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1、2024 INTERIM REPORT中原建業有限公司 CENTRAL CHINA MANAGEMENT COMPANY LIMITED CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司2024 INTERIM REPORT/二零二四年中期報告2CORPORATE INFORMATION公司資料6CORPORATE PROFILE公司簡介9CHAIRMANS STATEMENT主席報告14FINANCIAL HIGHLIGHTS財務摘要15MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析34DISCLOSUR
2、E OF INTERESTS權益披露38CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料51CONSOLIDATED STATEMENT OF PROFIT OR LOSS綜合損益表52CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME綜合損益及其他全面收益表53CONSOLIDATED STATEMENT OF FINANCIAL POSITION綜合財務狀況表55CONSOLIDATED STATEMENT OF CHANGES IN EQUIT
3、Y綜合權益變動表57CONDENSED CONSOLIDATED CASH FLOW STATEMENT簡明綜合現金流量表59NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT未經審核中期財務報告附註CONTENTS目錄2CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司CORPORATE INFORMATION公司資料BOARD OF DIRECTORSChairman and non-executive DirectorMr.Wu Po SumExecutive DirectorsMr.Hu Bin
4、gMr.Chen AiguoMr.Duan JuweiNon-executive DirectorMs.Wu Wallis(alias Li Hua)(resigned on 14 June 2024)Independent non-executive DirectorsMr.Zhu Baoguo(resigned on 10 October 2024)Mr.Xu YingMr.Siu Chi Hung(retired on 30 May 2024)Mr.Liu Dianchen(appointed on 31 May 2024)Ms.Yan Yingchun(appointed on 27
5、December 2024)BOARD COMMITTEEAudit committeeMr.Liu Dianchen(chairman,appointed on 31 May 2024)Mr.Siu Chi Hung(chairman,retired on 30 May 2024)Mr.Zhu Baoguo(resigned on 10 October 2024)Mr.Xu YingMs.Yan Yingchun(appointed on 27 December 2024)Remuneration committeeMr.Zhu Baoguo(chairman,resigned on 10
6、October 2024)Ms.Yan Yingchun(chairman,appointed on 27 December 2024)Mr.Wu Po SumMr.Xu YingNomination committeeMr.Wu Po Sum(chairman)Mr.Zhu Baoguo(resigned on 10 October 2024)Mr.Xu YingMs.Yan Yingchun(appointed on 27 December 2024)董事會主席及非執行董事胡葆森先生執行董事胡冰先生陳愛國先生段居偉先生非執行董事李樺女士（於2024年6月14日辭任）獨立非執行董事朱保國先生
7、（於2024年10月10日辭任）徐穎先生蕭志雄先生（於2024年5月30日退任）劉殿臣先生（於2024年5月31日獲委任）閆穎春女士（於2024年12月27日獲委任）董事委員會審核委員會劉殿臣先生（主席，於2024年5月31日獲委任）蕭志雄先生（主席，於2024年5月30日退任）朱保國先生（於2024年10月10日辭任）徐穎先生閆穎春女士（於2024年12月27日獲委任）薪酬委員會朱保國先生（主席，於2024年10月10日辭任）閆穎春女士（主席，於2024年12月27日獲委任）胡葆森先生徐穎先生提名委員會胡葆森先生（主席）朱保國先生（於2024年10月10日辭任）徐穎先生閆穎春女士（於2024
8、年12月27日獲委任）32024 INTERIM REPORT/二零二四年中期報告CORPORATE INFORMATION公司資料REGISTERED OFFICE IN THE CAYMAN ISLANDSCricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY11111Cayman IslandsPRINCIPAL PLACE OF BUSINESS AND HEADQUARTERS IN CHINARoom 212,313,Block CJianye Office BuildingNongye East RoadZhengzhou
9、CityHenan ProvincePRCPRINCIPAL PLACE OF BUSINESS IN HONG KONG REGISTERED UNDER PART 16 OF THE COMPANIES ORDINANCERoom 16021605,16/F,Tower 2,The Gateway,Harbour City,Tsim Sha Tsui,Kowloon,Hong KongCOMPANYS WEBSITECOMPANY SECRETARYMs.Ho Wing Nga FCG,HKFCG(PE)AUTHORIZED REPRESENTATIVES (UNDER THE LISTI
10、NG RULES)Mr.Hu BingMs.Ho Wing Nga於開曼群島的註冊辦事處Cricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY11111Cayman Islands中國主要營業地點及總部中國河南省鄭州市農業東路建業總部港C座212、313室根據公司條例第16部登記的 香港主要營業地點香港九龍尖沙咀海港城港威大廈2座16樓16021605室公司網站公司秘書何詠雅女士FCG、HKFCG(PE)上市規則項下授權代表胡冰先生何詠雅女士4CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公
11、司CORPORATE INFORMATION公司資料PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN THE CAYMAN ISLANDSConyers Trust Company(Cayman)LimitedCricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY11111Cayman IslandsHONG KONG SHARE REGISTRARComputershare Hong Kong Investor Services LimitedShops 1712171617th Floo
12、r,Hopewell Centre183 Queens Road EastWanchai,Hong KongPRINCIPAL BANKSChina Everbright Bank,Zhengzhou Tianyun Street Sub-branchBank of China,Zhengzhou Jianye Road Sub-branchBank of China(Hong Kong)LimitedIndustrial and Commercial Bank of China(Asia)LimitedLEGAL ADVISORSAs to Hong Kong law:Hogan Lovel
13、lsIu,Lai&Li Solicitors&Notaries with effect from 1 August 2024As to Cayman Islands law:Conyers Dill&PearmanCOMPLIANCE ADVISOROpus Capital LimitedIgnite Capital(Asia Pacific)Limited with effect from 6 December 2024開曼群島主要股份過戶登記處Conyers Trust Company(Cayman)LimitedCricket SquareHutchins DriveP.O.Box 26
14、81Grand Cayman KY11111Cayman Islands香港股份過戶登記處香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓17121716號舖主要往來銀行中國光大銀行鄭州天韻街支行中國銀行鄭州建業路支行中國銀行（香港）有限公司中國工商銀行（亞洲）有限公司法律顧問有關香港法律：霍金路偉律師行姚黎李律師行自2024年8月1日起生效有關開曼群島法律：康德明律師事務所合規顧問創富融資有限公司Ignite Capital(Asia Pacific)Limited 自2024年12月6日起生效52024 INTERIM REPORT/二零二四年中期報告CORPORATE I
15、NFORMATION公司資料INDEPENDENT AUDITORSPrism Hong Kong Limited with effect from 15 October 2024Public Interest Entity Auditor registered in accordance with the Accounting and Financial Reporting Council OrdinanceSHAREHOLDERS INFORMATIONShare listingThe Companys shares are listed on the Main Board of The
16、Stock Exchange of Hong Kong LimitedOrdinary Shares(as at 30 June 2024)Issued shares:3,865,617,028 sharesNominal value:HK$0.01 per shareINVESTOR RELATIONS CONTACT:獨立核數師栢淳會計師事務所有限公司自2024年10月15日起生效於會計及財務匯報局條例下的註冊公眾利益實體核數師股東資料股份上市本公司股份於香港聯合交易所有限公司主板上市普通股（於2024年6月30日）已發行股份：3,865,617,028股面值：每股0.01港元投資者關係聯
17、絡電郵：6CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司CORPORATE PROFILE公司簡介中原建業有限公司（下稱 CCMGT 或 本公司，連同其附屬公司統稱 本集團，股票編號：9982.HK）於2020年10月22日在開曼群島註冊成立為獲豁免有限公司，並於2021年5月31日在香港聯合交易所有限公司（聯交所）主板上市。本集團房地產代建業務主要由本公司全資子公司河南中原建業城市發展有限公司（中原建業）及中原建業（海南）管理服務有限公司（中原建業（海南）負責開展。本集團主要業務為商業代建，同時不斷拓展政府代建、資本代建、專項管理諮詢等服務
18、。2015年6月，建業集團正式提出新藍海戰略，以分享之道獲共贏之果，輕資產業務應運而生。8年來，中原建業堅持 好人、好地 的原則，堅持貫徹 文化認同、戰略認同、標準認同、計劃認同的合作理念，實現與合作夥伴的優勢互補、風險共擔、成果共享。在這一理念下，輕資產業務合作成效得到了合作夥伴的一致認可。2021年5月31日中原建業正式在聯交所主板掛牌上市，經過多年發展，中原建業已具備獨立的資金、建設、管理等能力，尤其在業務模式、運營邏輯、工程建設、合作方資源管理等層面已走出一條自主化、全國化、規模化、專業化的發展路徑。截至2024年6月30日，中原建業代建項目遍佈全國9個省份及自治區，136個縣及縣級以
19、上城市，擁有合作夥伴233位，合作項目433個，累計規劃計容面積約5,448萬平方米，重複合作率達61%，服務業主超50萬。中原建業積累了成熟的營銷、管理團隊，並通過成熟的開發能力、品牌優勢，為合作夥伴項目帶來較高的溢價能力，平均售價較競品高出10%。CENTRAL CHINA MANAGEMENT COMPANY LIMITED(hereinafter referred to as“CCMGT”or the“Company”,together with its subsidiaries hereinafter referred to as the“Group”,stock code:9982
20、.HK)was incorporated in the Cayman Islands on 22 October 2020 as an exempt company with limited liability,the shares of which were listed on the Main Board of The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)on 31 May 2021.The project management business of the Group is primarily carried
21、out by Henan Zhongyuan Central China City Development Co.,Ltd.(“Zhongyuan Jianye”)and Zhongyuan Central China(Hainan)Management Services Co.,Ltd.*(“Zhongyuan Jianye(Hainan)”),the Companys wholly-owned subsidiaries.The Group mainly operates businesses in commercial project management,and continue to
22、expand its business to government project management,capital project management and special management consulting services at the same time.In June 2015,Central China Group formally put forward the new blue ocean strategy to gain win-win results by sharing success,establishing its asset-light busine
23、ss subsequently.Over the past eight years,CCMGT has been adhering to the principle of“Good People and Good Land”and the cooperation philosophy of“Alignment in Culture,Strategy,Standard and Execution”.We are committed to achieving mutual complementarity,risk allocation,and fruit sharing with our part
24、ners.Under this philosophy,the effectiveness of asset-light business cooperation has gained consistent recognition from our partners.On 31 May 2021,CCMGT was officially listed on the Main Board of the Stock Exchange.After years of development,CCMGT has possessed independent capital,construction and
25、management capabilities,and embarked on a path of independent,national,large-scale and professional development,especially in the business model,operation logic,engineering construction and partner resource management.As of 30 June 2024,CCMGTs project management projects spread across 136 counties a
26、nd cities above county level in 9 provinces and autonomous regions.We cooperated with 233 partners on 433 projects,with a cumulative planning GFA of approximately 54.48 million m2 and a repeat cooperation rate of 61%.We served over 500,000 property owners.CCMGT has accumulated a mature marketing and
27、 management team.Through its mature development capabilities and brand advantages,the Company has brought higher premiums to its partners projects,with an average selling price 10%higher than that of its competitors.72024 INTERIM REPORT/二零二四年中期報告CORPORATE PROFILE公司簡介目前中原建業已形成商業代建、政府代建、資本代建、管理諮詢四大業務結
28、構。傳統商業代建是中原建業的核心業務，合作資源廣、業務佔比高、利潤實現強；隨著業務的發展，公司已開始重點推進政府代建業務，業務類型涉及傳統政府代建模式、合資平台模式、股權交易模式三大類模式。公司目前已與周口城投、鄲城城投、伊川城投、南陽高新城投、上蔡縣財政局、河南省機場集團等省內29家政府平台公司、8家國企達成戰略合作，且有意向項目跟進。2022年12月，中原建業城市合夥人理事會成立。理事會通過聚集志同道合的城市合夥人，推動成員企業間的合作，最終致力於推動中原城市化進程和社會全面進步。在運作過程中，理事會利用信用和融資手段，為成員企業打通項目庫、資金庫，嫁接資源，同時為客戶打造優質產品，提供優
29、質服務。最終使中原建業的品牌在大中原區域迅速鞏固、拓展、生根、開花。依托多年發展經驗，中原建業於2023年9月正式對外發佈全新的代建信賴體系 中原建業代建C平台。中原建業代建C平台是中原建業在品牌溢價能力、管理紅利能力不斷疊加的基礎上，進行的一次革新化的探索和嘗試，鏈接並打造制度合夥平台、金融鏈接平台、數字化管理增效平台、供應鏈賦能平台、智庫分享平台，在片區開發、資本代建、政府代建、紓困項目盤活等方面創新合作模式，形成平台合作優勢，以合作創造價值，共同贏取業主、政府、資本市場、合作方、客戶以及行業的信賴。Currently,CCMGT has established a framework i
30、ncorporating four major businesses,i.e.,commercial project management,government project management,capital project management and management consulting.Traditional commercial project management is the core business of CCMGT,with extensive cooperation resources,high business share and strong profita
31、bility.With business development,the Company has begun to focus on promoting the government project management business,which involves three major business models:the traditional government project management model,the joint venture platform model,and the equity trading model.At present,the Company
32、has forged strategic partnerships with 29 governmental platform companies and 8 state-owned enterprises in Henan,including Zhoukou Chengtou,Dancheng Chengtou,Yichuan Chengtou,Nanyang Gaoxin Chengtou,Finance Bureau of Shangcai County,and Henan Province Airport Group,and has followed up certain potent
33、ial projects.In December 2022,the CCMGT City Partner Council was established.The council is to bring together like-minded city partners,promote cooperation among its members,and ultimately promote urbanisation and social progress in central China.In the course of its operation,the council uses credi
34、t and financing means to open up project and capital channels for members to connect resources.In addition,it aims to provide quality products and services to its customers.All these efforts will ultimately consolidate and expand CCMGTs brand influence in Greater Central China,accelerating its prese
35、nce and driving success in the region.Relying on years of development experience,CCMGT officially released a brand-new project management trust system called CCMGT Project Management C Platform in September 2023.The CCMGT Project Management C Platform is a revolutionary exploration and attempt of CC
36、MGT on the basis of its improved brand premium and management capability.It links and builds an institutional partnership platform,a financial linking platform,a digital management efficiency enhancement platform,a supply chain empowerment platform,and a think-tank sharing platform.The platform inno
37、vates cooperation models in area development,capital project management,government project management and relief project revitalization,thus establishing advantages in platform cooperation.The platform strives to create cooperation values,in a bid to win the trust of property owners,governments,capi
38、talists,partners,clients,and industry peers.8CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司CORPORATE PROFILE公司簡介CCMGT pays special attention to the communication and exchange with its partners.In the course of project management,we are committed to ensuring successful project execution,high partn
39、er satisfaction and sustainable cooperation as our work standards;and strive to guarantee profit-making projects and deliver risk-free projects as our work targets.With these initiatives,we continue to provide our partners with more quality services.Every time CCMGT enters a city,every product built
40、 for the city is committed to creating a new business card for the local city.We are dedicated to innovating a new lifestyle for local people and improving the construction level of cities together with local developers while paying more tax to local governments.We strive to be a good propagandist o
