《LEADINGHLDGS：ANNOUNCEMENTOFANNUALRESULTSFORTHEYEARENDED31DECEMBER2024.pdf》由會員分享，可在線閱讀，更多相關《LEADINGHLDGS：ANNOUNCEMENTOFANNUALRESULTSFORTHEYEARENDED31DECEMBER2024.pdf（46頁珍藏版）》請在三個皮匠報告上搜索。
1、 1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in rel
2、iance upon the whole or any part of the contents of this announcement.Leading Holdings Group Limited(Incorporated in the Cayman Islands with limited liability)(Stock Code:6999)領地控股集團有限公司ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024ANNUAL RESULTS AND OPERATIONAL HIGHLIGHTS Contra
3、cted sales for the year ended 31 December 2024 was RMB3,727 million.Contracted GFA sold for the year ended 31 December 2024 was 0.58 million sq.m.Revenue for the year ended 31 December 2024 was RMB8,571 million.Gross profit for the year ended 31 December 2024 was RMB114 million.Loss for the year end
4、ed 31 December 2024 attributable to owners of the Company was RMB2,085 million.Contracted average selling price for the year ended 31 December 2024 was RMB6,481 per sq.m.As at 31 December 2024,cash and bank balances(1)amounted to RMB1,480 million.(1)Cash and bank balances comprise restricted cash,pl
5、edged deposits,and cash and cash equivalents 2 ANNUAL RESULTSThe board(the“Board”)of directors(the“Directors”)of Leading Holdings Group Limited(the“Company”)is pleased to announce the consolidated annual results of the Company and its subsidiaries(the“Group”)for the year ended 31 December 2024(the“Y
6、ear”)with comparative figures for the year ended 31 December 2023.These annual results have been prepared in accordance with International Financial Reporting Standards(the“IFRSs”)and have also been reviewed by the audit committee of the Company(the“Audit Committee”).CONSOLIDATED STATEMENT OF PROFIT
7、 OR LOSS AND COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 202420242023NotesRMB000RMB000REVENUE48,571,47618,493,524Cost of sales(8,457,341)(16,727,734)Gross profit114,1351,765,790Other income and gains430,82885,091Selling and distribution expenses(280,609)(1,013,184)Administrative expenses(198,
8、462)(294,754)Fair value losses on investment properties,net(398,700)(355,900)Other expenses(619,867)(39,571)Finance costs6(325,410)(262,376)Share of profits and losses of:Joint ventures28,12312,200Associates(63,672)(2,629)LOSS BEFORE TAX5(1,713,634)(105,333)Income tax expense7(621,171)(880,205)LOSS
9、FOR THE YEAR AND TOTAL COMPREHENSIVE LOSS FOR THE YEAR(2,334,805)(985,538)Attributable to:Owners of the parent(2,084,744)(1,319,083)Non-controlling interests(250,061)333,545 (2,334,805)(985,538)LOSSES PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT9Basic and diluted For loss for the
10、yearRMB(2.03)RMB(1.28)3 CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAT 31 DECEMBER 202420242023NotesRMB000RMB000NON-CURRENT ASSETSProperty,plant and equipment111,246144,867Investment properties3,131,4003,530,100Right-of-use assets35,18548,099Other intangible assets16,21719,034Investments in joint ve
11、ntures127,867397,117Investments in associates40,172104,603Deferred tax assets277,597779,512Other non-current assets16,696143,730 Total non-current assets3,756,3805,167,062 CURRENT ASSETSProperties under development10,647,20415,301,782Completed properties held for sale3,529,6635,846,246Trade receivab
12、les1031,35641,332Prepayments,deposits and other receivables2,569,9814,250,699Due from related companies162,881813,325Financial assets at fair value through profit or loss900Other current assets63,381119,351Tax recoverable382,162499,478Restricted cash554,026598,800Pledged deposits51,38096,432Cash and
13、 cash equivalents874,6621,311,364 Total current assets18,866,69628,879,709 4 20242023NotesRMB000RMB000CURRENT LIABILITIESTrade and bills payables114,849,1365,513,317Other payables and accruals3,345,9423,767,586Interest-bearing bank and other borrowings121,894,0404,084,147Senior notes13872,940860,104
14、Contract liabilities6,622,88911,887,470Lease liabilities3,491Due to related companies103,259598,309Tax payable1,920,8192,094,888 Total current liabilities19,609,02528,809,312 NET CURRENT(LIABILITIES)ASSETS(742,329)70,397 TOTAL ASSETS LESS CURRENT LIABILITIES3,014,0515,237,459 NON-CURRENT LIABILITIES
15、Interest-bearing bank and other borrowings122,427,7002,141,350Lease liabilities8,539Deferred tax liabilities424,398452,687 Total non-current liabilities2,852,0982,602,576 NET ASSETS161,9532,634,883 EQUITYEquity attributable to owners of the parentShare capital8,6708,670Reserves180,9072,260,427 189,5
16、772,269,097 Non-controlling interests(27,624)365,786 TOTAL EQUITY161,9532,634,883 5 NOTES TO FINANCIAL STATEMENTS1.CORPORATE AND GROUP INFORMATIONThe Company is an exempted company with limited liability incorporated in the Cayman Islands.The registered address of the Company is Cricket Square,Hutch
17、ins Drive,P.O.Box 2681,Grand Cayman KY1-1111,Cayman Islands.During the Year,the Group was involved in the following principal activities:Property development Commercial property investment and operations Hotel operationsThe ultimate controlling shareholders of the Company are Mr.Liu Yuhui,Mr.Liu Ce,
18、Mr.Liu Haowei,Ms.Wang Tao,Ms.Long Yiqin and Ms.Hou Sanli(the“Controlling Shareholders”).In the opinion of the directors,the investment holding companies of the Company are Yuan Di Capital Limited,Fan Tai Investment Holding Limited,Yue Lai Investment Limited,Jin Sha Jiang Holding Limited,Ling Yue Cap
19、ital Holding Limited,Lian Rong Capital Limited,San Jiang Yuan Investment Limited,Fu Sheng Capital Limited and Shan Yuan Holdings Limited,which are incorporated in the British Virgin Islands with limited liability,and controlled by the Controlling Shareholders.2.ACCOUNTING POLICIES2.1 BASIS OF PREPAR
20、ATIONThese financial statements have been prepared in accordance with IFRSs(which include all International Financial Reporting Standards,International Accounting Standards(“IASs”)and Interpretations)issued by the IASB and the disclosure requirements of the Hong Kong Companies Ordinance.They have be
21、en prepared under the historical cost convention,except for investment properties and financial assets at fair value through profit or loss which have been measured at fair value.These financial statements are presented in Renminbi(“RMB”)and all values are rounded to the nearest thousand except when
22、 otherwise indicated.6 Going concern basisDuring the year ended 31 December 2024,the Group recorded a net loss of RMB2,334,805,000 and a net operating cash outflow.As at 31 December 2024,(i)the Groups total bank and other borrowings and senior notes amounted to RMB5,194,680,000,out of which RMB2,766
23、,980,000 will be due for repayment within the next twelve months,while its cash and cash equivalents amounted to RMB874,662,000;(ii)the Group had not repaid an aggregate principal amount of RMB872,940,000 for certain senior notes according to their scheduled repayment dates;(iii)an aggregate princip
24、al amount of RMB1,529,489,000 for certain interest-bearing bank and other borrowings had not been repaid according to their scheduled repayment dates.In addition,as at 31 December 2024 and as of the date of approval of these consolidated financial statements,the Group has been and is being sued by v
25、arious parties for various reasons.The above conditions indicate the existence of material uncertainties which cast significant doubt over the Groups ability to continue as a going concern.In view of such circumstances,the Directors have undertaken a number of plans and measures to improve the Group
26、s liquidity and financial position,including the following:(i)The Group has been actively negotiating with the Groups existing lenders to seek renewal or extension for repayment of the Groups bank and other borrowings;(ii)The Group has been actively negotiating with several financial institutions to
27、 obtain new loans at a reasonable cost for ensuring delivery of its property projects under development;(iii)The Group will continue to seek other alternative financing and borrowings to finance the settlement of its existing financial obligations and future operating and capital expenditures;(iv)Th
28、e Group has prepared a business strategy plan focusing on the acceleration of the sales of properties;(v)The Group has implemented measures to speed up the collection of outstanding sales proceeds and effectively control costs and expenses;(vi)The Group will continue to seek suitable opportunities t
29、o dispose of its equity interests in certain project development companies in order to generate additional cash inflows;and 7(vii)The Group has been proactive in seeking ways to settle the outstanding litigations of the Group.After taking into account of the above plans and measures and the Groups c
30、ash flow projections prepared by the management covering a period of not less than twelve months from 31 December 2024,the Directors are of the opinion that the Group will have sufficient working capital for its operations and can meet its financial obligations as and when they fall due.Accordingly,
31、the Directors considered that it is appropriate to prepare the consolidated financial statements of the Group for the year ended 31 December 2024 on a going concern basis.Notwithstanding the above,significant uncertainties exist as to whether the management of the Group will be able to implement the
32、 aforementioned plans and measures as described above.Whether the Group will be able to continue as a going concern will depend upon the Groups ability to generate adequate financing and operating cash flows through the following:(i)successfully negotiate with the Groups existing lenders for the ren
33、ewal or extension for repayment of the Groups bank and other borrowings;(ii)successfully secure project development loans for qualified project development;(iii)successfully obtain additional new sources of financing as and when needed;(iv)successfully carry out the Groups business strategy plan inc
