旭輝控股集團：2023 年報

(Incorporated in the Cayman Islands with limited liability)Stock Code : 00884ANNUALREPORT 2023年報CONTENTS002公司資料Corporate Information004公司簡介Company Profile005主要房地產項目Major Property Projects014二零二三年獎項及榮譽2023 Awards and Recognitions015詞彙及定義Glossary and Definitions016主席報告Chairman’s Statement024管理層討論及分析Management Discussion and Analysis043董事及高級管理人員簡介Biographies of Directors and Senior Management050企業管治報告Corporate Governance Report071董事會報告書Directors’ Report114獨立核數師報告Independent Auditor’s Report122綜合損益及其他全面收益表Consolidated Statement of Profit or Loss and Other Comprehensive Income123綜合財務狀況表Consolidated Statement of Financial Position126綜合股本權益變動表Consolidated Statement of Changes in Equity129綜合現金流量表Consolidated Statement of Cash Flows132綜合財務報表附註Notes to the Consolidated Financial Statements339五年財務概要Five Years Financial Summary目錄公司資料Corporate Information董事執行董事林中先生（主席）林偉先生（副主席）汝海林先生（行政總裁）楊欣先生（首席財務官）葛明先生獨立非執行董事張永岳先生陳偉成先生林采宜女士審核委員會陳偉成先生（主席）張永岳先生林采宜女士薪酬委員會張永岳先生（主席）林中先生陳偉成先生提名委員會林中先生（主席）張永岳先生林采宜女士授權代表林中先生汝海林先生公司秘書羅泰安先生註冊辦事處P.O. Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands中國總部中國上海市閔行區申虹路1088弄39號旭輝中心香港主要營業地點及總部香港灣仔軒尼詩道28號太古廣場五座22樓DIRECTORSExecutive DirectorsMr. LINZhong (Chairman) Mr. LINWei (Vice-chairman)Mr. RUHailin (Chief Executive Officer)Mr. YANGXin (Chief Financial Officer)Mr. GEMingIndependent Non-Executive DirectorsMr. ZHANGYongyueMr. TANWee SengMs. LINCaiyiAUDITCOMMITTEEMr. TANWee Seng (Chairman) Mr. ZHANGYongyueMs. LINCaiyiREMUNERATIONCOMMITTEEMr. ZHANGYongyue (Chairman) Mr. LINZhongMr. TANWee SengNOMINATIONCOMMITTEEMr. LINZhong (Chairman) Mr. ZHANGYongyueMs. LINCaiyiAUTHORIZEDREPRESENTATIVESMr. LINZhongMr. RUHailinCOMPANYSECRETARYMr. LOTai OnREGISTEREDOFFICEP.O. Box 309Ugland HouseGrand Cayman KY1-1104Cayman IslandsHEADQUARTERSINTHEPRCCIFICenterLane 1088, No.39 Shenhong RoadMinhang DistrictShanghaiPRCPRINCIPALPLACEOFBUSINESSAND HEADQUARTERSINHONGKONGLevel 22, Five Pacific Place,No.28 Hennessy Road, Wanchai, Hong Kong002 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023公司資料Corporate Information主要股份過戶登記處Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands香港證券登記分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1712-1716號舖主要往來銀行中國中國工商銀行股份有限公司中國農業銀行股份有限公司中國銀行股份有限公司中國建設銀行股份有限公司交通銀行股份有限公司中信銀行股份有限公司招商銀行股份有限公司平安銀行股份有限公司中國民生銀行股份有限公司興業銀行股份有限公司中國光大銀行股份有限公司上海浦東發展銀行股份有限公司上海銀行股份有限公司渤海銀行股份有限公司浙商銀行股份有限公司香港香港上海滙豐銀行有限公司渣打銀行（香港）有限公司恒生銀行有限公司交通銀行（香港）有限公司中國銀行（香港）有限公司中國建設銀行（亞洲）股份有限公司東亞銀行有限公司永隆銀行有限公司中信銀行（國際）有限公司上海銀行（香港）有限公司南洋商業銀行有限公司創興銀行有限公司上海浦東發展銀行股份有限公司香港分行大豐銀行股份有限公司核數師上會栢誠會計師事務所有限公司註冊公眾利益實體核數師上市資料香港聯合交易所有限公司主板（股份代號：00884）本公司網站PRINCIPALSHAREREGISTRARANDTRANSFEROFFICEMaples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1102Cayman IslandsHONGKONGBRANCHSHAREREGISTRARComputershare Hong Kong Investor Services Limited Shops 1712-1716,17th Floor, Hopewell Centre183 Queen’s Road East, Wanchai, Hong KongPRINCIPALBANKERSChinaIndustrial and Commercial Bank of China LimitedAgricultural Bank of China LimitedBank of China LimitedChina Construction Bank CorporationBank of Communications Co., LtdChina CITICBank Corporation LimitedChina Merchants Bank Co., Ltd.Ping An Bank Co., Ltd.China Minsheng Banking Corp., Ltd.Industrial Bank Co., Ltd.China Everbright Bank Co., LtdShanghai Pudong Development Bank Co., LtdBank of Shanghai Co., Ltd.China Bohai Bank Co., Ltd.China Zheshang Bank Co., Ltd.Hong KongThe Hongkong and Shanghai Banking Corporation LimitedStandard Chartered Bank (Hong Kong) LimitedHang Seng Bank LimitedBank of Communications Co., Ltd Hong Kong BranchBank of China (Hong Kong) LimitedChina Construction Bank (Asia) Corporation LimitedThe Bank of East Asia, LimitedWing Lung Bank LimitedChina CITICBank International LimitedBank of Shanghai (Hong Kong) LimitedNanyang Commercial Bank, LimitedChong Hing Bank LimitedShanghai Pudong Development Bank Co., Ltd Hong Kong BranchTai Fung Bank Ltd.AUDITORPrism Hong Kong and Shanghai LimitedRegistered Public Interest Entity AuditorsLISTINGINFORMATIONMain Board of The Stock Exchange of Hong Kong Limited(Stock Code: 00884)COMPANY’SWEBSITE003二零二三年年報 | 旭輝控股（集團）有限公司公司簡介Company Profile004 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023關於旭輝旭輝控股（集團）有限公司（「旭輝」或「本公司」，連同其附屬公司統稱「本集團」）總部位於上海，主營業務是於中華人民共和國（「中國」）從事房地產開發、房地產投資及提供物業管理服務業務。

我們業務聚焦在中國的一線、二線及重點城市成熟板塊，開發高品質及針對用家自用的房地產物業。

我們的開發項目涵蓋住宅、商務辦公、商業綜合體等多種物業種類。

我們已實現全國化的經營佈局，並在中國主要的一線、二線及重點城市建立穩固的地位。

我們現時於中國及海外的物業項目分佈於4個區域的核心城市，包括長三角、環渤海、中西部及華南。

於二零二三年十二月三十一日，我們擁有合計及應佔建築面積分別約為36,300,000平方米及20,700,000平方米的土地儲備。

展望未來，旭輝在「用心構築美好生活」 的使命感召下，致力於成為中國具領導地位及受人尊敬的房地產企業。

ABOUTCIFIHeadquartered in Shanghai, CIFIHoldings (Group) Co. Ltd. (“CIFI” or the “Company” and together with its subsidiaries, collectively the “Group”) is principally engaged in the property development, property investment business and provision of property management service in the People’s Republic of China (“PRC” or “China”).We principally focus on developing high quality and end-users driven properties in mature segments in first- and second-tier cities as well as core cities in China. Our development projects cover various properties types like residential, office and commercial complexes.We have achieved a nationwide operating coverage and a strong presence in major first- and second-tier cities as well as core cities in China. Currently, we have property projects in China and oversea, located in the core cities in 4 regions: the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region and the South China Region. As at 31 December 2023, we had a land bank with total and attributable GFA of approximately 36.3 million sq.m. and 20.7 million sq.m. respectively.Looking forward, driven by our missions of “building for a better life”, CIFI strives to become a leading and well-respected real estate enterprise in China.主要房地產項目Major Property Projects005二零二三年年報 | 旭輝控股（集團）有限公司旭輝在中國的代表性項目CIFI’s Representative Projects in China旭輝在中國的代表性項目CIFI’s Representative Projects in China北京華熙旭輝LIVE 五棵松 Beijing Huaxi CIFILIVE Wukesong上海旭輝企業大廈Shanghai CIFITower上海LCM置滙旭輝廣場Shanghai LCM上海恒基旭輝天地Shanghai The ROOF北京國祥源境Beijing Park City北京公園都會Beijing Park City廣州鉑玥明珠ONEGuangzhou Boyuemingzhu ONE廣州旭輝曜玥灣Guangzhou CIFIYaoyue Bay杭州濱旭府Hangzhou Binxu Mansion006 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023主要房地產項目Major Property Projects旭輝在中國的代表性項目CIFI’s Representative Projects in China長沙鉑宸府Changsha Central Palace長沙國悅府Changsha Guoyue Mansion長沙鉑悅湘江Changsha Park Mansion重慶印江州Chongqing Jiangzhou Impression成都旭輝中心Chengdu CIFICentre成都旭輝天府未來中心Chengdu CIFI Tianfu Future Centre南京江北晴翠府Nanjing Jiangbei Qingcui Mansion蘇州鉑悅春和萬象Suzhou Park Chunhe Wanxiang武漢旭輝·千山凌雲Wuhan CIFI Qianshan Lingyun007二零二三年年報 | 旭輝控股（集團）有限公司主要房地產項目Major Property Projects旭輝在中國的代表性項目CIFI’s Representative Projects in China天津濱海江來Tianjin Binhai Jianglai Mansion 天津鉑悅公望Tianjin Park Mansion天津九和府Tianjin Jiuhe Mansion天津翰悅府Tianjin Hanyue Mansion無錫鉑宸府Wuxi Central Palace無錫宸風雲廬Wuxi Chenfeng Yunlu濟南奥體鉑悅府Jinan Olympic-Park Mansion烏魯木齊學府尚品Urumqi Xuefu Shangpin烏魯木齊旭輝廣場Urumqi CIFIPlaza主要房地產項目Major Property ProjectsINVESTMENTPROPERTIES項目Project項目地址Location項目狀況Project status本集團應佔權益Interest attributable to the group可出租面積（不包括停車位）（平方米）Rentable GFA(excluding carpark)(sq. m.)項目主要規劃用途Primary intended use of the project上海LCMART洋涇市集中國上海市浦東新區洋涇社區崮山路191號已完工及開始出租50% 2,994商業Shanghai LCMARTNo.191 Gushan Road, Yangjing Sub-district, Pudong New Area, Shanghai, PRCCompleted and commenced leasingCommercial上海LCM置滙旭輝廣場中國上海市浦東新區張楊路2229號已完工及開始出租50% 131,937商業Shanghai LCMNo.2229, Zhangyang Road, Pudong New District, Shanghai, PRCCompleted and commenced leasingCommercial上海旭輝U天地中國上海市嘉定區寶翔路158弄已完工及開始出租100% 5,389辦公樓Shanghai CIFIUBlock No.158 Baoxiang Road, Jiading District, Shanghai, PRCCompleted and commenced leasingOffice上海旭輝海上國際中國上海市楊浦區控江路2068號已完工及開始出租100% 29,585商業Shanghai CIFIHaishang International No.2068 Kongjang Road, Yangpu District, Shanghai, PRCCompleted and commenced leasingCommercial上海旭輝純真中心中國上海市松江區九亭鎮蒲匯路178號已完工及開始出租45% 29,663辦公樓Shanghai CIFIPure Center No.178 Puhui Road, Jiuting Town, Songjiang District, Shanghai, PRCCompleted and commenced leasingOffice上海恒基旭輝中心中國上海市閔行區虹橋商務區申貴路1799弄已完工及開始出租100% 10,740辦公樓Shanghai Henderson CIFICenter No.1799 Shengui Road, Hongqiao Sub-district, Minhang District, Shanghai, PRCCompleted and commenced leasingOffice上海恒基旭輝天地中國上海市黃埔區淮海中路45座已完工及開始出租50% 35,904商業Shanghai The Roof Block 45, Huaihai Middle Road, Huangpu District, Shanghai, PRCCompleted and commenced leasingCommercial上海洋涇S2/S3辦公樓項目中國上海市浦東新區張楊路2389弄已完工及開始出租100% 46,871辦公樓Shanghai Yangjing S2/S3 Office Project No.2389 Zhangyang Road, Pudong District, Shanghai, PRCCompleted and commenced leasingOffice投資物業008 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023主要房地產項目權益表Schedule of Principal Property Projects主要房地產項目Major Property Projects項目Project項目地址Location項目狀況Project status本集團應佔權益Interest attributable to the group可出租面積（不包括停車位）（平方米）Rentable GFA(excluding carpark)(sq. m.)項目主要規劃用途Primary intended use of the project上海旭輝企業大廈中國上海市普陀區常德路與長壽路交界處已完工及開始出租100% 56,036商業Shanghai CIFITower The junction of Changde Road and Changshou Road, Putuo District, Shanghai, PRCCompleted and commenced leasingCommercial上海環創商務中心中國上海市楊浦區定海路解放街道138號已完工及開始出租50% 100,225辦公樓Shanghai Huangchuang Business Centre No.138 Jiefang of Dinghai Road, Yangpu District, Shanghai, PRCCompleted and commenced leasingOffice上海寶山U天地中國上海市寶山區羅店鎮解放街道11008號已完工及開始出租25% 30,983商業Shanghai Baoshan CIFIUBlock No.11008 Jiefang, Luodian Town, Baoshan District, Shanghai, PRCCompleted and commenced leasingCommercial北京旭輝望馨商業中心中國北京市朝陽區望京利澤西園209號已完工及開始出租100% 4,860辦公樓Beijing CIFIWangxin Commercial CentreNo.209 Lize Xiyuan, Wangjing Area, Chaoyang District, Beijing, PRCCompleted and commenced leasingOffice合肥肥西旭輝Cmall中國安徽合肥肥西縣翡翠路與派河大道交匯處已完工及開始出租100% 79,538商業Hefei Feixi CIFICmall Crossroad of Feicui Road and Paihe Road, Feixi County, Hefei, Anhui, PRCCompleted and commenced leasingCommercial成都華宇旭輝錦繡廣場中國成都成華區龍潭寺場鎮片區牛龍路精工汽摩地塊已完工及開始出租30% 68,437商業Chengdu Huayu CIFIGlorious Plaza Block Jing Gong Qi Mo, Niulong Road, Changzhenpian District, Longtan Si, Chenghua District, Chengdu, PRCCompleted and commenced leasingCommercial成都旭輝廣場中國成都新都區新都街道萬和村1、2社已完工及開始出租100% 88,921商業Chengdu CIFIPlaza Wanhecun, Community 1 and 2,Xindu District, Chengdu, PRCCompleted and commenced leasingCommercial西安旭輝中心中國西安經開區未央路西，鳳城七路北已完工及開始出租100% 41,129商業Xi’an CIFICentre North of Fengcheng Seventh Road, West of Weiyang Road, Jingkai District, Xi’an, PRCCompleted and commenced leasingCommercial投資物業（續） INVESTMENTPROPERTIES (Continued)009二零二三年年報 | 旭輝控股（集團）有限公司主要房地產項目權益表Schedule of Principal Property Projects主要房地產項目Major Property Projects項目Project項目地址Location項目狀況Project status本集團應佔權益Interest attributable to the group可出租面積（不包括停車位）（平方米）Rentable GFA(excluding carpark)(sq. m.)項目主要規劃用途Primary intended use of the project長沙旭輝國際廣場中國湖南省長沙市雨花區勞動東路220號已完工及開始出租100% 31,292商業Changsha CIFIInternational Plaza No.220, East Laodong Road, Yuhua District, Changsha, Hunan, PRCCompleted and commenced leasingCommercial廈門海聯中心中國廈門市思明區仙岳路456號已完工及開始出租100% 1,470辦公樓Xiamen Hailian Centre No.456 Xianyue Road, Siming District, Xiamen, PRCCompleted and commenced leasingOffice嘉興旭輝廣場中國嘉興市南湖區中山東路666號已完工及開始出租100% 82,540商業Jiaxing CIFIPlaza No.666, Zhongshan East Road, Nanhu District, Jiaxing, PRCCompleted and commenced leasingCommercial瀋陽旭輝鉑宸府中國瀋陽瀋河區團結路59號已完工及開始出租100% 50,922商業Shenyang CIFICentral Palace No.59 Tuanjie Road, Shenhe District, Shengyang, PRCCompleted and commenced leasingCommercial北京五棵松項目中國北京市海淀區復興路69號1至4期已完工及開始出租；5期預計2024年竣工50% 277,530商業Beijing Wukesong Project No.69 Fuxing Road, Haidian District, Beijing, PRCCompleted and commenced leasing for phase 1 to 4; expected to be completed in 2024 for phase 5Commercial投資物業（續） INVESTMENTPROPERTIES (Continued)010 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023主要房地產項目權益表Schedule of Principal Property Projects主要房地產項目Major Property ProjectsDEVELOPMENTPROPERTIES項目Project項目地址Location項目狀況Project status項目預計竣工日期ExpectedCompletionDate本集團應佔權益Interest attributable to the group開發中及持作未來開發的總建築面積（不包括停車位）（平方米）Total GFA under development and held for future development (excluding carparks)(sq.m.)項目主要規劃用途Primary intended use of the project溫州光輝之城中國溫州市半島起步區甌綉大道和霓鵬南路交匯處東南側開發中2023-202449.0554,100住宅╱商業Wenzhou Guanghui City Southeast side of the crossroad of Ouxiu Road and Nipeng South Road, Bandao Qibu District, Wenzhou, PRCUnder developmentResidential/Commercial溫州旭輝城中國溫州市半島起步區靈騰西路與霓翔南路交匯處開發中2022-202325.5419,338住宅╱商業Wenzhou CIFICity Crossroad of Lingteng West Road and Nipeng South Road, Bandao Qibu District, Wenzhou, PRCUnder developmentResidential/Commercial徐州賈汪鵬程大道項目中國徐州市賈汪區鵬程大道以北開發中2023-202652.0414,648住宅╱商業Xuzhou Jiawang Pengcheng Avenue Project North side of Pengcheng Road, Jiawang District, Xuzhou, PRCUnder developmentResidential/Commercial六安旭輝中心中國六安市經濟技術開發區迎賓大道以西、皋城路以北開發中2022-202570.0502,600住宅╱商業Lu’an CIFICentre West side of Yingbin Road and North side of Gaocheng Road, Economic Technology Development District, Lu’an, PRCUnder developmentResidential/Commercial淮安旭輝廣場中國淮安市其它區安瀾路東開發中2023-2026100.0429,016住宅╱辦公樓╱商業Huai’an CIFIPlaza East of Anlan Road, other district of Huai’an, PRCUnder developmentResidential/Office/Commercial太原尖草坪區三給片區SP1919-SP1924項目中國太原市尖草坪區和平北路299號開發中2023-202735.01,221,029住宅╱商業Taiyuan Jiancaoping District, Sanji Area, SP1919-SP1924 projectNo.299 Heping North Road, Jiancaoping District, Taiyuan, PRCUnder developmentResidential/Commercial開發物業011二零二三年年報 | 旭輝控股（集團）有限公司主要房地產項目權益表Schedule of Principal Property Projects主要房地產項目Major Property Projects項目Project項目地址Location項目狀況Project status項目預計竣工日期ExpectedCompletionDate本集團應佔權益Interest attributable to the group開發中及持作未來開發的總建築面積（不包括停車位）（平方米）Total GFA under development and held for future development (excluding carparks)(sq.m.)項目主要規劃用途Primary intended use of the project太原尖草坪區三給片區SP1925-SP1928項目中國太原市尖草坪區和平北路299號開發中2023-202735.01,298,971住宅╱辦公樓╱商業Taiyuan Jiancaoping District, Sanji Area, SP1925-SP1928 projectNo.299 Heping North Road, Jiancaoping District, Taiyuan, PRCUnder developmentResidential/Office/Commercial石家莊公元中國石家莊長安區兆通南路北、滹沱大道東開發中2022-202450.0462,220住宅╱商業Shijiazhuang Gongyuan Mansion North of Zhaotong South Road and East of Hutuo Road, Chang’an District, Shijiazhuang, PRCUnder developmentResidential/Commercial臨沂星匯城中國臨沂市羅莊區沂河路與興盛路交匯處開發中2024-202545.0431,970住宅╱商業Linyi Xinghui City Crossroad of Yihe Road and Shengxing Road, Luozhuang District, Linyi, PRCUnder developmentResidential/Commercial長沙鉑悅湘江中國長沙市岳麓區濱江景觀道與佑母塘路交匯處開發中2023-202465.0422,377住宅╱辦公樓╱商業Changsha Park Mansion Crossroad of Binjiang Jingguan Road and Youmutang Road, Yuelu District, Changsha, PRCUnder developmentResidential/Office/Commercial成都天府未來中心中國成都市新津縣花源鎮興源路130號開發中2023-202533.0556,148住宅╱商業Chengdu Tianfu Future Centre No.130 Xingyuan Road, Huayuan Town, Xinjin County, Chengdu, PRCUnder developmentResidential/Commercial成都旭輝中心中國成都市溫江區柳城街道萬盛合區十一組，學府社區五組，前進社區一、十一組開發中2023-202550.0524,749住宅╱商業Chengdu CIFICentre Group 11 of Wanshenghe District, Group 5 of Xuefu Community, Group 1 and 11 of Qianjin Community, Liucheng Street, Wenjiang District, Chengdu, PRCUnder developmentResidential/CommercialDEVELOPMENTPROPERTIES (Continued)開發物業（續）012 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023主要房地產項目權益表Schedule of Principal Property Projects主要房地產項目Major Property ProjectsDEVELOPMENTPROPERTIES (Continued)項目Project項目地址Location項目狀況Project status項目預計竣工日期ExpectedCompletionDate本集團應佔權益Interest attributable to the group開發中及持作未來開發的總建築面積（不包括停車位）（平方米）Total GFA under development and held for future development (excluding carparks)(sq.m.)項目主要規劃用途Primary intended use of the project烏魯木齊旭輝廣場中國烏魯木齊市天山區團結路和南灣街交匯處開發中2023-2026100.0411,678住宅╱商業ürümqi CIFIPlaza Crossroad of Tuanjie Road and Nanwan Road, Tianshan District, ürümqi, PRCUnder developmentResidential/Commercial烏魯木齊學府尚品中國烏魯木齊市水區會展紅光山路以北開發中2022-202451.0507,744住宅╱商業ürümqi Xuefu Shangpin North of Hongguangshan Road, Huizhan, Shui District, ürümqi, PRCUnder developmentResidential/Commercial貴陽烏當未來壹號中國貴陽市烏當區北衙路168號開發中2022-2025100.0531,424住宅╱商業Guiyang UDang Future The One No.168 Beiya Road, Wudang District, Guiyang, PRCUnder developmentResidential/Commercial鄭州空港時代中國鄭州市航空港區南港雙鶴湖板塊開發中2022-2025100.0535,442住宅╱商業Zhengzhou Konggang Times Shuanghe Lake Block, Nangang, Hangkonggang District, Zhengzhou, PRCUnder developmentResidential/Commercial昆明旭輝廣場中國昆明市盤龍區北京路東灃源路與嚴家山路交匯口開發中2022-202463.7526,145住宅╱商業Kunming CIFIPlaza Crossroad of Fengyuan Road and Yanjiashan Road, East of Beijing Road, Panlong District, Kunming, PRCUnder developmentResidential/Commercial常德國際新城中國武陵區城東新區高專路以南、人民路以北、常德大道以西開發中2022-2024100.0530,062住宅╱商業Changde International New City South of Gaozhuan Road, north of Renmin Road, west of Changde Road, Chengdongxin District, Wuling District, PRCUnder developmentResidential/Commercial開發物業（續）013二零二三年年報 | 旭輝控股（集團）有限公司主要房地產項目權益表Schedule of Principal Property Projects014 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023二零二三年獎項及榮譽2023 Awards and Recognitions獎項及榮譽Awards and recognitions主辦方Organizer上海民營企業百強榜第13位13th on the Shanghai Top 100 Private Enterprises List上海企業百強榜第48位48st on the Shanghai Top 100 Enterprises List上海服務業企業百強榜第27位27th on the Shanghai Top 100 Service Enterprises List上海市企業聯合會、上海市企業家協會Shanghai Enterprise Confederation, Shanghai Entrepreneur Association「建甌第一中學捐資助學項目」榮獲中國慈善榜「2023年度典範項目」Donation for Education Project for Jian’ou No.1 Middle School Awarded “Model Project in 2023” in China Philanthropy List《公益時報》China Philanthropy Times「福建慈善獎」愛心捐贈企業Caring Donated Corporation of “Fujian Charity Award”福建省政府Fujian Provincial GovernmentMSCIESG評級BBBRanked BBB in MSCIESGRating明晟MSCI2022-2023年獲「品質交付企業」殊榮Awarded “Quality Delivery Enterprise” in 2022 – 2023中國網地產China Online Real Estate2023房地產企業品質交付力卓越表現Real Estate Enterprise with Excellence in Quality Delivery in 2023觀點指數研究院Guandian Index Academy美好品質交付企業Enterprise with Best Quality Delivery經濟觀察報The Economic Observer2023年度中國典型房企服務力TOP14TOP14 China Typical Real Estate Enterprise in terms of Service Capacity in 2023億翰智庫EH consulting天津旭輝濱海江來項目榮獲「2023年度完美交付標杆項目TOP10」Tianjin CIFI Binhai Jianglai Mansion was awarded the “TOP10 Benchmark Project of Perfect Delivery in 2023”億翰智庫EH consulting詞彙及定義Glossary and Definitions“Contracted sales” includes contracted sales by the Group’s subsidiaries, joint ventures and associated companies. Contracted sales data is unaudited and is based on internal information of the Group. Contracted sales data may be subject to various uncertainties during the process of collating such sales information and is provided for investors’ reference only.“Core net profit/loss” excludes write-down of properties held for sale and properties under development for sale, allowance for expected credit losses, fair value gains/losses, net exchange loss/gain, expenses relating to share option grants, loss on early redemption of senior notes, and share of write-down of properties held for sale and properties under development for sale, fair value gains/losses and net exchange loss/gain at joint ventures and associated companies, net of deferred taxes.“Bank balances and cash” include pledged bank deposits.“Total indebtedness” includes bank and other borrowings, onshore corporate bonds, offshore senior notes and offshore convertible bonds.“Net debt-to-equity ratio” is calculated by the Group’s total indebtedness under IFRS less bank balances and cash (including pledged bank deposits) as a percentage of total equity at the end of each financial year.“Weighted average cost of indebtedness” is the weighted average of interest costs of all indebtedness outstanding as at the end of each financial year.The expression “we”, “us”, “CIFI” and “Company” may be used to refer to the Company or the Group as the context may require.References to our “land bank”, “development projects”, “property projects” or “projects” refer to our property projects with land for which we have obtained land-use rights and property projects for which we have not obtained land-use rights but have entered into the land grant contracts or received successful tender auction confirmations as at the relevant dates.The site area information for an entire project is based on the relevant land use rights certificates, land grant contracts or tender documents, depending on which documents are available. If more than one document is available, such information is based on the most recent document available.The figures for GFA are based on figures provided in or estimates based on the relevant governmental documents, such as the property ownership certificate, the construction work planning permit, the pre-sale permit, the construction land planning permit or the land use rights certificate.「合同銷售金額」包括本集團的附屬公司、合營企業及聯營公司的合同銷售。

合同銷售數據未經審核，乃根據本集團內部資料編製。

鑒於收集該等合同銷售資料過程中存在各種不確定因素，該等合同銷售數據僅供投資者參考。

「核心淨利潤╱虧損」不包括撇減持作出售物業及擬作出售的開發中物業、預期信貸虧損撥備、公平值收益╱虧損、匯兌虧損╱收益淨額、授出購股權相關開支、提早贖回優先票據的虧損、應佔合營企業及聯營公司撇減持作出售物業及擬作出售的開發中物業、公平值收益╱虧損及匯兌虧損╱收益淨額（扣除遞延稅項）。

「銀行結餘及現金」包括質押性銀行存款。

「債務總額」包括銀行及其他借款、境內公司債券、境外優先票據及境外可換股債券。

「淨負債對股本比率」乃根據國際財務報告準則計算的按各財政年度末時本集團債務總額減銀行結餘及現金（包括質押性銀行存款）後佔股本權益總額的百分比計算。

「加權平均債務成本」乃各財政年度末時各項未償還債務的利息成本之加權平均。

「我們」、「旭輝」及「本公司」等詞彙可用於表示本公司或本集團（視文義而定）。

文義中凡提及「土地儲備」、「開發項目」、「物業項目」或「項目」乃指於相關日期，我們已取得土地使用權的土地的物業項目及我們尚未取得土地使用權但已訂立土地出讓合同或已取得土地招標拍賣成功確認書的物業項目。

整個項目的佔地面積資料乃基於相關土地使用權證、土地出讓合同或投標文件，視乎現有文件而定。

倘現有超過一項文件，則有關資料將基於最新近的現有文件。

項目的建築面積乃基於房屋所有權證、建設工程規劃許可證、預售許可證、建設用地規劃許可證或土地使用權證等相關政府文件內所載數據或按相關數據所作的估計。

015二零二三年年報 | 旭輝控股（集團）有限公司主席報告CHAIRMAN’SSTATEMENT天津濱海江來∣ Tianjin Binhai Jianglai Mansion主席報告Chairman’s Statement017二零二三年年報 | 旭輝控股（集團）有限公司各位股東：本人謹向各位股東提呈本集團截至二零二三年十二月三十一日止年度的業務回顧及對二零二四年的展望。

業績截至二零二三年十二月三十一日止年度，本集團錄得合同銷售金額人民幣700.0億元。

於二零二三年，本集團已確認收入為人民幣718.3億元，股東權益應佔淨虧損為人民幣92.0億元。

於二零二三年，本集團的股東權益應佔核心淨虧損約人民幣37.9億元。

二零二三年回顧市場回顧二零二三年，中國房地產行業經歷了一個短暫的小陽春，隨之而來的是市場量價持續下跌，部分城市的價格已經回到了二零一七年水準，行業整體景氣度仍處於低谷，政策導向也是「謹慎刺激需求，全力防範風險」。

受疫情、銷售疲弱以及房企流動性風險等諸多因素影響，過去兩年新開工面積呈現斷崖式下跌。

二零二三年，全國房地產新開工面積為9.54億平方米，同比下降20.4%，住宅新開工面積6.93億平方米，下降20.9%，新開工規模為二零一三年以來新低。

Dear shareholders:May I present you with the business review of the Group for the year ended 31 December 2023, and the outlook for 2024.RESULTSFor the year ended 31 December 2023, the Group achieved contracted sales of RMB70.0 billion.Recognized revenue of the Group was RMB71,830 million in 2023. Core net loss attributable to equity owners was RMB9,200 million. The Group’s core net loss attributable to equity owners was RMB3,790 million in 2023.REVIEWOF 2023Market reviewIn 2023, the China real estate industry experienced a brief period of recovery, followed by a continuous decline in market volume and price. Price in some cities has returned to the levels of 2017, and the sentiment of the overall industry remained weak. The policy direction focused on “cautiously stimulating demand while fully preventing risks”. Influenced by various factors such as the pandemic, weak sales, and liquidity risks for real estate enterprises, the area of newly commenced projects has shown drastic drop over the past two years. In 2023, the area of newly commenced real estate projects across the nation was 954 million sq.m, representing a year-on-year decrease of 20.4%. The area of newly commenced residential projects was 693 million sq.m, representing a decrease of 20.9%, while the scale hit the lowest since 2013.主席報告Chairman’s Statement018 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023REVIEWOF 2023 (Continued)Market review (Continued)On the policy side, since 2023, while the central government continuously introducing easing policies, there have been additional property regulation and control options for local governments. Many cities and municipalities have further eased the regulation and control on the property market. However, favorable policies for the property market in third- and fourth-tier cities have basically been exhausted, and there was room for policy adjustments in first- and second-tier cities only. Cities and municipalities have made efforts to increase the proportion of provident fund loans, relax the restriction on the number of houses purchased in restricted areas or expand non-restricted areas, lower the proportion of down payment, reduce the difficulty in settling down, promote the introduction of talents and provide subsidies for house purchases, etc., and the strength of policy support has been further enhanced.On the financing side, since 2023, the direction of financing policy support for the real estate industry has been made clear, but in the short term, the recovery of the financing side for real estate enterprises is limited. Influenced by factors such as subdued economic growth and insufficient market confidence, the willingness of residents to purchase houses and apply for loans was weak. As a result, the available funds for real estate enterprises continued to reduce. In addition, some leading real estate enterprises have been exposed to credit risks with sluggish investor sentiment. Therefore, it is hard to be optimistic towards the current financing situation in the industry. The key to the restoration of real estate enterprises’ financing capabilities lies in the recovery of the sales side and their own ability to generate funds.Sales PerformanceIn 2023, the Group’s contracted sales amounted to RMB70.0 billion; and contracted gross floor area (“GFA”) amounted to 5,143,800 sq.m.. In 2023, the Group’s contracted average selling price (“ASP”), excluding carpark and storage room, was approximately RMB13,609/sq.m..二零二三年回顧（續）市場回顧（續）政策端方面，二零二三年以來，隨著中央寬鬆政策的持續出台，地方政府可選擇的地產調控工具箱進一步豐富，各地市的房地產市場調控鬆綁政策力度加大，但三、四線城市樓市利好政策基本出盡，一、二線城市尚有政策調節空間。

各地市圍繞提高公積金貸款比例、放鬆限購區域購房數量或擴大非限購區域、降低首付比例、降低落戶難度、推動人才引進及購房補貼等方面發力，政策支持力度進一步提高。

融資端方面，二零二三年以來，房地產行業融資政策支援導向明顯，但短期來看對房企融資端修復有限。

受經濟增長放緩和市場信心不足等因素影響，居民購房及貸款意願疲弱，房企到位資金繼續下降，疊加部分頭部房企信用風險暴露、投資者偏好下行，行業現階段融資情況仍難言樂觀。

房企融資能力修復關鍵仍在於銷售端的回暖和自身造血能力的恢復。

銷售表現本集團於二零二三年的合同銷售金額達人民幣700.0億元；合同銷售建築面積（「建築面積」）為5,143,800平方米。

本集團二零二三年的合同銷售平均售價約為人民幣13,609元╱平方米。

主席報告Chairman’s Statement019二零二三年年報 | 旭輝控股（集團）有限公司REVIEWOF 2023 (Continued)Sales Performance (Continued)In 2023, CIFI was ranked 19th nationally in terms of contracted sales amount according to the “China Real Estate Enterprises Sales Ranking in 2023” published by CRICInformation Group.Property DeliveryThe Group has been making tremendous efforts to preserve the value for all stakeholders by ensuring delivery and operations, and maintaining onshore financing. Throughout 2023, the Group (including its joint ventures and associates) delivered approximately 118,000 property units in total.Domestic sales and cash collection are crucial to the financial position and business operation of the Group. The Group has been making unwavering efforts and will continue to take every possible measure to accelerate sales and cash collection.Land BankThe Group had no new land acquisitions in 2023. As at 31 December 2023, the Group,together with its joint ventures and associates, had a total land bank of approximately 36.3 million sq.m..二零二三年回顧（續）銷售表現（續）根據克而瑞資訊集團發佈的「二零二三年中國房地產企業銷售排行榜」，旭輝於二零二三年按合同銷售金額計算位居全國第19位。

物業交付本集團通過保交付、保經營及維護境內融資，為所有持份者保存價值作出巨大努力，二零二三年全年，本集團（包括其合營公司及聯營公司）合計完成交付約118,000套物業單位。

境內銷售及現金回款對本集團財務狀況及業務營運至關重要，本集團一直努力不懈並將繼續採取一切可能的措施加快銷售及現金回款。

土地儲備本集團於二零二三年無新購買土地。

於二零二三年十二月三十一日，本集團連同其合營公司及聯營公司的總土地儲備約為3,630萬平方米。

主席報告Chairman’s Statement020 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023REVIEWOF 2023 (Continued)Business DevelopmentEver Sunshine Services Group Limited (“Ever Sunshine Services”) represents the property management services segment of the Group. In 2023, Ever Sunshine Services achieved a record high revenue growth of 4.2% to reach approximately RMB6.54 billion, and further optimized its revenue structure, with the proportion of revenue from basic property services and community value-added services accounting for 81.9%, and proportion of revenue from value-added services to non-property owners dropped to 11.9%, while profit for the same period slightly dropped by 9.5% to approximately RMB430 million. In 2023, the total contracted GFA of Ever Sunshine Services amounted to approximately 310 million sq.m., of which GFA under management amounted to approximately 220 million sq.m., representing a year-on-year increase of 1.6% and 5.5%, respectively, which was mainly due to the strategic adjustments of the Ever Sunshine Services to proactively exit projects with low quality and efficiency, thereby focusing on more efficient and high-quality service projects with higher return for up to 1.01 million households during the same period. Meanwhile, to better reward its shareholders, the board of directors of Ever Sunshine Services proposed a final dividend of HK$0.0914 per share for the year ended 31 December 2023, together with the interim dividend of HK$0.045 per share paid for the six months ended 30 June 2023, the total dividend payable for the year amounted to HK$0.1364 per share, with the dividend payout ratio of 50%. Meanwhile, Ever Sunshine Services expressed its endeavour to maintaining the dividend payout ratio of not lower than 50% in the coming three years. This year marked the fruitful finale of the “1st Five-Year” development plan of Ever Sunshine Services. After five years of development, Ever Sunshine Services has achieved rapid development and improvement in comprehensive strength, which will be conducive to its future development in the long run.2024 will be the beginning year of the “2nd Five-Year” plan of Ever Sunshine Services. Ever Sunshine Services will continue to focus on property management services on a long-term basis, pursuing to become a leading integrated service provider in the industry, adhering to high quality development, focusing on further development in main cities, enhancing operational efficiency and bringing better returns to shareholders.Debt managementThe industry is currently facing pressures in terms of market conditions, capital, and liquidity. The Group has implemented measures to accelerate sales and cash collection, broaden income stream and reduce expenditure, improve operational efficiency and control the scale of interest-bearing debts, in order to ensure timely deliveries of pre-sold housing and stable operations.二零二三年回顧（續）業務發展永升服務集團有限公司（「永升服務」）代表本集團旗下的物業管理服務板塊。

二零二三年，永升服務實現4.2%收入增長，達到約人民幣65.4億元，創下歷史新高，且在收入結構上實現進一步優化，基礎物業與社區增值服務兩項收入佔比達到81.9%，非業主增值服務佔比下降為11.9%，同期利潤則稍降9.5%至約人民幣4.3億元。

於二零二三年，永升服務的總合約建築面積約為3.1億平方米，其中在管總建築面積約為2.2億平方米，同比分別增長1.6%與5.5%，核心在於永升服務戰略調整，主動退出低質低效的項目，從而聚焦更加高效優質以及更高回報的服務專案，而同期提供的家庭戶數達到101萬戶。

同時，為了更好地回饋股東，永升服務董事會宣布建議派付截至二零二三年十二月三十一日止年度的末期股息每股0.0914港元，連同已經派付的截至二零二三年六月三十日止六個月的中期股息每股0.045港元，全年合計派付股息每股0.1364港元，股息派付比例達到50%，永升服務同時表示在未來三年內將努力維持不低於50%的派息率。

二零二三年是永升服務「一五」發展計劃的收官之年，經過五年的發展，永升服務實現了快速發展與綜合實力的快速提升，這都將有助其未來長期發展。

二零二四年將是永升服務「二五」計劃的開端之年，永升服務仍將長期且專注於物業管理服務，追求成為行業領先的綜合服務商，堅持高品質發展、專注主城深耕，提升運營效率，為股東帶來更好的回報。

債務管理目前行業面臨著市場、資金、流動性的壓力，本集團通過加快銷售及現金回款、開源節流及提高經營效率、控制有息負債規模，全力保交樓、穩經營。

主席報告Chairman’s Statement021二零二三年年報 | 旭輝控股（集團）有限公司REVIEWOF 2023 (Continued)Debt management (Continued)As at 31 December 2023, the Group’s cash and bank balances (including restricted cash and pledged bank deposits) amounted to approximately RMB13.75 billion in aggregate. The Group strictly enforces the requirements of local governments and deposits the vast majority of its cash in designated bank accounts, which is subject to stringent supervision of pre-sale funds to ensure the delivery of pre-sold properties.The Company has been actively collaborating with its financial advisors and legal advisors to seek holistic solutions to the current issues regarding offshore liquidity, which aims to safeguard the interests of all stakeholders and achieve long-term sustainability and feasibility of the business operations of the Company.As of the date of this annual report, the Company has submitted a refined proposal to the Co-ordination Committee, the ad hoc group of bondholders and their advisors in respect of the economic terms of the holistic solution.In the past few months, the Co-ordination Committee, the ad hoc group of bondholders and their advisors have worked closely with the Company and its advisors to conduct in-depth due diligence on the Group’s financial and operational conditions. Accordingly, the Company has diligently responded to a wide range of due diligence questions and provided various forms of supporting documents, files and evidence. The parties have also made significant progress in formulating a proposal on the holistic solution and narrowing the bid-ask gap on various economic terms. The Company is grateful to the offshore creditors for their continuing support and engagement in the Company’s ongoing process.ESGMANAGEMENTANDCORPORATE RESPONSIBILITYCIFI always adheres to a customer-centric approach, with our employees as the foundation and contributing to the society as our responsibility. We uphold the value of “long-termism” and continuously strive to improve our performance in aspects such as environmental protection, social welfare, and corporate governance. We are committed to becoming an excellent corporate citizen.二零二三年回顧（續）債務管理（續）截至二零二三年十二月三十一日，本集團的現金及銀行結餘（包括受限制現金及質押性銀行存款）合計約為人民幣137.5億元。

本集團嚴格執行地方政府的要求，將絕大部份的現金都存於指定銀行賬戶中，接受嚴格的預售資金監管，以確保預售物業的交付。

本公司一直積極與其財務顧問及法律顧問合作，尋求全面解決當前境外流動資金問題的方案，以為維護所有持份者的利益實現本公司業務的長期可持續性及可行性。

截至本年度報告日期，本公司已就全面解決方案的經濟條款向協調委員會、債券持有人小組及其顧問提交了一份經完善的提案。

過去數月，協調委員會、債券持有人小組及其顧問與本公司及本公司的顧問緊密合作，對本集團的財務和經營狀況進行了深入的盡職調查。

為此，本公司已積極回應了一系列盡職調查問題，並提供了各種形式的證明文件、文檔和證據。

各方在制定全面解決方案和收窄各項經濟條款上的分歧方面亦取得了重大進展。

本公司感謝境外債權人對本公司目前工作的持續支持及參與。

ESG管理及企業責任旭輝始終堅持以客戶為中心，以員工為基石，以社會為已任，堅持「長期主義」價值觀，不斷提升在綠色環保、社會公益和企業治理方面的水平，致力於成為優秀的企業公民。

主席報告Chairman’s Statement022 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023ESG MANAGEMENT AND CORPORATE RESPONSIBILITY (Continued)CIFI made active response and initiated the formulation of its own strategy under the guidance of the “dual carbon” goal of the state, integrating low-carbon, high-tech, and intellectualization into green architecture, and implementing the green environmental protection model to the entire process from product design, construction and production, administration to operation and maintenance. Over the years, CIFI has donated scholarship and education funds and constructed a gymnasium and a swimming complex for Jian’ou No.1 Middle School and Jian’ou No.2 Middle School, which have been certified as a national two-star green building, and were recognized as a “2023 Outstanding Corporate Social Responsibility Project” by the organizers of the China Listed Companies Development Forum and awarded the “Model Project in China Philanthropy List 2023” by China Philanthropy Times. In addition, we have planned a green office advocacy campaign with the theme of “Green Office for a Better Carbon Future” in 2023, which will be launched in four phases, namely “Energy Conservation and Environmental Protection”, “Recycle and Reuse”, “Low-carbon Travel” and “Resource Co-creation”. Through cultural promotion and construction activities, we aim to promote energy conservation and emission reduction within the entire group and cultivate a higher level of environmental awareness among our employees.FUTUREOUTLOOKLooking forward, in 2024, the recovery of the real estate market will still depend on whether the expectations of home buyers can be restored. There is still room for improvement on policy for both the supply and demand sides. The “three major projects”, namely the construction of the affordable housing, urban village redevelopment, and the construction of public infrastructure with normal and emergency use, will be the main focus of policies, which is expected to play an important role in stabilizing investment in 2024 with a positive impact on sales recovery and stabilizing expectations. Overall, the sales market of the newly developed houses in 2024 will still be under adjustment pressures. If the economy continues to recover and the willingness to purchase homes improves, coupled with the progress of urban village redevelopment as scheduled, sales volume may see a slight growth. However, given the slow recovery of the sales market, it may be challenging to reverse the downward trend in newly commenced projects and investments across the country.ESG管理及企業責任（續）在國家「雙碳」目標的引領下，旭輝積極回應並啟動自身戰略的制定，將低碳、高科技、智慧化融入綠色建築體系，從產品設計、施工生產、行政辦公到運營維護，全流程落實綠色環保模式。

多年來，旭輝向建甌第一中學、建甌第二中學捐贈設立獎教學金和獎助學金、捐建獲得國家綠色建築二星級認證的體育館及游泳館，被中國上市公司發展論壇主辦方評為「二零二三企業社會責任優質案例」，並榮獲《公益時報》社頒發「二零二三中國慈善榜年度典範項目」。

此外，我們於二零二三年規劃以「綠色辦公、碳尋美好」為主題的綠色辦公倡導行動，按「節能環保篇」、「循環利用篇」、「低碳出行篇」和「資源共創篇」分四期推出文化宣傳和建設活動，在全集團範圍內提倡節能減排，樹立員工更高的環保意識。

未來展望展望二零二四年，房地產市場恢復仍依賴於購房者預期是否能修復，供求兩端政策仍有發力空間，保障性住房建設、城中村改造和「平急兩用」公共基礎設施建設的「三大工程」將是政策發力主要方向，預計將對二零二四年穩投資起到重要作用，同時也會對銷售恢復、穩定預期起到積極作用。

整體來看，二零二四年新房銷售市場依然面臨調整壓力，若經濟持續恢復、置業意願改善，疊加城中村改造如期推進，銷售規模或可實現小幅增長。

在銷售市場修復緩慢影響下，全國新開工、投資下行態勢或難改。

主席報告Chairman’s Statement023二零二三年年報 | 旭輝控股（集團）有限公司未來展望（續）二零二四年，是旭輝爬雪山過草地最難的一年，交付壓力最大的一年，轉型突破的關鍵一年，也是看到方向和希望的一年。

這兩年經歷的一切，都是旭輝成長不可或缺的成長腳印。

旭輝將繼續把「保交付、保品質」作為首要工作推進。

產品和服務是旭輝賴以生存的基石，行業再難，旭輝對產品和服務的要求不能放鬆，一定要調配一切可以調配的資源，以更優異的品質、更暖心的服務去贏取客戶的認可。

旭輝控股（集團）有限公司主席林中香港，二零二四年三月二十八日FUTUREOUTLOOK (Continued)2024 is the most difficult year for CIFI to overcome the troughs and obstacles with the greatest pressure of delivery, but it is also the key year of transformation and breakthrough and the year with direction and hope. Everything CIFI experienced in these two years carves an essential path to its growth.CIFI will continue to put “ensuring delivery and quality” as the top priority. Products and services lay the foundation for the success of CIFI. No matter how difficult the industry is, CIFI never compromises the product and service quality, and is dedicated to allocate all available resources to provide more exquisite products and warmer services to win the recognition of our customers.CIFIHoldings (Group) Co. Ltd.LINZhongChairmanHong Kong,28 March 2024管理層討論及分析MANAGEMENTDISCUSSIONANDANALYSIS武漢旭輝千山凌雲∣ Wuhan CIFI Qianshan Lingyun管理層討論及分析Management Discussion and Analysis025二零二三年年報 | 旭輝控股（集團）有限公司成都旭輝恆基江與山Chengdu CIFIJiangyushanPROPERTYDEVELOPMENTContracted salesThe Group achieved contracted sales of approximately RMB70.0 billion in 2023.The Group’s contracted sales in gross floor area (the “GFA”) was approximately 5,143,800 sq.m. in 2023 and the contracted average selling price (“ASP”) was approximately RMB13,609/sq.m. in 2023.Contracted sales from the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region and the South China Region contributed to approximately 31.6%,29.2%,28.5% and 10.7% of the Group’s total contracted sales in 2023 respectively. Contracted sales from first- and second-tier cities accounted for approximately 89.2% of the Group’s total contracted sales in 2023 whereas those from third-tier cities accounted for the remaining 10.8%. Contracted sales derived from residential projects contributed to approximately 85.1% of the Group’s total contracted sales in 2023 whereas those from office and commercial projects contributed to the remaining 14.9%.房地產開發合同銷售於二零二三年，本集團實現合同銷售金額約人民幣700億元。

於二零二三年，本集團合同銷售建築面積（「建築面積」）約為5,143,800平方米，合同銷售平均售價（「銷售平均售價」）約為人民幣13,609元╱平方米。

長三角、環渤海、中西部及華南的合同銷售金額為本集團二零二三年總合同銷售金額分別貢獻約31.6%、29.2%、28.5%及10.7%。

一線及二線城市的合同銷售金額佔本集團二零二三年總合同銷售金額約89.2%，而三線城市的合同銷售金額則佔餘下的10.8%。

來自住宅項目的合同銷售金額佔本集團二零二三年總合同銷售金額約85.1%，而來自辦公樓及商業項目的合同銷售金額佔餘下的14.9%。

管理層討論及分析Management Discussion and Analysis026 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023房地產開發（續）合同銷售（續）表一：二零二三年合同銷售詳情按項目類型劃分PROPERTYDEVELOPMENT (Continued)Contracted sales (Continued)Table 1: Details of contracted sales in 2023By type of project合同銷售金額Contractedsales佔總合同銷售金額百分比% of totalcontractedsales合同銷售建築面積ContractedGFA合同銷售平均售價ContractedASP（人民幣千元）(RMB’000)（平方米）(sq.m.)（人民幣元╱平方米）(RMB/sq.m.) 住宅Residential 59,566,60785.1% 3,854,35615,454辦公樓╱商業Office/Commercial 10,436,45414.9% 1,289,4218,094 總計Total 70,003,061100.0% 5,143,77713,609By region合同銷售金額Contractedsales佔總合同銷售金額百分比% of totalcontractedsales合同銷售建築面積ContractedGFA合同銷售平均售價ContractedASP（人民幣千元）(RMB’000)（平方米）(sq.m.)（人民幣元╱平方米）(RMB/sq.m.) 長三角Yangtze River Delta 22,134,56831.6% 1,418,93115,599環渤海Pan Bohai Rim 20,454,68729.2% 1,300,88515,724中西部Central Western Region 19,965,88428.5% 1,863,60810,714華南South China Region 7,447,92210.7% 560,35313,291 總計Total 70,003,061100.0% 5,143,77713,609按地區劃分管理層討論及分析Management Discussion and Analysis027二零二三年年報 | 旭輝控股（集團）有限公司房地產開發（續）合同銷售（續）表一：二零二三年合同銷售詳情（續）按一線、二線及三線城市劃分PROPERTYDEVELOPMENT (Continued)Contracted sales (Continued)Table 1: Details of contracted sales in 2023 (Continued)By first-, second- and third-tier cities合同銷售金額Contractedsales佔總合同銷售金額百分比% of totalcontractedsales合同銷售建築面積ContractedGFA合同銷售平均售價ContractedASP（人民幣千元）(RMB’000)（平方米）(sq.m.)（人民幣元╱平方米）(RMB/sq.m.)一線城市First-tier cities 8,026,96911.5% 316,13225,391二線城市Second-tier cities 54,420,19177.7% 3,997,84713,612三線城市Third-tier cities 7,555,90110.8% 829,7989,106 總計Total 70,003,061100.0% 5,143,77713,609Notes:1. First-tier cities refer to Beijing, Guangzhou, Hong Kong, Shanghai and Shenzhen.2. Second-tier cities refer to Changchun, Changsha, Changzhou, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guiyang, Hangzhou, Harbin, Hefei, Jinan, Kunming, Nanchang, Nanjing, Nanning, Nantong, Ningbo, Qingdao, Sanya, Shaoxing, Shenyang, Shijiazhuang, Suzhou, Taiyuan, Tianjin, Urumqi, Wenzhou, Wuhan, Wuxi, Xiamen, Xi’an, Xuzhou, Yinchuan and Zhengzhou.3. Third-tier cities refer to Changde, Fuyang, Huai’an, Huizhou, Huzhou, Jiangmen, Jiaxing, Jinhua, Jining, Lianyungang, Linyi, Liuzhou, Lu’an, Luoyang, Meishan, Putian, Quanzhou, Quzhou, Suqian, Taizhou, Weifang, Wuhu, Xiangtan, Xuancheng, Xuchang, Yantai, Zhangzhou, Zhenjiang, Zhongshan, Zhoushan, Zhuhai, Zhuzhou and Zibo.Revenue recognised from sales of propertiesRevenue recognised from sales of properties in 2023 was approximately RMB63,233.5 million up by 61.6% year-on-year, accounting for 88.0% of total recognised revenue. The Group delivered approximately 4,427,220 sq.m. of properties in GFA in 2023, up by 49.0% year-on-year. The Group’s recognised ASP from sales of properties was approximately RMB14,283/sq.m. in 2023, representing an increase of 8.4% from RMB13,172/sq.m. in 2022. The increase in the Group’s revenue recognised from sales of properties in 2023 was mainly attributable to the increase in GFA delivered.附註：1.一線城市指北京、廣州、香港、上海及深圳。

2.二線城市指長春、長沙、常州、成都、重慶、大連、東莞、佛山、福州、貴陽、杭州、哈爾濱、合肥、濟南、昆明、南昌、南京、南寧、南通、寧波、青島、三亞、紹興、瀋陽、石家莊、蘇州、太原、天津、烏魯木齊、溫州、武漢、無錫、廈門、西安、徐州、銀川及鄭州。

3.三線城市指常德、阜陽、淮安、惠州、湖州、江門、嘉興、金華、濟寧、連雲港、臨沂、柳州、六安、洛陽、眉山、莆田、泉州、衢州、宿遷、台州、濰坊、蕪湖、湘潭、宣城、許昌、煙台、漳州、鎮江、中山、舟山、珠海、株州及淄博。

銷售物業已確認收入於二零二三年，銷售物業已確認收入約為人民幣63,233,500,000元，按年上升61.6%，佔已確認收入總額88.0%。

本集團於二零二三年交付建築面積約4,427,220平方米的物業，按年上升49.0%。

於二零二三年，本集團銷售物業的已確認平均售價約為人民幣14,283元╱平方米，較二零二二年的人民幣13,172元╱平方米上升8.4%。

本集團二零二三年的銷售物業已確認收入上升，主要歸因於已交付建築面積上升。

管理層討論及分析Management Discussion and Analysis028 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023房地產開發（續）銷售物業已確認收入（續）表二：二零二三年來自物業銷售的已確認收入明細按項目類型劃分PROPERTYDEVELOPMENT (Continued)Revenue recognised from sales of properties (Continued)Table 2: Breakdown of recognised revenue from property sales in 2023By type of project項目主要規劃用途Primary intended use of the project銷售物業已確認收入Recognised revenue from sale of properties佔銷售物業已確認收入百分比% of recognised revenue from sale of properties已交付總建築面積Total GFA delivered已確認平均售價Recognised ASP人民幣千元RMB’000%平方米sq.m.人民幣元╱平方米RMB/sq.m.二零二三年二零二二年二零二三年二零二二年二零二三年二零二二年二零二三年二零二二年20232022202320222023202220232022住宅Residential 59,663,70137,261,88394.495.04,082,1332,837,80314,61613,131辦公樓╱商業Office/Commercial 3,569,7851,869,5325.65.0345,087132,99110,34514,058 合計Total 63,233,48639,131,415100.0100.04,427,2202,970,79414,28313,172By region地區Region銷售物業已確認收入Recognised revenue from sale of properties佔銷售物業已確認收入百分比% of recognised revenue from sale of properties已交付總建築面積Total GFA delivered已確認平均售價Recognised ASP人民幣千元RMB’000%平方米sq.m.人民幣元╱平方米RMB/sq.m.二零二三年二零二二年二零二三年二零二二年二零二三年二零二二年二零二三年二零二二年20232022202320222023202220232022長三角Yangtze River Delta 27,004,32012,291,47942.731.41,667,429651,98316,19518,852環渤海Pan Bohai Rim 5,670,9604,932,4169.012.6404,510425,32114,01911,597中西部Central Western Region 21,336,28520,814,70733.753.21,809,8381,852,72811,78911,235華南South China Region 9,221,9211,092,81314.62.8545,44340,76216,90726,809 合計Total 63,233,48639,131,415100.0100.04,427,2202,970,79414,28313,172按地區劃分管理層討論及分析Management Discussion and Analysis029二零二三年年報 | 旭輝控股（集團）有限公司房地產開發（續）銷售物業已確認收入（續）表二：二零二三年來自物業銷售的已確認收入明細（續）按一線、二線及三線城市劃分PROPERTYDEVELOPMENT (Continued)Revenue recognised from sales of properties (Continued)Table 2: Breakdown of recognised revenue from property sales in 2023 (Continued)By first-, second- and third-tier cities城市City銷售物業已確認收入Recognised revenue fromsale of properties佔銷售物業已確認收入百分比% of recognised revenue from sale of properties已交付總建築面積Total GFA delivered已確認平均售價Recognised ASP人民幣千元RMB’000%平方米sq.m.人民幣元╱平方米RMB/sq.m.二零二三年二零二二年二零二三年二零二二年二零二三年二零二二年二零二三年二零二二年20232022202320222023202220232022一線城市First-tier cities 217,446622,4380.31.615,35025,18714,16624,713二線城市Second-tier cities 55,255,77132,520,93387.483.13,485,9262,421,73715,85113,429三線城市Third-tier cities 7,760,2695,988,04412.315.3925,944523,8708,38111,430 合計Total 63,233,48639,131,415100.0100.04,427,2202,970,79414,28313,172Completed properties held for saleAs at 31 December 2023, the Group had over 180 completed properties projects with a total and attributable unsold or undelivered GFA of approximately 7.28 million sq.m. and 3.70 million sq.m. respectively.Properties under development/held for future developmentAs at 31 December 2023, the Group had over 150 property projects under development or held for future development with a total and attributable GFA of approximately 26.76 million sq.m. and 15.34 million sq.m. respectively.已完成待售物業於二零二三年十二月三十一日，本集團有逾180項已完工物業項目，未出售或未交付總建築面積及應佔建築面積分別約為7,280,000平方米及3,700,000平方米。

開發中╱持作未來發展的物業於二零二三年十二月三十一日，本集團有逾150項開發中或持作未來發展的物業項目，總建築面積及應佔建築面積分別約為26,760,000平方米及15,340,000平方米。

管理層討論及分析Management Discussion and Analysis030 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023PROPERTYINVESTMENTIncome from investment propertiesThe Group’s leases and other service income related to investment properties in 2023 was approximately RMB1,591.7 million, up by 28.4% year-on-year. The leases and other service income related to investment properties in 2023 was mainly contributed by Shanghai LCM, Shanghai The Roof, Shanghai CIFITower, Beijing Wukesong Arena and Shanghai Yangpu Powerlong CIFIPlaza.Investment propertiesAs at 31 December 2023, the Group had 30 investment properties with a total and attributable GFA of approximately 2,261,000 sq.m and 1,649,100 sq.m. respectively, of which 25 investment properties with a total and attributable GFA of approximately 1,719,700 sq.m and 1,275,800 sq.m. respectively had commenced leasing.PROPERTYMANAGEMENTThe Group’s property management and other services income in 2023 was approximately RMB6,069.5 million, up by 8.8% year-on-year. The increase was primarily due to the increase in the number of properties under management.房地產投資投資物業收入本集團於二零二三年的投資物業租金及其他相關服務收入約為人民幣1,591,700,000元，按年上升28.4%。

