截至二零二三年六月三十日止六個月4914.借款（續）(l)（續）於二零二三年六月三十日，全部尚未償還銀行借款人民幣328,065,000元（二零二二年十二月三十一日：人民幣328,065,000元）分類為流動負債，而尚未償還利息、罰息及複利約人民幣61,127,000元（二零二二年十二月三十一日：人民幣51,230,000元）計入其他應付款項。(m)就尚未償還本金人民幣79,000,000元（二零二二年十二月三十一日：人民幣79,000,000元）的借款而言，本集團違反句容農村商業銀行（句容農村銀行）所授予貸款的利息償還條

289、款，貸款本金於二零二四年七月到期。該貸款的借款人為華君電力科技江蘇。截至二零二二年十二月三十一日止年度，句容農村銀行向句容市人民法院提起對華君電力科技江蘇的申索。句容市人民法院於二零二二年九月作出判決，要求華君電力科技江蘇向句容農村銀行償還本金及相關利息。於二零二三年六月三十日，全部尚未償還銀行借款人民幣79,000,000元（二零二二年十二月三十一日：人民幣79,000,000元）分類為流動負債，而尚未償還利息、罰息及複利約人民幣12,186,000元（二零二二年十二月三十一日：人民幣8,782,000元）計入其他應付款項。14.BORROWINGS(Continued)(l)(Contin

290、ued)As at 30 June 2023,the entire outstanding bank borrowing of RMB328,065,000(31 December 2022:RMB328,065,000)was classified as current liabilities and outstanding interest,penalty and compound interest of approximately RMB61,127,000(31 December 2022:RMB51,230,000)were included in other payables.(m

291、)In respect of a borrowing with an outstanding principal of RMB79,000,000(31 December 2022:RMB79,000,000),the Group breached the interest repayment terms of the loan which was granted by Jurong Rural Commercial Bank(“Jurong Rural Bank”)with loan principal maturity in July 2024.The borrower of the lo

292、an was HPT Jiangsu.During the year ended 31 December 2022,Jurong Rural Bank filed a claim to Jurong Peoples Court against HPT Jiangsu.In September 2022,the Jurong Peoples Court has held down a judgement to demand HPT Jiangsu to repay the principal and related interest to Jurong Rural Bank.As at 30 J

293、une 2023,the entire outstanding bank borrowing of RMB79,000,000(31 December 2022:RMB79,000,000)was classified as current liabilities and outstanding interest,penalty and compound interest of approximately RMB12,186,000(31 December 2022:RMB8,782,000)were included in other payables.INTERIM REPORT 2023

294、NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月5014.BORROWINGS(Continued)(n)In respect of a borrowing with an outstanding principal of RMB261,668,000(31 December 2022:RMB261,668,000),the Group breached the repayment terms of whic

295、h entire loan principal of RMB261,668,000 was in default since April 2022.The borrower of the loan was Guofu Minfeng Industrial(Yingkou)Company Limited(“GFMF”)*,a wholly-owned subsidiary of the Company.In October 2022,Yingkou Bayuquan District Court has handed down a judgement to demand GFMF to repa

296、y all outstanding principal and relevant interest to Liaoning Assets Management Company Limited.As at 30 June 2023,the entire outstanding bank borrowing of RMB261,668,000(31 December 2022:RMB261,668,000)was classified as current liabilities and outstanding interest,penalty and compound interest of a

297、pproximately RMB103,320,000(31 December 2022:RMB91,447,000)were included in other payables.(o)In respect of a borrowing with an outstanding principal of RMB107,970,000(31 December 2022:RMB108,770,000),the Group breached the repayment terms of which entire loan principal was in default since July 202

298、1.The borrower of the loan was Huajun Energy Group Co.,Ltd.(“HJ Energy”)*,an indirect wholly-owned subsidiary of the Company incorporated in the PRC.In August 2022,Liaoning Assets Management Company Limited filed a claim to Liaoning Yingkou Intermediate Court against HJ Energy.The first hearing for

299、the claim was held on 23 September 2022.No judgement has been released up to the date of the condensed consolidated financial statements.In addition to the above,borrowings with aggregate principal of RMB248,712,000(31 December 2022:RMB248,712,000)were past due but no legal claims have been received

