西王置业2023 中期报告

(Incorporated in Bermuda with limited liability) INTERIM REPORT2023 CONTENTS Corporate Information2Management Discussion and Analysis5Corporate Governance and Other Information14Condensed Consolidated Statement ofProfit or Loss28Condensed Consolidated Statement ofComprehensive Income29Condensed Consolidated Statement ofFinancial Position30Condensed Consolidated Statement ofChanges in Equity32Condensed Consolidated Statement ofCash Flows33Notes to the Condensed ConsolidatedFinancial Statements34 CORPORATE INFORMATION公司資料 BOardOfdirECTOrS Executive Directors Mr. WANG Jin Tao(Chief Executive Officer)Mr. WANG Wei Min Non-Executive Directors 20232142023214 Mr. WANG Di(Chairman)(resigned on 14 February 2023)Mr. WANG Yong(Chairman)(redesignated from Deputy Chairmanto Chairman on 14 February 2023)Mr. SUN Xinhu Independent Non-Executive Directors 202358202376 Mr. WONG Kai HingMr. WANG AnMr. WANG Zhen (resigned on 8 May 2023)Ms. LI Shaorui (appointed on 6 July 2023) COmmiTTEES Audit Committee 202358202376 Mr. WONG Kai Hing(Chairman)Mr. WANG AnMr. WANG Zhen (resigned on 8 May 2023)Ms. LI Shaorui (appointed on 6 July 2023) Remuneration CommitteeMr. WANG An(Chairman)Mr. SUN XinhuMr. WONG Kai Hing Nomination CommitteeMr. WONG Kai Hing(Chairman)Mr. SUN XinhuMr. WANG Zhen (resigned on 8 May 2023)Ms. LI Shaorui (appointed on 6 July 2023) 202358202376 Corporate Information (Continued)公司資料（續） COmpaNy SECrETary Ms. FUNG Nga Fong auThOriSEdrEprESENTaTivES Mr. WANG YongMs. FUNG Nga FongMr. SUN Xinhu (alternate to Mr. WANG Yong andMs. FUNG Nga Fong) rEgiSTErEd OffiCE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda hEad OffiCEaNdpriNCipalplaCEOf BuSiNESSiNThEprC Xiwang Industrial AreaZouping CityShandong ProvincePeople’s Republic of China priNCipalplaCEOf BuSiNESSiNhONg KONg Unit 2110, 21/F Harbour Centre25 Harbour RoadWanchaiHong Kong 25212110 priNCipal BaNKErS Agricultural Bank of ChinaBank of ChinaChina Construction BankBank of East Asia Corporate Information (Continued)公司資料（續） audiTOr HLB Hodgson Impey Cheng Limited31/F, Gloucester TowerThe Landmark11 Pedder StreetCentralHong Kong 1131 priNCipal SharErEgiSTrar aNdTraNSfEr OffiCE Butterfield Fulcrum Group (Bermuda) Limited26 Burnaby StreetHamilton HM 11Bermuda Butterfield Fulcrum Group (Bermuda) Limited26 Burnaby StreetHamilton HM 11Bermuda hONg KONg BraNCh SharErEgiSTrar aNd TraNSfEr OffiCE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong iNvESTOrrElaTiONSaNdCOrpOraTECOmmuNiCaTiON Mr. WANG JianxiangTel: (86) 543 461 9688Email: ir@xiwangproperty.com (86) 543 461 9688ir@xiwangproperty.com COmpaNy WEBSiTE www.xiwangproperty.com www.xiwangproperty.com MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Xiwang Property Holdings Company Limited (the “Company”)and its subsidiaries (collectively referred to as the “Group”) wasestablished in 2001 with headquarters located in Zouping City,Shandong Province of the People’s Republic of China (the “PRC”).The Company was listed on the Main Board of The Stock Exchangeof Hong Kong Limited (the “Stock Exchange”) in December 2005.The Group is principally engaged in property development, tradingof construction materials and provision of property managementservices in the PRC. 2001200512 i.BuSiNESSrEviEW i. The Group’s main source of revenue for the six monthsended 30 June 2023 (the “Period”) is trading of constructionmaterials in the PRC. Geographically, Shandong Provinceremains the Group’s principal market. All revenues of theGroup during the Period were derived from ShandongProvince. 2023630 Property development business Property development business is the principal activity ofthe Group since year 2012. In the past 10 years, the Groupsuccessfully completed Phase One and Phase Two of theLanting Project and Meijun Project. 201210 The business environment of property development marketis heavily affected by the national and local governmentalpolicies in the past years. The real estate market of ZoupingCity also fluctuated a lot and showed a downward trend in therecent years. All these factors rendered the management totake a conservative approach in dealing with all the potentialprojects. Property development is a capital intensive industryand it will heavily tie up the working capital of the Group oncea project is kicked off. As such, it takes longer time for theGroup to identify profitable projects while preserving a healthyfinancial position. The Company has never depended heavilyon aggressive fund raising for any project development anddoes not have the pressure of de-stock and deleverage whichother property developers may currently encounter. Management Discussion and Analysis (Continued)管理層討論及分析（續） Meijun Project Phase Three is one of the flagship projects ofthe Group. The management has strong confidence in kickingoff this project in these couple of years. The Company intendsto complete