34、luding the acceleration of the sales of properties;(v)successfully implement measures to speed up the collection of outstanding sales proceeds and effectively controlling costs and expenses;(vi)successfully dispose of the Groups equity interests in project development companies when suitable;and(vii
35、)successfully settle the outstanding litigations of the Group.Should the Group be unable to operate as a going concern,adjustments may have to be made to write down the carrying values of assets to their recoverable amounts,to provide for any further liabilities which might arise,and to reclassify n
36、on-current assets and non-current liabilities as current assets and current liabilities,respectively.The effect of these adjustments has not been reflected in the consolidated financial statements.8 2.2 APPLICATION OF NEW AND AMENDMENTS TO IFRSsApplication of amendments to IFRSsIn the current year,t
37、he Group has applied,for the first time,the following amendments to IFRSs issued by the IASB which are effective for the Groups financial year beginning on 1 January 2024:Amendments to IFRS 16Lease Liability in a Sale and LeasebackAmendments to IAS 1Classification of Liabilities as Current or Non-cu
38、rrentAmendments to IAS 1Non-current Liabilities with CovenantsAmendments to IAS 7 and IFRS 7Supplier Finance ArrangementsExcept as described below,the application of the amendments to IFRSs in the current year has had no material effect on the Groups financial performance and positions for the curre
39、nt and prior periods and/or on the disclosures set out in these consolidated financial statements.Impact on application of Amendments to IAS 1 Classification of Liabilities as Current or Non-current(the“2020 Amendments”)and Amendments to IAS 1 Non-current Liabilities with Covenants(the“2022 Amendmen
40、ts”)The 2020 Amendments clarify the requirements for classifying liabilities as current or non-current,including what is meant by a right to defer settlement and that a right to defer must exist at the end of the reporting period.Classification of a liability is unaffected by the likelihood that the
41、 entity will exercise its right to defer settlement.The amendments also clarify that a liability can be settled in its own equity instruments,and that only if a conversion option in a convertible liability is itself accounted for as an equity instrument would the terms of a liability not impact its
42、classification.The 2022 Amendments further clarify that,among covenants of a liability arising from a loan arrangement,only those with which an entity must comply on or before the reporting date affect the classification of that liability as current or non-current.Additional disclosures are required
43、 for non-current liabilities that are subject to the entity complying with future covenants within 12 months after the reporting period.The application of the amendments has no material impact on the classification of the Groups liabilities.9 3.OPERATING SEGMENT INFORMATIONFor management purposes,th
44、e Group is organised into business units based on their products and services and has three reportable operating segments as follows:(a)Property developmentDevelopment and sale of properties and project management(b)Commercial property investment and operations;Property leasing(c)Hotel operationsHot
45、el operationsManagement monitors the results of the Groups operating segments separately for the purpose of making decisions about resource allocation and performance assessment.Segment performance is evaluated based on reportable segment profit/loss,which is a measure of adjusted profit/loss before
46、 tax.The adjusted profit/loss before tax is measured consistently with the Groups profit before tax except that bank interest income,finance costs as well as head office and corporate expenses are excluded from such measurement.Segment assets exclude unallocated head office and corporate assets as t
47、hese assets are managed on a group basis.Segment liabilities exclude unallocated head office and corporate liabilities as these liabilities are managed on a group basis.10 The Groups operations are mainly conducted in Chinese Mainland.Management considered that there is no reportable geographic segm
48、ent as all revenues from external customers are generated in Chinese Mainland and the Groups significant non-current assets are located in Chinese Mainland.Year ended 31 December 2024Property developmentCommercial property investment and operationsHotel operationsTotalRMB000RMB000RMB000RMB000Segment
49、 revenueSales to external customers8,438,13385,78647,5578,571,476Segment results(1,014,939)(346,150)21,396(1,339,693)Reconciliation:Bank interest income7,680Finance costs(325,410)Corporate and other unallocated expenses(56,211)Loss before tax from continuing operations(1,713,634)Segment assets14,579
50、,4577,789,79385,24022,454,490Reconciliation:Corporate and other unallocated assets168,586 Total assets22,623,076 Segment liabilities15,895,7606,054,929147,89422,098,583Reconciliation:Corporate and other unallocated liabilities362,540 Total liabilities22,461,123 11 Year ended 31 December 2023Property
51、 developmentCommercial property investment and operationsHotel operationsTotalRMB000RMB000RMB000RMB000Segment revenueSales to external customers18,329,555110,52853,44118,493,524 Segment results495,397(285,847)15,638225,188Reconciliation:Bank interest income11,917Finance costs(262,376)Corporate and o
52、ther unallocated expenses(80,062)Loss before tax from continuing operations(105,333)Segment assets23,000,82010,693,895140,65233,835,367Reconciliation:Corporate and other unallocated assets211,404 Total assets34,046,771 Segment liabilities22,972,8407,862,162210,26131,045,263Reconciliation:Corporate a
53、nd other unallocated liabilities366,625 Total liabilities31,411,888 12 4.REVENUE,OTHER INCOME AND GAINSAn analysis of revenue is as follows:20242023RMB000RMB000Revenue from contracts with customersSale of properties8,426,56418,315,910Hotel operations47,55753,441Project management11,56913,645 Sub-tot
54、al8,485,69018,382,996 Revenue from other sourcesGross rental income from investment property operating leases85,786110,528 Total revenue8,571,47618,493,524 Revenue from contracts with customers(a)Disaggregated revenue informationFor the year ended 31 December 2024SegmentsProperty developmentProject
55、management operationsHotel operationsTotalRMB000RMB000RMB000RMB000Types of goods or servicesSale of properties8,426,5648,426,564Hotel operations47,55747,557Project management services11,56911,569 Total revenue from contracts with customers8,426,56411,56947,5578,485,690 Timing of revenue recognitionA
56、t a point in time8,426,56447,5578,474,121Recognised over time11,56911,569 Total revenue from contracts with customers8,426,56411,56947,5578,485,690 13 For the year ended 31 December 2023SegmentsProperty developmentProject management operationsHotel operationsTotalRMB000RMB000RMB000RMB000Types of goo
57、ds or servicesSale of properties18,315,91018,315,910Hotel operations53,44153,441Project management services13,64513,645 Total revenue from contracts with customers18,315,91013,64553,44118,382,996 Timing of revenue recognitionAt a point in time18,315,91053,44118,369,351Recognised over time13,64513,64
58、5 Total revenue from contracts with customers18,315,91013,64553,44118,382,996 20242023RMB000RMB000Other income and gainsBank interest income7,68011,917Management consulting service fees charged to joint ventures and associates7,665Government grants*3,70316,023Commercial compensation6,8636,538Gain on
59、 disposal of items of property,plant and equipment5,247Gain on disposal of subsidiaries32,638Gain on disposal of a joint venture2,909Gain on debt restructure7,4163,273Others2,2571,790 Total30,82885,091 *Government subsidy represented unconditional cash payments granted by government authorities.14 5
60、.LOSS BEFORE TAXThe Groups loss before tax from continuing operations is arrived at after charging/(crediting):20242023RMB000RMB000Costs of properties sold included in cost of sales8,397,56616,354,142Impairment losses recognised for properties under development(included in cost of sales)721,460605,1
61、18Impairment losses recognised for completed properties held for sale(included in cost of sales)479,333197,168Impairment losses recognised for trade receivables(note 1)608Impairment losses recognised for other receivables(note 1)115,535299Impairment losses recognised for due from related companies(n
62、ote 1)212,807Loss on bankruptcy reorganisation of subsidiaries(note 1)245,697Depreciation of property,plant and equipment33,67531,889Amortisation of other intangible assets3,3573,665Depreciation of right-of-use assets12,9147,612Expense relating to short-term leases1,5472,257Employee benefits expense
63、(including directors and chief executives remuneration):Wages and salaries144,574171,326Pension scheme contributions and social welfare10,69313,363Less:amounts capitalised to properties under development for sale(21,471)(28,237)133,796156,452 Note 1:These items are included in“Other expense”in the c
64、onsolidated statement of profit or loss.15 6.FINANCE COSTSAn analysis of finance costs is as follows:20242023RMB000RMB000Interest on bank loans and other borrowings,and senior notes440,026815,348Interest on lease liabilities284785Interest on pre-sales deposits included in contract liabilities183,509
65、858,180 Total interest expense623,8191,674,313Less:Interest capitalised(298,409)(1,411,937)325,410262,376 Interest capitalised arose on the general borrowing pool of the Group was calculated by applying a capitalisation rate of approximately 6.46%(2023:7.91%)per annum to expenditure on the qualifyin
66、g assets.7.INCOME TAXThe Group is subject to income tax on an entity basis on profits arising in or derived from the tax jurisdictions in which members of the Group are domiciled and operate.Pursuant to the rules and regulations of the Cayman Islands and British Virgin Islands,the Groups subsidiarie