300、 by the Group up to the date of the condensed consolidated financial statements.14.借款（續）(n)就尚未償還本金人民幣261,668,000元（二零二二年十二月三十一日：人民幣261,668,000元）的借款而言，本集團違反償還條款，自二零二二年四月起拖欠全部貸款本金人民幣261,668,000元。該貸款的借款人為本公司全資附屬公司國富民豐實業（營口）有限公司（國富民豐）。於二零二二年十月，營口市鮁魚圈區法院作出判決，要求國富民豐向遼寧資產管理有限公司償還全部未償還本金及相關利息。於二零二三年六月三十日，全部尚

301、未償還銀行借款人民幣261,668,000元（二零二二年十二月三十一日：人民幣261,668,000元）分類為流動負債，而尚未償還利息、罰息及複利約人民幣103,320,000元（二零二二年十二月三十一日：人民幣91,447,000元）計入其他應付款項。(o)就尚未償還本金人民幣107,970,000元（二零二二年十二月三十一日：人民幣108,770,000元）的借款而言，本集團違反償還條款，自二零二一年七月起拖欠全部貸款本金。該貸款的借款人為於中國註冊成立之本公司間接全資附屬公司華君能源集團有限公司（華君能源）。於二零二二年八月，遼寧資產管理有限公司向遼寧省營口市中級法院提出對華君能源的申索

302、。申索的首次聆訊於二零二二年九月二十三日舉行。直至簡明綜合財務報表日期，概無發佈任何判決。除 上 述 者 外，本 金 總 額 人 民 幣248,712,000元的借款（二零二二年十二月三十一日：人民幣248,712,000元）已逾期，但直至簡明綜合財務報表日期，本集團並無收到任何法律申索。二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月5115.CONTRACT LIABILITIESAs a

303、t 30 June 2023,contract liabilities represent receipts in advance from properties pre-sold at aggregate contract sum of RMB376,817,000(31 December 2022:RMB976,880,000)and the receipts in advance from customers of RMB105,505,000(31 December 2022:RMB144,213,000)which to be recognised as revenue at a p

304、oint in time when the control of the products or services are transferred to the customer.16.CORPORATE BONDSThe corporate bonds are interest bearing at a range from 5%to 6.5%per annum,payable semi-annually or annually in arrear and repayable as follow:30 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日

305、(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元Within one year一年內35,26410,844More than one year,but not more than two years一年以上但不超過兩年51,22873,686More than two years but not more than five years兩年以上但不超過五年5,525 86,49290,055 Analysed for reporting purpose:就報告目的分析為：Current liabilities流動負債35,26410,

306、844Non-current liabilities非流動負債51,22879,211 86,49290,055 As at 30 June 2023,corporate bonds with aggregate principal amount of RMB3,900,000(31 December 2022:RMB2,457,000)have been past due.15.合約負債於二零二三年六月三十日，合約負債指來自合約總額為人民幣376,817,000元（二零二二年十二月三十一日：人民幣976,880,000元）的預售物業的預收款項及來自客戶的預收款項人民幣105,505,000元

307、（二零二二年十二月三十一日：人民幣144,213,000元），其將於產品或服務的控制權轉移予客戶時確認為收益。16.公司債券公司債券的年利率介乎5%至6.5%，每半年或一年支付一次，償還方式如下：於二零二三年六月三十日，本金總額人民幣3,900,000元（二零二二年十二月三十一日：人民幣2,457,000元）的公司債券已逾期。INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個

308、月5217.股本18.以股份為基礎之交易本公司於二零一七年十月二十五日採納一項新購股權計劃（新購股權計劃）以取代之前於二零零七年九月二十八日採納之購股權計劃（舊購股權計劃）。該計劃的目的是為本公司提供一個靈活的方法，以便向執行或非執行董事（包括獨立非執行董事）或本集團各成員公司的任何僱員（不論全職或兼職）（參與者）提供獎勵、報酬、酬金、補償及或福利，以及達致董事會可能不時審批的其他目的。17.SHARE CAPITALNumber of sharesShare capital股份數目股本30 June202331 December202230 June202331 December2022二零

309、二三年六月三十日二零二二年十二月三十一日二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)(Unaudited)(Audited)（未經審核）（經審核）（未經審核）（經審核）000000HK$000HK$000千股千股千港元千港元Authorised法定400,000400,000400,000400,000 30 June202331 December202230 June202331 December2022二零二三年六月三十日二零二二年十二月三十一日二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)(Unaudited)