二零二三年的投資物業租金及其他相關服務收入主要來自上海LCM置滙旭輝廣場、上海恒基旭輝天地、上海旭輝企業大廈、北京五棵松體育館及上海楊浦寶龍旭輝廣場。

投資物業於二零二三年十二月三十一日，本集團有30項投資物業，總建築面積及應佔建築面積分別約為2,261,000平方米及1,649,100平方米，其中25項投資物業（總建築面積及應佔建築面積分別約為1,719,700平方米及1,275,800平方米）已開始出租。

物業管理於二零二三年，本集團物業管理及其他服務收入約為人民幣6,069,500,000元，按年增加8.8%。

有關增加主要由於在管物業數目增加所致。

管理層討論及分析Management Discussion and Analysis031二零二三年年報 | 旭輝控股（集團）有限公司財務回顧收入於二零二三年，本集團錄得的已確認收入約為人民幣71,832,600,000元，按年增加51.4%。

本集團於二零二三年錄得的已確認收入總額當中，(i)物業銷售及其他物業相關服務收入較二零二二年增加58.0%至約人民幣64,171,400,000元；(ii)租金較二零二二年增加36.8%；(iii)物業管理及其他服務收入較去年同期增加8.8%；及(iv)投資物業相關其他服務收入較二零二二年減少73.2%。

表三：二零二三年已確認收入明細FINANCIALREVIEWRevenueThe Group’s recognised revenue was approximately RMB71,832.6 million in 2023, up 51.4% year-on-year. Out of the Group’s total recognised revenue in 2023, (i) sales of property and other property related service income increased by 58.0% from 2022 to approximately RMB64,171.4 million; (ii) leases increased by 36.8% from 2022; (iii) property management and other services income increased by 8.8% from the corresponding period of last year; and (iv) other service income related to investment properties decreased by 73.2% from 2022.Table 3: Breakdown of recognised revenue in 2023二零二三年二零二二年20232022已確認收入Recognised revenue佔已確認收入總額的百分比% of Total recognized revenue已確認收入Recognized revenue佔已確認收入總額的百分比% of Total recognized revenue按年變動Year-on-year change人民幣千元RMB’000%人民幣千元RMB’000% %物業銷售及其他物業相關服務收入Sales of properties and other property related service income 64,171,36989.340,620,47685.658.0租金Leases 1,566,4832.21,145,2032.436.8物業管理及其他服務收入Property management and other services income 6,069,4568.45,580,10111.88.8投資物業相關其他服務收入Other service income related to investment properties 25,2480.194,3610.2 -73.2 總計Total 71,832,556100.047,440,141100.051.4管理層討論及分析Management Discussion and Analysis032 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023財務回顧（續）銷售及服務成本本集團於二零二三年的報表銷售成本約為人民幣60,599,900,000元，較二零二二年上升48.5%。

毛利及毛利率本集團於二零二三年的報表毛利約為人民幣11,232,700,000元，相對二零二二年的人民幣6,619,700,000元上升69.7%。

撇減持作出售物業及擬作出售的開發中物業於二零二三年，本集團確認撇減持作出售物業及擬作出售的開發中物業虧損人民幣8,707,400,000元，而二零二二年則確認人民幣4,292,900,000元。

匯兌虧損淨額於二零二三年，由於年內人民幣匯率貶值的影響，導致本集團產生匯兌虧損淨額人民幣372,500,000，而二零二二年則錄得人民幣1,970,200,000元。

提早贖回優先票據的虧損於二零二二年，本集團因提早贖回優先票據而產生人民幣1,600,000元的虧損，而於二零二三年則並無確認有關虧損。

FINANCIALREVIEW (Continued)Cost of sales and serviceThe Group’s reported cost of sales in 2023 was approximately RMB60,599.9 million, up by 48.5% from 2022.Gross profit and gross profit marginThe Group’s reported gross profit in 2023 was approximately RMB11,232.7 million, up by 69.7% compared to RMB6,619.7 million in 2022.Write-down of properties held for sale and properties under development for saleIn 2023, the Group recognised a loss of RMB8,707.4 million on write-down of properties held for sale and properties under development for sale as compared to RMB4,292.9 million recognised in 2022.Net exchange lossIn 2023, the Group incurred net exchange loss of RMB372.5 million due to the effects of RMB exchange rate depreciation during the year, compared to RMB1,970.2 million in 2022.Loss on early redemption of senior notesIn 2022, the Group realized a loss on early redemption of senior notes of RMB1.6 million, compared to none recognised in 2023.管理層討論及分析Management Discussion and Analysis033二零二三年年報 | 旭輝控股（集團）有限公司財務回顧（續）投資物業公平值虧損於二零二三年，本集團確認投資物業公平值虧損約人民幣133,700,000元，而二零二二年則約人民幣1,258,100,000元。

營銷及市場推廣開支本集團營銷及市場推廣開支由二零二二年約人民幣2,200,100,000元減少14.8%至二零二三年約人民幣1,873,700,000元。

年內，本集團維持其銷售開支於合適水平。

行政及其他開支本集團行政開支由二零二二年約人民幣3,611,700,000元減少41.8%至二零二三年約人民幣2,102,000,000元。

年內，由於實施嚴格成本控制以及人均效率提高，本集團的行政開支維持於合理水平。

應佔合營企業及聯營公司業績於二零二三年，本集團應佔合營企業及聯營公司業績利潤為人民幣411,900,000元，而於二零二二年則為虧損人民幣1,740,300,000元。

於二零二三年的應佔合營企業及聯營公司業績當中，應佔投資物業的公平值收益為人民幣43,500,000元（二零二二年：虧損人民幣206,400,000元），撥回過往年度應佔合營企業及聯營公司減值的收益人民幣286,000,000元（二零二二年：應佔虧損人民幣668,600,000元）。

撇除公平值變動及減值變動的影響，本集團應佔合營企業及聯營公司業績於二零二三年達利潤人民幣82,400,000元，而於二零二二年則為虧損人民幣865,300,000元。

FINANCIALREVIEW (Continued)Fair value loss of investment propertiesIn 2023, the Group recognised a fair value loss on investment properties of approximately RMB133.7 million as compared to approximately RMB1,258.1 million in 2022.Selling and marketing expensesThe Group’s se l l ing and marketing expenses decreased by 14.8% to approximately RMB1,873.7 million in 2023 from approximately RMB2,200.1 million in 2022. During the year, the Group kept its selling expenses at an appropriate level.Administrative and other expensesThe Group’s administrative expenses decreased by 41.8% to approximately RMB2,102.0 million in 2023 from approximately RMB3,611.7 million in 2022. During the year, the Group’s administrative expenses were kept at a reasonable level due to implementation of stringent cost control and improvement in per capita efficiency.Share of results of joint ventures and associatesThe Group’s share of results of joint ventures and associates amounted to profit of RMB411.9 million in 2023, versus loss of RMB1,740.3 million in 2022. Included in the share of results of joint ventures and associated companies in 2023 were RMB43.5 million share of gain in the fair value of investment properties (2022: loss of RMB206.4 million) and RMB286.0 million share of gain from the reversal of prior year impairment of joint ventures and associates (2022: share of loss RMB668.6 million).Eliminating the effects of fair value changes and impairment changes, the Group’s share of results of joint ventures and associated companies were profit of RMB82.4 million in 2023, compared to losses of RMB865.3 million in 2022.管理層討論及分析Management Discussion and Analysis034 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023財務回顧（續）融資成本本集團於二零二三年的支銷融資成本約為人民幣3,027,100,000元，而於二零二二年則為人民幣2,565,400,000元。

支銷融資成本的變動主要由於年內產生融資成本總額（扣除開發中物業的資本化部分）出現變動所致。

本集團支銷及資本化的融資成本總額由二零二二年的人民幣6,572,200,000元減少13.4%至二零二三年約人民幣5,688,400,000元。

於二零二三年十二月三十一日，本集團總債務為人民幣923億元，而於二零二二年十二月三十一日則為人民幣1,084億元。

所得稅開支本集團所得稅開支由二零二二年約人民幣627,600,000元增加414.1%至二零二三年約人民幣3,226,600,000元。

本集團所得稅開支包括年內就企業所得稅及土地增值稅（「土地增值稅」）減遞延稅項所作出的付款及撥備。

FINANCIALREVIEW (Continued)Finance costsThe Group’s finance costs expensed in 2023 was approximately RMB3,027.1 million, versus RMB2,565.4 million in 2022. The change in finance costs expensed was primarily attributable to the change in the total finance costs incurred, net of the portion being capitalised in properties under development during the year.The Group’s total finance costs expensed and capitalised decreased by 13.4% to approximately RMB5,688.4 million in 2023 from RMB6,572.2 million in 2022. The Group’s total indebtedness was RMB92.3 billion as at 31 December 2023, compared to RMB108.4 billion as at 31 December 2022.Income tax expensesThe Group’s income tax expenses increased by 414.1% to approximately RMB3,226.6 million in 2023 from approximately RMB627.6 million in 2022. The Group’s income tax expense included payments and provisions made for enterprise income tax and land appreciation tax (“LAT”) less deferred tax during the year.管理層討論及分析Management Discussion and Analysis035二零二三年年報 | 旭輝控股（集團）有限公司財務回顧（續）年內虧損基於上述因素，本集團於二零二三年的除稅前虧損約為人民幣5,452,300,000元，而於二零二二年則為除稅前虧損約人民幣12,932,400,000元。

本集團於二零二三年的年內虧損約為人民幣8,678,900,000元，而於二零二二年的年內虧損則約為人民幣13,560,000,000元。

本集團於二零二三年的股東權益應佔淨虧損約為人民幣8,983,300,000元，而於二零二二年的股東權益應佔淨虧損則約為人民幣13,049,000,000元。

本集團於二零二三年的股東權益應佔核心淨虧損約為人民幣3,932,800,000元，而於二零二二年的股東權益應佔核心淨虧損則約為人民幣5,202,000,000元。

於合營企業及聯營公司的權益及應收合營企業及聯營公司款項於二零二三年十二月三十一日，本集團錄得於合營企業及聯營公司的權益為人民幣31,789,500,000元，而於二零二二年十二月三十一日則為人民幣26,808,500,000元，包括本集團應佔權益減值虧損人民幣382,600,000元（二零二二年：虧損人民幣668,600,000元）。

於二零二三年十二月三十一日，本集團錄得應收合營企業及聯營公司款項為人民幣22,765,800,000元，而於二零二二年十二月三十一日則為人民幣26,240,700,000元，包括預期信貸虧損撥備人民幣1,507,500,000元（二零二二年：人民幣2,204,500,000元）。

FINANCIALREVIEW (Continued)Loss for the yearAs a result of the factors described above, the Group’s loss before tax was approximately RMB5,452.3 mill ion in 2023 versus loss before tax of approximately RMB12,932.4 million in 2022. The Group’s loss for the year was approximately RMB8,678.9 million in 2023 versus loss for the year of approximately RMB13,560.0 million in 2022. The Group’s net loss attributable to equity owners was approximately RMB8,983.3 million in 2023 versus net loss attributable to equity owners of approximately RMB13,049.0 million in 2022.The Group’s core net loss attributable to equity owners was approximately RMB3,932.8 million in 2023 versus core net loss attributable to equity owners of approximately RMB5,202.0 million in 2022.Interests in and amount due from joint ventures and associatesThe Group recorded interests in joint ventures and associates of RMB31,789.5 million as at 31 December 2023, versus RMB26,808.5 million as at 31 December 2022, which includes share of impairment loss of equity of RMB382.6 million (2022: RMB668.6 million). The Group recorded amount due from joint ventures and associates of RMB22,765.8 million as at 31 December 2023, versus RMB26,240.7 million as at 31 December 2022, which includes allowance for expected credit losses of RMB1,507.5 million (2022: RMB2,204.5 million).管理層討論及分析Management Discussion and Analysis036 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023財務回顧（續）於合營企業及聯營公司的權益及應收合營企業及聯營公司款項（續）於合營企業及聯營公司的權益以及應收合營企業及聯營公司款項與本集團於相關合營企業實體所持有的權益有關，而該實體由本公司與合營企業夥伴成立，從事單一目的擬作出售的開發中物業項目，其屬收入性質，並於本集團一般及日常業務過程中進行。

應收合營企業及聯營公司款項指本集團以相關合營企業夥伴的身份所出資的股東貸款（開發上述單一目的物業項目所附帶），包括支付土地出讓金及項目建設成本。

擬作出售的開發中物業於二零二三年十二月三十一日，本集團擬作出售的開發中物業為人民幣96,603,300,000元，而於二零二二年十二月三十一日則為人民幣160,801,700,000元。

有關減少是因為於二零二三年並無新土地收購所致。

遞延稅項資產於二零二三年十二月三十一日，本集團的遞延稅項資產為人民幣2,231,200,000元，而於二零二二年十二月三十一日則為人民幣2,343,200,000元。

FINANCIALREVIEW (Continued)Interests in and amount due from joint ventures and associates (Continued)The interests in joint ventures and associates, and the amount due from joint ventures and associates are related to the holding of interest of the Group in relevant joint venture entities formed with joint venture partners and engaged in single purpose property projects developed for sale which is of revenue nature in the ordinary and usual course of business of the Group. The amount due from joint ventures and associates represented the shareholder’s loans contributed by the Group in the capacity of the partners of the relevant joint venture incidental to the development of the aforesaid single purpose property project, including payment of the land premium and construction cost of the project.Properties under development for saleThe Group recorded properties under development for sale of RMB96,603.3 million as at 31 December 2023, versus RMB160,801.7 million as at 31 December 2022. Such decrease was due to no new land acquisition in 2023.Deferred tax assetsThe Group recorded deferred tax assets of RMB2,231.2 million as at 31 December 2023, versus RMB2,343.2 million as at 31 December 2022.管理層討論及分析Management Discussion and Analysis037二零二三年年報 | 旭輝控股（集團）有限公司土地儲備本集團於二零二三年無新購買土地。

於二零二三年十二月三十一日，本集團土地儲備總建築面積約為36,300,000平方米，而本集團應佔土地儲備建築面積約為20,700,000平方米。

按省份及直轄市劃分LANDBANKThe Group had no new land acquisitions in 2023. As at 31 December 2023, the total GFA of the Group’s land bank was approximately 36.3 million sq.m., and the attributable GFA of the Group’s land bank was approximately 20.7 million sq.m.By provinces and municipalities可供銷售╱可出租的已完工建築面積(1)Completed GFA available for sale/leasable(1)開發中及持作未來開發的總建築面積Total GFA under development and held for future development土地儲備總量(2)Total land bank(2)佔土地儲備總量百分比% of totalland bank（平方米）(sq.m.)（平方米）(sq.m.)（平方米）(sq.m.) (%)上海Shanghai 473,466125,086598,5521.6%蘇州Suzhou 98,658299,141397,7991.1%杭州Hangzhou 159,244132,674291,9180.8%合肥Hefei 463,352195,402658,7541.8%南京Nanjing 151,082627,233778,3142.1%南昌Nanchang 224,598940,0871,164,6853.2%溫州Wenzhou 158,7671,124,4781,283,2453.5%其他Others 1,217,6254,227,7635,445,38815.0% 長三角Yangtze River Delta 2,946,7917,671,86210,618,65329.3%北京Beijing 613,142683,9291,297,0713.6%青島Qingdao 150,030387,148537,1781.5%太原Taiyuan – 2,947,3492,947,3498.1%瀋陽Shenyang 240,359434,867675,2261.9%天津Tianjin 264,974429,453694,4271.9%其他Others 464,2303,290,5323,754,76110.3% 環渤海Pan-Bohai Rim 1,732,7358,173,2769,906,01127.3%重慶Chongqing 1,249,4271,295,4622,544,8887.0%長沙Changsha 434,5021,615,7032,050,2055.7%成都Chengdu 664,1681,168,4671,832,6355.1%武漢Wuhan 737,781860,0081,597,7894.4%西安Xi’an 95,367189,949285,3150.8%其他Others 763,3844,649,8115,413,19514.9% 中西部Central Western Region 3,944,6289,779,39913,724,02737.8%管理層討論及分析Management Discussion and Analysis038 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023可供銷售╱可出租的已完工建築面積(1)Completed GFA available for sale/leasable(1)開發中及持作未來開發的總建築面積Total GFA under development and held for future development土地儲備總量(2)Total land bank(2)佔土地儲備總量百分比% of totalland bank（平方米）(sq.m.)（平方米）(sq.m.)（平方米）(sq.m.) (%)廣州Guangzhou 15,097688,633703,7301.9%佛山Foshan 190,623159,555350,1781.0%廈門Xiamen 8,414 – 8,4140.0%其他Others 110,954863,908974,8622.7% 華南South China 325,0881,712,0962,037,1835.6% 總計Total 8,949,24127,336,63336,285,874100.0% Notes:(1) Includes saleable GFA remaining unsold, leasable GFA and completed GFA that have been pre-sold but yet delivered.(2) Total land bank equals to the sum of (i) total completed GFA available for sale/leasable GFA; and (ii) total GFA under development and held for future development, without adjusting the equity interest held by the Group in respect of the projects held by the Group’s joint ventures or associates.附註：(1)包括剩餘未售出可銷售建築面積、可出租建築面積及已預售但尚未交付的已完工建築面積。

(2)土地儲備總量等於(i)已完工可供銷售總建築面積╱可出租總建築面積；及(ii)開發中及持作未來開發的總建築面積的總和，惟並無按本集團就其合營企業或聯營公司持有的項目所持有的股權作出調整。

土地儲備（續）按省份及直轄市劃分（續）LANDBANK (Continued)By provinces and municipalities (Continued)管理層討論及分析Management Discussion and Analysis039二零二三年年報 | 旭輝控股（集團）有限公司LIQUIDITY, FINANCIALANDCAPITALRESOURCESCash positionAs at 31 December 2023, the Group had cash and bank balances of approximately RMB13,753.9 million (31 December 2022: approximately RMB20,553.4 million), which included pledged bank deposits of approximately RMB1,004.1 million (2022: RMB445.3 million) and funds under supervision by banks for special use with an amount of approximately RMB9,984.4 million (2022: RMB14,407.5 million).IndebtednessAs at 31 December 2023, the Group had outstanding total borrowings of approximately RMB92,281.1 million (31 December 2022: RMB108,449.7 million), comprising bank and other borrowings of approximately RMB48,953.2 million (31 December 2022: RMB65,485.4 million), onshore corporate bonds and medium-term notes with carrying amounts of RMB12,938.5 million (31 December 2022: RMB13,130.6 million), offshore convertible bond with a carrying amount of approximately RMB1,571.3 million (31 December 2022: RMB1,401.3 million) and offshore senior notes with carrying amounts of RMB28,818.2 million (31 December 2022: RMB28,432.4 million).Approximately 49% of the Group’s total borrowings were denominated in RMB, while 51% were denominated in foreign currencies.Approximately RMB51,157.2 million of the Group’s consolidated borrowings were with fixed interest rates ranging from 2.4% per annum to 9.7% per annum, depending on the terms of the loans, and the other loans were quoted at floating rates. As of 31 December 2023, the proportion of fixed interest debt was 55.4% of the total debt.流動資金、財務及資本資源現金狀況於二零二三年十二月三十一日，本集團擁有現金及銀行結餘約為人民幣13,753,900,000元（二零二二年十二月三十一日：約人民幣20,553,400,000元），包括質押性銀行存款約人民幣1,004,100,000元（二零二二年：人民幣445,300,000元）及受銀行監管用於特殊目的的資金約人民幣9,984,400,000元（二零二二年：人民幣14,407,500,000元）。

債務於二零二三年十二月三十一日，本集團尚未償還借款總額約為人民幣92,281,100,000元（二零二二年十二月三十一日：人民幣108,449,700,000元），包括銀行及其他借款約人民幣48,953,200,000元（二零二二年十二月三十一日：人民幣65,485,400,000元）、賬面值為人民幣12,938,500,000元的境內公司債券及中期票據（二零二二年十二月三十一日：人民幣13,130,600,000元）、賬面值約為人民幣1,571,300,000元的境外可換股債券（二零二二年十二月三十一日：人民幣1,401,300,000元）及賬面值為人民幣28,818,200,000元的境外優先票據（二零二二年十二月三十一日：人民幣28,432,400,000元）。

本集團的借款總額約49%以人民幣計值，而51%則以外幣計值。

本集團的綜合借款約人民幣51,157,200,000元按固定年利率介乎2.4%至9.7%計息，視乎貸款條款而定，而其他貸款則以浮動利率計息。

截至二零二三年十二月三十一日，固定利率債務的比例佔債務總額的55.4%。

管理層討論及分析Management Discussion and Analysis040 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023LIQUIDITY, FINANCIALANDCAPITALRESOURCES (Continued)Cost of borrowingsThe Group’s total finance costs expensed and capitalised in 2023 was approximately RMB5,688.4 million, representing a decrease of 13.4% from RMB6,572.2 million in 2022.The Group’s weighted average cost of all indebtedness (including bank and other loans, onshore corporate bonds and medium-term note, offshore senior notes and offshore convertible bonds) as at 31 December 2023 was 4.8%, compared to 4.9% as at 31 December 2022.Foreign currency riskThe Group has transactional currency exposures arising from transactions by the group entities in currencies other than their respective functional currencies. In addition, the Group has foreign currency exposures from its bank balances and cash, senior notes and convertible bonds.As at 31 December 2023, the Group had (i) bank balances and cash denominated in foreign currency of approximately RMB148.2 million, (ii) bank and other borrowings denominated in foreign currency of approximately RMB17,552.2 million, (iii) senior notes denominated in United States dollars of approximately RMB27,618.2 million and (iv) convertible bonds denominated in Hong Kong dollars of approximately RMB1,571.3 million which were subject to fluctuations in exchange rates. The Group has not entered into any foreign currency hedging arrangement. However, the Group will closely monitor its exposure to exchange rates in order to best preserve the Group’s cash value.Interest rate riskThe Group’s exposure to risk for changes in market interest rates relates primarily to the Group’s interest-bearing bank and other borrowings. The Group has not used derivative financial instruments to hedge any interest rate risk. The Group manages its interest cost using variable rate bank borrowings and other borrowings.流動資金、財務及資本資源（續）借款成本本集團於二零二三年所支銷及資本化的融資成本總額約為人民幣5,688,400,000元，較二零二二年的人民幣6,572,200,000元下降13.4%。

本集團於二零二三年十二月三十一日所有債務（包括銀行及其他貸款、境內公司債券及中期票據、境外優先票據及境外可換股債券）的加權平均成本為4.8%，而於二零二二年十二月三十一日則為4.9%。

外幣風險本集團面臨集團實體以其各自功能貨幣以外幣進行交易所產生的交易貨幣風險。

此外，本集團面臨來自其銀行結餘及現金、優先票據及可換股債券的外幣風險。

於二零二三年十二月三十一日，本集團有(i)以外幣計值的銀行結餘及現金約人民幣148,200,000元、(ii)以外幣計值的銀行及其他借款約人民幣17,552,200,000元、(iii)以美元計值的優先票據約人民幣27,618,200,000元及(iv)以港元計值的可換股債券約人民幣1,571,300,000元（受匯率波動影響）。

本集團並無訂立任何外幣對沖安排。

然而，本集團將密切監察其匯率風險，以最有效地保留本集團的現金價值。

利率風險本集團面臨主要與本集團計息銀行及其他借款有關的市場利率變動風險。

本集團並無使用衍生金融工具對沖任何利率風險。

本集團利用浮息銀行借款及其他借款管理其利息成本。

管理層討論及分析Management Discussion and Analysis041二零二三年年報 | 旭輝控股（集團）有限公司LIQUIDITY, FINANCIALANDCAPITALRESOURCES (Continued)Financial guaranteesThe Group has provided mortgage guarantees to PRC banks in respect of the mortgage loans provided by the PRC banks to the Group’s customers. The Group’s mortgage guarantees are issued from the dates of grant of the relevant mortgage loans and released upon the earlier of (i) the relevant property ownership certificates being obtained and the certificates of other interests with respect to the relevant properties being delivered to the mortgagee banks, or (ii) the settlement of mortgage loans between the mortgagee banks and the Group’s customers. As at 31 December 2023, the Group provided mortgage guarantees in respect of mortgage loans provided by the PRC banks to the Group’s customers amounting to approximately RMB19,824.1 million (31 December 2022: approximately RMB26,886.8 million).During the year, certain of the Group’s joint ventures and associates have utilized offshore and/or onshore bank loans. The Company provided guarantees on several basis covering its respective equity shares of outstanding obligations under certain offshore and/or onshore bank loans incurred by its joint ventures and associated companies. As at 31 December 2023, the Group’s aggregate share of such guarantees provided in respective of loans incurred by these joint ventures and associate companies amounted to approximately RMB9,843.2 million (31 December 2022: approximately RMB10,848.7 million).Gearing ratioThe Group’s net debt-to-equity ratio (total indebtedness net of bank balances and cash divided by total equity) was approximately 121.6% as at 31 December 2023, versus approximately 102.0% as at 31 December 2022. The Group’s debt-to-asset ratio (total indebtedness divided by total assets) was approximately 30.6% as at 31 December 2023 versus approximately 28.1% as at 31 December 2022. The Group’s current ratio (current assets divided by current liabilities) was approximately 1.0 times as at 31 December 2023, versus approximately 1.2 times as at 31 December 2022.流動資金、財務及資本資源（續）財務擔保本集團已就由中國的銀行向本集團客戶提供的按揭貸款向中國的銀行提供按揭擔保。

本集團的按揭擔保自授出相關按揭貸款日期起發出及於(i)獲得相關房屋所有權證及相關物業的其他權益證書交付予按揭銀行，或(ii)按揭銀行與本集團客戶結算按揭貸款時（以較早者為準）解除。

於二零二三年十二月三十一日，本集團就中國的銀行向本集團客戶提供按揭貸款提供按揭擔保約為人民幣19,824,100,000元（二零二二年十二月三十一日：約為人民幣26,886,800,000元）。

年內，本集團若干合營企業及聯營公司已動用境外及╱或境內銀行貸款。

本公司對合營企業及聯營公司所產生的若干境外及╱或境內銀行貸款項下尚未履行的責任按持股比例基準就其各自權益股份提供擔保。

於二零二三年十二月三十一日，本集團合共分佔該等合營企業及聯營公司各自貸款的擔保約人民幣9,843,200,000元（二零二二年十二月三十一日：約為人民幣10,848,700,000元）。

負債比率本集團的淨負債與股本比率（債務總額減銀行結餘及現金除以股本權益總額）於二零二三年十二月三十一日約為121.6%，於二零二二年十二月三十一日則約為102.0%。

本集團負債資產比率（債務總額除以總資產）於二零二三年十二月三十一日約為30.6%，於二零二二年十二月三十一日則約為28.1%。

本集團的流動比率（流動資產除以流動負債）於二零二三年十二月三十一日約為1.0倍，於二零二二年十二月三十一日則約為1.2倍。

管理層討論及分析Management Discussion and Analysis042 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023HUMANRESOURCESANDREMUNERATIONPOLICYAs at 31 December 2023, the Group’s property development and property investment business had approximately 28,023 employees in China, including Hong Kong, among which approximately 3,366 employees worked for the property development business, and approximately 24,657 employees worked for the property management and other businesses.The Group remunerates its employees based on their performance, working experience and the prevailing market wage level. The total remuneration of the employees consisted of basic salary, cash bonus and share-based incentives.人力資源及薪酬政策於二零二三年十二月三十一日，本集團房地產開發及房地產投資業務於中國（包括香港）約有28,023名僱員，其中約3,366名僱員從事房地產開發業務，以及約24,657名僱員從事物業管理及其他業務。

本集團根據僱員表現、工作經驗及現行市場工資水平給予僱員薪酬。

僱員薪酬總額包括基本薪金、現金花紅及股份獎勵。

董事及高級管理人員簡介Biographies of Directors and Senior Management043二零二三年年報 | 旭輝控股（集團）有限公司執行董事林中先生，55歲，本公司的創辦人、執行董事兼主席。

林中先生於房地產行業擁有約33年經驗。

彼於二零一一年五月二十日獲委任為董事，現任本公司提名委員會主席及薪酬委員會成員，亦為本公司的主要股東及本集團若干附屬公司的董事。

林中先生亦為永升服務集團有限公司（香港聯交所股份代號：1995，「永升服務」，前稱為旭輝永升服務集團有限公司，其股份自二零一八年十二月十七日起於香港聯合交易所有限公司（「香港聯交所」或「聯交所」）主板上市）的執行董事、董事會主席、提名委員會主席、戰略委員會主席及薪酬委員會成員。

林中先生於二零一三年獲委任為上海市人口福利基金會副會長、於二零一四年獲委任為上海市房地產行業協會第八屆理事會副會長及新滬商聯合會輪值主席、於二零一六年獲委任為上海市廈門商會會長、於二零一八年獲委任為中國房地產業協會副會長、於二零一九年獲委任為華東師範大學工商管理學院兼職教授及華東師範大學東方房地產研究院第四屆理事會理事長，以及於二零二一年獲委任為中城聯盟輪值主席及福建商會輪值會長。

林中先生畢業於廈門大學，並獲得經濟學學士學位。

彼亦獲長江商學院頒發行政人員工商管理碩士學位，以及美國明尼蘇達大學卡爾森管理學院全球工商管理博士學位。

林中先生為林偉先生之胞兄。

林中先生為本公司的主要股東茂福投資有限公司（「茂福」）及鼎昌有限公司的董事，其於本公司股份中的權益於本年報「董事會報告書」一節內「主要股東的證券權益」一段中披露。

EXECUTIVEDIRECTORSMr. LINZhong, aged 55, our founder, is the executive Director and Chairman of the Company. Mr. Lin Zhong has about 33 years of experience in the real estate business. He was appointed as Director on 20 May 2011, and is the chairman of the Nomination Committee and a member of the Remuneration Committee of the Company and is also a substantial shareholder of the Company and a director of certain subsidiaries of the Group. Mr. Lin Zhong is also an executive director, the chairman of the board of directors, the chairman of the nomination committee, the chairman of the strategy committee and a member of remuneration committee of Ever Sunshine Services Group Limited (SEHK stock code: 1995, “Ever Sunshine Services”, formerly known as CIFIEver Sunshine Services Group Limited), the shares of which are listed on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK” or the “Stock Exchange”) since 17 December 2018. Mr. Lin Zhong was appointed as the vice chairman of Shanghai Population Welfare Foundation in 2013, the deputy chief council member of the Eighth Term of Council of Shanghai Real Estate Association and the rotating chairman of Shanghai Entrepreneur Association in 2014, the chairman of Xiamen Chamber of Commerce in Shanghai in 2016, the vice chairman of the China Real Estate Association in 2018, an adjunct professor at School of Business Administration of East China Normal University and the chairman of the fourth council of Oriental Real Estate Research Institute of East China Normal University in 2019, and the rotating chairman of China Urban Realty Association (CURA) and the rotating chairman of Fukien Chamber of Commerce in 2021. Mr. Lin Zhong graduated from Xiamen University with a bachelor’s degree in economics. He further pursued and obtained an executive master of business administration degree from Cheung Kong Graduate School of Business and global doctor of business administration degree from Carlson School of Management of University of Minnesota of the United States. Mr. Lin Zhong is a brother of Mr. Lin Wei. Mr. Lin Zhong is a director of Rosy Fortune Investments Limited (“Rosy Fortune”) and Ding Chang Limited, substantial shareholders of the Company, whose interests in shares of the Company are disclosed in the paragraph headed “Substantial Shareholders’ Interests in Securities” in the “Directors’ Report” section of this annual report.044 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事及高級管理人員簡介Biographies of Directors and Senior Management林偉先生，51歲，本公司執行董事兼副主席。

彼於二零一一年五月二十日獲委任為董事，亦為本公司的主要股東及本集團若干附屬公司的董事。

林偉先生於房地產行業擁有約28年經驗。

彼與林中先生共同為本集團的發展奠定了基礎。

林偉先生為林中先生之胞弟。

林偉先生為本公司的主要股東茂福的董事，其於本公司股份中的權益於本年報「董事會報告書」一節內「主要股東的證券權益」一段中披露。

汝海林先生，49歲，本公司執行董事兼行政總裁，以及本集團總裁，彼負責本集團日常經營管理工作。

汝先生於二零一一年七月加入本集團，先後於總部及區域公司擔任多個管理職務。

彼於二零二二年十一月二十九日獲委任為董事，以及於二零二三年十一月三十日獲委任為本公司行政總裁。

彼現時亦為本集團若干附屬公司的董事。

汝先生擁有多年房地產行業的行政管理經驗，並於二零二一年七月至二零二二年六月期間擔任浙江省房地產業協會副會長。

汝先生畢業於江蘇石油化工學院獲得高分子材料與工程學士學位，其後於二零零六年自同濟大學獲工商管理碩士學位及於二零一九年自浙江大學獲高級管理人員工商管理碩士學位。

汝先生亦持有中華人民共和國一級建造師及造價工程師的執業資格。

Mr. LINWei, aged 51, is the executive Director and Vice-chairman of the Company. He was appointed as Director on 20 May 2011, and is also a substantial shareholder of the Company and a director of certain subsidiaries of the Group. Mr. Lin Wei has about 28 years of experience in the real estate business. He laid the foundation of our Group’s development with Mr. Lin Zhong. Mr. Lin Wei is a brother of Mr. Lin Zhong. Mr. Lin Wei is a director of Rosy Fortune, a substantial shareholder of the Company, whose interests in shares of the Company are disclosed in the paragraph headed “Substantial Shareholders’ Interests in Securities” in the “Directors’ Report” section of this annual report.Mr. RUHailin, aged 49, is the executive Director and the Chief Executive Officer of the Company and the President of the Group, responsible for leading the daily operation and management of the Group. After joining the Group in July 2011, Mr. Ru has been serving in several managerial positions in headquarters and regional companies of the Group. He was appointed as Director on 29 November 2022 and the Chief Executive Officer of the Company on 30 November 2023. He is also currently a director of certain subsidiaries of the Group. Mr. Ru has many years of experience in business management of real estate industry and had acted as the deputy chairman of Zhejiang Real Estate Association from July 2021 to June 2022. Mr. Ru graduated from Jiangsu Institute of Petrochemical Technology with a bachelor’s degree in polymer materials and engineering and further obtained a master of business administration degree from Tongji University in 2006 and an executive master of business administration degree from Zhejiang University in 2019. Mr. Ru is also qualified as a constructor and a cost engineer, respectively, in the People’s Republic of China.045二零二三年年報 | 旭輝控股（集團）有限公司董事及高級管理人員簡介Biographies of Directors and Senior Management楊欣先生，50歲，本公司執行董事及本集團的執行副總裁。

楊先生自二零一九年三月三十日起成為本集團的首席財務官。

楊先生於二零一零年七月加入本集團，並於二零一七年十二月十八日獲委任為董事。

彼現時為本集團若干附屬公司的董事。

彼擁有銀行與金融方面的經驗。

加入本集團前，彼曾在中國農業銀行股份有限公司出任多個管理職位。

楊先生畢業於上海交通大學，獲得國際金融學士學位，其後更取得工商管理碩士學位。

彼亦於上海國家會計學院取得會計碩士學位。

楊先生亦持有國際財務管理協會頒授的高級國際財務管理師資格。

葛明先生，44歲，為本公司執行董事及本集團的副總裁兼綜合管理中心總經理，並負責管理人力資源、數字科技、總裁辦公室、行政及員工培訓等日常管理工作。

葛先生於二零一二年四月加入本集團，擁有多年行政管理及人力資源管理經驗，並於二零二三年十一月三十日獲委任為董事。

彼現時為本集團若干附屬公司的監事。

加入本集團前，葛先生曾在東方劍橋教育集團任職集團人力資源總監，並擔任管理委員會成員。

之前，葛先生曾先後任職於上海拓晟管理諮詢有限公司和龍湖集團。

葛先生於二零零二年畢業於復旦大學國際金融系，獲得經濟學學士學位，以及於二零一八年畢業於中歐國際工商學院，獲得工商管理碩士學位。

Mr. YANGXin, aged 50, is the executive Director of the Company and the Executive Vice President of the Group. Mr. Yang became the Chief Financial Officer of the Group since 30 March 2019. Mr. Yang joined the Group in July 2010, and was appointed as Director on 18 December 2017. He is currently a director of certain subsidiaries of the Group. He has experience in banking and finance. Prior to joining the Group, he worked in various management positions at Agricultural Bank of China Limited. Mr. Yang graduated from Shanghai Jiao Tong University with a bachelor’s degree in international finance and further obtained a master of business administration degree. He also obtained a master’s degree in accounting from Shanghai National Accounting Institute. Mr. Yang also holds the Senior International Finance Manager qualification issued by International Financial Management Association.Mr. GEMing, aged 44, is the executive Director of the Company and the Vice President and the General Manager of the Integrated Management Center of the Group, responsible for leading the daily operation and management of the Group which includes human resources, digital technology, president’s office, administration and employee training, etc.. Mr. Ge joined the Group in April 2012 and has vast experience in administration and human resources management, and was appointed as Director on 30 November 2023. He is currently a supervisor of certain subsidiaries of the Group. Prior to joining the Group, Mr. Ge worked at Oriental Cambridge Education Group as the director of human resources and a member of the executive committee. Prior to that, Mr. Ge worked at Shanghai Tuosheng Associates and Longfor Group. Mr. Ge graduated from Fudan University with a bachelor’s degree in economics, majoring in international finance in 2002, and further obtained an executive master of business administration (EMBA) degree from China Europe International Business School in 2018.046 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事及高級管理人員簡介Biographies of Directors and Senior Management獨立非執行董事張永岳先生，69歲，本公司的獨立非執行董事。

彼於二零一二年十月九日獲委任為董事，亦為本公司薪酬委員會主席及審核委員會及提名委員會各自之成員。

張先生擁有華東師範大學經濟學學士學位。

彼自畢業後一直於該校任教，並自一九九八年起於該大學擔任商學院教授，至二零一七年退休。

彼現為華東師範大學終身教授及上海易居房地產研究院院長，同時兼任中國房地產估價師與房地產經紀人學會專家顧問。

陳偉成先生，68歲，本公司的獨立非執行董事。

彼於二零一二年十月九日獲委任為董事，亦為本公司審核委員會主席及薪酬委員會成員。

陳先生是價值和商業管理諮詢方面的專家。

彼現為股份均於聯交所主板上市的特步國際控股有限公司（香港聯交所股份代號：1368）的非執行董事、莎莎國際控股有限公司（香港聯交所股份代號：178）的獨立非執行董事、健合(H&H)國際控股有限公司（香港聯交所股份代號：1112）的獨立非執行董事及欣融國際控股有限公司（香港聯交所股份代號：1587）的獨立非執行董事。

彼亦為北京樂成國際學校的校董會成員及財務及運營委員會主席。

陳先生在財務管理、企業財務、收購合併、企業管理及戰略發展方面擁有逾40年經驗，亦於多間跨國及中國公司擔任多個管理及高層管理職位。

由二零零三年至二零零八年，彼出任李寧有限公司（香港聯交所股份代號：2331）的執行董事、首席財務官及公司秘書。

於一九九九年至二零零二年，彼曾出任路透社在中國、蒙古及北韓地區的資深副總裁及該社在中國的首席代表。

陳先生為英國特許管理會計師公會資深會員及全球特許管理會計師。

INDEPENDENTNON-EXECUTIVEDIRECTORSMr. ZHANGYongyue, aged 69, is the independent non-executive Director of the Company. He was appointed as Director on 9 October 2012, and is the chairman of the Remuneration Committee and a member of each of the Audit Committee and Nomination Committee of the Company. Mr. Zhang obtained a bachelor’s degree in economics from East China Normal University where he taught since his graduation and he had become a professor of the Business School at the same university since 1998 until he retired in 2017. He is currently a tenured professor at East China Normal University, and the Dean of Shanghai E-house China R&DInstitute, concurrently as the specialist consultant of the China Institute of Real Estate Appraisers and Agents.Mr. TANWee Seng, aged 68, is the independent non-executive Director of the Company. He was appointed as Director on 9 October 2012, and is the chairman of the Audit Committee and a member of the Remuneration Committee of the Company. Mr. Tan is a professional in value and business management consultancy. He is currently a non-executive director of Xtep International Holdings Limited (SEHK stock code: 1368), an independent non-executive director of Sa Sa International Holdings Limited (SEHK stock code: 178), an independent non-executive director of Health and Happiness (H&H) International Holdings Limited (SEHK stock code: 1112) and an independent non-executive director of Shineroad International Holdings Limited (SEHK stock code: 1587), the shares of all of which are listed on the Main Board of the Stock Exchange. He is also a board member and the chairman of the finance and operation committee of Beijing City International School. Mr. Tan has over 40 years of financial management, corporate finance, merger and acquisition, business management and strategy development experience. He has also held various management and senior management positions in a number of multinational and Chinese corporations. From 2003 to 2008, he was an executive director, chief financial officer and company secretary of Li Ning Company Limited (SEHK stock code: 2331). From 1999 to 2002, he was the senior vice president of Reuters for China, Mongolia and North Korea regions, and the chief representative of Reuters in China. Mr. Tan is a fellow member of the Chartered Institute of Management Accountants in the United Kingdom and a Chartered Global Management Accountant.047二零二三年年報 | 旭輝控股（集團）有限公司董事及高級管理人員簡介Biographies of Directors and Senior ManagementMs. LINCaiyi, aged 58, is the independent non-executive Director of the Company. She was appointed as Director on 14 December 2021, and is a member of each of the Audit Committee and Nomination Committee of the Company. Ms. Lin has over 34 years of experience in macroeconomics analysis and industry research. Ms. Lin is currently the associate dean of China Chief Economist Forum (中國首席經濟學家論壇研究院), a part-time professor at Fudan University, and the associate dean of Northbund International Finance Institute (北外灘國際金融學會). Ms. Lin has also been an independent director of Huajin Securities Co., Ltd. (華金證券股份有限公司) since December 2020. Prior to that, she had been the chief economist at Hua’an Fund Management Co., Ltd. (華安基金管理有限公司) from August 2017 to August 2020 and the chief economist at Guotai Junan Securities Co., Ltd. (國泰君安證券股份有限公司), a company listed on Shanghai Stock Exchange (SSE stock code: 201211), from September 2011 to August 2017, where she focused on macroeconomics research and major asset allocation. Ms. Lin acted as the chief researcher at the strategic development department of China Unionpay Co., Ltd. (中國銀聯股份有限公司) from December 2002 to September 2011, the assistant manager at research and development centre of China Greatwall Securities Co., Ltd. (長城證券股份有限公司) (SZSE stock code: 002939), a company listed on Shenzhen Stock Exchange (“SZSE”), from May 2000 to December 2002, and the associate manager at research and development centre of China Industrial Securities Co., Ltd. (興業證券股份有限公司), a company listed on Shanghai Stock Exchange (SSE stock code: 601377), from May 1997 to January 2000. From July 1989 to May 1995, Ms. Lin started her career in Treasury Department of the Bank of China, Shanghai Branch as a trader and focused on transactions of foreign exchange and financial derivatives, followed by a manager role at the asset management department of Shanghai Zhongyi International Trading Co., Ltd. (上海中益國際貿易有限公司) from May 1995 to April 1997. Ms. Lin obtained a bachelor’s degree in economics and a master’s degree in economics at East China Normal University in 1986 and 1989, respectively. She further obtained a Ph.D. in international economics at Fudan University in 2000.林采宜女士，58歲，本公司的獨立非執行董事。

彼於二零二一年十二月十四日獲委任為董事，亦為本公司審核委員會及提名委員會各自之成員。

林女士在宏觀經濟分析及行業研究方面擁有逾34年經驗。

林女士現任中國首席經濟學家論壇研究院副院長、復旦大學兼職教授及北外灘國際金融學會副會長。

林女士亦自二零二零年十二月起擔任華金證券股份有限公司獨立董事。

在此之前，彼於二零一七年八月至二零二零年八月擔任華安基金管理有限公司首席經濟學家及於二零一一年九月至二零一七年八月擔任於上海證券交易所上市的公司國泰君安證券股份有限公司（上交所證券代碼：201211）的首席經濟學家，彼專注於宏觀經濟學研究及大類資產配置。

林女士於二零零二年十二月至二零一一年九月擔任中國銀聯股份有限公司戰略發展部首席研究員，於二零零零年五月至二零零二年十二月擔任於深圳證券交易所（「深交所」）上市的公司長城證券股份有限公司（深交所證券代碼：002939）研究開發中心副經理，及於一九九七年五月至二零零零年一月擔任於上海證券交易所上市的公司興業證券股份有限公司（上交所證券代碼：601377）研究開發中心副經理。

於一九八九年七月至一九九五年五月，林女士在中國銀行上海分行資金部開始其職業生涯，擔任交易員，主要從事外匯及金融衍生產品交易，隨後於一九九五年五月至一九九七年四月擔任上海中益國際貿易有限公司資產管理部經理。

林女士分別於一九八六年及一九八九年自華東師範大學獲得經濟學學士學位及經濟學碩士學位。

此外，彼於二零零零年自復旦大學獲得世界經濟學博士學位。

048 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事及高級管理人員簡介Biographies of Directors and Senior ManagementSENIORMANAGEMENTMr. ZHUGaoming, aged 59, is the Vice President and the President of Overseas Business of the Group. Mr. Zhu joined the Group in October 2022 with vast experience in banking and finance. Prior to joining the Group, he worked in various management positions at CITICGroup Corporation and Agricultural Bank of China Limited. Mr. Zhu obtained a bachelor’s degree in economics and a master’s degree in economics at Fudan University in 1987 and 1990, respectively, and further obtained a master’s degree in business administration from The University of Sheffield in the United Kingdom in 1998.Mr. LIYang, aged 45, is the Assistant President and the General Manager of Operation Center of the Group. Mr. Li joined the Group in October 2012 and was previously the General Manager of North-Eastern Business Segment of the Group and the President of Shandong CIFI-Yinshengtai Group. Prior to joining the Group, Mr. Li worked as the regional deputy manager of China Vanke Co., Ltd., and General Manager of Tianjin office of Shanghai Jingrui Real Estate Management Co., Ltd.. Mr. Li graduated from Tianjin University with a bachelor’s degree in engineering, majoring in building engineering, and further obtained an executive master of business administration (EMBA) degree from China Europe International Business School in 2021.Mr. YUNengjiang, aged 38, is the General Manager of Sales Center of the Group. Mr. Yu joined the Group in June 2012 and was previously the Head of Sales of Anhui-Jiangxi Region and the President of Anhui-Jiangxi Region of the Group. Prior to joining the Group, Mr. Yu worked for China Overseas Land & Investment Ltd.. Mr. Yu obtained an executive master of business administration (EMBA) degree from Fudan University.高級管理層朱皋鳴先生，59歲，為本集團副總裁兼海外業務總裁。

朱先生於二零二二年十月加入本集團，於銀行與金融方面擁有多年經驗。

加入本集團前，朱先生曾在中國中信集團有限公司及中國農業銀行股份有限公司出任多個管理職位。

朱先生分別於一九八七年及一九九零年獲得復旦大學經濟學學士學位及經濟學碩士學位，其後於一九九八年獲得英國謝菲爾德大學工商管理碩士學位。

李揚先生，45歲，為本集團助理總裁兼運營中心總經理。

李先生於二零一二年十月加入本集團，彼曾擔任本集團東北事業部總經理及山東旭輝銀盛泰集團總裁之職務。

加入本集團前，李先生曾於萬科企業股份有限公司擔任片區副經理及於上海景瑞地產（集團）股份有限公司天津公司擔任總經理。

李先生畢業於天津大學，獲得工學學士學位，主修建築工程專業，其後於二零二一年獲得中歐國際工商學院工商管理碩士學位(EMBA)。

俞能江先生，38歲，為本集團營銷中心總經理。

俞先生於二零一二年六月加入本集團，彼曾擔任本集團皖贛區域營銷負責人及皖贛區域集團總裁之職務。

加入本集團前，俞先生曾在中國海外發展有限公司任職。

俞先生畢業於復旦大學工商管理碩士(EMBA)。

049二零二三年年報 | 旭輝控股（集團）有限公司董事及高級管理人員簡介Biographies of Directors and Senior ManagementMr. LISu, aged 42, is the Assistant President and the General Manager of Audit and Supervision Department of the Group. Mr. Li joined the Group in August 2019 and is currently a supervisor of certain subsidiaries of the Group. Prior to joining the Group, Mr. Li worked as the general manager of risk management and compliance center of China Fortune Land Development Co., Ltd., director of audit of audit department in Longfor Group, general manager of audit of audit department in Saiwei LDKGroup, and also worked for risk assurance of PricewaterhouseCoopers as senior consultant. Mr. Li graduated from Beijing International Studies University with a bachelor’s degree in economics, majoring in international finance, and further obtained an executive master of business administration (EMBA) degree from Guanghua School of Management of Peking University in 2020.Mr. LEUNGYuk Ming (Lawrence), aged 49, is the Head of Capital Markets and Investor Relations of the Group. He has extensive experience in investor relations, investment banking, Listing Rules compliance and accounting. In his career, Mr. Leung worked for Powerlong Real Estate Holdings Limited, Macquarie Capital (Hong Kong) Limited, DBSAsia Capital Limited, the Listing Division of the Stock Exchange and Ernst & Young. Mr. Leung received his bachelor’s degree in commerce and LLB from the University of Calgary and the University of London respectively. He is a holder of Chartered Financial Analyst, a member of Hong Kong Society of Financial Analysts and a member of the Hong Kong Institute of Certified Public Accountants. He joined the Group in June 2013.COMPANYSECRETARYMr. LOTai On, aged 69, was appointed as our Company Secretary in October 2012. Mr. Lo is a member of the Hong Kong Institute of Certified Public Accountants. He has over 30 years of experience in the field of company secretarial services and is now a director of Fair Wind Secretarial Services Ltd., a secretarial company rendering secretarial services. Mr. Lo is also the company secretary of several companies listed on the Stock Exchange, including Pak Fah Yeow International Limited (SEHK stock code: 239) and CSPCPharmaceutical Group Limited (SEHK stock code: 1093).李速先生，42歲，為本集團助理總裁兼審計監察部總經理。

李先生於二零一九年八月加入本集團，並現時為本集團若干附屬公司的監事。

加入本集團前，李先生曾在華夏幸福基業股份有限公司擔任風控合規中心總經理、龍湖集團審計部審計總監、賽維LDK集團審計部審計總經理，以及於普華永道會計師事務所風險及控制服務部擔任高級顧問。

李先生畢業於北京第二外國語學院，獲得經濟學學士學位，主修國際金融專業，其後於二零二零年獲得北京大學光華管理學院工商管理碩士學位。

梁旭明先生，49歲，為本集團資本市場及投資者關係總經理。

彼於投資者關係、投資銀行、上市規則合規及會計方面擁有豐富經驗。

於其職業生涯中，梁先生先後於寶龍地產控股有限公司、麥格理資本（香港）有限公司、星展亞洲融資有限公司、聯交所上市科及安永會計師事務所任職。

梁先生分別於加拿大卡爾加利大學及英國倫敦大學取得商業學士學位及法律學士學位。

彼持有特許金融分析師資格，為香港財經分析師學會會員及香港會計師公會會員。

彼於二零一三年六月加入本集團。

公司秘書羅泰安先生，69歲，於二零一二年十月獲委任為公司秘書。

羅先生為香港會計師公會會員。

彼於公司秘書服務界擁有逾30年經驗，現為一間提供秘書服務的秘書公司富榮秘書服務有限公司的董事。

羅先生亦為數間於聯交所上市的公司的公司秘書，包括白花油國際有限公司（香港聯交所股份代號：239）及石藥集團有限公司（香港聯交所股份代號：1093）。

企業管治報告Corporate Governance Report050 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023本公司董事會（「董事會」）欣然提呈截至二零二三年十二月三十一日止年度之企業管治報告。

企業管治常規本公司知悉公司透明度及問責的重要性，致力於達致高水準的企業管治及通過更有效的企業管治程序帶領本集團取得更好業績及提升企業形象。

於回顧年度，董事會認為，本公司一直採用、應用及遵守香港聯合交易所有限公司證券上市規則（「上市規則」）附錄C1所載企業管治守則（「守則」）的守則條文規定。

企業文化、經營策略及業務模式本集團一直秉承「用心構築美好生活」的企業使命，持續通過鞏固「品質生活」、「綠色生活」、「精彩生活」及「和諧生活」四大核心支柱，輔之以「持續發展」及「合規管理」兩大基礎，以達致企業使命。

在致力於推動社會進步，讓城市生活更加美好的同時，本集團亦以專業匠心與人文情懷，為客戶打造舒適、綠色、健康的生活體驗，也為員工實現精神與物質的幸福生活。

關於本集團的企業文化、經營策略以及業務模式的詳情，已載於本年報「主席報告」及「管理層討論及分析」章節，以及本公司之二零二三年環境、社會及管治報告（「二零二三年環境、社會及管治報告」）（與本年報分開刊發）內。

(A)董事會董事會組成於本報告日期，董事會由八名董事組成，分別為執行董事林中先生（主席）、林偉先生（副主席）、汝海林先生（行政總裁）、楊欣先生（首席財務官）及葛明先生；以及獨立非執行董事張永岳先生、陳偉成先生及林采宜女士。

董事會負責整體管理及監督本集團的營運，以及制定整體業務策略。

The board of directors of the Company (the “Board”) is pleased to present the corporate governance report for the year ended 31 December 2023.CORPORATEGOVERNANCEPRACTICESThe Company recognizes the importance of corporate transparency and accountability. The Company is committed in achieving a high standard of corporate governance and leading the Group to attain better results and improve its corporate image with effective corporate governance procedures.During the year under review, the Board is of the opinion that the Company had adopted, applied and complied with the code provisions as set out in the Corporate Governance Code (the “Code”) contained in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”).CORPORATECULTURE, BUSINESSSTRATEGIESAND BUSINESSMODELSAdhering to the corporate mission of “building for a better life”, the Group continues to achieve its corporate mission by consolidating the four core pillars of “quality life”, “green life”, “wonderful life” and “harmonious life”, complemented by the two foundations of “sustainable development” and “compliance management”. While striving to promote social progress and make urban life better, the Group is also committed to creating a comfortable, green and healthy living experience for its customers with professional ingenuity and humanistic sentiments, as well as realizing spiritual and material well-being for its employees.Details of the corporate culture, business strategies and business models of the Group are set out in the “Chairman’s Statement” and “Management Discussion and Analysis” sections of this annual report, as well as the 2023 environmental, social and governance report of the Company (the “2023 ESGReport”) which is published separately from this annual report.(A) THEBOARDOFDIRECTORSBoard compositionAs at the date of this report, the Board consisted of eight Directors comprising Mr. LINZhong (Chairman), Mr. LINWei (Vice-chairman), Mr. RUHailin (Chief Executive Officer), Mr. YANGXin (Chief Financial Officer) and Mr. GEMing as the executive Directors; and Mr. ZHANGYongyue, Mr. TANWee Seng and Ms. LINCaiyi as the independent non-executive Directors. The overall management and supervision of the Group’s operation and the function of formulating overall business strategies were vested in the Board.051二零二三年年報 | 旭輝控股（集團）有限公司企業管治報告Corporate Governance Report(A)董事會（續）董事會組成（續）除林中先生及林偉先生為兄弟外，董事會成員概無財務、業務、家族或其他重大關係。

於截至二零二三年十二月三十一日止年度，董事會一直遵守上市規則第3.10(1)及(2)條所載有關最少委任三名獨立非執行董事及最少其中一名獨立非執行董事須具備適當之專業資格或會計或相關財務管理專長之規定。

三名獨立非執行董事佔董事會成員人數不少於三分之一，符合上市規則第3.10A條的規定。

據規定，上市發行人之獨立非執行董事須佔董事會至少三分之一成員人數。

董事會相信，董事會有足夠的獨立性以保障股東利益。

董事責任董事會的職責為監督本集團所有主要事務，包括制定及批准所有政策事務、整體策略、內部監控及風險管理系統，以及監察高級行政人員的表現。

董事須以本集團之利益作出客觀的決定。

於二零二三年十二月三十一日，董事會由八名董事組成，包括五名執行董事及三名獨立非執行董事。

董事名單及履歷詳情刊載於本年報「董事及高級管理人員簡介」一節內。

本公司已為董事及本公司高級管理人員購買責任保險，就彼等履行職責時可能引起的若干法律責任提供適當保障。

董事會轉授權力董事會授權管理層（由執行董事及其他高級行政人員組成），負責實行由董事會不時採納的策略及方針，並處理本集團日常營運業務。

執行董事及高級行政人員會定期會面，檢討本集團整體的業務表現、協調整體資源及作出財務及營運決定。

董事會亦對於彼等之管理權力，包括管理層須向董事會作報告的情況，作出清晰的指引，並會定期檢討轉授權力的安排，確保一直切合本集團的需要。

(A) THEBOARDOFDIRECTORS (Continued)Board composition (Continued)There are no financial, business, family or other material relationships among members of the Board except that Mr. LINZhong and Mr. LINWei are brothers.During the year ended 31 December 2023, the Board has at all times met the requirements of Rules 3.10(1) and (2) of the Listing Rules relating to the appointment of at least three independent non-executive directors with at least one independent non-executive director possessing appropriate professional qualifications, or accounting or related financial management expertise.The three independent non-executive Directors represent not less than one-third of the Board, complying with the requirement under Rule 3.10A of the Listing Rules whereby independent non-executive directors of a listed issuer must represent at least one-third of the board. The Board believes there is sufficient independence element in the Board to safeguard the interest of shareholders.Directors’ responsibilitiesThe Board takes the responsibility to oversee all major matters of the Group, including the formulation and approval of all policy matters, overall strategies, internal control and risk management systems, and monitor the performance of the senior executives. The Directors have to make decisions objectively in the interests of the Group. As at 31 December 2023, the Board comprised eight Directors, including five executive Directors and three independent non-executive Directors. Their names and biographical details are set out in the “Biographies of Directors and Senior Management” section of this annual report.Liability insurance for Directors and senior management of the Company is maintained by the Company with appropriate coverage for certain legal liabilities which may arise in the course of performing their duties.Delegation by the BoardThe management, consisting of executive Directors along with other senior executives, is delegated with responsibilities for implementing the strategy and direction as adopted by the Board from time to time, and conducting the day-to-day operations of the Group. Executive Directors and senior executives meet regularly to review the performance of the businesses of the Group as a whole, co-ordinate overall resources and make financial and operational decisions. The Board also gives clear directions as to their powers of management including circumstances where management should report back, and reviews the delegation arrangements on a periodic basis to ensure that they remain appropriate to the needs of the Group.052 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023企業管治報告Corporate Governance Report(A) THEBOARDOFDIRECTORS (Continued)Model code for securities transactionsThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) contained in Appendix C3 to the Listing Rules as its own code of conduct of dealings in securities of the Company by the directors of the Company (the “Directors”). Upon specific enquiries of all the Directors, each of them has confirmed that they complied with the required standards set out in the Model Code during the year ended 31 December 2023.Directors’ responsibilities for financial statementsThe Directors acknowledge their responsibilities for preparing the financial statements of the Group in accordance with statutory requirements and applicable accounting standards. The Directors also acknowledge their responsibilities to ensure that the financial statements of the Group are published in a timely manner.Material Uncertainty Related to the Going ConcernAs set out in the “Independent Auditor’s Report” on pages 114 to 121 of this annual report and note 3.1 to the consolidated financial statements, certain conditions indicate the existence of a material uncertainty which may cast significant doubt on the Group’s ability to continue as a going concern. In view of such circumstances, the Directors have given careful consideration to the future liquidity and financial position of the Group and its available sources of financing in assessing whether the Group will have sufficient financial resources to continue as a going concern. Certain plans and measures have been taken to mitigate the liquidity position and to improve the Group’s financial position, details of which are also set out in note 3.1 to the consolidated financial statements.The Board has reviewed the Group’s cash flow projections prepared by the management of the Group. The cash flow projections cover a period of not less than twelve months from 31 December 2023. The Board is of the opinion that, taking into account the above-mentioned plans and measures, the Group will have sufficient working capital to finance its obligations and to meet its financial obligations as they fall due not less than twelve months from the date of approval for issuance of the consolidated financial statements. Accordingly, the Board is satisfied that it is appropriate to prepare the consolidated financial statements on a going concern basis.(A)董事會（續）進行證券交易之標準守則本公司已採納上市規則附錄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」），作為本公司董事（「董事」）買賣本公司證券的操守準則。