67、s incorporated in the Cayman Islands and British Virgin Islands are not subject to any income tax.The Groups subsidiaries incorporated in Hong Kong are not liable for income tax as they did not have any assessable profits currently arising in Hong Kong for the year ended 31 December 2024.Subsidiarie
68、s of the Group operating in Mainland China,except for Tibet Ludi Industrial Co.,Ltd.(“Tibet Ludi”),are subject to PRC enterprise income tax(“EIT”)at a rate of 25%for the Year.Tibet Ludi enjoyed a preferential EIT rate of 15%during the year ended 31 December 2024.16 Land appreciation tax(“LAT”)is lev
69、ied at progressive rates ranging from 30%to 60%on the appreciation of land value,being the proceeds from the sale of properties less deductible expenditures including land costs,borrowing costs and other property development expenditures.The Group has estimated,made and included a provision for LAT
70、in taxation according to the requirements set forth in the relevant Chinese Mainland tax laws and regulations.The LAT provision is subject to the final review and approval by the local tax bureau.20242023RMB000RMB000Current tax:PRC EIT139,941380,582PRC LAT51,295462,537Deferred tax429,93537,086 Total
71、 tax charge for the year621,171880,205 8.DIVIDENDSThe Board has resolved not to declare any dividend for the year ended 31 December 2024(2023:Nil).9.LOSSES PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENTThe calculation of the basic losses per share amount is based on the loss for the
72、 year attributable to ordinary equity holders of the parent,and the weighted average number of ordinary shares of 1,026,945,000(2023:1,026,945,000)in issue during the year.No adjustment has been made to the basic losses per share amounts presented for the years ended 31 December 2024 and 2023 in res
73、pect of a dilution as the Group had no potentially dilutive ordinary shares in issue for the years ended 31 December 2024 and 2023.17 The calculations of basic and diluted losses per share are based on:20242023RMB000RMB000EarningsLoss attributable to ordinary equity holders of the parent,used in the
74、 basic and diluted losses per share calculation(2,084,744)(1,319,083)Number of shares20242023SharesWeighted average number of ordinary shares in issue used in the basic and diluted losses per share calculation1,026,945,000 1,026,945,000 10.TRADE RECEIVABLES20242023RMB000RMB000Trade receivables31,964
75、41,332Less:allowance for impairment of trade receivables(608)31,35641,332 An ageing analysis of the trade receivables as at the end of the reporting period,based on the date of the properties or billing date were delivered and sales,is as follows:20242023RMB000RMB000Less than 1 year31,35636,034Over
76、1 year6085,298 Total31,96441,332 18 11.TRADE AND BILLS PAYABLESAn ageing analysis of the trade and bills payables as at the end of each reporting period,based on the invoice date,is as follows:20242023RMB000RMB000Less than 1 year1,900,6844,584,071Over 1 year2,948,452929,246 4,849,1365,513,317 The tr
77、ade payables are unsecured and non-interest-bearing and are normally settled based on the progress of construction.12.INTEREST-BEARING BANK AND OTHER BORROWINGS31 December 202431 December 2023Effect interest rate(%)MaturityRMB000Effect interest rate(%)MaturityRMB000CurrentCurrent portion of long ter
78、m bank loans secured2.399.17202523,1574.519.1320241,178,166Current portion of long term bank loans secured4.75.12on demand638,75145.12on demand886,711Current portion of long term other loans secured9.932025341,39410.0611.520241,123,130Current portion of long term other loans secured11.511.88on deman
79、d890,73811.88on demand896,140 Total-current1,894,0404,084,147 Non-currentBank loans secured4.074.93202620352,059,7264.708.41202520351,954,641Other loans secured8.5810.120262027367,9748.279.9320252026186,709 Total-non-current2,427,7002,141,350 Total4,321,7406,225,497 19 Bank and other borrowings20242
80、023RMB000RMB000Analysed into:Repayable within one year or on-demand1,894,0404,084,147Repayable in the second year15,329403,441Repayable in the third to fifth years,inclusive1,029,174170,584Repayable beyond five years1,383,1971,567,325 4,321,7406,225,497 13.SENIOR NOTESPrincipal at original currency
81、Contractual interest rate Maturity31 December 202431 December 2023US$000(%)RMB000RMB000Senior notes due 2022(“2022 notes I”)2,96612 June 202221,32121,007Senior notes due 2023(“2023 notes I”)119,43012 June 2023851,619839,097 Total Current872,940860,104 As at 31 December 2024 and 2023,the Groups senio
82、r notes were in default and repayable on demand.20 BUSINESS REVIEWIn 2024,although the Group was inevitably impacted by the deep restructuring of the industry,it managed to achieve strong results despite certain fluctuations,showcasing the resilience of its workforce in adversity.In addition,we succ
83、eeded in delivering about 910,000 square metres(“sq.m.”)of properties to property owners,which is a strong testament to the dedication and hard work of all staff in the production system and the project team.On the other hand,the investment,finance,treasury and legal teams have been tackling difficu
84、lt projects.The birth of the“Nanyuan(楠苑)”series also marks the beginning of a new chapter in the Groups product iteration and upgrading process.The journey in 2024 was far from smooth,with final results falling short of expectations.However,the Company remained resilient in the face of challenges,an
85、d the Group continued to demonstrate its vitality and resilience.We would like to extend our sincere recognition and appreciation to all employees for their dedication and hard work throughout the past year.OUTLOOKIn 2025,the Group will focus on sales of remaining properties,indebtedness reduction a
86、nd rejuvenation.First is to sell remaining properties.Apparently,the industry has entered an era of de-stocking,and the pressure of inventory remains a challenge for the Group.Continuously exploring effective de-stocking strategies will be the most important issue for 2025.Second is to reduce indebt
87、edness.The Groups land reserve,however,is also hampered by a number of factors that prevent it from being effectively converted into production resources for the time being.We strive to optimise our debt structure and increase liquidity by revitalising our assets through our policies.Third is to fos
88、ter rejuvenation.We will maintain our unwavering commitment to quality through 2025,with quality remaining the core driver that propels the Company from survival to prosperity.21 MANAGEMENT DISCUSSION AND ANALYSISProperty DevelopmentContracted SalesDuring the Year,the Group recorded contracted sales
89、 of RMB3,727 million,representing a year-over-year decrease of 53%from the year ended 31 December 2023 due to the industry wide continuous downturn in China during the Year.During the Year,total contracted gross floor area(“GFA”)sold amounted to approximately 0.58 million sq.m.,representing a decrea
90、se of approximately 47%from approximately 1.1 million sq.m.for the year ended 31 December 2023.Contracted average selling price(“ASP”)for the year ended 31 December 2024 was approximately RMB6,481 per sq.m.,compared with RMB7,202 per sq.m.for the year ended 31 December 2023.Contracted sales from Bei
91、jing-Tianjin-Hebei Region,Central China,Chengdu-Chongqing Economic Zone and Sichuan province,Guangdong-Hong Kong-Macau Greater Bay Area contributed to approximately 2%,4%,84%and 1%,respectively,of the Groups total contracted sales in 2024.The following table sets out the geographic breakdown of the
92、Groups contracted sales in 2024.Contracted GFA SoldContracted SalesContracted ASP%of Contracted Sales(sq.m.)(RMB000)(RMB/sq.m.)(%)Beijing-Tianjin-Hebei Region13,5778,4846,2492%Central China32,48514,6684,5154%Chengdu-Chongqing Economic Zone and Sichuan province448,131310,8316,93684%Guangdong-Hong Kon
93、g-Macau Greater Bay Area6,8274,3306,3421%Other Regions(1)73,98134,3474,6439%Total575,001372,6606,481100%Note:(1)Other Regions include Changchun of Jilin province,Urumqi and Korla of Xinjiang Uyghur Autonomous Region,Zunyi and Kaili of Guizhou province,which are not in the Groups key regions.22 Reven
94、ue Recognized from Sales of PropertiesRevenue from sale of properties of the Group decreased by 54%from approximately RMB18,316 million for the year ended 31 December 2023 to approximately RMB8,427 million for the year ended 31 December 2024,accounting for 98%of the Groups total revenue.The Groups r
95、ecognized ASP from sales of properties decreased from approximately RMB7,244 per sq.m.for the year ended 31 December 2023 to approximately RMB6,876 per sq.m.for the Year.The following table sets forth the details of the revenue recognized from the sales of properties of the Group by geographical loc
96、ation for the years indicated.Recognized Revenue from Sale of Properties%of Recognized Revenue from Sale of PropertiesTotal GFA RecognizedRecognized ASP(RMB000)(RMB000)%sq.msq.mRMB/sq.mRMB/sq.m20242023202420232024202320242023Beijing-Tianjin-Hebei Region18,414271,5710.2%1.5%2,29343,3708,0316,262Centr
97、al China346,568116,1304.1%0.6%114,95022,7323,0155,109Chengdu-Chongqing Economic Zone and Sichuan province5,462,27817,140,93864.8%93.6%713,1782,346,1937,6597,306Guangdong-Hong Kong-Macau Greater Bay Area14,794613,6650.2%3.4%3,20679,0394,6147,764Other Regions2,584,510173,60630.7%0.9%391,96336,9716,594
98、4,696 Total8,426,56418,315,910100%100%1,225,5902,528,3056,8767,244 The following table sets forth the revenue from sale of properties and ASP by type of properties for the years indicated.Recognized Revenue from Sale of Properties%of Recognized Revenue from Sale of PropertiesTotal GFA RecognizedReco
99、gnized ASP(RMB000)(RMB000)%sq.msq.mRMB/sq.mRMB/sq.m20242023202420232024202320242023Residential7,137,03016,964,91284.7%92.6%995,8572,286,0297,1677,421Commercial1,061,1591,052,29012.6%5.7%89,25488,72511,88911,860Car Parks228,375298,7082.7%1.6%140,478153,5511,6261,945 Total8,426,56418,315,910100.0%100.