41、f cities by fitting into them.In the future,CCMGT will,based on innovative ideas and modes of cooperation,continue to link resources from various parties with trust,and build a cooperation platform that achieves a win-win situation for all parties through synergistic development,in a bid to realise
42、multi-dimensional values on the government,capital,partner,user and enterprise levels.CCMGT will fulfil the corporate mission of“building quality lives for the people of Central China”and continuously promote the strategic development of Central China Group to facilitate the urban construction and u
43、pgrading in China.中原建業特別注重與合作夥伴的溝通與交流，在項目操盤的過程中以 確保每一個項目都成功，確保每一位合作夥伴都滿意、力求合作可持續為工作標準，以 每個項目都盈利，交付風險項目消除 為工作目標，持續為合作夥伴提供更為優質的服務。中原建業每進駐一個城市，為其建造的每一個產品都致力於為當地城市打造一張新的名；為當地老百姓創造一種新型生活方；與當地的開發商一起提高這個城市的建設水平；為當地政府上繳更多稅金；融入城市，當好這個城市的宣傳員。未來，中原建業繼續以創新思路、創新模式，用信賴鏈接各方合作資源，打造通過協同發展、實現多方共贏的合作平台，實現政府層面、資本層面、合作夥
44、伴層面、用戶層面、企業層面等多維價值；繼續貫徹 讓中原人民都過上好生活 的企業使命，持續推動建業集團戰略的縱深發展，助力中國城鎮化的建設與升級。92024 INTERIM REPORT/二零二四年中期報告CHAIRMANS STATEMENT主席報告尊敬的各位股東：本人謹代表本公司董事會提呈本集團截至2024年6月30日止六個月（期內）業績回顧及後續工作展望。外部環境及行業背景近幾年，房地產市場持續低迷、土地成交萎縮明顯、銷售量不斷下滑，行業利潤率加速探底。面對當下土地獲取的高成本，部分房企出現資金流動性緊張；代建行業的資金低需性、財務穩定性、抗週期性成為眾多房企風險緩衝時期的選擇。Dear
45、Shareholders,On behalf of the board of directors of the Company,I hereby present the business overview of the Group for the six months ended 30 June 2024(the“Period”)and the outlook for future development.EXTERNAL ENVIRONMENT AND INDUSTRY BACKGROUNDIn recent years,the real estate market has struggle
46、d due to shrinking land transactions and declining sales,leading to a rapid drop in industry profit margins.Currently,given the high cost of land acquisition,some real estate enterprises are experiencing liquidity constraints.In light of the low capital requirements,financial stability and cyclicali
47、ty of the project management industry,the industry is optional for real estate enterprises during the risk mitigation period.CHAIRMANS STATEMENT主席報告10CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司CHAIRMANS STATEMENT主席報告行業方面，截至2024上半年已有超百家企業涉足代建領域，銷售百強代建業務覆蓋率超過80%，進駐企業數量已趨於飽和，競爭愈發激烈；2024年上半年代建行業累計
48、簽約8345萬平方米，同比增長3%，代建整體規模仍在增長，但增速明顯放緩。行業集中度依舊保持較高水平，上半年TOP5企業集中度保持在五成，TOP10企業集中度保持在七成；主要代建企業規模競爭壓力持續增長。隨著代建行業競爭的加劇，意向項目在融資、注資、墊資、紓困、F+EPC、EPC、兜底利潤、成本節約等方面提出新訴求，對代建企業帶資入局的預期越來越高，資源需求型代建逐步成為主流方向。2024年上半年業績回顧2024年上半年公司整體完成簽約面積139萬平方米，其中累計與29家平台公司、8家國企簽訂戰略合作協議。累計簽約25個政府代建項目，簽約面積359.33萬平方米。其中河南省以外地區共計簽約項目
49、4個34萬平方米。2024年上半年，本公司代合作方銷售的合同銷售額約為人民幣72億元，合同銷售建築面積約118萬平方米。兩項核心數據均處於行業領先，持續鞏固了代建行業頭部企業的地位。2024年上半年本公司期初庫存銷售54億，去化率為30%。In terms of industry,as of the first half of 2024,there were more than 100 enterprises involved in the field of project management,with a coverage rate over 80%in top 100 sales of
50、project management business.The number of market players has reached saturation,leading to increasingly fierce competition.In the first half of 2024,there were cumulative contracted areas of 83.45 million m2 in the project management industry,representing a year-on-year increase of 3%.The overall sc
51、ale of the project management industry is still growing,but the growth rate has slowed down significantly.Industry concentration remains high:In the first half of the year,the TOP5 enterprises maintain a concentration rate of 50%while the TOP10 enterprises maintain 70%.Major project management compa
52、nies are facing increasing competitive pressure in scale expansion.With the aggravation of the competition in the project management industry,there were new requirements imposed for potential projects,leading to a higher expectation for project management enterprises to break the capital barrier.The
53、se projects encompass financing,capital injection,capital advance,relief,F+EPC,EPC,pocket profits,and cost savings.Resource-oriented project management is becoming a mainstream.REVIEW OF RESULTS FOR THE FIRST HALF OF 2024In the first half of 2024,the Company completed an overall contracted area of 1
54、.39 million m2,in which it signed strategic cooperation agreements with 29 platform companies and 8 state-owned enterprises in total.The Company has cumulatively contracted 25 government project management projects,with a contracted area of 3.5933 million m2.Among these projects,a total of 4 project
55、s of 340,000 m2 were contracted outside Henan Province.The contracted sales of houses sold by the Company on behalf of its partners amounted to approximately RMB7.2 billion in the first half of 2024,with a contracted sales GFA of approximately 1.18 million m2.The Company led the industry in the two
56、core figures,cementing its leading position in project management.In the first half of 2024,the Companys sales of opening inventory amounted to RMB5.4 billion with a selling rate of 30%.112024 INTERIM REPORT/二零二四年中期報告CHAIRMANS STATEMENT主席報告2024年上半年，圍繞 做到交付風險都清除，每個項目都標桿，持續貫徹 風險項目保交付、常規項目促提升、寬鬆項目爭標桿 的
57、思路。持續強化交付風控管理機制的執行，並成立保交付專班，確保各項目高品質交付；同時積極打造交付標桿，助力營銷、擦亮品牌。2024年上半年累計交付1.68萬套，共計219萬平方米，規模位居區域品牌房企第二。提前交付14個批次約6116套，共計81.87萬平方米；提前交付率35%，平均提前天數達95天。交付即發證7個批次、約2491套，共計34.13萬平方米。本公司在2024年持續優化產品及服務，不斷提升競爭優勢。持續通過產品創新研究，促進產品體系升級，研究適配新市場需求的產品。公司在2024年上半年斬獲多項榮譽，包括 中國房地產代建運營優秀企業、政府代建運營優秀企業等六大代建領域獎項；並憑借卓越
58、運營與服務能力，在代建管理領域獲 卓越表現TOP5、政府代建住房類管理卓越表現TOP4 兩項榮譽；同時位列 中國房地產上市公司代建運營優秀企業榜單第四。In the first half of 2024,we were committed to eliminating delivery risks and establishing standard projects,and continued to guarantee the delivery of risk-free projects,optimise regular projects and strive for excellence i
59、n flexible projects.We continued to strengthen the implementation of the delivery risk control management mechanism and set up a special delivery assurance team to ensure the high quality delivery of various projects.Meanwhile,we actively created delivery benchmarks to help marketing and polishing o
60、ur brand.The cumulative delivery of 16,800 units totalling 2.19 million m2 in the first half of 2024 ranked second in scale among regional branded real estate enterprises.We completed early delivery of 14 batches of approximately 6,116 units totalling 818,700 m2.The early delivery rate was 35%,with
61、an average lead time of 95 days.7 batches of approximately 2,491 units totalling 341,300 m2 were delivered with property ownership certificates.The Company continued to optimise its products and services to enhance its competitive edge in 2024.It kept promoting product system upgrading through produ
62、ct innovation research,and conducted research on products adapted to new market demands.In the first half of 2024,the Company received a number of awards,including six major awards in the field of project management,such as the China Outstanding Project Management Operation Real Estate Companies and
63、 the Outstanding Government Project Management Operation Companies.Furthermore,the Company has been awarded the TOP5 Excellence in Performance and the TOP4 Excellence in Performance in Government Project Management(Residential Project)in the field of project management based on its operational and s
64、ervice excellence.Moreover,it was ranked fourth in the list of China Outstanding Listed Real Estate Enterprises in Project Management Operation.12CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司CHAIRMANS STATEMENT主席報告2024年下半年展望三中全會後，河南省政府發佈2024年下半年經濟穩進向好措施，提出40項措施，涵蓋創新、鏈群發展、需求潛力、改革、開放、區域協調、綠色低碳轉型和安
65、全穩定等8個方面。特別在房地產市場，措施包括確保 保交樓、建立房地產項目 白名單 制度、妥善處理閒置土地等，未來預計還將有更多支持房地產的政策出台。要提振房地產市場，我們需認識到國家救市的決心和購房者信心的不確定性。下半年，應保持底線思維，客觀評估形勢，審慎行動，既不盲目樂觀也不過度悲觀，務實前行。創新業務模式，優化投拓機制。對標行業標桿，在鞏固、加強傳統商業代建業務的基礎上，在政府 三大工程、存量物業運營、C端業務等領域積極探索，爭取實現突破；同時優化投拓獎勵分享機制，提升全員投拓的積極性，按照 高效協同、各司其職、充分結合、追溯復盤 的要求，進一步優化投拓架構設置、流程設定、工作職責等，加
66、快項目轉化落地。聚焦行業規模競速向質量化轉變，強化品牌力和產品力。在產品設計、功能配置、服務體驗等方面深入挖掘客戶需求，實現精準營銷，打造符合購房者需求的好房子。依托高品質交付落地產品，鍛造產品價值新體系。穩步構建並完善全具有中原建業特色的產品適配體系，提高產品可辨識度與差異性，為中原建業品牌注入源源不斷的創新活力與市場吸引力。OUTLOOK FOR THE SECOND HALF OF 2024After the Third Plenary Session of the Communist Party of China Central Committee,the Henan Provinci
67、al Government released the Measures for Stabilising the Economy in the Second Half of 2024,which put forward 40 measures covering eight aspects,including innovation,chain cluster development,demand potential,reform,opening up,regional coordination,green and low-carbon transformation,and security and
68、 stability.In the real estate market in particular,measures include ensuring property delivery,establishing a“white list”system for real estate projects,and properly handling idle land,etc.It is expected that more policies in support of the real estate sector will be introduced in the future.To boos
69、t the real estate market,we need to recognise the determination of the state to intervene the market and the uncertainty of homebuyers confidence.In the second half of the year,we should adopt a bottom-line mindset,objectively assess the situation,and take prudent actions.We must avoid both blind op
70、timism and excessive pessimism,and proceed with a pragmatic approach.We will innovate the business model and optimise the investment and development mechanism.In addition to consolidating and strengthening our traditional commercial project management business,according to industry benchmarks,we wil
71、l actively explore and strive for breakthroughs in areas,such as the governments“three major projects”,stock property operation and C-suite business.At the same time,we will optimise the incentive sharing mechanism for investment and development to enhance the motivation of all staff.In accordance w
72、ith the requirements of“high efficiency and coordination,respective duties,full integration,and retroactive review”,we will further optimise the setup of investment and development structure,process settings,and work responsibilities to accelerate the transformation and application of projects.In al
73、ignment with the transformation of the industry to pursue quality,we aim to strengthen our brand power and product influence.In product design,functional configuration and service experience,we conduct in-depth exploration of customer needs to achieve precise marketing and create a desirable house t
74、hat addresses the needs of homebuyers.By offering high-quality products,we are forging a new product value system.We will steadily build and improve the product adaptation system with the characteristics of CCMGT,which improves product recognition and differentiation,injecting continuous creative vi
75、tality and market attraction into the brand of CCMGT.132024 INTERIM REPORT/二零二四年中期報告CHAIRMANS STATEMENT主席報告In terms of management,we will maintain our strategic strength,fully utilise the characteristics of CCMGT and focus our business on Greater Central China.Additionally,according to the Companys
76、strategic development plan,we will select strategic cities for in-depth development by considering factors such as market,capacity and policy,so as to make reasonable regional deployment.We will review the gaps with excellent project management enterprises as benchmark with an open mind,to rationall
77、y analyses changes and reflect on our own shortcomings at all times.Focusing on brand building,work management,and service quality,we will swiftly address deficiencies across all areas from concept to understanding,from strategy to tactics,and from mindset to execution.The Group will develop its own
78、 unique core competencies in three key areas:distinctive value,sustainability,and irreplaceable features.We insist on carrying forward the Henan spirit of“perseverance,generosity,magnanimity,persistence and indomitability”and practically abide by the corporate culture of“honesty,accountability,right
79、eousness,and compliance”.We aim to quickly identify and solve core management problems to enhance response.These efforts ensure that our customers and partners can tangibly benefit from the results of a mutual cooperation.The Group adheres to the principle of“Good People and Good Land”and actively d
80、evelops high-quality cooperation projects.We continue to advance our advantageous business to foster corporate development with our unique characteristics.Staying true to our original intention of achieving win-win outcomes through collaboration,we join hands with our partners to share in success,de
