阳光100中国2024年度报告

CONTENTS Corporate Information 2 Chairman’s Statement 5 9Financial Summary Management Discussion and Analysis 48Directors and Senior Management Report of the Directors 57 92Corporate Governance Report 119Independent Auditor’s Report Consolidated Statement of ComprehensiveIncome 125 127Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity 129 131Consolidated Statement of Cash Flows 133Notes to the Consolidated Financial Statements CORPORATE INFORMATION Board of DirectorsExecutive DirectorsMr. Yi Xiaodi(Chairman)Mr. Fan Xiaochong(Vice Chairman) Non-executive DirectorsMs. Fan XiaohuaMr. Wang Gongquan Independent Non-executive DirectorsMr. Gu YunchangMr. Ng Fook Ai, VictorMr. Li Chunping Audit Committee Mr. Ng Fook Ai, Victor(Chairman)Mr. Gu YunchangMr. Li Chunping Remuneration CommitteeMr. Li Chunping(Chairman)Mr. Fan XiaochongMr. Gu Yunchang Nomination Committee Mr. Yi Xiaodi(Chairman)Mr. Gu YunchangMr. Li Chunping 20241025202410252024930 Joint Company Secretaries Mr. Han Bin(appointed on 25 October 2024)Ms. Yu Anne(appointed on 25 October 2024)Mr. Tsang Ho Yin(resigned on 30 September 2024) www.ss100.com.cn Company’s Websitewww.ss100.com.cn 3.05 Authorised Representatives for the purposeof Rule 3.05 of the Listing Rules 202410252024930 Mr. Yi XiaodiMs. Yu Anne(appointed on 25 October 2024)Mr. Tsang Ho Yin(resigned on 30 September 2024) CORPORATE INFORMATION Registered Office One Nexus Way,Camana BayGrand Cayman KY1-9005,Cayman Islands One Nexus Way,Camana Bay,Grand Cayman KY1-9005,Cayman Islands 2D12100026 Head Office 12th Floor, Tower DNo. 2 Guang Hua RoadBeijing 100026PRC Principal Place of Business in Hong Kong40/F, Dah Sing Financial Centre,248 Queen’s Road East,Wanchai,Hong Kong 24840 Legal Adviser 15323203-3207 Jingtian & Gongcheng LLPSuites 3203-3207, 32/F, Edinburgh Tower,The Landmark15 Queen’s Road CentralCentralHong Kong Auditor 1842 Forvis Mazars CPA Limited(formerly known as Mazars CPA Limited)42nd Floor, Central Plaza 18 Harbour RoadWanchai, Hong Kong Principal Banks Bank of ChinaHua Xia BankChina Construction BankChina Everbright BankChina Merchants Bank CORPORATE INFORMATION Hong Kong Branch Share Registrar andTransfer Office 18317M Computershare Hong Kong Investor Services Limited,17M Floor, Hopewell Centre183 Queen’s Road East,WanchaiHong Kong Principal Share Registrar and Transfer Office Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586, Gardenia Court,Camana Bay, Grand CaymanKY1-1100, Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A,Block 3, Building D,P. O. Box 1586, Gardenia Court,Camana Bay, Grand Cayman,KY1-1100, Cayman Islands Listing Information Place of listing: The Stock Exchange of Hong Kong Limited(the “Stock Exchange”)Stock code: 2608 2608 CHAIRMAN’S STATEMENT Yi Xiaodi Dear Shareholders, 10020241231 On behalf of the board (the “Board”) of directors (the “Director(s)”) ofSunshine 100 China Holdings Ltd (the “Company”, together with itssubsidiaries, the “Group”), I present the business review and outlookof the Group for the year ended 31 December 2024 (the “ReportingPeriod”). Market Review 2024 In 2024, the Chinese real estate industry gradually stabilized due topolicy support and differentiation in demand. There was a certaindegree of recovery in sales in first-tier and core cities, driven bythe release of improved demand, while lower-tier cities still facedpressure to clear inventory. Faced with the uncertainty of the industryenvironment, the real estate market went through a period of deepintegration. Despite this, the support of policies and gradual recoveryof market demand brought us new hope. Business Review 2024244.0%202333.8% In 2024, the PRC real estate industry continued to undergo deepadjustments, and the Company faced the dual challenges of shrinkingmarket demand and mounting debt pressure. As a result, theCompany’s revenue decreased by 4.0% compared to the previousyear, and contract sales dropped by 33.8% from 2023, putting thegroup’s cash flow in a tense state. Despite this, we still strive to find away out in adversity, promote innovation, and lay a solid foundation forlong-term transformation. CHAIRMAN’S STATEMENT 1. 1.Improving Business Model Faced with the dual pressure of funds and from the market, wecomprehensively implemented the Amoeba business model,finely controlled costs and dynamically allocated resources,reshaped our business logic, improved operational efficiency,and empowered front-line decision-making. This not only helpedus maintain basic operations in the situation of tight funds butalso laid a foundation for future sustainable development. 2. 2.Seeking Business Innovation In response to the shrinking traditional business, the Companyactively explores and promotes business innovation, and iscommitted to revitalizing existing assets. On the one hand, wehave increased our efforts to upgrade and transf