正商实业2024年中期报告

INTERIM REPORT Table of Contents Past Performance and Forward Looking Statements The performance and the results of operations of Zensun Enterprises Limited (the “Company”)and its subsidiaries (collectively, the “Group”) as set out in this interim report are historical in natureand past performance is not a guarantee of future performance. This interim report may containforward-looking statements and opinions (including statements, figures, plans, images and otherinformation) that involve risks and uncertainties. Actual results may also differ materially fromexpectations discussed in such forward-looking statements and opinions. Neither the Group norany of its directors, employees or agents shall assume any obligations or liabilities in the event thatany forward-looking statements or opinions does not materialise or turns out to be incorrect. Zensun Enterprises Limited2 CORPORATE INFORMATION BOARD OF DIRECTORS Executive DirectorsZhang Jingguo(Chairman andChief Executive Officer)Zhang Guoqiang Non-Executive DirectorHuang Yanping Huang Yanping Independent Non-Executive DirectorsLiu DaMa YuntaoLi Huiqun AUDIT COMMITTEELiu Da(Chairman)Ma YuntaoLi Huiqun REMUNERATION COMMITTEE Ma Yuntao(Chairman)Zhang JingguoLi Huiqun NOMINATION COMMITTEELi Huiqun(Chairman)Zhang JingguoLiu Da AUTHORISED REPRESENTATIVESZhang JingguoZhang Guoqiang COMPANY SECRETARYChang Eric Jackson (appointed with effect from29 February 2024)Yuen Ping Man (resigned with effect from29 February 2024) 20242 2920242 29 AUDITOR Prism Hong Kong LimitedRegistered Public Interest Entity Auditor SOLICITORHowse Williams PRINCIPAL BANKERS China Construction Bank (Asia)Corporation LimitedCredit Suisse AGEast West BankHang Seng Bank LimitedIndustrial and Commercial Bank ofChina (Asia) LimitedUnited Overseas Bank Limited 1617 SHARE REGISTRAR Tricor Friendly Limited17/F, Far East Finance Centre,16 Harcourt RoadHong Kong 40-4424 REGISTERED OFFICE 24th FloorWyndham Place40-44 Wyndham StreetCentral, Hong Kong CORPORATE WEBSITEwww.zensunenterprises.com* www.zensunenterprises.com* INVESTOR RELATIONSEmail: ir@185hk.com ir@185hk.com STOCK CODEStock Exchange: 185 185 PROPERTY DEVELOPMENT IN THE PRC ANDPROJECT SUMMARY As at 30 June 2024, the Group had 67 completedproperty projects and/or sub-phases and 36 on-goingcomplex property projects on hand with 90 land parcelsunder development and planning with an aggregatesite area of approximately 6.3 million square metres (“sq.m.”) and aggregate estimated gross floor area (“GFA”)of approximately 13.5 million sq.m. in the People’sRepublic of China (“PRC”). In return, it is expectedthat the land reserves will bring to the Group withestimated saleable/leasable GFA under developmentof approximately 4.1 million sq.m. and estimated GFAunder planning of approximately 2.4 million sq.m.. 20246 306736906.313.54.12.4 MANAGEMENT DISCUSSION AND ANALYSISINTERIM RESULTS AND DIVIDEND 183.913.520235,914.196.9%538.697.5%202320232023 During the Period, the Group recorded revenue ofapproximately RMB183.9 million and gross profit ofapproximately RMB13.5 million, with a decrease ofapproximately 96.9% as compared to revenue ofapproximately RMB5,914.1 million and a decrease ofapproximately 97.5% as compared to gross profit ofapproximately RMB538.6 million for the correspondingperiod of 2023, respectively. Revenue and gross profitof the Period and the corresponding period of 2023were primarily derived from the property developmentbusiness in the PRC. The decrease in revenue duringthe Period was mainly contributed by less deliveryof saleable/leasable gross floor area (“GFA”) fromthe delivery of the Group’s completed propertydevelopment projects during the Period as comparedto the corresponding period of 2023. The decreasein gross profit during the Period as compared to thecorresponding period of 2023 was resulted from lessdelivery of the GFA and the recognition of certain lowerprofit margin property projects during the Period, whichwas caused by unexpected higher construction costand suppressed selling prices under the decreasingpublic purchasing desires and power derived from themacroeconomic downturn and the continued depletionof demand in real estate properties. The Group had other income of approximately RMB4.2million during the Period, which was fairly stable ascompared to approximately RMB4.1 million for thecorresponding period of 2023. 4.220234.1 1,439.32023509.9(i)1,241.52023358.4(ii)147.92023139.7(iii)54.420239.1(iv)2.820237.87.320235.1 The Group had net other losses of approximatelyRMB1,439.3 million during the Period, as comparedto net other losses of approximately RMB509.9 millionfor the corresponding period of 2023. The Group’snet other losses during the Period were attributableto the combination effects of (i) write-down ofcompleted properties held for sale and propertiesu n d e r d e v e l o p m e n t t o n e t r e a l i s a b l e v a l u e o fapproximately RMB1,241.5 million (2023: approximate