81、velopment,and responsibility.In the course of our future development,CCMGT will uphold the spirit of commitment and embrace innovation and exploration.In the face of new challenges,we boldly confront problems,dare to break through,continuously enhance our competitiveness,and consistently contribute
82、positively to our partners and society.We strive to support the new development of the industry and become a trusted project management service provider.Thank you all.Wu Po SumChairman9 January 2025管理方面，保持戰略定力，充分發揮中原建業特色，業務聚焦大中原；同時根據公司戰略發展規劃，綜合市場、容量、政策等維度，精選 戰略性深耕城市，做好理性區域佈局。虛心盤點差距，對標優秀代建企業，理性看待形勢變化
83、，時刻反思自身短板，從 品牌、管理、服務 三方面著手，快速彌補從理念到認知，從戰略到戰術，從心理到身體等各方面的不足。本集團將打造與之匹配的核心競爭力，一是獨特的價值，二是可持續發展，三是難以模仿。堅持發揚 堅毅、厚重、大氣、執著、不屈 的河南精神，切實恪守 守信用、負責任、走正道、務正業的企業文化，迅速識別並解決核心管理難題，提升認知水平，確保客戶與合作夥伴能夠切實受益，實現互利共贏的合作成果。本集團將堅持 好人好地原則，積極拓展高質量合作項目；持續強化長板，以獨特優勢推動企業發展。恪守 分享之心，獲共贏之果 的初衷，與合作夥伴攜手 共享、共創、共擔。在未來的發展進程中，中原建業將秉承擔當精
84、神，致力創新探索，在新形勢下，勇於直面問題，敢於突破，不斷提升競爭力，持續為合作夥伴和社會貢獻積極力量，助力行業新發展，做值得信賴的代建服務商，謝謝大家！主席胡葆森2025年1月9日14CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司FINANCIAL HIGHLIGHTS財務摘要收益表概要財務狀況表概要SUMMARY OF INCOME STATEMENTSix months ended 30 June截至6月30日止六個月20242023Changes2024年2023年變動RMB000RMB000Increase/(decrease)人民
85、幣千元人民幣千元增加（減少）Revenue收入146,238382,402(61.8%)Net profit淨利潤48,326191,388(74.7%)Net profit margin淨利潤率33.0%50.0%(17.0%)Basic earnings per share (RMB cents)每股基本盈利（人民幣分）1.205.64(78.8%)Diluted earnings per share (RMB cents)每股攤薄盈利（人民幣分）1.185.64(79.1%)Interim dividends per share (HK$cents)每股中期股息（港仙）3.74NA不適用
86、 SUMMARY OF STATEMENT OF FINANCIAL POSITIONAs at 30 June 2024As at 31 December 2023Changes於2024年6月30日於2023年12月31日變動RMB000RMB000Increase/(decrease)人民幣千元人民幣千元增加（減少）Total cash and cash equivalents現金及現金等價物總額2,222,0831,835,78321.0%Total assets總資產3,089,1693,125,571(1.2%)Total liabilities總負債568,086706,356(
87、19.6%)Total equity權益總額2,521,0832,419,2154.2%152024 INTERIM REPORT/二零二四年中期報告MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析營運回顧一、業務概覽本集團，作為中國領先的房地產代建服務提供商，致力於為客戶提供高質量、高效率的房地產項目開發與運營服務。2024年上半年，本公司持續鞏固其市場地位，通過專業的代建服務，為業主和客戶創造了顯著的價值。期內，本公司累計簽約項目達到433個，累計簽約面積5,448萬平方米，實現合約銷售72億元，銷售面積118萬平方米。這些成績充分顯示了在當前複雜多變的
88、市場環境中公司的韌性和有效管理，也反映了本公司在代建市場的強大競爭力和市場影響力。OPERATION REVIEWI.BUSINESS OVERVIEWAs a leading provider of real estate project management services in China,the Group is committed to providing high-quality and efficient real estate project development and operation services to its clients.During the first
89、half of 2024,the Company continued to strengthen its market position,creating significant value for property owners and customers through its specialised project management services.During the Period,the Company had cumulatively contracted 433 projects,with a cumulative contracted area of 54,480,000
90、 m2.Contracted sales amounted to RMB7.2 billion,with a total sales area of 1,180,000 m2.These results fully demonstrate the Companys resilience and effective management in the current complex and volatile market environment,and reflect the Companys strong competitiveness and market influence in the
91、project management market.Shanxi Pinglu Jianye City 山西平陸建業城 16CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析二、宏觀形勢2024年上半年，外部環境複雜性嚴峻性不確定性明顯上升、國內結構調整持續深化等帶來新挑戰，但宏觀政策效應持續釋放、外需有所回暖、新質生產力加速發展等因素也形成新支撐。總的來看，2024年上半年國民經濟延續恢復向好態勢，運行總體平穩、穩中有進。II.Macro Environment
92、In the first half of 2024,the rising complexity and severity and uncertainty of the external environment,along with ongoing domestic structural adjustments,presented new challenges.Nevertheless,the continued effect of macroeconomic policies,the recovery of external demand,and the acceleration of hig
93、h-quality productive forces all provided fresh support.Generally speaking,the national economy in the first half of 2024 continued to recover and improve,demonstrating an overall stable progress.Anhui Linquan Jianye Art Mansion 安徽臨泉建業徽創新築 172024 INTERIM REPORT/二零二四年中期報告MANAGEMENT DISCUSSION AND ANAL
94、YSIS管理層討論及分析然而，在政策寬鬆的大環境下，房地產市場在低迷中尋求復甦，整體下行壓力依然不容忽視，具體表現為房地產投資、銷售業績以及項目開工率的同比縮減。為提振經濟活力，確保房地產產業鏈上下游的就業穩定，各級政府迅速響應，打出了一系列樓市政策組合拳。2024年4月政治局會議以來，政策側重點轉向 去庫存。居民信貸政策迎來史詩級利好，首付比例低至15%、取消房貸利率下限。房地產融資協調機制建立並加速推進，白名單項目已獲批近萬億融資額度。央行推出再貸款工具支持地方國資收儲存量商品房，各地推進住房 以舊換新。上半年地方222省市341次政策寬鬆，購房限制性政策持續鬆綁，財稅端購房激勵政策批量發
95、佈。However,under the general environment of policy relaxation,the real estate market struggled to recover in the midst of the downturn,along with the significant overall downward pressure,as evidenced by the year-on-year contraction in real estate investment,sales results and project commencement rat
96、es.To stimulate the economy and ensure employment stability across the entire real estate industry chain,governments at all levels have responded quickly with a series of policy measures for the property market.Since the meeting of the Political Bureau in April 2024,the policy focus has shifted to“d
97、e-stocking”.Residential credit policy has received an epic boost with a down payment as low as 15%and the elimination of the mortgage interest rate floor.The real estate financing coordination mechanism has been established and accelerated,and white-listed projects have been approved for nearly one
98、trillion dollars of financing.With the central bank introducing a refinancing instrument to support local state-owned enterprises in acquiring existing commercial housing,the trade-in of homes has been promoted nationwide.In the first half of the year,341 policy relaxations were implemented across 2
99、22 provinces and cities.Restrictions on home purchases were further eased,and a series of fiscal incentives for homebuyers were introduced.18CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析III.Project Management MarketMeanwhile,due to the impact of the over
100、all economic environment,the growth rate of the project management mode has also slowed down,showing a trend of more concentration of leading enterprises and intensified fragmentation within the industry.As of mid-2024,there were over 90 project management companies,with 70 of them among the TOP 200
101、 real estate firms.The project management market is gradually shifting from a blue ocean to a red ocean.The government has set up a project management platform,contracting enterprises development room.In the first half of 2024,local governments set up the project management platform responsible for
102、the implementation of government investment projects,further aggravating the competition of the project management market.Although the project management mode is more flexible,companies profitability continues to decline.To this end,project management enterprises are introducing a variety of coopera
103、tion mechanisms,including the“direct+franchise”mode to expand the scope of cooperation and promote scalable growth.As competition intensifies,project management firms are securing development scale through profits while lowering their rates.With the real estate market remaining sluggish,the scale of
104、 commercial project management is gradually shrinking.Industry concentration remains high,with resource-driven demand becoming the mainstream.The TOP10 enterprises maintain a concentration rate of 70%.The competitive pressure on the scale of the major project management firms continues to grow,and a
105、t the same time,new demands for projects in terms of financing,capital injection,profit underwriting and cost saving,etc.are being put forward.The expectation for the project management firms to provide capital is getting higher and higher.Resource-oriented project management is becoming the mainstr
106、eam.Industry risks are increasing and management requirements are getting higher.During the current special development period of the real estate and project management industries,the contradictions between project operation and management have become increasingly prominent.All these problems have g
107、radually increased the risks of operation and delivery.三、代建市場與此同時受整體經濟環境的影響，代建模式的增長速度也有所減緩，並顯現出頭部企業更加集中、行業內部分化加劇的趨勢。截至2024年中，佈局代建企業已超過90家，TOP200房企下屬企業有70家，代建市場逐漸從藍海走向紅海。政府成立代建平台，企業空間面臨壓縮，2024年上半年，多地政府成立代建平台負責政府投資項目的建設實施，代建市場的競爭進一步加劇。代建模式更加靈活，盈利能力持續下滑，代建企業不斷推出各種合作機制，以 直營加盟的模式擴大合作範圍，促進規模發展；隨著競爭加劇，代建企業
108、拿出利潤保規模、下探費率；房地產市場持續低迷，商業代建規模逐步壓縮。行業集中度保持高位，資源型需求成為主流，上半年TOP10企業集中度保持在七成；主要代建企業規模競爭壓力持續增長，同時項目在融資、注資、兜底利潤、成本節約等方面提出了新訴求，對代建企業帶資入局的預期越來越高，資源需求型代建逐步成為主流方向。行業風險不斷增加，管理要求越來越高，在當下房地產、代建行業發展的特殊時期，項目經營和管理的矛盾日益凸顯，經營風險、交付風險逐步加大。192024 INTERIM REPORT/二零二四年中期報告MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析2024年上半年
109、中原建業憑借穩健的企業經營、優秀的交付實力以及良好的服務能力，斬獲多項榮譽。3月，中原建業憑借穩健的企業經營、優秀的交付實力以及良好的服務能力，不斷創新的業務模式、持續提升的品牌影響力，榮獲 2024中國房地產代建運營優秀企業、2024中國政府代建運營優秀企業、2023中國房地產企業代建綜合能力TOP10、2024中國代建企業綜合實力TOP6、2024年商業代建優秀企業、2024年城市更新代建優秀企業 六項榮譽。4月，中原建業以出眾的運營能力、服務能力榮獲 卓越指數2024房地產代建管理卓越表現TOP5、卓越指數2024政府代建住房類管理卓越表現TOP4 兩項榮譽。5月，中原建業以出眾的運營能
110、力入圍 2024年中國房地產上市公司代建運營優秀企業榜單，位列第四。四、大中原 戰略作為根植於中原地區的房地產代建企業，本公司始終秉持 大中原 戰略，致力於在中原地區打造高品質的房地產項目。通過深入挖掘中原地區的市場潛力，不斷拓展業務版圖，提升品牌影響力。上半年，與2家政府平台公司、國企簽訂戰略合作協議，加大政府代建比重。持續區域深耕，專注於三四線市場通過提供品牌、管理、服務、運營、文化和後期物業等全方位的房地產開發運營綜合服務，與合作夥伴共同推動城市化進程。In the first half of 2024,CCMGT won a number of honours for its soun
111、d business operation,excellent delivery strength and good service capability.In March,CCMGT was awarded six honours,namely 2024 China Outstanding Project Management Operation Real Estate Companies,2024 China Outstanding Government Project Management Operation Companies,2023 TOP 10 China Real Estate
112、Companies in terms of Comprehensive Project Management Capability,2024 TOP 6 China Project Management Companies in terms of Comprehensive Strength,2024 Outstanding Commercial Project Management Companies,2024 Outstanding Urban Renewal Project Management Companies,by virtue of its sound business oper
113、ation,excellent delivery strength,and good service capability.The Company strives to innovate business model and continues to improve brand influence.In April,CCMGT won the Excellence Index 2024 TOP5 Excellence in Performance in Real Estate Project Management,and the Excellence Index 2024 TOP4 Excel
114、lence in Performance in Government Project Management(Residential Project)for its outstanding operation ability and service capability.In May,CCMGT was ranked fourth in the list of 2024 China Outstanding Listed Real Estate Enterprises in Project Management Operation for its outstanding operation cap
115、ability.IV.“Greater Central China”StrategyAs a real estate project management company rooted in central China,the Company always adheres to the“Greater Central China”strategy and is committed to developing high-quality real estate projects in central China.By tapping into the market potential in cen
116、tral China,we have been expanding our business territory and enhancing our brand influence.In the first half of the year,strategic cooperation agreements were signed with 2 government platform companies and state-owned enterprises to enhance our focus on government project management.As our continua
117、l efforts in regional exploration,we focus on the third and fourth tier markets,promoting urbanisation with our partners by providing a full range of integrated services in real estate development and operation.These services encompass brand building,management,service offerings,operation practices,
118、culture cultivation and post-sale property management.20CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析城市合夥人模式的成功落地，聚集了志同道合的城市合夥人，推動成員企業間的合作，共同致力於推動中原城市化進程和社會全面進步。通過信用和融資手段，為成員企業打通項目庫、資金庫，嫁接資源，同時為客戶打造優質產品，提供優質服務，使中原建業的品牌在大中原區域迅速鞏固、拓展。五、期內項目發展於期內，新簽代建項目15個，
119、新增合約建面積1,385,900平方米，較2023年同期減少73.5%；其中，新簽約省內項目11個，新增合約建築面積1,046,900平方米；新簽約省外項目4個，新增合約建築面積339,000平方米。本集團在管項目的合約銷售金額7,172百萬元，同比減少45.2%；合約銷售面積1,183,521平方米，同比減少42.8%。截至2024年6月30日，本集團在管項目262個，在管項目建築面積31,619,915平方米，其中省內項目223個，總建築面積27,419,403平方米；省外項目39個，總建築面積4,200,512平方米。中原建業專注於大中原區域三四線市場，省內外合計進駐136個縣市。省內總
120、計107個：17個地級市，1個省直轄縣級市，89個縣及縣級市；省外合計29個：6個地級市，23個縣級市。六、未來業務計劃及策略中原建業將持續秉承擔當精神，致力創新探索，在新形勢下，全面審視機制、產品、管理、投拓等方面，勇於直面問題，敢於突破，不斷提升競爭力，旨在通過精準施策，打響專項破局戰役，保持行業領先與經營業績雙突破。The successful implementation of the city partnership model has gathered like-minded city partners and promoted cooperation among members.