經向全體董事作出具體查詢後，各董事確認彼等於截至二零二三年十二月三十一日止年度已遵守標準守則所載的規定標準。

董事就財務報表承擔之責任董事知悉其有責任根據法例規定及適用的會計準則，編製本集團財務報表，並知悉其有責任確保適時刊發本集團財務報表。

與持續經營有關的重大不確定因素如本年報第114至121頁的「獨立核數師報告」及綜合財務報表附註3.1所載，若干狀況表明存在重大不確定因素，可能對本集團持續經營業務的能力產生重大疑慮。

鑒於上述情況，董事在評估本集團是否有足夠的財務資源繼續經營時，已慎重考慮本集團未來的流動資金及財務狀況以及可用的融資來源。

現已採納若干計劃及措施緩解流動資金狀況和改善本集團的財務狀況，有關詳情亦載於綜合財務報表附註3.1。

董事會已審閱由本集團管理層編製的本集團現金流量預測。

現金流量預測涵蓋自二零二三年十二月三十一日起不少於十二個月的期間。

董事會認為，經計及上述計劃和措施，本集團將有足夠的營運資金為其責任提供資金，並足以在綜合財務報表獲批准刊發日期起不少於十二個月內履行到期的財務責任。

故此，董事會信納按持續經營基準編製綜合財務報表為適當之舉。

053二零二三年年報 | 旭輝控股（集團）有限公司企業管治報告Corporate Governance Report(A) THEBOARDOFDIRECTORS (Continued)Independent Non-Executive DirectorsThe independent non-executive Directors play a significant role in the Board by virtue of their independent judgment and their views carry significant weight in the Board’s decision. They bring an impartial view on issues of the Company’s strategies, performance and control.All independent non-executive Directors possess extensive academic, professional and industry expertise and management experience and have provided their professional advice to the Board.The Board also considers that the independent non-executive Directors can provide independent advice on the Company’s business strategies, results and management so as to safeguard the interests of the Company and its shareholders.All independent non-executive Directors are appointed for a term of three years. As at 31 December 2023, none of the independent non-executive Directors held any other offices in the Company or any of its subsidiaries or is interested in more than 1% of the shares of the Company. Details of interests of each independent non-executive Director are set out in the paragraph headed “Directors’ and Chief Executives’ Interests in Securities” in the Directors’ Report section of this annual report. For the year under review, all independent non-executive Directors have confirmed respectively their independence to the Company in accordance with Rule 3.13 of the Listing Rules. The Company considers all independent non-executive Directors are independent.Appointment, re-election and removal of DirectorsEach of the executive Directors and independent non-executive Directors has entered into a service contract or a letter of appointment with the Company for a specific term. Such term is subject to his retirement by rotation and re-election at an annual general meeting of the Company in accordance with the Company’s articles of association. The Company’s articles of association provide that any Director appointed by the Board to fill a casual vacancy in the Board or as an additional member of the Board shall hold office only until the first annual general meeting after his appointment and shall then be eligible for re-election at such meeting.In accordance with the Company’s articles of association, at each annual general meeting of the Company, one-third of the Directors for the time being shall retire from office by rotation provided that every Director (including those appointed for a specific term) shall be subject to retirement by rotation at least once every three years and, being eligible, offer themselves for re-election.The members of the Company may, at any general meetings convened and held in accordance with the Company’s articles of association, remove a Director by ordinary resolution at any time before the expiration of his period of office notwithstanding anything contrary in the Company’s articles of association or in any agreement between the Company and such Director and may by ordinary resolution elect another person in his stead.(A)董事會（續）獨立非執行董事獨立非執行董事憑藉獨立判斷於董事會擔任重要角色，其意見對於董事會的決策舉足輕重，並就本公司的策略、績效及監控提供不偏不倚的意見。

全體獨立非執行董事擁有廣泛的學術、專業及行業專長以及管理經驗，向董事會提供專業意見。

董事會亦認為獨立非執行董事能就本公司業務策略、業績及管理方面提供獨立意見，以保障本公司及其股東之利益。

所有獨立非執行董事獲委任的任期均為三年。

於二零二三年十二月三十一日，概無任何獨立非執行董事於本公司或其任何附屬公司擔任任何其他職位，亦並無於本公司股份中擁有超過1%的權益。

各獨立非執行董事之權益詳情載列於本年報「董事會報告書」一節內「董事及主要行政人員的證券權益」一段。

於回顧年度，全體獨立非執行董事已分別按照上市規則第3.13條向本公司確認彼等之獨立性。

本公司認為全體獨立非執行董事均為獨立人士。

董事之委任、重選及罷免每名執行董事及獨立非執行董事均與本公司訂立指定任期的服務合約或签订委任函，並按本公司組織章程細則於本公司股東週年大會上輪值退任及重選連任。

本公司組織章程細則列明，任何由董事會委任以填補董事會臨時空缺或以作為董事會新成員的董事，其任期將於其獲委任後首屆股東週年大會舉行時屆滿，屆時合資格於該大會上重選連任。

按照本公司組織章程細則，於本公司每屆股東週年大會上，佔當時董事人數三分之一之董事須輪值退任，惟各董事（包括以指定任期委任之董事）須最少每三年輪值退任一次，且符合資格自願重選連任。

本公司股東可於按照本公司組織章程細則召開及舉行的任何股東大會上以普通決議案隨時罷免一名任期並未屆滿的董事，而不論本公司組織章程細則或本公司與該名董事之間訂立之任何協議有相反規定，彼等亦可以普通決議案選舉另一名人士出任其職位。

054 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023企業管治報告Corporate Governance Report(A)董事會（續）確保董事會可獲得獨立觀點的機制董事會已採納確保董事會可獲得獨立觀點和意見而訂立的書面機制（「獨立觀點機制」），旨在確保董事會具備高度獨立性，且董事會可獲得獨立觀點和意見。

獨立觀點機制的概要載列如下：(i)董事會及董事委員會組成董事會致力確保委任最少三名獨立非執行董事及董事會最少三分之一的成員為獨立非執行董事（或按上市規則不時規定的更高人數下限）。

除遵守上市規則對若干董事委員會組成的規定外，本公司亦盡可能委任獨立非執行董事加入其他董事委員會，以確保取得獨立觀點。

在提名或評估獨立非執行董事的過程中，應考慮多個因素以評估彼等是否能充分參與董事會或董事委員會事務以及有效地履行職責，例如擔任董事委員會成員的數量、兼任其他上市公司董事職位的數量以及擔任政府或非牟利機構的重要職務。

(ii)獨立性評估本公司提名委員會必須嚴格遵守由董事會不時採納的提名政策及上市規則所載有關提名及委任獨立非執行董事的獨立性評估準則。

獨立非執行董事將不獲授予與績效表現元素掛鈎的股本權益薪酬，因為這或導致其決策偏頗並影響其客觀性和獨立性。

(iii)董事會決策每名獨立非執行董事(與其他董事相同)有權就董事會會議上討論事項向管理層索取進一步資料及文件。

如有需要，獨立非執行董事亦可尋求獨立專業意見，費用概由本公司承擔。

如獨立非執行董事（與其他董事相同）或彼之任何緊密聯繫人於任何合約或安排中擁有重大利益，則該獨立非執行董事不得就通過該合約或安排之董事決議案投票，亦不得計入該會議的法定人數。

董事會已對獨立觀點機制的實施情況及有效性進行年度檢討。

(A) THEBOARDOFDIRECTORS (Continued)Mechanism on Independent Views to the BoardWritten terms of mechanisms ensuring on independent views and inputs available to the Board (the “Independent View Mechanism”) has been adopted by the Board, with the purpose of ensuring that a strong independent element on, and independent views and input are available to, the Board. A summary of the Independent View Mechanism is set out below:(i) Composition of the Board and Board committeesThe Board endeavours to ensure the appointment of at least three independent non-executive Directors and at least one-third of its members being independent non-executive Directors (or such higher threshold as may be required by the Listing Rules from time to time). Apart from complying with the requirements prescribed by the Listing Rules as to the composition of certain Board committees, independent non-executive Directors will be appointed to other Board committees as far as practicable to ensure independent views are available. During the process of nominating or appraising independent non-executive Directors, multiple factors should be considered to assess whether they could dedicate adequate attention to the affairs of Board or Board committees and discharge their responsibilities effectively, such as number of membership of Board committees, number of directorship with other listed companies and commitments at government or non-profit making bodies.(ii) Independence AssessmentThe nomination committee of the Company must strictly adhere to the nomination policy adopted by the Board from time to time and the independence assessment criteria as set out in the Listing Rules with regard to the nomination and appointment of independent non-executive Directors. No equity-based remuneration with performance related elements will be granted to independent non-executive Directors as this may lead to bias in their decision-making and compromise their objectivity and independence.(iii) Board Decision MakingEach independent non-executive Directors (as other directors) is entitled to seek further information and documentation from the management on the matters to be discussed at Board meetings. The independent non-executive Directors can also seek assistance from, where necessary, independent advice from external professional advisors at the Company’s expense. Each independent non-executive Directors (as other directors) shall not vote or be counted in the quorum on any Board resolution approving any contract or arrangement in which such independent non-executive Directors or any of his/her close associate(s) has a material interest.The Board has reviewed the implementation and effectiveness of the Independent View Mechanism on an annual basis. 055二零二三年年報 | 旭輝控股（集團）有限公司企業管治報告Corporate Governance Report(A) THEBOARDOFDIRECTORS (Continued)Board meetingsThe Board meets regularly to discuss and formulate the overall strategy as well as the operation and financial performance of the Group. Directors may participate either in person or through electronic means of communications.Pursuant to code provision C.5.1 of the Code, the Board should meet regularly and board meetings should be held at least four times a year. In addition to regular Board meetings, the Directors also participate in deliberation and approval of routine and operational matters of the Company by way of written resolutions with supporting explanatory materials, supplemented by additional written information from the management when required. Additional Board meetings would be held whenever warranted. During the year under review, the Company held nine Board meetings, one general meeting and one adjourned general meeting.The attendance of each Director is as follows:於任內出席董事會會議次數／董事會會議總數於任內出席股東大會（包括續會）次數／股東大會（包括續會）總數No. of Board meetings attended/Total no. ofBoard meetings during the term of officeNo. of general meetings (including adjourned meeting) attended/董事姓名Name of DirectorsTotal no. ofgeneral meetings (including adjourned meeting) during the term of office 執行董事Executive Directors林中先生Mr. LINZhong 9/92/2林偉先生Mr. LINWei 9/92/2林峰先生（附註1） Mr. LINFeng (Note 1) 6/82/2汝海林先生Mr. RUHailin 9/92/2楊欣先生Mr. YANGXin 9/92/2葛明先生（附註2） Mr. GEMing (Note 2) 1/1 N/A不適用獨立非執行董事Independent Non-Executive Directors張永岳先生Mr. ZHANGYongyue 9/92/2陳偉成先生Mr. TANWee Seng 9/92/2林采宜女士Ms. LINCaiyi 9/92/2Notes:1. Mr. LINFeng resigned as an executive Director with effect from 30 November 2023.2. Mr. GEMing was appointed as an executive Director with effect from 30 November 2023.(A)董事會（續）董事會會議董事會定期會面商討及制定本集團的整體策略以及營運及財務表現。

董事可親身出席或以電子通訊方式參與會議。

按照守則的守則條文第C.5.1條，董事會應定期會面並最少每年舉行四次董事會會議。

除定期董事會會議外，董事亦透過審議附有輔助說明材料之書面決議案，及需要時由管理層提供額外書面補充資料，參與審議與批核本公司之日常及營運事項。

在需要時，董事會會舉行額外會議。

於回顧年度，本公司共舉行九次董事會會議、一次股東大會及一次股東大會續會。

各董事的出席記錄如下：附註：1.林峰先生已辭任執行董事，自二零二三年十一月三十日起生效。

2.葛明先生獲委任為執行董事，自二零二三年十一月三十日起生效。

056 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023企業管治報告Corporate Governance Report(A) THEBOARDOFDIRECTORS (Continued)Board meetings (Continued)All Directors are encouraged to participate in continuous professional development to develop and refresh their knowledge and skills. The Company has arranged in-house trainings for Directors in the form of seminar and provision of training materials, and all Directors received their training by attending either in person or through electronic means of communications. A summary of training received by Directors during the year under review according to the records provided by the Directors is as follows:董事姓名Name of Directors企業管治、監管發展及其他相關主題培訓Training oncorporate governance,regulatory developmentand other relevant topics執行董事Executive Directors林中先生Mr. LINZhong 林偉先生Mr. LINWei 林峰先生（附註1） Mr. LINFeng (Note 1) 汝海林先生Mr. RUHailin 楊欣先生Mr. YANGXin 葛明先生（附註2） Mr. GEMing (Note 2) 獨立非執行董事Independent Non-Executive Directors張永岳先生Mr. ZHANGYongyue 陳偉成先生Mr. TANWee Seng 林采宜女士Ms. LINCaiyi Notes:1. Mr. LINFeng resigned as an executive Director with effect from 30 November 2023.2. Mr. GEMing was appointed as an executive Director with effect from 30 November 2023.(A)董事會（續）董事會會議（續）本公司鼓勵全體董事參與持續專業發展，以發展及更新彼等的知識及技能。

本公司已透過舉行研討會及提供培訓資料，為董事安排內部培訓，而全體董事均已親身出席或透過以電子通訊方式參加培訓。

根據董事提供的記錄，董事於回顧年度接受的培訓概要如下：附註：1.林峰先生已辭任執行董事，自二零二三年十一月三十日起生效。

2.葛明先生獲委任為執行董事，自二零二三年十一月三十日起生效。

057二零二三年年報 | 旭輝控股（集團）有限公司企業管治報告Corporate Governance Report(A) THEBOARDOFDIRECTORS (Continued)Corporate governance functionsThe Board is responsible for performing the corporate governance duties including:(a) to develop and review the Company’s policies and practices on corporate governance;(b) to review and monitor the training and continuous professional development of Directors and senior management;(c) to review and monitor the Company’s policies and practices on compliance with legal and regulatory requirements;(d) to develop, review and monitor the code of conduct and compliance manual (if any) applicable to employees and Directors; and(e) to review the Company’s compliance with the Code and disclosure in the corporate governance report.The Board had performed the above duties during the year under review.Chairman and Chief Executive OfficerDuring the year under review, the positions of the Chairman and the Chief Executive Officer were held separately. The role of Chairman was held by Mr. LINZhong, and the role of Chief Executive Officer was held by Mr. LINFeng until his resignation on 30 November 2023, and such role was held by Mr. RUHailin since the same date. The segregation of duties of the Chairman and the Chief Executive Officer ensures a clear distinction in the Chairman’s responsibility to manage and provide leadership for the Board and the Chief Executive Officer’s responsibility to manage the Company’s day-to-day business.Board CommitteesThe Board has established three committees (the “Board Committees”) and has delegated various responsibilities to the committees including the audit committee (the “Audit Committee”), the remuneration committee (the “Remuneration Committee”) and the nomination committee (the “Nomination Committee”). All the Board Committees perform their distinct roles in accordance with their respective terms of reference which are available on the Company’s website and the website of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The Board Committees are provided with sufficient resources to discharge their duties and, upon reasonable request and in appropriate circumstance, are able to seek independent professional advice at the Company’s expense.(A)董事會（續）企業管治功能董事會負責履行的企業管治職務包括：(a)制定及檢討本公司企業管治政策及常規；(b)檢討及監督董事及高級管理人員的培訓及持續專業發展；(c)檢討及監督本公司政策及常規，以遵守法律及監管規定；(d)制定、檢討及監督適用於僱員及董事的操守準則及合規手冊（如有）；及(e)檢討本公司遵守守則的情況及在企業管治報告內的披露。

於回顧年度，董事會已履行上述職責。

主席及行政總裁於回顧年度，主席及行政總裁的職務由不同人士擔任。

林中先生出任主席職位，而林峰先生則擔任行政總裁職位，直至彼於二零二三年十一月三十日辭任，並由汝海林先生於同日起擔任該職位。

主席及行政總裁的職務予以區分，可確保清晰界定主席管理及領導董事會的職責，而行政總裁則負責管理本公司日常業務的職責。

董事委員會董事會轄下已成立三個委員會（「董事委員會」），並將各種職責分派至各委員會，分別為審核委員會（「審核委員會」）、薪酬委員會（「薪酬委員會」）及提名委員會（「提名委員會」）。

全部董事委員會均按其各自的職權範圍履行其特定的職務，而該職權範圍可於本公司網站及香港聯合交易所有限公司（「聯交所」）網站查閱。

董事委員會有充足資源以履行其職責，並在合理要求及在合適情況下，由本公司付費尋求獨立專業意見。

058 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023企業管治報告Corporate Governance Report(A) THEBOARDOFDIRECTORS (Continued)Audit CommitteeThe Company has established the Audit Committee with written terms of reference in compliance with Rule 3.21 of the Listing Rules and paragraph D.3 of the Code. The primary duties of the Audit Committee are to provide the Board with an independent review of the effectiveness of the financial reporting process, risk management and internal control systems of the Group, to oversee the audit process and to perform other duties and responsibilities as assigned by the Board.The Audit Committee consists of three independent non-executive Directors, namely Mr. TANWee Seng (being the chairman of the Audit Committee), Mr. ZHANGYongyue and Ms. LINCaiyi. In compliance with Rule 3.21 of the Listing Rules, the chairman of the Audit Committee possesses the appropriate professional and accounting qualifications.During the year under review, the Audit Committee held nine meetings with the senior management and/or independent auditor of the Company. The major work performed by the Audit Committee during the year under review included, amongst others, considering the independence and audit scope of independent auditor; reviewing matters relating to change of independent auditors; reviewing additional audit procedures and audit progress; appointing legal advisor of the Audit Committee; receiving and reviewing the report of independent review from the legal advisor; reviewing and discussing interim and annual financial statements of the Company and the opinion and report of independent auditor; reviewing and discussing the risk management and internal control systems, the effectiveness of the Company’s internal audit function, the implementation and effectiveness of whistleblowing policy and anti-corruption policy of the Company, before reporting and submitting to the Board for their approval.The attendance of each member is as follows:出席會議次數╱會議總數成員姓名Name of membersNo. of meetings attended/Total no. of meetings陳偉成先生（主席） Mr. TANWee Seng (Chairman) 9/9張永岳先生Mr. ZHANGYongyue 9/9林采宜女士Ms. LINCaiyi 9/9(A)董事會（續）審核委員會本公司已成立審核委員會，並遵照上市規則第3.21條及守則第D.3的規定，訂立書面職權範圍。

審核委員會的主要職責是就本集團財務匯報程序、風險管理及內部監控系統的有效性向董事會提供獨立檢討意見，監管審計程序及履行董事會所委派的其他職務及責任。

審核委員會由三名獨立非執行董事組成，即陳偉成先生（為審核委員會主席）、張永岳先生及林采宜女士。

遵照上市規則第3.21條規定，審核委員會主席具備適當專業及會計資歷。

於回顧年度，審核委員會與本公司高級管理人員及╱或獨立核數師共舉行九次會議。

審核委員會履行的主要工作涵蓋（其中包括）以考慮獨立核數師的獨立性及審核範圍；審議更換獨立核數師之相關事宜；審議額外審計程序及審計進度；委聘審核委員會法律顧問；接收及審議法律顧問之獨立審查報告；審閱及討論本公司的中期及年度財務報表以及獨立核數師的意見及報告；審閱及討論風險管理及內部監控系統、本公司內部審計功能的有效性，以及本公司舉報政策及反貪污政策的實施及有效性，然後向董事會匯報及提呈審批。

各成員的出席記錄如下：059二零二三年年報 | 旭輝控股（集團）有限公司企業管治報告Corporate Governance Report(A)董事會（續）薪酬委員會本公司已成立薪酬委員會，並遵照守則的守則條文第E.1.2條的規定，訂立書面職權範圍。

薪酬委員會的主要職責包括（但不限於）：(a)就全體董事及高級管理人員薪酬政策及架構，及就設立正規而具透明度的程序制定薪酬政策，向董事會提出建議；(b)建議有關執行董事及高級管理人員的特定薪酬待遇條款；(c)因應董事會不時議決的企業方針及目標而檢討及批准按表現為基準的薪酬建議；及(d)審閱及╱或批准上市規則第十七章所述有關股份計劃的事宜。

本公司已採納載列於守則的守則條文第E1.2(c)條的模式(ii)。

薪酬委員會由三名成員組成，其中兩名為獨立非執行董事。

三名成員包括張永岳先生（為薪酬委員會主席）、執行董事兼主席林中先生以及陳偉成先生。

於回顧年度，薪酬委員會共舉行三次會議。

薪酬委員會於回顧年度履行的主要工作涵蓋（其中包括）檢討董事及本集團高級管理人員的薪酬架構以及本集團主要職位的評估機制、討論吸引及挽留本公司高級員工所面對的挑戰，並就執行董事及高級管理人員在二零二三年的薪酬組合提出建議；檢討獨立非執行董事的薪酬待遇；審議若干執行董事委任續期之薪酬待遇；審議董事及行政總裁候選人的薪酬待遇；以及審議一名執行董事之薪酬待遇調整。

各成員的出席記錄如下：(A) THEBOARDOFDIRECTORS (Continued)Remuneration CommitteeThe Company has established the Remuneration Committee with written terms of reference in compliance with Code provision E.1.2 of the Code. The primary duties of the Remuneration Committee include (but not limited to): (a) making recommendations to the Board on the policy and structure for all Directors’ and senior management’s remuneration and on the establishment of a formal and transparent procedure for developing remuneration policy; (b) making recommendations on the terms of the specific remuneration package of the executive Directors and senior management; (c) reviewing and approving performance–based remuneration proposals with reference to corporate goals and objectives resolved by the Board from time to time; and (d) reviewing and/or approving matters relating to share schemes under Chapter 17 of the Listing Rules.The Company has adopted model (ii) as set out in code provision E.1.2(c) of the Code.The Remuneration Committee consists of three members, of whom two are independent non-executive Directors. The three members are Mr. ZHANG Yongyue (being the chairman of the Remuneration Committee), Mr. LINZhong, the executive Director and Chairman, and Mr. TANWee Seng.During the year under review, the Remuneration Committee held three meetings. The major work performed by the Remuneration Committee during the year under review included, amongst others, reviewing the remuneration structure of the Directors and senior management of the Group and appraisal system of the key positions of the Group, discussing the challenges of attracting and retaining senior level staff of the Company, and making recommendations on the remuneration packages of the executive Directors and senior management for 2023; reviewing the remuneration packages of independent non-executive Directors; reviewing the remuneration packages of certain executive Directors upon renewal; reviewing the remuneration package of a candidate for directorship and chief executive officer, and reviewing the adjustment of remuneration package of an executive Director.The attendance of each member is as follows:出席會議次數╱會議總數成員姓名Name of membersNo. ofmeetings attended/Total no. of meetings張永岳先生（主席） Mr. ZHANGYongyue (Chairman) 3/3林中先生Mr. LINZhong 3/3陳偉成先生Mr. TANWee Seng 3/3060 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023企業管治報告Corporate Governance Report(A) THEBOARDOFDIRECTORS (Continued)Remuneration Committee (Continued)The remuneration of Directors and senior management is determined based on the skills and knowledge of the Directors and senior management, their job responsibilities and involvement in the Group’s affairs, the performance and profitability of the Group as well as remuneration benchmark in the industry and the prevailing market conditions.Details of the remuneration payable to the Directors and five highest paid individuals of the Group during the year under review are set out in note 12 to the consolidated financial statements. The remuneration of the members of the senior management named in the section headed “Biographies of Directors and Senior Management” of this report during the year falls within the following bands:1,000,001港元至2,000,000港元HK$1,000,001 to HK$2,000,00012,000,001港元至3,000,000港元HK$2,000,001 to HK$3,000,00034,000,001港元至5,000,000港元HK$4,000,001 to HK$5,000,000 –5,000,001港元至6,000,000港元HK$5,000,001 to HK$6,000,0001 5Remuneration comprise basic salaries and allowances, bonus, equity-settled share-based payments and retirement benefit contributions.Nomination CommitteeThe Company has established the Nomination Committee with written terms of reference in compliance with Code provision B.3.1 of the Code. The primary duties of the Nomination Committee are to review the structure, size and composition of the Board, and select and make recommendations to the Board on the appointment of Directors, re-appointment of Directors, succession planning for Directors and assesses the independence of independent non-executive Directors. The nomination process, selection criteria and succession plan are set out in the nomination policy (the “Nomination Policy”) adopted by the Board.The Nomination Committee consists of three members, of whom two are independent non-executive Directors. The three members are Mr. LINZhong (being the chairman of the Nomination Committee), the executive Director and Chairman, Mr. ZHANGYongyue and Ms. LINCaiyi.(A)董事會（續）薪酬委員會（續）董事及高級管理人員的薪酬按董事及高級管理人員的技能及知識、彼等的職責及對本集團事務的投入、本集團表現及盈利能力以及行業薪酬標準及當前市況而釐定。

有關於回顧年度應付董事及本集團五名最高薪酬人士的詳情載於綜合財務報表附註12。

年內，本報告「董事及高級管理人員簡介」一節所載的高級管理人員薪酬介乎以下範圍：薪酬包括基本薪金及津貼、花紅、以股本權益結算並以股份付款及退休福利供款。

提名委員會本公司已成立提名委員會，並遵照守則的守則條文第B.3.1條的規定，訂立書面職權範圍。

提名委員會的主要職責為檢討董事會的架構、人數及組成，並就挑選出任董事的人選、續聘董事、董事繼任計劃及評核獨立非執行董事的獨立性向董事會提出建議。

提名過程、挑選準則及繼任計劃已載於董事會所採納的提名政策（「提名政策」）。

提名委員會由三名成員組成，其中兩名為獨立非執行董事。

三名成員包括執行董事兼主席林中先生（為提名委員會主席）、張永岳先生及林采宜女士。

061二零二三年年報 | 旭輝控股（集團）有限公司企業管治報告Corporate Governance Report(A)董事會（續）提名委員會（續）於回顧年度，提名委員會共舉行兩次會議。

提名委員會於回顧年度履行的主要工作涵蓋（其中包括）按董事會多元化政策（見下文定義）檢討董事會及其委員會的組成以及董事會成員的背景及經驗；評估董事會成員於二零二三年對本集團的貢獻；評核獨立非執行董事的獨立性；按照提名政策所載列的標準、流程及程序審議新任董事的提名；以及審議本公司新任行政總裁的提名。

各成員的出席記錄如下：(A) THEBOARDOFDIRECTORS (Continued)Nomination Committee (Continued)During the year under review, the Nomination Committee held two meeting. The major work performed by the Nomination Committee during the year under review included, amongst others, reviewing the composition of the Board and its committees as well as the background and experiences of the Board members with regards to the Board Diversity Policy (as defined below); evaluating the contributions of the Board members to the Group in 2023; assessing the independence of independent non-executive Directors; reviewing the nomination of new director based on the criteria, process and procedure set out in the Nomination Policy; and reviewing the nomination of the new chief executive officer of the Company.The attendance of each member is as follows:出席會議次數╱會議總數成員姓名Name of membersNo. ofmeetings attended/Total no. of meetings林中先生（主席） Mr. LINZhong (Chairman) 2/2張永岳先生Mr. ZHANGYongyue 2/2林采宜女士Ms. LINCaiyi 2/2Board Diversity PolicyThe Company has adopted a board diversity policy (the “Board Diversity Policy”) which sets out the approach to achieve and maintain diversity on the Board in order to enhance the effectiveness of the Board. The Company has reviewed the Board Diversity Policy in view of the enhanced corporate governance practice on board diversity under the Listing Rules. The Group’s business development and strategy as well as the operational need have been taken into account when reviewing the Board Diversity Policy.Under the Board Diversity Policy, the Company recognizes and embraces the benefits of having a diverse Board, and sees diversity at board level as an essential element in maintaining a competitive advantage. The Company seeks to achieve board diversity through inclusion and making good use of differences in the talents, skills, regional and industry experience, background, and other qualities of the members of the Board. These differences will be considered in determining the optimum composition of the Board and when possible should be balanced appropriately.董事會成員多元化政策本公司已採納董事會成員多元化政策（「董事會多元化政策」），當中載列董事會為達致及維持成員多元化以提升董事會之有效性而採取之方針。

基於上市規則項下就加強董事會多元化的企業管治常規，本公司已檢討董事會多元化政策。

於檢討董事會多元化政策時，已計及本集團的業務發展及策略以及營運需要。

根據董事會多元化政策，本公司認同並深明多元化董事會所帶來的裨益，並認為董事會層面的多元化是維持競爭優勢的必要因素。

本公司力求通過包容並充分利用董事會成員的才能、技能、地區及行業經驗、背景及其他因素的差異來實現董事會多元化。

在釐定董事會的最理想組合時將考慮該等差異，並在可能的情況下作出合適平衡。

062 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023企業管治報告Corporate Governance Report(A) THEBOARDOFDIRECTORS (Continued)Board Diversity Policy (Continued)The Company has also considered the measurable objectives under the Board Diversity Policy and assessed the diversity profile of the Board and senior management members. It is believed that the matrix of the industry skills, expertise and experiences, knowledge and experiences in operational and financial management and corporate governance, business connection, educational background, age and gender of the existing composition of the Board and senior management members are well balanced and diversified in alignment with the business development and strategy of the Group.The Nomination Committee has reviewed the Board Diversity Policy from time to time to ensure its continued effectiveness.The Board is not a single gender board since the appointment of one female Director on 14 December 2021.Details on the gender ratio in workforce (including senior management) of the Group, together with relevant data, are set out in the 2023 ESGReport and the 2023 environmental, social and governance report of Ever Sunshine Services Group Limited. The Company will continue to monitor and evaluate the diversity policy from time to time to ensure its continued effectiveness.Nomination PolicyPursuant to the Nomination Policy, the Nomination Committee has been delegated to identify individuals suitably qualified to become Board members and select or make recommendations to the Board on the selection of individuals nominated for directorships. The Board is ultimately responsible for selection and appointment of new Directors.The Nomination Committee should utilize various methods for identifying candidates for directorship, including recommendations from Board members, management, and professional headhunting firms. In addition, the Nomination Committee will consider candidates for directorship properly submitted by the shareholders of the Company.The evaluation of candidates for directorship by the Nomination Committee may include, without limitation, review of resume and job history, personal interviews, verification of professional and personal references and performance of background checks. The Board will consider the recommendations of the Nomination Committee and is responsible for designating the candidates for directorship to be considered by the shareholders for their election at the general meeting of the Company, or appointing the suitable candidate to act as Director to fill the Board vacancies or as an addition to the Board members, subject to compliance of the constitutional documents of the Company. All appointments of Director should be confirmed by letter of appointment and/or service contract setting out the key terms and conditions of the appointment of Directors.(A)董事會（續）董事會成員多元化政策（續）本公司亦已考慮董事會多元化政策項下可計量目標及評估董事會及高級管理層成員的多元化狀況。

本公司相信，現時的董事會及高級管理層組成在綜合行業技能、專業知識及經驗、對營運及財務管理以及企業管治的知識及經驗、業務連繫、教育背景、年齡及性別方面，均已達致均衡及多元化，貫徹本集團的業務發展及策略。

提名委員會不時檢討董事會多元化政策，以確保政策行之有效。

自二零二一年十二月十四日委任一名女性董事後，董事會並非單一性別的董事會。

關於全體員工（包括高級管理人員）的性別比例詳情，連同相關數據，已載列於二零二三年環境、社會及管治報告及永升服務集團有限公司之二零二三年環境、社會及管治報告。

本公司將持續不時監察及評估多元化政策，以確保其持續有效性。

提名政策根據提名政策，提名委員會已獲委派以物色具備合適資格成為董事會成員的人士，並挑選提名有關人士出任董事或就此向董事會提出建議。

董事會負責最終挑選及任命新董事。

提名委員會應使用各種方法物色董事候選人，包括董事會成員、管理層及專業獵頭公司的推薦。

此外，提名委員會將考慮本公司股東正式提交的董事候選人。

提名委員會對董事候選人的評估可能包括（但不限於）審閱簡歷及工作經驗、個人面試、核實專業及個人資料以及進行背景調查。

董事會將考慮提名委員會的建議，並負責指定董事候選人在本公司股東大會上考慮是否當選，或委任合適人選擔任董事以填補董事會空缺或作為新增的董事會成員（在遵守本公司的組織章程文件的規限下）。

董事的所有委任均須由委任函及╱或服務合約予以確認，當中列明委任董事的主要條款及條件。

063二零二三年年報 | 旭輝控股（集團）有限公司企業管治報告Corporate Governance Report(A) THEBOARDOFDIRECTORS (Continued)Nomination Policy (Continued)The Nomination Committee should consider the following qualifications as a minimum to be required for a candidate in recommending to the Board to be a potential new Director, or the continued service of existing Director: the highest personal and professional ethics and integrity; proven achievement and competence in the nominee’s field and the ability to exercise sound business judgment; skills that are complementary to those of the existing Board; the ability to assist and support management and make significant contributions to the Company’s success; an understanding of the fiduciary responsibilities that is required for a member of the Board and the commitment of time and energy necessary to diligently carry out those responsibilities; independence: the candidates for independent non-executive directorship should meet the “independence” criteria as required under the Listing Rules and the composition of the Board is in conformity with the provisions of the Listing Rules.The Nomination Committee may also consider such other factors as it may deem are in the best interests of the Company and its shareholders as a whole.(B) FINANCIALREPORTINGSYSTEM,RISKMANAGEMENTANDINTERNALCONTROLSYSTEMSFinancial reporting systemThe Board, supported by the finance department, is responsible for the preparation of the financial statements of the Company and the Group. In preparation of financial statements, International Financial Reporting Standards have been adopted and the appropriate accounting policies have been consistently used and applied. The Board aims to present a balanced, clear and comprehensive assessment of the Group’s performance in the annual and interim reports to the shareholders, and make appropriate disclosure and announcements in a timely manner. Pursuant to code provision D.1.1 of the Code, management would provide sufficient explanation and information to the Board to enable the Board to make an informed assessment of the financial and other information put before the Board for approval.The working scope and reporting responsibilities of Prism Hong Kong and Shanghai Limited, the Company’s external auditor, are set out in the “Independent Auditor’s Report” on pages 114 to 121 of this annual report.(A)董事會（續）提名政策（續）提名委員會應考慮以下資格，作為向董事會推薦成為新董事的候選人或現任董事續任所需的最低資格：最高個人及專業操守及誠信；被提名人於其領域的傑出成就及能力以及具備作出穩健商業判斷的能力；與現有董事會相輔相成的技能；協助及支持管理層的能力，以及為本公司的成功作出重大貢獻；了解董事會成員所需受信責任及勤勉履行該等責任所需的時間及精力；獨立性：獨立非執行董事候選人應符合上市規則所定「獨立性」標準，並且董事會的組成符合上市規則的條文。

提名委員會亦可考慮其認為符合本公司及其股東整體最佳利益的其他因素。

(B)財務匯報制度、風險管理及內部監控系統財務匯報制度於財務部的協助下，董事會負責編製本公司及本集團的財務報表。

在編製財務報表的過程中，董事會已採納國際財務報告準則，並貫徹使用及採用合適的會計政策。

董事會旨在於年度及中期報告向股東平衡、清晰及全面地評核本集團的表現，並適時作出適當的披露及公告。

根據守則的守則條文第D.1.1條，管理層會向董事會提供充分的解釋及資料，讓董事會可以就提交予董事會批准的財務及其他資料作出有根據的評審。

本公司外聘核數師上會栢誠會計師事務所有限公司的工作涵蓋範圍及匯報責任刊載於本年報第114至121頁的「獨立核數師報告」內。

064 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023企業管治報告Corporate Governance Report(B) FINANCIALREPORTINGSYSTEM,RISKMANAGEMENTANDINTERNALCONTROLSYSTEMS (Continued)External auditor’s remunerationFor the year ended 31 December 2023, the remunerations paid or payable by the Company to the external auditors in respect of its audit services and non-audit services are approximately RMB6.7 million and RMB2.9 million, respectively. The amount for 2023 non-audit services were mainly the accounting advisory services fee and interim review service fee. The Audit Committee was satisfied that the non-audit services in 2023 did not affect the independence of the external auditors.Risk management and Internal control systemsThe Board is responsible for risk management and internal control systems of the Group and for reviewing their effectiveness. Procedures have been designed for safeguarding assets against unauthorized use or disposition, the maintenance of proper accounting records for the provision of reliable financial information for internal use or for publications and the compliance of applicable laws, rules and regulations.Principles and guidelines of our risk management framework are set for an effective and adequate approach to be applied across the Group to manage the risks associated with its business and operations. This framework is designed to enhance risk management of the Group through an integrated framework so that all material risks faced by the Group are identified and appropriately managed.Each department is responsible for identifying, assessing and managing risks within its business, ensuring that appropriate internal control for effective risk management are implemented. The management is responsible for overseeing the risk management and internal control activities of the Group. The internal audit department of the Group is responsible for evaluating the effectiveness of the Group’s policies and procedures in relation to risk management and internal control systems and submitting their reports of their findings to the Board. The Audit Committee provides independent review on effectiveness of the risk management and internal control systems of the Group and gives their recommendation to the Board. The Board is responsible for reviewing the internal audit report and approving policies and procedures designed by the management. (B)財務匯報制度、風險管理及內部監控系統（續）外聘核數師酬金截至二零二三年十二月三十一日止年度，本公司就外聘核數師提供的審核服務及非審核服務已付或應付之酬金分別約為人民幣6,700,000元及人民幣2,900,000元。

二零二三年非審核服務款額主要為會計諮詢服務費用及中期審閱服務費用。

審核委員會信納，二零二三年非審核服務並不影響外聘核數師之獨立性。

風險管理及內部監控系統董事會負責本集團的風險管理及內部監控系統及檢討其成效，並設有程序以保障資產以防止其未經授權下使用或處置、確保適當保存賬簿記錄以提供可靠的財務資料供內部使用或發佈，並確保遵守適用法例、規則及規例。

我們建立風險管理框架的常規及指引，以透過有效及充分的方式應用於本集團管理與其業務及營運相關的風險。

該框架旨在透過一個綜合的框架加強本集團的風險管理，從而令本集團可識別並妥善管理其所面對的所有重大風險。

各部門負責識別、評估及管理其業務範疇內的風險，以確保就有效的風險管理實施合適的內部監控。

管理層負責監察本集團的風險管理及內部監控活動。

本集團的內部審核部門負責評估本集團與風險管理及內部監控系統有關的政策及程序的有效性，並向董事會提呈彼等有關評估結果的報告。

審核委員會就本集團風險管理及內部監控系統的有效性作出獨立檢討，並向董事會提出彼等的建議。

董事會負責檢討內部審核報告及批准由管理層制訂的政策及程序。

065二零二三年年報 | 旭輝控股（集團）有限公司企業管治報告Corporate Governance Report(B) FINANCIALREPORTINGSYSTEM,RISKMANAGEMENTANDINTERNALCONTROLSYSTEMS (Continued)Risk management and Internal control systems (Continued)During the year under review, the management assisted the Board in the implementation of the Group’s policies and procedures within the Board’s delegation by identifying and assessing the risks (including ESG risks) faced, and in the design, operation and monitoring of suitable internal controls to mitigate and control such risks. The Board conducted reviews and discussed with the management on the effectiveness of the Group’s risk management and internal control systems as required by the Code, covering financial, operational and compliance controls, adequacy of resources, staff qualifications and experience, training programmes and budget of the Group’s accounting, internal audit and financial reporting functions, as well as those relating to the Company’s ESG performance and reporting, and any resolutions for material internal control defects.The Board also considers major investigation findings on risk management and internal control matters and management’s response to these findings.The risk management and internal control systems are reviewed and assessed on an on-going basis by the Audit Committee and the executive Directors, and will be further reviewed and assessed at least once each year by the Board. During the year under review, these systems were considered effective and adequate.(B)財務匯報制度、風險管理及內部監控系統（續）風險管理及內部監控系統（續）於回顧年度，管理層在董事會的授權下透過識別及評估所面對的風險（包括環境、社會及管治風險），協助董事會執行本集團的政策及程序，並參與設計、營運及監察合適的內部監控措施，以減少及控制相關風險。

董事會根據守則的規定，與管理層對本集團的風險管理及內部監控系統之有效性進行檢討及作出討論，涵蓋本集團財務、營運及合規監控、在會計、內部審核及財務匯報職能方面以及關於本公司於環境、社會及管治表現及匯報方面的資源、員工資歷及經驗、培訓課程及有關預算是否足夠，以及任何重大內部監控缺失的解決辦法。

董事會亦會研究有關風險管理及內部監控事宜的重大調查結果及管理層對該等調查結果的回應。

審核委員會及執行董事持續檢討及評估風險管理及內部監控系統，董事會更會每年至少進行一次檢討與評估。

於回顧年度，該等系統被視為有效及足夠。

066 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023企業管治報告Corporate Governance Report(B)財務匯報制度、風險管理及內部監控系統（續）舉報政策本集團設有《旭輝集團監察管理制度》以制定舉報政策及系統，使員工和其他與本集團有往來的人士（例如顧客和供應商）可通過保密、匿名方式向審核委員會（或由獨立非執行董事組成的任何指定委員會）反映有關本公司的任何不正當問題。

本集團亦制定並公開《監察舉報須知》，提供信件、電話、電郵、官方網站等舉報途徑。

舉報途徑於旭輝局域網、官網和「廉潔旭輝」微信公眾號等公開管道向本集團內外部開放。

反舞弊及反貪污政策本集團貫徹落實反舞弊及反貪污理念，通過制定《旭輝集團員工商業行為操守手冊》及《旭輝集團廉正生態治理「四責協同」管理辦法》等管理文件，明確規定有徇私舞弊行為的員工會被辭退處罰，觸犯刑事法律的員工會被移送司法機關處理，從制度上規範員工行為，杜絕腐敗違紀事件發生。

內幕消息董事會已實行處理及發佈內幕消息的程序和內部監控措施。

自本公司股份於聯交所主板上市，本公司已採納政策，旨在向董事、本集團的高級人員及所有相關僱員列出指引，以確保根據證券及期貨條例及上市規則公平及適時地向公眾發放本公司之內幕消息。

(C)公司秘書本公司委聘外部服務供應商為本集團提供秘書服務，並已委任羅泰安先生擔任公司秘書。

羅先生確認彼於回顧年度參與不少於15小時的相關專業培訓。

羅先生的履歷載於本年報第49頁的「董事及高級管理人員簡介」一節內。

於截至二零二三年十二月三十一日止年度，羅先生並非本集團僱員，而楊欣先生及梁旭明先生（分別為執行董事及資本市場及投資者關係總經理）是羅先生可以根據守則的守則條文第C.6.1條聯絡的人士。

(B) FINANCIALREPORTINGSYSTEM,RISKMANAGEMENTANDINTERNALCONTROLSYSTEMS (Continued)Whistleblowing PolicyThe Group has the CIFIGroup’s Supervision and Management System in place to establish a whistleblowing policy and system for employees and those who have dealings with the Group (such as customers and suppliers) to report any improprieties concerning the Company to the Audit Committee (or any designated committee comprising independent non-executive Directors) in a confidential and anonymous manner. The Group has also formulated and published the Supervision and Whistleblowing Guidance Notes, which provides reporting channels such as letters, telephone, email and official website. The reporting channels are open to both internal and external parties of the Group through CIFI’s intranet, official website, and official WeChat account “廉潔旭輝”.Anti-fraud and Anti-corruption PoliciesThe Group has implemented the concept of anti-fraud and anti-corruption by formulating management documents such as the CIFIGroup Manual of Business Conduct Code for Employees and the CIFIGroup Administrative Measures of the “Four Responsibilities” Integrity Ecological Governance, and clearly stipulated that employees who engage in favouritism and malpractice will be dismissed and penalized, and employees who violate the criminal law will be sent to judicial authorities to proceedings. The employees’ behaviours are regulated by the system to prevent corruption and disciplinary offences from occurring.Inside InformationThe Board has implemented procedures and internal controls for handling and dissemination of inside information. Since shares of the Company listed on the Main Board of the Stock Exchange, the Company has adopted a policy which aims to set out guidelines to the Directors, officers and all relevant employees of the Group to ensure inside information of the Company is to be disseminated to the public in equal and timely manner in accordance with the Securities and Futures Ordinance and the Listing Rules.(C) COMPANYSECRETARYThe Company engages an external service provider to provide secretarial services to the Group and has appointed Mr. LOTai On as its Company Secretary. Mr. Lo has confirmed that for the year under review, he has taken no less than 15 hours of relevant professional training. The biography of Mr. Lo is set out in the “Biographies of Directors and Senior Management” section on of this annual report. Mr. Lo is not an employee of our Group, and Mr. YANGXin and Mr. LEUNGYuk Ming, the executive Director and the Head of Capital Markets and Investor Relations, respectively, were the persons whom Mr. Lo could contact for the purpose of code provision C.6.1 of the Code during the year ended 31 December 2023.067二零二三年年報 | 旭輝控股（集團）有限公司企業管治報告Corporate Governance Report(D)股東權利召開股東特別大會及於股東大會上提出議案開曼群島公司法（二零二三年修訂本）並無條文批准股東於股東大會上提呈新決議案。

然而，股東須遵守本公司組織章程細則第12.3條。

根據本公司組織章程細則（經二零二三年九月七日通過的特別決議案採納）第12.3條，股東大會亦可由任何一位或以上股東向本公司在香港的總辦事處，如果本公司沒有總辦事處，則向註冊辦事處提交他們簽署的書面要求，列明會議的議程及添加至會議議程的決議案，但是在提交上述要求之日，該等簽署人士持有不少於十分之一本公司已發行股份的投票權（按每股一票基準），並於該日有權在公司股東大會上投票。

如果在提交要求日起二十一日內董事會沒有召開於隨後的二十一日內舉行會議，要求人士或他們中持有一半總投票權以上的人士可按盡可能相同方式召開股東大會，猶如董事會召開大會一樣，但上述會議不得在超過提交要求之日起三個月後召開，且因為董事會之原因造成要求人士產生的所有合理開支須由本公司付還他們。

向董事會作出查詢股東可透過本公司的香港主要營業地點聯絡本公司向董事會作出查詢，地址為香港灣仔軒尼詩道28號太古廣場五座22樓或傳送至電郵地址ir@cifi.com.cn，或直接於股東大會上提問。

(D) SHAREHOLDERS’ RIGHTSConvening extraordinary general meeting and putting forward proposals at shareholders’ meetingsThere are no provisions allowing shareholders to propose new resolutions at the general meetings under the Cayman Islands Companies Act (2023 Revision). However, shareholders are requested to follow article 12.3 of the Company’s articles of association. Pursuant to the articles 12.3 of the Company’s articles of association (adopted by special resolution passed on 7 September 2023), general meetings shall also be convened on the written requisition of any one or more members of the Company deposited at the principal office of the Company in Hong Kong or, in the event the Company ceases to have such a principal office, the registered office specifying the objects of the meeting and the resolutions to be added to the meeting agenda, and signed by the requisitionist(s), provided that such requisitionist(s) held as at the date of deposit of the requisition not less than one-tenth of the voting rights, on a one vote per share basis, of the issued shares of the Company which as at that date carries the right to vote at general meetings of the Company. If the Board does not within 21 days from the date of deposit of the requisition proceed duly to convene the meeting to be held within a further 21 days, the requisitionist(s) themselves or any of them representing more than one-half of the total voting rights of all of them, may convene the general meeting in the same manner, as nearly as possible, as that in which meetings may be convened by the Board provided that any meeting so convened shall not be held after the expiration of three months from the date of deposit of the requisition, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall be reimbursed to them by the Company.Enquiries to the BoardShareholders may make enquiries to the Board by contacting the Company either through the Company’s principal place of business in Hong Kong at Level 22, Five Pacific Place, No.28 Hennessy Road, Wanchai, Hong Kong or email at ir@cifi.com.cn or directly by raising questions at general meetings.068 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023企業管治報告Corporate Governance Report(E)投資者關係、與股東的溝通及股息政策投資者關係本公司的管理層相信，與投資者建立有效及適當的關係對締造股東價值、提高公司透明度及建立市場信心有重要作用。

有效的投資者關係可減低資金成本、增加本公司股份及債券的市場流動性以及帶來更穩定的投資者基礎。

本公司的投資者關係團隊致力維持高水平的企業透明度及遵從向投資者、分析員及銀行家適時披露相關資料的政策，令彼等知悉本集團的企業策略及業務營運。

年內，本公司已積極採取下列措施，確保有效的股東及投資者溝通及透明度：透過不同渠道（如會議、電話會議、視像會議及電郵）恆常與股東及投資者保持聯繫；舉辦多個路演及參與投資者會議，介紹本集團的發展策略及近期業務發展；透過在本公司網站上的投資者關係網頁，定期更新本公司的消息及發展；安排投資者及研究分析員到訪本集團的項目進行實地考察。

本公司透過上述措施竭力與投資群體溝通，並向其提供本集團及中國房地產行業的最新發展。

(E) INVESTORRELATIONS, COMMUNICATIONS WITHSHAREHOLDERSANDDIVIDENDPOLICYInvestor RelationsThe management of the Company believes that effective and proper investor relations play a vital role in creating shareholders’ value, enhancing the corporate transparency as well as establishing market confidence. Effective investor relations can contribute towards lower cost of capital, higher market liquidity for the Company’s stocks and bonds as well as a more stable investor base. The Company’s investor relations team is committed to maintaining a high level of corporate transparency and following a policy of disclosing relevant information to investors, analysts and bankers in a timely manner to keep them aware of the Group’s corporate strategies and business operations.During the year, the Company has proactively taken the following measures to ensure effective shareholders’ and investors’ communication and transparency: maintained frequent contacts with shareholders and investors through various channels such as meetings, conference calls, video meetings and emails; held numerous roadshows and participated in investor conferences introducing the Group’s development strategies and recent business developments; regularly update the Company’s news and developments through the investor relations section of the Company’s website; arranged on-site visits to the Group’s projects for investors and research analysts.Through the above measures, the Company endeavours to communicate with the investment community and provide them with the latest development of the Group and the real estate industry in China.069二零二三年年報 | 旭輝控股（集團）有限公司企業管治報告Corporate Governance Report(E) INVESTORRELATIONS, COMMUNICATIONS WITHSHAREHOLDERSANDDIVIDENDPOLICY (Continued)Shareholders Communication PolicyThe Company has adopted a shareholders communication policy (the “Shareholders Communication Policy”) and a stringent internal control system to ensure true, accurate, complete and timely disclosure of relevant information pursuant to requirements of relevant laws and regulations in order to ensure all shareholders and investors equal access to information.During the year, the Company had reviewed the implementation and effectiveness of the Shareholders Communication Policy. Given the above measures to enhance the communication between the Company and its shareholders, the Company is satisfied that the Shareholders Communication Policy is still effective and appropriate.General MeetingsThe annual general meeting provides a useful forum for shareholders to exchange views with the Board. In 2023, an annual general meeting was held on 7 September 2023, with its adjourned meeting held on 28 November 2023. The Chairman of the Board, as well as chairman of each of the Board Committees, or in their absence, members of the respective committees, and the representative of external auditor of the Company, were available to answer questions from shareholders at the annual general meeting and its adjourned meeting. At the annual general meeting and its adjourned meeting, procedures for conducting a poll were explained by the Chairman and a resolution was proposed in respect of each separate issue itemized in the agenda.The forthcoming 2024 annual general meeting will be held on 7 June 2024.(E)投資者關係、與股東的溝通及股息政策（續）股東通訊政策本公司已採納股東通訊政策（「股東通訊政策」）以及嚴謹的內部監控系統，確保根據相關法律及法規的規定得以真實、準確、完整及適時地披露相關資料，以確保全體股東及投資者同等地獲得資料。

年內，本公司已檢討股東通訊政策的實施情況及有效性。

鑒於上述措施加強本公司與其股東之間的溝通，本公司信納股東通訊政策有效及適當。

股東大會股東週年大會為股東提供有用的平台，與董事會交流意見。

於二零二三年，股東週年大會於二零二三年九月七日舉行，其續會於二零二三年十一月二十八日舉行。

董事會主席及各董事委員會主席（或倘其缺席，則各委員會成員）以及本公司外聘核數師代表於股東週年大會及其續會上回答股東提問。

於股東週年大會及其續會上，主席解釋按股數投票表決的程序並以決議案提呈議程所列每項會議表決事宜。

應屆二零二四年股東週年大會即將於二零二四年六月七日舉行。

070 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023企業管治報告Corporate Governance Report(E) INVESTORRELATIONS, COMMUNICATIONS WITHSHAREHOLDERSANDDIVIDENDPOLICY (Continued)Dividend PolicyThe Company considers stable and sustainable returns to shareholders of the Company to be its goal and endeavours to maintain a dividend policy to achieve such goal. In deciding whether to propose a dividend and in determining the dividend amount, the Board would take into account the Group’s results of operations, earnings performance, cashflows, financial condition, future prospects, as well as statutory, regulatory and debt covenant restrictions on the payment of dividends, and other factors that the Board may consider relevant. Whilst the Board will review from time to time for determination on proposed dividend with the above factors taken into account, there can be no assurance that dividends will be declared or paid in any particular amount for any given period.(F) CONSTITUTIONALDOCUMENTSA special resolution has been passed at the 2023 annual general meeting which was held on 7 September 2023 to amend and adopt the second amended and restated memorandum and articles of association of the Company in order to (i) reflect and align with the amendments to the requirements under Appendix 3 (currently Appendix A1) of the Listing Rules which took effect on 1 January 2022 and applicable laws and regulations of the Cayman Islands; (ii) provide flexibility to the Company in relation to the conduct of general meetings; (iii) reflect the increase of authorised share capital of the Company which was approved by the shareholders of the Company at the annual general meeting held on 8 June 2021; and (iv) make other minor amendments for house-keeping changes. The Company’s second amended and restated memorandum and articles of association is available on the Company’s website and the Stock Exchange’s website.(E)投資者關係、與股東的溝通及股息政策（續）股息政策本公司視本公司股東的穩定及可持續回報為其目標，並致力維持股息政策以達致該目標。

在決定是否建議派付股息及釐定股息金額時，董事會將計及本集團的經營業績、盈利表現、現金流量、財務狀況、未來前景，以及法定、監管及債務契諾對派付股息的限制以及董事會可能認為相關的其他因素。

雖然董事會將不時考慮上述因素檢討建議股息的釐定，但概不保證將於任何指定期間內宣派或派付任何特定金額的股息。

(F)組織章程文件於二零二三年九月七日舉行的二零二三年股東週年大會上已通過一項特別決議案，修訂及採納本公司第二份經修訂及重列組織章程大綱及細則，以(i)反映及符合已於二零二二年一月一日生效的上市規則附錄三（現時附錄A1）項下規定的修訂及開曼群島適用法律及規例；(ii)於舉行股東大會方面為本公司提供靈活性；(iii)反映於二零二一年六月八日舉行的股東週年大會上經本公司股東批准的本公司法定股本增加；及(iv)就內務變更作出其他細微修訂。

本公司第二份經修訂及重列組織章程大綱及細則已登載於本公司網站及聯交所的網站，可供閱覽。

董事會報告書Directors’ Report071二零二三年年報 | 旭輝控股（集團）有限公司本公司董事會（「董事會」）謹此提呈本集團截至二零二三年十二月三十一日止年度之年報及經審核綜合財務報表。

主要業務本公司為投資控股公司，其附屬公司主要從事房地產開發、房地產投資及提供物業管理服務業務。

本公司主要附屬公司的活動及詳情載於綜合財務報表附註54。

本集團年內營業額及經營利潤按主要業務劃分之分析載於本年報「管理層討論及分析」一節及綜合財務報表附註5及11內。

業績本集團截至二零二三年十二月三十一日止年度之業績載於本年報「主席報告」及「管理層討論及分析」各節內，及第122頁之綜合損益及其他全面收益表內。

末期股息董事會議決不分派截至二零二三年十二月三十一日止年度末期股息（二零二二年：零）。

業務回顧有關本集團年內業務的審視與對本集團未來業務發展的論述均載於本年報「主席報告」及「管理層討論及分析」各節內。

而有關本集團可能面對的潛在風險及不明朗因素的描述，亦載於本年報「主席報告」一節內。

此外，有關本集團環境保護政策及表現，本集團遵守對本集團有重大影響之有關法律及規則之情況，以及與僱員、客戶、供應商及主要持份者關係的討論，已載於本公司之二零二三年環境、社會及管治報告（與本年報分開刊發）。

本集團的財務風險管理目標及政策載於綜合財務報表附註50(b)。

於截至二零二三年十二月三十一日止財政年度終結後發生並對本集團有影響的重大事件詳情載於綜合財務報表附註56。

以財務關鍵表現指標分析的本集團年內表現載於本年報「主席報告」及「管理層討論及分析」各節。

The board of directors of the Company (the “Board”) presents the annual report together with the audited consolidated financial statements of the Group for the year ended 31 December 2023.PRINCIPALACTIVITIESThe Company is an investment holding company, and its subsidiaries are principally engaged in property development, property investment and provision of property management services. The activities and particulars of the Company’s principal subsidiaries are shown under note 54 to the consolidated financial statements. An analysis of the Group’s turnover and operating profit for the year by principal activities is set out in the “Management Discussion and Analysis” section of this annual report and notes 5 and 11 to the consolidated financial statements.RESULTSThe results of the Group for the year ended 31 December 2023 are set out in the “Chairman’s Statement” and the “Management Discussion and Analysis” sections of this annual report, and the consolidated statement of profit or loss and other comprehensive income on .FINALDIVIDENDThe Board has resolved not to recommend to distribute a final dividend for the year ended 31 December 2023 (2022: Nil).BUSINESSREVIEWA review of the business of the Group during the year and a discussion on the Group’s future business development are set out in the “Chairman’s Statement” and “Management Discussion and Analysis” sections of this annual report. Description of possible risks and uncertainties that the Group may be facing can be found in the “Chairman’s Statement” section of this annual report. In addition, discussions on the Group’s environmental protection policies and performance, and the Group’s compliance with the relevant laws and regulations that have a significant impact on the Group, and relationships with employees, customers, suppliers and major stakeholders have been set out in the 2023 Environmental, Social and Governance Report of the Company published separately from this annual report. The financial risk management objectives and policies of the Group are set out in note 50(b) to the consolidated financial statements. Particulars of important events affecting the Group that have occurred since the end of the financial year ended 31 December 2023 are set out in note 56 to the consolidated financial statements. An analysis of the Group’s performance during the year using financial key performance indicators is set out in the “Chairman’s Statement” and “Management Discussion and Analysis” sections of this annual report.072 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ ReportCLOSUREOFTHEREGISTEROFMEMBERSFor determining the entitlement to attend and vote at the annual general meeting to be held on Friday,7 June 2024 (the “2024 AGM”), the register of members of the Company will be closed from Tuesday,4 June 2024 to Friday,7 June 2024, both days inclusive, during which period no transfer of shares of the Company will be effected. In order to determine the identity of members who are entitled to attend and vote at the 2024 AGM, all share transfer documents accompanied by the relevant share certificates must be lodged for registration with the Company’s branch share registrar in Hong Kong, Computershare Hong Kong Investor Services Limited, at Shops 1712–1716,17th Floor, Hopewell Centre,183 Queen’s Road East, Wanchai, Hong Kong not later than 4:30 p.m. on Monday,3 June 2024.PROPERTY, PLANTANDEQUIPMENTDetails of the movements in property, plant and equipment of the Group during the year are set out in note 16 to the consolidated financial statements.SHARECAPITALDetails of the movements in share capital of the Company during the year are set out in note 38 to the consolidated financial statements.SENIORNOTES, CORPORATEBONDSANDMEDIUM-TERMNOTESDetails of senior notes, corporate bonds and medium-term notes of the Company during the year are set out in notes 34 and 35 to the consolidated financial statements, respectively.RESERVESDetails of the movement in reserves of the Group and of the Company during the year are respectively set out on pages 127 and 318 of this annual report. In respect of the Company, the amount of its reserves available for distribution under the Companies Act of the Cayman Islands as at 31 December 2023 was approximately RMB20,973.1 million.BORROWINGSDetails of the borrowings are set out in the “Management Discussion and Analysis” section of this annual report and note 33 to the consolidated financial statements.暫停辦理股份過戶登記本公司將於二零二四年六月四日（星期二）至二零二四年六月七日（星期五）（包括首尾兩日）暫停辦理本公司股份過戶登記，期間將不會登記本公司股份過戶，以確定出席於二零二四年六月七日（星期五）舉行的股東週年大會（「二零二四年股東週年大會」）及於會上投票的資格。