310、(Audited)（未經審核）（經審核）（未經審核）（經審核）000000HK$000HK$000千股千股千港元千港元Issued and fully paid:已發行及繳足：At the end of the reporting period於報告期末61,54361,54355,98355,983 18.SHARE-BASED TRANSACTIONSThe Company adopted a new share option scheme(the“New Share Option Scheme”)on 25 October 2017 in place of the previous sh

311、are option scheme which had been adopted on 28 September 2007(the“Old Share Option Scheme”).The purpose of the Scheme is to provide the Company with a flexible means of giving incentive to,rewarding,remunerating,compensating and/or providing benefits to Executive or Non-executive Directors including

312、 Independent Non-executive Directors or any employees(whether full-time or part-time)of each member of the Group(the“Participants”)and for such other purpose as the Board may approve from time to time.二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 3

313、0 June 2023截至二零二三年六月三十日止六個月5318.SHARE-BASED TRANSACTIONS(Continued)The movements of share options to the executive directors and employees under the Scheme during the six months ended 30 June 2023 and the year ended 31 December 2022 are presented as follows:For the six months ended 30 June 2023Numbe

314、r of share options購股權數目Grantee承授人Outstanding at 1 JanuaryReclassificationGranted during the periodExercised during the periodLapsed during the periodOutstanding at 30 June於一月一日尚未行使重新分類期內已授出期內已行使期內失效於六月三十日尚未行使(Audited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)（經審核）（未經審核）（未經審核）（未經審核）（未經審核

315、）（未經審核）Directors&Executive董事及行政人員503,556(426,086)77,470Employees僱員 503,556(426,086)77,470 For the year ended 31 December 2022Number of share options購股權數目Grantee承授人Outstanding at 1 JanuaryReclassificationGrantedduringthe yearExercisedduringthe yearLapsedduringthe yearOutstanding at 31 December於一月一日尚未

316、行使重新分類年內已授出年內已行使年內失效於十二月三十一日尚未行使(Audited)(Audited)(Audited)(Audited)(Audited)(Audited)（經審核）（經審核）（經審核）（經審核）（經審核）（經審核）Directors&Executive董事及行政人員777,606(274,050)503,556Employees僱員1,096,200274,050(1,370,250)1,873,806(1,370,250)503,556 Note:Ms.Zhang Ye resigned as director of the Company on 7 June 2022 a

317、nd remained as employee of the Group.The relevant share options were reclassified for presentation purpose.18.以股份為基礎之交易（續）截至二零二三年六月三十日止六個月及截至二零二二年十二月三十一日止年度，根據該計劃授予執行董事及僱員之購股權變動呈列如下：截至二零二三年六月三十日止六個月截至二零二二年十二月三十一日止年度附註 於二零二二年六月七日，張曄女士辭任本公司董事職務但仍為本集團僱員。已重新分類相關購股權作呈列用途。INTERIM REPORT 2023NOTES TO THE C

318、ONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月5419.金融工具之公平值計量於各報告期末，本集團若干金融資產乃按公平值計量。公平值計量根據公平值計量之輸入數據可觀察程度及公平值計量之輸入數據對其整體之重要性分類為第一級、第二級或第三級，詳情如下：第一級輸入數據為實體於計量日期可取得之相同資產或負債於活躍市場之報價（未經調整）。第二級輸入數據為就資產或負債直接（即價格）或間接（即由價格引申而來）可觀察之輸入數據（第一級內包括之報價除外）

319、。第三級輸入數據為並非基於可觀察市場數據之輸入數據（不可觀察輸入數據）。有關資產的經常性公平值計量詳情載於該等簡明綜合財務報表附註12。於本期及上期，第一級和第二級之間並無轉移，亦無轉入至第三級的情況。董事認為，本集團於簡明綜合財務報表按攤銷成本入賬的金融資產及金融負債的賬面值與彼等的公平值相若。該等公平值已根據一般公認定價模式按已貼現現金流量分析釐定。19.FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTSSome of the Groups financial assets are measured at fair value at the en

320、d of each reporting period.Fair value measurements are categorised into Level 1,2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety,which are described as follows:Level 1 inputs

321、are quoted prices(unadjusted)in active markets for identical assets or liabilities that the entity can access at the measurement date.Level 2 inputs are inputs,other than quoted prices included within Level 1 that are observable for the asset or liability,either directly(i.e.as prices)or indirectly(