121、Together,we are committed to promoting urbanisation and social progress in central China.Through credit and financing means,this model opens up project and capital channels for members and connect resources.Additionally,it aims to provide quality products and services to its customers,rapidly consol
122、idating and expanding CCMGTs brand influence in Greater Central China.V.Project Development during the PeriodDuring the Period,15 new project management projects were signed with an additional contracted GFA of 1,385,900 m2,representing a decrease of 73.5%as compared to the same period in 2023.Among
123、 these projects,there were 11 new contracts signed in Henan with an additional contracted GFA of 1,046,900 m2;and there were 4 new contracts signed beyond Henan with an additional contracted GFA of 339,000 m2.Contracted sales of the Groups projects under management amounted to RMB7,172 million,repre
124、senting a year-on-year decrease of 45.2%;and contracted sales area was 1,183,521 m2,representing a year-on-year decrease of 42.8%.As of 30 June 2024,the Group had 262 projects under management with a GFA under management of 31,619,915 m2,of which 223 projects with a total GFA of 27,419,403 m2 were i
125、n Henan and 39 projects with a total GFA of 4,200,512 m2 were beyond Henan.CCMGT focused on the third-and fourth-tier markets in the Greater Central China region,with a cumulative presence in 136 counties and cities in and beyond Henan.In particular,the Company has established presence in 107 counti
126、es and cities in Henan,including 17 prefecture-level cities,1 prefectural county-level city,and 89 counties and county-level cities;and 29 counties and cities beyond Henan,including 6 prefecture-level cities and 23 county-level cities.VI.Future Business Plan and StrategyCCMGT will uphold the spirit
127、of commitment and embrace innovation and exploration.In the face of new challenges,we will conduct a comprehensive review of our mechanisms,products,management,investment and development.In addition,we boldly confront problems,dare to break through,and continuously enhance our competitiveness.Our go
128、al is to overcome challenges through precise policy implementation and specialised capabilities,in order to maintain our leading position in the industry and achieve a breakthrough in operational results.212024 INTERIM REPORT/二零二四年中期報告MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析在當前複雜多變的市場環境中，中原建業深刻認識到
129、只有不斷創新和提升自身競爭力，才能在激烈的市場競爭中立於不敗之地。因此，公司將從以下幾個方面著手，全面推進企業的戰略發展：1、建立經營核心層面競爭力優勢以品牌故事築基礎，聯動發聲穩固企業形象。多渠道，強化區域品牌聯動發聲，通過標桿項目展示、客戶口碑傳播、社會責任活動等手段，提升品牌知名度和美譽度，擴大品牌影響力。以管理為舵，精細管理引領核心競爭力飛躍。中原建業秉持產品與服務至上理念，嚴肅產品紀律，穩步推進項目全流程精細化管理體系。在提供服務的過程中，嚴守企業管理底線，通過標準化的體系動作，確保服務成果的輸出質量，通過完善經營管理、機制建設、團隊保障、運轉模式、資源利用等重塑管理優勢。以集團生態
130、為支撐，強化服務誠意與溫度。以真誠的服務連接客戶與品牌，用心傾聽客戶聲音，瞭解客戶需求，解決客戶問題，不斷創新服務內容，強化服務體驗升級。同步，深化並持續迭代客戶維繫系統，做實維繫各項工作標準動作，以誠意、品牌、管理、產品和服務證明我們的專業與用心。In the current complex and evolving market environment,CCMGT deeply recognises that continuous innovation and self-enhancement are the only ways to succeed in the fierce marke
131、t competition.Therefore,the Company will comprehensively promote the strategic development of the Group based on the following aspects:1.Establishment of core competitive advantages in operationWe strive to enhance corporate image by telling our brand stories through the linkage mechanism.The region
132、al brand is strengthened through multiple channels via the linkage mechanism.The display of benchmark projects,customer word-of-mouth,and social responsibility activities help enhance our brand awareness and reputation,thereby expanding our brand influence.Focusing on management,we consider that ref
133、ined stewardship will lead to a great leap in core competitiveness.CCMGT upholds the concept of prioritising products and services,strictly adheres to product discipline,and steadily advances the refined full-process project management system.In the process of service provision,we strictly adhere to
134、 the bottom line of corporate management.We ensure the quality of service output through standardised systems while reshaping our management advantages by improving operation management,mechanism construction,team protection,operation mode,and resource utilisation.Supported by the Groups ecosystem,w
135、e are committed to strengthening the sincerity and warmth of our services.To connect customers and brands with sincere services,we listen to their voices,understand their needs and solve their problems,continuously innovating our service offerings and enhancing the service experience.In addition,we
136、will continuously refine and enhance the customer maintenance system,implement standardised maintenance practices,and demonstrate our professionalism and commitment through our sincerity,brand,management,products,and services.22CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司MANAGEMENT DISCUSSION A
137、ND ANALYSIS管理層討論及分析2、創新業務模式優化投拓機制對標行業標桿，在鞏固、加強傳統商業代建業務的基礎上，在政府 三大工程、存量物業運營、C端業務等領域積極探索，爭取實現突破；同時優化投拓獎勵分享機制，提升全員投拓的積極性，按照 高效協同、各司其職、統分結合、追溯復盤 的要求，進一步優化投拓架構設置、流程設定、工作職責等，加快項目轉化落地。3、完善全景操盤與產品引領進一步完善中原建業的全流程管理，圍繞 每個項目盈利、每個項目標桿、交付風險清零 的目標，優化管控架構、管理體系、工作流程和制度標準，確保全景操盤和整體運營的高效性。以 好產品 為核心，通過設計創新、產品呈現、成本管控、場
138、景營造、銷售達標和合作方服務滿意等方面的優勢，將每個項目置於全景管理之下，以產品為營銷道具，實現快速銷售去化、資金回籠的經營閉環。4、優化組織架構提升運營效率為了提升運營效率和市場響應速度，中原建業正積極優化組織架構，通過精簡層級、明確職責、強化跨部門協作以及引入靈活管理機制，旨在構建一個更加高效、敏捷且富有創新力的組織體系，確保公司能夠快速適應市場變化，持續推動業務增長與戰略目標的實現。2.Innovation of the business model and optimisation of the investment and development mechanismIn additi
139、on to consolidating and strengthening our traditional commercial project management business,in alignment with the industry benchmarks,we will actively explore and strive for breakthroughs in areas,such as the governments“three major projects”,stock property operation and C-suite business.At the sam
140、e time,we will optimise the incentive sharing mechanism for investment and development to enhance the motivation of all staff.In accordance with the requirements of“high efficiency and coordination,respective duties,full integration,and retroactive review”,we will further optimise the setup of inves
141、tment and development structure,process settings,and work responsibilities to accelerate the transformation and application of projects.3.Perfection of comprehensive management and product leadershipTo further improve the full-process management of CCMGT,we will optimise the control structure,manage
142、ment system,workflow and system standards,ensuring that each project is profitable,meets all standards,and carries zero delivery risk.These initiatives will guarantee the high efficiency of comprehensive management and overall operations.With high-quality products at the core,we comprehensively mana
143、ge each project by leveraging advantages in design innovation,product presentation,cost control,scene construction,sales performance,and partner service satisfaction.The product serves as a key marketing tool,enabling a closed loop of rapid sales,inventory turnover,and capital recovery.4.Optimisatio
144、n of organisational structure to enhance operational efficiencyIn order to enhance operational efficiency and market responsiveness,CCMGT is actively optimising its organisational structure by streamlining management levels,clarifying responsibilities,strengthening cross-departmental collaboration a
145、nd introducing flexible management mechanisms.We aim to develop a more efficient,agile and innovative organisational system to ensure that the Company can quickly adapt to market changes and continue to drive business growth and the achievement of its strategic objectives.232024 INTERIM REPORT/二零二四年
146、中期報告MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析5、完善管理機制聚焦經營兌現管理機制全面升級，強化標準的執行剛性。提高管理規範化水平，加強基層管理能力。提高認知，積極擁抱變化。健全國內經濟、政府政策、行業形勢、競爭對手、目標資源的監控機制，全面執行動態目標、動態管理、動態考核的機制，針對管理過程中的各種突發問題，充分利用執委會專項決策機制，迅速梳理問題、制定方案。扛實責任，確保業務目標足額達成。精準落實天、人、位，圍繞經營目標，切實思考如何分解到人、執行到位，如何把策略和戰略匹配起來，保證落地執行和實現。貫徹 逢山開路遇水搭橋 的拚搏精神，實現中原建
147、業品牌價值變現。七、前景展望受益於政策環境優化與市場需求逐漸穩定，代建行業正迎來從規模擴張向高質量發展的轉型期，未來代建行業有望醞釀出一個新的千億元量級的市場。中原建業將繼續深化大中原戰略，以自省、共識、求變、攻堅 為驅動，通過技術創新、管理優化和業務拓展，不斷提升自身實力和市場競爭力，積極尋找新的增長點和發展機遇；以 城市合夥人 為引領，以服務模式的創新，加強產業鏈上下游的協同，滿足合作夥伴多元化需求；同時，中原建業將積極響應國家政策和市場需求，推動行業規範化、標準化進程，繼續引領代建行業向高質量發展轉型。5.Improvement of the management mechanism t
148、o focus on business realisationThe management mechanism has been comprehensively upgraded to reinforce the strict enforcement of standards.We strive to enhance standardised management,strengthen grassroots management capabilities,foster continuous learning,and actively embrace changes.We will improv
149、e the mechanism monitoring domestic economy,government policy,industry situation,competitors and target resources.A dynamic system will also be fully implemented to set goals,perform management and conduct assessment.For unexpected problems in the management process,the special decision-making mecha
150、nism of the executive committee is able to sort out the problems and formulate specific resolutions.We will fulfil our responsibilities to ensure that our business targets are met in full.Based on our operational objectives,we aim to accurately analyse the current situation,human resources,and relev
151、ant positions to effectively define roles and align our tactics with strategy,ensuring the successful implementation and achievement of targets.We embrace the fighting spirit of forging ahead with perseverance to realise CCMGTs brand value.VII.OUTLOOKWith the optimisation of policy formulation and t
152、he gradual stabilisation of market demand,the project management industry is entering a phase of transformation,shifting from scale expansion to high-quality development.The industry is expected to emerge as a new market with significant capitalisation potential in the future.CCMGT will continue to
153、refine the“Greater Central China”strategy.Driven by introspection,consensus,change,and perseverance,we are committed to fostering our strength and market competitiveness through technological innovation,management optimisation,and business expansion,while actively seeking for new growth and developm
154、ent opportunities.Guided by the“City Partner”initiative,we will strengthen the collaboration of the entire industry chain through the innovation of the service model to satisfy the diversified needs of our partners.Moreover,CCMGT will actively align with national policies and respond to market deman
155、d,promote industry standardisation,and continue to lead the project management industry toward high-quality development and transformation.24CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析財務分析本集團於期內實現：收入本集團自提供房地產代建服務產生收入及收取管理服務費。影響收入的主要因素包括業務規模、在管項目數量及總在管合
156、約建築面積、在管項目項目節點及進度以及銷售策略。於本期內，收入為人民幣146.2百萬元，與2023年同期的人民幣382.4百萬元相比下降61.8%。收入下降是因為國內房地產市場持續下行，公司服務費收取價格有所降低及新項目開拓增加幅度不及履約完成項目減少幅度。按照在管項目是否位於河南省劃分的本集團收入情況如下：FINANCIAL ANALYSISFor the Period,the Group achieved:RevenueThe Group generated revenue and received management service fees from the provision of
157、 project management services.Primary factors affecting our revenue include scale of our business,number of projects and total contracted GFA under our management,milestones and progress of projects under our management and our sales strategy.During the Period,the revenue amounted to RMB146.2 million
158、,a year-on-year decrease of 61.8%as compared with that of RMB382.4 million in the corresponding period in 2023.The decline in revenue was due to lower service fees charged by the Company as a result of the continued downturn of the domestic real estate market and the fact that the increase in new pr
159、oject development was not as significant as the decrease in completed projects.Below is the Groups revenue divided by whether projects under management are based in Henan Province:For the six months ended 30 June截至6月30日止六個月Revenue收入20242023Change2024年2023年變動RMB000%of revenueRMB000%of revenueincrease
160、/(decrease)人民幣千元佔收入百分比人民幣千元佔收入百分比增加（減少）Projects in Henan Province河南省項目125,52585.8%358,39393.7%(65.0%)Projects outside Henan Province除河南省外的項目20,71314.2%24,0096.3%(13.7%)Total合計146,238100.0%382,402100.0%(61.8%)252024 INTERIM REPORT/二零二四年中期報告MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析其他淨收入其他淨收入主要包括按攤銷成本
161、計量的金融資產的利息收入，政府補助和匯兌損益。於本期內，其他淨收入為人民幣13.2百萬元，較2023年同期的人民幣17.4百萬元下降人民幣4.2百萬元。下降的主要原因是期內向第三方墊款的利息收入减少所致。人員成本人員成本為本集團最大的成本項目，主要包括基本薪金及獎金、社會保險及其他福利以及建業地產股份有限公司（本集團前控股公司）向本集團的僱員支付的以權益結算的股份支付款。該等成本不包括已付因我們在管的房地產開發項目而派駐予相關項目公司僱員的薪金、獎金、社會保險及住房公積金和其他福利及費用，該等成本及費用由相關項目擁有人承擔並由項目擁有人直接向派駐人員支付。於本期內，人員成本為人民幣60.4百萬
162、元，較2023年同期的人民幣67.1百萬元下降10.0%。下降的主要原因是本期內本集團嚴控人員成本費用。其他經營開支其他經營開支主要包括公司開銷、業務招待費、辦公及差旅開支。於本期內，其他經營開支為人民幣31.7百萬元，較2023年同期的人民幣40.4百萬元減少21.4%。減少的主要原因為集團嚴控各項經營開支。Other Net IncomeOther net income primarily comprises interest income on financial assets measured at amortised cost,government grants and exchan