100、0%1,225,5892,528,3056,8767,244 23 Completed Properties Held for SaleProperties held for sale represent completed properties remaining unsold at the end of each financial period and are stated at the lower of cost and net realizable value.Cost of properties held for sale is determined by an apportion
101、ment of related costs incurred attributable to the unsold properties.As at 31 December 2024,the Group had completed properties held for sale of RMB3,530 million,representing a decrease of 40%from RMB5,846 million as at 31 December 2023.The decrease was primarily due to the sluggish sales of properti
102、es.The Group has obtained the construction completion certificates in respect of all completed properties held for sale.Properties under DevelopmentProperties under development are intended to be held for sale after completion.Properties under development are stated at the lower of cost comprising l
103、and costs,construction costs,capitalized interests and other costs directly attributable to such properties incurred during the development period and net realizable value.Upon completion,the properties are transferred to completed properties held for sale.As at 31 December 2024,the Group had proper
104、ties under development of RMB10,647 million,representing a decrease of 30%from RMB15,302 million as at 31 December 2023 as the Group has taken a more prudent approach on developing new projects after considering the current industry environment.Property InvestmentCommercial Property OperationsThe Gr
105、oups revenue from commercial property operations of the Group decreased by 22%from approximately RMB111 million for the year ended 31 December 2023 to approximately RMB86 million for the year ended 31 December 2024,primarily attributable to the decrease in the occupancy rate and rental due to the sl
106、uggish domestic macro-economy.Investment PropertiesAs at 31 December 2024,the Group had 8 investment properties with a total leasable GFA of approximately 291,394 sq.m.Out of such investment properties portfolio of the Group,investment properties with a total GFA of approximately 221,796 sq.m.had co
107、mmenced leasing.24 LAND BANKAs at 31 December 2024,the total GFA of land reserves of the Group was approximately 8,187,585 sq.m.The following table sets forth a summary of the Groups property interests as at 31 December 2024:No.Project NamesCityInterest Attributable to the GroupPrimary Intended UseS
108、ite Area (sq.m.)Actual/Estimated Completion DateLand Bank(1)(sq.m.)AddressProperties developed by the Group and its subsidiaries1Chengdu Yipin CenterChengdu95%Commercial/Carpark/Others20,53431 December-2030141,509Within the planned red line of Chadianzi Yipintianxia Street,Jinniu District,Chengdu Ci
109、ty,Sichuan Province2Chengdu Xishan LantaiChengdu100%Residential/Carpark/Ancillary/Others34,75625 May-202113,520No.988,Huaxin Avenue,Baihe Town,Longquanyi District,Chengdu City,Sichuan Province3Chengdu Yue CenterChengdu99%Residential/Commercial/Carpark/Ancillary/Others27,40020 May-202210,372No.521,Ea
110、st Section of Industrial Avenue,Xindu District,Chengdu City,Sichuan Province4Chongqing Leading Guanyun HouseChongqing99%Residential/Carpark/Ancillary/Others40,37210 November-202116,620No.N23/03,N District,Jieshizutuan,Banan,Chongqing5Leshan Qingjiang Lantai MansionLeshan99%Residential/Commercial/Car
111、park/Ancillary/Others50,00025 December-20207,469No.533 Ruihan Road,Shizhong District,No.1065 Taibai Road,Shizhong District,Leshan City,Sichuan Province6Chengdu Tianfu Lantai Mansion(Xinlong)Chengdu98%Residential/Commercial/Carpark/Ancillary/Others159,96309 December-202244,973Group 2,5,6,Yangliu Vill
112、age and Group 2,Liuhe Village,Huayuan Town,Xinjin County,Chengdu City,Sichuan Province7Chengdu Tianfu Lantai Mansion(Jingyang)Chengdu100%Residential/Carpark/Ancillary/Others38,96730 November-202122,507Group 2,3,Yangliu Village,Huayuan Town,Xinjin County,Chengdu City,Sichuan Province8Chengdu Haina Sh
113、idaiChengdu99%Residential/Commercial/Carpark/Ancillary/Others41,82228 February-201713,055Zhili Road and Zhixinger Road,Chengdu City,Sichuan Province9Chengdu Lantai HouseChengdu99%Residential/Carpark/Others40,89730 October-202013,681No.1555,Guoning West Road,Hongguang Town,Pidu District,Chengdu City,
114、Sichuan Province10Chengdu Leading TianyuMeishan100%Residential/Commercial/Carpark/Ancillary/Others57,52312 December-202316,823Diagonally opposite to Volkswagen 4S Store,Renshou Avenue,Renshou County,Chengdu City,Sichuan Province11Pengshan Guanjiang MansionMeishan80%Residential/Commercial/Carpark/Anc
115、illary/Others71,77031 March-202332,816Binjiang Avenue,Pengshan District,Meishan City,Sichuan Province12Panzhihua Leading Yangguang Flower CityPanzhihua100%Residential/Commercial/Carpark/Ancillary/Others186,79131 December-202495,441Ganbatang Area,Huacheng New District,Panzhihua City,Sichuan Province1
116、3Xichang Leading Lantai HouseXichang51%Residential/Commercial/Carpark/Ancillary/Others99,75224 May-20193,157Xijiao Yaoshan Village,North of Nanshan Avenue,South of Haihe Road,Xichang City,Sichuan Province14Xichang Leading Triumph International MansionXichang82%Residential/Commercial/Carpark/Ancillar
117、y/Others33,28731 January-2017917No.599,Section 5,East Extension Line of Hangtai Road,Xichang City,Sichuan Province15Xichang Leading Jinxiu Lantai MansionXichang96%Residential/Commercial/Carpark/Ancillary/Others62,57831 December-2027115,969Near Zhonghang East Road,West New City,Xichang City,Sichuan P
118、rovince16Urumchi Leading Lantai HouseUrumchi95%Residential/Commercial/Carpark/Ancillary/Others103,92831 December-2027135,449No.616,Junggar Street,East of Suzhou Road,Urumqi City,Xinjiang Uygur Autonomous Region 25 No.Project NamesCityInterest Attributable to the GroupPrimary Intended UseSite Area (s
119、q.m.)Actual/Estimated Completion DateLand Bank(1)(sq.m.)Address17Urumchi Leading TianyuUrumchi100%Residential/Commercial/Carpark/Ancillary/Others115,42831 December-202792,378South of Hongguangshan Road,Shuimogou District,Urumqi City,Xinjiang Uygur Autonomous Region18Korla Leading Lantai HouseKorla10
120、0%Residential/Commercial/Carpark/Ancillary/Others63,62415 October-20205,376Leading Triumph Mansion,near southwest No.6 Shihua Avenue,No.5 Community,Construction Area,Korla City,Bazhou,Xinjiang Uygur Autonomous Region19Korla Leading Triumph MansionKorla85%Residential/Commercial/Carpark/Ancillary/Othe
121、rs87,93331 December-202728,595(Next to Peacock Park)No.6 Shihua Avenue,Korla,Xinjiang Uygur Autonomous Region20Chengteh Lantai HouseChengteh40%Residential/Commercial/Carpark/Ancillary/Others53,27930 July-20201,856Yuanbao Mountain,Shuangtashan Town,Shuangluan District,Chengde City,Hebei Province21Che
122、ngteh Lantai House Yunshang&JinyuanChengteh50%Residential/Commercial/Ancillary/Others62,96931 December-202470,868Sicaigou B,Dayuanbao Mountain,Shuangtashan Town,Shuangluan District,Chengde City,Hebei Province22Chengteh Lantai House YueshanChengteh51%Residential/Commercial/Carpark/Ancillary/Others34,
123、98101 April-20236,833Yuanbao Mountain,Shuangluan District,Chengde City,Hebei Province23Jilin Triumph MansionChangchun55%Residential/Commercial/Carpark/Ancillary/Others132,18822 May-2020125Xincheng West Street,Jingyue Development Zone,Changchun City,Jilin Province24Xingyang Leading TianyuXingyang70%R
124、esidential/Commercial/Carpark/Ancillary/Others29,39631 December-202135,463Northwest of the intersection of Jingcheng Road and Gongye East Road,Xingyang City,Zhengzhou City,Henan Province25Shangqiu Leading Lantai HouseShangqiu51%Residential/Commercial/Carpark/Ancillary/Others59,69831 December-202719,
125、139North of Xiwang Road,south of Nanjing Road,west of Shangqiu City Road(Planning),East of Zhenxing Road,Henan Province26Zhumadian Royal Lantai Mansion Phase IZhumadian69%Residential/Commercial/Carpark/Ancillary/Others182,93631 December-2021153,022Northwest of the intersection of Tianzhongshan Avenu
126、e and Jianshe Avenue,Zhumadian City,Henan Province27Zhumadian Royal Lantai Mansion Phase IIZhumadian69%Residential/Carpark/Ancillary/Others70,59031 December-2030200,882Northeast of the intersection of Zhangtai Avenue and Jianshe Avenue,Zhumadian City,Henan Province28Zhumadian Royal Lantai Mansion Ph
127、ase IIIZhumadian69%Residential/Carpark/Ancillary/Others75,86331 December-203050,811Southwest of the intersection of Lizhuang Road and Chunliu Road,Zhumadian City,Henan Province29Zhumadian Royal Lantai Mansion Phase IVZhumadian69%Residential/Carpark/Ancillary/Others168,48931 December-2027253,504North
128、east corner of the intersection of Tongshan Avenue and Jianshe Avenue,Zhumadian City,Henan Province30Zhumadian Royal Lantai Mansion Phase VZhumadian69%Residential/Commercial/Carpark/Ancillary/Others156,27031 December-2030181,271The southeast side of the intersection of Lizhuang Road and Chunliu Road
129、,and the northwest side of the intersection of Zhangtai Road and Jianshe Avenue,Zhumadian City,Henan Province31Jingzhou Leading Lantai HouseJingzhou100%Residential/Commercial/Carpark/Ancillary/Others54,07028 September-202111,581Northwest of the intersection of Chutian Road and Dongqiao Road,Jingbei
130、New District,Jingzhou District,Jingzhou City,Hubei Province32Jingzhou Leading Fengming Lantai MansionJingzhou100%Residential/Commercial/Carpark/Ancillary/Others48,39914 July-20228,375No.66,Fengming Avenue,Jingzhou District,Jingzhou City,Hubei Province33Leshan Haina MansionLeshan51%Residential/Commer
131、cial/Carpark/Ancillary/Others36,20005 January-20161,141No.1589 Muyuan Road,Muchuan County,Leshan City,Sichuan Province 26 No.Project NamesCityInterest Attributable to the GroupPrimary Intended UseSite Area (sq.m.)Actual/Estimated Completion DateLand Bank(1)(sq.m.)Address34Leshan Lantai HouseLeshan59
132、%Residential/Commercial/Carpark/Ancillary/Others88,10831 December-202119,008East of the intersection of Sansu Road and Ruixiang Road,Qingjiang New District,Shizhong District,Leshan City,Sichuan Province35Leshan TianyuLeshan50%Residential/Commercial/Carpark/Ancillary29,79601 March-2020228Intersection
133、 of Hanlin Road and Fenghuang Road,Tongjiang District,Leshan City,Sichuan Province36Leshan LanshanLeshan99%Residential/Commercial/Carpark/Ancillary/Others89,63001 October-20214,199No.881,Section 1,Ruixiang Road,Leshan City,Sichuan Province37Leshan International MansionLeshan99%Residential/Commercial
134、/Carpark/Ancillary/Others127,20417 May-2019884Taoyuan New Village,Mouzi Town,Shizhong District,Leshan City,Sichuan Province38Meishan Triumph International MansionMeishan100%Residential/Commercial/Carpark/Ancillary/Others256,30327 November-202024,412Southwest corner of the intersection of Hubin Road
135、and Meizhou Avenue,Meishan City,Sichuan Province39Meishan Triumph SquareMeishan78%Residential/Commercial/Carpark/Ancillary73,97619 May-201590Northeast of the intersection of Suyuan Road and Dongpo Avenue,Dongpo District,Meishan City,Sichuan Province40Meishan Huayu Phase IIMeishan99%Residential/Comme
