西王置业：2024 中期报告

(Incorporated in Bermuda with limited liability) CONTENTSCONTENTS Corporate Information2 Management Discussion and Analysis5 Corporate Governance and Other Information13 Condensed Consolidated Statement of Profit or Loss26 Condensed Consolidated Statement of Comprehensive Income27 Condensed Consolidated Statement of Financial Position28 Condensed Consolidated Statement of Changes in Equity30 Condensed Consolidated Statement of Cash Flows31 Notes to the Condensed Consolidated Financial Statements32 Glossary47 CORPORATE INFORMATION公司資料 BOARD OF DIRECTORS Executive Directors Mr. WANG Jin Tao(Chief Executive Officer)Mr. WANG Wei Min Non-Executive Directors Mr. WANG Yong(Chairman)Mr. SUN Xinhu Independent Non-Executive Directors Mr. WONG Kai HingMr. WANG AnMs. LI Shaorui COMMITTEES Audit Committee Mr. WONG Kai Hing(Chairman)Mr. WANG AnMs. LI Shaorui Remuneration Committee Mr. WANG An(Chairman)Mr. SUN XinhuMr. WONG Kai Hing Nomination Committee Mr. WONG Kai Hing(Chairman)Mr. SUN XinhuMs. LI Shaorui Corporate Information (Continued)公司資料（續） COMPANY SECRETARY Ms. FUNG Nga Fong AUTHORISED REPRESENTATIVES Mr. WANG YongMs. FUNG Nga FongMr. SUN Xinhu (alternate to Mr. WANG Yong andMs. FUNG Nga Fong) REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda HEAD OFFICE AND PRINCIPAL PLACEOF BUSINESS IN THE PRC Xiwang Industrial AreaZouping CityShandong ProvincePeople’s Republic of China PRINCIPAL PLACE OF BUSINESS INHONG KONG 25212110 Unit 2110, 21/F Harbour Centre25 Harbour RoadWanchaiHong Kong PRINCIPAL BANKERS Agricultural Bank of ChinaBank of ChinaChina Construction BankBank of East Asia Corporate Information (Continued)公司資料（續） AUDITOR 1131 HLB Hodgson Impey Cheng Limited31/F, Gloucester TowerThe Landmark11 Pedder StreetCentralHong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Butterfield Fulcrum Group (Bermuda) Limited26 Burnaby StreetHamilton HM 11Bermuda Butterfield Fulcrum Group (Bermuda) Limited26 Burnaby StreetHamilton HM 11Bermuda HONG KONG BRANCH SHAREREGISTRAR AND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong INVESTOR RELATIONS ANDCORPORATE COMMUNICATION Mr. WANG JianxiangTel: (852) 3188 4518Email: ir@xiwangproperty.com (852) 3188 4518ir@xiwangproperty.com COMPANY WEBSITE www.xiwangproperty.com www.xiwangproperty.com MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Xiwang Property Holdings Company Limited (the “Company”;together with its subsidiaries, the “Group”) was established in 2001with headquarters located in Zouping City, Shandong Province ofthe PRC. The Company was listed on the Main Board of the StockExchange in December 2005. The Group is principally engagedin the businesses of property development, provision of propertymanagement services and trading of construction materials in thePRC. 2001200512 I.BUSINESS REVIEW I. The Group’s main source of revenue for the six months ended30 June 2024 (the “Period”) was the provision of propertymanagement services in the PRC. Geographically, ShandongProvince remains the Group’s principal market. All revenuesof the Group during the Period were derived from ShandongProvince. 2024630 Property development business Property development business has been the principalbusiness of the Group since year 2012. In the past 10 years,the Group successfully completed Phase One and Phase Twoof the Lanting Project and Meijun Project, both of which areresidential projects located in Zouping City. 201210 T h e b u s i n e s s e n v i r o n m e n t o f p r o p e r t y d e v e l o p m e n tmarket has been heavily affected by the national and localgovernmental policies in the past years. The real estate marketof Zouping City also fluctuated significantly and showed adownward trend in the recent years. All these factors led themanagement of the Company to take a conservative approachin dealing with all the potential projects given that propertydevelopment is a capital intensive industry and a significantportion of the working capital of the Group will be tied uponce a project is kicked off. As such, it takes longer timefor the Group to identify profitable projects while preservinga h e a l t h y f i n a n c i a l p o s i t i o n . T h e C o m p a n y h a s n e v e rdepended heavily on aggressive fundraising for any projectdevelopment and does not have the pressure of de-stockingand deleveraging which other property developers may becurrently experiencing. Management Discussion and Analysis (Continued)管理層討論及分析（續） The development of Meijun Project Phase Three will be dividedinto two stages. Stage 1 of Meijun Project Phase Three willinclude a parcel of land with an area of approximately 95,820square meters (“Meijun Land A”) while Stage 2 of MeijunProject Phase Three will be developed in a parcel of land withan area of approximately 77,334 square meters (“MeijunLand B”). The Group has already obt