為確定有權出席二零二四年股東週年大會及於會上投票的股東身份，所有股份過戶文件連同相關股票須於二零二四年六月三日（星期一）下午四時三十分前呈交予本公司於香港的股份過戶登記分處香港中央證券登記有限公司（地址為香港灣仔皇后大道東183號合和中心17樓1712-1716號舖）辦理登記。

物業、廠房及設備年內，本集團物業、廠房及設備變動詳情載於綜合財務報表附註16。

股本年內，本公司股本變動詳情載於綜合財務報表附註38。

優先票據、公司債券及中期票據年內，本公司的優先票據、公司債券及中期票據詳情分別載於綜合財務報表附註34及35。

儲備年內，本集團及本公司儲備變動詳情分別載於本年報第127及318頁。

就本公司而言，其根據開曼群島公司法於二零二三年十二月三十一日的可供分派儲備約為人民幣20,973,100,000元。

借款借款詳情載於本年報「管理層討論及分析」一節及綜合財務報表附註33內。

073二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ ReportPURCHASE , SALEORREDEMPTIONOFTHE COMPANY’SLISTEDSECURITIESNeither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s listed securities (whether on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) or not) during the year ended 31 December 2023.CONVERTIBLEBONDSOn 8 April 2022 and 20 April 2022, the Company issued 6.95% convertible bonds due 2025 with an aggregate principal amount of HK$1,957,000,000 and HK$588,000,000, respectively, which have been consolidated and formed a single series (collectively, the “Convertible Bonds”). The Convertible Bonds were listed on the Singapore Exchange Securities Trading Limited with an initial conversion price of HK$5.53 per share (the “Initial Conversion Price”). Pursuant to the terms and conditions of the Convertible Bonds, the conversion price of the Convertible Bonds was adjusted to HK$5.16 per share (the “Adjusted Conversion Price”), with effect from 28 December 2022.During the year under review, the Convertible Bonds with an aggregate principal amount of HK$2,000,000 have been converted to shares of the Company, and a total of 387,596 shares have been allotted and issued by the Company to the relevant holders of the Convertible Bonds accordingly. As at 31 December 2023, the outstanding aggregate principal amount of the Convertible Bonds was HK$1,893,000,000. Assuming full conversion of the outstanding Convertible Bonds at the Adjusted Conversion Price, the Convertible Bonds will be convertible into 366,860,465 shares (the “Conversion Shares”), representing approximately 3.52% of the issued shares of the Company as at the date of this annual report and approximately 3.40% of the issued shares of the Company as enlarged by the issue of the Conversion Shares resulting from the full conversion of the outstanding Convertible Bonds at the Adjusted Conversion Price.For further information in relation to the issue of the Convertible Bonds, please refer to the announcements of the Company dated 1 April 2022,12 April 2022, 22 June 2022,28 December 2022 and 29 December 2022.購買、出售或贖回本公司上市證券於截至二零二三年十二月三十一日止年度，概無本公司或其任何附屬公司購買、出售或贖回本公司任何上市證券，不論是否在香港聯合交易所有限公司（「聯交所」）進行。

可換股債券於二零二二年四月八日及二零二二年四月二十日，本公司分別發行本金總額為1,957,000,000港元及588,000,000港元於二零二五年到期的6.95%可換股債券，其已合併並組成單一系列（統稱「可換股債券」）。

可換股債券於新加坡證券交易所有限公司上市，其初步轉換價為每股5.53港元（「初步轉換價」）。

根據可換股債券的條款及條件，可換股債券的轉換價其後調整至每股5.16港元（「經調整轉換價」），自二零二二年十二月二十八日起生效。

於回顧年度，本金總額為2,000,000港元的可換股債券已獲轉換為本公司股份，據此本公司向相關可換股債券持有人配發及發行合共387,596股股份。

於二零二三年十二月三十一日，尚未償還的可換股債券之本金總額為1,893,000,000港元。

假設按經調整轉換價悉數轉換尚未償還的可換股債券，則可換股債券將可轉換為366,860,465股股份（「轉換股份」），相當於本年報日期本公司已發行股份約3.52%及經發行因尚未償還可換股債券按經調整轉換價獲悉數轉換後產生的轉換股份擴大後的本公司已發行股份約3.40%。

有關發行可換股債券的進一步資料，請參閱本公司日期為二零二二年四月一日、二零二二年四月十二日、二零二二年六月二十二日、二零二二年十二月二十八日及二零二二年十二月二十九日的公告。

074 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ ReportPLACINGANDSUBSCRIPTIONOFSHARESANDUSE OFPROCEEDSOn 20 December 2022, the Company entered into a placing and subscription agreement with Rosy Fortune and placing agents, pursuant to which (a) Rosy Fortune agreed to appoint placing agents to procure purchasers to purchase for a total of 840,000,000 shares of the Company; and (b) Rosy Fortune agreed to subscribe for 840,000,000 new shares of the Company (collectively, the “Placing and Subscription”). Such subscription shares have an aggregate nominal value of HK$84,000,000 based on the par value of HK$0.10 per share and a market value of approximately HK$932,400,000 based on the closing price of HK$1.11 per share as quoted on the Stock Exchange on the date of such placing and subscription agreement. The subscription was completed on 28 December 2022. The gross subscription price was HK$1.14 per share and net subscription price was approximately HK$1.13 per share and the aggregate net proceeds from the subscription were approximately HK$946,000,000.The Company intended to use the net proceeds from the Placing and Subscription for the repayment of existing indebtedness (including accrued interest) and general corporate purposes. The intended use of and the actual use of the net proceeds raised from the subscription are set out below:擬定用途金額Amount forintended use截至二零二二年十二月三十一日止未動用金額Unutilised amount as at 31 December 2022於回顧年度已動用金額Utilised amount during the year under review截至二零二三年十二月三十一日止未動用金額Unutilised amount as at 31 December 2023（百萬港元） (百萬港元) （百萬港元） （百萬港元）(HK$ million) (HK$ million) (HK$ million) (HK$ million)償還現有債務（包括應計利息）及用作一般企業用途Repayment of existing indebtedness (including accrued interest) and general corporate purposes946.0603.926.7577.2配售及認購股份及所得款項用途於二零二二年十二月二十日，本公司與茂福及配售代理訂立另一份配售及認購協議，據此(a)茂福同意委任配售代理促使買方購買合共840,000,000股本公司股份；及(b)茂福同意認購840,000,000股本公司新股份（統稱「配售及認購事項」）。

按每股面值0.10港元計算，該等認購股份的總面值為84,000,000港元，而按該配售及認購協議日期於聯交所所報收市價每股1.11港元計算，該等認購股份的市值約為932,400,000港元。

該認購事項已於二零二二年十二月二十八日完成。

總認購價為每股1.14港元，認購價淨額約為每股1.13港元，而認購事項所得款項淨額合共約為946,000,000港元。

本公司擬將配售及認購事項所得款項淨額用作償還現有債務（包括應計利息）及用作一般企業用途。

該認購事項所得款項淨額之擬定用途及實際用途載列如下：075二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ ReportPLACINGANDSUBSCRIPTIONOFSHARESANDUSE OFPROCEEDS (Continued)As announced by the Company, the Company would be using the unutilised proceeds for the benefit of the holders of the Company’s bonds and considering optimal structures to achieve this. In October 2023, a formal escrow arrangement has been set up for the unutilised proceeds with an independent service provider, Serica Agency Limited. The expected timeline of the utilisation of unutilised net proceeds is subject to the progress on developing the holistic solutions for offshore liquidity situation of the Group. The Company will keep its shareholders, holders of securities and investors informed of any significant developments of such holistic solutions and further announcement(s) will be made by the Company as and when appropriate or as required under the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”). For further information in relation to the Placing and Subscription, please refer to the announcements of the Company dated 20 December 2022 and 29 December 2022.PRE-EMPTIVERIGHTSANDTAXRELIEFThere are no provisions for pre-emptive rights under the Company’s articles of association, or the law of Cayman Islands being the jurisdiction in which the Company is incorporated under which would oblige the Company to offer new shares on a pro-rata basis to existing shareholders.The Company is not aware of any tax relief and exemption available to the shareholders of the Company by reason of their holding of the Company’s securities.配售及認購股份及所得款項用途（續）誠如本公司公佈，本公司會把未動用的所得款項用於本公司債券持有人的利益，並會考慮實現此目標的最佳架構。

二零二三年十月，本公司就未動用的所得款項與獨立服務供應商Serica Agency Limited設立正式的託管安排。

動用未動用所得款項淨額的預期時間表將視乎本集團之境外流動資金狀況的全面解決方案的進展而定。

本公司將適時或根據聯交所證券上市規則（「上市規則」）的規定通知其股東、證券持有人及投資者關於該等全面解決方案任何重大發展，並將另行刊發公告。

有關配售及認購事項的進一步資料，請參閱本公司日期為二零二二年十二月二十日及二零二二年十二月二十九日的公告。

優先購買權及稅項寬免本公司組織章程細則或開曼群島（即本公司註冊成立所在司法權區）法律並無有關優先購買權的任何規定，規限本公司須向現有股東按其持股比率發售新股。

本公司並不知悉其股東因持有本公司證券而可享有任何稅項寬免及豁免。

076 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ Report董事於回顧年度及截至本報告日期之董事如下：執行董事林中先生（主席）林偉先生（副主席）林峰先生（於二零二三年十一月三十日辭任）汝海林先生（行政總裁）楊欣先生（首席財務官）葛明先生（於二零二三年十一月三十日獲委任）獨立非執行董事張永岳先生陳偉成先生林采宜女士按照本公司組織章程細則，三分之一董事須於股東週年大會輪值退任，惟彼等符合資格重選連任。

此外，本公司組織章程細則規定董事會於任何時候委任以填補董事會之臨時空缺或作為新增董事職位的任何董事，其任期僅至下屆股東週年大會，惟彼符合資格可於該大會上重選連任。

因此，林中先生、陳偉成先生及林采宜女士將於二零二四年股東週年大會上輪值退任，並合資格且願意重選連任。

葛明先生於二零二三年股東週年大會後獲董事會委任為董事，彼之任期至二零二四年股東週年大會，並將合資格且願意於大會上重選連任。

本公司已接獲各獨立非執行董事根據上市規則第3.13條之各因素及事項就其獨立性發出的年度確認。

本公司認為全體獨立非執行董事均為獨立人士。

DIRECTORSThe Directors during the year under review and up to the date of this report are:Executive DirectorsMr. LINZhong (Chairman)Mr. LINWei (Vice-chairman)Mr. LINFeng(resigned on 30 November 2023)Mr. RUHailin (Chief Executive Officer)Mr. YANGXin (Chief Financial Officer)Mr. GEMing(appointed on 30 November 2023)Independent Non-Executive DirectorsMr. ZHANGYongyueMr. TANWee SengMs. LINCaiyiIn accordance with the Company’s articles of association, one-third of the Directors shall retire from office by rotation at annual general meeting and be eligible for re-election. Furthermore, the Company’s articles of association requires that any Director appointed by the Board at any time to fill a casual vacancy or as an addition to the Board shall hold office only until the next following annual general meeting and shall be eligible for re-election at that meeting. Accordingly, Mr. LINZhong, Mr. TANWee Seng and Ms. LINCaiyi will retire from office by rotation and, being eligible, offer themselves for re-election at the 2024 AGM. Mr. GEMing, who was appointed by the Board as Director after the 2023 annual general meeting, shall hold office until the 2024 AGM and shall, being eligible, offer himself for re-election at that meeting.The Company has received, from each of the independent non-executive Directors, an annual confirmation of his/her independence for each of the factors and matters under the Rule 3.13 of the Listing Rules. The Company considers all of the independent non-executive Directors are independent.077二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ ReportDIRECTORS’ SERVICECONTRACTSEach of the executive Directors has entered into a service agreement with the Company and each of the independent non-executive Directors has signed an appointment letter with the Company. The appointment of all the Directors is for a period of three years and shall continue thereafter until being terminated by either party giving prior written notice of not less than six months (in case of Mr. LINZhong and Mr. LINWei, being executive Directors) or three months (in case of Mr. RUHailin, Mr. YANGXin and Mr. GEMing, being executive Directors, and Mr. ZHANGYongyue, Mr. TANWee Seng and Ms. LINCaiyi, being independent non-executive Directors).None of the Directors who were proposed for election or re-election at the 2024 AGM has a service contract with the Company which was not determinable within one year by the Company without payment of compensation, other than statutory compensation.DIRECTORS’ INTERESTSINCOMPETINGBUSINESSDuring the year ended 31 December 2023, none of the Directors, the management shareholders of the Company nor their respective associates (as defined in the Listing Rules) had any interest in a business that competed or might compete with the business of the Group. In particular, Mr. LINZhong, Mr. LINWei and Mr. LINFeng (resigned as an executive Director on 30 November 2023), as the executive Directors and the controlling shareholders of the Company, declared that they did not engage in business competed or might compete with the business of the Group during the year and they have complied with the undertakings given under the Deed of Non-competition as disclosed in the prospectus of the Company dated 13 November 2012. The independent non-executive Directors did not notice any incident of non-compliance of such undertakings.BIOGRAPHICALDETAILSOFDIRECTORSAND SENIORMANAGEMENTBrief biographical details of Directors and senior management are set out in the “Biographies of Directors and Senior Management” section of this annual report.董事服務合約每名執行董事已與本公司訂立服務協議，而每名獨立非執行董事已與本公司签订委任函。

全體董事的任期為三年，其後可繼續留任，直至其中一方給予不少於六個月（就林中先生及林偉先生作為執行董事而言）或三個月（就汝海林先生、楊欣先生及葛明先生作為執行董事，以及張永岳先生、陳偉成先生及林采宜女士作為獨立非執行董事而言）事先書面通知終止為止。

於二零二四年股東週年大會上擬參選或重選連任之董事概無與本公司訂立不可由本公司於一年內終止而毋須賠償（法定賠償除外）之服務合約。

董事於競爭業務之權益於截至二零二三年十二月三十一日止年度，本公司董事、管理層股東或彼等各自之聯繫人（定義見上市規則）概無於與本集團業務構成或可能構成競爭之業務中擁有任何權益。

其中，執行董事兼本公司控股股東林中先生、林偉先生及林峰先生（彼於二零二三年十一月三十日辭任執行董事）均表明，彼等於年內概無從事任何與本集團業務構成或可能構成競爭之業務及彼等已遵守本公司日期為二零一二年十一月十三日之招股章程所披露不競爭契據項下作出的承諾。

獨立非執行董事並無發現有關承諾之任何不合規事件。

董事及高級管理人員簡介董事及高級管理人員簡介載於本年報「董事及高級管理人員簡介」一節內。

078 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ Report控股股東根據上市規則第13.18條須履行之特定責任截至本年報日期，本集團已訂立若干附帶本公司控股股東須履行特定責任的契諾的貸款協議或貸款函件（「該等貸款協議」），須遵守上市規則第13.18條項下公告披露規定及上市規則第13.21條項下於本年報披露之規定，詳情載列如下：(i)於二零一九年八月十四日，本公司（作為借款方）及本公司若干境外附屬公司（作為原擔保人）與恒生銀行有限公司（作為賬簿管理人、原貸款方、貸款代理及抵押代理）就最多相當於50,000,000美元的定期貸款（自首次動用貸款日期起計為期四十二個月）訂立貸款協議。

(ii)於二零一九年八月二十八日，本公司（作為借款方）及本公司若干境外附屬公司（作為原擔保人）與中國建設銀行（亞洲）股份有限公司（作為貸款代理），連同一組財務機構（作為原貸款方）訂立貸款協議。

貸款協議所涉及為一筆初始總額約為365,000,000美元的美元及港元可轉讓定期貸款融資（附帶額外135,000,000美元（或等值的港元）的增額權）。

初始定期貸款融資分為以下兩部份：(i) A部份為本金總額160,000,000美元的定期貸款融資；及(ii) B部份為本金總額1,598,000,000港元的定期貸款融資。

A部份及B部份的最終還款日均為於相關首次動用貸款日期後滿四十二個月當日。

SPECIFICPERFORMANCEOFCONTROLLING SHAREHOLDERSUNDERRULE 13.18 OFTHELISTING RULESAs at the date of this annual report, the Group entered into a number of loan agreements or facility letters containing covenants relating to specific performance of the controlling shareholders of the Company (the “Loan Agreements”) which were subject to announcement disclosure under Rule 13.18 of the Listing Rules and requirements of disclosure in this annual report under Rule 13.21 of the Listing Rules, the details of which are set out below:(i) On 14 August 2019, the Company as borrower, and certain offshore subsidiaries of the Company as original guarantors, entered into a facility agreement with Hang Seng Bank Limited as the bookrunner, the original lender, the facility agent and the security agent in relation to a term loan facility of up to US$50,000,000 equivalent for a term of forty-two months after the first utilization date.(ii) On 28 August 2019, the Company as borrower, and certain offshore subsidiaries of the Company as original guarantors, entered into a facility agreement with China Construction Bank (Asia) Corporation Limited as facility agent, together with a group of financial institutions as original lenders. The facility agreement refers to a USD and HKD transferrable term loan facility in an aggregate initial amount of approximately US$365,000,000 (with a greenshoe option of an additional US$135,000,000 (or its equivalent in HKD)). The initial term loan facility is divided into two tranches as follows: (i) the tranche A is a term loan facility in an aggregate principal amount of US$160,000,000; and (ii) the tranche B is a term loan facility in an aggregate principal amount of HK$1,598,000,000. The final repayment date for both the Tranche A and the Tranche B shall be the date falling forty-two months after the relevant first utilization date.079二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ ReportSPECIFICPERFORMANCEOFCONTROLLING SHAREHOLDERSUNDERRULE 13.18 OFTHELISTING RULES (Continued)(iii) On 3 April 2020, the Company as borrower, and certain offshore subsidiaries of the Company as original guarantors, entered into a facility agreement with The Hongkong Shanghai Banking Corporation Limited as facility agent, together with a group of financial institutions as original lenders. The facility agreement refers to a USD and HKD transferrable term loan facility in an aggregate initial amount of approximately US$382,000,000 (with a greenshoe option of an additional US$318,000,000 (or its equivalent in HKD)). The initial term loan facility is divided into two tranches as follows: (i) the tranche A is a term loan facility in an aggregate principal amount of US$275,000,000; and (ii) the tranche B is a term loan facility in an aggregate principal amount of HK$834,000,000. The final repayment date for both the tranche A and the tranche B shall be the date falling forty-two months after the relevant first utilization date.(iv) On 28 December 2020, the Company as borrower and certain financial institutions as lenders, among others, entered into a facility agreement in relation to certain term loan facility in the aggregate principal amounts of US$145,000,000 and HK$1,688,000,000 for a term of forty-two months.(v) On 16 July 2021, the Company as borrower and certain financial institutions as lenders, among others, entered into a facility agreement in relation to certain term loan facility in the aggregate initial principal amount of HK$2,798,000,000 for a term of forty-two months.Pursuant to the Loan Agreements as above-mentioned, it is required that:1. Mr. LINZhong, Mr. LINWei and Mr. LINFeng as controlling shareholders of the Company, together with their respective family members, their family trust and the companies beneficially owned by them have to collectively maintain a minimum percentage of beneficial ownership of the entire issued share capital of the Company. As at the date of this annual report, such minimum percentage of beneficial ownership required under the Loan Agreements mentioned above was 40%.2. any one of Mr. LINZhong, Mr. LINWei and Mr. LINFeng shall remain as the chairman of the Board.控股股東根據上市規則第13.18條須履行之特定責任（續）(iii)於二零二零年四月三日，本公司（作為借款方）及本公司若干境外附屬公司（作為原擔保人）與香港上海滙豐銀行有限公司（作為貸款代理），連同一組財務機構（作為原貸款方）訂立貸款協議。

貸款協議所涉及為一筆初始總額約為382,000,000美元的美元及港元可轉讓定期貸款融資（附帶額外318,000,000美元（或等值的港元）的增額權）。

初始定期貸款融資分為以下兩部份：(i) A部份為本金總額275,000,000美元的定期貸款融資；及(ii) B部份為本金總額834,000,000港元的定期貸款融資。

A部份及B部份的最終還款日均為於相關首次動用貸款日期後滿四十二個月當日。

(iv)於二零二零年十二月二十八日，本公司（作為借款方）與若干金融機構（作為貸款方）（其中包括）就若干定期貸款融資訂立貸款協議，有關定期貸款融資的本金總額分別為145,000,000美元及1,688,000,000港元，為期四十二個月。

(v)於二零二一年七月十六日，本公司（作為借款方）與若干金融機構（作為貸款方）（其中包括）就若干定期貸款融資訂立貸款協議，有關定期貸款融資的初始本金總額為2,798,000,000港元，為期四十二個月。

根據上述該等貸款協議規定：1.林中先生、林偉先生及林峰先生（作為本公司的控股股東）以及彼等各自之家庭成員、家族信託及由彼等實益擁有的公司須共同維持持有本公司全部已發行股本實益擁有權的最低百分比。

於本年報日期，上述貸款協議要求的實益擁有權最低百分比則為40%。

2.林中先生、林偉先生及林峰先生任何一位須留任董事會主席。

080 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ ReportCONTINUINGDISCLOSUREUNDERRULE 13.22 OFTHELISTING RULESPursuant to Rule 13.22 of the Listing Rules, a combined statement of financial position of those affiliated companies with financial assistance given by the Group and guarantee given by the Group for facilities granted to them, and the Group’s attributable interests in those affiliated companies as at 31 December 2023, are presented as follows:合併財務狀況表本集團應佔權益Combined statement of financial positionThe Group’s attributable interests（人民幣千元） （人民幣千元）(RMB’000) (RMB’000)非流動資產Non-current assets 6,501,3352,600,534流動資產Current assets 166,516,75266,606,701流動負債Current liabilities 129,837,43251,934,973 總資產減流動負債Total assets less current liabilities 43,180,65517,272,262非流動負債Non-current liabilities 16,305,3706,522,148 資產淨值Net assets 26,875,28610,750,114The combined statement of financial position of the affiliated companies was prepared by combining their statements of financial position, after making adjustments to conform with the Group’s significant accounting policies and re-grouping into significant classification in the statement of financial position, as at 31 December 2023.根據上市規則第13.22條的持續披露根據上市規則第13.22條，獲本集團提供財務資助及就其所獲授融資獲本集團提供擔保的聯屬公司於二零二三年十二月三十一日之合併財務狀況表，以及本集團應佔該等聯屬公司之權益呈列如下：以上合併財務狀況表是根據各聯屬公司於二零二三年十二月三十一日的財務狀況表作出符合本集團的主要會計政策調整後，並按財務狀況表各主要項目類別歸納而編製。

081二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ Report購股權計劃本公司於二零一六年四月二十七日舉行的股東週年大會上採納一份購股權計劃（「二零一六年購股權計劃」）。

二零一六年購股權計劃自二零一六年四月二十七日起計為期十年，二零一六年購股權計劃的餘下有效期約為兩年。

二零一六年購股權計劃旨在激勵計劃參與者，包括董事（包括執行董事、非執行董事及獨立非執行董事）及本集團僱員於未來向本集團作出最佳貢獻，並獎勵彼等過往的貢獻。

根據二零一六年購股權計劃，董事可邀請參與者按董事會的絕對酌情權而釐定的價格獲得購股權，然而在任何情況下不得低於以下三者中的最高者：(a)本公司向承授人提呈要約當日（「授出日期」，必須為營業日）在聯交所發出的日報表列明的股份收市價；(b)緊接授出日期前五個營業日在聯交所發出的日報表列明的股份平均收市價；及(c)股份面值。

根據二零一六年購股權計劃及本公司任何其他購股權計劃將予授出的所有購股權獲行使後可予發行的股份最高數目，除非本公司取得股東批准以更新上限，否則合共不得超過666,640,389股股份，相當於採納二零一六年購股權計劃當日已發行股份總數的10%。

於二零二三年十二月三十一日，根據二零一六年購股權計劃已授出惟尚未行使的所有購股權獲行使時可能發行合共300,000,000股股份（相當於本年報日期的現有已發行股份約2.88%）。

於二零二三年一月一日及二零二三年十二月三十一日，根據二零一六年購股權計劃可供授出的購股權數量分別為300,843,506份及300,843,506份。

除股東於本公司股東大會上另行批准外，於任何十二個月期間內，根據二零一六年購股權計劃授予每位承授人的購股權（包括已行使及尚未行使購股權）獲行使後已發行及將予發行的股份最高數目，不得超過當時已發行股份總數的1%。

承授人可於董事會提呈要約時可能釐定及知會承授人的購股權期間內隨時根據二零一六年購股權計劃條款行使購股權，惟該期間不得於授出日期起計十年後屆滿。

要約須於授出日期起計七日期間內可供接納。

接納一份購股權的應付款項為1.00港元。

就二零一六年購股權計劃而言，本公司亦須遵守上市規則第十七章項下之新規定。

SHAREOPTIONSCHEMEA share option scheme (the “2016 Share Option Scheme”) was adopted by the Company at the annual general meeting held on 27 April 2016. The 2016 Share Option Scheme has a life of 10 years from 27 April 2016 and the remaining life of the 2016 Share Option Scheme is approximately 2 years.The purpose of the 2016 Share Option Scheme is to motivate the participants of the scheme, including Directors (including executive Directors, non-executive Directors and independent non-executive Directors) and employees of the Group to optimize their future contributions to the Group and reward them for their past contribution.Pursuant to the 2016 Share Option Scheme, the Directors may invite participants to take up options at a price determined by the Board in its absolute discretion but in any event shall not be less than the highest of (a) the closing price of the Shares as stated in the daily quotations sheets issued by the Stock Exchange on the date on which an offer is made by the Company to the grantee (“Date of Grant”) which must be a business day; (b) the average closing price of the Shares as stated in the daily quotations sheets issued by the Stock Exchange for the 5 business days immediately preceding the Date of Grant; and (c) the nominal value of the Shares.The maximum number of Shares which may be issued upon exercise of all options to be granted under the 2016 Share Option Scheme and any other share option schemes of the Company shall not, in aggregate exceed 666,640,389 Shares, representing 10% of the total number of Shares in issue as at the date of adoption of the 2016 Share Option Scheme unless the Company obtains an approval from the shareholders to refresh the limit. As at 31 December 2023, a total of 300,000,000 Shares (representing approximately 2.88% of the existing issued Shares as at the date of this annual report) may be issued upon exercise of all options which had been granted and yet to be exercised under the 2016 Share Option Scheme. The number of options available for grant under the 2016 Share Option Scheme was 300,843,506 as at 1 January 2023 and 300,843,506 as at 31 December 2023, respectively.The maximum number of Shares issued and to be issued upon exercise of the options granted to each grantee under the 2016 Share Option Scheme (including both exercised and outstanding options) in any 12-month period shall not exceed 1% of the total number of Shares in issue for the time being unless otherwise approved by the shareholders in a general meeting of the Company.The options may be exercised in accordance with the terms of the 2016 Share Option Scheme at any time during the option period which may be determined and notified by the Board to the grantees at the time of making an offer which shall not expire later than 10 years from the Date of Grant. The offer shall remain open for acceptance for a period of 7 days from the Date of Grant. The amount payable on acceptance of an option is HK$1.00. For the 2016 Share Option Scheme, the Company should also comply with the new requirements under Chapter 17 of the Listing Rules.082 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ ReportSHAREOPTIONSCHEME (Continued)Particulars of the movement of options granted under the 2016 Share Option Scheme in respect of the year under review are as follows:Directors購股權數目Number of Share Options姓名Name身份Capacity授出日期Date of Grant行使價格（港元）Exercise Price(HK$)於二零二三年一月一日尚未行使Outstanding at 1 Jan 2023於本年度授出Grantedduringthe year於本年度行使Exercisedduringthe year於本年度轉撥自╱（至）其他類別Transferred from/(to) other categories during the year於二零二三年十二月三十一日尚未行使Outstandingat 31 Dec 2023 林峰先生（附註2）Mr. LINFeng (Note 2)實益擁有人Beneficial owner二零二二年七月二十六日2.51港元890,000 – – (890,000) –26 July 2022 HK$2.51汝海林先生Mr. RUHailin實益擁有人Beneficial owner二零二二年七月二十六日2.51港元10,000,000 – – – 10,000,00026 July 2022 HK$2.51楊欣先生Mr. YANGXin實益擁有人Beneficial owner二零二二年七月二十六日2.51港元8,000,000 – – – 8,000,00026 July 2022 HK$2.51葛明先生（附註3）Mr. GEMing (Note 3)實益擁有人Beneficial owner二零二二年七月二十六日2.51港元不適用– – 5,000,0005,000,00026 July 2022 HK$2.51 N/A張永岳先生Mr. ZHANGYongyue實益擁有人Beneficial owner二零二二年七月二十六日2.51港元600,000 – – – 600,00026 July 2022 HK$2.51陳偉成先生實益擁有人二零二二年七月二十六日2.51港元600,000 – – – 600,000Mr. TANWee Seng Beneficial owner 26 July 2022 HK$2.51林采宜女士實益擁有人二零二二年七月二十六日2.51港元600,000 – – – 600,000Ms. LINCaiyi Beneficial owner 26 July 2022 HK$2.51購股權計劃（續）於回顧年度，根據二零一六年購股權計劃的已授出購股權變動詳情載列如下：董事083二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ Report購股權計劃（續）主要股東SHAREOPTIONSCHEME (Continued)Substantial Shareholder購股權數目Number of Share Options姓名Name身份Capacity授出日期Date of Grant行使價格（港元）Exercise Price(HK$)於二零二三年一月一日尚未行使Outstanding at 1 Jan 2023於本年度授出Grantedduringthe year於本年度行使Exercisedduringthe year於本年度轉撥自╱（至）其他類別Transferred from/(to) other categories during the year於二零二三年十二月三十一日尚未行使Outstandingat 31 Dec 2023 林峰先生（附註2）實益擁有人二零二二年七月二十六日2.51港元不適用– – 890,000890,000Mr. LINFeng (Note 2) Beneficial owner 26 July 2022 HK$2.51 N/AEmployees購股權數目Number of Share Options授出日期Date of Grant身份Capacity行使價格（港元）Exercise Price(HK$)於二零二三年一月一日尚未行使Outstandingat 1 Jan 2023於本年度授出Granted during the year於本年度行使Exercised during the year於本年度轉撥自╱（至）其他類別Transferred from/(to) other categoriesduring the year於二零二三年十二月三十一日尚未行使Outstandingat 31 Dec 2023 二零二二年七月二十六日實益擁有人2.51港元279,310,000 – – (5,000,000) 274,310,00026 July 2022 Beneficial owner HK$2.51Notes:1. As for the share option granted on 26 July 2022, the closing price of the Shares on the Stock Exchange immediately before the date on which the options were granted was HK$2.15. The options are exercisable in 4 tranches of 25%, respectively, from 1 January 2023 to 26 April 2026.2. Mr. LINFeng resigned as an executive Director with effect from 30 November 2023.3. Mr. GEMing was appointed as an executive Director with effect from 30 November 2023.4. No option was granted, exercised, lapsed or cancelled during the year.5. Details of fair value of share options granted under the 2016 Share Option Scheme are set out in note 47 to the consolidated financial statements.僱員附註：1.就於二零二二年七月二十六日授出的購股權而言，股份於緊接授出購股權日期前在聯交所的收市價為2.15港元。

購股權分為四批，分別佔25%，可於二零二三年一月一日至二零二六年四月二十六日行使。

2.林峰先生已辭任執行董事，自二零二三年十一月三十日起生效。

3.葛明先生獲委任為執行董事，自二零二三年十一月三十日起生效。

4.年內並無購股權授出、行使、失效或註銷。

5.根據二零一六年購股權計劃授出的購股權的公平值的詳情載於綜合財務報表附註47。

084 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ Report股份獎勵計劃於二零一七年十二月十八日（「採納日期」），董事會採納股份獎勵計劃（「股份獎勵計劃」），據此，Prosperity Fountain (PTC) Limited，即於受託人所訂立日期為二零一七年十二月十八日的信託契據（經不時重列、補充及修訂）（「信託契據」）中宣佈為信託的受託人（「受託人」），將以本集團付出的現金於公開市場購買或向本公司認購新股份以作為獎勵股份（「獎勵股份」），並代由董事會所挑選參與股份獎勵計劃的合資格人士（「經選定參與者」）以信託形式持有，直至有關股份根據股份獎勵計劃的條文歸屬於相關經選定參與者為止。

股份獎勵計劃旨在肯定若干任何(i)主要管理人員，包括董事及本集團的高級管理層；及(ii)本集團任何成員公司的僱員（「合資格人士」，不包括根據居住地法例或法規不得按股份獎勵計劃的條款授出獎勵股份及╱或歸屬及轉讓獎勵股份，或董事會或受託人（視乎情況而定）認為就遵守當地適用法例或規例而排除該合資格人士為除外人士屬必要或權宜）的貢獻，並向彼等提供獎勵，以留聘彼等為本集團的持續營運及發展提供服務。

股份獎勵計劃將由董事會及受託人根據股份獎勵計劃及信託契據的規則進行管理。

除非董事會可能決定提早終止，否則股份獎勵計劃將自採納日期起計十年期內有效及生效，而其餘下有效期約為三年。

董事會不得進一步獎勵任何獎勵股份，以致獎勵股份總數將超過不時已發行股份數目的5%。

於任何十二個月期間內根據股份獎勵計劃可向經選定參與者授出的股份最高數目不得超過已發行股份數目的1%。

董事會可不時酌情釐定有關獎勵股份之歸屬期。

股份獎勵計劃的主要條款及條件概要載列於本公司日期為二零一七年十二月十八日及二零一七年十二月二十九日的公告內。

就股份獎勵計劃而言，本公司亦須遵守上市規則第十七章項下之新規定。

SHAREAWARDSCHEMEOn 18 December 2017 (the “Adoption Date”), the Board adopted a share award scheme (the “Share Award Scheme”), pursuant to which the shares to be awarded (the “Awarded Share(s)”) will be purchased by Prosperity Fountain (PTC) Limited as the trustee (the “Trustee”) of the trust declared in the Trust Deed dated 18 December 2017 entered into by the Trustee (as restated, supplemented and amended from time to time) (the “Trust Deed”) from the open market or subscribed from the Company as new shares out of cash contributed by the Group and held on trust for the Eligible Person(s) selected by the Board for participation in the Share Award Scheme (the “Selected Participants”) until such Shares are vested with the relevant Selected Participants in accordance with the provisions of the Share Award Scheme. The purpose of the Share Award Scheme is to recognise the contributions by certain any of the (i) key management personnel including Directors and senior management of the Group; and (ii) employee of any member of the Group (the “Eligible Persons”, other than any Eligible Person who is resident in a place where the award of the Awarded Shares and/or the vesting and transfer the Awarded Shares pursuant to the terms of the Share Award Scheme is not permitted under the laws or regulations of such place, or in the view of the Board or the Trustee (as the case may be), compliance with applicable laws or regulations in such place makes it necessary or expedient to exclude such Eligible Person as excluded persons) and to provide them with incentives in order to retain them for the continual operation and development of the Group. The Share Award Scheme shall be subject to administration of the Board and the Trustee in accordance with the rules of the Share Award Scheme and the Trust Deed.Subject to any early termination as may be determined by the Board, the Share Award Scheme shall be valid and effective for a term of 10 years commencing on the Adoption Date and its remaining life is approximately three years.The Board shall not make any further award of Awarded Shares which will result in the total number of Awarded Shares exceeding 5% of the number of issued Shares from time to time. The maximum number of Shares which may be awarded to a Selected Participant under the Share Award Scheme in any 12-month period shall not exceed 1% of the number of issued Shares. The Board may from time to time at its discretion determine the vesting periods in respect of the Awarded Shares.The summary of the principal terms and conditions of the Share Award Scheme was set out in the Company’s announcements dated 18 December 2017 and 29 December 2017. For the Share Award Scheme, the Company should also comply with the new requirements under Chapter 17 of the Listing Rules.085二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ Report股份獎勵計劃（續）於回顧年度，根據股份獎勵計劃授出獎勵股份的詳情載列如下：授出日期Date of grant於二零二三年一月一日尚未歸屬Unvestedas at1 January2023於本年度授出Grantedduring the year於本年度歸屬（附註１）Vestedduringthe year(Note 1)於本年度失效Lapsedduringthe year於二零二三年十二月三十一日尚未歸屬Unvestedas at31 December2023歸屬期Vesting period董事– – – – – –不適用Director N/A年內五名最高薪酬人士二零二二年十二月二十二日– – – – –於二零二三年三月三十一日或之前Five highest paid individuals during the year22 December 2022 On or before 31 March 2023僱員（附註2）二零二二年十二月二十二日34,900,000 – 34,900,000 – –於二零二三年三月三十一日或之前Employees (Note 2) 22 December 2022 On or before 31 March 2023附註：1.獎勵股份於緊接獎勵股份獲歸屬日期前的加權平均收市價為0.93港元。

2.本集團僱員不包括董事及本集團年內五名最高薪酬人士。

3.年內並無獎勵股份授出、失效或註銷。

於二零二三年一月一日及二零二三年十二月三十一日，受託人持有根據股份獎勵計劃可供授出的股份數目分別為34,919,178股股份（當中包括已授予相關經選定參與者但尚未歸還或轉讓的股份）及19,178股股份，佔已發行股份約0.34%及0.0002%。

除以上披露外，本公司於年內並無根據股份獎勵計劃授出任何股份。

有關股份獎勵計劃的詳情載於綜合財務報表附註47。

SHAREAWARDSCHEME (Continued)Details of the Awarded Shares granted under the Share Award Scheme during the year under review are as follows:Notes:1. The weighted average closing price of the Awarded Shares immediately before the date on which the Awarded Shares were vested was HK$0.93.2. Employees of the Group exclude the Directors and the five highest paid individuals of the Group during the year.3. No Awarded Share was granted, lapsed or cancelled during the year.The number of Shares held by the Trustee available for grant under the Share Award Scheme as at 1 January 2023 and 31 December 2023 was 34,919,178 Shares, which includes Shares that have been granted to the relevant Selected Participants but yet to be vested or transferred, and 19,178 Shares, respectively, representing approximately 0.34% and 0.0002% of the issued Shares.Save as disclosed above, the Company has not awarded any Share under the Share Award Scheme during the year. Details of the Share Award Scheme are set out in note 47 to the consolidated financial statements.086 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ ReportDIRECTORS’ ANDCHIEFEXECUTIVES’ INTERESTS INSECURITIESAs at 31 December 2023, the interests or short positions of the Directors and chief executives of the Company in the shares, underlying shares and debentures of the Company and its associated corporations, within the meaning of Part XV of the Securities and Futures Ordinance (the “SFO”), which (a) were required 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 they are taken or deemed to have under such provisions of the SFO); or (b) were required, pursuant to section 352 of the SFO, to be recorded in the register referred to therein; or (c) were required to be notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules, were as follows:Long positions in the Shares and underlying Shares:董事姓名Name of Director法團名稱Name of Corporation身份╱權益性質Capacity/Nature of interest股份╱根據購股權的相關股份數目Number of Shares/underlying Sharespursuant to share options百分比權益（約）% Interest(Approximate)林中先生Mr. LINZhong本公司全權信託的創立人（附註1） 1,363,754,30113.10%Company Founder of a discretionary trust (Note 1)本公司全權信託的共同創立人（附註2） 2,737,372,10526.29%Company Co-founder of a discretionary trust (Note 2)本公司實益擁有人（附註3） 1,3210.00001%Company Beneficial owner (Note 3)本公司其配偶權益（附註4） 10,400,0000.10%Company Interest of his Spouse (Note 4)領寓國際集團有限公司（「領寓國際」）受控制法團權益（附註15） 160,00040%LingYu International Group Co., Ltd. (“LingYu International”)Interest of controlled corporation (Note 15)上海綠明建築科技集團有限公司（「綠明建科」）受控制法團權益（附註16） 40,000,00040%Shanghai Lvming Construction Technology Group Co., Ltd.* (“Lvming Construction Technology”)Interest of controlled corporation (Note 16)永升服務集團有限公司（前稱為旭輝永升服務集團有限公司，「永升服務」）受控制法團權益（附註17） 273,180,00015.62%Ever Sunshine Services Group Limited (formerly known as CIFIEver Sunshine Services Group Limited, “Ever Sunshine Services”)Interest of controlled corporation (Note 17)永升服務受控制法團權益（附註18） 406,820,00023.26%Ever Sunshine Services Interest of controlled corporation (Note 18)永升服務全權信託的共同創立人（附註19） 1,000,0000.06%Ever Sunshine Services Co-founder of a discretionary trust (Note 19)永升服務其他（附註20） 500,0000.03%Ever Sunshine Services Other (Note 20)董事及主要行政人員的證券權益於二零二三年十二月三十一日，董事及本公司主要行政人員於本公司及其相聯法團（定義見證券及期貨條例（「證券及期貨條例」）第XV部）股份、相關股份及債券中擁有(a)根據證券及期貨條例第XV部第7及8分部須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的該等條文被當作或視為擁有的權益及淡倉）；或(b)根據證券及期貨條例第352條須登記於該條所指登記冊內的權益或淡倉；或(c)根據上市規則附錄C3所載上市發行人董事進行證券交易的標準守則須知會本公司及聯交所的權益或淡倉如下：於股份及相關股份的好倉：087二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ Report董事及主要行政人員的證券權益（續）於股份及相關股份的好倉：（續）董事姓名Name of Director法團名稱Name of Corporation身份╱權益性質Capacity/Nature of interest股份╱根據購股權的相關股份數目Number of Shares/underlying Sharespursuant to share options百分比權益（約）% Interest(Approximate)林偉先生Mr. LINWei本公司Company全權信託的創立人（附註5） 504,452,1944.84%Founder of a discretionary trust (Note 5)本公司全權信託的共同創立人（附註2） 2,737,372,10526.29%Company Co-founder of a discretionary trust (Note 2)領寓國際受控制法團權益（附註15） 160,00040%LingYu International Interest of controlled corporation (Note 15)永升服務受控制法團權益（附註18） 406,820,00023.26%Ever Sunshine Services Interest of controlled corporation (Note 18)永升服務全權信託的共同創立人（附註19） 1,000,0000.06%Ever Sunshine Services Co-founder of a discretionary trust (Note 19)永升服務其他（附註21） 273,680,00015.65%Ever Sunshine Services Other (Note 21)汝海林先生Mr. RUHailin本公司實益擁有人（附註7） 2,585,1200.02%Company Beneficial owner (Note 7)本公司實益擁有人（附註6） 10,000,0000.10%Company Beneficial owner (Note 6)本公司其配偶權益（附註8） 218,4000.002%Company Interest of his spouse (Note 8)永升服務實益擁有人（附註22） 530,0000.03%Ever Sunshine Services Beneficial owner (Note 22)永升服務其配偶權益（附註23） 520,0000.03%Ever Sunshine Services Interest of his spouse (Note 23)DIRECTORS’ ANDCHIEFEXECUTIVES’ INTERESTS INSECURITIES (Continued)Long positions in the Shares and underlying Shares: (Continued)088 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ Report董事姓名Name of Director法團名稱Name of Corporation身份╱權益性質Capacity/Nature of interest股份╱根據購股權的相關股份數目Number of Shares/underlying Sharespursuant to share options百分比權益（約）% Interest(Approximate)楊欣先生Mr. YANGXin本公司實益擁有人（附註9） 3,552,7110.03%Company Beneficial owner (Note 9)本公司實益擁有人及其配偶權益（附註10） 1,626,3800.02%Company Beneficial owner and interest of his spouse (Note 10)本公司實益擁有人（附註6） 8,000,0000.08%Company Beneficial owner (Note 6)永升服務實益擁有人（附註24） 20,0000.001%Ever Sunshine Services Beneficial owner (Note 24)葛明先生Mr. GEMing本公司實益擁有人（附註11） 1,407,3620.01%Company Beneficial owner (Note 11)本公司實益擁有人（附註6） 5,000,0000.05%Company Beneficial owner (Note 6)永升服務實益擁有人（附註25） 1,900,0000.11%Ever Sunshine Services Beneficial owner (Note 25)張永岳先生Mr. ZHANGYongyue本公司實益擁有人（附註12） 2,245,5910.02%Company Beneficial owner (Note 12)本公司實益擁有人（附註6） 600,0000.006%Company Beneficial owner (Note 6)陳偉成先生Mr. TANWee Seng本公司實益擁有人（附註13） 1,632,6020.02%Company Beneficial owner (Note 13)本公司實益擁有人（附註6） 600,0000.006%Company Beneficial owner (Note 6)林采宜女士Ms. LINCaiyi本公司實益擁有人（附註14） 200,0000.002%Company Beneficial owner (Note 14)本公司實益擁有人（附註6） 600,0000.006%Company Beneficial owner (Note 6)董事及主要行政人員的證券權益（續）於股份及相關股份的好倉：（續）DIRECTORS’ ANDCHIEFEXECUTIVES’ INTERESTS INSECURITIES (Continued)Long positions in the Shares and underlying Shares: (Continued)089二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ ReportDIRECTORS’ ANDCHIEFEXECUTIVES’ INTERESTS INSECURITIES (Continued)Long positions in the Shares and underlying Shares: (Continued)Notes: 1. These Shares are held by Ding Chang Limited (“Ding Chang”). The entire issued share capital of Ding Chang is wholly owned by Eternally Success International Limited (“Eternally Success”), the entire issued share capital of which is in turn held by Standard Chartered Trust (Singapore) Limited (“Standard Chartered Trust”) as the trustee of the Sun Success Trust via SCTSCapital Pte. Ltd. (“SCTSCapital”). The Sun Success Trust is a discretionary trust set up by Mr. LINZhong as settlor and Standard Chartered Trust as trustee on 11 May 2012. The beneficiary objects of the Sun Success Trust include certain family members of Mr. LINZhong. Mr. LINZhong as founder of the Sun Success Trust is taken to be interested in the 1,363,754,301 Shares held by Ding Chang pursuant to Part XV of the SFO.2. These Shares are held by Rosy Fortune Investments Limited (“Rosy Fortune”). The entire issued share capital of Rosy Fortune is wholly owned by Gentle Beauty Assets Limited (“Gentle Beauty”), the entire issued share capital of which is in turn held by Standard Chartered Trust as the trustee of the LIN’s Family Trust via SCTSCapital. The LIN’s Family Trust is a discretionary trust set up jointly by Mr. LINZhong, Mr. LINWei and Mr. LINFeng as settlors and Standard Chartered Trust as trustee on 11 May 2012. The beneficiary objects of the LIN’s Family Trust include certain family members of Mr. LINZhong, Mr. LINWei and Mr. LINFeng. Each of Mr. LINZhong, Mr. LINWei and Mr. LINFeng as a co-founder of the LIN’s Family Trust is taken to be interested in the 2,737,372,105 Shares held by Rosy Fortune pursuant to Part XV of the SFO.3. These Shares are directly held by Mr. LINZhong.4. These Shares are directly held by the spouse of Mr. LINZhong.5. These Shares are held by Eminent Talent Limited (“Eminent Talent”). The entire issued share capital of Eminent Talent is wholly owned by LWAsset Holdings Limited (“LWAsset”), the entire issued share capital of which is in turn held by a discretionary trust set up by Mr. LINWei as settlor and Credit Suisse Trust Limited (“Credit Suisse Trust”) as the trustee in 2018. The beneficiary objects of the said trust include certain family members of Mr. LINWei. Mr. LINWei as founder of the said trust is taken to be interested in the 504,452,194 Shares held by Eminent Talent pursuant to Part XV of the SFO.董事及主要行政人員的證券權益（續）於股份及相關股份的好倉：（續）附註：1.該等股份由鼎昌有限公司（「鼎昌」）持有。

鼎昌的全部已發行股本由永成國際有限公司（「永成」）全資擁有，而永成的全部已發行股本則由Sun Success Trust的受託人Standard Chartered Trust (Singapore) Limited（「Standard Chartered Trust」）透過SCTSCapital Pte. Ltd.（「SCTSCapital」）持有。

Sun Success Trust乃林中先生（作為財產授予人）與Standard Chartered Trust（作為受託人）於二零一二年五月十一日成立的全權信託。

Sun Success Trust的受益人包括林中先生的若干家族成員。

根據證券及期貨條例第XV部，林中先生（作為Sun Success Trust的創立人）被視為於鼎昌持有的1,363,754,301股股份中擁有權益。

2.該等股份由茂福投資有限公司（「茂福」）持有。

茂福的全部已發行股本由仁美資產有限公司（「仁美資產」）全資擁有，而仁美資產的全部已發行股本則由林氏家族信託的受託人Standard Chartered Trust透過SCTSCapital持有。

林氏家族信託乃林中先生、林偉先生及林峰先生（作為財產授予人）與Standard Chartered Trust（作為受託人）於二零一二年五月十一日共同成立的全權信託。

林氏家族信託的受益人包括林中先生、林偉先生及林峰先生的若干家族成員。

根據證券及期貨條例第XV部，林中先生、林偉先生及林峰先生（作為林氏家族信託的共同創立人）各自被視為於茂福持有的2,737,372,105股股份中擁有權益。

3.該等股份由林中先生直接持有。

4.該等股份由林中先生之配偶直接持有。

5.該等股份由卓駿有限公司（「卓駿」）持有。

卓駿的全部已發行股本由LWAsset Holdings Limited（「LWAsset」）全資擁有，而LWAsset的全部已發行股本則由林偉先生（作為財產授予人）與Credit Suisse Trust Limited（「Credit Suisse Trust」）（作為受託人）於二零一八年成立的一個全權信託持有。

該信託的受益人包括林偉先生的若干家族成員。

根據證券及期貨條例第XV部，林偉先生（作為該信託的創立人）被視為於卓駿持有的504,452,194股股份中擁有權益。

090 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ ReportDIRECTORS’ ANDCHIEFEXECUTIVES’ INTERESTS INSECURITIES (Continued)Long positions in the Shares and underlying Shares: (Continued)Notes: (Continued)6. The relevant Directors were granted options to subscribe for such number of Shares under the 2016 Share Option Scheme. Details of the Directors’ interests in share options are set out in the paragraph headed “Share Option Scheme” in this annual report.7. These Shares are directly held by Mr. RUHailin.8. These Shares are directly held by Mr. RUHailin’s spouse.9. These Shares are directly held by Mr. YANGXin.10. These Shares are directly held by Mr. YANGXin and his spouse.11. These Shares are directly held by Mr. GEMing.12. These Shares are directly held by Mr. ZHANGYongyue.13. These Shares are directly held by Mr. TANWee Seng.14. These Shares are directly held by Ms. LINCaiyi.15. These shares of LingYu International include 100,000 shares held by Smart City Assets Limited and 60,000 shares held by Loyal Most Enterprises Limited of which Mr. LINZhong, together with Mr. LINWei and Mr. LINFeng, are regarded to have control by virtue of the SFO.16. These shares of Lvming Construction Technology are held by Shanghai Xuhui Enterprise Development Co., Ltd.* (上海旭輝企業發展有限公司) of which Mr. LINZhong is regarded to have control by virtue of the SFO.17. These shares of Ever Sunshine Services are held by Elite Force Development Limited (“Elite Force Development”). The entire issued share capital of Elite Force Development is owned as to 50% by Mr. LINZhong,25% by Mr. LINWei and 25% by Mr. LINFeng. Therefore, Mr. LINZhong is regarded to have control in these 273,180,000 shares of Ever Sunshine Services held by Elite Force Development by virtue of the SFO. With effect from 30 June 2020, Elite Force Development has entrusted Spectron Enterprises Limited (“Spectron Enterprises”) to exercise voting rights of certain number of shares of Ever Sunshine Services. Elite Force Development continues to own such shares of Ever Sunshine Services as the beneficial owner and be entitled to the dividends, distributions and all other rights and benefits attaching to such shares.董事及主要行政人員的證券權益（續）於股份及相關股份的好倉：（續）附註：（續）6.相關董事根據二零一六年購股權計劃獲授可認購該數目股份的購股權。

董事於購股權的權益詳情載於本年報內「購股權計劃」一段中。

7.該等股份由汝海林先生直接持有。

8.該等股份由汝海林先生之配偶直接持有。

9.該等股份由楊欣先生直接持有。

10.該等股份由楊欣先生及其配偶直接持有。

11.該等股份由葛明先生直接持有。

12.該等股份由張永岳先生直接持有。

13.該等股份由陳偉成先生直接持有。

14.該等股份由林采宜女士直接持有。

15.該等領寓國際的股份包括由Smart City Assets Limited持有的100,000股股份，以及由Loyal Most Enterprises Limited持有的60,000股股份，根據證券及期貨條例，林中先生連同林偉先生及林峰先生被視為擁有控制權。

16.該等綠明建科的股份由上海旭輝企業發展有限公司持有，根據證券及期貨條例，林中先生被視為擁有控制權。

17.該等永升服務的股份由Elite Force Development Limited（「Elite Force Development」）持有。

Elite Force Development的全部已發行股本由林中先生持有50%，由林偉先生持有25%及由林峰先生持有25%。

因此，根據證券及期貨條例，林中先生被視為於Elite Force Development持有的273,180,000股永升服務股份中擁有控制權。

Elite Force Development已經委託Spectron Enterprises Limited（「Spectron Enterprises」）行使若干數量的永升服務股份的投票權，自二零二零年六月三十日起生效。

Elite Force Development繼續作為實益擁有人擁有該等永升服務股份以及有權獲得該等股份所附帶的股息、分派以及所有其他權利及利益。

091二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ ReportDIRECTORS’ ANDCHIEFEXECUTIVES’ INTERESTS INSECURITIES (Continued)Long positions in the Shares and underlying Shares: (Continued)Notes: (Continued)18. These shares of Ever Sunshine Services are held by Spectron Enterprises, the entire issued share capital of which is in turn held by Xu Sheng Limited which is a direct wholly-owned subsidiary of the Company. Therefore, each of Mr. LINZhong, Mr. LINWei and Mr. LINFeng is taken to be interested in the 406,820,000 shares of Ever Sunshine Services held by Spectron Enterprises pursuant to Part XV of the SFO. Regarding the entrusted voting arrangement, please refer to note 17 above.19. These shares of Ever Sunshine Services are held by Rosy Fortune. The entire issued share capital of Rosy Fortune is wholly owned by Gentle Beauty, the entire issued share capital of which is in turn held by Standard Chartered Trust as the trustee of the LIN’s Family Trust via SCTSCapital. The LIN’s Family Trust is a discretionary trust set up jointly by Mr. LINZhong, Mr. LINWei and Mr. LINFeng as settlors and Standard Chartered Trust as trustee on 11 May 2012. The beneficiary objects of the LIN’s Family Trust include certain family members of Mr. LINZhong, Mr. LINWei and Mr. LINFeng. Each of Mr. LINZhong, Mr. LINWei and Mr. LINFeng as a co-founder of the LIN’s Family Trust is taken to be interested in these 1,000,000 shares of Ever Sunshine Services held by Rosy Fortune pursuant to Part XV of the SFO.20. These shares of Ever Sunshine Services are held by Rain-Mountain Limited (“Rain-Mountain”). Mr. LINZhong, Mr. LINWei and Mr. LINFeng signed an acting in concert deed on 6 August 2018. By virtue of the SFO, Mr. LINZhong is deemed to be interested in the shares of Ever Sunshine Services held by Rain-Mountain.21. These shares of Ever Sunshine Services are held by Rain-Mountain and Elite Force Development. Mr. LINZhong, Mr. LINWei and Mr. LINFeng signed an acting in concert deed on 6 August 2018. By virtue of the SFO, Mr. LINWei is deemed to be interested in the 273,180,000 shares of Ever Sunshine Services held by Elite Force Development and the 500,000 shares of Ever Sunshine Services held by Rain-Mountain. With effect from 30 June 2020, Elite Force Development has entrusted Spectron Enterprises to exercise voting rights of certain number of shares of Ever Sunshine Services. Elite Force Development continues to own such shares of Ever Sunshine Services as the beneficial owner and be entitled to the dividends, distributions and all other rights and benefits attaching to such shares.22. These shares of Ever Sunshine Services are directly held by Mr. RUHailin.23. These shares of Ever Sunshine Services are directly held by the spouse of Mr. RUHailin.24. These shares of Ever Sunshine Services are directly held by Mr. YANGXin.25. These shares of Ever Sunshine Services are directly held by Mr. GEMing.董事及主要行政人員的證券權益（續）於股份及相關股份的好倉：（續）附註：（續）18.該等永升服務的股份由Spectron Enterprises持有，而Spectron Enterprises的全部已發行股本則由本公司直接全資附屬公司旭昇有限公司持有。

因此，根據證券及期貨條例第XV部，林中先生、林偉先生及林峰先生各自被視為於Spectron Enterprises持有的406,820,000股永升服務股份中擁有權益。

關於委託投票安排，請參見以上附註17。

19.該等永升服務的股份由茂福持有。

茂福的全部已發行股本由仁美資產全資擁有，而仁美資產的全部已發行股本則由林氏家族信託的受託人Standard Chartered Trust透過SCTSCapital持有。

林氏家族信託乃林中先生、林偉先生及林峰先生（作為財產授予人）與Standard Chartered Trust （作為受託人）於二零一二年五月十一日共同成立的全權信託。

林氏家族信託的受益人包括林中先生、林偉先生及林峰先生的若干家族成員。

根據證券及期貨條例第XV部，林中先生、林偉先生及林峰先生（作為林氏家族信託的共同創立人）被視為於茂福持有的該等1,000,000股永升服務股份中擁有權益。

20.該等永升服務的股份由Rain-Mountain Limited（「Rain-Mountain」）持有。

於二零一八年八月六日，林中先生、林偉先生及林峰先生签订一致行動契據。

根據證券及期貨條例，林中先生被視為於Rain-Mountain持有的永升服務股份中擁有權益。

21.該等永升服務的股份由Rain-Mountain及Elite Force Development持有。

於二零一八年八月六日，林中先生、林偉先生及林峰先生签订一致行動契據。

根據證券及期貨條例，林偉先生被視為於Elite Force Development持有的273,180,000股永升服務股份及Rain-Mountain持有的500,000股永升服務股份中擁有權益。