163、ge gain or loss.During the Period,other net income amounted to RMB13.2 million,a decrease of RMB4.2 million as compared with that of RMB17.4 million in the corresponding period in 2023.The decrease was mainly due to decrease in interest income on advances to third parties during the period.Personnel
164、 CostPersonnel cost is the Groups largest cost item which primarily comprises base salary and bonus,social insurance and other benefits as well as equity settled shared-based payment by Central China Real Estate Limited,a former holding company of the Group,paid to the Groups employees.Such cost doe
165、s not include salary,bonus,social insurance and housing funds,and other benefits and fees paid to the Groups employees who are seconded to relevant project companies in connection with real property development projects managed by us,which are borne by respective project owners and paid by the proje
166、ct owners to the seconded personnel directly.During the Period,personnel cost amounted to RMB60.4 million,representing a decrease of 10.0%as compared with that of RMB67.1 million for the corresponding period in 2023.The decrease is primarily due to our strict control over personnel cost and expenses
167、 during the Period.Other Operating ExpensesOther operating expenses primarily comprise corporate overhead and business entertainment,office and travelling expenses.During the Period,other operating expenses amounted to RMB31.7 million,representing a decrease of 21.4%as compared with that of RMB40.4
168、million for the corresponding period in 2023.The decrease was mainly due to the Groups strict control over various operating expenses.26CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析期內溢利於本期內，淨利潤為人民幣48.3百萬元，較2023年同期的人民幣191.4百萬元下降74.7%。主要是由於本期收入下降所致。貿易及其他應收
169、款項於2024年6月30日，貿易及其他應收款項為人民幣722.2百萬元，較2023年12月31日的人民幣1,121.5百萬元降低35.6%。減少的主要原因是第三方墊款減少462.6百萬所致。合約資產於2024年6月30日，合約資產為人民幣108.7百萬元，較2023年12月31日的人民幣125.3百萬元減少13.3%。合約資產在未來將轉化為本集團的經營活動現金流入。貿易及其他應付款項於2024年6月30日，貿易及其他應付款項為人民幣196.2百萬元，較2023年12月31日的人民幣300.4百萬元降低34.7%。主要是由於2023年中期股息人民幣124.9百萬元於2024年2月22日派付。合約
170、負債於2024年6月30日，合約負債為人民幣251.7百萬元，較2023年12月31日的人民幣309.9百萬元下降18.8%。合同負債反映了於提供相關項目管理服務前的已收付款，本期內減少主要由於已收付款減少。Profit for the PeriodDuring the Period,net profit amounted to RMB48.3 million,representing a decrease of 74.7%as compared with that of RMB191.4 million for the corresponding period in 2023,which w
171、as mainly due to the decrease in revenue for current period.Trade and Other ReceivablesTrade and other receivables amounted to RMB722.2 million as of 30 June 2024,representing a decrease of 35.6%from RMB1,121.5 million as of 31 December 2023.The decrease was mainly due to the decrease in advances to
172、 third parties amounted to RMB462.6 million.Contract AssetsContract assets amounted to RMB108.7 million as of 30 June 2024,representing a decrease of 13.3%from RMB125.3 million as of 31 December 2023.Contract assets will be converted into the cash inflow from the Groups operating activities in the f
173、uture.Trade and Other PayablesTrade and other payables amounted to RMB196.2 million as of 30 June 2024,representing a decrease of 34.7%from RMB300.4 million as of 31 December 2023.This was mainly due to the fact that the interim dividend of RMB124.9 million for the year 2023 was paid on 22 February
174、2024.Contract LiabilitiesContract liabilities amounted to RMB251.7 million as of 30 June 2024,representing a decrease of 18.8%from RMB309.9 million as of 31 December 2023.Contract liabilities represent the payments received before the related project management service is provided.The decrease durin
175、g the Period is primarily due to a decline in payments received.272024 INTERIM REPORT/二零二四年中期報告MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析上市所得款項本公司普通股（股份）於2021年5月31日成功在聯交所主板上市（上市），現根據全球發售已發行合共328,172,000股股份，剔除包銷費用及相關開支後，上市所得款項淨額約為915.8百萬港元（相當於人民幣751.4百萬元）。下表列示截至2024年6月30日所得款項淨額的預定用途和實際用途：Proceeds fro
176、m the ListingThe ordinary shares of the Company(the“Shares”)were listed on the Main Board of the Stock Exchange(the“Listing”)on 31 May 2021,with a total of 328,172,000 Shares issued pursuant to the global offering.After deducting the underwriting fees and relevant expenses,net proceeds from the List
177、ing amounted to approximately HK$915.8 million(equivalent to RMB751.4 million).The following table sets out the intended use and actual use of the net proceeds as of 30 June 2024:Use of proceeds所得款項用途Allocation of use of the net proceedsPercentage of total net proceedsNet proceeds utilised during th
178、e PeriodActual use as of 30 June 2024Unutilised net proceeds as at 30 June 2024Timetable所得款項淨額的分配用途佔總所得款項淨額的百分比期內動用的所得款項淨額截至2024年6月30日的實際使用情況於2024年6月30日未動用的所得款項淨額時間表RMB million%RMB millionRMB millionRMB million人民幣百萬元%人民幣百萬元人民幣百萬元人民幣百萬元 1.Expanding into new markets in the“Greater Central China”region
179、 and new service offerings1.拓展 大中原 地區的新市場和新服務300.540.0%2.353.4247.11.1 Setting up of new regional branch offices1.1 設立新的區域分公司75.110.0%0.35.369.8One to five years after Listing上市後一至五年1.2 Recruitment of new staffs to our new branches1.2 為我們的新分 公司招募新僱員180.424.0%1.626.6153.8One to five years after Listi
180、ng上市後一至五年1.3 Brand promotion1.3 品牌推廣22.53.0%0.418.34.2One to five years after Listing上市後一至五年1.4 Recruitment of new staffs and efforts in developing new service offerings(including both government projects and capital projects)1.4 招募新僱員並努力開發新服務類型（包括政府項目及資本項目）22.53.0%3.219.3One to five years after Lis
181、ting上市後一至五年2.Pursuing strategic investments and acquisitions2.進行戰略投資和 收購270.636.0%270.6One to five years after Listing上市後一至五年3.Enhancing the information technology system3.加強信息科技系統105.214.0%0.111.893.4One to five years after Listing上市後一至五年4.General working capital4.一般營運資金75.110.0%75.1One to two year
182、s after Listing上市後一至二年 Total總計751.4100.0%2.4140.3611.1 28CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析認購新股份於2022年11月18日（交易時段後），本公司（作為發行人）與十二名高淨值獨立認購人訂立十二份認購協議，內容有關按認購價及淨認購價每股認購股份0.80港元認購合共343,140,000股認購股份（認購事項）。於認購協議日期，每股收市價為0.62港元。認購事項項下認購股份之總面值為3,431,4
183、00港元。認購事項已於2023年5月3日完成。董事認為，認購事項將有利於本集團的長期發展，提供良機以籌集額外資金，加強財務狀況並擴充本公司的股東基礎及資本基礎，從而促進其業務的未來增長及發展以及增加股份的流動性。董事尤其相信認購事項乃本公司擴大本集團政府代建及資本代建業務規模的合適機會，同時允許本集團維持現有內部現金資源。Subscription of New SharesOn 18 November 2022(after trading hours),the Company(as issuer)entered into twelve subscription agreements with
184、twelve high net worth independent subscribers in respect of the subscription of an aggregate of 343,140,000 Subscription Shares at the subscription price and net subscription price of HK$0.80 per Subscription Share(the“Subscriptions”).On the date of the subscription agreements,the closing price per
185、Share was HK$0.62.The aggregate nominal value of the subscription Shares under the Subscriptions was HK$3,431,400.The Subscriptions have been completed on 3 May 2023.The Directors are of the view that the Subscriptions will benefit the Groups long term development by providing a good opportunity to
186、raise additional funds to strengthen the financial position and to broaden the Companys shareholder base and capital base to facilitate the future growth and development of its business as well as to increase the trading liquidity of the Shares.In particular,the Directors believe the Subscriptions r
187、epresent a desirable opportunity for the Company to scale up the Groups government project management business and capital project management business,while allowing the Group to preserve its existing internal cash resources.292024 INTERIM REPORT/二零二四年中期報告MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析認購
188、事項所得款項淨額（經扣除認購事項所有適用成本及開支後）約為274.1百萬港元。下表載列截至2024年6月30日認購事項所得款項淨額的擬定用途及實際用途：有關認購事項的詳情，請參閱本公司日期為2022年11月18日及2022年12月16日的公告。The net proceeds from the Subscriptions(after deducting all applicable costs and expenses of the Subscriptions)were approximately HK$274.1 million.The following table sets out th
189、e intended use and actual use of the net proceeds from the Subscriptions as of 30 June 2024:Allocation of use of proceeds from the SubscriptionsPercentage of proceeds from the SubscriptionsNet proceeds utilised during the PeriodActual use as of 30 June 2024Unutilised net proceeds as at 30 June 2024T
190、imetableUse of proceeds所得款項用途認購事項所得款項用途的分配佔認購事項所得款項的百分比期內已動用所得款項淨額截至2024年6月30日的實際用途於2024年6月30日未動用所得款項淨額時間表(HK$million)(RMB million)(%)(RMB million)(RMB million)(RMB million)（百萬港元）（人民幣百萬元）(%)（人民幣百萬元）（人民幣百萬元）（人民幣百萬元）Unutilised net proceeds as at 30 June 2023Unutilised net proceeds as at 30 June 2023Un
191、utilised net proceeds as at 30 June 2023Unutilised net proceeds as at 30 June 2023 Development of government project management business政府代建業務的 發展137.0123.550.0%123.5Within 3 years after completion of the Subscriptions於認購事項完成後 3年內Development of capital project management business資本代建業務的 發展123.4111.1
192、45.0%111.1Within 3 years after completion of the Subscriptions於認購事項完成後 3年內General working capital一般營運資金13.712.45.0%6.211.41.0Within 2 years after completion of the Subscriptions於認購事項完成後 2年內 Total總計274.1247.0100.0%6.211.4235.6 For details of the Subscriptions,please refer to the announcements of the
193、Company dated 18 November 2022 and 16 December 2022.30CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析財務資源管理及資本結構本集團已採納全面的財政政策和內部控制措施來審查和管理我們的財務資源。於2024年6月30日，現金及現金等價物為人民幣2,222.1百萬元（2023年12月31日：人民幣1,835.8百萬元）。於2024年6月30日，本集團概無任何借款，維持於淨現金狀態。資本負債比率為借款總額除以權益總額
194、，即截至相應日期的長期和短期計息銀行貸款與其他貸款的總和除以截至相同日期的權益總額計算。截至2024年6月30日，資本負債比率為零（2023年6月30日：零）。重大借貸交易於2024年6月30日，本集團的其他應收賬款為人民幣391.4百萬元，主要包括第三方墊款人民幣285.5百萬元。該等第三方墊款主要包括2022年12月1日向兩名戰略客戶（即獨立第三方）提供本金分別為人民幣100百萬元、人民幣100百萬元的貸款，期限為一年。2023年12月27日，本集團與上述借款人訂立貸款延期協議，延期至2024年11月30日或之前償還，本金分別為人民幣100百萬元、人民幣100百萬元。應收貸款為無擔保及無抵
195、押。各貸款的背景及原因相似。所有交易對手借款人均為本集團的現有客戶，彼等過往亦曾與本公司合作多個項目，重點為開發華中地區的地塊。本公司與該等客戶的持續合作符合本公司的 大中原 戰略。因此，本公司認為該等客戶具有策略性。各貸款的主要目的為協助該等客戶成功收購及開發相關地塊，由於本公司將獲委聘為相關地塊的項目管理服務提供商，該等貸款將為本公司及客戶帶來雙贏局面。Financial Resources Management and Capital StructureWe have adopted comprehensive treasury policies and internal control
196、 measures to review and monitor the Groups financial resources.As at 30 June 2024,the cash and cash equivalents amounted to RMB2,222.1 million(31 December 2023:RMB1,835.8 million).The Group maintained at net cash position as at 30 June 2024 without any borrowings.The gearing ratio is calculated as t
197、otal borrowings divided by total equity,i.e.the sum of long-term and short-term interest bearing bank loans and other loans as of the corresponding date divided by the total equity as of the same date.As of 30 June 2024,the gearing ratio was nil(30 June 2023:Nil).Material Lending TransactionsAs at 3
198、0 June 2024,the Group had other debtors amounting to RMB391.4 million,mainly consisting of advances to third parties of RMB285.5 million.Such advances to third parties mainly included loans provided to two strategic customers(being independent third parties)in the principal amounts of RMB100 million
199、 and RMB100 million respectively on 1 December 2022,for a term of one year.On 27 December 2023,the Group entered into loan extension agreements with borrowers aforesaid whereby the maturity were extended to on or before 30 November 2024 with principals of RMB100 million and RMB100 million to be repa
200、id.The loan receivables are unguaranteed and unsecured.The background and reasons for each of the loans are similar.All of the counterparty borrowers are the Groups existing customers who have also in the past cooperated with the Company on multiple projects,with a focus on developing land parcels i
201、n the Central China region.The Companys continued cooperation with such customers is consistent with the Companys“Greater Central China”strategy.Therefore,the Company considers such customers to be of a strategic nature.The main purpose of each loan has been to assist such customers to successfully
202、acquire and develop the relevant land parcel(s),which will result in a win-win situation for both the Company and the customer,as the Company will be engaged as the project management service provider for the relevant land parcel(s).312024 INTERIM REPORT/二零二四年中期報告MANAGEMENT DISCUSSION AND ANALYSIS管理
203、層討論及分析此外，本公司以輕資產業務模式運營。鑑於該等現金將增加本公司獲得更多項目管理合約的能力（如上所述），並通過收取利息成為額外的收入來源，授予此類貸款還讓本公司能夠更好地利用其閑置現金。該等貸款亦為相對短期（一年）。於訂立各貸款前，本公司根據其內部政策進行信貸風險評估，包括評估及監察過往結算記錄及過往與該等戰略客戶的業務合作經驗，對相關項目進行分析及預測，以及計及當前市況及未來經濟狀況預測。此外，本公司考慮：(i)鑑於本公司過往曾為該等客戶提供多個其他項目的項目管理服務，而該等客戶依賴本公司開發其項目並最終維持其業務（鑑於彼等缺乏物業開發經驗及或能力），故本公司與該等客戶存在良好互利關係
204、；(ii)誠如上文所討論，貸款的主要目的為協助客戶成功收購及開發相關地塊，由於本公司將獲委聘為相關地塊的項目管理服務提供商，該等貸款將為本公司及客戶帶來雙贏局面；及(iii)該等現有客戶已按時向本公司支付與其項目有關的所有應付費用開支，並（倘適用）按時償還欠本公司的貸款。經考慮上文所述，董事（包括獨立非執行董事）認為各貸款乃按公平合理之條款訂立，符合本公司及其股東之整體利益。Further,the Company operates an asset-light business model.Granting such loans also allowed the Company to make
205、 better use of its idle cash,given that such cash would increase the Companys ability to acquire more project management contracts(as mentioned above),as well as provide an additional source of income by charging interest.Such loans were also relatively short term(being one year).Prior to entering i