136、rcial/Carpark/Ancillary/Others9,10203 June-20201,629Southeast corner of the intersection of Suyuan Road and Chongguang Street,Meishan City,Sichuan Province41Meishan Triumph International Mansion Phase IIMeishan57%Residential/Commercial/Carpark/Ancillary/Others39,83830 July-2019183Northeast of the in
137、tersection of Jiangxiang Road and Qingyihang,Dongpo District,Meishan City,Sichuan Province42Haifeng TianyuShanwei100%Residential/Commercial/Carpark/Ancillary/Others35,77416 December-202338,856Plot KJC-B07,Ecological Technology City,Haifeng County,Shanwei City,Guangdong Province43Huizhou Lantai House
138、Huizhou100%Residential/Commercial/Carpark/Ancillary/Others83,84030 March-202340,229West of Jinquan Road,Xincheng,North Railway Station,Huicheng District,Huizhou City,Guangdong Province44Foshan Haina LongtingFoshan51%Residential/Commercial/Carpark/Others36,94330 August-2017434the north side of Qinggo
139、ng Road and the east side of Dayong,North and South,Chancheng District,Foshan Guangdong Province45Foshan Haina JuntingFoshan100%Residential/Commercial/Carpark/Ancillary/Others20,53601 April-201775West Guangyun Chantan Cross Road,Zhenli,Dali,Nanhai District,Guangdong Province46Mianyang TianyuMianyang
140、100%Residential/Commercial/Carpark/Ancillary/Others26,14031 March-20205,121No.2,Hongqiao Road,Chengnan New District,Mianyang City,Sichuan Province47Mianyang Lantai HouseMianyang61%Residential/Commercial/Carpark/Ancillary/Others56,06020 August-20208,382No.94,Sanxing Road,Youxian District,Mianyang Cit
141、y,Sichuan Province48Nanchong Lantai HouseNanchong99%Residential/Carpark/Ancillary/Others59,77420 April-202264,666No.118,Maoyuan South Road,Shunqing District,Nanchong City,Sichuan Province49Nanchong TianyuNanchong50%Residential/Commercial/Carpark/Ancillary/Others25,05317 November-202014,993No.561,Jin
142、yuling Road,Shunqing District,Nanchong City,Sichuan Province50Yaan YunjingYaan100%Residential/Commercial/Carpark/Ancillary30,18406 November-202010,453Daxing Town,Yucheng District,Yaan City,Sichuan Province51Yaan Guanjiang MansionYaan99%Residential/Commercial/Carpark/Ancillary39,14923 November-202013
143、,927Qianjin Village,Daxing Town,Yucheng District,Yaan City,Sichuan Province52Yaan TianyuYaan53%Residential/Commercial/Carpark/Ancillary18,25312 September-20197,714Yazhou Avenue,Yucheng District,Yaan City,Sichuan Province 27 No.Project NamesCityInterest Attributable to the GroupPrimary Intended UseSi
144、te Area (sq.m.)Actual/Estimated Completion DateLand Bank(1)(sq.m.)Address53Yaan Lantai HouseYaan49%Residential/Commercial/Carpark/Ancillary43,79002 February-202119,883No.6,Ankang Road,Yucheng District,Yaan City,Sichuan Province54Yaan Lantai House Phase IIIYaan99%Residential/Commercial/Carpark/Ancill
145、ary/Others53,52015 September-202124,597Plot 212,Daxing District,Yucheng District,Yaan City,Sichuan Province55Mianyang Guanjiang MansionMianyang100%Residential/Commercial/Carpark/Others134,01631 December-2027361,625Putisi Village,Ningxiang Temple Neighborhood Committee,High-tech Zone,Mianyang City,Si
146、chuan Province56Mianyang Leading Dongyuan Yue TownMianyang49%Residential/Commercial/Carpark/Ancillary/Others116,75530 June-2023112,504C,Dengta Community,Qingyi Town,Fucheng District,Mianyang City,Sichuan Province57Yaan YuejiangtingYaan50%Residential/Commercial/Carpark/Ancillary/Others16,67421 Octobe
147、r-20219,918Daxing Area,Yucheng District,Yaan City,Sichuan Province58Xichang TianyuXichang99%Residential/Commercial/Carpark/Ancillary/Others26,93515 January-20234,104Near Section 1 of Linhuanhai Road,Chengdongchuanxing,Xichang City,Sichuan Province59Kaili Leading TianyuKaili99%Residential/Commercial/
148、Carpark/Ancillary/Others251,14831 December-2027644,929Daxing Area,Yucheng District,Yaan City,Sichuan Province60Chengdu Xindu Yue HouseChengdu100%Residential/Commercial/Carpark/Ancillary/Others310,86630 August-2024393,882No.600,East Section of Xueyuan Road,Xindu District,Chengdu City,Sichuan Province
149、61Luzhou Lantai HouseLuzhou96%Residential/Commercial/Carpark/Ancillary/Others52,76728 February-202342,517East side of Changjiang Primary School,Shawan District,Luzhou City,Sichuan Province62Chengdu Tianfu Kangcheng(Duneng)Chengdu95%Residential/Commercial/Carpark/Ancillary90,12131 December-2028230,17
150、0East of Huanhu East Road,Shigao Town,Renshou County63Chengdu Tianfu Kangcheng(Shengyu)Chengdu95%Commercial/Carpark/Ancillary/Others60,63831 December-2028271,425East of Huanhu East Road,Shigao Town,Renshou County64Chengdu Tianfu Kangcheng(Yuandi)Chengdu95%Residential/Commercial/Carpark/Ancillary85,7
151、7331 December-2028192,988East of Huanhu East Road,Shigao Town,Renshou County65Urumqi Jinshang Lantai MansionUrumchi60%Residential/Commercial/Carpark/Ancillary/Others27,05910 May-20244,611East of Liyushan Road,High-tech Zone,Urumqi City66Urumchi Tianjing YunzhuUrumchi100%Residential/Commercial/Carpar
152、k/Ancillary/Others30,17810 January-202414,706Main Road,Changchun Middle Road,Urumqi City67Nanchong Jinwei Leading Yue TownNanchong44%Residential/Commercial/Carpark/Ancillary/Others90,14230 June-2025151,242Plot 2 on the east side of Financial Avenue,North New City,Shunqing District,Nanchong City68Gua
153、ngyuan Leading CityGuangyuan96%Residential/Commercial/Carpark/Ancillary290,48031 December-2027304,563Located on the east side of Kangyang Avenue in Heishipo Forest Park and the north side of Qiaoge Road in Xuefeng Office,Lizhou District,Guangyuan City69Panzhihua Ruxiang Flower CityPanzhihua50%Commer
154、cial/Carpark/Ancillary10,56231 March-202326,723Ganbatang Area,Huacheng New District,Panzhihua City70Chengdu Leading Guanjiang HouseDujiangyan86%Residential/Commercial/Carpark/Ancillary/Others78,47531 December-2024115,897North of Baishui East Road,East of Shangshan East Road,Dujiangyan City,Sichuan P
155、rovince71Suining Taoli CountySuining34%Residential/Commercial/Carpark/Ancillary/Others30,80830 March-202331,835East of Suizhou North Road,North of Hongqiao East Street,Suining Economic Development Zone,Sichuan Province72Xichang Leading GuanyuanXichang69%Residential/Commercial/Carpark/Ancillary/Other
156、s90,53130 March-202564,029The southeast area of the downtown,Xichang City,Sichuan Province73Luohe Lishang LantaiLuohe50%Residential/Commercial/Carpark/Ancillary/Others109,72431 December-2027221,309West of High-speed Railway Bridge,on the north side of Shali Industry Cluster,South of Lihe,Luohe City,
157、Henan Province 28 No.Project NamesCityInterest Attributable to the GroupPrimary Intended UseSite Area (sq.m.)Actual/Estimated Completion DateLand Bank(1)(sq.m.)Address74Chengdu Leading Hexing Lifu Lantai MansionPengzhou50%Residential/Commercial/Carpark/Ancillary/Others64,30910 January-202438,156Qing
158、yang Village,Zhihe Town,Pengzhou City,Sichuan Province75Chengdu Huguang HeyuePengzhou50%Residential/Commercial/Carpark/Ancillary41,34330 November-202343,721South side of Section 1,Huanhu Road,West side of Kaixuan Avenue,Zhihe Street,Pengzhou City,Sichuan Province76Leshan Biguiyuan Leading Tangyue La
159、ntaiLeshan99%Residential/Commercial/Carpark/Ancillary56,19731 May-202432,679South side of Tanmu South Street,Central District,Leshan City,Sichuan Province77Mianyang Leading CityMianyang35%Residential/Commercial/Carpark/Ancillary509,35227 January-20301,370,337Longmen Town,Fucheng District,Mianyang Ci
160、ty,Sichuan Province78Leshan Lanshan YueLeshan99%Residential/Commercial/Carpark/Ancillary25,56010 August-20239,761North side of Changqing Road,west side of Ruixiang Road,Qingjiang Area,Leshan,Sichuan Province79Wuhan Leading Yinbao CityWuhan51%Residential/Commercial/Carpark/Ancillary22,13130 December-
161、2025110,233Fangcao Road,Wuhan City80Mianyang Yue GardenMianyang86%Residential/Commercial/Carpark/Ancillary36,41101 June-202671,553Science and Innovation Park,Mianyang City,Sichuan Province81Pengzhou Jinxiu TianchenChengdu51%Residential/Commercial/Carpark/Ancillary23,21730 November-202415,739East of
162、Binhe North Road,Tianpeng Street,north of North Section of Mudan Avenue,Pengzhou City82Xindu YueyingeChengdu50%Residential/Commercial/Carpark/Ancillary/Others35,23830 March-2025159,447Xiaolin Village,Xindu Town83Emei Lotus LakeLeshan70%Residential/Commercial/Carpark/Ancillary/Others247,37701 Septemb
163、er-2029216,495Shili Village,Shengli Town,Emeishan City;Penggui Village,Guihuaqiao Town,Emeishan City,Sichuan Province84Xichang Nanshan HouseXichang88%Residential/Commercial/Carpark/Ancillary/Others66,32230 May-202435,741Zhangjiatun Village,Xijiao Township,Xichang City,Sichuan Province85Xichang Jinxi
164、u XuefuXichang88%Residential/Commercial/Carpark/Ancillary/Others17,39330 December-202651,758Lot A-14,West New City,Xichang City,Sichuan Province86Pengzhou Leading NanyuanChengdu89%Residential/Commercial/Carpark/Ancillary/Others20,13730 June-202678,279North Side of Jingyi Road and East Side of Jingru
165、i West Road,Tianpeng Street,Pengzhou City,Chengdu Subtotal6,814,2657,538,336 Properties developed by the associates and joint ventures of the Company1Leshan Emei the Grand SightLeshan60%Commercial/Ancillary50,30221 January-202112,088North of Exiu Lake,Emeishan City,Sichuan Province2Zhangjiakou Yuanj
166、un Manting FangyuanZhangjiakou33%Residential/Commercial/Carpark/Ancillary/Others170,59231 December-202788,402Shalingzi Town,Xuanhua District,Zhangjiakou City,Hebei Province3Yaan TianrunYaan50%Residential/Commercial/Carpark/Ancillary15,53029 May-20203,153Chenghou Road,Yucheng District,Yaan City,Sichu
167、an Province4Yaan Tianlu BayYaan34%Residential/Commercial/Carpark/Ancillary/Others70,14027 December-202152,818Daxing Town,Yucheng District,Yaan City,Sichuan Province5Leshan Hengbang Shuanglin Global CenterLeshan5%Residential/Office/Commercial/Carpark/Ancillary31,63204 June-20212,693The junction of Fe
168、nghuang Road and Boyang Road,Central District,Leshan City,Sichuan Province6Nantong Longteng Hua HouseNantong3%Residential/Commercial/Carpark/Ancillary/Others125,95031 December-20258,268North of Dongxinghu Avenue,Longteng Road,Nantong City,Jiangsu Province7Nanchong Tianjing No.1 DistrictNanchong33%Re
169、sidential/Carpark/Ancillary51,15531 December-203048,703Yaners Nest Area,Shunqing District,Nanchong City,Sichuan Province 29 No.Project NamesCityInterest Attributable to the GroupPrimary Intended UseSite Area (sq.m.)Actual/Estimated Completion DateLand Bank(1)(sq.m.)Address8Nanchong Tianjing No.2 Dis
170、trictNanchong33%Residential/Commercial/Carpark/Ancillary/Others45,56731 December-203035,730No.2021-b-9 Yaners Nest Area,Shunqing District,Nanchong City,Sichuan Province9Zhangjiajie Xinsong Leading Robot Happy TownZhangjiajie30%Residential/Commercial/Carpark/Ancillary77,78331 December-202783,622On th
171、e east side of Huatian Phase I,on the south side of Binhe Road,on the north side of Indigo Plaza,on the west side of Yingbin Road,Guanliping Office,Yongding District,Zhangjiajie City10Chengdu Tianfu Leading TownChengdu50%Residential/Commercial/Carpark/Ancillary/Others271,50131 December-2027 313,773(
172、No.18,Section 2,Shengwu Cheng Middle Road,Shuangliu District)Tianfu International Biological City,Chengdu City,Sichuan ProvinceSubtotal910,152649,250 Total7,724,4178,187,586 Note:(1)Total GFA of the Groups land bank includes(i)GFA available for sale and total leasable GFA for completed properties,(i