Elite Force Development已經委託Spectron Enterprises行使若干數量的永升服務股份的投票權，自二零二零年六月三十日起生效。

Elite Force Development繼續作為實益擁有人擁有該等永升服務股份以及有權獲得該等股份所附帶的股息、分派以及所有其他權利及利益。

22.該等永升服務的股份由汝海林先生直接持有。

23.該等永升服務的股份由汝海林先生的配偶直接持有。

24.該等永升服務的股份由楊欣先生直接持有。

25.該等永升服務的股份由葛明先生直接持有。

092 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ ReportDIRECTORS’ ANDCHIEFEXECUTIVES’ INTERESTS INSECURITIES (Continued)Interests in the debentures:董事姓名Name of Director法團名稱Name of Corporation身份╱權益性質Capacity/Nature of interest所持相關債券本金額Principal amount ofrelevant debentures held佔已發行相關債券尚未償還本金總額概約百分比Approximatepercentage ofthe aggregateoutstandingprincipalamount ofthe relevant debentureissued(%)林中先生Mr. LINZhong本公司全權信託的共同創立人（附註1及4） 1,000,000美元0.18%Company Co-founder of a discretionary trust (Notes 1 and 4) US$1 million本公司全權信託的共同創立人（附註2及4） 1,000,000美元0.24%Company Co-founder of a discretionary trust (Notes 2 and 4) US$1 million本公司全權信託的共同創立人（附註3及4） 1,000,000美元0.67%Company Co-founder of a discretionary trust (Notes 3 and 4) US$1 million林偉先生Mr. LINWei本公司全權信託的共同創立人（附註1及4） 1,000,000美元0.18%Company Co-founder of a discretionary trust (Notes 1 and 4) US$1 million本公司全權信託的共同創立人（附註2及4） 1,000,000美元0.24%Company Co-founder of a discretionary trust (Notes 2 and 4) US$1 million本公司全權信託的共同創立人（附註3及4） 1,000,000美元0.67%Company Co-founder of a discretionary trust (Notes 3 and 4) US$1 million楊欣先生Mr. YANGXin旭輝集團股份有限公司（「旭輝中國」）實益擁有人（附註5及7）人民幣5,900,000元0.20%CIFIGroup Co., Ltd.* (“CIFIPRC”)Beneficial owner (Notes 5 and 7) RMB5.9 million旭輝中國實益擁有人（附註6及7）人民幣1,000,000元0.05%CIFIPRCBeneficial owner (Notes 6 and 7) RMB1 million董事及主要行政人員的證券權益（續）於債券的權益：093二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ ReportDIRECTORS’ ANDCHIEFEXECUTIVES’ INTERESTS INSECURITIES (Continued)Interests in the debentures: (Continued)Notes:1. The 6.0% senior notes due 2025 with the aggregate principal amount of US$567 million were issued by the Company in January 2020, which are listed on the Stock Exchange.2. The 4.375% senior notes due 2027 with the aggregate principal amount of US$419 million were issued by the Company in January 2021, which are listed on the Stock Exchange.3. The 4.8% senior notes due 2028 with the aggregate principal amount of US$150 million were issued by the Company in May 2021, which are listed on the Stock Exchange.4. Such senior notes were owned by Rosy Fortune. The entire issued share capital of Rosy Fortune is wholly owned by Gentle Beauty, the entire issued share capital of which is in turn held by Standard Chartered Trust as the trustee of the LIN’s Family Trust via SCTSCapital. The LIN’s Family Trust is a discretionary trust set up jointly by Mr. LINZhong, Mr. LINWei and Mr. LINFeng as settlors and Standard Chartered Trust as trustee on 11 May 2012. The beneficiary objects of the LIN’s Family Trust include certain family members of Mr. LINZhong, Mr. LINWei and Mr. LINFeng. Each of Mr. LINZhong, Mr. LINWei and Mr. LINFeng as a co-founder of the LIN’s Family Trust is taken to be interested in such senior notes held by Rosy Fortune pursuant to Part XV of the SFO.5. The second tranche of 2021 domestic corporate bonds with the principal amount of RMB3,000 million were issued by CIFIPRC, a wholly-owned subsidiary of the Company, in July 2021, which are listed on the Shanghai Stock Exchange.6. The first tranche of 2020 domestic corporate bonds with the principal amount of RMB2,120 million were issued by CIFIPRC in May 2020, which are listed on the Shanghai Stock Exchange.7. These domestic corporate bonds are directly held by Mr. YANGXin.董事及主要行政人員的證券權益（續）於債券的權益：（續）附註：1.本公司於二零二零年一月發行於二零二五年到期本金總額567,000,000美元6.0%優先票據，並在聯交所上市。

2.本公司於二零二一年一月發行於二零二七年到期本金總額419,000,000美元4.375%優先票據，並在聯交所上市。

3.本公司於二零二一年五月發行於二零二八年到期本金總額150,000,000美元4.8%優先票據，並在聯交所上市。

4.該等優先票據由茂福擁有。

茂福的全部已發行股本由仁美資產全資擁有，而仁美資產的全部已發行股本則由林氏家族信託的受託人Standard Chartered Trust透過SCTSCapital持有。

林氏家族信託乃林中先生、林偉先生及林峰先生（作為財產授予人）與Standard Chartered Trust（作為受託人）於二零一二年五月十一日共同成立的全權信託。

林氏家族信託的受益人包括林中先生、林偉先生及林峰先生的若干家族成員。

根據證券及期貨條例第XV部，林中先生、林偉先生及林峰先生（作為林氏家族信託的共同創立人）各自被視為於茂福持有該等票據中擁有權益。

5.旭輝中國（本公司的一間全資附屬公司）於二零二一年七月發行本金額為人民幣3,000,000,000元的二零二一年第二期境內公司債券，並在上海證券交易所上市。

6.旭輝中國於二零二零年五月發行本金額為人民幣2,120,000,000元的二零二零年第一期境內公司債券，並在上海證券交易所上市。

7.該等境內公司債券由楊欣先生直接持有。

094 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ ReportSUBSTANTIALSHAREHOLDERS’ INTERESTSIN SECURITIESThe register of substantial shareholders maintained by the Company pursuant to Section 336 of the SFO shows that, as at 31 December 2023, the following shareholders, other than those disclosed in the paragraph headed “Directors’ and Chief Executives’ Interests in Securities” in this Directors’ Report section of this annual report, had notified the Company of its interests and/or short positions in the Shares and 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 and so far as the Directors were aware, persons other than the Directors or chief executive of the Company, who had an interest or a short position in the Shares or underlying Shares of the Company as recorded in the register required to be kept under section 336 of the SFO were as follows:Long positions in the Shares:主要股東名稱Name of substantial shareholder身份╱權益性質Capacity/Nature of interest股份數目Number of Shares佔已發行股份的概約百分比Approximatepercentage ofthe issued Shares(%)仁美資產受控制法團權益（附註1） 2,737,372,10526.29%Gentle Beauty Interest of controlled corporation (Note 1)茂福實益擁有人（附註1） 2,737,372,10526.29%Rosy Fortune Beneficial owner (Note 1)永成受控制法團權益（附註2） 1,363,754,30113.10%Eternally Success Interest of controlled corporation (Note 2)鼎昌實益擁有人（附註2） 1,363,754,30113.10%Ding Chang Beneficial owner (Note 2)Standard Chartered Trust受託人（附註3） 4,340,613,49541.68%Trustee (Note 3)SCTSCapital受控制法團權益（附註3） 4,340,613,49541.68%Interest of controlled corporation (Note 3) 主要股東的證券權益本公司根據證券及期貨條例第336條存置的主要股東名冊顯示，於二零二三年十二月三十一日，除於本年報「董事會報告書」一節內「董事及主要行政人員的證券權益」一段披露外，下列股東已知會本公司其於本公司股份及相關股份中擁有根據證券及期貨條例第XV部第2及3分部的條文須予披露的權益及╱或淡倉，及就董事所知，下列人士（董事或本公司主要行政人員除外）於本公司股份或相關股份中擁有須記錄於根據證券及期貨條例第336條規定存置的登記冊的權益或淡倉：於股份的好倉：095二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ Report主要股東名稱Name of substantial shareholder身份╱權益性質Capacity/Nature of interest股份數目Number of Shares佔已發行股份的概約百分比Approximatepercentage ofthe issued Shares(%)林峰先生全權信託的創立人（附註4） 239,487,0892.30%Mr. LINFeng Founder of a discretionary trust (Note 4)全權信託的共同創立人（附註1及5） 2,737,372,10526.29%Co-founder of a discretionary trust (Notes 1 and 5)受控制法團權益（附註6） 11,882,7150.11%Interest of controlled corporation (Note 6)實益擁有人（附註7） 6,393,6600.06%Beneficial owner (Note 7)實益擁有人（附註8） 890,0000.01%Beneficial owner (Note 8) Notes:1. The entire issued share capital of Rosy Fortune is wholly owned by Gentle Beauty, the entire issued share capital of which is in turn held by Standard Chartered Trust as the trustee of the LIN’s Family Trust via SCTSCapital. The LIN’s Family Trust is a discretionary trust set up jointly by Mr. LINZhong, Mr. LINWei and Mr. LINFeng as settlors and Standard Chartered Trust as trustee on 11 May 2012. The beneficiary objects of the LIN’s Family Trust include certain family members of Mr. LINZhong, Mr. LINWei and Mr. LINFeng.2. The entire issued share capital of Ding Chang is wholly owned by Eternally Success, the entire issued share capital of which is in turn held by Standard Chartered Trust as the trustee of the Sun Success Trust via SCTSCapital. The Sun Success Trust is a discretionary trust set up by Mr. LINZhong as settlor and Standard Chartered Trust as trustee on 11 May 2012. The beneficiary objects of the Sun Success Trust include certain family members of Mr. LINZhong.3. These include 2,737,372,105 Shares held by Rosy Fortune,1,363,754,301 Shares held by Ding Chang and 239,487,089 Shares held by Rain-Mountain. The entire issued share capital of Rain-Mountain is wholly owned by Beauty Fountain Holdings Limited (“Beauty Fountain”), the entire issued share capital of which is in turn held by Standard Chartered Trust as the trustee of the Sun-Mountain Trust via SCTS Capital. The Sun-Mountain Trust is a discretionary trust set up by Mr. LINFeng as settlor and Standard Chartered Trust as trustee on 11 May 2012. The beneficiary objects of the Sun-Mountain Trust include certain family members of Mr. LINFeng.SUBSTANTIALSHAREHOLDERS’ INTERESTSIN SECURITIES (Continued)Long positions in the Shares: (Continued)主要股東的證券權益（續）於股份的好倉：（續）附註：1.茂福的全部已發行股本由仁美資產全資擁有，而仁美資產的全部已發行股本則由林氏家族信託的受託人Standard Chartered Trust透過SCTSCapital持有。

林氏家族信託乃林中先生、林偉先生及林峰先生（作為財產授予人）與Standard Chartered Trust（作為受託人）於二零一二年五月十一日共同成立的全權信託。

林氏家族信託的受益人包括林中先生、林偉先生及林峰先生的若干家族成員。

2.鼎昌的全部已發行股本由永成全資擁有，而永成的全部已發行股本則由Sun Success Trust的受託人Standard Chartered Trust透過SCTSCapital持有。

Sun Success Trust乃林中先生（作為財產授予人）與Standard Chartered Trust（作為受託人）於二零一二年五月十一日成立的全權信託。

Sun Success Trust的受益人包括林中先生的若干家族成員。

3.該等股份包括由茂福持有的2,737,372,105股股份、鼎昌持有的1,363,754,301股股份及由Rain-Mountain持有的239,487,089股股份。

Rain-Mountain的全部已發行股本由Beauty Fountain Holdings Limited（「Beauty Fountain」）全資擁有，而Beauty Fountain全部已發行股本則由Sun-Mountain Trust的受託人Standard Chartered Trust透過SCTSCapital持有。

Sun-Mountain Trust乃林峰先生（作為財產授予人）與Standard Chartered Trust（作為受託人）於二零一二年五月十一日成立的全權信託。

Sun-Mountain Trust的受益人包括林峰先生的若干家族成員。

096 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ Report主要股東的證券權益（續）於股份的好倉：（續）附註：（續）4.該等股份由Rain-Mountain持有。

Rain-Mountain的全部已發行股本由Beauty Fountain全資擁有，而Beauty Fountain的全部已發行股本則由Sun-Mountain Trust的受託人Standard Chartered Trust透過SCTSCapital持有。

Sun-Mountain Trust乃林峰先生（作為財產授予人）與Standard Chartered Trust（作為受託人）於二零一二年五月十一日成立的全權信託。

Sun-Mountain Trust的受益人包括林峰先生的若干家族成員。

根據證券及期貨條例第XV部，林峰先生（作為Sun-Mountain Trust的創立人）被視為於Rain-Mountain持有的239,487,089股股份中擁有權益。

5.該等股份由茂福持有。

6.該等股份由Towin Resources Limited（「Towin Resources」）持有。

Towin Resources的全部已發行股本由林峰先生全資擁有。

7.該等股份由林峰先生直接持有。

8.林峰先生根據二零一六年購股權計劃獲授可認購該數目股份的購股權。

林峰先生於購股權的權益詳情載於本年報內「購股權計劃」一段中。

購買股份或債券的安排除二零一六年購股權計劃及股份獎勵計劃外，本公司、其控股公司或其任何附屬公司於年內任何時候概無訂立任何安排，致使董事藉收購本公司或任何其他法團的股份（或包括債券在內之債務證券）而獲益。

董事重大交易、安排或合約權益除於本年報所披露外，於年終或在回顧年度內任何時間概無由本公司、其控股公司或附屬公司訂立且董事或其關連實體直接或間接擁有重大權益之重大交易、安排或合約仍然生效。

重大合約除本年報所披露外，於回顧年度或於回顧年末，本公司（或其任何附屬公司）與控股股東（或其任何附屬公司）概無訂立(i)有關本集團業務；或(ii)就控股股東（或其任何附屬公司）向本公司（或其任何附屬公司）提供服務的重大合約。

SUBSTANTIALSHAREHOLDERS’ INTERESTSIN SECURITIES (Continued)Long positions in the Shares: (Continued)Notes: (Continued)4. These Shares are held by Rain-Mountain. The entire issued share capital of Rain-Mountain is wholly owned by Beauty Fountain, the entire issued share capital of which is in turn held by Standard Chartered Trust as the trustee of the Sun-Mountain Trust via SCTSCapital. The Sun-Mountain Trust is a discretionary trust set up by Mr. LINFeng as settlor and Standard Chartered Trust as trustee on 11 May 2012. The beneficiary objects of the Sun-Mountain Trust include certain family members of Mr. LIN Feng. Mr. LINFeng as founder of the Sun-Mountain Trust is taken to be interested in the 239,487,089 Shares held by Rain-Mountain pursuant to Part XV of the SFO.5. These Shares are held by Rosy Fortune.6. These Shares are held by Towin Resources Limited (“Towin Resources”). The entire issued share capital of Towin Resources is wholly owned by Mr. LINFeng.7. These Shares are directly held by Mr. LINFeng.8. Mr. LINFeng was granted options to subscribe for such number of Shares under the 2016 Share Option Scheme. Details of Mr. LINFeng’s interests in share options are set out in the paragraph headed “Share Option Scheme” in this annual report.ARRANGEMENTSTOPURCHASESHARESOR DEBENTURESOther than the 2016 Share Option Scheme and the Share Award Scheme, at no time during the year was the Company, its holding company, or any of its subsidiaries, a party to any arrangement to enable the Directors to acquire benefits by means of the acquisition of shares in, or debt securities including debentures of, the Company or any other body corporate.DIRECTORS’ INTERESTSINTRANSACTIONS, ARRANGEMENTSORCONTRACTSOFSIGNIFICANCESave as disclosed in this annual report, no transactions, arrangements or contracts of significance in relation to which the Company, its holding company or subsidiaries was a party and in which a Director or his connected entities had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year under review.CONTRACTSOFSIGNIFICANCESave as disclosed in this annual report, no contracts of significance (i) in relation to the Group’s business; or (ii) for provision of services to the Company (or any of its subsidiaries) by a controlling shareholder (or any of its subsidiaries) between the Company (or any of its subsidiaries) and a controlling shareholder (or any of its subsidiaries) subsisted during or at the end of the year under review. 097二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ Report供應商及客戶於回顧年度內，本集團之五大供應商及客戶應佔採購及銷售總額分別共佔本集團少於10%之採購及銷售總額。

各董事、彼等的緊密聯繫人及就董事所知擁有本公司已發行股份5%以上的股東，概無於五大供應商及客戶的股本中擁有權益。

本集團一貫地嚴格挑選具有聲譽和可靠的供應商及承建商，以符合我們本身對品質、安全、環境及產品的條件。

於截至二零二三年十二月三十一日止年度及直至本報告日期，本集團與其供應商及承建商維持良好關係。

關連交易本集團於回顧年度內及直至本年報日期，曾與下文所述根據上市規則第14A章屬「關連人士」之人士達成交易：(I)出售河北和湖股權及收購廣州昌哲股權於二零二三年三月九日，本集團訂立以下股份轉讓協議：(i)出售協議，據此，北京旭輝企業管理有限公司（本公司附屬公司，「北京旭輝」）有條件同意出售，而廣州捷駿房地產開發有限公司（「廣州捷駿」）有條件同意購買河北和湖企業管理有限公司（「河北和湖」）50%股權及河北和湖及河北和堅房地產開發有限公司（「石家莊項目公司」）結欠北京旭輝的股東貸款，總代價為人民幣948,287,896.41元（「出售河北和湖事項」）；及(ii)收購協議，據此，南京恒學房地產有限公司（「南京恒學」）有條件同意出售，而廣州旭輝企業管理有限公司（本公司附屬公司）有條件同意購買廣州昌哲商務諮詢有限公司（「廣州昌哲」）25%股權，以及廣州昌哲及廣州興勝房地產開發有限公司結欠南京恒學的股東貸款，總代價為人民幣1,000,000,000元（「收購廣州昌哲事項」）。

SUPPLIERSANDCUSTOMERSDuring the year under review, the aggregate amount of purchase and sales attribution to the Group’s five largest suppliers and customers together accounted for less than 10% of the Group’s total purchases and sales respectively.None of the Directors, their close associates or any shareholders, which to the knowledge of the Directors owned more than 5% of the Company’s issued shares, had an interest in the share capital of any of the five largest suppliers and customers.The Group keeps a high standard in selecting reputable and reliable suppliers and contractors, in order to meet our own quality, safety, environmental and product criteria. During the year ended 31 December 2023 and up to the date of this report, the Group maintained good relationship with its suppliers and contractors.CONNECTEDTRANSACTIONSDuring the year under review and up to the date of this annual report, the Group entered into the following transactions as described below with persons who are regarded as “connected persons” pursuant to Chapter 14A of the Listing Rules:(I) Disposal of Equity Interest In Hebei Hehu and Acquisition of Equity Interest in Guangzhou ChangzheOn 9 March 2023, the Group entered into the following share transfer agreements: (i) the disposal agreement pursuant to which Beijing Xuhui Enterprise Management Co., Ltd.* (北京旭輝企業管理有限公司) (a subsidiary of the Company, “Beijing Xuhui”) conditionally agreed to sell, and Guangzhou Jiejun Real Estate Development Co., Ltd.* (廣州捷駿房地產開發有限公司) (“Guangzhou Jiejun”) conditionally agreed to purchase,50% of the equity interest in Hebei Hehu Enterprise Management Co., Ltd.* (河北和湖企業管理有限公司) (“Hebei Hehu”) and the shareholders’ loan owed by the Hebei Hehu and Hebei Hejian Real Estate Development Co., Ltd.* (河北和堅房地產開發有限公司) (the “Shijiazhuang Project Company”) to Beijing Xuhui, at an aggregate consideration of RMB948,287,896.41 (the “Disposal of Hebei Hehu”); and (ii) the acquisition agreement pursuant to which Nanjing Hengxue Real Estate Co., Ltd.* (南京恒學房地產有限公司) (“Nanjing Hengxue”) conditionally agreed to sell, and Guangzhou Xuhui Enterprise Management Co., Ltd.* (廣州旭輝企業管理有限公司) (a subsidiary of the Company) conditionally agreed to purchase,25% of the equity interest in Guangzhou Changzhe Business Consulting Co., Ltd.* (廣州昌哲商務諮詢有限公司) (“Guangzhou Changzhe”) and the shareholders’ loan owed by the Guangzhou Changzhe and Guangzhou Xingsheng Real Estate Development Co., Ltd.* (廣州興勝房地產開發有限公司) to Nanjing Hengxue, at an aggregate consideration of RMB1,000,000,000 (the “Acquisition of Guangzhou Changzhe”).098 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ ReportCONNECTEDTRANSACTIONS (Continued)(I) Disposal of Equity Interest In Hebei Hehu and Acquisition of Equity Interest in Guangzhou Changzhe (Continued)Each of the Disposal of Hebei Hehu and Acquisition of Guangzhou Changzhe constituted a discloseable transaction of the Company. Henderson Land Development Company Limited (“Henderson Land”) was then a substantial shareholder of certain subsidiaries of the Company, which are not insignificant subsidiaries under Rule 14A.09(1) of the Listing Rules. As each of Guangzhou Jiejun and Nanjing Hengxue was a subsidiary of Henderson Land, they were also connected persons of the Company at the subsidiary level. Therefore, each of the Disposal of Hebei Hehu and Acquisition of Guangzhou Changzhe constituted a connected transaction of the Company under Chapter 14A of the Listing Rules.(II) Project Development Management Service Agreement and Sales Service Agreement relating to the Shijiazhuang ProjectOn 24 April 2023, the Group entered into the following project service agreements: (i) the project development management service agreement (the “Project Development Management Service Agreement”) pursuant to which the Group shall provide project development management services for a residential and commercial complex project located at Chang’an District, Shijiazhuang, Hebei Province, the PRC and wholly-owned and developed by Shijiazhuang Project Company (the “Shijiazhuang Project”); and (ii) the sales service agreement (the “Sales Service Agreement”), pursuant to which the Group shall provide services over the sales and marketing activities of the Shijiazhuang Project.The service fee under the Project Development Management Service Agreement shall be (a) a base fee of 1.5% of the actual contracted sales amount of CIFIGongyuan Mansion (旭輝公元) project (being a part of the Shijiazhuang Project, the “CIFIGongyuan Mansion Project”) recorded on or after the date of the Project Development Management Service Agreement; and (b) a variable incentive fee of up to 0.5% of the actual contracted sales amount of CIFIGongyuan Mansion Project recorded on or after the date of the Project Development Management Service Agreement. The amount of incentive fee receivable is to be determined and calculated with reference to the fulfillment of certain key performance indicators in terms of among other factors cost, quality, development progress and construction safety.關連交易（續）(I)出售河北和湖股權及收購廣州昌哲股權（續）出售河北和湖事項及收購廣州昌哲事項各自構成本公司的須予披露交易。

恒基兆業地產有限公司（「恒基兆業地產」）其時為本公司若干附屬公司的主要股東，而該等附屬公司並非上市規則第14A.09(1)條項下非重大附屬公司。

由於廣州捷駿及南京恒學各自為恒基兆業地產之附屬公司，故亦為本公司於附屬公司層面的關連人士。

故此，根據上市規則第14A章，出售河北和湖事項及收購廣州昌哲事項各自構成本公司的關連交易。

(II)關於石家莊項目的項目開發管理服務協議及銷售服務協議於二零二三年四月二十四日，本集團訂立以下項目服務協議：(i)項目開發管理服務協議（「項目開發管理服務協議」），據此，本集團將為由石家莊項目公司全資擁有及開發位於中國河北省石家莊市長安區的住宅及商業綜合項目（「石家莊項目」）提供項目開發管理服務；及(ii)銷售服務協議（「銷售服務協議」），據此，本集團將就石家莊項目的銷售及營銷活動提供服務。

項目開發管理服務協議項下的服務費將包括：(a)基礎費用，為於項目開發管理服務協議日期或之後錄得的旭輝公元項目（即石家莊項目的一部分，「旭輝公元項目」）實際合同銷售金額的1.5%；及(b)可變獎勵費用，以於項目開發管理服務協議日期或之後錄得的旭輝公元項目實際合同銷售金額的0.5%為上限。

應收獎勵費用的數額將參照成本、質量、開發進度及施工安全等方面的若干關鍵績效指標的達成情況釐定及計算。

099二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ Report關連交易（續）(II)關於石家莊項目的項目開發管理服務協議及銷售服務協議（續）銷售服務協議項下的服務費將根據於二零二三年一月一日或之後錄得的石家莊項目實際合同銷售金額按以下方式釐定：(a)就旭輝公元項目的合同銷售而言：(i)基礎費用，為旭輝公元項目實際合同銷售金額的2.7%；(ii)可變獎勵費用，以旭輝公元項目實際合同銷售金額的0.3%為上限。

應收獎勵費用的金額將參照銷售表現、成本控制及運營控制等方面的若干關鍵績效指標的達成情況釐定及計算；及(iii)倘實際合同銷售金額超過人民幣5,000,000,000元，則可獲得旭輝公元項目實際合同銷售金額最高0.5%的額外可變獎勵費用。

倘實際合同銷售金額高於人民幣5,000,000,000元但低於人民幣5,200,000,000元，額外獎勵費率為0.2%；倘實際合同銷售金額為人民幣5,200,000,000元或以上但低於人民幣5,500,000,000元，額外獎勵費率為0.3%；倘實際合同銷售金額為人民幣55億元或以上，額外獎勵費率為0.5%；及(b)就旭輝長安府項目（即石家莊項目的一部分）的合同銷售金額而言，費用為該項目實際合同銷售金額的3.2%。

恒基兆業地產其時為本公司若干附屬公司的主要股東，而該等附屬公司並非上市規則第14A.09(1)條項下非重大附屬公司。

由於於出售河北和湖事項完成後河北和湖及石家莊項目公司各自為恒基兆業地產的附屬公司，故亦為本公司於附屬公司層面的關連人士。

因此，根據上市規則第14A章，該等項目服務協議項下擬進行的交易構成本公司的關連交易。

CONNECTEDTRANSACTIONS (Continued)(II) Project Development Management Service Agreement and Sales Service Agreement relating to the Shijiazhuang Project (Continued)The service fee under the Sales Service Agreement shall be determined, based on the actual contracted sales of the Shijiazhuang Project to be recorded on or after 1 January 2023, as follows: (a) for contracted sales of CIFIGongyuan Mansion Project: (i) a base fee of 2.7% of the actual contracted sales of the CIFIGongyuan Mansion Project; (ii) a variable incentive fee of up to 0.3% of the actual contracted sales of the CIFI Gongyuan Mansion Project. The amount of incentive fee receivable is to be determined and calculated with reference to the fulfillment of certain key performance indicators in terms of sales performance, cost control, and operational control, among other factors; and (iii) an additional variable incentive fee of up to 0.5% of the actual contracted sales of the CIFI Gongyuan Mansion Project, if the amount of actual contracted sales exceeds RMB5,000 million. The additional incentive fee percentage shall be 0.2% if the amount of actual contracted sales is above RMB5,000 million but below RMB5,200 million,0.3% if the amount of actual contracted sales is RMB5,200 million or above but below RMB5,500 million, or 0.5% if the amount of actual contracted sales is RMB5,500 million or above; and (b) for contracted sales of CIFIChang’an Mansion (旭輝長安府) project (being a part of the Shijiazhuang Project), a fee of 3.2% of the actual contracted sales of the said project. Henderson Land was then a substantial shareholder of certain subsidiaries of the Company, which are not insignificant subsidiaries under Rule 14A.09(1) of the List ing Rules . As each of Hebei Hehu and the Shijiazhuang Project Company was a subsidiary of Henderson Land upon completion of the Disposal of Hebei Hehu, they were also connected persons of the Company at the subsidiary level. Therefore, the transactions contemplated under the project service agreements constituted connected transactions of the Company under Chapter 14A of the Listing Rules.100 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ Report關連交易（續）(III)出售廣州昌卓股權於二零二三年九月十八日，廣州昌廣商務諮詢有限公司（本公司間接全資附屬公司，「廣州昌廣」）、廣州昌匯房地產開發有限公司（「廣州昌匯」）、廣州昌卓商務諮詢有限公司（「廣州昌卓」）、旭輝中國、恒基中國地產有限公司（「恒基中國」）、旭安（香港）有限公司、上海旭輝企業管理有限公司、中光發展置業（上海）有限公司（「中光發展」）及上海旭弘置業有限公司（「虹橋項目公司」）訂立股權轉讓協議，據此，廣州昌廣有條件同意出售，而廣州昌匯有條件同意購買廣州昌卓50%的股權，以及廣州昌卓結欠廣州昌廣的股東貸款，總代價為人民幣240,310,505.84元。

恒基兆業地產其時為本公司若干附屬公司的主要股東，而該等附屬公司並非上市規則第14A.09(1)條項下非重大附屬公司。

由於恒基中國、廣州昌匯及中光發展各自為恒基兆業地產的附屬公司，故亦為本公司於附屬公司層面的關連人士。

因此，根據上市規則第14A章，上述出售事項構成本公司的關連交易。

CONNECTEDTRANSACTIONS (Continued)(III) Disposal of Equity Interest in Guangzhou Changzhuo On 18 September 2023, Guangzhou Changguang Business Consulting Co., Ltd.* (廣州昌廣商務諮詢有限公司) (an indirect wholly-owned subsidiary of the Company, “Guangzhou Changguang”), Guangzhou Changhui Real Estate Development Co., Ltd.* (廣州昌匯房地產開發有限公司) (“Guangzhou Changhui”), Guangzhou Changzhuo Business Consulting Co., Ltd.* (廣州昌卓商務諮詢有限公司) (“Guangzhou Changzhuo”), CIFIPRC, Henderson China Properties Limited (“Henderson China”) , Xu An (HK) Co. Limited, Shanghai Xuhui Enterprise Management Co., Ltd.* (上海旭輝企業管理有限公司), Zhongguang Development Real Estate (Shanghai) Co., Ltd.* (中光發展置業（上海）有限公司) (“Zhongguang Development”) and Shanghai Xuhong Real Estate Co., Ltd.* (上海旭弘置業有限公司) (the “Hongqiao Project Company”) entered into an equity transfer agreement, pursuant to which Guangzhou Changguang conditionally agreed to sell, and Guangzhou Changhui conditionally agreed to purchase,50% of the equity interest in Guangzhou Changzhuo and the shareholders’ loan owed by Guangzhou Changzhuo to Guangzhou Changguang, at an aggregate consideration of RMB240,310,505.84.Henderson Land was then a substantial shareholder of certain subsidiaries of the Company, which were not insignificant subsidiaries under Rule 14A.09(1) of the Listing Rules. As each of Henderson China, Guangzhou Changhui and Zhongguang Development was a subsidiary of Henderson Land, they were also connected persons of the Company at the subsidiary level. Therefore, the above-mentioned disposal constituted a connected transaction of the Company under Chapter 14A of the Listing Rules.101二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ ReportCONNECTEDTRANSACTIONS (Continued)(IV) Acquisition of Equity Interest in Hongqiao Project CompanyOn 11 December 2023, CIFIPRC, Xu Ri Co. Limited, Shanghai Xuhui Enterprise Management Co., Ltd.* (上海旭輝企業管理有限公司), Guangzhou Changguang, Henderson China, Xinda Investment Limited (“Xinda Investment”), Zhongguang Development, Guangzhou Changhui and the Hongqiao Project Company, among others, entered into an equity transfer agreement. The Hongqiao Project Company was a joint venture company then formed between the Group and Henderson China for development and owning of a residential and commercial project located at Hongqiao, Minhang District, Shanghai, PRC. Each of the Group and Henderson China effectively controlled 50% equity interest in the Hongqiao Project Company (through onshore and offshore joint venture structure). Pursuant to the equity transfer agreement, the parties agreed to conduct certain corporate steps, which effectively involve acquisition of 50% equity interest in the Hongqiao Project Company by the Group from Henderson China at the consideration comprising RMB51,243,500 payable onshore and HK$169,923,654.75 payable offshore, thereby resulting the entire equity interest in the Hongqiao Project Company to be controlled by the Group upon completion.Henderson Land was then a substantial shareholder of certain subsidiaries of the Company, which were not insignificant subsidiaries under Rule 14A.09(1) of the Listing Rules. As each of Henderson China, Xinda Investment, Zhongguang Development and Guangzhou Changhui was a subsidiary of Henderson Land, they were also connected persons of the Company at the subsidiary level. Therefore, the acquisitions contemplated under such equity transfer agreement constituted connected transactions of the Company under Chapter 14A of the Listing Rules, and also constituted a discloseable transaction of the Company under Chapter 14 of the Listing Rules.關連交易（續）(IV)收購虹橋項目公司股權於二零二三年十二月十一日，旭輝中國、旭日有限公司、上海旭輝企業管理有限公司、廣州昌廣、恒基中國、信達投資有限公司（「信達投資」）、中光發展、廣州昌匯及虹橋項目公司等訂立股權轉讓協議。

虹橋項目公司其時為本集團與恒基中國成立的合營公司，以開發及持有位於中國上海市閔行區虹橋的住宅及商業項目。

本集團及恒基中國其時通過境內外合營架構各自實際控制虹橋項目公司50%股權。

根據股權轉讓協議，訂約方同意進行若干企業步驟，實際涉及本集團以包括境內應付人民幣51,243,500元及境外應付169,923,654.75港元之代價向恒基中國收購虹橋項目公司50%股權，從而於完成後令虹橋項目公司的全部股權由本集團控制。

恒基兆業地產其時為本公司若干附屬公司的主要股東，而該等附屬公司並非上市規則第14A.09(1)條項下非重大附屬公司。

由於恒基中國、信達投資、中光發展及廣州昌匯各自為恒基兆業地產的附屬公司，故亦為本公司於附屬公司層面的關連人士。

故此，根據上市規則第14A章，該股權轉讓協議項下擬進行的收購事項構成本公司的關連交易，亦構成第14章項下本公司的須予披露交易。

102 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ Report關連交易（續）根據上市規則第14A.72條作出披露就綜合財務報表附註49所披露本集團於年內訂立的關聯方交易而言，附註49所述的下列交易構成上市規則項下的關連交易或持續關連交易定義：(i)附註49(a)所述公寓租賃及裝修服務收入的交易構成本公司關連交易，然而，由於交易之所有相關百分比率少於0.1%，故根據上市規則第14A.76條，該等交易屬於最低豁免規定之內，獲豁免遵守年度審閱、披露及股東批准的規定；(ii)附註49(a)所述物業管理及其他服務收入的若干交易構成本公司持續關連交易，有關詳情已於下文「持續關連交易」一段內披露。

本公司已就上述交易及載於本報告「持續關連交易」一節中的交易根據上市規則第14A章遵守相關的披露規定。

於綜合財務報表附註49披露於二零二三年進行的其他關聯方交易並不構成上市規則第14A章項下本公司的關連交易或持續關連交易。

CONNECTEDTRANSACTIONS (Continued)Disclosure under Rule 14A.72 of the Listing RulesWith regard to the related party transactions entered into by the Group during the year as disclosed under note 49 to the consolidated financial statements, the following transactions stated in the said note 49 fall within the definition of connected transactions or continuing connected transaction under the Listing Rules:(i) the transactions of apartment leasing and renovation services income stated in note 49(a) constituted a connected transaction of the Company. However, since all the relevant percentage ratios in respect of the transactions were less than 0.1%, the transactions fell within de-minimis exemption under 14A.76 of the Listing Rules and were exempted from the annual review, disclosure and shareholders’ approval requirements;(ii) certain transactions of property management and other services income stated in note 49(a) constituted continuing connected transactions of the Company, details of which have been disclosed below under the paragraph headed “Continuing Connected Transactions”.The Company has complied with applicable disclosure requirements under Chapter 14A of the Listing Rules in respect of the aforesaid transactions and the transactions stated in section headed “Continuing Connected Transactions” in this report.Other related party transactions taken place in 2023 which were disclosed in note 49 to the consolidated financial statements did not constitute connected transactions or continuing connected transactions of the Company under Chapter 14A of the Listing Rules.103二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ ReportCONTINUINGCONNECTEDTRANSACTIONSDuring the year under review, the Group continued to transact the following continuing connected transactions which fell within the ambit of Chapter 14A of the Listing Rules:(i) Property Management Services between the Company and Ever Sunshine ServicesThe Company and Ever Sunshine Services entered into a property management services master agreement (the “2022 Property Management Services Master Agreement”) on 10 October 2022 in relation to provision of property management services by the Ever Sunshine Services and its subsidiaries (the “Ever Sunshine Group”) to the Group for a term of three years, which has commenced from 1 January 2023 to 31 December 2025 (both days inclusive). Ever Sunshine Services was an associate of Mr. LINZhong, Mr. LINWei and Mr. LINFeng, who were then the executive Directors and controlling shareholders of the Company. Ever Sunshine Services was therefore a connected person of the Company and the transactions contemplated under the 2022 Property Management Services Master Agreement constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules.Pursuant to the 2022 Property Management Services Master Agreement, (a) the parties may enter into the specific agreements to set out the detailed terms for the continuing connected transactions in the ordinary course of business after arm’s length negotiations on normal commercial terms; (b) the specific agreements shall conform with the principles and terms set out in the 2022 Property Management Services Master Agreement; (c) fees for the property management services to be provided by the Ever Sunshine Group shall be determined in the specific agreements and should be set, after arm’s length negotiations with reference to the prevailing market rate collected through, among others, information exchange within the industry, industry talent from other property management services providers recruited by the Group, and publicly available information disclosed by other listed companies and at least 2 quotations offered by other property management service companies which are the independent third parties that the Group will obtain for relevant type of property management services as well as the price charged by the Ever Sunshine Group when providing similar services to its independent third parties; and (d) the terms and conditions of the specific agreements shall be not less favourable than those being offered to the Group by the independent third parties for comparable services.持續關連交易本集團於回顧年度內繼續進行下列屬上市規則第14A章範圍的持續關連交易：(i)本公司與永升服務的物業管理服務本公司與永升服務於二零二二年十月十日就永升服務及其附屬公司（「永升集團」）向本集團提供物業管理服務訂立物業管理服務總協議（「二零二二年物業管理服務總協議」），其自二零二三年一月一日起至二零二五年十二月三十一日止（包括首尾兩日）為期三年。

永升服務為本公司其時執行董事兼控股股東林中先生、林偉先生及林峰先生的聯繫人。

根據上市規則第14A章，永升服務因而為本公司的關連人士，以及二零二二年物業管理服務總協議項下擬進行的交易構成本公司的持續關連交易。

根據二零二二年物業管理服務總協議，(a)訂約方可按一般商業條款，經公平磋商後於日常業務中訂立具體協議，以載列持續關連交易的詳細條款；(b)具體協議應符合二零二二年物業管理服務總協議所載原則及條款；(c)永升集團將予提供物業管理服務的費用應於具體協議中釐定，當中經參考通過（其中包括）業內信息交流、本集團自其他物業管理服務供應商招募的行業人才，以及其他上市公司披露的公開信息所收集到的當前市價，以及本集團將獲其他為獨立第三方的物業管理服務公司就相關類型物業管理服務所提供的至少兩份報價及永升集團向其獨立第三方提供類似服務收取的價格後，經公平磋商訂定；及(d)具體協議的條款及條件應不遜於獨立第三方就相若服務向本集團提供的條款及條件。

104 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ Report持續關連交易（續）(i)本公司與永升服務的物業管理服務（續）如本公司日期為二零二二年十月十日之公告及本公司日期為二零二二年十二月八日之通函披露，於截至二零二五年十二月三十一日止三個財政年度，二零二二年物業管理服務總協議項下本集團應付永升集團服務費的年度最高總金額分別為每年人民幣1,000,000,000元、人民幣1,100,000,000元及人民幣1,150,000,000元，其中包括：(a)涉及物業管理服務；現場安保、清潔、綠化及客戶服務；及清潔及房屋檢驗服務以及其他增值服務分別人民幣920,000,000元、人民幣1,015,000,000元及人民幣1,060,000,000元；及(b)前期規劃及設計諮詢服務分別人民幣80,000,000元、人民幣85,000,000元及人民幣90,000,000元。

有關二零二二年物業管理服務總協議的進一步資料，請參閱本公司日期為二零二二年十月十日及二零二二年十二月二十三日的公告，以及本公司日期為二零二二年十二月八日之通函。

CONTINUINGCONNECTEDTRANSACTIONS (Continued)(i) Property Management Services between the Company and Ever Sunshine Services (Continued)As disclosed in the announcement of the Company dated 10 October 2022 and the circular of the Company dated 8 December 2022, the annual aggregate maximum amounts of service fee payable by the Group to the Ever Sunshine Group under the 2022 Property Management Services Master Agreement for the three financial years ending 31 December 2025 were set for RMB1,000 million, RMB1,100 million and RMB1,150 million, respectively, comprising (a) RMB920 million, RMB1,015 million and RMB1,060 million, respectively, for property management services; onsite security, cleaning, greening and customer services; and cleaning and housing inspection services and other value-added service; and (b) RMB80 million, RMB85 million and RMB90 million, respectively, for preliminary planning and design consultancy services.For further information in relation to the 2022 Property Management Services Master Agreement, please refer to the announcements of the Company dated 10 October 2022 and 23 December 2022, and the circular of the Company dated 8 December 2022.105二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ ReportCONTINUINGCONNECTEDTRANSACTIONS (Continued)(ii) Sales Agency ServicesOn 23 December 2021, the Company entered into a sales agency services framework agreement (the “2021 Sales Agency Services Framework Agreement”) with Ever Sunshine Services, pursuant to which Ever Sunshine Group would provide sales agency services to the Group in respect of unsold residential properties and car parking spaces in the development projects of the Group for a further term of three years commencing from 1 January 2022 to 31 December 2024 (both dates inclusive).For the provision of sales agency services, the Group shall be charged a fixed-rate commission calculated as a percentage of sale price of the relevant residential properties and/or car parking spaces. The parties to the 2021 Sales Agency Services Framework Agreement have agreed as follows: (a) each specific transaction is to be negotiated on a case-by-case and arm’s length basis, in writing and on normal commercial terms in the ordinary and usual course of business; (b) the range of commission rate to be payable by the Group under each specific transaction shall be no more than 10%; (c) the commission payable by the Group shall be determined with reference to the prevailing market rate and the price charged by Ever Sunshine Group when providing similar services to independent third parties; and (d) the commission payable by the Group shall be not less favourable than that being offered to the Group by independent third parties for comparable services.The annual aggregate maximum amounts of commission to be payable by the Group to the Ever Sunshine Group for the transactions contemplated under the 2021 Sales Agency Services Framework Agreement for the three financial years ending 31 December 2024 were set for RMB75 million, RMB110 million and RMB140 million respectively.持續關連交易（續）(ii)銷售代理服務於二零二一年十二月二十三日，本公司與永升服務訂立一份銷售代理服務框架協議（「二零二一年銷售代理服務框架協議」），據此永升集團將就本集團開發項目的未出售住宅物業及停車位向本集團提供銷售代理服務，自二零二二年一月一日起至二零二四年十二月三十一日止（包括首尾兩日）再為期三年。

就提供銷售代理服務而言，本集團應按相關住宅物業及╱或停車位售價的若干百分比支付固定佣金。

二零二一年銷售代理服務框架協議的訂約方已協定下列各項：(a)每項具體交易將按個別基準及公平原則、以書面形式以及按一般商業條款於日常及一般業務過程中磋商；(b)本集團於每項具體交易下應付的佣金費率範圍應不多於10%；(c)本集團應付佣金將參考現行市場價格以及永升集團向獨立第三方提供類似服務時所收取的價格後釐定；及(d)本集團應付佣金應不遜於獨立第三方就相若服務向本集團提供的佣金。

於截至二零二四年十二月三十一日止三個財政年度，本集團就二零二一年銷售代理服務框架協議項下擬進行交易應付永升集團的年度最高佣金總額分別釐定為人民幣75,000,000元、人民幣110,000,000元及人民幣140,000,000元。

106 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ ReportCONTINUINGCONNECTEDTRANSACTIONS (Continued)(ii) Sales Agency Services (Continued)Ever Sunshine Services has been accounted for and consolidated in the consolidated financial statements of the Company as a subsidiary of the Company by virtue of applicable accounting principles. Mr. LIN Zhong, Mr. LINWei and Mr. LINFeng were then executive Directors and the Controlling Shareholders of the Company. As disclosed in the announcement dated 23 December 2021, Mr. LINZhong and Mr. LIN Feng were then directors of Spectron Enterprises who made decisions on matters relating to the voting rights over the entrusted shares of Ever Sunshine Services under the Entrusted Voting Arrangement in the capacity of Spectron Enterprises’ directors. Accordingly, Ever Sunshine Services has been regarded as a connected subsidiary of the Company by virtue of Rule 14A.16 of the Listing Rules. The transactions contemplated under the 2021 Sales Agency Services Framework Agreement therefore constituted continuing connected transactions of the Company under Chapter 14A of the Listing Rules. For further information in relation to the 2021 Sales Agency Framework Agreement, please refer to the announcement of the Company dated 23 December 2021.(iii) Property Management Services between Ever Sunshine Services and the Controlling ShareholdersOn 25 September 2020, Ever Sunshine Services entered into a property management services master agreement (the “2020 Controll ing Shareholders Property Management Services Master Agreement”) with Mr. LINZhong, Mr. LINWei and Mr. LINFeng (collectively, the “Controlling Shareholders”) to renew the transactions contemplated under a property management services master agreement dated 22 November 2018. Ever Sunshine Services has further entered into a supplemental agreement dated 5 November 2020 with the Controlling Shareholders to provide a breakdown of the annual caps originally set out in the 2020 Controlling Shareholders Property Management Services Master Agreement. 持續關連交易（續）(ii)銷售代理服務（續）根據適用會計原則，永升服務入賬列為本公司附屬公司並於本公司綜合財務報表綜合入賬。

林中先生、林偉先生及林峰先生其時為本公司執行董事兼控股股東。

誠如日期為二零二一年十二月二十三日的公告所披露，林中先生及林峰先生其時為Spectron Enterprises董事，彼等以Spectron Enterprises董事的身份就委託投票安排下與永升服務受託股份投票權有關的事項作出決策。

因此，根據上市規則第14A.16條，永升服務被視為本公司的關連附屬公司。

根據上市規則第14A章，二零二一年銷售代理服務框架協議項下擬進行交易因而構成本公司的持續關連交易。

有關二零二一年銷售代理服務框架協議的進一步資料，請參閱本公司日期為二零二一年十二月二十三日的公告。

(iii)永升服務與控股股東的物業管理服務於二零二零年九月二十五日，永升服務與林中先生、林偉先生及林峰先生（統稱「該等控股股東」）訂立一份物業管理服務總協議（「二零二零年控股股東物業管理服務總協議」），以重續一份日期為二零一八年十一月二十二日的物業管理服務總協議項下擬進行的交易。

永升服務與該等控股股東進一步訂立日期為二零二零年十一月五日之補充協議，以提供原先載於二零二零年控股股東物業管理服務總協議的年度上限之明細。

107二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ Report持續關連交易（續）(iii)永升服務與控股股東的物業管理服務（續）二零二零年控股股東物業管理服務總協議項下於截至二零二三年十二月三十一日止三個財政年度的經修訂建議年度上限合共為人民幣190,000,000元、人民幣200,000,000元及人民幣200,000,000元，包括(a)人民幣26,000,000元、人民幣27,000,000元及人民幣27,000,000元，涉及提供前期規劃及設計諮詢服務；及(b)人民幣164,000,000元、人民幣173,000,000元及人民幣173,000,000元，涉及其他服務，包括(i)該等控股股東的聯繫人（其中包括從事房地產開發業務並由本集團持有非控股權益的實體（並無合併為本集團成員公司）以及從事其他業務的實體，就題為「持續關連交易」之本段而言不包括本集團，統稱「控股股東實體」）持有之未出售物業、停車場以及物業的物業管理服務；(ii)售樓處的現場安保、清潔、綠化，以及客戶服務；及(iii)建築完工後及將相同物業交予業主前，向控股股東實體開發之物業項目提供清潔及房屋檢驗服務以及其他增值服務。

二零二零年控股股東物業管理服務總協議的訂約方同意下列各項：(a)訂約方應在日常業務過程中按照正常商業條款經公平磋商後訂立具體協議，以載列二零二零年控股股東物業管理服務總協議項下擬進行的相關交易的詳細條款；(b)具體協議應與二零二零年控股股東物業管理服務總協議所載主要條款及條文一致；(c)永升集團所提供物業管理服務的費用應於具體協議中釐定，且應參考現行市場費率及永升集團向獨立第三方提供類似服務所收取的價格經公平磋商後確定；及(d)具體協議的條款及條件應不遜於永升集團就類似服務向獨立第三方提出的條款及條件。

CONTINUINGCONNECTEDTRANSACTIONS (Continued)(iii) Property Management Services between Ever Sunshine Services and the Controlling Shareholders (Continued)The revised proposed annual caps under the 2020 Controlling Shareholders Property Management Services Master Agreement for the three financial years ended 31 December 2023 are RMB190 million, RMB200 million and RMB200 million in aggregate, comprising (a) RMB26 million, RMB27 million and RMB27 million, respectively, for the provision of the preliminary planning and design consultancy services; and (b) RMB164 million, RMB173 million and RMB173 million, respectively, for other services, including (i) property management services for unsold properties, car parking lots and the properties held by the associates of the Controlling Shareholders (including the entities conducting property development business in which the Group has non-controlling interest (not consolidated as member of the Group), and the entities conducting other businesses, and for the purpose of this paragraph headed “Continuing Connected Transactions”, excluding the Group, collectively, the “Controlling Shareholders Entities”); (ii) on-site security, cleaning, greening, as well as customer services to property sales offices; and (iii) cleaning and house inspection services to property projects developed by the Controlling Shareholders Entities upon completion of construction and before delivery of the same to homeowners, and other value-added services.The parties to the 2020 Controlling Shareholders Property Management Services Master Agreement have agreed as follows: (a) the parties shall enter into the specific agreements to set out the detailed terms for the relevant transactions contemplated under the 2020 Controlling Shareholders Property Management Services Master Agreement in the ordinary course of business after arm’s length negotiations on normal commercial terms; (b) the specific agreements shall conform with the principals and provisions set out in the 2020 Controlling Shareholders Property Management Services Master Agreement; (c) fees for the property management services to be provided by the Ever Sunshine Group shall be determined in the specific agreements and should be set, after arm’s length negotiations with reference to the prevailing market rate and the price charged by the Ever Sunshine Group when providing similar services to the independent third parties; and (d) the terms and conditions of the specific agreements shall be not less favourable than those being offered by the Ever Sunshine Group to the independent third parties for comparable services.108 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ Report持續關連交易（續）(iii)永升服務與控股股東的物業管理服務（續）永升服務在委託投票安排生效後為本公司的附屬公司。

林中先生、林偉先生及林峰先生其時為本公司執行董事及控股股東，因此，彼等為本公司的關連人士。

根據上市規則第14A章，二零二零年控股股東物業管理服務總協議項下擬進行的交易構成本公司的持續關連交易。

(iv)商品採購於二零二一年四月二十二日，本公司與永升服務訂立一份商品採購框架協議（「二零二一年商品採購框架協議」），據此，本集團同意向永升集團採購，而永升集團同意為本集團採購其於日常物業開發過程中及其物業項目不時需要的有關商品（「有關商品」），期限自二零二一年四月二十二日起至二零二三年十二月三十一日止（包括首尾兩日）。

關於根據二零二一年商品採購框架協議採購的商品有關的詳細條款及條件、付款方式、規格、價格、數量、交付日期及附帶服務，須在本集團與永升集團相關成員公司訂立的具體協議中約定，並根據下列原則釐定：(a)每項交易將按個別基準及公平原則，按一般商務條款於日常業務過程中協定；(b)永升集團向本集團提供的有關商品的價格，將參考相同或可比商品的現行市場費率、獨立第三方就提供該等商品向本集團收取的價格以及永升集團就提供相同或可比商品向獨立第三方收取的價格後釐定；及(c)具體協議的條款及條件應參考獨立第三方就相同或可比商品向本集團提供的以及永升集團就相同或可比商品向獨立第三方提供的條款及條件。

CONTINUINGCONNECTEDTRANSACTIONS (Continued)(iii) Property Management Services between Ever Sunshine Services and the Controlling Shareholders (Continued)Ever Sunshine Services was a subsidiary of the Company after the Entrusted Voting Arrangement took effect. Mr. LINZhong, Mr. LINWei and Mr. LINFeng were then executive Directors and controlling shareholders of the Company and therefore they are connected persons of the Company and the transactions contemplated under the 2020 Controlling Shareholders Property Management Services Master Agreement constituted continuing connected transactions of the Company under Chapter 14A of the Listing Rules.(iv) Merchandise ProcurementOn 22 April 2021, the Company entered into a merchandise procurement framework agreement (the “2021 Merchandise Procurement Framework Agreement”) with Ever Sunshine Services, pursuant to which the Group agrees to purchase from the Ever Sunshine Group, and the Ever Sunshine Group agrees to procure for the Group, the relevant goods needed from time to time in the ordinary course of property development of the Group and for the property projects of the Group (the “Relevant Good”) for a term commencing from 22 April 2021 to 31 December 2023 (both days inclusive).The detailed terms and conditions, manner of payment, specification, price, quantity and delivery date in relation to the goods to be procured and the incidental services under the 2021 Merchandise Procurement Framework Agreement shall be reflected in the specific agreements made between relevant members of the Group and Ever Sunshine Group and determined in accordance with the following principles: (a) each transaction is to be negotiated on a case-by-case and arm’s length basis and on normal commercial terms in the ordinary and usual course of business; (b) prices of the Relevant Goods to be provided to the Group by Ever Sunshine Group shall be determined with reference to the prevailing market price of same or comparable goods, those charged by independent third parties on the Group and those charged by Ever Sunshine Group on independent third parties for provision of the same or comparable goods; and (c) the terms and conditions of the specific agreements shall be determined with those being offered to the Group by independent third parties and those being offered to independent third parties by Ever Sunshine Group for provision of the same or comparable goods.109二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ Report持續關連交易（續）(iv)商品採購（續）根據二零二一年商品採購框架協議，本集團於截至二零二三年十二月三十一日止三個年度就其項下擬進行的交易應付永升集團費用的最高年度金額總額分別釐定為人民幣86,000,000元、人民幣110,000,000元及人民幣110,000,000元。

如本公司日期為二零二一年四月二十二日的公告披露，根據上市規則第14A.16條，永升服務為本公司的關連附屬公司。

因此，根據上市規則第14A章，二零二一年商品採購框架協議項下擬進行的交易將構成本公司的持續關連交易。

董事及核數師的確認獨立非執行董事已審閱及確認上述持續關連交易乃按以下基準訂立：(i)於本集團日常業務中訂立；(ii)按一般商務條款或更佳條款進行；及(iii)根據有關交易的協議進行，條款公平合理，並符合本公司股東整體利益。

就上市規則第14A.56條而言，本公司核數師上會栢誠會計師事務所有限公司（「上會栢誠」）已向董事會提供一份函件，確認彼等並無發現任何事宜，致使彼等認為上述持續關連交易：(i)未經董事會批准；(ii)若交易涉及由本集團提供貨品或服務，在各重大方面沒有按照本集團的定價政策進行；(iii)在各重大方面沒有根據規管有關交易的協議進行；及(iv)已超出其各自的年度上限。

CONTINUINGCONNECTEDTRANSACTIONS (Continued)(iv) Merchandise Procurement (Continued)The annual aggregate maximum amounts of fee to be payable by the Group to the Ever Sunshine Group for the transactions contemplated under the 2021 Merchandise Procurement Framework Agreement for the three years ended 31 December 2023 were set for RMB86 million, RMB110 million and RMB110 million respectively.As disclosed in the announcement dated 22 April 2021, Ever Sunshine Services was a connected subsidiary of the Company under Rules 14A.16 of the Listing Rules. Therefore, the transactions contemplated under the 2021 Merchandise Procurement Framework Agreement constituted continuing connected transactions of the Company under Chapter 14A of the Listing Rules.CONFIRMATIONFROMTHEDIRECTORSANDTHE AUDITORThe independent non-executive Directors have reviewed and confirmed that the above continuing connected transactions have been entered into (i) in the ordinary and usual course of business of the Group; (ii) on normal commercial terms or better; and (iii) according to the agreement governing the transactions on terms that are fair and reasonable and in the interests of the shareholders of the Company as a whole.For the purpose of Rule 14A.56 of the Listing Rules, Prism Hong Kong and Shanghai Limited (“Prism”), the auditor of the Company, has provided a letter to the Board, confirming that nothing has come to their attention that causes them to believe that the continuing connected transactions mentioned above:(i) have not been approved by the Board;(ii) were not, in all material respects, in accordance with the pricing policies of the Group for transactions involving the provision of goods or services by the Group;(iii) were not entered into, in all material respects, in accordance with the relevant agreements governing such transactions; and(iv) have exceed the respective annual cap.110 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ Report關於重續控股股東物業管理服務總協議的持續關連交易於二零二三年九月二十六日，永升服務與控股股東訂立一份物業管理服務總協議（「二零二三年控股股東物業管理服務總協議」）以重續二零二零年控股股東物業管理服務總協議項下擬進行的交易，待二零二零年控股股東物業管理服務總協議於二零二三年十二月三十一日屆滿後再續期三年，自二零二四年一月一日起至二零二六年十二月三十一日止（包括首尾兩日）。

根據適用會計原則，永升服務因其於本公司綜合財務報表綜合入賬而列為本公司附屬公司。

林中先生、林偉先生及林峰先生其時為本公司執行董事及控股股東，因此，彼等為本公司的關連人士。

因此，根據上市規則第14A章，二零二三年控股股東物業管理服務總協議項下擬進行的交易構成本公司的持續關連交易。

有關二零二三年控股股東物業管理服務總協議的進一步資料，請參閱本公司日期為二零二三年九月二十六日的公告。

RENEWALOFCONTINUINGCONNECTED TRANSACTIONS IN RELATION TO THE CONTROLLINGSHAREHOLDERSPROPERTY MANAGEMENTSERVICESMASTERAGREEMENTOn 26 September 2023, Ever Sunshine Services entered into a property management services master agreement (the “2023 Controlling Shareholders Property Management Services Master Agreement”) with the Controlling Shareholders to renew the transactions contemplated under the 2020 Controlling Shareholders Property Management Services Master Agreement for another term of three years from 1 January 2024 to 31 December 2026 (both days inclusive), following the expiry of the term of the 2020 Controlling Shareholders Property Management Services Master Agreement on 31 December 2023.Ever Sunshine Services was a subsidiary of the Company as it was accounted for and consolidated in the consolidated financial statements of the Company by virtue of applicable accounting principles. Mr. LINZhong, Mr. LINWei and Mr. LINFeng were then executive Directors and controlling shareholders of the Company and therefore they were connected persons of the Company. Accordingly, the transactions contemplated under the 2023 Controlling Shareholders Property Management Services Master Agreement constituted continuing connected transactions of the Company under Chapter 14A of the Listing Rules. For further information in relation to the 2023 Controlling Shareholders Property Management Services Master Agreement, please refer to the announcement of the Company dated 26 September 2023.111二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ Report關於重續永升服務商品採購框架協議的持續關連交易於二零二三年九月二十六日，本公司與永升服務訂立一份商品採購框架協議（「二零二三年商品採購框架協議」）以重續相關二零二一年商品採購框架協議項下擬進行的交易，待二零二一年商品採購框架協議於二零二三年十二月三十一日屆滿後再續期三年，自二零二四年一月一日起至二零二六年十二月三十一日止。