206、nto each of the loans,the Company conducted a credit risk assessment in line with its internal policy,which included assessing and monitoring historical settlement records and past business cooperation experience with such strategic customers,conducting analysis and projections for the relevant proj
207、ect,as well as current market conditions and forecasts of future economic conditions.In addition,the Company considered:(i)its good and mutually beneficial relationship with such customers,given the Company has provided such customers with project management services for several other projects in th
208、e past,and such customers rely on the Company to develop their projects and ultimately sustain their businesses(given their lack of property development experience and/or capabilities);(ii)as discussed above,the main purpose of the loans is to assist customers to successfully acquire and develop the
209、 relevant land parcel(s),which will result in a win-win situation for both the Company and the customers,as the Company will be engaged as the project management service provider for the relevant land parcel(s);and(iii)such existing customers have paid all fees/expenses payable to the Company in rel
210、ation to their projects on time,and where applicable,repaid their loans owed to the Company on time.Having considered the above,the Directors(including the independent non-executive Directors)consider that each of the loans had been entered into on terms that are fair and reasonable which was in the
211、 interests of the Company and its shareholders as a whole.32CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析於2024年6月30日，全部貸款本金金額因尚未到期而仍未償還。本集團根據過往結付記錄及過往經驗、現時狀況及未來經濟情況預測監督及管理貸款。根據香港財務報告準則第9號的預期信貸虧損模式，貸款的信貸風險自初始確認以來並未大幅上升，且本集團按相等於12個月的預期信貸虧損的金額計量彼等的虧損撥備。本集團於
212、截至2024年6月30日止年度就貸款錄得應收貸款虧損撥備合共約人民幣6.0百萬元，董事認為該等減值虧損撥備並不重大。截至本報告日期，兩名借款人已償還所有貨款本金。有關詳情，請參閱本公司日期分別為2023年4月13日及2023年12月27日的公告。債務於本期內，本集團並無任何重大借款。外匯風險本集團主要集中於中國經營業務，絕大部分業務以人民幣進行。因此，本集團承受最低外匯風險。惟人民幣及港元兌外幣貶值或升值可影響本集團的業績。本集團目前並無對沖外匯風險，但會持續監察外匯風險，管理層將於本集團受到重大影響時考慮對沖外匯風險。或然負債及資本承擔於2024年6月30日，本集團並無任何重大或然負債及資本
213、承擔。資產抵押於本期內，本集團並無資產抵押事宜。As at 30 June 2024,the full principal loan amounts remained outstanding as they have not yet become due.The Group monitors the exposures and manages the loans based on historical settlement records and past experience,current conditions and forecasts of future economic condit
214、ions.Pursuant to HKFRS 9s expected credit losses model,the credit risk on the loans has not increased significantly since initial recognition,and the Group measures the loss allowance for them at an amount equal to 12-month expected credit loss.The Group recorded loss allowance for loan receivables
215、in relation to the loans in the aggregate amount of approximately RMB6.0 million for the year ended 30 June 2024,which the Directors consider to be immaterial.As at the date of this report,the two lenders have repaid all principal loan amounts.For details,please refer to the announcements of the Com
216、pany dated 13 April 2023 and 27 December 2023 respectively.DebtDuring the Period,the Group had no significant borrowings.Foreign Exchange RiskThe Group conducts substantially all of its business in China and in Renminbi.Therefore,the Group is exposed to minimum foreign exchange risks.However,the dep
217、reciation or appreciation of RMB and HKD against foreign currencies may have impact on the Groups results.Currently,the Group does not hedge foreign exchange risks,but will continue to closely monitor its exposure to foreign exchange risks.The management will consider hedging foreign exchange risks
218、when the Group becomes materially affected by such risks.Contingent Liabilities and Capital CommitmentAs at 30 June 2024,the Group did not have any significant contingent liabilities and capital commitment.Pledge of AssetsDuring the Period,the Group did not have any pledged assets.332024 INTERIM REP
219、ORT/二零二四年中期報告MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析重大收購及出售於本期內，本集團並無重大收購或出售附屬公司、聯營公司或合營企業。重大投資於2024年6月30日，本集團無持有任何重大投資。僱員及薪酬政策截至2024年6月30日，本集團共有751名全職僱員，包括417名派駐至執行本集團在管房地產開發項目的相關項目公司的僱員。本集團可持續發展依賴僱員的能力及忠誠度。本集團為不同業務部門僱員的職業發展建立透明的評估制度。本集團建立以績效為基礎的僱員薪酬結構以激勵僱員表現。本集團亦根據發展戰略及市場標準不斷優化現行薪酬激勵體系，促進本集團內部良
220、性競爭，最大限度激勵員工潛能，為保留和吸納優秀人才提供保證。此外，本集團重視為僱員提供全面持續培訓，以提高僱員的業務技能，增強其風險管理能力，幫助其展現高標準的勤勉盡職。本集團根據僱員的任期為其提供各種側重點不同的內外部培訓。透過該等舉措，團隊成員可獲取有關行業趨勢最新的動態資料，從而以充滿活力的、穩定的人才儲備支持本集團可持續發展。Material Acquisition and DisposalsDuring the Period,the Group did not have any material acquisitions or disposals of subsidiaries,as
221、sociates or joint ventures.Major InvestmentAs of 30 June 2024,the Group did not hold any significant investment.Employees and Remuneration PoliciesAs at 30 June 2024,the Group had 751 full-time employees,including 417 employees assigned to relevant project companies to carry out property development
222、 projects under the Groups management.The Groups sustainable development depends on the ability and loyalty of employees.The Group has established a transparent evaluation system for all employees seeking career development in various business units.A performance-based compensation structure was set
223、 up to reward employees for their performance.The Group also continues to optimise existing remuneration incentive mechanism according to its development strategy and market standards,to promote the healthy competition within the Group,maximise the potential of employees and retain and attract excel
224、lent talents.In addition,the Group values the importance of providing employees with comprehensive and sustainable trainings to improve their business skills,enhance their risk management capabilities and help them demonstrate high standards of diligence and dedication.It provided employees with var
225、ious internal and external trainings with different emphasis based on their tenure.Through these initiatives,our team members can acquire updates on the industry trend,thereby supporting our sustainable expansion with a vibrant and stable talent pool.34CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限
226、公司DISCLOSURE OF INTERESTS權益披露DIRECTORS AND CHIEF EXECUTIVES INTERESTS AND SHORT POSITIONS IN SHARES,UNDERLYING SHARES OR DEBENTURESAs at 30 June 2024,the interests and short positions of the directors(the“Directors”)and chief executives of the Company in the shares(the“Shares”),underlying Shares and
227、 debentures(the“Debentures”)of the Company or its associated corporations(within the meaning of Part XV of the Securities and Futures Ordinance(the“SFO”)required to be recorded in the register required to be kept by the Company under Section 352 of the SFO,or otherwise notified to the Company and th
228、e Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO or pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)in Appendix C3 to the Rules Governing the Listing of Securities on the Stock Exchange(the“Listing Rules”),were as follows:(a)L
229、ong positions in the Shares and underlying Shares of the CompanyName of Director or chief executiveCapacity and nature of interestNumber ofShares heldOther Interests(3)TotalApproximatepercentage of the interest in theCompanys issued share capital(1)董事或最高行政人員姓名身份及權益性質所持股份數目其他權益(3)總計佔本公司已發行股本的權益概約百分比(
230、1)Mr.Wu Po SumInterest in a controlled corporation(2)1,841,455,8621,841,455,86247.64%胡葆森先生受控法團權益(2)Mr.Hu BingBeneficial owner11,220,00010,000,00021,220,0000.55%胡冰先生實益擁有人Mr.Wang JunBeneficial owner1,020,00013,000,00014,020,0000.36%王軍先生實益擁有人董事及最高行政人員於股份、相關股份或債權證中的權益及淡倉於2024年6月30日，本公司董事（董事）及最高行政人員在本公司或
231、其相聯法團（定義見證券及期貨條例（證券及期貨條例）第XV部）的股份（股份）、相關股份及債權證（債權證）中擁有記入根據證券及期貨條例第352條須存置的名冊內或根據證券及期貨條例第XV部第7及8分部或聯交所證券上市規則（上市規則）附錄C3所載上市發行人董事進行證券交易的標準守則（標準守則）須知會本公司及聯交所的權益及淡倉如下：(a)於本公司股份及相關股份中的好倉352024 INTERIM REPORT/二零二四年中期報告DISCLOSURE OF INTERESTS權益披露Notes:1.The approximate percentage of the interest in the Comp
232、anys issued share capital is based on a total of 3,865,617,028 Shares of the Company in issue as at 30 June 2024.2.Joy Bright Investments Limited is wholly-owned by Mr.Wu Po Sum.Therefore,Joy Bright Investments Limited is a controlled corporation of Mr.Wu Po Sum and Mr.Wu Po Sum is deemed to be inte
233、rested in the 1,841,455,862 Shares that Joy Bright Investments Limited is interested in under the SFO.3.These interests are awarded Shares that have been granted to the relevant Directors and/or chief executive under the share award scheme of the Company and were not vested as at 30 June 2024.(b)Lon
234、g position in the shares of the associated corporationName of DirectorName of associated corporationNature of interestClass andnumber ofshares heldPercentage ofinterests in theassociatedcorporationimmediately as at 30 June 2024董事姓名相關法團名稱權益性質所持股份類別及數目於2024年6月30日於相聯法團的權益百分比 Mr.Wu Po SumJoy Bright Inve
235、stments LimitedBeneficial owner20,000ordinary shares100%胡葆森先生恩輝投資有限公司實益擁有人普通股Mr.Wu Po SumCentral China Real Estate Limited(“CCRE”)Interested in a Controlled Corporation(1)1,272,734,299ordinary shares41.88%(2)胡葆森先生建業地產股份有限公司（建業地產）受控法團權益(1)普通股 附註：1.於本公司已發行股本中的權益概約百分比乃按本公司於2024年6月30日已發行股份合共3,865,617,02
236、8股為計算基準。2.恩輝投資有限公司由胡葆森先生全資擁有。因此，恩輝投資有限公司為胡葆森先生的受控法團，而胡葆森先生根據證券及期貨條例被視為於恩輝投資有限公司擁有權益的1,841,455,862股股份中擁有權益。3.該等權益為根據本公司股份獎勵計劃授予相關董事及或最高行政人員的獎勵股份且於2024年6月30日尚未歸屬。(b)於相聯法團股份中的好倉36CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司DISCLOSURE OF INTERESTS權益披露Notes:1.Joy Bright Investments Limited is wholly
237、-owned by Mr.Wu Po Sum.Therefore,Joy Bright Investments Limited is a controlled corporation of Mr.Wu Po Sum and Mr.Wu Po Sum is deemed to be interested in the 1,272,734,299 ordinary shares of CCRE(CCRE Shares)that Joy Bright Investments Limited is interested in under the SFO.2.The approximate percen
238、tage of the interest in CCREs issued share capital is based on a total of 3,039,126,090 CCRE Shares in issue as at 30 June 2024.Save as disclosed above,as at 30 June 2024,none of the Directors,chief executives of the Company or their associates had any interests or short positions in any Shares,unde
239、rlying Shares and Debentures of the Company or any of its associated corporations(within the meaning of Part XV of the SFO)which would have to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO(including interests and short positions which the Direc
240、tors and chief executives were deemed or taken to have under the provisions of the SFO),or which were required to be and are recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO,or which were required to be notified to the Company and the Stock Exchange purs
241、uant to the Model Code.SUBSTANTIAL SHAREHOLDERS INTERESTS IN THE SHARE CAPITAL OF THE COMPANYSo far as is known to any Directors or chief executives of the Company,as at 30 June 2024,other than the interests and short positions of the Directors or chief executives of the Company as disclosed in the
242、section headed“Directors and Chief Executives Interests and Short Positions in Shares,Underlying Shares or Debentures”above,the following persons had interests or short positions in the Shares or underlying Shares of the Company which would fall to be disclosed under the provisions of Divisions 2 an
243、d 3 of Part XV of the SFO,or which were recorded in the register required to be kept by the Company under Section 336 of the SFO:附註：1.恩輝投資有限公司由胡葆森先生全資擁有。因此，恩輝投資有限公司為胡葆森先生的受控法團，而胡葆森先生根據證券及期貨條例被視為於恩輝投資有限公司擁有權益的1,272,734,299股建業地產普通股（建業地產股份）中擁有權益。2.於建業地產已發行股本的權益概約百分比乃基於2024年6月30日已發行的合共3,039,126,090股建業地產
244、股份計算。除上文所披露者外，於2024年6月30日，概無董事、本公司最高行政人員或彼等的聯繫人於本公司或其任何相聯法團（定義見證券及期貨條例第XV部）的任何股份、相關股份及債權證中擁有須根據證券及期貨條例第XV部第7及8分部知會本公司及聯交所的權益或淡倉（包括根據證券及期貨條例有關條文董事及最高行政人員視為或被當作擁有的權益及淡倉），或記入根據證券及期貨條例第352條本公司須予存置的名冊內的權益或淡倉，或根據標準守則須知會本公司及聯交所的權益或淡倉。主要股東於本公司股本中的權益據董事或本公司最高行政人員所知，於2024年6月30日，除上文 董事及最高行政人員於股份、相關股份或債權證的權益及淡倉
245、 章節所披露董事或本公司最高行政人員的權益及淡倉外，以下人士於本公司的股份或相關股份中擁有根據證券及期貨條例第XV部第2及3分部的條文須向本公司披露或記入根據證券及期貨條例第336條本公司須存置的名冊內的權益或淡倉：372024 INTERIM REPORT/二零二四年中期報告DISCLOSURE OF INTERESTS權益披露Name of ShareholderCapacity and nature of interestNumber of Shares heldApproximatepercentage of theinterest inthe Companysissued share
246、capital(3)股東姓名名稱身份及權益性質所持股份數目佔本公司已發行股本的權益概約百分比(3)Joy Bright Investments Limited(1)Beneficial owner1,841,455,86247.64%恩輝投資有限公司(1)實益擁有人Ms.Wu Lam Li(2)Interest of spouse1,841,455,86247.64%李琳女士(2)配偶權益Notes:1.Joy Bright Investments Limited is wholly owned by Mr.Wu Po Sum.Under the SFO,Mr.Wu Po Sum is dee
247、med to be interested in the same number of Shares in which Joy Bright Investments Limited is interested.2.Ms.Wu Lam Li,being the spouse of Mr.Wu Po Sum,is deemed,or taken to be,interested in the Shares in which Mr.Wu Po Sum is interested for the purpose of the SFO.3.The approximate percentage of the
248、 interest in the Companys issued share capital is based on a total of 3,865,617,028 Shares of the Company in issue as at 30 June 2024.Save as disclosed above,as at 30 June 2024,there was no other person(other than the Directors or chief executives of the Company)who had an interest or short position