173、i)GFA for properties under development and(iii)GFA for properties held for future development.For projects that are not wholly owned by the Group,the total GFA will be adjusted by our equity interest in the respective project.30 INVESTMENT PROPERTIESThe following table sets forth a summary of the Gr
174、oups investment properties as of 31 December 2024:No.ProvinceCityProject NamesAddressProperty TypesTotal GFA(sq.m.)Tenure1.SichuanChengduChengdu International Finance CenterNo.151,2nd Tianfu Street and No.750,Jitai Road,Gaoxin District,Chengdu,Sichuan ProvinceShopping MallOfficeCarparkAncillary30,20
175、02,92624,8103,088Medium term lease Sub-total:61,024 2.SichuanLeshanLeshan AmazonNo.418 and No.424,North Section of Longyou Road,Shizhong District,Leshan City,Sichuan ProvinceSupporting Commercial Facility for Residential Area1,292 Medium term lease Sub-total:1,292 3.SichuanLeshanLeshan Times SquareN
176、o.336,Baiyun Street,Shizhong District,Leshan,Sichuan ProvinceShopping MallCarparkWarehouse29,8304,504961Medium term lease Sub-total:35,295 4.SichuanLeshanLeshan Amazon and Part of Times SquareNo.418 and No.424,North Section of Longyou Road,and No.336,Baiyun Street,Shizhong District,Leshan City,Sichu
177、an ProvinceSupporting Commercial Facility for Residential AreaCarpark and Supporting Facilities9,8152,362Medium term lease Sub-total:12,177 31 No.ProvinceCityProject NamesAddressProperty TypesTotal GFA(sq.m.)Tenure5.JilinJilinJilin International Commerce CenterEast of Caiyu Street,Jingyue Developmen
178、t Zone,Changchun City,Jilin ProvinceShopping Mall76,322 Medium term lease Sub-total:76,322 6.SichuanChengduChengdu Leading CenterNo.3 and No.5,Xiyu Street,Qingyang District,Chengdu,Sichuan ProvinceFirst-floor Commercial Area in OfficeEast and West Towers of OfficeCarparkAncillary9,954103,04225,6118,
179、658Medium term lease Sub-total:147,265 7.SichuanXinduGangji Hanxiangfu Preschool Gangji Famers Market in Diexiang ManorNo.600,East Section of Xueyuan,Xindu District,Chengdu City,Sichuan ProvincePreschoolFarmers Market1,7993,438Medium term lease Sub-total:5,237 8.SichuanPanzhihuaPanzhihua Leading Yan
180、gguang Flower CityGanbatang Area,Huacheng New District,Panzhihua City,Sichuan ProvinceFarm product market(農貿市場)2,031 Medium term lease Sub-total:2,031 Total:340,643 32 FINANCIAL REVIEWRevenueDuring the Year,the Group derived its revenue from four business lines,namely(i)sale of properties;(ii)commer
181、cial property operations;(iii)hotel operations;and(iv)project management.Revenue of the Group decreased by 54%from approximately RMB18,494 million for the year ended 31 December 2023 to approximately RMB8,571 million for the year ended 31 December 2024,primarily due to weak sales in the industry.The
182、 following table sets forth the details of the Groups total revenue by business line for the years indicated:For the year ended 31 December20242023(RMB000)%(RMB000)%Sale of properties8,426,25498.318,315,91099.0Commercial property operations85,7861.0110,5280.6Hotel operations47,5570.653,4410.3Project
183、 management11,5690.113,6450.1 Total8,571,47610018,493,524100 Sale of PropertiesRevenue from sale of properties of the Group decreased by 54%from approximately RMB18,316 million for the year ended 31 December 2023 to approximately RMB8,426 million for the year ended 31 December 2024,primarily due to
184、the industry downturn.Commercial Property OperationsRevenue from commercial property operations of the Group decreased by 22%from approximately RMB111 million for the year ended 31 December 2023 to approximately RMB86 million for the year ended 31 December 2024,primarily due to the decrease in the o
185、ccupancy rate and rental due to the sluggish domestic macro-economy.33 Hotel OperationsRevenue from hotel operations of the Group decreased by 11%from approximately RMB53 million for the year ended 31 December 2023 to approximately RMB48 million for the year ended 31 December 2024,primarily due to t
186、he sluggish macro-economy.Project ManagementRevenue from project management of the Group decreased by 15%from approximately RMB14 million for the year ended 31 December 2023 to approximately RMB12 million for the year ended 31 December 2024,primarily due to the decrease in the number of projects und
187、er management.Cost of SalesThe Groups cost of sales primarily represents the costs it incurs directly for the property development activities as well as its commercial property,hotel and project management operations and the provisions for impairment of properties held during the Year.The principal
188、components of cost of sales for property development include cost of properties sold,which represents direct construction costs,land acquisition costs and capitalized interest costs on related borrowings for the purpose of property development during the period of construction.The cost of sales of t
189、he Group decreased by 49%from approximately RMB16,728 million for the year ended 31 December 2023 to approximately RMB8,457 million for the year ended 31 December 2024,which was mainly due to the decrease in revenue.Gross Profit and Gross Profit MarginAs the result of the foregoing,the Group recorde
190、d a gross profit of RMB114 million for the Year,as compared with the gross loss of RMB1,766 million for the year ended 31 December 2023.Gross profit margin of the Group is approximately 1.3%for the year ended 31 December 2024.34 Other IncomeThe Groups other income and gains primarily consist of inte
191、rest income,management consulting service fees,commercial compensation and others.Interest income primarily consists of interest income on bank deposits.The commercial compensation primarily represents(i)liquidated damages the Group received from property purchasers who defaulted on the payments due
192、 pursuant to their purchase agreements with the Group;and(ii)liquidated damages the Group received from the Groups property-developer business partners who breached their contracts with the Group.Other income of the Group decreased by 64%from approximately RMB85 million for the year ended 31 Decembe
193、r 2023 to approximately RMB31 million for the year ended 31 December 2024,primarily due to the decrease in interest income,consultancy fees charged to joint ventures and associates,and government subsidies.Selling and Marketing ExpensesThe Groups selling and marketing expenses mainly include adverti
194、sing and marketing fees that the Group incurs in connection with the Groups pre-sales of properties,including the commission fees paid to third-party sales agents,as well as advertising and marketing fees incurred in relation to the leasing of the commercial properties the Group operates and manages
195、.Selling and marketing expenses of the Group decreased by 72%from approximately RMB1,013 million for the year ended 31 December 2023 to approximately RMB281 million for the year ended 31 December 2024,which was primarily due to the decrease in sales.Administrative ExpensesThe Groups administrative e
196、xpenses primarily include costs for management and administrative staff.Administrative expenses of the Group decreased by 33%from approximately RMB295 million for the year ended 31 December 2023 to approximately RMB198 million for the year ended 31 December 2024,primarily due to the decrease in the
197、number of administrative personnel.Fair Value Gain/Losses on Investment PropertiesThe Group develops and holds certain commercial areas in our properties on a long-term basis for rental,operating income or capital appreciation.35 The Group recorded fair value losses on investment properties in the a
198、mount of approximately RMB399 million for the year ended 31 December 2024,as compared to fair value losses on investment properties in the amount of approximately RMB356 million for the year ended 31 December 2023.The change is primarily due to the decrease in property rentals as a result of the dom
199、estic economic downturn.Other ExpensesThe Groups total other expenses for the year ended 31 December 2024 amounted to RMB620 million(2023:RMB40 million),representing an increase of RMB580 million over the prior year.The increase was mainly due to(1)the provision for impairment loss on receivables of
200、 RMB362 million for the Year;and(2)the loss recorded for the reorganisation ruling for two subsidiaries of the Company as disclosed in the announcements of the Company dated 18 April 2024,8 May 2024,29 May 2024 and 30 October 2024,being RMB246 million for the Year in accordance with the relevant acc
201、ounting standards.The bad debt loss on receivables for the Year was mainly due to the fact that,in view of the continuing downturn of the domestic economy,the Group provided for impairment loss on receivables that were expected to be uncollectible after careful assessment.Finance CostsThe Groups fin
202、ance costs mainly represents the Groups interest expenses on bank and other borrowing as well as interest from a significant financing component of contract liabilities,which is related to the pre-sale deposits the Group received from its customers,less capitalized interest relating to properties un
203、der development.Finance costs of the Group increased by 24%from approximately RMB262 million for the year ended 31 December 2023 to approximately RMB325 million for the year ended 31 December 2024,primarily due to the higher default interest payable resulting from the Groups failure to repay certain
204、 maturing borrowings as scheduled.Share of Profits and Losses of Joint Ventures and AssociatesThe Group recorded share of profits of joint ventures in the amount of approximately RMB28 million for the year ended 31 December 2024,as compared to share of profits of joint ventures in the amount of appr
205、oximately RMB12 million for the year ended 31 December 2023.The change is primarily due to fluctuations in operating results of joint ventures.36 The Group recorded share of losses of associates in the amount of approximately RMB64 million for the year ended 31 December 2024,as compared to share of
206、losses of associates in the amount of approximately RMB3 million for the year ended 31 December 2023.The change is primarily due to fluctuations in operating results of associates during the Year.Income Tax ExpenseIncome tax expenses represent corporate income tax and LAT payable by the Groups subsi
207、diaries in the PRC.Income tax expenses of the Group decreased by 29%from approximately RMB880 million for the year ended 31 December 2023 to approximately RMB621 million for the year ended 31 December 2024,primarily due to the decrease in land value-added tax resulting from delivered projects with l
208、ow gross profit during the Year.Profit/(Loss)for the YearAs a result of the foregoing,the Group recorded a net loss for the year of approximately RMB2,335 million for the year ended 31 December 2024,as compared to a net loss of approximately RMB986 million for the year ended 31 December 2023.Liquidi