根據上市規則第14A.16(1)條，永升服務被視為本公司的關連附屬公司。

因此，根據上市規則第14A章，二零二三年商品採購框架協議項下擬進行的交易構成本公司的持續關連交易。

有關二零二三年商品採購框架協議的進一步資料，請參閱本公司日期為二零二三年九月二十六日的公告。

充足公眾持股量於回顧年度，本公司已維持上市規則規定之公眾持股量。

遵守法律及法規本公司於開曼群島註冊成立，其股份於聯交所主板上市。

本集團的大多數附屬公司於英屬處女群島、香港及中國註冊成立。

本集團的中國總部位於上海，營運主要由本集團於中國的附屬公司進行。

我們亦在香港建立總部作為本公司在香港的主要營業地點。

我們的業務及營運主要須遵守開曼群島、英屬處女群島、中國及香港的相關法律及法規。

於截至二零二三年十二月三十一日止年度及直至本報告日期，我們相信本集團概無出現對該等相關司法管轄地的所有適用法律及法規之重大違反或不合規情況而對本集團造成重大影響。

RENEWALOFCONTINUINGCONNECTED TRANSACTIONSINRELATIONTOMERCHANDISE PROCUREMENTFRAMEWORKAGREEMENTWITH EVERSUNSHINESERVICESOn 26 September 2023, the Company and Ever Sunshine Services entered into a merchandise procurement framework agreement (the “2023 Merchandise Procurement Framework Agreement”) to renew the transactions contemplated under the 2021 Merchandise Procurement Framework Agreement for another term of three years from 1 January 2024 to 31 December 2026, following the expiry of the term of the 2021 Merchandise Procurement Framework Agreement on 31 December 2023.Ever Sunshine Services was regarded as a connected subsidiary of the Company by virtue of Rule 14A.16(1) of the Listing Rules. Accordingly, the transactions contemplated under the 2023 Merchandise Procurement Framework Agreement constituted continuing connected transactions of the Company under Chapter 14A of the Listing Rules. For further information in relation to the 2023 Merchandise Procurement Framework Agreement, please refer to the announcement of the Company dated 26 September 2023.SUFFICIENCYOFPUBLICFLOATThe Company has maintained the public float as required by the Listing Rules during the year under review.COMPLIANCEWITHLAWSANDREGULATIONSThe Company is incorporated in the Cayman Islands with its shares listed on the Main Board of the Stock Exchange. The Group’s subsidiaries are incorporated in the British Virgin Islands, Hong Kong and the PRC. The Group’s headquarters in PRC is located in Shanghai and operations are mainly carried out by the Group’s subsidiaries in PRC. We have also maintained headquarters in Hong Kong, being the Company’s principal place of business in Hong Kong.Our establishments and operations accordingly shall mainly comply with relevant laws and regulations in the Cayman Islands, the British Virgin Islands, the PRC and Hong Kong. During the year ended 31 December 2023 and up to the date of this report, we believe there was no material breach of or non-compliance with all the applicable laws and regulations by the Group in such relevant jurisdictions that have a significant impact on the Group.112 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023董事會報告書Directors’ Report企業管治於截至二零二三年十二月三十一日止年度，董事會認為本公司已採納、應用及遵守載於上市規則附錄C1的企業管治守則的守則條文。

准許彌償本公司組織章程細則規定各董事有權以本公司資產獲彌償對彼作為董事獲判勝訴或獲判無罪的任何民事或刑事法律程序中進行辯護所產生或蒙受的所有虧損或負債。

該等條文於截至二零二三年十二月三十一日止財政年度內生效，並於本年報日期仍具效力。

此外，本公司已就對本公司董事及高級管理人員作出的相關法律行動投保適當的董事與高級人員責任保險。

慈善捐贈年內，本集團的慈善捐贈金額約為人民幣1,000,000元（二零二二年：約人民幣46,500,000元）。

股票掛鈎協議除於本節上文「購股權計劃」及「股份獎勵計劃」各段內所披露外，概無股票掛鈎協議於年內訂立並於年末仍然有效。

管理合約概無有關本公司任何業務整體或任何重大環節的管理或行政方面的合約於年內訂立或於年末仍然有效。

CORPORATEGOVERNANCEThe Board is of opinion that the Company had adopted, applied and complied with the code provisions as set out in the Corporate Governance Code contained in Appendix C1 to the Listing Rules during the year ended 31 December 2023.PERMITTEDINDEMNITYThe Company’s articles of association provides that every Director shall be entitled to be indemnified out of the assets of the Company against all losses or liabilities incurred or sustained by him/her as a Director in defending any proceedings, whether civil or criminal, in which judgment is given in his/her favour, or in which he/she is acquitted. Such provisions were in force during the course of the financial year ended 31 December 2023 and remained in force as at the date of this annual report. In addition, liability insurance for directors and officers is maintained by the Company with appropriate coverage for certain legal actions against the Directors and senior management of the Company.CHARITABLEDONATIONSCharitable donations made by the Group during the year amounted to approximately RMB1 million (2022: approximately RMB46.5 million).EQUITY-LINKEDAGREEMENTSSave as disclosed in the above paragraphs headed “Share Option Scheme” and “Share Award Scheme” in this section, no equity-linked agreements were entered into during the year and subsisted at the end of the year.MANAGEMENTCONTRACTSNo contracts concerning the management and administration of the whole or any substantial part of any business of the Company were entered into during the year or subsisted at the end of the year.113二零二三年年報 | 旭輝控股（集團）有限公司董事會報告書Directors’ ReportAUDITORDeloitte Touche Tohmatsu resigned as auditor of the Company with effect from 15 May 2023. Prism was appointed as the new auditor of the Company to fill the casual vacancy following the resignation of the former auditor. Prism was subsequently re-appointed as the auditor of the Company at the 2023 adjourned annual general meeting held on 28 November 2023.The consolidated financial statements of the Company for the year ended 31 December 2023 have been audited by Prism who will retire at the 2024 AGM. Prism, being eligible, will offer themselves for re-appointment. A resolution for the re-appointment of Prism as the auditor of the Company will be proposed at the 2024 AGM.By order of the BoardLINZhongChairmanHong Kong,28 March 2024Note: The English names marked with “*” of the PRC entities or locations or buildings are provided for identification purpose only. The Chinese names are the official names of the PRC entities or locations or buildings.核數師德勤關黃陳方會計師行已辭任本公司的核數師，自二零二三年五月十五日起生效。

上會栢誠獲委任為本公司新核數師，以填補前核數師辭任後臨時空缺。

上會栢誠及後於二零二三年十一月二十八日舉行的二零二三年股東週年大會續會上獲續聘為本公司核數師。

本公司截至二零二三年十二月三十一日止年度的綜合財務報表已由上會栢誠審核，其將於二零二四年股東週年大會上退任。

上會栢誠符合資格並願意繼續出任。

續聘上會栢誠為本公司核數師的決議案將於二零二四年股東週年大會上提呈。

承董事會命主席林中香港，二零二四年三月二十八日附註：附上「*」標誌的中國實體或位置或建築物的英文名稱僅供識別。

中文名稱為該等中國實體或位置或建築物的正式名稱。

獨立核數師報告Independent Auditor’s Report114 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023TOTHEMEMBERSOFCIFIHOLDINGS (GROUP) CO. LTD.(incorporated in the Cayman Islands with limited liability)OPINIONWe have audited the consolidated financial statements of CIFIHoldings (Group) Co. Ltd. (the “Company”) and its subsidiaries (the “Group”) set out on pages 122 to 338, which comprise the consolidated statement of financial position as at 31 December 2023, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information.In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2023, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with the IFRSAccounting Standards (“IFRSs”) have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.BASISFOROPINIONWe conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements” section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.致旭輝控股（集團）有限公司各股東（於開曼群島註冊成立的有限公司）意見本核數師（以下簡稱「吾等」）已審核載列於第122至338頁旭輝控股（集團）有限公司（「貴公司」）及其附屬公司（「貴集團」）的綜合財務報表，此綜合財務報表包括於二零二三年十二月三十一日的綜合財務狀況表、截至該日止年度的綜合損益及其他全面收益表、綜合股本權益變動表、綜合現金流量表以及綜合財務報表附註，包括重大會計政策資料。

吾等認為，該等綜合財務報表均已按照國際財務報告準則會計準則（「國際財務報告準則」）的規定真實而中肯地反映貴集團於二零二三年十二月三十一日的綜合財務狀況及其截至該日止年度的綜合財務表現和綜合現金流量，並已按照香港公司條例的披露規定妥為編製。

意見的基礎吾等已根據香港會計師公會頒佈的香港審計準則（「香港審計準則」）進行審核。

吾等於該等準則下承擔的責任已在本報告「核數師就審核綜合財務報表須承擔的責任」部分中作進一步闡述。

根據香港會計師公會頒佈的專業會計師道德守則（以下簡稱「守則」），吾等獨立於貴集團，並已履行守則中的其他專業道德責任。

吾等相信，吾等所獲得的審核憑證屬充足及適當，可為吾等的意見提供基礎。

115二零二三年年報 | 旭輝控股（集團）有限公司MATERIALUNCERTAINTYRELATEDTOGOING CONCERNWe draw attention to note 3.1 to the consolidated financial statements which states that, the Group incurred a net loss attributable to equity owners of the Company of approximately RMB8,983,274,000. As at 31 December 2023, the Group was unable to repay the principal and the interest of certain offshore senior notes and the interest of convertible bonds and, as a result, certain bank borrowings, senior notes, convertible bonds (including debt and derivative components) and interest payables amounting to approximately RMB17,288,224,000, RMB28,818,191,000, RMB1,571,304,000 and RMB2,950,341,000 respectively became default or cross-default.This condition indicates the existence of a material uncertainty which may cast significant doubt on the Group’s ability to continue as a going concern and, therefore that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The directors of the Company have considered the measures being taken by the Group which are disclosed at note 3.1, are of the opinion that the Group would be able to continue as going concern basis. The consolidated financial statements do not include any adjustments that would result from a failure of achieving the measures. Our opinion is not modified in respect of this matter.KEYAUDITMATTERSKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.與持續經營有關的重大不確定因素謹請留意綜合財務報表附註3.1，當中提述貴集團產生貴公司股東權益應佔虧損淨額約人民幣8,983,274,000元。

於二零二三年十二月三十一日，貴集團未能償還若干境外優先票據的本金及利息以及可換股債券的利息，因此若干銀行借款、優先票據、可換股債券（包括債務及衍生工具部分）及應付利息分別約人民幣17,288,224,000元、人民幣28,818,191,000元、人民幣1,571,304,000元及人民幣2,950,341,000元構成違約或交叉違約。

該狀況表明存在重大不確定因素，可能對貴集團持續經營業務的能力產生重大疑慮，因此，貴集團可能無法於其一般業務過程中變現其資產及清償其負債。

經考慮附註3.1所披露貴集團採取的措施，貴公司董事認為貴集團將能夠持續經營。

綜合財務報表不包括該等措施無效所導致的任何調整。

吾等的意見並無就此事項作出修訂。

關鍵審計事項關鍵審計事項是根據吾等的專業判斷，認為對吾等審核本期綜合財務報表最為重要的事項。

這些事項是在吾等審核整體綜合財務報表及出具意見時進行處理的。

吾等不會對這些事項提供單獨的意見。

就以下各事項而言，吾等於審核中處理該事項的方法的描述已在各事項中說明。

吾等已履行本報告「核數師就審核綜合財務報表須承擔的責任」一節所描述的責任，包括與此等事項相關的責任。

因此，吾等的審計包括程序的效能，該等程序為應對吾等對綜合財務報表的重大錯誤陳述風險的評估而設計。

審計程序的結果（包括為應對以下事項進行的程序）為吾等就隨附綜合財務報表的審計意見提供基礎。

116 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023獨立核數師報告Independent Auditor’s Report關鍵審計事項吾等於審核中處理關鍵審計事項的方法Key audit matter How our audit addressed the key audit matter投資物業估值Valuation of Investment properties於二零二三年十二月三十一日，貴集團的投資物業按公平值計量為人民幣45,909,727,000元。

投資物業公平值變動於其產生年度在損益入賬。

管理層委聘外聘估值師於報告期末釐定投資物業的公平值。

外聘估值師就不同類型投資物業應用不同的估值模型。

吾等將此識別為關鍵審計事項，原因為投資物業的賬面值屬重大，且須作出重大估計以釐定其公平值。

相關披露載於綜合財務報表附註3、4及15。

吾等了解管理層委聘獨立專業估值師的工作，並評估外聘估值師的客觀性、獨立性及勝任能力。

透過諮詢管理層以及參考租金價值及公開市場資料，吾等已委聘獨立估值專家評估選定樣本所使用的估值方法及測試相關主要估計與假設。

吾等將外聘估值師作出的估值與獨立估值專家提供的範圍比較。

吾等進一步評估估值輸入數據所用物業相關數據是否正確。

吾等亦評估投資物業估值披露是否充分，包括投資物業估值的公平值級別及所用估值方法以及主要輸入數據。

As at 31 December 2023, the Group had investment properties amounting to RMB45,909,727,000 which were measured at fair value. Change in fair values of investment properties are recorded in profit or loss for the year in which they arise. Management engaged an external valuer to determine the fair values of the investment properties at the end of the reporting period. Different valuation models were applied by the external valuer on different types of investment properties.We identified this as a key audit matter because the carrying amounts of the investment properties are significant and significant estimation is required to determine their fair values.Related disclosures are included in notes 3,4 and 15 to the consolidated financial statements.We obtained understanding of the work of the independent professional valuer engaged by management, and assessed the objectivity, independence and competency of the external valuer.We involved independent valuation specialists to evaluate the valuation techniques used and tested the underlying key estimations and assumptions for selected samples through enquiry with management and by reference to the rental values and open market information.We compared the valuation performed by the external valuer to the range provided by the independent valuation specialists. We further assessed the correctness of the property related data used as inputs for the valuation.We also assessed the adequacy of the disclosures of the valuation of the investment properties, including the fair value hierarchy and the valuation techniques used and the key inputs to the valuation of investment properties.117二零二三年年報 | 旭輝控股（集團）有限公司關鍵審計事項吾等於審核中處理關鍵審計事項的方法Key audit matter How our audit addressed the key audit matter開發中物業及持作出售物業估值Valuation of properties under development and properties held for sales於二零二三年十二月三十一日，貴集團的開發中物業及持作出售物業（「該等物業」）及持作出售物業分別為人民幣96,603,349,000元及人民幣21,666,150,000元。

誠如綜合財務報表附註4所披露，貴集團管理層藉參考該等物業估計市價釐定該等物業可變現淨值，其中考慮多項因素，包括同一項目中相似物業類型或類似物業所達致的近期價格以及中國房地產的當前及預測市況及經參考實際開發成本得出的擬作出售的開發中物業估計未來完工成本，以及按當時市況銷售物業將產生的成本。

倘該等物業可變現淨值低於其賬面值，則將該等物業賬面值減至其可變現淨值。

根據管理層的評估，年內就該等物業確認撥備人民幣8,707,381,000元。

吾等將此識別為關鍵審計事項，原因為該等物業的賬面值十分重大，且須作出重大估計以釐定其可變現淨值。

相關披露載於綜合財務報表附註3、4、24及25。

吾等評估管理層釐定該等物業可變現淨值的方法及結果的合理性。

吾等按抽樣形式評估該等物業的估計未來完工成本的合理性，方法為將其與貴集團類似已完工物業的實際開發成本比較，以及將管理層作出的調整與現有市場數據比較吾等透過參考該等物業所在的城市及地點以及其他相關市場因素，評估該等物業可變現淨值的恰當性。

根據對貴集團業務及中國房地產行業的了解，由管理層按抽樣形式通過將年結後實際售價或自可變現淨值得出的估計市價與相同項目或可比較物業的市價比較的方式估計。

As at 31 December 2023, the Group had properties under development and properties held for sale (the “Properties”) amounting to RMB96,603,349,000 and properties held for sale of RMB21,666,150,000 respectively.As disclosed in note 4 to the consolidated financial statements, the management of the Group determined the NRV of these Properties by reference to the estimated market prices of the Properties, which takes into account a number of factors including recent prices achieved for similar property types in the same project or by similar properties, and the prevailing and forecasted real estate market conditions in the PRC and the estimate future costs to completion of the properties under development for sale by reference to the actual development cost and the costs to be incurred in selling the properties based on prevailing market conditions. If the NRV of the Properties are found to be lower than their carrying amounts, the carrying amounts of the Properties are reduced to their NRV. Based on the management assessment, a provision for the Properties of RMB8,707,381,000 was recognised during the year.We identified this as a key audit matter because the carrying amounts of the Properties are significant and significant estimation is required to determine their NRV.Related disclosures are included in notes 3,4,24 and 25 to the consolidated financial statements.We assessed the reasonableness of the management’s method and result on determining the NRV of these properties.We evaluated the reasonableness of the estimated future costs to completion of the Properties, on a sample basis, by comparing it to the actual development cost of similar completed properties of the Group and comparing the adjustments made by the management to current market dataWe assessed the appropriateness of the NRV of the Properties by reference to the cities and location where the Properties are located and other relevant market factors. On a sample basis, estimated by the management by comparing the actual selling price subsequent to year end or estimated market price that derive the NRV to the market prices achieved in the same projects or comparable properties, based on our knowledge of the Group’s business and the PRC real estate industry.118 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023獨立核數師報告Independent Auditor’s ReportOTHERINFORMATIONINCLUDEDINTHEANNUAL REPORTThe directors of the Company are responsible for the other information. The other information comprises the information included in the Annual Report, other than the consolidated financial statements and our auditor’s report thereon.Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.RESPONSIBILITIESOFDIRECTORSFORTHE CONSOLIDATEDFINANCIALSTATEMENTSThe directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with IFRSs issued by IASB and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements, the directors of the Company are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors of the Company either intend to liquidate the Group or to cease operations or have no realistic alternative but to do so.The directors of the Company are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group’s financial reporting process.年報載列的其他信息貴公司董事須對其他信息負責。

其他信息包括年報內載列的信息，但不包括綜合財務報表及吾等就此發出的核數師報告。

吾等對綜合財務報表的意見並不涵蓋其他信息，吾等亦不對其他信息發表任何形式的鑒證結論。

就吾等對綜合財務報表的審核而言，吾等的責任是閱讀其他信息，從而考慮其他信息是否與綜合財務報表或吾等在審核過程中所瞭解的情況存在重大不符，或似存在重大錯誤陳述。

基於吾等已執行的工作，倘吾等認為該其他信息存在重大錯誤陳述，則吾等需要報告該事實。

吾等就此並無須報告事項。

董事就綜合財務報表須承擔的責任貴公司董事須負責根據國際會計準則理事會頒佈的國際財務報告準則及香港公司條例的披露規定擬備真實且中肯的綜合財務報表，並對其認為為使綜合財務報表的擬備不存在由於欺詐或錯誤而導致的重大錯誤陳述所需的內部監控負責。

在擬備綜合財務報表時，貴公司董事負責評估貴集團持續經營的能力，並在適用情況下披露與持續經營有關的事項，以及使用持續經營會計基礎，除非貴公司董事有意將貴集團清盤或停止經營，或別無其他實際的替代方案。

審核委員會協助貴公司董事履行彼等監督貴集團財務報告程序的責任。

119二零二三年年報 | 旭輝控股（集團）有限公司AUDITOR’SRESPONSIBILITIESFORTHEAUDITOF THECONSOLIDATEDFINANCIALSTATEMENTSOur objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion, solely to you, as a body, in accordance with our agreed term of agreement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.核數師就審核綜合財務報表須承擔的責任吾等的目標，是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯誤陳述取得合理保證，並根據協定的協議條款僅向閣下（作為整體）出具包括吾等意見的核數師報告，除此之外本報告不作其他用途。

吾等不會就本報告的內容向任何其他人士負上或承擔任何責任。

合理保證是高水平的保證，但不能保證按照香港審計準則進行的審核，在某一重大錯誤陳述存在時總能發現。

錯誤陳述可以由欺詐或錯誤引致，如果合理預期其單獨或匯總起來可能影響綜合財務報表使用者依賴該等綜合財務報表作出的經濟決定，則有關錯誤陳述可被視作重大。

根據香港審計準則進行審核的過程中，吾等運用專業判斷，保持專業懷疑態度。

吾等亦：識別和評估由於欺詐或錯誤而導致綜合財務報表出現重大錯誤陳述的風險，設計及執行審核程序以應對這些風險，以及獲取充足和適當的審核憑證，作為吾等意見的基礎。

由於欺詐可能涉及串謀、偽造、蓄意遺漏、虛假陳述，或凌駕於內部監控之上，因此未能發現因欺詐而導致重大錯誤陳述的風險高於未能發現因錯誤而導致重大錯誤陳述的風險。

瞭解與審核相關的內部監控，以設計適當的審核程序，但目的並非對貴集團內部監控的有效性發表意見。

評價董事所採用會計政策的恰當性及所作會計估計和相關披露的合理性。

120 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023獨立核數師報告Independent Auditor’s Report Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit fundings, including any significant deficiencies in internal control that we identify during the audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.對董事採用持續經營會計基礎的恰當性作出結論。

根據獲取的審核憑證，確定是否存在與事項或情況有關的重大不確定性，從而可能導致對貴集團的持續經營能力產生重大疑慮。

如果吾等認為存在重大不確定性，則有必要在核數師報告中提請使用者注意綜合財務報表中的相關披露，倘有關披露不足，則吾等應當發表非無保留意見。

吾等的結論乃基於核數師報告日期止所取得的審核憑證。

然而，未來事項或情況可能導致貴集團不能持續經營。

評價綜合財務報表的整體列報方式、結構和內容，包括披露，以及綜合財務報表有否中肯反映相關交易和事項。

就貴集團內實體或業務活動的財務資料獲取充分、適當的審核憑證，以對綜合財務報表發表意見。

吾等負責指導、監督和執行貴集團的審核。

吾等對審核意見承擔全部責任。

吾等與審核委員會溝通了計劃的審核範圍、時間安排及重大審核發現等，包括吾等於審核中識別出內部監控的任何重大缺陷。

吾等還向審核委員會提交聲明，說明吾等已符合有關獨立性的相關專業道德要求，並與彼等溝通可能合理地被認為會影響吾等獨立性的所有關係及其他事項，以及在適用的情況下，為消除威脅而採取的行動或採用的防範措施。

121二零二三年年報 | 旭輝控股（集團）有限公司From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.The engagement partner on the audit resulting in this independent auditor’s report is Lee Kwok Lun.Prism Hong Kong and Shanghai LimitedCertified Public AccountantsLee Kwok LunPractising Certificate Number: P06294Hong Kong28 March 2024從與審核委員會溝通的事項中，吾等確定哪些事項對本期綜合財務報表的審核最為重要，因而構成關鍵審計事項。

吾等在核數師報告中描述這些事項，除非法律或法規不允許公開披露這些事項，或在極端罕見的情況下，如果合理預期在吾等報告中溝通某事項造成的負面後果超過產生的公眾利益，吾等決定不應在報告中溝通該事項。

本獨立核數師報告的審核項目合夥人為李國麟。

上會栢誠會計師事務所有限公司執業會計師李國麟執業證書編號：P06294香港二零二四年三月二十八日綜合損益及其他全面收益表Consolidated Statement of Profit or Loss and Other Comprehensive Income截至二零二三年十二月三十一日止年度 For the year ended 31 December 2023122 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023二零二三年二零二二年20232022附註人民幣千元人民幣千元NOTESRMB’000 RMB’000收入REVENUE 571,832,55647,440,141銷售及服務成本Cost of sales and services (60,599,882) (40,820,412) 毛利Gross profit 11,232,6746,619,729其他收入及收益（開支）淨額Other income and gains (expenses), net 7 (852,156) (1,335,262)銷售及市場營銷開支Selling and marketing expenses (1,873,749) (2,200,117)行政開支Administrative expenses (2,102,048) (3,611,724)投資物業公平值虧損Fair value loss of investment properties (133,673) (1,258,124)撇減持作出售物業及擬作出售的開發中物業Write-down of properties held for sale and properties under development for sale (8,707,381) (4,292,930)預期信貸虧損撥備Allowance for expected credit losses 9 (400,788) (2,548,259)融資成本Finance costs 8 (3,027,125) (2,565,380)應佔合營企業及聯營公司業績Share of results of joint ventures and associates 411,943 (1,740,293) 除稅前虧損Loss before taxation (5,452,303) (12,932,360)所得稅開支Income tax expense 10 (3,226,640) (627,618) 年內虧損Loss for the year 11 (8,678,943) (13,559,978) 其他全面收入（開支）：Other comprehensive income (expense):其後可能重新分類至損益的項目：Items that may be reclassified subsequently to profit or loss:指定為現金流量對沖的對沖工具公平值變動Fair value change on hedging instruments designated as cash flow hedge – 30,536將指定為現金流量對沖的對沖工具公平值變動重新分類至損益Reclassification of fair value change on hedging instruments designated as cash flow hedge to profit or loss – (4,083)不會重新分類至損益的項目：Items that will not be reclassified to profit or loss:按公平值計入其他全面收入（「按公平值計入其他全面收入」）的股本工具投資公平值變動Fair value change on investments in equity instruments at fair value through other comprehensive income (“FVTOCI”) (9,977) (32,825) (9,977) (6,372) 年內全面開支總額Total comprehensive expense for the year (8,688,920) (13,566,350) 以下各項應佔年內虧損：Loss for the year attributable to:本公司股東權益Equity owners of the Company (8,983,274) (13,049,088)永久資本工具擁有人Owners of perpetual capital instruments 249,492108,192非控股權益Non-controlling interests 54,839 (619,082) (8,678,943) (13,559,978) 以下各項應佔年內全面開支總額：Total comprehensive expense for the year attributable to:本公司股東權益Equity owners of the Company (8,993,251) (13,055,460)永久資本工具擁有人Owners of perpetual capital instruments 249,492108,192非控股權益Non-controlling interests 54,839 (619,082) (8,688,920) (13,566,350) 二零二三年二零二二年20232022每股虧損（人民幣元）：Loss per share, in RMB:基本Basic 14 (0.86) (1.42) 攤薄Diluted 14 (0.86) (1.42) 綜合財務狀況表Consolidated Statement of Financial Position於二零二三年十二月三十一日 At 31 December 2023123二零二三年年報 | 旭輝控股（集團）有限公司二零二三年二零二二年20232022附註人民幣千元人民幣千元NOTESRMB’000 RMB’000非流動資產NON-CURRENTASSETS投資物業Investment properties 1545,909,72745,797,766物業、廠房及設備Property, plant and equipment 16498,619571,039使用權資產Right-of-use assets 17151,162204,764無形資產Intangible assets 18278,439311,092商譽Goodwill 181,488,1711,454,656於聯營公司的權益Interests in associates 1915,050,42614,030,344於合營企業的權益Interests in joint ventures 2016,739,07712,778,183於房地產項目的投資Investments in property projects 2153,67194,310按公平值計入損益（「按公平值計入損益」）的金融資產Financial assets at fair value through profit or loss (“FVTPL”) 22739,354818,340按公平值計入其他全面收入的股本工具Equity instruments at FVTOCI 2329,83339,810遞延稅項資產Deferred taxation assets 392,231,1622,343,246其他應收款項、按金及預付款項Other receivables, deposits and prepayments 2655,02058,523遞延合約成本Deferred contract cost 38,01110,894 83,262,67278,512,967 流動資產CURRENTASSETS持作出售物業Properties held for sale 2421,666,15023,436,320擬作出售的開發中物業Properties under development for sale 2596,603,349160,801,700應收賬款及其他應收款項、按金及預付款項Accounts and other receivables, deposits and prepayments 2635,653,42230,836,601應收非控股權益款項Amounts due from non-controlling interests 2721,130,76636,728,369應收合營企業及聯營公司的款項Amounts due from joint ventures and associates 2822,765,84526,240,695持作出售物業土地使用權按金Deposits for land use rights for properties held for sale 2,083,4423,759,653可收回稅項Taxation recoverable 4,153,4325,230,807按公平值計入損益的金融資產Financial assets at FVTPL 224,26420,759質押性銀行存款Pledged bank deposits 291,004,098445,300銀行結餘及現金Bank balances and cash 2912,749,79120,108,115遞延合約成本Deferred contract costs 3,66111,561 217,818,220307,619,880 124 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務狀況表Consolidated Statement of Financial Position二零二三年二零二二年20232022附註人民幣千元人民幣千元NOTESRMB’000 RMB’000流動負債CURRENTLIABILITIES應付賬款及其他應付款項以及應計開支Accounts and other payables and accrued charges3052,373,96356,330,766合約負債Contract liabilities 3148,545,01391,551,676應付非控股權益款項Amounts due to non-controlling interests 277,134,7186,739,936應付合營企業及聯營公司的款項Amounts due to joint ventures and associates 2824,541,83324,812,909應付稅項Taxation payable 6,611,0286,704,660租賃負債（於一年內到期） Lease liabilities – due within one year 3249,46262,913財務擔保負債Financial guarantee liabilities – 57,582銀行及其他借款（於一年內到期） Bank and other borrowings – due within one year 3330,765,06137,487,563優先票據（於一年內到期） Senior notes – due within one year 3428,818,19128,432,434公司債券及中期票據（於一年內到期）Corporate bonds and medium-term notes – due within one year 358,110,2094,809,105可換股債券的債務部分Debt component of convertible bonds 361,571,3041,401,331可換股債券的衍生工具部分Derivative component of convertible bonds 36 – 267,247 208,520,782258,658,122 流動資產淨值NETCURRENTASSETS 9,297,43848,961,758 總資產減流動負債TOTALASSETSLESSCURRENTLIABILITIES 92,560,110127,474,725 資本及儲備CAPITALANDRESERVES股本Share capital 38855,610855,575儲備Reserves 19,373,67128,558,791 本公司股東權益應佔股本權益Equity attributable to owners of the Company 20,229,28129,414,366永久資本工具Perpetual capital instruments 371,924,5451,924,545非控股權益Non-controlling interests 42,414,99454,841,491 權益總額TOTALEQUITY 64,568,82086,180,402 125二零二三年年報 | 旭輝控股（集團）有限公司第122至338頁的綜合財務報表已於二零二四年三月二十八日獲董事會批准及授權刊發，並由下列人士代表簽署：（林中） （汝海林）（董事） （董事）二零二三年二零二二年20232022附註人民幣千元人民幣千元NOTESRMB’000 RMB’000非流動負債NON-CURRENTLIABILITIES其他應付款項（於一年後到期） Other payable – due after one year 309,32213,174租賃負債（於一年後到期） Lease liabilities – due after one year 32114,352153,943銀行及其他借款（於一年後到期） Bank and other borrowings – due after one year 3318,188,10727,997,778公司債券及中期票據（於一年後到期）Corporate bonds and medium-term notes – due after one year 354,828,2678,321,451遞延稅項負債Deferred taxation liabilities 394,851,2424,807,977 27,991,29041,294,323 92,560,110127,474,725 The consolidated financial statements on pages 122 to 338 were approved and authorised for issue by the board of directors on 28 March 2024 and are signed on its behalf by:(LINZHONG) (RUHAILIN)(DIRECTOR) (DIRECTOR)綜合股本權益變動表Consolidated Statement of Changes in Equity截至二零二三年十二月三十一日止年度 For the year ended 31 December 2023126 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023母公司擁有人應佔Attributable to owners of the parent股本Share capital股份溢價Sharepremium特別及其他儲備Specialand otherreserve法定盈餘儲備Statutorysurplusreserve按公平值計入其他全面收入儲備FVTOCIreserve就股份獎勵計劃持有股份Shares heldfor shareaward scheme股份獎勵儲備Share awardreserve購股權儲備Share optionreserve出資儲備Capitalcontributionreserve對沖儲備Hedgingreserve保留利潤Retainedprofits小計Subtotal永久資本工具Perpetualcapitalinstruments非控股權益Non-controlling interests總計Total人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000（附註c）(note c) 於二零二二年一月一日At 1 January 2022715,1917,185,773 (631,834) 3,895,370 (104,239) (443,798) – 156,37739,440 (26,453) 31,204,32741,990,1541,924,54563,485,094107,399,793年內（虧損）利潤(Loss) profit for the year – – – – – – – – – – (13,049,088) (13,049,088) 108,192 (619,082) (13,559,978)指定為現金流量對沖的對沖工具公平值變動Fair value change on hedging instruments designated as cash flow hedge – – – – – – – – – 30,536 – 30,536 – – 30,536將指定為現金流量對沖的對沖工具公平值變動重新分類至損益Reclassification of fair value change on hedging instruments designated as cash flow hedge to profit or loss – – – – – – – – – (4,083) – (4,083) – – (4,083)按公平值計入其他全面收入的股本工具投資公平值虧損對沖公平值變動重新分類Fair value loss on investments in equity instruments at FVTOCIReclassification of fair value change on hedging – – – – (32,825) – – – – – – (32,825) – – (32,825)年內全面（開支）收入總額Total comprehensive (expense) income for the year – – – – (32,825) – – – – 26,453 (13,049,088) (13,055,460) 108,192 (619,082) (13,566,350)轉撥至儲備Appropriations to reserve – – – 592,776 – – – – – – (592,776) – – – –根據股份獎勵計劃出售股份（附註47） Disposal of shares under the share award scheme (note 47) – (205,489) – – – 304,983 – – – – – 99,494 – – 99,494確認以股本權益結算的股份付款（附註47）Recognition of equity-settled share based payments (note 47) – – – – – – – 23,002 – – – 23,002 – – 23,002確認為分派股息（附註13） Dividend recognised as distribution (note 13) – – – – – – – – – – (540,294) (540,294) – – (540,294)非控股權益附屬公司出資Capital contribution of subsidiaries from non-controlling interests – – – – – – – – – – – – – 2,700,4502,700,450非控股權益附屬公司減資Capital reduction of subsidiaries from non-controlling interests – – – – – – – – – – – – – (849,065) (849,065)收購附屬公司（附註40） Acquisition of subsidiaries (note 40) – – – – – – – – – – – – – 1,235,4511,235,451自非控股權益收購附屬公司額外權益（附註a）Acquisition of additional interests in subsidiaries from non-controlling interests (note a) – – (1,058,802) – – – – – – – – (1,058,802) – (6,500,543) (7,559,345)向非控股權益出售附屬公司部分權益（附註b）Disposal of partial interests in subsidiaries to non-controlling interests (note b) – – 3,022 – – – – – – – – 3,022 – 715,978719,000出售附屬公司（附註41） Disposal of subsidiaries (note 41) – – – – – – – – – – – – – (1,537,384) (1,537,384)出售按公平值計入其他全面收入的股本工具投資Disposal of investments in equity instruments at FVTOCI – – – – 74,860 – – – – – (74,860) – – – –派付予非控股權益的股息Dividend paid to non-controlling interests – – – – – – – – – – – – – (3,763,565) (3,763,565)行使購股權時發行股份Issue of shares upon exercise of share options 74139,800 – – – – – (8,561) – – – 31,980 – – 31,980沒收購股權Forfeiture of share options – – – – – – – (147,816) – – 147,816 – – – –轉換可換股債券時發行股份（附註36）Issue of shares upon conversion of convertible bonds (note 36) 11,080564,984 – – – – – – – – – 576,064 – – 576,064向永久資本工具擁有人分派Distribution to owners of perpetual capital instruments – – – – – – – – – – – – (108,192) – (108,192)發行紅股（附註38） Bonus issue of shares (note 38) 30,076 – – – – – – – – – (30,076) – – – –配售股份（附註38） Placing of shares (note 38) 98,4871,250,732 – – – – – – – – – 1,349,219 – – 1,349,219購回永升股份時註銷Cancellation upon repurchase of shares of Ever Sunshine – – (4,013) – – – – – – – – (4,013) – (25,843) (29,856)於二零二二年十二月三十一日At 31 December 2022855,5758,835,800 (1,691,627) 4,488,146 (62,204) (138,815) – 23,00239,440 – 17,065,04929,414,3661,924,54554,841,49186,180,402127二零二三年年報 | 旭輝控股（集團）有限公司母公司擁有人應佔Attributable to owners of the parent股本Sharecapital股份溢價Sharepremium特別及其他儲備Specialand otherreserve法定盈餘儲備Statutorysurplusreserve按公平值計入其他全面收入儲備FVTOCIreserve就股份獎勵計劃持有股份Shares heldfor shareaward scheme股份獎勵儲備Shares award reserve購股權儲備Share optionreserve出資儲備Capitalcontributionreserve對沖儲備Hedgingreserve保留利潤Retainedprofits小計Subtotal永久資本工具Perpetualcapitalinstruments非控股權益Non-controllinginterests總計Total人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000（附註c）(note c) 於二零二三年一月一日At 1 January 2023855,5758,835,800 (1,691,627) 4,488,146 (62,204) (138,815) – 23,00239,440 – 17,065,04929,414,3661,924,54554,841,49186,180,402年內（虧損）利潤(Loss) Profit for the year – – – – – – – – – – (8,983,274) (8,983,274) 249,49254,839 (8,678,943)指定為現金流量對沖的對沖工具公平值變動Fair value change on hedging instruments designated as cash flow hedge – – – – – – – – – – – – – – –將指定為現金流量對沖的對沖工具公平值變動重新分類至損益Reclassification of fair value change on hedging instruments designated as cash flow hedge to profit or loss – – – – – – – – – – – – – – –按公平值計入其他全面收入的股本工具投資公平值虧損Fair value loss on investments in equity instruments at FVTOCI – – – – (9,977) – – – – – – (9,977) – – (9,977)年內全面（開支）收入總額Total comprehensive (expense) income for the year – – – – (9,977) – – – – – (8,983,274) (8,993,251) 249,49254,839 (8,688,920)轉撥至儲備Appropriations to reserve – – – 412,125 – – – – – – (412,125) – – – –已歸屬股份獎勵Share awards vested – – – – – 138,739 (35,752) – – – (102,987) – – – –確認以股本權益結算的股份付款（附註47） Recognition of equity-settled share based payments (note 47) – – – – – – 35,75245,991 – – – 81,743 – – 81,743非控股權益附屬公司出資Capital contribution of subsidiaries from non-controlling interests – – – – – – – – – – – – – 5,6305,630非控股權益附屬公司減資Capital reduction of subsidiaries from non-controlling interests – – – – – – – – – – – – – (3,237,898) (3,237,898)收購附屬公司（附註40） Acquisition of subsidiaries (note 40) – – – – – – – – – – – – – 2,7342,734自非控股權益收購附屬公司額外權益（附註a）Acquisition of additional interests in subsidiaries from non-controlling interests (note a) – – (275,196) – – – – – – – – (275,196) – (2,850,895) (3,126,091)出售附屬公司（附註41） Disposal of subsidiaries (note 41) – – – – – – – – – – – – – (5,208,322) (5,208,322)派付予非控股權益的股息Dividend paid to non-controlling interests – – – – – – – – – – – – – (1,192,585) (1,192,585)轉換可換股債券時發行股份（附註36）Issue of shares upon conversion of convertible bond (note 36)351,584 – – – – – – – – – 1,619 – – 1,619向永久資本工具擁有人分派Distribution to owners of perpetual capital instruments – – – – – – – – – – – – (249,492) – (249,492)於二零二三年十二月三十一日At 31 December 2023855,6108,837,384 (1,966,823) 4,900,271 (72,181) (76) – 68,99339,440 – 7,566,66320,229,2811,924,54542,414,99464,568,820 128 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合股本權益變動表Consolidated Statement of Changes in EquityNotes:(a) During the year, CIFIHoldings (Group) Co. Ltd. (the “Company”) and its subsidiaries (collectively, the “Group”) acquired additional equity interests in certain subsidiaries from their non-controlling interests.The total differences between the consideration paid of RMB3,126,091,000, and the carrying amount of the non-controlling interests attributable to the acquired interests amounted to RMB275,196,000 (2022: RMB1,058,802,000) were recognised in equity.(b) In accordance with the articles of association of all subsidiaries established in the People’s Republic of China (the “PRC”), those subsidiaries are required to transfer 10% of the profit after taxation to the statutory surplus reserve until the reserve reaches 50% of the registered capital. Transfer to reserve must be made before the distribution of dividends to equity holders. The statutory surplus reserve can be used to make up for previous years’ losses, expand the existing operations or convert into additional capital of the subsidiaries.附註：(a)旭輝控股（集團）有限公司（「本公司」）及其附屬公司（統稱「本集團」）於本年內自若干附屬公司的非控股權益收購該等附屬公司的額外股權。

已付代價人民幣3,126,091,000元與收購權益應佔非控股權益賬面值的總差額人民幣275,196,000元（二零二二年：人民幣1,058,802,000元）已於權益中確認。

(b)根據於中華人民共和國（「中國」）成立的所有附屬公司的組織章程細則，該等附屬公司須轉撥10%除稅後利潤至法定盈餘儲備，直至該儲備達到註冊資本的50%為止。

轉撥至此儲備須於向股本權益持有人分派股息前作出。

法定盈餘儲備可用作彌補過往年度的虧損、擴充現時經營的業務或轉換為附屬公司的額外資本。

綜合現金流量表Consolidated Statement of Cash Flows截至二零二三年十二月三十一日止年度 For the year ended 31 December 2023129二零二三年年報 | 旭輝控股（集團）有限公司二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000除稅前虧損Loss before taxation (5,452,303) (12,932,360)就以下各項作出調整：Adjustments for: 融資成本Finance costs 3,027,1252,565,380預期信貸虧損撥備Allowance for expected credit losses 400,7882,548,259撇減持作出售物業及擬作出售的開發中物業Write-down of properties held for sale and properties under development for sale 8,707,3814,292,930物業、廠房及設備折舊Depreciation of property, plant and equipment 149,693130,199使用權資產折舊Depreciation of right-of-use assets 77,19496,478無形資產攤銷Amortisation of intangible assets 39,83338,802衍生金融工具公平值變動Change in fair value of derivative financial instruments – 2,217可換股債券衍生工具部分公平值變動Change in fair value of derivative component of convertible bonds (267,247) (111,506)按公平值計入損益的金融資產公平值變動Change in fair value of financial assets at FVTPL50,592272,400投資物業公平值虧損Fair value loss of investment properties 133,6731,258,124出售附屬公司虧損（收益）淨額Loss (gain) on disposal of subsidiaries, net 622,769 (72,160)出售聯營公司收益Gain on disposal of associates (15,248) (25,068)出售合營企業虧損（收益） Loss (gain) on disposal of joint ventures 431,150 (28,123)出售物業、廠房及設備的收益淨額Gain on disposal of property, plant and equipment, net (1,456) (707)提早贖回優先票據虧損Loss on early redemption of senior notes – 1,608應佔合營企業及聯營公司業績Share of results of joint ventures and associates (411,943) 1,740,293利息收入Interest income (174,826) (332,502)物業項目投資的股息收入Dividend income from investments in property projects (9,299) (41,091)物業項目投資的公平值變動Change in fair value of investments in property projects 44,3499,716按公平值計入損益的金融資產股息收入Dividend income from financial assets at FVTPL (18,335) (27,630)確認以股本權益結算的股份付款Recognition of equity-settled share-based payments 81,74323,002匯兌虧損淨額Net exchange loss 372,4611,970,238 營運資金變動前經營現金流量Operating cash flows before movements in working capital 7,788,0941,378,499持作出售物業增加Increase in properties held for sale (2,257,309) (38,754,953)擬作出售的開發中物業減少Decrease in properties under development for sale 41,255,35748,232,127應收賬款及其他應收款項、按金及預付款項（增加）減少(Increase) decrease in accounts and other receivables, deposits and prepayments (8,083,806) 8,354,486持作出售物業土地使用權按金減少Decrease in deposits for land use rights for properties held for sale 65,882297,236遞延合約成本增加Increase in deferred contract costs (19,217) (5,318)應付賬款及其他應付款項以及應計開支增加（減少）Decrease in accounts and other payables and accrued charges (646,394) (11,829,964)衍生金融工具減少Decrease in derivative financial instruments – 9,695按公平值計入損益的金融資產減少Decrease in financial assets at FVTPL – 516,995受限制現金減少Decrease in restricted cash 4,423,1252,439,852合約負債（減少）增加(Decrease) increase in contract liabilities (28,869,019) 13,784,595 經營所得現金Cash generated from operations 13,656,71324,423,250已付中國所得稅PRC income tax paid (1,562,630) (4,354,718) 經營活動所得現金淨額NETCASHFROMOPERATINGACTIVITIES 12,094,08320,068,532 130 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合現金流量表Consolidated Statement of Cash Flows二零二三年二零二二年20232022附註人民幣千元人民幣千元NOTESRMB’000 RMB’000投資活動INVESTINGACTIVITIES向合營企業墊款Advances to joint ventures (4,264,324) (4,542,730)合營企業還款Repayment from joint ventures 3,871,55710,618,692向聯營公司墊款Advances to associates (1,757,214) (1,450,706)聯營公司還款Repayment from associates 4,198,1913,731,523向非控股權益墊款Advances to non-controlling interests (3,022,664) (17,855,001)非控股權益還款Repayment from non-controlling interests 6,769,6908,479,982添置投資物業Additions to investment properties (799,613) (2,489,023)購買物業、廠房及設備Purchase of property, plant and equipment (117,572) (189,924)出售物業、廠房及設備所得款項Proceeds from disposal of property, plant and equipment 15,4008,208出售投資物業所得款項Proceeds from disposal of investment properties 38,9728,058出售聯營公司現金流入淨額Net cash inflow from disposal of associates 207,375174,901出售合營企業現金流入淨額Net cash inflow from disposal of joint ventures 215,951180,040收購附屬公司現金流入（流出）淨額Net cash inflow (outflow) from acquisition of subsidiaries 40192,652 (2,160,008)出售附屬公司現金（流出）流入淨額Net cash (outflow) inflow from disposal of subsidiaries 41 (2,613,111) 352,226購買按公平值計入損益的金融資產Purchase of financial assets at FVTPL – (385,366)出售按公平值計入損益的金融資產的所得款項Proceeds from disposal of financial assets at FVTPL 70,048477,589出售按公平值計入其他全面收入的股本工具的所得款項Proceeds from disposal of equity instruments at FVTOCI – 134,812存置質押性銀行存款Placement of pledged bank deposits (838,598) (288,061)提取質押性銀行存款Withdrawal of pledged bank deposits 279,80090,000向合營企業注資Capital injection into joint ventures (229,395) (62,317)合營企業減資Capital reduction from joint ventures 69,930 –向聯營公司注資Capital injection into associates (129,383) (19,776)聯營公司減資Capital reduction from associates 180,40018,150向合營企業收取股息Dividend received from joint ventures 93,05315,225向聯營公司收取股息Dividend received from associates 72,01624,507自按公平值計入損益的金融資產收取的股息Dividends received from financial assets at FVTPL 18,33527,630已收利息Interest received 174,826332,502物業項目投資回報Returns of investments in property projects 22,299281,354關聯方還款Repayment from related parties 19,455 – 投資活動所得（所用）現金淨額NETCASHFROM (USEDIN) INVESTING ACTIVITIES 2,738,076 (4,487,513) 131二零二三年年報 | 旭輝控股（集團）有限公司二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000融資活動FINANCINGACTIVITIES合營企業的墊款Advances from joint ventures 1,783,0684,872,678向合營企業還款Repayment to joint ventures (3,044,266) (15,641,823)聯營公司的墊款Advances from associates 2,774,6692,006,758向聯營公司還款Repayment to associates (2,584,284) (5,054,938)非控股權益的墊款Advances from non-controlling interests 2,010,1943,635,795向非控股權益還款Repayment to non-controlling interests (1,544,236) (7,699,066)自非控股權益收購附屬公司額外權益Acquisition of additional interests in subsidiaries from non-controlling interests (1,157,697) (4,230,476)關聯方的墊款Advances from related parties – 604,318向關聯方還款Repayment to related parties (813) (22,059)新增銀行及其他借款New bank and other borrowings raised 4,097,34816,178,417償還銀行及其他借款Repayment of bank and other borrowings (16,331,904) (27,855,485)發行優先票據所得款項淨額Net proceeds from issue of senior notes – 852,608發行公司債券及中期票據所得款項淨額Net proceeds from issue of corporate bonds and medium-term notes – 2,690,300發行可換股債券所得款項淨額Net proceeds from issue of convertible bonds – 2,038,123贖回優先票據Redemption of senior notes – (4,815,255)贖回公司債券Redemption of corporate bonds (200,900) (800,000)已付利息Interest paid (2,989,155) (5,974,523)償還租賃負債Repayment of lease liabilities (76,635) (95,874)結算衍生金融工具所得款項Proceeds on settlement of derivative financial instruments – (4,083)向非控股權益出售附屬公司部分權益的所得款項Proceeds from disposal of partial interests in subsidiaries to non-controlling interests – 719,000非控股權益出資Capital contributions from non-controlling interests 5,630131,559非控股權益附屬公司減資Capital reduction of subsidiaries from non-controlling interests (20,761) (849,065)配售股份所得款項淨額Net proceeds from placing of shares – 1,349,219行使購股權所得款項Proceeds from exercise of share options – 31,980向永久資本工具擁有人分派Distribution to owners of perpetual capital instruments – (108,192)派付予非控股權益的股息Dividend paid to non-controlling interests (491,422) (789,992)永升購回股份後註銷Cancellation upon repurchase of shares by Ever Sunshine – (29,856)已付股息Dividend paid – (540,294) 融資活動所用現金淨額NETCASHUSEDINFINANCINGACTIVITIES (17,771,164) (39,400,226) 現金及現金等價物減少淨額NETDECREASEINCASHANDCASHEQUIVALENTS (2,939,005) (23,819,207)年初現金及現金等價物CASHANDCASHEQUIVALENTS ATTHEBEGINNINGOFTHEYEAR 5,700,60029,615,093外匯影響Effect of foreign exchanges 3,806 (95,286) 年末現金及現金等價物CASHANDCASHEQUIVALENTS ATTHEENDOFTHEYEAR 2,765,4015,700,600綜合財務報表附註Notes to the Consolidated Financial Statement截至二零二三年十二月三十一日止年度 For the year ended 31 December 2023132 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 20231. GENERALINFORMATIONCIFIHoldings (Group) Co. Ltd. (the “Company”) is a public limited company incorporated in the Cayman Islands and its shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The addresses of the registered office and principal place of business of the Company are disclosed in the corporate information section to the annual report.The Company acts as an investment holding company.The consolidated financial statements are presented in Renminbi (“RMB”), which is the functional currency of the Company.1.一般資料旭輝控股（集團）有限公司（「本公司」）乃於開曼群島註冊成立的公眾有限公司及其股份於香港聯合交易所有限公司（「聯交所」）上市。

本公司的註冊辦事處地址及主要營業地點於年報內公司資料一節披露。

本公司為投資控股公司。

綜合財務報表乃以本公司的功能貨幣人民幣（「人民幣」）呈列。

133二零二三年年報 | 旭輝控股（集團）有限公司2. APPLICATIONOFNEWANDAMENDMENTS TOINTERNATIONALFINANCIALREPORTING STANDARDS (“IFRSs”)New and amendment of IFRSAccounting Standards that are materially effective for the annual yearIn the current year, the Group has applied the following new and amendments to IFRSAccounting Standards issued by the IASB for the first time, which are mandatorily effective for the Group’s annual periods beginning on 1 January 2023 for the preparation of the consolidated financial statements:IFRS 17 (Including the June 2020 and December 2021 Amendment to IFRS 17)Insurance ContractsAmendments to IAS 1 and IFRS Practice Statement 2Disclosure of Accounting PoliciesAmendments to IAS 8 Definition of Accounting EstimatesAmendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single TransactionAmendments to IAS 12 International Tax Reform – Pillar Two Model RulesExcept as described below, the application of the new and the amendments to IFRSAccounting Standards in the current year has had no material impact on the Group’s financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.2.應用新訂及修訂本國際財務報告準則（「國際財務報告準則」）於年度實質生效的新訂及經修訂國際財務報告準則會計準則於本年度，本集團已首次應用下列由國際會計準則理事會頒佈的新訂及經修訂國際財務報告準則會計準則，有關準則就編製本集團綜合財務報表而於二零二三年一月一日開始的本集團年度期間強制生效：國際財務報告準則第17號（包括二零二零年六月及二零二一年十二月國際財務報告準則第17號（修訂本））保險合約國際會計準則第1號及國際財務報告準則實務聲明書第2號（修訂本）會計政策的披露國際會計準則第8號（修訂本）會計估計的定義國際會計準則第12號（修訂本）與單一交易所產生的資產及負債有關的遞延所得稅國際會計準則第12號（修訂本）國際租稅變革－支柱二規則範本除下文所述者外，於本年度應用新訂及經修訂國際財務報告準則會計準則並無對本集團於本年度及過往年度的財務狀況及表現及╱或該等綜合財務報表所載的披露構成重大影響。

134 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement2.應用新訂及修訂本國際財務報告準則（「國際財務報告準則」）（續）應用國際會計準則第1號及國際財務報告準則實務聲明書第2號（修訂本）會計政策的披露的影響本集團於本年度首次應用該等修訂本。

國際會計準則第1號財務報表的呈列已予修訂，以「重大會計政策資料」取代「重大會計政策」一詞的所有情況。

倘連同實體財務報表內其他資料一併考慮時，會計政策資料可以合理預期會影響通用財務報表之主要使用者根據該等財務報表所作出的決定，則該會計政策資料屬重大。

修訂本亦釐清，即使涉及款項並不重大，惟基於相關交易性質、其他事項或情況，會計政策資料仍可屬重大。

然而，並非所有與重大交易、其他事項或情況有關的會計政策資料本身屬重大。

倘實體選擇披露非重大會計政策資料，有關資料不得掩蓋重大會計政策資料。

國際財務報告準則實務聲明書第2號作出重大性判斷（「實務聲明書」）亦已予修訂，闡明實體如何將「四步法重大性流程」應用於會計政策披露及判斷會計政策資料對其財務報表而言是否屬重大。

實務聲明書已增加指引及實例。

應用該等修訂本並無對本集團的財務狀況及表現構成重大影響，惟影響本集團綜合財務報表所載的會計政策披露。

2. APPLICATIONOFNEWANDAMENDMENTS TOINTERNATIONALFINANCIALREPORTING STANDARDS (“IFRSs”) (Continued)Impacts on application of Amendments to IAS 1 and IFRSPractice Statement 2 Disclosure of Accounting PoliciesThe Group has applied the amendments for the first time in the current year. IAS 1 Presentation of Financial Statements is amended to replace all instances of the term “significant accounting policies” with “material accounting policy information”. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.The amendments also clarify that accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. If an entity chooses to disclose immaterial accounting policy information, such information must not obscure material accounting policy information.IFRSPractice Statement 2 Making Materiality Judgements (the “Practice Statement”) is also amended to illustrate how an entity applies the “four-step materiality process” to accounting policy disclosures and to judge whether information about an accounting policy is material to its financial statements. Guidance and examples are added to the Practice Statement.The application of the amendments has had no material impact on the Group’s financial positions and performance but has affected the disclosure of the Group’s accounting policies set out in the consolidated financial statements.135二零二三年年報 | 旭輝控股（集團）有限公司2.應用新訂及修訂本國際財務報告準則（「國際財務報告準則」）（續）已頒佈但尚未生效的經國際財務報告準則修訂本本集團並無提早應用下列已頒佈但尚未生效的國際財務報告準則修訂本：國際財務報告準則第10號及國際會計準則第28號（修訂本）投資者與其聯營公司或合營企業之間的資產出售或注資1國際財務報告準則第16號（修訂本）售後租回的租賃負債2國際會計準則第1號（修訂本）負債分類為流動或非流動2國際會計準則第1號（修訂本）附帶契諾的非流動負債2國際會計準則第7號及國際財務報告準則第7號（修訂本）供應商融資安排2國際會計準則第21號（修訂本）缺乏可兌換性31.於待定日期或之後開始的年度期間生效。

2.於二零二四年一月一日或之後開始的年度期間生效。

3.於二零二五年一月一日或之後開始的年度期間生效。

除下文所述的國際財務報告準則修訂本外，本公司董事預計，於可預見未來，應用新訂及經修訂國際財務報告準則不會對綜合財務報表產生重大影響。

2. APPLICATIONOFNEWANDAMENDMENTS TOINTERNATIONALFINANCIALREPORTING STANDARDS (“IFRSs”) (Continued)Amendments to IFRSs in issue but not yet effectiveThe Group has not early applied the following amendments to IFRSs that have been issued but are not yet effective:Amendments to IFRS 10 and IAS 28Sale or Contribution of Assets between an Investor and its Associate or Joint Venture1Amendment to IFRS 16 Lease Liability in a Sale and Leaseback2Amendments to IAS 1 Classification of Liabilities as Current or Non-current2Amendments to IAS 1 Non-current Liabilities with Covenants2Amendments to IAS 7 and IFRS 7Supplier Finance Arrangements2Amendment to IAS 21 Lack of Exchangeability31. Effective for annual periods beginning on or after a date to be determined.2. Effective for annual periods beginning on or after 1 January 2024.3. Effective for annual periods beginning on or after 1 January 2025.Except for the amendments to IFRSs mentioned below, the directors of the Company anticipate that the application of all other new and amendments to IFRSs will have no material impact on the consolidated financial statements in the foreseeable future.136 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement2.應用新訂及修訂本國際財務報告準則（「國際財務報告準則」）（續）國際財務報告準則第10號及國際會計準則第28號（修訂本）「投資者與其聯營公司或合營企業之間的資產出售或注資」國際財務報告準則第10號「綜合財務報表」及國際會計準則第28號「於聯營公司及合營企業的投資」之修訂處理投資者與其聯營公司或合營企業之間的資產出售或注資情況。

具體而言，該等修訂訂明於與聯營公司或合營企業（以權益法列賬）的交易中失去對並無包含業務的附屬公司的控制權所產生的收益或虧損，於母公司損益確認且僅以非相關投資者於該聯營公司或合營企業的權益為限。

同樣，按於成為聯營公司或合營企業（以權益法列賬）的任何前附屬公司所保留投資公平值重新計量所產生的收益或虧損於前母公司損益確認，且僅以非相關投資者於新聯營公司或合營企業的權益為限。

應用該等修訂預期不會對本集團的財務狀況及表現造成重大影響。

2. APPLICATIONOFNEWANDAMENDMENTS TOINTERNATIONALFINANCIALREPORTING STANDARDS (“IFRSs”) (Continued)Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture”The amendments to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in Associates and Joint Ventures” deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the equity method, are recognised in the parent’s profit or loss only to the extent of the unrelated investors’ interests in that associate or joint venture. Similarly, gains and losses resulting from the remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognised in the former parent’s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture.The application of the amendments is not expected to have significant impact on the financial position and performance of the Group.137二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料3.1綜合財務報表編製基準綜合財務報表根據國際會計準則理事會（「國際會計準則理事會」）頒布的國際財務報告準則（「國際財務報告準則會計準則」）編製。