249、 in the Shares or underlying shares of the Company which would fall to be disclosed under the provisions of Divisions 2 and 3 of Part XV of the SFO,or which were recorded in the register required to be kept by the Company under Section 336 of the SFO.附註：1.恩輝投資有限公司由胡葆森先生全資擁有。根據證券及期貨條例，胡葆森先生被視為於恩輝投資有限
250、公司擁有權益的相同數目股份中擁有權益。2.李琳女士為胡葆森先生的配偶，因此，根據證券及期貨條例，李琳女士被視為或被當作於胡葆森先生擁有權益的股份中擁有權益。3.於本公司已發行股本中的權益概約百分比乃按本 公 司 於2024年6月30日 已 發 行 股 份 合 共3,865,617,028股為計算基準。除上文所披露者外，於2024年6月30日，概無任何其他人士（董事或本公司最高行政人員除外）於本公司的股份或相關股份中擁有根據證券及期貨條例第XV部第2及3分部的條文須向本公司披露的權益或淡倉，或記入根據證券及期貨條例第336條本公司須存置名冊的權益或淡倉。38CENTRAL CHINA MANAG
251、EMENT COMPANY LIMITED/中原建業有限公司CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料SHARE AWARD SCHEMEThe Companys share award scheme(the“Share Award Scheme”)was adopted and approved by the Shareholders on 7 August 2023.For further details,please refer to the announcements of the Company dated 30 May 2
252、023 and 7 August 2023 and the circular of the Company dated 20 July 2023.Pursuant to the Share Award Scheme,the awarded Shares will be satisfied by new Shares to be allotted and issued by the Company to the trustee,or through on-market acquisitions of existing Shares by the trustee at the prevailing
253、 market price.PurposeThe purpose of the Share Award Scheme is(i)to align the interests of the eligible participants with those of the Group through ownership of Shares,dividends and other distributions paid on Shares and/or the increase in value of the Shares;and(ii)to encourage and retain eligible
254、participants to make contributions to the long-term growth and profits of the Group.ParticipantsEligible participants consist only of directors and employees of the Group,who in the absolute discretion of the Board have contributed(and will continue to contribute)or will contribute to the Group.This
255、 also includes directors or employees who are granted options and/or awards as an inducement to enter into employment contracts with the Group but excludes an employee or director who has submitted his/her resignation or whose contract of employment has been terminated(summarily dismissed or otherwi
256、se).Further,eligible participants excludes anyone who is resident in a place where the grant of an award and/or the vesting and transfer of the awarded Shares pursuant to the terms of the Share Award Scheme is not permitted under the laws or regulations of such place or where in the view of the Boar
257、d,compliance with applicable laws or regulations in such place makes it necessary or expedient to exclude such participant.股份獎勵計劃本公司之股份獎勵計劃（股份獎勵計劃）已於2023年8月7日獲股東採納及批准。有關進一步詳情，請參閱本公司日期為2023年5月30日及2023年8月7日的公告以及本公司日期為2023年7月20日的通函。根據股份獎勵計劃，獎勵股份將由本公司向受託人配發及發行的新股份或受託人按現行市價在市場上收購現有股份的方式支付。目的股份獎勵計劃旨在(i)通過
258、股份擁有權、就股份支付的股息及其他分派及或股份增值令合資格參與者與本集團保持利益一致；及(ii)鼓勵及挽留合資格參與者為本集團的長期發展及盈利作出貢獻。參與者合資格參與者僅包括董事會全權酌情認為已經（並將繼續）或將會對本集團作出貢獻的本集團董事及僱員。此亦包括獲授購股權及或獎勵作為勸誘與本集團訂立僱傭合約的董事或僱員，但不包括已遞交辭呈或其僱傭合約已被終止（即遭解僱或其他情況）的僱員或董事。此外，合資格參與者不包括其居住地法例或法規禁止根據股份獎勵計劃條款授出獎勵及或歸屬及轉讓獎勵股份的人士，或董事會認為就遵守其居住地適用法律或法規而言排除該合資格參與者乃屬必要或權宜的任何參與者。392024
259、 INTERIM REPORT/二零二四年中期報告CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料股份獎勵及獎勵股份池根據股份獎勵計劃及本公司其他股份計劃可就所有獎勵發行的股份總數將不超過362,580,212股股份，佔股份獎勵計劃採納日期及本中期報告日期或更新計劃授權限額的相關批准日期已發行股份總數不超過10%。於2024年1月1日及2024年6月30日，根據股份獎勵計劃的計劃授權限額可供日後以新股份形式授出的獎勵數目為297,080,212股股份（即上述計劃授權限額362,580,212股股份減本公司日期為2023年5月30日的公告及本
260、公司日期為2023年7月20日 的 通 函 所 載 以 新 股 份 形 式 授 出 的65,500,000股獎勵股份）。於2024年6月30日及於2025年1月24日（即刊發本中期報告前的最後實際可行日期），根據股份獎勵計劃可供發行的股份總數為297,080,212股，分別佔於2024年6月30日及2025年1月24日已發行股份（不包括庫存股份）的約7.69%及7.69%。每名參與者的最高配額倘向選定參與者授出任何獎勵將導致截至有關授出日期（包括該日）止12個月期間就向該選定參與者授出的所有購股權及獎勵（不包括根據任何相關計劃條款失效的任何購股權及獎勵）已發行及將予發行的股份合共超過股份的1%
261、，則有關授出須經股東（不包括任何根據上市規則須放棄投票的股東，如相關選定參與者及其緊密聯繫人（或屬關連人士的選定參與者的聯繫人）於股東大會上另行批准，而該選定參與者及其緊密聯繫人（或倘選定參與者為關連人士，則為聯繫人）須放棄投票。Award of Shares and pool of awarded SharesThe total number of Shares which may be issued in respect of all awards under the Share Award Scheme and other share schemes of the Company wou
262、ld be no more than 362,580,212 Shares,representing no more than 10%of the total number of Shares in issue as at the date of adoption of the Share Award Scheme or the relevant date of approval of the refreshment of the scheme mandate limit.Both as at 1 January 2024 and 30 June 2024,the number of awar
263、ds in the form of new Shares available for future grant under the scheme mandate limit of the Share Award Scheme was 297,080,212 Shares(being the abovementioned scheme mandate limit of 362,580,212 Shares less the 65,500,000 awarded Shares in the form of new Shares granted as set out in the announcem
264、ent of the Company dated 30 May 2023 and the circular of the Company dated 20 July 2023).As at 30 June 2024 and as at 24 January 2025,being the latest practicable date prior to the issue of this interim report,the total number of Shares available for issue under the Share Award Scheme was 297,080,21
265、2,representing approximately 7.69%and 7.69%of the issued Shares(excluding treasury shares)as at 30 June 2024 and 24 January 2025 respectively.Maximum entitlement of each participantWhere any grant of awards to a selected participant would result in the Shares issued and to be issued in respect of al
266、l options and awards granted to such selected participant(excluding any options and awards lapsed in accordance with the terms of any relevant scheme)in the 12-month period up to and including the date of such grant representing in aggregate over 1%of the Shares,such grant must be separately approve
267、d by the Shareholders(which excludes any Shareholders that are required to abstain from voting under the Listing Rules,such as the relevant selected participant and his/her close associates(or associates if such selected participant is a connected person)in general meeting,with such selected partici
268、pant and his/her close associates(or associates if the selected participant is a connected person)abstaining from voting.40CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料向本公司任何董事、最高行政人員或主要股東或彼等各自之任何聯繫人授出每次獎勵，須事先獲得獨立非執行董事（不包括擬獲授獎勵之任何獨立非執行董事）之批准。此外：
269、(a)倘向本公司任何董事（獨立非執行董事除外）或最高行政人員或彼等各自之任何聯繫人授出任何獎勵股份，將導致根據股份獎勵計劃及本公司其他股份計劃（如有）之條款於截至授出日期（包括該日）止十二個月期間（或聯交所可能不時指定之其他期間）向有關人士授出之所有獎勵股份（不包括任何失效的獎勵股份）已發行及將予發行之股份合共超過授出日期已發行股份之0.1%（或聯交所可能不時指定之其他百分比），則進一步授出獎勵股份須於股東大會上按上市規則所規定之方式獲股東批准，並須遵守上市規則所載之規定；或(b)倘向本公司獨立非執行董事或主要股東（或任何彼等各自的聯繫人）授出任何獎勵股份，將導致根據股份獎勵計劃及本公司採納的
270、其他股份計劃之條款於截至授出日期（包括該日）止十二個月期間（或聯交所可能不時指定之其他期間）向有關人士授出之所有獎勵股份及購股權（不包括任何失效的獎勵股份及購股權）已發行及將予發行之股份合共超過授出日期已發行股份之0.1%（或聯交所可能不時指定之其他百分比），則進一步授出獎勵股份須於股東大會上按上市規則所規定之方式獲股東批准，並須遵守上市規則所載之規定。Each grant of an award to any Director,chief executive or substantial shareholder of the Company,or any of their respectiv
271、e associates,shall be subject to the prior approval of the independent non-executive Directors(excluding any independent non-executive Director who is a proposed recipient of the grant of an award).In addition:(a)where any grant of awarded Shares to any Director(other than an independent non-executi
272、ve Director)or chief executive of the Company,or any of their respective associates,would result in the Shares issued and to be issued in respect of all award shares granted(excluding any award shares lapsed)in accordance with the terms of the Share Award Scheme and other share scheme(s)of the Compa
273、ny(if any)to such person in the 12-month period(or such other time period as may be specified by the Stock Exchange from time to time)up to and including the date of such grant representing in aggregate over 0.1%(or such other percentage as may be specified by the Stock Exchange from time to time)of
274、 the Shares in issue as at the date of such grant,such further grant of awarded Shares must be approved by Shareholders in general meeting in the manner required,and subject to the requirements set out,in the Listing Rules;or(b)where any grant of awarded Shares to an independent non-executive Direct
275、or or substantial shareholder of the Company(or any of their respective associates)would result in the Shares issued and to be issued in respect of all award shares and options granted(excluding any award shares and options lapsed)in accordance with the terms of the Share Award Scheme and other shar
276、e scheme(s)adopted by the Company to such person in the 12 month period(or such other time period as may be specified by the Stock Exchange from time to time)up to and including the date of such grant representing in aggregate over 0.1%(or such other percentage as may be specified by the Stock Excha
277、nge from time to time)of Shares in issue as at the date of such grant,such further grant of awarded Shares must be approved by Shareholders in general meeting in the manner required,and subject to the requirements set out,in the Listing Rules.412024 INTERIM REPORT/二零二四年中期報告CORPORATE GOVERNANCE AND O
278、THER INFORMATION企業管治及其他資料在上文(a)及(b)所述情況下，本公司須向股東寄發通函。選定參與者、其聯繫人及本公司所有核心關連人士須於該股東大會上放棄投贊成票。本公司必須遵守上市規則第13.40、13.41及13.42條的規定。獎勵股份的歸屬及績效目標倘授出函件所載的所有歸屬條件已獲達成及或豁免（均由董事會或薪酬委員會全權酌情決定），各獎勵股份將根據授出函件所載的適用歸屬時間表歸屬於選定參與者。董事會或薪酬委員會可指示及促使受託人透過按董事會或薪酬委員會不時釐定的方式向選定參與者轉讓獎勵股份數目，從信託中發放獎勵股份予選定參與者。董事會可酌情於獎勵函件內訂明歸屬獎勵股份前必
279、須達成的任何條件（包括績效目標（如有）。該等績效目標可包括財務目標及管理目標，其將根據(i)個人績效、(ii)本集團績效及或(iii)選定參與者管理的業務小組、業務單位、業務線、職能部門、項目及或地理區域的績效釐定。在上市規則的規限下，於股份獎勵計劃生效及在所有適用法例的規限下，董事會或董事會轄下委員會或董事會授權的人士可不時釐定將予歸屬的獎勵的歸屬標準及條件或期限。任何獎勵的歸In the circumstances described(a)and(b)above,the Company must send a circular to the Shareholders.The selecte
280、d participants,his/her associates and all core connected persons of the Company must abstain from voting in favour at such general meeting.The Company must comply with the requirements under Rules 13.40,13.41 and 13.42 of the Listing Rules.Vesting of the awarded Shares and performance targetsThe res
281、pective awarded Shares shall vest on the selected participant in accordance with the applicable vesting schedule as set out in the letter of grant when all the vesting conditions set out therein have been satisfied and/or waived(all of which shall be determined by the Board or the Remuneration Commi
282、ttee in its absolute discretion).The Board or the Remuneration Committee may direct and procure the trustee to release from the trust the awarded Shares to the selected participants by transferring the number of awarded Shares to the selected participants in such manner as determined by the Board or
283、 the Remuneration Committee from time to time.The Board may at its discretion specify any conditions(including performance targets(if any)which must be satisfied before the awarded Shares may be vested in the award letter.Such performance targets may include financial targets and management targets
284、which shall be determined based on the(i)individual performance,(ii)performance of the Group and/or(iii)performance of business groups,business units,business lines,functional departments,projects and/or geographical area managed by the selected participants.Subject to the Listing Rules,the Board or
285、 the committee of the Board or person(s)to which the Board delegated its authority may from time to time while the Share Award Scheme is in force and subject to all applicable laws,determine such vesting criteria and conditions or periods for the award to be vested.The vesting date in 42CENTRAL CHIN
286、A MANAGEMENT COMPANY LIMITED/中原建業有限公司CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料屬日期不得少於自授出日期起計12個月，惟就僱員而言，僅在下列情況下，歸屬日期可少於自授出日期起計12個月（包括授出日期）：(a)向新入職僱員參與者授出 補全 獎勵，以取代該等僱員參與者於離開前僱主時被沒收的股份獎勵；(b)授予因死亡、殘疾或發生失控事件而被終止僱傭的僱員參與者。在該等情況下，可能會加速獎勵的歸屬；(c)獎勵授出與否視乎基於績效的歸屬條件達成情況而定，以取代基於時間的歸屬標準；(d)出於行政和合規原因在一年
287、內分批發放的獎勵。該等獎勵可能包括本應更早授予但不得不於下一批授出的獎勵。在該等情況下，歸屬期可能較短，以反映本應授出獎勵的時間；(e)授出具有混合或加速歸屬時間表的獎勵，使獎勵於12個月期間平均歸屬；或(f)授出總歸屬及持有期超過12個月的獎勵。接納獎勵及獎勵股份購買價在上述歸屬期規定的規限下，董事會有權釐定（其中包括）接納獎勵時應付的金額及相關付款條款。一般而言，根據股份獎勵計劃接納授出獎勵時毋須支付任何款項。respect of any award shall be not less than 12 months from its date of grant,provided that
288、for employees,the vesting date may be less than 12 months from the date of grant(including on the date of grant)in and only in the following circumstances where:(a)grants of“make whole”awards to new joiner employee participants to replace share awards such employee participants forfeited when leavin
289、g their previous employers;(b)grants to an employee participant whose employment is terminated due to death or disability or occurrence of any out of control event.In those circumstances,the vesting of awards may accelerate;(c)grants of awards with performance-based vesting conditions,in lieu of tim
290、e-based vesting criteria;(d)grants of awards that are made in batches during a year for administrative and compliance reasons.They may include awards that should have been granted earlier but had to wait for a subsequent batch.In such cases the vesting periods may be shorter to reflect the time for
291、which an award would have been granted;(e)grants of awards with a mixed or accelerated vesting schedule such as where the awards vest evenly over a period of 12 months;or(f)grants of awards with a total vesting and holding period of more than 12 months.Acceptance of award and purchase price of award