209、ty,Financial and Capital ResourcesProperty development require substantial capital investment for land acquisition and construction,and it may take many months or years before positive cash flow can be generated.To date,the Group has funded its growth principally from cash generated from operations
210、of the Group and borrowings from banks,and trust and other financings.The Group intends to continue to monitor its development and construction schedules,property sales and land acquisition plans based on the cash inflow associated with existing and planned external financing opportunities,including
211、 but not limited to the issuance of corporate bonds or other debt offerings and property sales proceeds.Cash PositionAs at 31 December 2024,the Group had cash and bank balances of approximately RMB1,480 million(31 December 2023:RMB2,007 million),pledged deposits of approximately RMB51 million(31 Dec
212、ember 2023:RMB96 million)and restricted cash of approximately RMB554 million(31 December 2023:RMB599 million).37 IndebtednessAs at 31 December 2024,the Group had total indebtedness,including interest-bearing bank and other borrowings,senior notes and lease liabilities,amounted to approximately RMB5,
213、195 million(31 December 2023:approximately RMB7,098 million),of which RMB4,542 million was carried at fixed rates.The following table sets forth the components of the Groups indebtedness as at the dates indicated:As at 31 December20242023(RMB000)(RMB000)Non-currentBank loans secured2,059,7261,954,64
214、1Other loans(1)secured367,974186,709Non-current portion of lease liabilities8,539CurrentSenior notes unsecured872,940860,104Current portion of lease liabilities3,491Current portion of long term bank loans secured661,9082,064,877Current portion of long term other loans secured1,232,1322,019,270 Total
215、 indebtedness5,194,6807,097,631 Note:(1)Other loans include financing arrangement with trust companies,asset management companies,other financial institutions and other third-party companies.38 The following table sets forth the maturity profiles of the Groups bank and other borrowings as at the dat
216、es indicated:As at 31 December20242023(RMB000)(RMB000)Repayable within one year or on demand1,894,0404,084,147Repayable in the second year15,329403,441Repayable in the third to fifth years,inclusive1,029,174170,584Repayable beyond five years1,183,1971,567,325 Total4,321,7406,225,497 Net Gearing Rati
217、oThe net gearing ratio(as calculated by total borrowings,including interest-bearing bank and other borrowings,less cash and bank balances divided by total equity as at the end of the respective period)was approximately 21.3 times as at 31 December 2024(31 December 2023:approximately 1.87 times).The
218、increase in the net gearing ratio as at 31 December 2024 was mainly due to the decrease in net assets.Credit RiskThe Group is exposed to credit risk in relation to its trade and other receivables and cash deposits with banks.The carrying amounts of trade and other receivables,restricted cash,cash an
219、d cash equivalents represent the Groups maximum exposure to credit risk in relation to financial assets.To manage this risk,deposits are mainly placed with licensed banks which are all high-credit-quality financial institutions.The Group has no significant concentrations of credit risk in view of it
220、s large number of customers.The credit risk of the Groups other financial assets,which mainly comprise restricted cash and pledged deposits,other receivables,and amounts due from related companies,arises from default of the counterparty,with a maximum exposure equal to the carrying amounts of these
221、instruments.39 Liquidity RiskThe Group aims to maintain sufficient cash through internally generated sales proceeds and an adequate amount of committed credit facilities to meet its operation needs and commitments in respect of property projects.The objective of the Group is to maintain a balance be
222、tween continuity of funding and flexibility through the use of interest-bearing bank and other borrowings.The Group reviews its liquidity position on an ongoing basis,including review of the expected cash inflows and outflows,pre-sales/sales results,maturity of its borrowings and the progress of the
223、 planned property development projects in order to monitor its liquidity requirements in the short and long terms.The Group has established a set of liquidity risk management measures,including budgeting,prudent land acquisition decisions,stringent cost control and alternative financing channels.Thr
224、ough these liquidity risk management measures,the Group aims to maintain sufficient reserves of,and adequate committed lines of funding from,financial institutions to meet the Groups liquidity requirements in the short and long term.Foreign Exchange RisksThe Group mainly operates its business in the
225、 PRC,and substantially all of its revenue and expenses are denominated in RMB.As at 31 December 2024,among the Groups cash at bank and on hand and senior notes,RMB0.04 million and RMB873 million,was denominated in US dollars,respectively,such amount was subject to the exchange rate fluctuation.The G
226、roup does not have any policy to hedge against foreign exchange risk.However,the Group will closely monitor its foreign exchange exposure,and strive to maintain the value of the Groups cash.Interest Rate RiskThe Groups exposure to changes in market interest rate relates primarily to the Groups inter
227、est-bearing bank and other borrowings.The Group does not use financial derivatives to hedge interest rate risk,and use variable rate bank borrowings and other borrowings to manage its interest cost.Pledge of AssetsAs at 31 December 2024,certain of the Groups bank and other borrowings are secured by
228、the pledges of the Groups assets with carrying values of approximately RMB7,839 million(31 December 2023:approximately RMB12,370 million)which include(i)property,plant and equipment;(ii)land use right;(iii)investment properties;(iv)properties under development;and(v)completed properties held for sal
229、e.40 Contingent LiabilitiesThe Group provides mortgage guarantees to banks in respect of the mortgage loans they provided to the Groups customers in order to secure the repayment obligations of such customers.The mortgage guarantees are issued from the date of grant of the relevant mortgage loans an
230、d released upon the earlier of(i)the transfer of the relevant real estate ownership certificates to the customers,or(ii)the settlement of mortgage loans by the customers.If a purchaser defaults on the mortgage loan,the Group is typically required to repurchase the underlying property by paying off t
231、he mortgage loan.If the Group fails to do so,the mortgagee banks will auction the underlying property and recover the balance from the Group if the outstanding loan amount exceeds the net foreclosure sale proceeds.In line with industry practice,the Group does not conduct independent credit checks on
232、 its customers but rely on the credit checks conducted by the mortgagee banks.The following table sets forth the Groups total guarantees as at the dates indicated:As at 31 December20242023(RMB000)(RMB000)Guarantees given to banks in connection with facilities granted to purchasers of the Groups prop
233、erties10,021,23811,576,527Guarantees given to banks and other institutions in connection with facilities granted to related parties120,000120,000 Guarantees given to banks and other institutions in connection with facilities granted to former subsidiaries(2)728,882 Total10,870,12011,696,527 Notes:(1
234、)All guarantees provided by or to the controlling shareholders of the Company and their respective close associates on the borrowings of the Group or the controlling shareholders of the Company and their respective close associates had been fully released immediately before the listing.(2)Two subsid
235、iaries of the company have entered bankruptcy proceedings,as disclosed in the announcements of the Company dated 18 April 2024,8 May 2024,29 May 2024 and 30 October 2024 respectively.The company has provided guarantees for their bank loans and other loans.41 CommitmentAs at 31 December 2024,the Grou
236、ps capital commitment it had contracted but yet provided for was RMB10,527 million,compared with RMB12,146 million as at 31 December 2023.Off-Balance Sheet Commitments and ArrangementsExcept for the contingent liabilities disclosed above,as at 31 December 2024,the Group did not have any outstanding
237、loan capital issued or agreed to be issued,bank overdrafts,loans,debt securities,borrowings or other similar indebtedness,liabilities under acceptances(other than normal trade bills),acceptance credits,debentures,mortgages,charges,finance leases or hire purchase commitments,guarantees or other mater
238、ial contingent liabilities.SIGNIFICANT INVESTMENTS HELD,MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,ASSOCIATES AND JOINT VENTURES,AND FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETSDuring the Year,the Company has conducted disposal of its joint venture in order to strengthen its cash
239、 flow,for details of which,please refer to announcement of the Company dated 12 September 2024.Save as disclosed,there were no significant investments held,no material acquisitions or disposals of subsidiaries,associates and joint ventures,nor was there any plan authorized by the Board for other mat
240、erial investments or additions of capital assets during the Year.EMPLOYEE AND REMUNERATION POLICYAs at 31 December 2024,the Group had 585 employees(31 December 2023:928 employees).For the year ended 31 December 2024,the staff cost recognised as expenses of the Group amounted to RMB159 million(31 Dec
241、ember 2023:RMB198 million).The Group enters into individual employment contracts with its employees to cover matters such as wages,salaries,benefits and terms for termination.The Group generally formulates its employees remuneration package to include a salary,bonus and various allowances.In general
242、,the Group determines employee salaries based on each employees qualification,position and seniority.The Group has designed a periodic review system to assess the performance of its employees,which forms the basis of its determination on salary raise,bonus and promotion.42 As required by PRC regulat
243、ions,the Group makes contributions to mandatory social security funds for the benefit of our PRC employees that provide for pension insurance,medical insurance,unemployment insurance,personal injury insurance,maternity insurance and housing funds.The employees of the Groups subsidiaries which operat
244、e in the PRC are required to participate in a central pension scheme operated by the local municipal government.These subsidiaries are required to contribute a certain proportion of their payroll costs to the central pension scheme.The contributions are charged to profit or loss as they become payab