就編製綜合財務報表而言，倘合理預期有關資料會影響主要使用者的決策，則資料被視為重要。

此外，綜合財務報表載有聯交所證券上市規則及香港公司條例所規定的適用披露事項。

綜合財務報表已按持續經營基準編製，當中已假設日常業務活動持續以及於正常業務過程中變現資產及清償負債。

該等原則的適用程度取決於未來能否持續獲得充足的資金或能否取得可獲利業務及達成如下計劃及措施。

截至二零二三年十二月三十一日止年度，本集團產生本公司股東權益應佔虧損淨額約人民幣8,983,274,000元。

於二零二三年十二月三十一日，本集團無法償還若干境外優先票據的本金及利息以及可換股債券的利息，因此若干銀行借款、優先票據、可換股債券（包括債務及衍生工具部分）及應付利息分別約人民幣17,288,224,000元、人民幣28,818,191,000元、人民幣1,571,304,000元及人民幣2,950,341,000元構成違約或交叉違約。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION3.1 Basis of preparation of consolidated financial statementsThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standard (“IFRSAccounting Standard”) issued by the International Accounting Standard Board (“IASB”). For the purpose of preparation of the consolidated financial statements, information is considered material if such information is reasonably expected to influence decisions made by primary users. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange and by the Hong Kong Companies Ordinance.The consolidated financial statements have been prepared on the going concern basis which assumes the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business. The applicability of these principles is dependent upon continued availability of adequate finance or attaining profitable operations in future and the success of the below plans and measures.During the year ended 31 December 2023, the Group incurred a net loss attributable to equity owners of the Company of approximately RMB8,983,274,000. As at 31 December 2023, the Group was unable to repay the principal and the interest of certain offshore senior notes and the interest of convertible bonds and, as a result, certain bank borrowings, senior notes, convertible bonds (including debt and derivative components) and interest payables amounting to approximately RMB17,288,224,000, RMB28,818,191,000, RMB1,571,304,000 and RMB2,950,341,000 respectively became default or cross-default.138 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.1綜合財務報表編製基準（續）鑒於上述情況，本公司董事在評估本集團是否有足夠的財務資源繼續經營時，已慎重考慮本集團未來的流動資金及財務狀況以及可用的融資來源。

現已採納若干計劃及措施緩解流動資金狀況和改善本集團的財務狀況，包括但不限於以下各項：(i)本集團已委任一名財務顧問協助其進行融資安排重組，以便在實際可行情況下儘快與所有持份者達成一致解決方案。

直至綜合財務報表獲批准刊發日期，已成立協調委員會（由銀行融資下的多名貸款人組成）及AHG（債券持有人小組），正在本公司與債權人團體或其顧問之間持續進行建設性討論；(ii)本集團一直積極與多間金融機構就現有境內銀行借款的續期及延期進行磋商，以改善本集團的流動資金狀況；(iii)本集團一直積極與多間金融機構磋商，以及時獲得相關項目開發貸款，用於符合資格的項目開發，以繼續其在中國的業務營運；(iv)本集團將繼續尋求其他替代融資及借款，為其履行現有財務責任及償付未來經營及資本開支提供資金；(v)本集團已制定一項業務戰略計劃，主要側重於加快銷售物業及回籠現金；(vi)本集團已實施嚴格的成本節省措施，包括減少非核心必要的營運及費用；及(vii)本集團將繼續尋求合適機會處置其非核心資產，以鞏固其現金狀況。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDSIGNIFICANT ACCOUNTINGPOLICIES (Continued)3.1 Basis of preparation of consolidated financial statements (Continued)In view of such circumstances, the directors of the Company have given careful consideration to the future liquidity and financial position of the Group and its available sources of financing in assessing whether the Group will have sufficient financial resources to continue as a going concern. Certain plans and measures have been taken to mitigate the liquidity position and to improve the Group’s financial position which include, but are not limited to, the following:(i) The Group has appointed a financial advisors to assist it with a restructuring of its financing arrangements, in order to reach a consensual solution with all the stakeholders as soon as practical. Up to the date of approval for issuance of the consolidated financial statements, a Co-ordination Committee (consisting of a number of lenders under bank financings) and AHG (an ad hoc group of bondholders) have been formed and constructive discussions are continuing between the Company and the creditor groups or their advisors;(ii) The Group has been actively negotiating with a number of financial institutions for renewal and extension of existing onshore bank borrowings to improve the liquidity position of the Group;(iii) The Group has been actively negotiating with a number of financial institutions to timely secure relevant project development loans for qualified project development for the continuation of its PRC business operations;(iv) The Group will continue to seek for other alternative financing and borrowings to finance the settlement of its existing financial obligations and future operating and capital expenditures;(v) The Group has prepared a business strategy plan mainly focusing on the acceleration of the sales of properties and cash collection;(vi) The Group has implemented stringent cost saving measures including reducing non-core and unessential operations and expenses; and(vii) The Group will continue to seek suitable opportunities to dispose of its non-core assets to strengthen its cash position.139二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.1綜合財務報表編製基準（續）本公司董事會（「董事會」）已審閱由本集團管理層編製的本集團現金流量預測。

現金流量預測涵蓋自二零二三年十二月三十一日起不少於十二個月的期間。

董事會認為，經計及上述計劃和措施，本集團將有足夠的營運資金為其責任提供資金，並足以在綜合財務報表獲批准刊發日期起不少於十二個月內履行到期的財務責任。

故此，董事會信納按持續經營基準編製綜合財務報表為適當之舉。

儘管有上述情況，本集團管理層能否實現上述計劃及措施仍存在重大不確定性。

本集團能否持續經營將取決於本集團透過以下渠道產生充足融資及經營現金流量的能力：(i)成功完成其境外融資安排重組；(ii)成功與本集團現有貸款人就本集團境內銀行借款還款的續期或延期進行磋商；(iii)成功及時取得合資格開發項目的項目開發貸款；(iv)成功於需要時取得額外新增融資來源；(v)成功進行本集團業務戰略計劃，包括加快物業銷售及現金回款；(vi)成功落實措施以有效控制成本及開支；及(vii)成功適時出售本集團的非核心資產。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDSIGNIFICANT ACCOUNTINGPOLICIES (Continued)3.1 Basis of preparation of consolidated financial statements (Continued)The board of directors of the Company (the “Board”) has reviewed the Group’s cash flow projections prepared by the management of the Group. The cash flow projections cover a period of not less than twelve months from 31 December 2023. The Board is of the opinion that, taking into account the above-mentioned plans and measures, the Group will have sufficient working capital to finance its obligations and to meet its financial obligations as they fall due not less than twelve months from the date of approval for issuance of the consolidated financial statements. Accordingly, the Board is satisfied that it is appropriate to prepare the consolidated financial statements on a going concern basis.Notwithstanding the above, significant uncertainties exist as to whether management of the Group will be able to achieve its plans and measures as described above. Whether the Group will be able to continue as a going concern would depend upon the Group’s ability to generate adequate financing and operating cash flows through the following:(i) successfully completing the restructuring of its offshore financing arrangements;(ii) successfully negotiating with the Group’s existing lenders for the renewal or extension for repayment of the Group’s onshore bank borrowings;(iii) successfully securing project development loans for qualified project development timely:(iv) successfully obtaining of additional new sources of financing as and when needed;(v) successfully carrying out the Group’s business strategy plan including the acceleration of the sales of properties and cash collection;(vi) successfully implementing measures to effectively control costs and expenses; and(vii) successfully disposing of the Group’s non-core assets when suitable.140 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.1綜合財務報表編製基準（續）倘本集團未能達成上述計劃及措施，其可能無法按持續基準經營，並可能須作出調整，將本集團的非流動資產及非流動負債分別重新分類為流動資產及流動負債，以將本集團資產的賬面值撇減至其可收回金額，並就於報告期末的任何虧損性合約承擔計提撥備。

該等調整的影響尚未於綜合財務報表中反映。

綜合財務報表根據歷史成本基準編製，惟根據下文載列的會計政策所說明於各報告期末按公平值計量的投資物業及若干金融工具除外。

歷史成本一般根據交換貨品及服務所付代價的公平值釐定。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDSIGNIFICANT ACCOUNTINGPOLICIES (Continued)3.1 Basis of preparation of consolidated financial statements (Continued)Should the Group fail to achieve the above mentioned plans and measures, it might not be able to continue to operate as a going concern, and adjustments would have to be made to reclassify the Group’s non-current assets and non-current liabilities as current assets and current liabilities respectively, to write down the carrying values of the Group’s assets to their recoverable amounts and to provide for any provision for any contractual commitments that have become onerous as at the end of the reporting period. The effects of these adjustments have not been reflected in the consolidated financial statements.The consolidated financial statements have been prepared on the historical cost basis except for investment properties and certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies set out below.Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.141二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.1綜合財務報表編製基準（續）非金融資產的公平值計量計及市場參與者透過最大限度使用該資產達至最佳用途或透過將資產出售予將最大限度使用該資產達至最佳用途的另一名市場參與者而產生經濟利益的能力。

按公平值交易的金融工具及投資物業，凡於其後期間應用以不可觀察數據計量公平值的估值方法，估值方法應予校正，以使估值方法的結果相等於交易價格。

此外，就財務報告而言，公平值計量按公平值計量的輸入數據的可觀察程度及該等輸入數據對公平值計量整體的重要性劃分為第一、二或三級，詳情如下：第一級輸入數據為實體於計量日可獲得的相同資產或負債於活躍市場的報價（未調整）；第二級輸入數據為資產或負債的可直接或間接觀察的輸入數據（不包括計入第一級的報價）；及第三級輸入數據為資產或負債的不可觀察輸入數據。

3.2重大會計政策資料綜合基準綜合財務報表包括本公司以及本公司及其附屬公司所控制的實體的財務報表。

當本公司符合以下各項時，即取得控制權：對投資對象擁有權力；因參與投資對象業務而承擔可變回報的風險或享有可變回報的權利；及能夠使用其權力影響回報。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDSIGNIFICANT ACCOUNTINGPOLICIES (Continued)3.1 Basis of preparation of consolidated financial statements (Continued)A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.For financial instruments and investment properties which are transacted at fair value and a valuation technique that unobservable inputs is to be used to measure fair value in subsequent periods, the valuation technique is calibrated so that the results of the valuation technique equals the transaction price.In addition, for financial reporting purposes, fair value measurements are categorised into Level 1,2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs for the asset or liability.3.2 Material accounting policy informationBasis of consolidationThe consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company: has power over the investee; is exposed, or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affect its returns.142 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）綜合基準（續）倘事實及情況表明上文所列控制權的三個元素中的一個或多個有變，則本集團會重新評估其是否控制投資對象。

倘本集團未能佔有投資對象的大多數投票權，但只要投票權足以賦予本集團實際能力可單方面掌控投資對象的相關業務時，本集團即對投資對象擁有權力。

在評估本集團於投資對象的投票權是否足以賦予其權力時，本集團考慮所有相關事實及情況，包括：本集團持有投票權的規模相對於其他選票持有人持有投票權的規模及分散性；本集團、其他選票持有人或其他各方持有的潛在投票權；其他合約安排產生的權利；及表明本集團當前是否能夠於需要作出決定時掌控相關業務的任何額外事實及情況（包括於過往股東大會上的投票方式）。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Basis of consolidation (Continued)The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights in an investee are sufficient to give it power, including: the size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; potential voting rights held by the Group, other vote holders or other parties; rights arising from other contractual arrangements; and any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings.143二零二三年年報 | 旭輝控股（集團）有限公司3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Basis of consolidation (Continued)Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary.Profit or loss and each item of the other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies.All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.Non-controlling interests in subsidiaries are presented separately from the Group’s equity therein, which represent present ownership interests entitling their holders to a proportionate share of net assets of the relevant subsidiaries upon liquidation.3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）綜合基準（續）附屬公司於本集團取得對該附屬公司的控制權時綜合入賬，並於本集團喪失對該附屬公司的控制權時終止綜合入賬。

具體而言，自本集團取得控制權之日起直至本集團不再控制附屬公司之日為止，於年內收購或出售附屬公司的收入及開支均計入綜合損益及其他全面收益表。

損益及其他全面收入各項目歸屬予本公司擁有人及非控股權益。

附屬公司的全面收入總額歸屬予本公司擁有人及非控股權益，即使此舉會導致非控股權益出現虧絀結餘。

倘有需要，會對附屬公司的財務報表作出調整，以使其會計政策與本集團的會計政策一致。

所有集團內公司間的資產與負債、權益、收入、開支及與本集團成員公司間交易相關的現金流量，均於綜合入賬時全數對銷。

於附屬公司的非控股權益與本集團於附屬公司的權益分開呈列，其指現時擁有的權益且賦予持有人權利於清盤時按比例分佔相關附屬公司資產淨值。

144 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）綜合基準（續）本集團於現有附屬公司權益的變動本集團於附屬公司權益的變動如不會導致本集團對該等附屬公司喪失控制權，將作為股權交易入賬。

本集團的股本權益相關部分與非控股權益的賬面值應予調整，以反映附屬公司中相關權益的變動，包括根據本集團及非控股權益的權益比例於本集團與非控股權益之間重新劃撥相關儲備。

非控股權益的經調整金額與已付或已收代價公平值之間的任何差額直接於權益確認並歸屬於本公司擁有人。

當本集團喪失對附屬公司的控制權時，則終止確認該附屬公司及非控股權益（如有）的資產及負債。

收益或虧損於損益中確認，並以(i)已收代價公平值及任何保留權益公平值的總額與(ii)本公司擁有人應佔該附屬公司資產（包括商譽）及負債的賬面值之間的差額計算。

過往於其他全面收入確認與該附屬公司有關的所有金額，採用如同本集團已直接出售該附屬公司相關資產或負債般入賬，即按適用國際財務報告準則所規定╱准許者，重新分類至損益或轉撥至另一類別股本權益。

在喪失控制權之日於前附屬公司所保留任何投資的公平值被視為初步確認時的公平值，以便按照國際財務報告準則第9號「金融工具」（「國際財務報告準則第9號」）進行其後的會計處理，或被視為（如適用）初步確認於聯營公司或合營企業的投資時的成本。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Basis of consolidation (Continued)Changes in the Group’s interests in existing subsidiariesChanges in the Group’s interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s relevant components of equity and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries, including re-attribution of relevant reserves between the Group and the non-controlling interests according to the Group’s and the non-controlling interests’ proportionate interests.Any difference between the amount by which the non-controlling interests are adjusted, and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.When the Group loses control of a subsidiary, the assets and liabilities of that subsidiary and non-controlling interests (if any) are derecognised. A gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the carrying amount of the assets (including goodwill), and liabilities of the subsidiary attributable to the owners of the Company. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 “Financial Instruments” (“IFRS 9”) or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.145二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）業務合併或資產收購可選集中度測試本集團可選擇以逐項交易基準應用可選集中度測試，其可對所收購的一組活動及資產是否並非一項業務作簡化評估。

倘所收購總資產的公平值幾乎全部集中於單一可識別資產或一組類似可識別資產中，則合資格進行集中度測試。

評估的總資產不包括現金及現金等價物、遞延稅項資產及由遞延稅項負債影響產生的商譽。

倘合資格進行集中度測試，該組活動及資產被釐定為並非業務，毋須作進一步評估。

資產收購當本集團收購一組不構成業務的資產及負債時，本集團首先將購買價分配至其後按公平值模型計量的投資物業以及按其各自的公平值分配至金融資產╱金融負債，以識別及確認個別所收購的可識別資產及所承擔負債，餘下購買價結餘其後按各自於購買日期的相對公平值分配至其他可識別資產及負債。

該等交易並不會產生商譽或議價購買收益。

業務合併業務為一組綜合活動及資產，其中包括一項投入及一項實質過程，兩者共同對產出能力作出顯著貢獻。

倘所取得的過程被視為對繼續生產產出的能力（包括具備執行該過程所必需的技能、知識或經驗的組織勞動力）至關重要，或對持續生產產出的能力作出顯著貢獻，則會被視為實質過程，以及被視為屬獨特或稀缺，或在無需重大成本、努力或持續產出能力不出現延遲的情況下不可取代。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Business combinations or asset acquisitionsOptional concentration testThe Group can elect to apply an optional concentration test, on a transaction-by-transaction basis, that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The gross assets under assessment exclude cash and cash equivalents, deferred taxation assets, and goodwill resulting from the effects of deferred taxation liabilities. If the concentration test is met, the set of activities and assets is determined not to be a business and no further assessment is needed.Asset acquisitionsWhen the Group acquires a group of assets and liabilities that do not constitute a business, the Group identifies and recognises the individual identifiable assets acquired and liabilities assumed by allocating the purchase price first to investment properties which are subsequently measured under fair value model and financial assets/financial liabilities at the respective fair values, the remaining balance of the purchase price is then allocated to the other identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. Such a transaction does not give rise to goodwill or bargain purchase gain.Business combinationsA business is an integrated set of activities and assets which includes an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired processes are considered substantive if they are critical to the ability to continue producing outputs, including an organised workforce with the necessary skills, knowledge, or experience to perform the related processes or they significantly contribute to the ability to continue producing outputs and are considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.146 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）業務合併或資產收購（續）業務合併（續）收購並非共同控制下業務合併的業務以收購法入賬。

業務合併所轉讓代價以公平值計量，而公平值按本集團所轉讓資產、本集團對被收購方前擁有人所產生負債以及本集團就交換被收購方控制權所發行股本權益於收購日期的公平值總和計算。

收購相關成本一般於產生時於損益內確認。

所購入可識別資產及所承擔負債必須符合國際會計準則委員會於二零一八年三月刊發的「財務報告概念框架」（「概念框架」）中的資產及負債定義，惟國際會計準則第37號「撥備、或然負債及或然資產」（「國際會計準則第37號」）或國際財務報告詮釋委員會第21號「徵費」（「國際財務報告詮釋委員會第21號」）範圍內的交易及事件除外，本集團於該等交易及事件中應用國際會計準則第37號或國際財務報告詮釋委員會第21號而非概念框架，以識別其於業務合併中已承擔的負債。

或然資產不予確認。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Business combinations or asset acquisitions (Continued)Business combinations (Continued)Acquisitions of businesses, other than business combination under common control, are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in profit or loss as incurred.The identifiable assets acquired and liabilities assumed must meet the definitions of an asset and a liability in the “Conceptual Framework for Financial Reporting” issued by the IASB in March 2018 (the “Conceptual Framework”) except for transactions and events within the scope of IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” (“IAS 37”) or IFRIC 21 “Levies” (“IFRIC 21”), in which the Group applies IAS 37 or IFRIC 21 instead of the Conceptual Framework to identify the liabilities it has assumed in a business combination. Contingent assets are not recognised.147二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）業務合併或資產收購（續）業務合併（續）於收購日期，所購入可識別資產及所承擔負債按其公平值確認，但以下各項除外：遞延稅項資產或負債及有關僱員福利安排的資產或負債分別遵循國際會計準則第12號「所得稅」（「國際會計準則第12號」）及國際會計準則第19號「僱員福利」確認及計量；對於被收購方以股份為基礎的付款安排或為取代被收購方以股份為基礎的付款安排而訂立的本集團以股份為基礎的付款安排，與此兩者有關的負債或股本工具於收購日期根據國際財務報告準則第2號計量（見下文會計政策）；根據國際財務報告準則第5號「持作出售非流動資產及已終止經營業務」分類為持作出售的資產（或出售組別）按該準則計量；及租賃負債按剩餘租賃款項（定義見國際財務報告準則第16號）的現值確認及計量，猶如收購的租賃於收購日期為新租賃，惟(a)租期自收購日期起計12個月內結束；或(b)相關資產為低價值的租賃除外。

使用權資產按與相關租賃負債相同的金額確認及計量，並進行調整以反映租賃與市場條款相比的有利或不利條款。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Business combinations or asset acquisitions (Continued)Business combinations (Continued)At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: deferred taxation assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 “Income Taxes” (“IAS 12”) and IAS 19 “Employee Benefits” respectively; liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date (see the accounting policy below); assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations” are measured in accordance with that standard; and lease liabilities are recognised and measured at the present value of the remaining lease payments (as defined in IFRS 16) as if the acquired leases were new leases at the acquisition date except for leases for which (a) the lease term ends within 12 months of the acquisition date; or (b) the underlying asset is of low value. Right-of-use assets are recognised and measured at the same amount as the relevant lease liabilities, adjusted to reflect favourable or unfavourable terms of the lease when compared with market terms.148 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）業務合併或資產收購（續）業務合併（續）商譽按所轉讓代價、於被收購方任何非控股權益的金額及收購方過往所持有被收購方股本權益（如有）公平值的總和超出所收購的可識別資產及所承擔負債於收購日期的淨額的差額計值。

倘經重估後，所收購的可識別資產與所承擔負債的淨額高於所轉讓代價、於被收購方任何非控股權益的金額及收購方過往所持有被收購方股本權益（如有）公平值的總和，則差額即時於損益內確認為議價購買收益。

非控股權益為現有擁有權權益及賦予持有人於清盤時按比例分佔相關附屬公司的資產淨值，其初步按非控股權益按比例分佔被收購方可識別資產淨值的已確認金額或按公平值計量。

計量基準可按個別交易選擇。

倘業務合併分階段達成，則本集團以往所持的被收購方股權於收購日期（即本集團取得控制權當日）按公平值重新計量，而所產生的盈虧（如有）於損益或於其他全面收入（如適用）確認。

先前於其他全面收入中確認並按國際財務報告準則第9號計量的在收購日期之前於被收購方權益的金額將按本集團已直接將該過往所持權益出售般以相同基準入賬。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Business combinations or asset acquisitions (Continued)Business combinations (Continued)Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net amount of the identifiable assets acquired and the liabilities assumed as at acquisition date. If, after re-assessment, the net amount of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the relevant subsidiary’s net assets in the event of liquidation are initially measured at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets or at fair value. The choice of measurement basis is made on a transaction by-transaction basis.When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (i.e. the date when the Group obtains control), and the resulting gain or loss, if any, is recognised in profit and loss or other comprehensive income, as appropriate. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income and measured under IFRS 9 would be accounted for on the same basis as would be required if the Group had disposed directly of the previously held equity interest.149二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）商譽於收購業務產生的商譽按於收購業務當日（見上文會計政策）的成本減累計減值虧損（如有）列賬。

為進行減值測試，商譽獲分配至預期將受益於合併協同效應的本集團各現金產生單位（或現金產生單位組別），即就內部管理而言監察商譽且不大於經營分部的最低層面。

為進行減值測試，商譽獲分配至預期將受益於合併協同效應的本集團各現金產生單位（或現金產生單位組別），即就內部管理而言監察商譽且不大於經營分部的最低層面。

獲分配商譽的現金產生單位（或現金產生單位組別）會每年進行減值測試，或於有跡象顯示該單位可能出現減值時進行更頻繁的減值測試。

就於某一報告期內就收購所產生的商譽而言，獲分配商譽的現金產生單位（或現金產生單位組別）於該報告期末前進行減值測試。

倘現金產生單位（或現金產生單位組別）的可回收金額少於其賬面值，則會先分配減值虧損以減低任何商譽的賬面值，其後則按該單位（或現金產生單位組別）內各項資產賬面值的比例分配至該單位的其他資產。

於出售相關現金產生單位或現金產生單位組別內的任何現金產生單位時，會於釐定出售的損益金額時計入商譽的應佔金額。

倘本集團出售現金產生單位（或現金產生單位組別內的一個現金產生單位）內的業務，所出售商譽金額按所出售業務（或現金產生單位）與所保留現金產生單位（或現金產生單位組別）部分的相對價值計量。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)GoodwillGoodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see the accounting policy above) less accumulated impairment losses, if any.For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or group of cash-generating units) that is expected to benefit from the synergies of the combination, which represent the lowest level at which the goodwill is monitored for internal management purposes and not larger than an operating segment.For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or group of cash-generating units) that is expected to benefit from the synergies of the combination, which represent the lowest level at which the goodwill is monitored for internal management purposes and not larger than an operating segment.A cash-generating unit (or group of cash-generating units) to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. For goodwill arising on an acquisition in a reporting period, the cash-generating unit (or group of cash-generating units) to which goodwill has been allocated is tested for impairment before the end of that reporting period. If the recoverable amount is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets on a pro-rata basis based on the carrying amount of each asset in the unit (or group of cash-generating units).On disposal of the relevant cash-generating unit or any of the cash-generating unit within the group of cash-generating units, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal. When the Group disposes of an operation within the cash-generating unit (or a cash-generating unit within a group of cash-generating units), the amount of goodwill disposed of is measured on the basis of the relative values of the operation (or the cash-generating unit) disposed of and the portion of the cash-generating unit (or the group of cash generating units) retained.150 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）於合營企業及聯營公司的投資聯營公司為本集團對其具有重大影響力的實體。

重大影響力指參與投資對象的財務及營運政策決定的權力，而並非對該等政策的控制權或共同控制權。

合營企業是指對安排擁有共同控制權的各方對該合營安排的資產淨值享有權利的合營安排。

共同控制權是指對安排合約約定的共同擁有控制權，其僅在有關活動決定須共同擁有控制權的各方一致同意時存在。

合營企業及聯營公司的業績以及資產及負債以權益會計法於該等綜合財務報表入賬。

作權益會計處理用途的合營企業及聯營公司財務報表使用與本集團就於相似情況下類似交易及事件時所應用的相同會計政策。

根據權益法，於合營企業或聯營公司的投資初步按成本於綜合財務狀況表確認，並於其後就確認本集團應佔該合營企業及聯營公司的損益及其他全面收入予以調整。

損益及其他全面收入以外的合營企業及聯營公司的資產淨值變動不予列賬，除非有關變動導致本集團所持有的擁有權權益改變。

當本集團應佔合營企業或聯營公司的虧損超出本集團於該合營企業及聯營公司的權益（包括實質上成為本集團於該合營企業及聯營公司投資淨額一部分的任何長期權益）時，本集團終止確認其應佔的進一步虧損。

僅於本集團已產生法定或推定責任，或已代表該合營企業或聯營公司支付款項的情況下，方會確認額外虧損。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Investments in joint ventures and associatesAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those polices.A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.The results and assets and liabilities of joint ventures and associates are incorporated in these consolidated financial statements using the equity method of accounting. The financial statements of joint ventures and associates used for equity accounting purposes are prepared using uniform accounting policies as those of the Group for like transactions and events in similar circumstances. Under the equity method, an investment in a joint venture or an associate is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the joint venture and associate. Changes in net assets of the joint venture and associate other than profit or loss and other comprehensive income are not accounted for unless such changes resulted in changes in ownership interest held by the Group. When the Group’s share of losses of a joint venture or an associate exceeds the Group’s interest in that joint venture and associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the joint venture and associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture or associate.151二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）於合營企業及聯營公司的投資（續）於合營企業或聯營公司的投資於自投資對象成為合營企業或聯營公司之日起採用權益法入賬。

在收購於合營企業或聯營公司的投資時，投資成本超過本集團應佔該投資對象可識別資產及負債公平值淨額的任何部分確認為商譽，並計入投資的賬面值。

本集團應佔可識別資產及負債的公平值淨額超過投資成本的任何部分，於重新評估後在投資被收購的期間即時於損益確認。

本集團評估是否存在客觀證據顯示於一間合營企業或一間聯營公司的權益可能出現減值。

倘存在任何客觀證據時，投資（包括商譽）的全部賬面值將會根據國際會計準則第36號作為單一資產進行減值測試，方法為比較其可收回金額（使用價值與公平值減出售成本兩者間的較高者）與其賬面值。

任何已確認的減值虧損不會分配至構成投資賬面值的一部分的任何資產（包括商譽）。

倘該投資的可收回金額隨後增加，則該減值虧損的任何撥回根據國際會計準則第36號確認。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Investments in joint ventures and associates (Continued)An investment in a joint venture or an associate is accounted for using the equity method from the date on which the investee becomes a joint venture or an associate. On acquisition of the investment in a joint venture or an associate, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.The Group assesses whether there is an objective evidence that the interest in a joint venture or an associate may be impaired. When any objective evidence exists, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised is not allocated to any asset, including goodwill, that forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.152 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）於合營企業及聯營公司的投資（續）倘本集團不再對合營企業擁有共同控制權或對聯營公司具有重大影響力，則此事項作為出售於投資對象的全部權益入賬，所產生的收益或虧損將計入損益內。

倘本集團保留於前合營企業或聯營公司的權益且該保留權益屬國際財務報告準則第9號範疇內的金融資產，則本集團會按該日的公平值計量保留權益，而該公平值被視為初步確認時的公平值。

合營企業或聯營公司於終止採用權益法當日的賬面值與任何保留權益及出售合營企業或聯營公司相關權益的任何所得款項公平值間的差額，於釐定出售該合營企業或聯營公司的收益或虧損時計入。

此外，本集團會將先前在其他全面收入就該合營企業或聯營公司確認的所有金額入賬，基準與該合營企業或聯營公司直接出售相關資產或負債所本應遵循的基準相同。

因此，倘該合營企業或聯營公司先前已於其他全面收入確認的收益或虧損，會於出售相關資產或負債時重新分類至損益，則本集團會於出售╱部分出售相關合營企業或聯營公司後將收益或虧損由股本權益重新分類至損益（作為重新分類調整）。

當集團實體與本集團的合營企業或聯營公司進行交易時，則與合營企業或聯營公司交易所產生利潤及虧損僅於合營企業或聯營公司的權益與本集團無關時，方於本集團綜合財務報表確認。

對於並不適用權益法且構成對投資對象投資淨額一部分的於聯營公司或合營企業的長期權益，本集團應用國際財務報告準則第9號（包括減值要求）。

此外，就長期權益應用國際財務報告準則第9號時，本集團不會計及國際會計準則第28號所規定對其賬面值的調整（即長期權益賬面值的調整）。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Investments in joint ventures and associates (Continued)When the Group ceases to have joint control over a joint venture or significant influence over an associate, it is accounted for as a disposal of the entire interest in the investee with a resulting gain or loss being recognised in profit or loss. When the Group retains an interest in the former joint venture or associate and the retained interest is a financial asset within the scope of IFRS 9, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition. The difference between the carrying amount of the joint venture or associate at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of the relevant interest in the joint venture or associate is included in the determination of the gain or loss on disposal of the joint venture or associate. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that joint venture or associate on the same basis as would be required if that joint venture or associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that joint venture or associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) upon disposal/partial disposal of the relevant joint venture or associate.When a group entity transacts with a joint venture or an associate of the Group, profits and losses resulting from the transactions with the joint venture or associate are recognised in the Group’s consolidated financial statements only to the extent of interests in the joint venture or associate that are not related to the Group.The group applies IFRS 9, including the impairment requirements, to long-term interests in an associate or joint venture to which the equity method is not applied and which form part of the net investment in the investee. Furthermore, in applying IFRS 9 to long-term interests, the group does not take into account adjustments to their carrying amount required by IAS 28 (i.e. adjustments to the carrying amount of long-term interests153二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）於合營企業及聯營公司的投資（續）本集團於合營企業及聯營公司權益的變動當於聯營公司的投資成為於合營企業投資或於合營企業的投資成為於聯營公司的投資時，本集團將繼續使用權益法。

於此類擁有權權益變動時，公平值不會重新計量。

倘本集團削減其於聯營公司或合營企業的擁有權權益但繼續採用權益法，如有關收益或虧損會於出售相關資產或負債時重新分類至損益，則本集團會將先前於其他全面收入確認的與削減擁有權權益有關的收益或虧損部分重新分類至損益。

倘本集團增加其於聯營公司或合營企業的擁有權權益但繼續採用權益法，如已付代價超過分佔所收購聯營公司或合營企業額外權益應佔資產淨值的賬面值，商譽會於收購日期確認。

如分佔所收購聯營公司或合營企業額外權益應佔資產淨值的賬面值超過已付代價，則於收購額外權益期間於損益內確認。

來自客戶合約的收入當（或於）履行履約責任時，即於特定履約責任相關的貨品或服務的「控制權」轉讓予客戶時，本集團確認收入。

履約責任指大致相同的獨特貨品或服務（或一組貨品或服務）或一系列獨特的貨品或服務。

當（或於）履行履約責任時，即於特定履約責任相關的貨品或服務的「控制權」轉讓予客戶時，本集團確認收入。

履約責任指大致相同的獨特貨品或服務（或一組貨品或服務）或一系列獨特的貨品或服務。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Investments in joint ventures and associates (Continued)Changes in the Group’s interests in joint ventures and associatesThe Group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests.When the Group reduces its ownership interest in an associate or a joint venture but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.When the Group increases its ownership interest in an associate or a joint venture but the Group continues to use the equity method, goodwill is recognised at acquisition date if there is excess of the consideration paid over the share of carrying amount of net assets attributable to the additional interests in associates or joint ventures acquired. Any excess of share of carrying amount of net assets attributable to the additional interests in associates or joint ventures acquired over the consideration paid are recognised in the profit or loss in the period in which the additional interest are acquired.Revenue from contracts with customersThe Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer.A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.The Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer.A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.154 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）來自客戶合約的收入（續）控制權隨時間轉移，而倘滿足以下其中一項標準，則收入乃參照完全滿足相關履約責任的進展情況而隨時間確認：隨著本集團履約，客戶同時取得並耗用本集團履約所提供的利益；隨著本集團履約，本集團的履約創建或強化一項由客戶控制的資產；或本集團的履約並未產生對本集團有替代用途的資產，且本集團對迄今已完成履約的款項具有可執行的權利。

否則，收入於客戶獲得獨特貨品或服務控制權的時間點確認。

合約資產指本集團就換取本集團已向客戶轉讓的貨品或服務而收取代價的權利（尚未成為無條件）。

合約資產根據國際財務報告準則第9號評估減值。

相反，應收款項指本集團收取代價的無條件權利，即代價付款到期前僅需隨時間推移。

合約負債指本集團因已向客戶收取代價（或已到期代價金額）而須向客戶轉讓貨品或服務的責任。

與同一合約有關的合約資產及合約負債按淨值入賬及呈列。

銷售物業收入就銷售物業收入而言，收入於已完工物業轉至客戶時某一時間點確認，即於物業交付予買方的時間點且本集團現時有權收取付款並很可能收回代價時的某一時間點確認。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Revenue from contracts with customers (Continued)Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met: the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs; the Group’s performance creates or enhances an asset that the customer controls as the Group performs; or the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service.A contract asset represents the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer that is not yet unconditional. It is assessed for impairment in accordance with IFRS 9. In contrast, a receivable represents the Group’s unconditional right to consideration, i.e. only the passage of time is required before payment of that consideration is due.A contract liability represents the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.A contract asset and a contract liability relating to the same contract are accounted for and presented on a net basis.Revenue from sales of propertiesFor revenue from sales of properties, revenue is recognised at a point in time when control of completed property is transferred to the customer, i.e. at the point of delivering of the properties to buyers and the Group has present right to payment and the collection of the consideration is probable.155二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）來自客戶合約的收入（續）項目管理服務收入就項目管理服務收入而言，收入於提供項目管理服務的期間確認。

本集團就所提供項目管理服務的項目收入的若干百分比開具賬單，並根據本集團開發票的權利將此部分確認為收入。

物業管理服務收入就物業管理服務而言，本集團按月就所提供的服務開具固定金額賬單，並按本集團有權開立發票且與已完成的履約價值直接對應的金額將此部分確認為收入。

就來自根據包幹制管理物業的物業管理服務收入而言，倘本集團作為委託人行事，並主要負責向業主提供物業管理服務，本集團將已收或應收業主的費用確認為收入，並將所有相關物業管理的成本確認為服務成本。

就來自根據酬金制管理物業的物業管理服務收入而言，倘本集團作為業主的代理人行事，本集團會確認佣金，而有關佣金按業主須支付物業服務費的預定百分比或固定金額計算。

來自物業管理服務的收入（根據包幹制及酬金制）於提供服務的會計期間隨時間確認。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Revenue from contracts with customers (Continued)Revenue from project management servicesFor revenue from project management services, revenue is recognised over the period in which the project management services are rendered. The Group bills a certain percentage of the project revenue for project management services provided and recognises as revenue based on the Group’s right to invoice.Revenue from property management servicesFor property management services, the Group bills a fixed amount for services provided on a monthly and recognises as revenue in the amount to which the Group has a right to invoice and that corresponds directly with the value of performance completed.For property management services income from properties managed under lump sum basis, where the Group acts as principal and is primary responsible for providing the property management services to the property owners, the Group recognises the fee received or receivable from property owners as its revenue and all related property management costs as its cost of services.For property management services income from properties managed under commission basis, where the Group acts as an agent of the property owners, the Group recognises the commission which is calculated by pre-determined percentage or fixed amount of the property service fees the property owners are obligated to pay.Revenue from property management services (both under lump sum basis and commission basis) is recognised over time in the accounting period which services are rendered.156 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）來自客戶合約的收入（續）隨時間確認收入：完全達成履約責任的進度的計量產出法完全達成履約責任的進度根據產出法計量，即基於直接計量迄今已轉移予客戶的服務相對於合約項下承諾提供的餘下貨品或服務的價值以確認收入，有關方法最能反映本集團於轉讓貨品或服務控制權方面的履約情況。

作為一種可行權宜方法，倘本集團有權收取的代價金額與本集團迄今已完成的履約價值（例如本集團按月就所提供的服務開具固定金額賬單的物業管理服務合約）直接對應，則本集團按其有權開立發票的金額確認收入。

可變代價就含有可變代價（項目管理服務收入）的合約而言，本集團使用最可能的金額估計其將有權收取的代價金額，其能更好地預測本集團將有權收取的代價金額。

可變代價的估計金額計入交易價格，前提是當與可變代價有關的不確定性其後獲解決時，有關計入不會導致日後出現重大收入撥回。

於各報告期末，本集團更新經估計交易價格（包括更新其就可變代價估計是否受到限制的評估），以真實反映於報告期末存在的情況以及報告期的情況變動。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Revenue from contracts with customers (Continued)Over time revenue recognition: measurement of progress towards complete satisfaction of a performance obligationOutput methodThe progress towards complete satisfaction of a performance obligation is measured based on output method, which is to recognise revenue on the basis of direct measurements of the value of the goods or services transferred to the customer to date relative to the remaining goods or services promised under the contract, that best depict the Group’s performance in transferring control of goods or services.As a practical expedient, if the Group has a right to consideration in an amount that corresponds directly with the value of the Group’s performance completed to date (for example, property management service contracts in which the Group bills a fixed amount for services provided on a monthly basis), the Group recognises revenue in the amount to which the Group has the right to invoice.Variable considerationFor contracts that contain variable consideration (revenue from project management services), the Group estimates the amount of consideration to which it will be entitled using the most likely amount, which better predicts the amount of consideration to which the Group will be entitled.The estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that such an inclusion will not result in a significant revenue reversal in the future when the uncertainty associated with the variable consideration is subsequently resolved.At the end of each reporting period, the Group updates the estimated transaction price (including updating its assessment of whether an estimate of variable consideration is constrained) to represent faithfully the circumstances present at the end of the reporting period and the changes in circumstances during the reporting period.157二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）來自客戶合約的收入（續）存在重大融資部分釐定交易價格時，倘所協定（不論明示或暗示）的付款時間為客戶或本集團帶來向客戶轉讓貨品或服務的重大融資利益，則本集團將就金錢時間值的影響而調整已承諾的代價金額。

於該等情況下，合約包含重大融資部分。

不論融資承諾乃於合約中明示或藉合約訂約方所協定的付款條款暗示，重大融資部分均可能存在。

就付款至轉讓有關貨品或服務的期限少於一年的合約，本集團應用可行權宜方法，不就任何重大融資部分作交易價格調整。

投資物業投資物業指為賺取租金及╱或為資本增值而持有的物業（包括就該等目的而興建的在建物業）。

投資物業初步按成本（包括任何直接應佔開支）計量。

於初步確認後，投資物業按公平值計量，並作調整以剔除任何預付或應計的經營租賃收入。

投資物業公平值變動所產生的收益或虧損於其產生期間計入損益。

在建投資物業產生的建築成本資本化為在建投資物業的部分賬面值。

投資物業於出售或於其被永久終止使用及預期不會因出售而獲得未來經濟利益時終止確認。

終止確認物業所產生的任何收益或虧損（按出售所得款項淨額與資產賬面值之間的差額計算）於該物業終止確認期間計入損益。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Revenue from contracts with customers (Continued)Existence of significant financing componentIn determining the transaction price, the Group adjusts the promised amount of consideration for the effects of the time value of money if the timing of payments agreed (either explicitly or implicitly) provides the customer or the Group with a significant benefit of financing the transfer of goods or services to the customer. In those circumstances, the contract contains a significant financing component. A significant financing component may exist regardless of whether the promise of financing is explicitly stated in the contract or implied by the payment terms agreed to by the parties to the contract.For contracts where the period between payment and transfer of the associated goods or services is less than one year, the Group applies the practical expedient of not adjusting the transaction price for any significant financing component.Investment propertiesInvestment properties are properties held to earn rentals and/or for capital appreciation (including properties under construction for such purposes).Investment properties are initially measured at cost, including any directly attributable expenditure. Subsequent to initial recognition, investment properties are measured at fair values, adjusted to exclude any prepaid or accrued operating lease income.Gains or losses arising from changes in the fair value of investment properties are included in profit or loss for the period in which they arise.Construction costs incurred for investment properties under construction are capitalised as part of the carrying amount of the investment properties under construction.An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised.158 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）物業、廠房及設備物業、廠房及設備指持作生產或供應貨品或服務之用或作行政用途的有形資產，並以成本扣減其後累計折舊及其後累計減值虧損（如有）於綜合財務狀況表列賬。

當本集團就於物業的擁有權權益（包括租賃土地及樓宇成分）付款時，全部代價於租賃土地及樓宇成分之間按初步確認時的相對公平值的比例分配。

倘相關付款能可靠分配，則租賃土地權益於綜合財務狀況表中列為「使用權資產」，惟根據公平值模式分類為投資物業且作為投資物業入賬者除外。

當代價無法在相關租賃土地的非租賃樓宇成分及未分割權益之間可靠分配時，整項物業分類為物業、廠房及設備。

於估計可使用年期內撇銷物業、廠房及設備項目的成本減殘值後，以直線法確認折舊。

估計可使用年期、殘值及折舊法均於各報告期末檢討，任何估計變動影響均按未來適用基準入賬。

物業、廠房及設備項目於出售後或當預期繼續使用該資產不會於日後產生經濟利益時終止確認。

出售或報廢物業、廠房及設備項目時產生的任何收益或虧損按出售所得款項與該資產賬面值之間的差額釐定並於損益確認。

業務合併所收購的無形資產業務合併所收購的無形資產與商譽分開確認，並按於收購日的公平值（視為其成本）進行初始確認。

初始確認後，業務合併所收購的具有限可使用年期無形資產按成本減累計攤銷及任何累計減值虧損呈報。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Property, plant and equipmentProperty, plant and equipment are tangible assets that are held for use in the production or supply of goods or services, or for administrative purposes are stated in the consolidated statement of financial position at cost, less subsequent accumulated depreciation and subsequent accumulated impairment losses, if any.When the Group makes payments for ownership interests of properties which includes both leasehold land and building elements, the entire consideration is allocated between the leasehold land and the building elements in proportion to the relative fair values at initial recognition.To the extent the allocation of the relevant payments can be made reliably, interest in leasehold land that is presented as “right-of-use assets” in the consolidated statement of financial position except for those that are classified and accounted for as investment properties under the fair value model. When the consideration cannot be allocated reliably between non-lease building element and undivided interest in the underlying leasehold land, the entire properties are classified as property, plant and equipment.Depreciation is recognised so as to write off the cost of items of property, plant and equipment less their residual values over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.Intangible assets acquired in a business combinationIntangible assets acquired in a business combination are recognised separately from goodwill and are initially recognised at their fair value at the acquisition date (which is regarded as their cost).Subsequent to initial recognition, intangible assets acquired in a business combination with finite useful lives are reported at costs less accumulated amortisation and any accumulated impairment losses.159二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）業務合併所收購的無形資產（續）無形資產於出售時或當預期使用或出售有關無形資產不會產生未來經濟利益時終止確認。

因終止確認無形資產而產生的收益及虧損按該資產的出售所得款項淨額與賬面值之間的差額計量，於終止確認該資產時在損益確認。

物業、廠房及設備、使用權資產、遞延合約成本以及除商譽外的無形資產的減值於報告期末，本集團檢討其物業、廠房及設備、使用權資產、遞延合約成本以及具有限可使用年期的無形資產的賬面值，以確定有關資產是否出現減值虧損跡象。

如有任何有關跡象，則會估計相關資產的可收回金額，以確定減值虧損（如有）的程度。

物業、廠房及設備、使用權資產、遞延合約成本以及無形資產的可收回金額會個別預估。

倘不太可能個別估計資產的可收回金額，則本集團估計該資產所屬現金產生單位的可收回金額。

於測試現金產生單位的減值時，在可建立合理一致分配基準時將公司資產分配至相關現金產生單位，否則該等資產會分配至可建立合理一致分配基準的最小現金產生單位組別。

可收回金額乃就公司資產所屬的現金產生單位或現金產生單位組別釐定，並與相關現金產生單位或現金產生單位組別的賬面值作比較。

於本集團根據國際財務報告準則第15號確認資本化為遞延合約成本的資產的減值虧損前，本集團根據適用準則評估並確認涉及有關合約的其他資產的任何減值虧損。

其後，資本化為遞延合約成本的資產的減值虧損（如有）於賬面值超過本集團預期就交換貨品或服務收取的代價的剩餘款項減提供該等貨品或服務直接相關的尚未確認為開支的成本時確認。

資本化為遞延合約成本的資產其後計入其所屬的現金產生單位的賬面值，用以評估該現金產生單位的減值。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Intangible assets acquired in a business combination (Continued)An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains and losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.Impairment on property, plant and equipment, right-of-use assets, deferred contract costs and intangible assets other than goodwillAt the end of the reporting period, the Group reviews the carrying amounts of its property, plant and equipment, right-of-use assets, deferred contract costs and intangible assets with finite useful lives to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the relevant asset is estimated in order to determine the extent of the impairment loss, if any.The recoverable amount of property, plant and equipment, right-of-use assets, deferred contract costs and intangible assets are estimated individually. When it is not possible to estimate the recoverable amount individually, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.In testing a cash-generating unit for impairment, corporate assets are allocated to the relevant cash-generating unit when a reasonable and consistent basis of allocation can be established, or otherwise they are allocated to the smallest group of cash generating units for which a reasonable and consistent allocation basis can be established. The recoverable amount is determined for the cash-generating unit or group of cash-generating units to which the corporate asset belongs, and is compared with the carrying amount of the relevant cash-generating unit or group of cash-generating units.Before the Group recognises an impairment loss for assets capitalised as deferred contract costs under IFRS 15, the Group assesses and recognises any impairment loss on other assets related to the relevant contracts in accordance with applicable standards. Then, impairment loss, if any, for assets capitalised as deferred contract costs is recognised to the extent the carrying amounts exceeds the remaining amount of consideration that the Group expects to receive in exchange for related goods or services less the costs which relate directly to providing those goods or services that have not been recognised as expenses. The assets capitalised as deferred contract costs are then included in the carrying amount of the cash-generating unit to which they belong for the purpose of evaluating impairment of that cash-generating unit.160 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）物業、廠房及設備、使用權資產、遞延合約成本以及除商譽外的無形資產的減值（續）可收回金額為公平值減出售成本與使用價值兩者間的較高者。

於評估使用價值時，使用稅前貼現率將估計未來現金流量貼現至其現值，而該稅前貼現率反映現時市場對金錢時間值的評估及估計未來現金流量未經調整的資產（或一個現金產生單位）特定的風險。

倘一項資產（或一個現金產生單位）的可收回金額估計將少於其賬面值，則該資產（或一個現金產生單位）的賬面值削減至其可收回金額。

就未能按合理一致的基準分配至現金產生單位的公司資產或部分公司資產而言，本集團會比較一組現金產生單位的賬面值（包括已分配至該組現金產生單位的公司資產或部分公司資產的賬面值）與該組現金產生單位的可收回金額。

於分配減值虧損時，減值虧損首先分配至削減任何商譽（如適用）的賬面值，然後根據各資產於單位或一組現金產生單位的賬面值按比例分配至其他資產。

資產的賬面值不會削減至低於其公平值減出售成本（如可計量）、其使用價值（如可釐定）及零三者間的最高者。

本應分配至資產的減值虧損金額按比例分配至該單位或該組現金產生單位的其他資產。

減值虧損即時於損益確認。

倘其後撥回減值虧損，該資產（或一個現金產生單位或一組現金產生單位）賬面值會調高至其經修訂的估計可收回金額，但增加的賬面值不得超出該資產（或一個現金產生單位或一組現金產生單位）於過往年度並無確認減值虧損時原應釐定的賬面值。

撥回的減值虧損會即時於損益確認為收入。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Impairment on property, plant and equipment, right-of-use assets, deferred contract costs and intangible assets other than goodwill (Continued)Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset (or a cash-generating unit) for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or a cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or a cash-generating unit) is reduced to its recoverable amount. For corporate assets or portion of corporate assets which cannot be allocated on a reasonable and consistent basis to a cash-generating unit, the Group compares the carrying amount of a group of cash-generating units, including the carrying amounts of the corporate assets or portion of corporate assets allocated to that group of cash-generating units, with the recoverable amount of the group of cash-generating units. In allocating the impairment loss, the impairment loss is allocated first to reduce the carrying amount of any goodwill (if applicable) and then to the other assets on a pro-rata basis based on the carrying amount of each asset in the unit or the group of cash-generating units. The carrying amount of an asset is not reduced below the highest of its fair value less costs of disposal (if measurable), its value in use (if determinable) and zero. The amount of the impairment loss that would otherwise have been allocated to the asset is allocated pro rata to the other assets of the unit or the group of cash-generating units. An impairment loss is recognised immediately in profit or loss.Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit or a group of cash-generating units) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit or a group of cash-generating units) in prior years. A reversal of an impairment loss is recognised as income immediately in profit or loss.161二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）現金及現金等價物就綜合現金流量表呈列而言，現金及現金等價物包括銀行結餘及現金，包括：(a)現金，其包括手頭現金及活期存款，但不包括受監管限制會導致有關結餘不再符合現金定義的銀行結餘；及(b)現金等價物，其包括短期（通常原到期日為三個月或更短）、可隨時轉換為已知數額現金且無重大價值變動風險的高流動性投資。

擬作出售的開發中物業╱持作出售物業擬於完成開發後出售的擬作出售的開發中物業及持作出售物業分類為流動資產。

除根據使用權資產會計政策按成本模式量算的租賃土地部分外，擬作出售的開發中物業╱持作出售物業以成本與可變現淨值兩者間的較低者入賬。

成本按特定識別基準釐定，包括分配所產生的有關開發成本及（如適用）資本化借貸成本。

可變現淨值指物業估計售價減竣工估計成本及銷售所需的成本。

銷售所需的成本包括直接歸屬於銷售的增量成本及本集團進行銷售所必須產生的非增量成本。

租賃租賃的定義倘合約為換取代價而給予在一段時間內控制可識別資產使用的權利，則該合約為租賃或包含租賃。

對於首次應用國際財務報告準則第16號日期或之後訂立或修改的合約或因業務合併產生的合約而言，本集團根據國際財務報告準則第16號的定義於初始或修訂日期或收購日期（如適用）評估該合約是否為租賃或包含租賃。

除非合約的條款及條件其後出現變動，否則有關合約將不予重新評估。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Cash and cash equivalentsFor the purposes of presenting the consolidated statement of cash flows, cash and cash equivalents consist of bank balances and cash which include: (a) cash, which comprises of cash on hand and demand deposits, excluding bank balances that are subject to regulatory restrictions that result in such balances no longer meeting the definition of cash; and (b) cash equivalents, which comprises of short-term (generally with original maturity of three months or less), highly liquid investments that are readily convertible to a known amount of cash and which are subject to an insignificant risk of changes in value.Properties under development for sale/properties held for saleProperties under development for sale which are intended to be sold upon completion of development and properties held for sale are classified as current assets. Except for the leasehold land element which is measured at cost model in accordance with the accounting policies of right-of-use assets, properties under development for sale/properties held for sale are carried at the lower of cost and NRV. Cost is determined on a specific identification basis including allocation of the related development expenditure incurred and where appropriate, borrowing costs capitalised. NRV represents the estimated selling price for the properties less estimated cost to completion and costs necessary to make the sale. Costs necessary to make the sale include incremental costs directly attributable to the sale and non-incremental costs which the Group must incur to make the sale.LeasesDefinition of a leaseA contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.For contracts entered into or modified on or after the date of initial application of IFRS 16 or arising from business combinations, the Group assesses whether a contract is or contains a lease based on the definition under IFRS 16 at inception, modification date or acquisition date, as appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed.162 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）租賃（續）本集團作為承租人合約組成部分的代價分配就包含租賃部分以及一項或多項額外租賃或非租賃部分的合約而言，本集團以租賃部分的相對獨立價格及非租賃部分的總獨立價格為基準，分配該合約代價予各租賃部分。

非租賃部分與租賃部分有所區分，並透過應用其他適用準則列賬。

短期租賃及低價值資產租賃本集團對自開始日期起租期不超過12個月且不包含購買選擇權的機械及設備的租賃應用短期租賃確認豁免。

本集團亦對低價值資產的租賃應用確認豁免。

短期租賃及低價值資產租賃的租賃款項於租期內按直線法確認為開支。

使用權資產使用權資產成本包括：租賃負債的初始計量金額；於開始日期或之前作出的任何租賃款項，減任何已收租賃優惠；本集團產生的任何初始直接成本；及本集團在拆除及移除相關資產、復原其所在地或將相關資產復原至租賃的條款及條件所要求的狀況而產生的成本估算。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Leases (Continued)The Group as a lesseeAllocation of consideration to components of a contractFor a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.Non-lease components are separated from lease component and are accounted for by applying other applicable standards.Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to leases of machinery and equipment that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the recognition exemption for lease of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.Right-of-use assetsThe cost of right-of-use assets includes: the amount of the initial measurement of lease liability; any lease payments made at or before the commencement date, less any lease incentives received; any initial direct costs incurred by the Group; and an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.163二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）租賃（續）本集團作為承租人（續）使用權資產（續）使用權資產按成本計量，扣除任何累計折舊及減值虧損，並就任何重新計量租賃負債作出調整。

使用權資產按直線基準於其估計使用年期及租期（以較短者為準）內計提折舊。

本集團於綜合財務狀況表中將不符合投資物業或存貨定義的使用權資產呈列為單獨項目。

符合投資物業及存貨定義的使用權資產分別於「投資物業」及「持作出售物業╱擬作出售的開發中物業」內呈列。

可退還租賃按金已付可退還租賃按金根據國際財務報告準則第9號入賬及初步按公平值計量。

於初步確認的公平值調整被視為額外租賃款項，並計入使用權資產的成本。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Leases (Continued)The Group as a lessee (Continued)Right-of-use assets (Continued)Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities.Right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.The Group presents right-of-use assets that do not meet the definition of investment property or inventory as a separate line item in the consolidated statement of financial position. The right-of-use assets that meet the definition of investment property and inventory are presented within “investment properties” and “properties held for sale/properties under development for sale” respectively.Refundable rental depositsRefundable rental deposits paid are accounted under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition are considered as additional lease payments and included in the cost of right-of-use assets.164 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）租賃（續）本集團作為承租人（續）租賃負債於租賃開始日期，本集團按當日尚未支付的租賃款項現值確認及計量租賃負債。

於計算租賃款項現值時，倘租賃隱含的利率無法輕易釐定，則本集團應用租賃開始日期的增量借款利率計算。

租賃款項包括：固定付款（包括實質性的固定付款）減任何應收租賃優惠；取決於指數或利率的可變租賃款項（按於開始日期的指數或利率初始計量）；根據殘值擔保預期將支付的金額；本集團合理確定行使的購買選擇權的行使價；及倘租期反映本集團會行使終止租賃選擇權，則為終止租賃的罰款付款。

於開始日期後，租賃負債根據應計利息及租賃款項進行調整。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Leases (Continued)The Group as a lessee (Continued)Lease liabilitiesAt the commencement date of a lease, the Group recognises and measures the lease liability at the present value of lease payments that are unpaid at that date. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.The lease payments include: fixed payments (including in-substance fixed payments) less any lease incentives receivable; variable lease payments that depend on an index or a rate initially measured using the index or rate as at the commencement date; amounts expected to be paid under residual value guarantees; the exercise price of a purchase option reasonably certain to be exercised by the Group; and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate.After the commencement date, lease liabilities are adjusted by interest accretion and lease payments.165二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）租賃（續）本集團作為承租人（續）租賃負債（續）倘出現以下情況，本集團重新計量租賃負債（並對有關使用權資產作出相應調整）：租期有所變動，在此情況下，相關租賃負債透過使用重新評估日期的經修訂貼現率貼現經修訂租賃款項而重新計量。

租賃款項因進行市場租金調查後市場租金變動而出現變動，在此情況下，相關租賃負債使用初始貼現率貼現經修訂租賃款項而重新計量。

本集團於綜合財務狀況表中將租賃負債呈列為單獨項目。

可退還租賃按金已收可退還租賃按金是根據國際財務報告準則第9號入賬及初步按公平值計量。

於初始確認的公平值的調整被視為自承租人收取的額外租賃款項。

租賃修改租賃合約中不屬於原條款及條件一部分的代價變動入賬列為租賃修改，包括通過租金減免提供的租賃優惠。

本集團自修改生效日期起將對經營租賃的修改列賬計作新租賃，此舉經考慮任何有關原租賃的預付或應計租賃款項作為新租賃的租賃款項的一部分。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Leases (Continued)The Group as a lessee (Continued)Lease liabilities (Continued)The Group remeasures lease liabilities (and makes a corresponding adjustment to the related right-of-use assets) whenever: the lease term has changed in which case the related lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the date of reassessment. the lease payments change due to changes in market rental rates following a market rent review, in which cases the related lease liability is remeasured by discounting the revised lease payments using the initial discount rate.The Group presents lease liabilities as a separate line item in the consolidated statement of financial position.Refundable rental depositsRefundable rental deposits received are accounted for under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition are considered as additional lease payments from lessees.Lease modificationChanges in considerations of lease contracts that were not part of the original terms and conditions are accounted for as lease modifications, including lease incentives provided through forgiveness or reduction of rentals.The Group accounts for a modification to an operating lease as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease.166 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）租賃（續）本集團作為出租人租賃分類及計量本集團為出租人的租賃分類為融資或經營租賃。

當租賃條款將相關資產擁有權附帶的絕大部分風險及回報轉移至承租人時，該合約分類為融資租賃。

所有其他租賃分類為經營租賃。

經營租賃的租金收入以直線法於有關租賃的租期內於損益中確認。

協商及安排經營租賃所產生的初步直接成本加至租賃資產賬面值，且該等成本於租期內按直線法確認為開支，惟以公平值模式計量的投資物業除外。

來自本集團日常業務過程的租金收入呈列為收入。

借款成本收購、建造或生產合資格資產（即須等待一段長時間後方可用作擬定用途或出售的資產）直接應佔的借款成本，計入該等資產的成本，直至該等資產大致可作擬定用途或出售為止。

於相關資產已可用作其擬定用途或可供出售後仍未償還的任何特定借款計入一般借款資金，以計算一般借款的資本化比率。

特定借款在用作合資格資產開支前進行臨時投資所賺取的投資收入，自合資格撥充資本的借款成本中扣除。

所有其他借款成本於其產生期間於損益中確認。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Leases (Continued)The Group as a lessorClassification and measurement of leasesLeases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership of an underlying asset to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.Rental income from operating leases is recognised in profit or loss on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset, and such costs are recognised as an expense on a straight-line basis over the lease term except for investment properties measured under fair value model.Rental income which is derived from the Group’s ordinary course of business is presented as revenue.Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale.Any specific borrowing that remain outstanding after the related asset is ready for its intended use or sale is included in the general borrowing pool for calculation of capitalisation rate on general borrowings. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.All other borrowing costs are recognised in profit or loss in the period in which they are incurred.167二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）外幣各集團實體的個別財務報表均以實體經營所在主要經濟環境的貨幣（其功能貨幣，即人民幣）呈列。