322、i.e.derived from prices).Level 3 inputs are inputs that are not based on observable market data(unobservable inputs).Details of the recurring fair value measurement of the relevant assets are set out in note 12 of these condensed consolidated financial statements.During the current and last period,t

323、hese were no transfers between Level 1 and Level 2,nor transfers into Level 3.The Directors consider that the carrying amount of the Groups financial assets and financial liabilities recorded at amortised cost in the condensed consolidated financial statements approximate their fair values.Such fair

324、 values have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis.二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月5520.出售及清算一間附屬公司(a)出售一間附屬公司失去控制權之資產及負債分析20.DISPOSAL

325、 AND LIQUIDATION OF A SUBSIDIARY(a)Disposal of a subsidiaryName of subsidiary disposed ofBuyerPercentage of interest disposed of Principal activityDisposal proceedsDate of completion出售之附屬公司名稱買家出售之股權百分比 主營業務出售所得款項完成日期United Securities LimitedThree independent third parties100%Providing securities bro

326、kerage servicesHK$9,427,000(equivalent to RMB8,269,000)16 May 2023團結證券有限公司三名獨立第三方100%提供證券經紀服務9,427,000港元（相當於人民幣8,269,000元）二零二三年五月十六日Analysis of assets and liabilities over which control was lostTotal總計RMB000人民幣千元Trade and other receivables,deposits and prepayments貿易及其他應收款項、按金及 預付款項370Bank balances a

327、nd cash銀行結餘及現金6,973Trade and other payables,and other liabilities貿易及其他應付款項及其他負債(2,952)4,391 Gain on disposal of a subsidiary出售一間附屬公司之收益Cash consideration現金代價8,269Net assets disposed of所出售資產淨值(4,391)Gain on disposal of a subsidiary出售一間附屬公司之收益3,878 Net Cash inflow on disposal of a subsidiary出售一間附屬公司之現

328、金流入淨額Cash consideration現金代價8,269Less:Bank balances and cash disposed減：出售之銀行結餘及現金(6,973)1,296 INTERIM REPORT 2023NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月5620.出售及清算一間附屬公司（續）(b)清算一間附屬公司由於保華江蘇清盤，清算保華江蘇產生之虧損約人民幣17,594,000元已於期內虧

329、損中確認。於清算日期，資產及負債之賬面值載列如下：清算一間附屬公司之現金流出淨額20.DISPOSAL AND LIQUIDATION OF A SUBSIDIARY(Continued)(b)Liquidation of a subsidiaryAs a result of Baohua Jiangsu Liquidation,loss arising on the liquidation of Baohua Jiangsu,amounting to approximately RMB17,594,000 was recognised in profit or loss for the pe

330、riod.The carrying amounts of the assets and liabilities at its date of liquidation,were as follows:Total總計RMB000人民幣千元Property,plant and equipment物業、廠房及設備2Properties held for sale持作出售之物業1,838,088Trade and other receivables,deposits and prepayments貿易及其他應收款項、按金及 預付款項38,666Bank balances and cash銀行結餘及現金4

331、3Trade and other payables,and other liabilities貿易及其他應付款項以及其他負債(1,362,020)Bank borrowings銀行借款(157,000)Contract liabilities合約負債(340,185)17,594Loss on liquidation of a subsidiary清算一間附屬公司之虧損(17,594)Total consideration satisfied by cash總代價以現金結付 Net Cash outflow on liquidation of subsidiaryTotal總計RMB000人民

332、幣千元Cash consideration現金代價Less:Bank balances and cash disposed減：出售之銀行結餘及現金(43)(43)二零二三中期報告NOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS簡明綜合財務報表附註For the six months ended 30 June 2023截至二零二三年六月三十日止六個月5721.資本承擔22.抵押資產於報告期末，本集團為確保本集團獲授應付票據及借款之抵押資產之賬面值如下：21.CAPITAL COMMITMENTS30 June202331 Decem

333、ber2022二零二三年六月三十日二零二二年十二月三十一日(Unaudited)(Audited)（未經審核）（經審核）RMB000RMB000人民幣千元人民幣千元Capital expenditure in respect of the properties development project contracted for but not provided in the condensed consolidated financial statements就已簽約但未於簡明綜合 財務報表內提撥準備之 物業發展項目之資本開支445,2601,035,125Capital expenditure in respect of the acquisition of plant and equipment contracted for but not provided for in the c