245、le in accordance with the rules of the central pension scheme.When there are employees who leave the scheme prior to becoming fully vested in the contribution,the amount of the forfeited contribution will be used to reduce future contribution payable by the Group.The Directors and members of the sen
246、ior management receive compensation from the Group in the form of salaries,bonuses and other benefits in kind such as contributions to pension plans.The Board will review and determine the remuneration and compensation packages of the Directors and senior management,and will receive recommendation f
247、rom the Remuneration Committee which will take into account salaries paid by comparable companies,time commitment and responsibilities of the Directors and performance of the Group.SUBSEQUENT EVENTSNo material events were undertaken by the Group subsequent to 31 December 2024 and up to the date of t
248、his announcement.PURCHASE,SALE AND REDEMPTION OF LISTED SECURITIES OF THE COMPANYNeither the Company nor any of its subsidiaries purchased,sold or redeemed any of the Companys listed securities for the year ended 31 December 2024(including sale of treasury shares as defined under the Rules Governing
249、 the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Listing Rules”).As of the end of the Year,no treasury shares were held by the Company.FINAL DIVIDENDThe Board did not recommend the payment of a final dividend for the year ended 31 December 2024(2023:Nil).43 ANNUAL GENERAL ME
250、ETING AND CLOSURE OF REGISTER OF MEMBERSThe annual general meeting(the“AGM”)will be convened and held on Friday,30 May 2025.A notice convening the AGM will be published on the websites of the Company and the Hong Kong Exchanges and Clearing Limited in accordance with the requirements of the Listing
251、Rules in due course.For the purpose of determination of eligibility of the Shareholders to attend and vote at the AGM,the register of members of the Company will be closed from Tuesday,27 May 2025 to Friday,30 May 2025(both days inclusive),during which period no transfer of Shares will be effected.I
252、n order to be entitled to attend and vote at the forthcoming AGM to be held on Friday,30 May 2025,all transfer of Shares accompanied by the relevant share certificates must be lodged with the Companys Hong Kong share registrar,Computershare Hong Kong Investor Services Limited,at Shops 17121716,17th
253、Floor,Hopewell Centre,183 Queens Road East,Wanchai,Hong Kong,no later than 4:30 p.m.(Hong Kong time)on Monday,26 May 2025.COMPLIANCE WITH THE CORPORATE GOVERNANCE CODEThe Company recognizes the importance of incorporating elements of good corporate governance in the management structures and interna
254、l control procedures of the Group so as to achieve effective accountability.The Company has adopted the code provisions stated in Part 2 of the Corporate Governance Code(the“CG Code”)as contained in Appendix C1 to the Listing Rules.Except for the deviation from code provision C.2.1 of the CG Code,th
255、e Company has complied with the code provisions as set out in the CG Code.Pursuant to code provision C.2.1 of the CG Code,the roles of chairman and chief executive should be separated and should not be performed by the same individual.Mr.Liu Yuhui is the chairman of the Board and the chief executive
256、 officer of the Company.In view of the fact that Mr.Liu Yuhui is the founder of the Group and has been operating and managing the Group since 1999,the Board believes that it is in the best interest of the Group to have Mr.Liu Yuhui taking up both roles for effective management and business developme
257、nt.Therefore,the Directors consider that the deviation from the code provision C.2.1 of the CG Code is appropriate in such circumstance.The Company is committed to the view that the Board should include a balanced composition of executive Directors and independent non-executive Directors so that the
258、re is a strong independent element on the Board,which can effectively exercise independent judgment.Save for the deviation from code provision C.2.1 of the CG Code,the Board is of the view that the Company has adopted,applied and complied with the CG Code for the year ended 31 December 2024.44 COMPL
259、IANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONSThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)as contained in Appendix C3 to the Listing Rules as its own code of conduct for securities transactions conducted by Directors and re
260、levant employees of the Company.After making specific enquires to all the Directors and relevant employees of the Company,each of them has confirmed that they have complied with the required standards set out in the Model Code for the year ended 31 December 2024.The Company is not aware of any incid
261、ent of non-compliance of the Model Code committed by any Directors,or relevant employees for the year ended 31 December 2024.REVIEW OF THE ANNOUNCEMENT BY THE AUDIT COMMITTEEAs at the date of this announcement,the Audit Committee comprised three independent non-executive Directors,namely Ms.Luo Ying
262、,Mr.Zhang Guanghu and Mr.Fang Min.The Audit Committee has reviewed the annual results of the Group for the year ended 31 December 2024.The Audit Committee and the Companys management have also reviewed the accounting principles and practices adopted by the Group and discussed matters in relation to
263、risk management,internal control and financial reporting.The Audit Committee has agreed with the management of the Company on the annual results of the Group for the year ended 31 December 2024.The figures in respect of the Groups consolidated statement of profit or loss and comprehensive income,con
264、solidated statement of financial position and the related notes thereto for the year ended 31 December 2024 as set out in the announcement have been agreed with the auditor of the Company,SHINEWING(HK)CPA Limited(“SHINEWING”),to the amounts set out in the Groups consolidated financial statements for
265、 the year ended 31 December 2024.The work performed by SHINEWING in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing,Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute o
266、f Certified Public Accountants and consequently no assurance has been expressed by SHINEWING on this announcement.45 EXTRACT OF INDEPENDENT AUDITORS REPORTThe following is an extract of the independent auditors report from SHINEWING,the auditor of the Company:Disclaimer of OpinionWe do not express a
267、n opinion on the consolidated financial statements of the Group.Because of the potential interaction of the multiple uncertainties relating to going concern and their possible cumulative effect on the consolidated financial statements as described in the Basis for Disclaimer of Opinion section of ou
268、r report,it is not possible for us to form an opinion on the consolidated financial statements.In all other respects,in our opinion,the consolidated financial statements have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.Basis for Disclaim
269、er of OpinionMultiple uncertainties relating to going concernAs set out in note 2.1 to the consolidated financial statements,the Group recorded a net loss of RMB2,334,805,000 and a net operating cash outflow for the year ended 31 December 2024.As at 31 December 2024,(i)the Groups total bank and othe
270、r borrowings and senior notes amounted to RMB5,194,680,000,out of which RMB2,766,980,000 will be due for repayment within the next twelve months,while its cash and cash equivalents amounted to RMB874,662,000;(ii)the Group had not repaid an aggregate principal amount of RMB872,940,000 for certain sen
271、ior notes according to their scheduled repayment dates;and(iii)an aggregate principal amount of RMB1,529,489,000 for certain interest-bearing bank and other borrowings had not been repaid according to their scheduled repayment dates.In addition,as at 31 December 2024 and as of the date of approval o
272、f these consolidated financial statements,the Group has been and is being sued by various parties for various reasons,details of which are set out in note 2.1 to these consolidated financial statements.These events and conditions indicate that a material uncertainty exists that may cast significant
273、doubt on the Groups ability to continue as a going concern.Notwithstanding the abovementioned,these consolidated financial statements have been prepared by the directors of the Company on a going concern basis,the validity of which depends upon the successful outcome of the Groups various plans and
274、measures,as set out in note 2.1 to these consolidated financial statements,to mitigate its liquidity pressure and to improve its financial performance,which are subject to multiple uncertainties.46 As a result of these multiple uncertainties,their potential interaction,and the possible cumulative ef
275、fect thereof,we were unable to form an opinion as to whether the going concern basis of preparation is appropriate.Should the Group fail to achieve the intended plans and measures as mentioned in note 2.1 to these consolidated financial statements,it might not be able to continue to operate as a goi
276、ng concern,and adjustments would have to be made to write down the carrying values of the Groups assets to their recoverable amounts,to provide for any further liabilities which might arise,and to reclassify non-current assets and non-current liabilities as current assets and current liabilities,res
277、pectively.The effects of these adjustments have not been reflected in the consolidated financial statements of the Group for the year ended 31 December 2024.PUBLICATION OF ANNUAL RESULTS AND ANNUAL REPORTThis annual results announcement is published on the websites of the Hong Kong Exchanges and Cle
278、aring Limited(www.hkexnews.hk)and the Company(www.leading-).The annual report of the Company for the year ended 31 December 2024 containing all the information required by the Listing Rules will be published on the same websites in due course.By order of the BoardLeading Holdings Group LimitedLiu YuhuiChairmanHong Kong,28 March 2025As at the date of this announcement,the Board comprises Mr.Liu Yuhui and Mr.Luo Changlin as executive Directors and Ms.Luo Ying,Mr.Zhang Guanghu and Mr.Fang Min as independent non-executive Directors.
0731-84720580
sgpjbg002
工作日 9:30 - 18:00
研報
新質生產力
DeepSeek?
低空經濟
大模型
AI Agent
AI Infra
具身智能
自動駕駛
寵物
銀發經濟
人形機器人
企業出海
算力
微短劇
薪酬
白皮書
創新藥
人工智能
AI產業
信息科技
互聯網
消費經濟
汽車交通
電商零售
傳媒娛樂
醫藥健康
投資金融
能源環境
地產建筑
傳統產業
英文報告
其它
最新報告
中英對照
全文搜索
報告精選
PDF上傳翻譯
多格式文檔互轉
入駐&報告售賣
會員權益
機構報告
券商研報
財報庫
專題合集
英文報告
數據圖表
會議報告
其他資源
行業聚焦
芯片產業
熱點概念
全球咨詢智庫
人工智能
500強
新質生產力
會議峰會
新能源汽車
企業年報
互聯網
公司研究
行業綜觀
消費教育
科技通信
醫藥健康
人力資源
投資金融
汽車產業
物流地產
電子商務
傳統產業
傳媒營銷
其它
2025低空經濟/低空產業報告合集（共50套打包）
2025年智算中心/AIDC/AI數據中心研究報告合集（共37套打包）
AI、科技與通信
廣告、傳媒與營銷
消費、零售與支付
HR、文化與旅游
金融、保險與投資
能源、環境與工業
醫療制藥與大健康
物流、地產與建筑
其他行業
AI ? 科技 ? 通信
數字化
金融財經
智能制造
電商傳媒
地產建筑
醫療醫學
能源化工
其他行業
收藏
下載
2025-05-20
AI查數
行業數據
政策法規
商業模式
產業鏈
競爭格局
市場規模
產業概述
其它
2025年
AI讀財報
年報
一季報
半年報
三季報
IPO招股書
社會責任報告
A股
IPO申報
港股
美股&全球
新三板
掃碼登錄
手機快捷登錄
賬號登錄