292、ed SharesSubject to the above vesting period requirements,the Board has the authority to determine,among other things,the amount payable on acceptance of the award and the relevant payment terms.In general,no amount is payable on acceptance of grant of award under the Share Award Scheme.432024 INTER
293、IM REPORT/二零二四年中期報告CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料獎勵股份的購買價（即承授人購買股份獎勵計劃項下股份的應付價格，如有）將由董事會、董事委員會或董事會授權的人士不時根據股份的現行收市價（即股份於聯交所買賣的前五個營業日的平均收市價）、獎勵的目的以及選定參與者的特徵及概況等考慮因素釐定。這種酌情權為董事會提供了靈活性，在必要時規定獎勵股份的購買價，同時平衡獎勵的目的和股東的利益。剩餘期限除非提前終止，否則股份獎勵計劃將自採納日期（即2023年8月7日）起直至2033年8月6日止十年內有效及生效。獎勵股份變動於
294、2023年5月29日，董事會議決根據股份獎勵計劃無償向合共15名僱員參與者（包括2名董事及本公司首席執行官（首席執行官）獎勵合共65,500,000股獎勵股份（2023年獎勵股份）。授出2023年獎勵股份的前提是股東批准採納股份獎勵計劃（而就董事而言，則須經獨立股東批准向彼等授出有關股份），有關批准乃透過本公司於2023年8月7日（即於期後）舉行的股東特別大會上通過的普通決議案取得。因此，於期初或期末並無發行獎勵股份。2023年獎勵股份最終於2023年9月8日發行予受託人，全部仍未歸屬。The purchase price of the awarded Shares(being the pri
295、ce payable by a grantee to purchase Shares under the Share Award Scheme,if any)shall be such price which shall be determined by the Board,the committee of the Board,or person(s)to which the Board has delegated its authority from time to time based on considerations such as the prevailing closing pri
296、ce of the Shares(being the average closing market price for the five preceding business days on which the Shares are traded on the Stock Exchange),the purpose of the award and the characteristics and profile of the selected participant.Such room for discretion provides the Board with flexibility to
297、stipulate,if necessary,a purchase price for awarded Shares,while balancing the purpose of the award and the interests of Shareholders.Remaining lifeSubject to early termination,the Share Award Scheme shall be valid and effective for a term of 10 years commencing from the date of its adoption,being 7
298、 August 2023,until 6 August 2033.Movements of awarded SharesOn 29 May 2023,the Board resolved to award an aggregate of 65,500,000 awarded Shares(the“2023 Awarded Shares”)at nil consideration to a total of 15 employee participants,which includes 2 Directors and the chief executive officer of the Comp
299、any(Chief Executive Officer),pursuant to the Share Award Scheme.The grant of the 2023 Awarded Shares were made conditional on the Shareholders approving the adoption of the Share Award Scheme(and for the Directors,approval of independent Shareholders for such grant to them),which was obtained via th
300、e ordinary resolution passed at the extraordinary general meeting of the Company held on 7 August 2023(being after the Period).As such,no awarded Shares were issued at the beginning or at the end of the Period.The 2023 Awarded Shares were eventually issued to the trustee on 8 September 2023,all of w
301、hich remain unvested.44CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料緊接董事會議決授出2023年獎勵股份前（即2023年5月25日）及於股東批准有關授出日期前（即2023年8月4日），股份的收市價分別為0.35港元及0.39港元。根據本公司採納的會計準則及政策，授出日期被視為股東批准日（即2023年8月7日）。2023年獎勵股份於2023年8月7日的公平值總額約為25.2百萬港元。根據香港財務報告準則第2號 以股份為基
302、礎的付款，獎勵股份於授出日期的公平值乃參考相關普通股於授出日期的收市價釐定，並考慮授出獎勵股份的條款及條件。2023年獎勵股份須待下表所載歸屬標準及條件達成後方可作實。其中亦包括業績目標。本公司已建立評估機制，以評估每名選定參與者的表現。每名選定參與者將在整個僱傭期間接受持續評估。獎勵股份的績效目標乃根據每名選定參與者的工作性質及職位以及預期市場及業務狀況而個別化。獎勵股份的績效目標包括（其中包括）本公司於獎勵股份歸屬期間實現理想收入、毛利、純利、在管總建築面積或其他內部業績指標。於各歸屬日前不久，董事會將釐定相關承授人於歸屬日前有關一年期間是否已達致其績效目標。於評估是否已達成該等理想的業績
303、目標時，董事會及薪酬委員會將專注於本集團的增長及聲譽、其行業排名，以及將該等關鍵績效指標與同行業可資比較公司及或於聯交所或可資比較及認可證券交易所上市的公司進行比較。待所有該等歸屬標準及條件達成後，2023年獎勵股份將於各歸屬期屆滿時由受託人轉讓予選定參與者。The closing price of the Shares,immediately before the Board resolved to grant of the 2023 Awarded Shares(i.e.25 May 2023)and before the date of Shareholders approval of
304、such grant(i.e.4 August 2023)was HK$0.35 and HK$0.39,respectively.According to the accounting standard and policy adopted by the Company,the date of grant is considered to be the date of Shareholders approval(i.e.7 August 2023).The aggregate fair value of the 2023 Awarded Shares as at 7 August 2023
305、amounted to approximately HK$25.2 million.The fair value of awarded shares on the grant date is determined by reference to the closing price of the underlying ordinary shares on the date of grant,taking into account the terms and conditions upon which the awarded shares were granted,in accordance wi
306、th Hong Kong Financial Reporting Standards 2,Share-based payment.The 2023 Awarded Shares are subject to the satisfaction of the vesting criteria and conditions as set out in the table below.These also include performance targets.The Company has established an appraisal mechanism to evaluate the perf
307、ormance of each Selected Participant.Each Selected Participant will be continually assessed throughout his/her employment.The performance targets of the Awarded Shares are individualized based on the job nature and job positions of each Selected Participant and the projected market and business cond
308、itions.The performance targets of the Awarded Shares include(among others)the Company achieving satisfactory revenue,gross profit,net profit,gross floor area under management or other internal performance metrics during the vesting period of the awarded Shares.Shortly prior to each vesting date,the
309、Board will determine whether the relevant grantee has met his/her performance targets for the relevant one-year period prior to the vesting date.In assessing whether such performance targets have been satisfactorily met,the Board and Remuneration Committee will focus on the growth and reputation of
310、the Group,its industry ranking,as well as benchmarking of such key performance metrics against comparable companies in the same industry and/or with a listing on the Stock Exchange or a comparable and recognized stock exchange.Subject to fulfillment of all such vesting criteria and conditions,the 20
311、23 Awarded Shares shall be transferred from the trustee to the selected participants upon expiry of the respective vesting period.452024 INTERIM REPORT/二零二四年中期報告CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料Movement of the awarded Shares during the Period was as follows:Number of Awarded Shares
312、獎勵股份數目 Selected participantsDate of grantVesting periodUnvested as at 1 January 2024Granted during the PeriodVested during the PeriodLapsed during the PeriodCancelled during the PeriodUnvested as at 30 June 2024選定參與者授出日期歸屬期於2024年1月1日未歸屬期內授出期內歸屬期內失效期內註銷於2024年6月30日未歸屬 Directors董事 Mr.Hu Bing(6)29 May 2
313、023 30%:12 months from the date of grant(i.e.29 May 2024)30%:24 months from the date of grant(i.e.29 May 2025)40%:36 months from the date of grant(i.e.29 May 2026)10,000,00010,000,000 胡冰先生(6)2023年5月29日 30%：自授出日期起計12個月（即2024年5月29日）30%：自授出日期起計24個月（即2025年5月29日）40%：自授出日期起計36個月（即2026年5月29日）Ms.Wu Wallis(7
314、)(alias Li Hua)(resigned on 14 June 2024)29 May 2023 30%:12 months from the date of grant(i.e.29 May 2024)30%:24 months from the date of grant(i.e.29 May 2025)40%:36 months from the date of grant(i.e.29 May 2026)6,000,0006,000,000 李樺女士(7)（於2024年6月14日 辭任）2023年5月29日 30%：自授出日期起計12個月（即2024年5月29日）30%：自授出
315、日期起計24個月（即2025年5月29日）40%：自授出日期起計36個月（即2026年5月29日）獎勵股份於期內的變動如下：46CENTRAL CHINA MANAGEMENT COMPANY LIMITED/中原建業有限公司CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料附註：1.除上文所披露者外，概無任何其他資料須根據上市規則第17.07條予以披露。2.上表所載所有獎勵股份的購買價為零。Number of Awarded Shares獎勵股份數目 Selected participantsDate of grantVesting per
316、iodUnvested as at 1 January 2024Granted during the PeriodVested during the PeriodLapsed during the PeriodCancelled during the PeriodUnvested as at 30 June 2024選定參與者授出日期歸屬期於2024年1月1日未歸屬期內授出期內歸屬期內失效期內註銷於2024年6月30日未歸屬 Chief Executive Officer首席執行官 Mr.Wang Jun(8)29 May 2023 30%:12 months from the date of
317、 grant(i.e.29 May 2024)30%:24 months from the date of grant(i.e.29 May 2025)40%:36 months from the date of grant(i.e.29 May 2026)13,000,00013,000,000 王軍先生(8)2023年5月29日 30%：自授出日期起計12個月（即2024年5月29日）30%：自授出日期起計24個月（即2025年5月29日）40%：自授出日期起計36個月（即2026年5月29日）Other employee participants(not being Directors
318、or chief executive of the Company)(9)29 May 2023 30%:12 months from the date of grant(i.e.29 May 2024)30%:24 months from the date of grant(i.e.29 May 2025)40%:36 months from the date of grant(i.e.29 May 2026)36,500,00036,500,000其他僱員參與者（非本公司董事或 最高行政人員）(9)2023年5月29日 30%：自授出日期起計12個月（即2024年5月29日）30%：自授出
319、日期起計24個月（即2025年5月29日）40%：自授出日期起計36個月（即2026年5月29日）Total65,500,00065,500,000總計 Notes:1.Save as disclosed above,there is no any other information required to be disclosed pursuant to Rule 17.07 of the Listing Rules.2.The purchase price of all awarded Shares set out in the table above is nil.472024 INTE
320、RIM REPORT/二零二四年中期報告CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料3.上表所載所有授出均於2023年5月29日作出，並須向股東取得若干批准，該等批准於2023年8月7日（即於期後）取得。4.上表所載授出概無超出上市規則第17章項下1%的個人限額。此外，股份獎勵計劃不適用於任何相關實體或服務提供商。5.於2024年1月1日及2024年6月30日，根據股份獎勵計劃的計劃授權限額可供授出的股份數目為297,080,212股。6.就胡兵先生而言，計劃於2024年5月29日歸屬的全部3,000,000股獎勵股份已於2024年10
321、月24日歸屬。7.就李樺女士而言，計劃於2024年5月29日歸屬的全部1,800,000股獎勵股份已於2024年10月24日歸屬。8.就王軍先生而言，計劃於2024年5月29日歸屬的全部3,900,000股獎勵股份已於2024年10月24日歸屬。9.就其他僱員參与者（並非本公司董事或最高行政人員）而言，計劃於2024年5月29日歸屬的10,950,000股獎勵股份中，有3,000,000股獎勵股份於2024年6月30日後註銷及7,950,000股獎勵股份於2024年10月24日歸屬。本期內，本公司並無發行股本證券或出售庫存股份以換取現金（根據上市規則第17章的股份計劃進行者除外）。企業管治常規
322、為保障利益相關者權益，本集團致力達致高水平的企業管治標準。本公司已透過參照企業管治守則原則開展業務及於本公司治理框架中強調該等原則，應用上市規則附錄C1所載的企業管治守則（企業管治守則）的原則。就董事所深知，本公司於本期內已遵守企業管治守則所載的所有適用守則條文。3.All grants set out in the table above were made on 29 May 2023 and conditional on certain approval of the Shareholders,which was obtained on 7 August 2023(i.e.after t
323、he Period).4.None of the grants set out in the table above were in excess of the 1%individual limit under Chapter 17 of the Listing Rules.Further,the Share Award Scheme is not available to any related entity or service provider.5.The number of Shares available for grant under the scheme mandate limi
324、t of the Share Award Scheme as at 1 January 2024 and as at 30 June 2024 was 297,080,212 Shares.6.For Mr.Hu Bing,all those 3,000,000 awarded Shares scheduled to be vested on 29 May 2024 were vested on 24 October 2024.7.For Ms.Wu Wallis,all those 1,800,000 awarded Shares scheduled to be vested on 29 M
325、ay 2024 were vested on 24 October 2024.8.For Mr.Wang Jun,all those 3,900,000 awarded Shares scheduled to be vested on 29 May 2024 were vested on 24 October 2024.9.For other employee participants(not being Directors or chief executive of the Company),out of those 10,950,000 awarded Shares scheduled t
326、o be vested on 29 May 2024,3,000,000 awarded Shares were cancelled after 30 June 2024 and 7,950,000 awarded Shares were vested on 24 October 2024.There is no issue of equity securities or sale of treasury Shares for cash by the Company(other than under a share scheme that complies with Chapter 17 of
327、 the Listing Rules)during the Period.CORPORATE GOVERNANCE PRACTICESThe Group is committed to achieving high corporate governance standards to safeguard the interests of its stakeholders.The Company has applied the principles in the Corporate Governance Code(“CG Code”)in Appendix C1 of the Listing Ru
328、les by conducting its business by reference to the principles of the CG Code and emphasising such principles in the Companys governance framework.To the best knowledge of the Directors,the Company has complied with all applicable code provisions under the CG Code during the Period.48CENTRAL CHINA MA
329、NAGEMENT COMPANY LIMITED/中原建業有限公司CORPORATE GOVERNANCE AND OTHER INFORMATION企業管治及其他資料上市發行人董事進行證券交易的標準守則本公司已採納標準守則作為其董事進行本公司證券交易的操守準則。經向各董事作出具體查詢後，本公司確認，除下文所披露者外，所有董事本期內一直遵守標準守則所載的規定標準。茲提述本公司日期為2024年3月28日的公告。於2024年3月28日營業結束時，董事會獲本公司主席兼非執行董事胡葆森先生（胡先生）告知，恩輝投資有限公司（一間由胡先生全資擁有的公司）持有的395,560,000股股份（存放於證券交易賬
330、戶，設有保證金融資），佔本公司當時已發行股本總數約10.2%，已於2024年3月27日及28日根據適用於該等保證金融資的條款及條件在市場上出售作為抵押品（出售事項），以償付結欠相關證券公司之尚未償還結餘。根據上市規則附錄C3第A.3段，董事被禁止於本公司財務業績刊發之任何日子及於緊接全年業績刊發日期前60日期間內（禁售期）買賣任何本公司證券。出售事項乃於禁售期內進行。誠如本公司日期為2024年3月26日的公告所披露，本公司截至2023年12月31日止年度的全年業績將會延遲刊發，因此出售事項屬於禁售期內，並構成胡先生買賣股份。然而，胡先生就出售事項處於被動地位。董事（胡先生除外）已考慮出售事項，
331、並信納禁售期內進行出售事項乃根據上市規則附錄C3第C.14段項下之特殊情況作出。MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS OF LISTED ISSUERSThe Company has adopted the Model Code as the code of conduct for the Directors in their dealings in the Companys securities.Having made specific enquires with each Director,the Company confi
332、rmed that,save as disclosed below,all Directors had complied with the required standard as set out in the Model Code during the Period.Reference is made to the announcement of the Company dated 28 March 2024.The Board was informed at the close of business of 28 March 2024 by Mr.Wu Po Sum(“Mr.Wu”),ch
333、airman and non-executive director of the Company,that 395,560,000 Shares(which were placed in securities trading accounts with margin facilities)held by Joy Bright Investments Limited(a company wholly-owned by Mr.Wu),representing approximately 10.2%of the then total issued share capital of the Company,were sold on the market as collateral pursuant to the terms and conditions applicable to such mar
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