編製個別集團實體的財務報表時，以該實體的功能貨幣以外的貨幣（外幣）進行的交易按交易當日通行的匯率確認。

於各報告期末，以外幣計值的貨幣項目按該日通行的匯率重新換算。

以外幣計值按公平值列賬的非貨幣項目按釐定公平值日期的現行匯率重新換算。

當非貨幣項目的公平值收益或虧損於損益確認時，該收益或虧損的任何匯兌組成部分亦於損益確認。

當非貨幣項目公平值收益或虧損於其他全面收入確認時，該收益或虧損的任何匯兌組成部分亦於其他全面收入確認。

按歷史成本以外幣計量的非貨幣項目概不會重新換算。

於結算及重新換算貨幣項目時所產生的匯兌差額於其產生期間在損益確認。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material accounting policy information (Continued)Foreign currenciesThe individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency, i.e. RMB).In preparing the financial statements of each individual group entities, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognised at the rates of exchanges prevailing on the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. When a fair value gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss is also recognised in profit or loss. When a fair value gain or loss on a non-monetary item is recognised in other comprehensive income, any exchange component of that gain or loss is also recognised in other comprehensive income. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are recognised in profit or loss in the period in which they arise.168 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)TaxationIncome tax expense represents the sum of current and deferred income tax expenses.The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before taxation as reported in the consolidated statement of profit or loss and other comprehensive income because of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.Deferred taxation is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred taxation liabilities are generally recognised for all taxable temporary differences. Deferred taxation assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such deferred taxation assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and at the time of the transaction does not give rise to equal taxable and deductible temporary differences. In addition, deferred taxation liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.Deferred taxation liabilities are recognised for taxable temporary differences associated with investments in subsidiaries, interests in joint ventures and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred taxation assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）稅項所得稅開支指即期及遞延所得稅開支的總額。

即期應付稅項根據年度應課稅利潤計算。

應課稅利潤因其他年度的應課稅收入或可扣稅開支以及毋須課稅或不可扣稅的項目，而與在綜合損益及其他全面收益表中所呈報的除稅前利潤有別。

本集團的即期稅項負債乃按報告期末已頒佈或實際上已頒佈的稅率計算。

遞延稅項按綜合財務報表內資產及負債的賬面值與計算應課稅利潤所用相應稅基之間的臨時差額確認。

通常會就所有應課稅臨時差額確認遞延稅項負債。

通常在很可能會有應課稅利潤可用於抵銷可扣減臨時差額時就所有可扣減臨時差額確認遞延稅項資產。

倘於一項交易中因初步確認資產及負債而引致的臨時差額（業務合併除外）既不影響應課稅利潤亦不影響會計利潤，且於交易時並不產生同等應課稅及可扣減臨時差額，則不會確認該等遞延稅項資產及負債。

此外，倘臨時差額因初步確認商譽產生，則不會確認遞延稅項負債。

就與於附屬公司的投資以及於合營企業及聯營公司的權益有關的應課稅臨時差額確認遞延稅項負債，惟倘本集團可控制臨時差額的撥回且該臨時差額很可能不會於可見將來撥回則除外。

與該等投資及權益相關的可扣減臨時差額所產生的遞延稅項資產，僅於很可能有足夠應課稅利潤可用於抵銷臨時差額的利益且預計於可見將來可以撥回時確認。

169二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）稅項（續）遞延稅項資產的賬面值於各報告期末進行檢討，並於不再可能有足夠應課稅利潤收回全部或部分資產時作出調減。

遞延稅項資產及負債乃根據報告期末已頒佈或實際上已頒佈的稅率（及稅法）按預期償還負債或變現資產期間內將採用的稅率計量。

遞延稅項負債及資產的計量反映按照本集團預期於報告期末收回或結算其資產及負債賬面值的方式將會產生的稅務後果。

就計量採用公平值模式計量的投資物業的遞延稅項負債及遞延稅項資產而言，假設該等物業賬面值可透過銷售完全收回，惟該假設被推翻則另當別論。

當投資物業可予折舊及以旨在隨時間而非透過銷售消耗投資物業所包含的絕大部分經濟利益之業務模式持有時，有關假設被推翻。

就本集團確認使用權資產及相關租賃負債的租賃交易計量遞延稅項而言，本集團須首先確定扣除稅項是否屬使用權資產或租賃負債。

就扣除稅項屬租賃負債的租賃交易而言，本集團對租賃負債及有關資產單獨應用國際會計準則第12號規定。

本集團在很可能會有應課稅利潤可用於抵銷可扣減臨時差額時確認有關租賃負債的遞延稅項資產，並就所有應課稅臨時差額確認遞延稅項負債。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Taxation (Continued)The carrying amount of deferred taxation assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred taxation assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.The measurement of deferred taxation liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.For the purposes of measuring deferred taxation liabilities and deferred taxation assets for investment properties that are measured using the fair value model, the carrying amounts of such properties are presumed to be recovered entirely through sale unless the presumption is rebutted. The presumption is rebutted when the investment property is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale.For the purposes of measuring deferred tax for leasing transactions in which the Group recognises the right-of-use assets and the related lease liabilities, the Group first determines whether the tax deductions are attributable to the right-of-use assets or the lease liabilities.For leasing transactions in which the tax deductions are attributable to the lease liabilities, the Group applies IAS 12 requirements to the leased liabilities and the related assets separately. The Group recognises a deferred taxation asset related to lease liabilities to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised and a deferred taxation liability for all taxable temporary differences.170 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）稅項（續）遞延稅項資產及負債於有合法可執行權利將即期稅項資產與即期稅項負債抵銷時以及於其與稅務機關向同一實體所徵收的所得稅有關時予以抵銷。

即期及遞延稅項於損益中確認，惟其涉及於其他全面收入中或直接於權益中確認的項目除外，屆時即期及遞延稅項亦分別於其他全面收入中或直接於權益中確認。

倘就業務合併進行初步會計處理產生即期稅項或遞延稅項，則稅務影響計入業務合併的會計處理。

在評估所得稅處理的任何不確定性時，本集團考慮有關稅務機關是否有可能接受個別集團實體在其所得稅納稅申報表中使用或擬使用的不確定稅務處理。

倘可能，即期及遞延稅項根據與所得稅納稅申報表一致的稅務處理方法釐定。

倘有關稅務機關不可能接受不確定稅務處理，則通過使用最有可能收取的金額或預期值以反映各項不確定性影響。

退休福利成本定額供款退休福利計劃的供款於僱員提供可使其享有供款的服務時確認為開支。

倘本集團在國家管理的退休福利計劃下的責任與定額供款退休福利計劃所產生者相等，則國家管理的退休福利計劃供款視同定額供款計劃的供款予以處理。

短期僱員福利短期僱員福利按於僱員提供服務時預期將予支付的福利的未貼現金額確認。

所有短期僱員福利均按開支確認，除非另有國際財務報告準則規定或容許將福利計入一項資產成本。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Taxation (Continued)Deferred taxation assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied to the same entity by taxation authority.Current and deferred taxation are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred taxation are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.In assessing any uncertainty over income tax treatments, the Group considers whether it is probable that the relevant taxation authority will accept the uncertain tax treatment used, or proposed to be used by individual group entities in their income tax filings. If it is probable, the current and deferred taxes are determined consistently with the tax treatment in the income tax filings. If it is not probable that the relevant taxation authority will accept an uncertain tax treatment, the effect of each uncertainty is reflected by using either the most likely amount or the expected value.Retirement benefit costsPayments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions. Payments made to state-managed retirement benefit schemes are dealt with as payments to defined contribution plans where the Group’s obligations under the schemes are equivalent to those arising in a defined contribution retirement benefit plan.Short-term employee benefitsShort-term employee benefits are recognised at the undiscounted amount of the benefits expected to be paid as and when employees rendered the services. All short-term employee benefits are recognised as an expense unless another IFRS requires or permits the inclusion of the benefit in the cost of an asset.171二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）以股份支付的安排以股本權益結算並以股份支付的交易向僱員授出購股權對僱員及提供類似服務的其他人士作出的以股本權益結算的股份付款乃按股本工具於授出日期的公平值計量。

於授出日期釐定的以股本權益結算的股份付款的公平值（並無計及所有非市場歸屬條件）根據本集團對將最終歸屬的股本工具的估計，以直線法於歸屬期間支銷，並相應增加權益（購股權儲備）。

於各報告期末，本集團會根據對一切有關的非市場歸屬條件的評估，修訂其對預計將予歸屬股本工具數目的估計。

修訂估計產生的影響（如有）於損益確認，以使累計開支能反映經修訂估計，並相應調整購股權儲備。

就於授出日期即時歸屬的購股權而言，所授出購股權的公平值即時支銷至損益。

當購股權獲行使時，先前於購股權儲備確認的金額將轉撥至股份溢價。

當購股權於歸屬日期後遭沒收或於屆滿當日尚未行使，則先前於購股權儲備確認的金額將轉撥至保留利潤。

授予僱員的股份獎勵於股份獎勵計劃受託人在公開市場購入本集團股份時，從公開市場收購的股份總代價（包括任何直接應佔增量成本在內）呈列為持作股份獎勵計劃股份，並於權益總額內扣除。

授出日期的獎勵股份的公平值以直線法於歸屬期間（即僱員提供服務的期間）支銷，並相應增加權益（股份獎勵儲備）。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Share-based payment arrangementsEquity-settled share-based payment transactionsShare options granted to employeesEquity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date.The fair value of the equity-settled share-based payments determined at the grant date without taking into consideration all non-market vesting conditions is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity (share option reserve). At the end of each reporting period, the Group revises its estimates of the number of equity instruments expected to vest based on assessment of all relevant non-market vesting conditions. The impact of the revision of the estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share option reserve. For share options that vest immediately at the date of grant, the fair value of the share options granted is expensed immediately to profit or loss.When share options are exercised, the amount previously recognised in share option reserve will be transferred to share premium. When the share options are forfeited after the vesting date or are still not exercised at the expiry date, the amount previously recognised in share option reserve will be transferred to retained profits.Share award granted to employeesWhere the Group’s shares are acquired by the trustee of the share award scheme from the open market, the total consideration of shares acquired from the open market (including any directly attributable incremental costs) is presented as shares held for share award scheme and deducted from total equity.The fair value of the awarded shares at the grant date is expensed on a straight-line basis over the vesting period being the period for which the services from the employees are rendered with a corresponding increase in equity (share award reserve).172 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）以股份支付的安排（續）以股本權益結算並以股份支付的交易（續）向僱員授出購股權（續）歸屬及轉讓股份予承授人後，該等股份的相關成本自持作股份獎勵計劃股份轉撥，且該等股份的相關開支自股份獎勵儲備轉撥。

轉撥所產生的差額自保留利潤扣除╱計入保留利潤。

修訂以股份支付的安排的條款及條件當以股本權益結算並以股份支付的安排的條款及條件獲修訂時，本集團確認最低限度的所獲得服務，其以所授出股本工具於授出日期的公平值計量，除非該等股本工具因未能滿足於授出日期指定的歸屬條件（市場條件除外）而未歸屬，則另當別論。

此外，倘本集團以對僱員有利的方式（例如縮短歸屬期）修訂歸屬條件（市場條件除外），則本集團會於餘下歸屬期考慮經修訂歸屬條件。

所授出增量公平值（如有）為經修訂股本工具公平值與原股本工具公平值（有關公平值均於修訂日期估計）之間的差額。

倘修訂於歸屬期後發生，則所授出增量公平值即時確認，或倘於經修訂股本工具歸屬前需要額外服務期，則於歸屬期內確認。

倘修訂減少了以股份支付的安排的公平值總額，或因其他原因而並無對僱員有利，則本集團繼續將所授出原股本工具入賬，猶如該修訂未曾發生。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Share-based payment arrangements (Continued)Equity-settled share-based payment transactions (Continued)Share award granted to employees (Continued)Upon vesting and transfer the shares to the grantees, the related costs of the shares are transferred from shares held for share award scheme, and the related expenses of the shares are transferred from share award reserve. The difference arising from such transfer is debited/credited to retained profits.Modification to the terms and conditions of the share-based payment arrangementsWhen the terms and conditions of an equity-settled share-based payment arrangement are modified, the Group recognises, as a minimum, the services received measured at the grant date fair value of the equity instruments granted, unless those equity instruments do not vest because of failure to satisfy a vesting condition (other than a market condition) that was specified at grant date. In addition, if the Group modifies the vesting conditions (other than a market condition) in a manner that is beneficial to the employees, for example, by reducing the vesting period, the Group takes the modified vesting conditions into consideration over the remaining vesting period.The incremental fair value granted, if any, is the difference between the fair value of the modified equity instruments and that of the original equity instruments, both estimated as at the date of modification.If the modification occurs after vesting period, the incremental fair value granted is recognised immediately, or over the vesting period if additional period of service is required before the modified equity instruments are vested.If the modification reduces the total fair value of the share-based arrangement, or is not otherwise beneficial to the employee, the Group continues to account for the original equity instruments granted as if that modification had not occurred.173二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）政府補貼政府補貼於能合理保證本集團將會遵守其所附帶的條件且接獲撥款後，方會確認。

政府補貼按系統基準於本集團將擬用補貼補償的相關成本確認為開支的各期間在損益內確認。

具體而言，主要條件為本集團應購買、興建或以其他方式收購非流動資產的政府補貼，於綜合財務狀況表確認為遞延收入，並在有關資產的可使用年期內有系統及合理地轉撥至損益。

可收取作為已產生開支或虧損的補償或以向本集團提供即時財務資助（並無日後相關成本）為目的的收入相關政府補貼，於可收取期間在損益確認。

該等補貼在損益中於「其他收入、收益及虧損」項目下呈列。

或然負債或然負債是因過往事件而產生的現時義務，但因為履行該義務不大可能需要包含經濟利益的資源流出而未予確認。

當本集團就一項義務共同及個別承擔責任時，預期由其他方履行的義務部分會被視為或然負債，且不會於綜合財務報表確認。

本集團持續評估以釐定是否可能出現包含經濟利益的資源流出。

倘過往作為或然負債處理的項目很可能需要未來經濟利益流出，則會於概率變動發生的報告期間於綜合財務報表確認撥備，惟於無法做出可靠估計的極罕見情況下則除外。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Government grantsGovernment grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognised as deferred income in the consolidated statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.Government grants related to income that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable. Such grants are presented under “other income, gains and losses” line item in profit or loss.Contingent liabilitiesA contingent liability is a present obligation arising from past events but is not recognised because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where the Group is jointly and severally liable for an obligation, the part of the obligation that is expected to be met by other parties is treated as a contingent liability and it is not recognised in the consolidated financial statements.The Group assesses continually to determine whether an outflow of resources embodying economic benefits has become probable. If it becomes probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability, a provision is recognised in the consolidated financial statements in the reporting period in which the change in probability occurs, except in the extremely rare circumstances where no reliable estimate can be made.174 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具當一間集團實體成為工具合約條文的訂約方時，金融資產及金融負債予以確認。

所有透過常規方式購買或銷售的金融資產均以交易日為基準確認及終止確認。

以常規方式購買或銷售指要求於市場法規或慣例所設立的時間框架內交付資產的購買或銷售金融資產事宜。

金融資產及金融負債初步按公平值計量，惟根據國際財務報告準則第15號「來自客戶合約的收入」（「國際財務報告準則第15號」）初步計量的客戶合約所產生貿易應收賬款除外。

收購或發行金融資產及金融負債（按公平值計入損益的金融資產及金融負債除外）直接應佔的交易成本於初步確認時加入金融資產或金融負債公平值或從中扣除（如適用）。

收購按公平值計入損益的金融資產或金融負債直接應佔的交易成本即時於損益確認。

實際利率法為計算金融資產或金融負債攤銷成本及於有關期間內攤分利息收入及利息開支的方法。

實際利率是按金融資產或金融負債預計年期或（如適用）較短期間將估計未來現金收入及付款（包括所支付或收取構成實際利率組成部分的所有費用及點數、交易成本及其他溢價或折讓）準確貼現至初步確認時的賬面淨值的比率。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instrumentsFinancial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instrument. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market place.Financial assets and financial liabilities are initially measured at fair value except for accounts receivables arising from contracts with customers, which are initially measured in accordance with IFRS 15 “Revenue from Contracts with Customers” (“IFRS 15). Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at FVTPL) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognised immediately in profit or loss.The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payment (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.175二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融資產金融資產分類及後續計量符合下列條件的金融資產其後按攤銷成本計量：於以收取合約現金流量為目的之業務模式下持有的金融資產；及合約條款引致於指定日期的現金流量僅為支付本金及未償還本金的利息。

符合下列條件的金融資產其後按公平值計入其他全面收入計量：於透過出售及收取合約現金流量達致目標的業務模式下持有的金融資產；及合約條款引致於指定日期的現金流量僅為支付本金及未償還本金的利息。

所有其他金融資產其後按公平值計入損益計量，但在初步確認金融資產日期，倘股本投資並非持作買賣，亦非由於收購方在國際財務報告準則第3號「業務合併」所適用的業務合併中確認的或然代價，本集團可不可撤銷地選擇於其他全面收益呈列該股本投資的其後公平值變動。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial assetsClassification and subsequent measurement of financial assetsFinancial assets that meet the following conditions are subsequently measured at amortised cost: the financial asset is held within a business model whose objective is to collect contractual cash flows; and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets that meet the following conditions are subsequently measured at FVTOCI: the financial asset is held within a business model whose objective is achieved by both selling and collecting contractual cash flows; and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.All other financial assets are subsequently measured at FVTPL, except that at initial recognition of a financial asset the Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if that equity investment is neither held for trading nor contingent consideration recognised by an acquirer in a business combination to which IFRS 3 “Business Combinations” applies.176 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial assets (Continued)Classification and subsequent measurement of financial assets (Continued)A financial asset is held for trading if: it has been acquired principally for the purpose of selling in the near term; or on initial recognition it is a part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or it is a derivative that is not designated and effective as a hedging instrument.In addition, the Group may irrevocably designate a financial asset that is required to be measured at the amortised cost or FVTOCI as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.Amortised cost and interest incomeInterest income is recognised using the effective interest method for financial assets measured subsequently at amortised cost. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired (see below). For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit-impaired.3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融資產（續）金融資產分類及後續計量（續）倘符合下列情況，金融資產被歸類為持作買賣：購入金融資產主要為於短期內出售；或於初步確認時，其構成本集團合併管理的已識別金融工具組合的一部分及具有近期實際短期獲利模式；或為未被指定及可有效作為對沖工具的衍生工具。

此外，本集團可不可撤銷地指定一項須按攤銷成本或按公平值計入其他全面收入計量的金融資產以按公平值計入損益計量，前提為有關指定可消除或大幅減少會計錯配。

攤銷成本及利息收入其後按攤銷成本計量的金融資產的利息收入使用實際利率法予以確認。

利息收入透過對金融資產的賬面總值應用實際利率計算，惟其後出現信貸減值的金融資產（見下文）除外。

就其後出現信貸減值的金融資產而言，自下一報告期起，利息收入透過對金融資產攤銷成本應用實際利率予以確認。

倘信貸減值金融工具的信貸風險好轉，使金融資產不再出現信貸減值，於釐定資產不再出現信貸減值後的報告期開始，利息收入透過對金融資產賬面總值應用實際利率予以確認。

177二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融資產（續）金融資產分類及後續計量（續）指定為按公平值計入其他全面收入的股本工具按公平值計入其他全面收入的股本工具的投資初步按公平值加交易成本計量。

其後按公平值計量，其於公平值變動所產生的收益及虧損於其他全面收入確認並累計於按公平值計入其他全面收入儲備；毋須進行減值評估。

累計收益或虧損不會重新分類至出售股本投資的損益，惟將轉撥至保留利潤。

於根據國際財務報告準則第9號確認本集團有權收取股息時，該等股本工具投資的股息於損益中確認，除非該股息明確代表收回部分投資成本。

股息計入損益中的「其他收入、收益及虧損」項目內。

按公平值計入損益的金融資產不符合按攤銷成本計量或按公平值計入其他全面收入或指定為按公平值計入其他全面收入計量標準的金融資產按公平值計入損益計量。

於各報告期末，按公平值計入損益的金融資產（包括物業項目投資）按公平值計量，而任何公平值收益或虧損於損益確認。

於損益確認的收益或虧損淨額不包括就金融資產所賺取的任何股息或利息，並計入損益中的「其他收入、收益及虧損」項目內。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial assets (Continued)Classification and subsequent measurement of financial assets (Continued)Equity instruments designated as at FVTOCIInvestments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in FVTOCI reserve; and are not subject to impairment assessment. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments, but will be transferred to retained profits.Dividends from these investments in equity instruments are recognised in profit or loss when the Group’s right to receive the dividends is established in accordance with IFRS 9, unless the dividends clearly represent a recovery of part of the cost of the investment. Dividend are included in the “other income, gains and losses” line item in profit or loss.Financial assets at FVTPLFinancial assets that do not meet the criteria for being measured at amortised cost or FVTOCI or designated as FVTOCI are measured at FVTPL.Financial assets at FVTPL including investments in property projects are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss. The net gain or loss recognised in profit or loss excludes any dividend or interest earned on the financial asset and is included in the “other income, gains and losses” line item in profit or loss.178 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融資產（續）金融資產減值及須根據國際財務報告準則第9號進行減值評估的財務擔保合約本集團根據預期信貸虧損（「預期信貸虧損」）模式就須根據國際財務報告準則第9號作出減值評估的金融資產（包括應收賬款及其他應收款項、應收合營企業、聯營公司及非控股權益款項、質押性銀行存款、銀行結餘及現金）及財務擔保合約進行減值評估。

預期信貸虧損金額於各報告日期更新，以反映自初步確認以來的信貸風險變動。

全期預期信貸虧損指相關工具預期年期內發生所有可能的違約事件而導致的預期信貸虧損。

相反，12個月預期信貸虧損（「12個月預期信貸虧損」）則指預期於報告日期後12個月內可能發生的違約事件而導致的部分全期預期信貸虧損。

預期信貸虧損根據本集團過往信貸虧損經驗進行評估，並就債務人特定因素、整體經濟狀況以及對於報告日期當前狀況及未來狀況預測的評估而作出調整。

本集團通常就應收賬款確認全期預期信貸虧損。

於所有其他工具方面，本集團計量與12個月預期信貸虧損等額的虧損撥備，除非信貸風險自初步確認以來顯著增加，於該情況下，本集團確認全期預期信貸虧損。

是否應確認全期預期信貸虧損，乃基於自初步確認起出現違約的可能性或風險顯著增加進行評估。

(i)信貸風險的顯著增加於評估信貸風險是否自初步確認以來已顯著增加時，本集團比較金融工具於報告日期出現違約的風險與該金融工具於初步確認日期出現違約的風險。

作此評估時，本集團考慮合理且可靠的定量及定性資料，包括過往經驗及毋須付出過多成本或努力即可得的前瞻性資料。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial assets (Continued)Impairment of financial assets and financial guarantee contracts subject to impairment assessment under IFRS 9The Group performs impairment assessment under expected credit loss (“ECL”) model on financial assets (including accounts and other receivables, amounts due from joint ventures, associates and non-controlling interests, pledged bank deposits, bank balances and cash) and financial guarantee contracts which are subject to impairment assessment under IFRS 9. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast,12-month ECL (“12m ECL”) represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Assessment are done based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions.The Group always recognises lifetime ECL for accounts receivables.For all other instruments, the Group measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit risk since initial recognition, in which case the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increase in the likelihood or risk of a default occurring since initial recognition.(i) Significant increase in credit riskIn assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.179二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融資產（續）金融資產減值及須根據國際財務報告準則第9號進行減值評估的財務擔保合約（續）(i)信貸風險的顯著增加（續）具體而言，評估信貸風險是否有顯著增加時會考慮以下資料：金融工具外部（如有）或內部信貸評級實際或預期重大惡化；信貸風險的外部市場指標重大惡化，例如信貸息差顯著增加、債務人的信貸違約掉期價格顯著上升；商業、金融或經濟情況目前或預測將有不利變動，預計將導致債務人履行其債務責任的能力大幅下降；債務人經營業績的實際或預期重大惡化；導致債務人履行其債務責任的能力大幅下降的債務人監管、經濟或技術環境的實際或預期的重大不利變動。

不論上述評估結果，本集團假設合約付款逾期超過30日，則金融資產的信貸風險自初步確認以來有顯著增加，除非本集團有證明信貸風險並無顯著增加的合理可靠資料，則另作別論。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial assets (Continued)Impairment of financial assets and financial guarantee contracts subject to impairment assessment under IFRS 9 (Continued)(i) Significant increase in credit risk (Continued)In particular, the following information is taken into account when assessing whether credit risk has increased significantly: an actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating; significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor; existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations; an actual or expected significant deterioration in the operating results of the debtor; an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations.Irrespective of the outcome of the above assessment, the Group presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.180 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融資產（續）金融資產減值及須根據國際財務報告準則第9號進行減值評估的財務擔保合約（續）(i)信貸風險的顯著增加（續）就財務擔保合約而言，本集團成為不可撤回承擔的訂約方當日被視為就評估減值進行初步確認日期。

於評估信貸風險自初步確認財務擔保合約以來有否顯著增加時，本集團認為，風險變動為特定債務人將違反合約。

本集團定期監察用以識別信貸風險是否曾顯著增加的標準的成效，並於適當時候作出修訂，從而確保有關標準能夠於款項逾期前識別信貸風險顯著增加。

(ii)違約定義就內部信貸風險管理而言，本集團認為，違約事件在內部制訂或得自外界來源的資料顯示債務人不大可能悉數向債權人（包括本集團）還款（未計及本集團所持任何抵押品）時發生。

不論上述，倘金融資產逾期超過90日，本集團將視作已發生違約，除非本集團有合理可靠的資料證明較寬鬆的違約標準更為適用，則另當別論。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial assets (Continued)Impairment of financial assets and financial guarantee contracts subject to impairment assessment under IFRS 9 (Continued)(i) Significant increase in credit risk (Continued)For financial guarantee contracts, the date that the Group becomes a party to the irrevocable commitments is considered to be the date of initial recognition for the purposes of assessing impairment. In assessing whether there has been a significant increase in the credit risk since initial recognition of financial guarantee contracts, the Group considers the changes in the risk that the specified debtor will default on the contract.The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.(ii) Definition of defaultFor internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group).Irrespective of the above, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.181二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融資產（續）金融資產減值及須根據國際財務報告準則第9號進行減值評估的財務擔保合約（續）(iii)信貸減值金融資產(a)當一項或多項對金融資產估計未來現金流量造成負面影響的事件發生時，即代表金融資產已出現信貸減值。

金融資產出現信貸減值的證據包括涉及以下事件的可觀察數據：(b)發行方或借款人遇到嚴重財政困難；(c)違反合約，如拖欠或逾期事件；(d)借款人的貸款人出於與借款人財政困難有關的經濟或合約考慮，給予借款人在其他情況下不會作出的讓步；或(e)借款人有可能破產或進行其他財務重組。

(iv)撇銷政策當有資料顯示對手方陷入嚴重財政困難，且並無實際收回款項的可能時（例如對手方被清盤或進入破產程序），本集團會撇銷金融資產。

經計及在適當情況下的法律意見後，已撇銷的金融資產可能仍可於本集團收回程序下被強制執行。

撇銷構成終止確認事件。

其後所收回的任何款項於損益內確認。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial assets (Continued)Impairment of financial assets and financial guarantee contracts subject to impairment assessment under IFRS 9 (Continued)(iii) Credit-impaired financial assets(a) A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:(b) significant financial difficulty of the issuer or the borrower;(c) a breach of contract, such as a default or past due event;(d) the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; or(e) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation.(iv) Write-off policyThe Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognised in profit or loss.182 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融資產（續）金融資產減值及須根據國際財務報告準則第9號進行減值評估的財務擔保合約（續）(v)計量及確認預期信貸虧損計量預期信貸虧損乃違約概率、違約損失率（即倘發生違約的虧損程度）及違約風險的函數。

違約概率及違約損失率的評估根據過往數據及前瞻性資料作出。

預期信貸虧損的估計反映無偏頗及概率加權數額，其乃根據加權的相應違約風險而釐定。

本集團估計銷售物業及其他物業相關服務所產生應收賬款的預期信貸虧損時，按集體基準計及逾期資料及相關信貸資料（例如前瞻性宏觀經濟資料）。

就物業管理及其他服務而言，本集團使用可行權宜方法估計應收賬款的預期信貸虧損時，其按撥備矩陣計及過往信貸虧損經驗以及毋須付出過多成本或努力即可得的前瞻性資料。

一般而言，預期信貸虧損估計為根據合約應付本集團所有合約現金流量與本集團預期將收取的所有現金流量間的差額，並按初步確認時釐定的實際利率貼現。

就財務擔保合約而言，本集團僅須在債務人發生違約事件時，根據獲擔保的工具條款付款。

因此，預期信貸虧損相當於預期支付予合約持有人作為發生信貸虧損的補償減去任何本集團預期從合約持有人、債務人或任何其他方所收取的金額的現值。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial assets (Continued)Impairment of financial assets and financial guarantee contracts subject to impairment assessment under IFRS 9 (Continued)(v) Measurement and recognition of ECLThe measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data and forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights. The Group estimates ECL on accounts receivables arising from sales of properties and other property related services, on a collective basis taking into consideration past due information and relevant credit information such as forward-looking macroeconomic information.For property management and other services, the Group uses a practical expedient in estimating ECL on accounts receivables using a provision matrix taking into consideration historical credit loss experience and forward-looking information that is available without undue cost or effort.Generally, the ECL is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the effective interest rate determined at initial recognition.For a financial guarantee contract, the Group is required to make payments only in the event of a default by the debtor in accordance with the terms of the instrument that is guaranteed. Accordingly, the ECL is the present value of the expected payments to reimburse the holder for a credit loss that it incurs less any amounts that the Group expects to receive from the holder, the debtor or any other party.183二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融資產（續）金融資產減值及須根據國際財務報告準則第9號進行減值評估的財務擔保合約（續）(v)計量及確認預期信貸虧損（續）就財務擔保合約的預期信貸虧損而言，倘實際利率無法釐定時，本集團將採用可反映當前市場對金錢時間價值的評估及現金流量特定風險的貼現率，惟僅當及僅限於透過調整貼現率而非調整貼現的現金差額計及該等風險時，方會採用有關貼現率。

經計及逾期資料及前瞻性宏觀經濟資料等相關信貸資料後，應收賬款的全期預期信貸虧損按集體基準考量。

就集體評估而言，本集團於制定組別時會考慮以下特徵：逾期狀況；債務人的性質、規模及行業；及外部及╱或內部信貸評級（如有）。

管理層會定期審閱該分類，以確保各組別的組成部分繼續分擔相似的信貸風險特徵。

利息收入按金融資產的賬面總值計算，除非該金融資產屬於信貸減值，於此狀況下，利息收入按金融資產的攤銷成本計算。

除財務擔保合約外，本集團通過調整所有金融工具的賬面值於損益確認其減值收益或虧損，惟透過虧損撥備賬目確認相應調整的應收賬款、其他應收款項及應收非控股權益╱聯營公司及合營企業款項則除外。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial assets (Continued)Impairment of financial assets and financial guarantee contracts subject to impairment assessment under IFRS 9 (Continued)(v) Measurement and recognition of ECL (Continued)For ECL on financial guarantee contracts for which the effective interest rate cannot be determined, the Group will apply a discount rate that reflects the current market assessment of the time value of money and the risks that are specific to the cash flows but only if, and to the extent that, the risks are taken into account by adjusting the discount rate instead of adjusting the cash shortfalls being discounted.Lifetime ECL for trade receivables are considered on a collective basis taking into consideration past due information and relevant credit information such as forward looking macroeconomic information.For collective assessment, the Group takes into consideration the following characteristics when formulating the grouping: Past-due status; Nature, size and industry of debtors; and External and/or internal credit ratings where available.The grouping is regularly reviewed by the management to ensure the constituents of each group continue to share similar credit risk characteristics.Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on amortised cost of the financial asset.Except for financial guarantee contracts, the Group recognises an impairment gain or loss in profit or loss for all financial instruments by adjusting their carrying amounts, with the exception of accounts receivables, other receivables and amounts due from non-controlling interests/associates and joint ventures where the corresponding adjustment is recognised through a loss allowance account.184 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融資產（續）終止確認金融資產本集團僅於從資產收取現金流量的合約權利屆滿時，或向另一實體轉讓金融資產及該資產所有權的絕大部分風險及回報時，方會終止確認金融資產。

倘本集團既無轉移亦無保留所有權的絕大部分風險及回報，並繼續控制轉讓資產，則本集團確認其於資產的保留權益及與其可能須支付款項相關的負債。

倘本集團保留轉讓金融資產所有權的絕大部分風險及回報，則本集團將繼續確認金融資產，並為已收到的所得款項確認抵押借款。

於終止確認按攤銷成本計量的金融資產時，資產賬面值與已收及應收代價總額之間的差額於損益中確認。

於終止確認本集團已選擇於初步確認時按公平值計入其他全面收入計量的股本工具中的投資時，先前於按公平值計入其他全面收入儲備中積累的累計收益或虧損不再重新分類至損益中，而是轉撥至保留利潤。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial assets (Continued)Derecognition of financial assetsThe Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.On derecognition of an investment in an equity instrument which the Group has elected on initial recognition to measure at FVTOCI, the cumulative gain or loss previously accumulated in the FVTOCI reserve is not reclassified to profit or loss, but is transferred to retained profits.185二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融負債及股本工具分類為債務或權益債務及股本工具根據合約安排的內容及金融負債與股本工具的定義，分類為金融負債或權益。

股本工具股本工具指證明實體資產經扣除所有負債後的剩餘權益的任何合約。

集團實體發行的股本工具按已收所得款項扣除直接發行成本入賬。

倘永久工具並無載有本集團交付現金或其他金融資產的訂約責任或本集團可全權酌情無期限延遲支付分派及贖回本金額，則分類為股本工具。

本公司購回本身股本工具於權益中直接確認及扣除。

概不會於損益中確認購買、出售、發行或註銷本公司本身股本工具的收益或虧損。

金融負債所有金融負債其後均採用實際利率法按攤銷成本或按公平值計入損益計量。

按公平值計入損益的金融負債當金融負債為(i)收購方在國際財務報告準則第3號所適用的業務合併中的或然代價，(ii)持作買賣，或(iii)指定為按公平值計入損益，則金融負債分類為按公平值計入損益。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial liabilities and equity instrumentsClassification as debt or equityDebt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.Equity instrumentsAn equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the group entities are recorded at the proceeds received, net of direct issue costs.Perpetual instruments, which include no contractual obligation for the Group to deliver cash or other financial assets or the Group has the sole discretion to defer payment of distribution and redemption of principal amount indefinitely are classified as equity instruments.Repurchase of the Company’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments.Financial liabilitiesAll financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.Financial liabilities at FVTPLFinancial liabilities are classified as at FVTPL when the financial liability is (i) contingent consideration of an acquirer in a business combination to which IFRS 3 applies, (ii) held for trading or (iii) it is designated as at FVTPL.186 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融負債及股本工具（續）按公平值計入損益的金融負債（續）倘出現下列情況，金融負債被歸類為持作買賣：購入金融負債主要為於短期內購回；或於初步確認時，其構成本集團合併管理的已識別金融工具組合的一部分及具有近期實際短期獲利模式；或為衍生工具（除為財務擔保合約或被指定及可有效作為對沖工具的衍生工具外）。

除持作買賣或收購方在業務合併中的或然代價外，倘出現下列情況，金融負債可於初步確認時指定為按公平值計入損益：該指定可消除或很大程度上減少可能產生的計量或確認的不一致；或金融負債構成一組金融資產或金融負債的一部分或二者皆有，其根據本集團所載的風險管理或投資策略受到管理且其表現按公平值基準受到評估，而有關該組別的資料按此基準於內部提供；或其構成包含一個或多個嵌入式衍生工具的合約一部分，而國際財務報告準則第9號允許整體合併合約指定為按公平值計入損益。

就指定為按公平值計入損益的金融負債而言，歸屬於該負債信貸風險變動的金融負債公平值變動金額於其他全面收入內確認，除非於其他全面收入內確認負債的信貸風險變動影響將產生或擴大於損益中的會計錯配，則另當別論。

就包含嵌入式衍生工具的金融負債（例如可換股債券）而言，嵌入式衍生工具的公平值變動於釐定將於其他全面收入中呈列的金額時予以排除。

歸屬於金融負債信貸風險並於其他全面收入確認的公平值變動其後並未重新分類至損益；相反，其於終止確認金融負債時轉移至保留利潤。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial liabilities and equity instruments (Continued)Financial liabilities at FVTPL (Continued)A financial liability is held for trading if: it has been acquired principally for the purpose of repurchasing it in the near term; or on initial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or it is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument.A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination may be designated as at FVTPL upon initial recognition if: such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or the financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Group’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or it forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at FVTPL.For financial liabilities that are designated as at FVTPL, the amount of changes in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. For financial liabilities that contain embedded derivatives, such as convertible bonds, the changes in fair value of the embedded derivatives are excluded in determining the amount to be presented in other comprehensive income. Changes in fair value attributable to a financial liability’s credit risk that are recognised in other comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained profits upon derecognition of the financial liability.187二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融負債及股本工具（續）按攤銷成本計量的金融負債本集團的金融負債（包括應付賬款及其他應付款項、應付非控股權益、合營企業及聯營公司的款項、銀行及其他借款、優先票據、公司債券及中期票據）其後使用實際利率法按攤銷成本計量。

財務擔保合約財務擔保合約為發行人因指定債務人未能按債務工具條款如期付款而須向持有人支付指定款項以補償其所遭受虧損的合約。

財務擔保合約負債初步按其公平值計量，其後按以下兩者中的較高者計量：(i)根據國際財務報告準則第9號釐定的虧損撥備金額；及(ii)初步確認的金額減（如適用）於擔保期間確認的累計攤銷。

包含債務及衍生工具部分的可換股債券倘換股權將以固定金額的現金或其他金融資產交換本集團固定數目自有股本工具以外方式結算，即屬換股權衍生工具。

於發行日期，債務部分及衍生工具部分均按公平值確認。

於其後期間，可換股債券的債務部分使用實際利率法按攤銷成本列賬。

衍生工具部分按公平值計量，且其公平值變動於損益中確認。

與發行可換股債券有關的交易成本按其相關公平值比例分配至債務及衍生工具部分。

與衍生工具部分有關的交易成本即時於損益中扣除。

與債務部分有關的交易成本計入債務部分的賬面值，並使用實際利率法在可換股債券期間予以攤銷。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial liabilities and equity instruments (Continued)Financial liabilities at amortised costFinancial liabilities of the Group (including accounts and other payables, amounts due to non-controlling interests, joint ventures and associates, bank and other borrowings, senior notes, corporate bonds and medium-term notes) are subsequently measured at amortised cost using the effective interest method.Financial guarantee contractsA financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument.Financial guarantee contracts liabilities are measured initially at their fair values. It is subsequently measured at the higher of:(i) the amount of the loss allowance determined in accordance with IFRS 9; and(ii) the amount initially recognised less, where appropriate, cumulative amortisation recognised over the guarantee period.Convertible bonds contain debt and derivative componentsA conversion option that will be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Group’s own equity instruments is a conversion option derivative.At the date of issue, both the debt component and derivative components are recognised at fair value. In subsequent periods, the debt component of the convertible bonds is carried at amortised cost using the effective interest method. The derivative component is measured at fair value with changes in fair value recognised in profit or loss.Transaction costs that relate to the issue of the convertible bonds are allocated to the debt and derivative components in proportion to their relative fair values. Transaction costs relating to the derivative component are charged to profit or loss immediately. Transaction costs relating to the debt component are included in the carrying amount of the debt portion and amortised over the period of the convertible bonds using the effective interest method.188 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）金融負債及股本工具（續）優先票據、公司債券及中期票據本公司發行負債、提早贖回選擇權及認沽權（與主合約並無密切關係）的優先票據、公司債券及中期票據在初步確認時獨立分類為相關項目。

於發行日，負債、提早贖回選擇權及認沽權部分均按公平值確認。

於其後期間，優先票據、公司債券及中期票據的負債部分使用實際利率法按攤銷成本列賬。

提早贖回選擇權及認沽權按公平值計量，而公平值變動則在損益中確認。

與發行優先票據、公司債券及中期票據有關的交易成本按有關公平值比例分配予負債、提早贖回選擇權及認沽權部分。

與提早贖回選擇權及認沽權有關的交易成本即時於損益中扣除。

與負債部分有關的交易成本計入負債部分的賬面值，並使用實際利率法在優先票據、公司債券及中期票據期間內攤銷。

終止確認金融負債於及僅於本集團的責任已獲履行、註銷或屆滿時，本集團方會終止確認金融負債。

已終止確認的金融負債的賬面值與已付及應付代價之間的差額，會在損益中確認。

衍生金融工具衍生工具初步按訂立衍生工具合約日期的公平值確認，其後則以報告期末的公平值重新計量。

所產生的收益或虧損即時於損益確認，除非衍生工具被指定且有效作為對沖工具，於此情況下，在損益確認的時間則視乎對沖關係的性質而定。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Financial liabilities and equity instruments (Continued)Senior notes, corporate bonds and medium-term notesSenior notes, corporate bonds and medium-term notes issued by the Group that both liability, early redemption option and put option (which is not closely related to the host contract) are classified separately into respective items on initial recognition. At the date of issue, both the liability, early redemption option and put option components are recognised at fair value.In subsequent periods, the liability component of the senior notes, corporate bonds and medium-term notes is carried at amortised cost using the effective interest method. The early redemption option and put option is measured at fair value with changes in fair value recognised in profit or loss.Transaction costs that relate to the issue of the senior notes, corporate bonds and medium-term notes are allocated to the liability, early redemption option and put option components in proportion to their relative fair values. Transaction costs relating to the early redemption option and put option are charged to profit or loss immediately. Transaction costs relating to the liability component are included in the carrying amount of the liability portion and amortised over the period of the senior notes, corporate bonds and medium-term notes using the effective interest method.Derecognition of financial liabilitiesThe Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.Derivative financial instrumentsDerivatives are initially recognised at fair value at the date when derivative contracts are entered into and are subsequently remeasured to their fair value at the end of the reporting period. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.189二零二三年年報 | 旭輝控股（集團）有限公司3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）對沖會計處理本集團指定若干衍生工具作為現金流量對沖的對沖工具。

於訂立對沖關係時，本集團記錄對沖工具與被對沖項目的關係，以及進行各類對沖交易之風險管理目標及其策略。

此外，本集團會於訂立對沖關係時及其後持續記錄對沖工具抵銷被對沖項目因對沖風險所致公平值或現金流量變動的成效。

對沖關係及成效評估評估對沖成效時，本集團會考慮對沖工具能否有效抵銷被對沖項目因對沖風險所致的公平值或現金流量變動，即當對沖關係符合下列所有對沖成效要求時：被對沖項目與對沖工具間存在經濟關係；信貸風險影響不會主導該經濟關係所產生價值變動；及對沖關係的對沖比率與本集團實際對沖的被對沖項目數量及實體實際用於對沖該被對沖項目數量的對沖工具數量產生的對沖比率相同。

倘對沖關係不再符合與對沖比率相關的對沖成效要求，惟該指定對沖關係的風險管理目標維持不變，本集團會就對沖關係的對沖比率作出調整（即重新平衡該對沖），以使其再次符合有關合資格標準。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Hedge accountingThe Group designates certain derivatives as hedging instruments for cash flow hedges.At the inception of the hedging relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk.Assessment of hedging relationship and effectivenessFor hedge effectiveness assessment, the Group considers whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: There is an economic relationship between the hedged item and the hedging instrument; The effect of credit risk does not dominate the value changes that result from that economic relationship; and The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item.If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again.190 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement3.綜合財務報表編製基準及重大會計政策資料（續）3.2重大會計政策資料（續）金融工具（續）對沖會計處理（續）現金流量對沖被指定並符合資格作為現金流量對沖的衍生工具公平值變動的有效部分於其他全面收入內確認，並作為對沖儲備累計，惟僅限於被對沖項目自訂立對沖起計的累計公平值變動。

無效部分相關的收益或虧損（如有）即時於損益中確認。

先前於其他全面收入中確認及於權益中累計的金額已於被對沖項目影響損益期間重新分類至損益，與已確認的被對沖項目同列。

此外，倘本集團預期日後將無法收回對沖儲備中累計的部分或全部虧損，則該金額會即時重新分類至損益。

終止對沖會計處理本集團僅於對沖關係（或其中一部分）不再符合合資格標準時（於重新平衡後，如適用），方會前瞻性地終止對沖會計處理。

此包括對沖工具到期或被出售、終止或行使的情況。

終止對沖會計處理或會影響對沖關係的全部或其中一部分（在此情況下，對沖會計處理繼續適用於對沖關係的其餘部分）。

就現金流量對沖而言，於其他全面收入中確認並於當時累計在權益中的任何收益或虧損仍保留在權益中，並於預測交易最終在損益中確認時予以確認。

當預測交易預計不再發生時，在權益中累積的收益或虧損即時於損益中確認。

3. BASISOFPREPARATIONOFCONSOLIDATED FINANCIALSTATEMENTSANDMATERIAL ACCOUNTINGPOLICYINFORMATION (Continued)3.2 Material Accounting Policy Information (Continued)Financial instruments (Continued)Hedge accounting (Continued)Cash flow hedgesThe effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion, if any, is recognised immediately in profit or loss.Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. Furthermore, if the Group expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.Discontinuation of hedge accountingThe Group discontinues hedge accounting prospectively only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. Discontinuing hedge accounting can either affect a hedging relationship in its entirety or only a part of it (in which case hedge accounting continues for the remainder of the hedging relationship).For cash flow hedge, any gain or loss recognised in other comprehensive income and accumulated in equity at that time remains in equity and is recognised when the forecast transactions is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss.191二零二三年年報 | 旭輝控股（集團）有限公司4.重大會計判斷及估計不明朗因素的主要來源於應用附註3所述本集團的會計政策時，本公司董事須就無法透過其他來源確定的資產及負債的賬面值作出判斷、估計及假設。

估計及相關假設乃根據過往經驗及被視為相關的其他因素作出。

實際結果可能與該等估計不盡相同。

估計及相關假設會持續獲審閱。

對會計估計作出的修訂於該估計修訂的期間確認（倘該修訂僅影響該期間），或於修訂期間及未來期間確認（倘該修訂影響本期間及未來期間）。

應用會計政策時的關鍵判斷以下為本公司董事於應用本集團會計政策的過程中所作出並對於綜合財務報表所確認金額有最重大影響的關鍵判斷，惟不包括涉及估計的判斷（見下文）。

投資物業的遞延稅項與投資物業公平值變動有關的遞延稅項負債約人民幣4,600,585,000元（二零二二年：人民幣4,520,352,000元），如附註39所載於二零二三年十二月三十一日確認。

就計量利用公平值模式計量的投資物業所產生遞延稅項負債或遞延稅項資產而言，本公司董事已審閱本集團的投資物業組合並得出結論，認為本集團投資物業以旨在隨著時間推移而消耗該等投資物業包含的絕大部分經濟利益的業務模式持有。

因此，在釐定本集團投資物業的遞延稅項時，本公司董事認為，國際會計準則第12號所載的以公平值模式計量的投資物業可因出售而收回的假設並不成立。

因此，本集團已就投資物業的公平值變動確認遞延稅項，原因為本集團須繳付中國企業所得稅（「企業所得稅」）。

4. CRITICALACCOUNTINGJUDGEMENTSAND KEYSOURCESOFESTIMATIONUNCERTAINTYIn the application of the Group’s accounting policies, which are described in note 3, the directors of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.Critical judgements in applying accounting policiesThe following are the critical judgements, apart from those involving estimations (see below), that the directors of the Company have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements.Deferred taxation on investment propertiesDeferred taxation liabilities of approximately RMB4,600,585,000 (2022: RMB4,520,352,000), in relation to fair value change of investment properties, have been recognised as at 31 December 2023 as set out in note 39.For the purposes of measuring deferred taxation liabilities or deferred taxation assets arising from investment properties that are measured using the fair value model, the directors of the Company have reviewed the Group’s investment property portfolios and concluded that the Group’s investment properties are held under a business model whose objective is to consume substantially all of the economic benefits embodied in the investment properties over time. Therefore, in determining the Group’s deferred taxation on investment properties, the directors of the Company have determined that the presumption set out in IAS 12 that investment properties measured using the fair value model are recovered through sale is rebutted. As a result, the Group has recognised deferred taxation on changes in fair value of investment properties as the Group is subject to PRC Enterprise Income Tax (“EIT”).192 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement4.重大會計判斷及估計不明朗因素的主要來源（續）應用會計政策時的關鍵判斷對若干附屬公司的控制權本集團僅持有若干附屬公司不超過50%的股本權益。

本集團透過與該等附屬公司其他股東訂立補充協議，從而能夠行使對該等附屬公司的控制權。

本公司董事根據本集團是否有實際能力單方面指示該等附屬公司的相關活動，評估本集團是否對該等附屬公司擁有控制權。

於作出判斷時，本公司董事考慮了本集團於該等附屬公司所持有的投票權、其董事會所控制的營運及財務活動以及該等附屬公司管理委員會的能力（在確定對該等附屬公司相關活動的權力時，如有必要）。

透過簽立上述補充協議，即使部分策略性財務及營運決策須獲該等附屬公司管理委員會批准（視情況而定），惟所有策略性財務及營運決定必須由董事會（其中大多數董事均由本集團委任）簡單大多數批准。

經評估後，董事得出結論，認為本集團就指示該等附屬公司的相關活動具有充足的主導投票權，因此，本集團對該等附屬公司擁有控制權。

估計不明朗因素的主要來源以下為於報告期末有關未來的主要假設及估計不明朗因素的其他主要來源，有關假設及來源具有可能導致資產及負債的賬面值於下一財政年度內作出大幅調整的重大風險。

4. CRITICALACCOUNTINGJUDGEMENTSAND KEYSOURCESOFESTIMATIONUNCERTAINTY (Continued)Critical judgements in applying accounting policies (Continued)Control over certain subsidiariesThe Group has only held not more than 50% equity interests in certain subsidiaries. By execution of the supplemental agreements entered into between the Group and the other shareholders of these subsidiaries, the Group is able to exercise control over them.The directors of the Company assessed whether or not the Group has control over these subsidiaries based on whether the Group has the practical ability to direct the relevant activities of these subsidiaries unilaterally. In making their judgements, the directors of the Company considered the Group’s voting power in these subsidiaries, the operational and financial activities controlled by their board of directors and the ability of the management committee of the subsidiaries whenever necessary in determining its power over the relevant activities of these subsidiaries. By execution of the aforesaid supplemental agreements, all of the strategic financial and operating decisions must be approved by simple majority of the board of directors, of which majority of the directors are appointed by the Group, despite that some strategic financial and operating decisions are required to be approved by the management committee of the subsidiaries as the case would be. After assessment, the directors concluded that the Group has sufficiently dominant voting power to direct the relevant activities of these subsidiaries and therefore the Group has control over these subsidiaries.Key sources of estimation uncertaintyThe following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.193二零二三年年報 | 旭輝控股（集團）有限公司4.重大會計判斷及估計不明朗因素的主要來源（續）應用會計政策時的關鍵判斷（續）投資物業估值人民幣45,909,727,000元（二零二二年：人民幣45,797,766,000元）的投資物業根據獨立合資格專業估值師進行的估值按公平值列賬。

釐定公平值時，估值師根據涉及若干不可觀察輸入數據（包括如附註15所載源自估值中使用的市場租金的復歸收益率等因素）的估值法計算。

於依賴估值報告時，本公司董事已自行作出判斷，並信納估值所用假設能反映現時市況。

該等假設的任何變動均會改變本集團投資物業的公平值，並須對綜合損益及其他全面收益表所報損益金額作出相應調整。

擬作出售的開發中物業及持作出售物業（統稱「物業」）如附註3所說明，本集團物業按成本與可變現淨值兩者中較低者列賬。

本公司董事於釐定該等物業的可變現淨值時，參考估計市價、擬作出售的開發中物業竣工所需未來成本的估算以及銷售所需成本作出重大判斷。

根據本公司董事的經驗及物業性質，本公司董事參考該等物業的估計市價釐定該等物業的可變現淨值，當中計及多項因素，包括同一項目的類似物業種類或類似物業的近期價格，以及中國房地產市場當前及預測市況。

本公司董事參考本集團其他類似已完工項目的實際開發成本及銷售該等物業所需成本估計擬作出售的開發中物業竣工所需的未來成本，並按若干現時市場數據予以調整。

4. CRITICALACCOUNTINGJUDGEMENTSAND KEYSOURCESOFESTIMATIONUNCERTAINTY (Continued)Key sources of estimation uncertainty (Continued)Valuation of investment propertiesInvestment properties of RMB45,909,727,000 (2022: RMB45,797,766,000) are stated at fair value based on the valuations performed by independent qualified professional valuers. In determining the fair values, the valuers have based on a method of valuation which involves certain unobservable inputs including, among other factors, reversionary yield derived from market rent used in the valuations as set out in note 15. In relying on the valuation report, the directors of the Company have exercised their judgements and are satisfied that the assumptions used in the valuation are reflective of the current market conditions. Changes to these assumptions would result in changes in the fair values of the Group’s investment properties and the corresponding adjustments to the amount of gain or loss reported in the consolidated statement of profit or loss and other comprehensive income.Properties under development for sale and properties held for sale (collectively referred to as the “Properties”)As explained in note 3, the Group’s Properties are stated at the lower of cost and NRV. The directors of the Company make significant judgements in determining the NRV of these Properties by reference to the estimated market prices, the estimation of future costs to completion of the properties under development for sale and costs necessary to make the sale.Based on the experience of the directors of the Company and the nature of the Properties, the directors of the Company determine the NRV of these Properties by reference to the estimated market prices of the Properties, which takes into account a number of factors including the recent prices of similar property types in the same project or by similar properties, and the prevailing and forecasted real estate market conditions in the PRC. The directors of the Company estimate the future cost to completion of the properties under development for sale by reference to the actual development cost of other similar completed projects of the Group and costs necessary to make the sale of the Properties, adjusted by certain current market data.194 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement4.重大會計判斷及估計不明朗因素的主要來源（續）應用會計政策時的關鍵判斷（續）擬作出售的開發中物業及持作出售物業（統稱「物業」）（續）倘竣工成本增加或銷售淨值減少，則可變現淨值將會減少，此可能導致物業價值撇減。

有關撇減需要使用判斷及估計。

倘預期與原來估計有別，則物業在有關估計改變期間的賬面值及撇減會作相應調整。

此外，由於中國物業市場波動及個別物業性質獨特，實際成本及收入結果可能高於或低於報告期末作出的估計。

估計出現任何增幅或減幅將會影響未來年度的損益。

於二零二三年十二月三十一日，擬作出售的開發中物業及持作出售物業的賬面值分別約為人民幣96,603,349,000元（二零二二年：人民幣160,801,700,000元）及人民幣21,666,150,000元（二零二二年：人民幣23,436,320,000元）。

截至二零二三年十二月三十一日止年度，約人民幣8,707,381,000元（二零二二年：人民幣4,292,930,000元）的開支已於損益確認，以將物業成本撇減至其可變現淨值。

土地增值稅（「土地增值稅」）本集團於中國發展作銷售的物業就土地增值按30%至60%不等的累進稅率徵收土地增值稅，即物業銷售所得款項減相關可扣稅支出（包括土地成本及銷售收入估計得出的估計建築成本）。

本集團在中國須繳付土地增值稅，其與所使用比率的適當性高度相關。

由於不確定物業銷售所得款項及可扣稅支出，本公司董事於估計土地增值金額時須作出重大判斷。

4. CRITICALACCOUNTINGJUDGEMENTSAND KEYSOURCESOFESTIMATIONUNCERTAINTY (Continued)Key sources of estimation uncertainty (Continued)Properties under development for sale and properties held for sale (collectively referred to as the “Properties”) (Continued)If there is an increase in costs to completion or a decrease in net sales value, the NRV will decrease and this may result in write-down of value of the Properties. Such write-down requires the use of judgement and estimates. Where the expectation is different from the original estimate, the carrying value and write-down for Properties in the periods in which such estimate is changed will be adjusted accordingly.In addition, given the volatility of the property market in the PRC and the unique nature of individual Properties, the actual outcomes in terms of costs and revenue may be higher or lower than that estimated at the end of the reporting period. Any increase or decrease in the estimates would affect profit or loss in future years.As at 31 December 2023, the carrying amounts of properties under development for sale and properties held for sale are approximately RMB96,603,349,000 (2022: RMB160,801,700,000) and RMB21,666,150,000 (2022: RMB23,436,320,000) respectively. An expense of approximately RMB8,707,381,000 (2022: 4,292,930,000) was recognised in profit or loss to write down the cost of Properties to their NRV during the year ended 31 December 2023.Land appreciation tax (“LAT”)LAT is levied on properties developed by the Group for sale in the PRC, at progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds of sales of properties less the related deductible expenditures, including the cost of land and estimated construction costs from the estimates of sales revenue.The Group is subject to LAT in the PRC which is highly dependent on the appropriateness of the rates used. Significant judgements are made by the directors of the Company in estimating the amounts of land appreciation due to the uncertainty of proceeds of sales of properties and deductible expenditures.195二零二三年年報 | 旭輝控股（集團）有限公司4.重大會計判斷及估計不明朗因素的主要來源（續）應用會計政策時的關鍵判斷（續）土地增值稅（「土地增值稅」）（續）本集團向買方交付物業後於綜合損益及其他全面收益表確認土地增值稅。

然而，整個物業項目完成實際增值前，將不會與中國地方稅務機關落實計算及支付年內土地增值稅。

最後稅務結果可能有別於最初入賬金額，而該等差額將於本集團與地方稅務機關落實有關稅項期間對所得稅開支及相關所得稅撥備構成影響。

遞延稅項資產如附註39所載，於二零二三年十二月三十一日綜合財務狀況表內已確認合共約人民幣1,873,496,000元（二零二二年：人民幣1,933,040,000元）的遞延稅項資產，主要與稅項虧損、持作出售物業及開發中物業撇減及土地增值稅有關。

遞延稅項資產是否可予變現主要視乎未來有否足夠可供動用的未來利潤或應課稅臨時差額，此為估計不確定性的主要來源。

本公司董事根據已頒佈或實際已頒佈的稅率，以及本集團對預期動用稅項虧損或╱及可扣減臨時差額的未來數年所作利潤預測的最佳資料釐定遞延稅項資產。

本公司董事於報告期末前審閱假設及利潤預測。

倘所產生的實際未來利潤低於或高於預期，或事實及情況變動導致對未來應課稅利潤估計進行修訂，則可能出現重大撥回或進一步確認遞延稅項資產，此將於發生該撥回或進一步確認期間的綜合損益及其他全面收益表內確認。

4. CRITICALACCOUNTINGJUDGEMENTSAND KEYSOURCESOFESTIMATIONUNCERTAINTY (Continued)Key sources of estimation uncertainty (Continued)Land appreciation tax (“LAT”) (Continued)The Group recognises LAT in its consolidated statement of profit or loss and other comprehensive income when properties are delivered to the buyers. However, the LAT calculation and payments with local tax authorities in the PRC in the year will not be finalised until the actual appreciation value of the whole property project is completed. The final tax outcome could be different from the amounts that were initially recorded, and these differences will impact the income tax expense and the related income tax provisions in the periods in which such tax is finalised with local tax authorities.Deferred taxation assetsDeferred taxation assets of approximately RMB1,873,496,000 (2022: RMB1,933,040,000) in aggregate mainly in relation to tax losses, write-down of properties held for sale and properties under development and LAT, have been recognised in the consolidated statement of financial position as at 31 December 2023 as set out in note 39. The realisability of the deferred taxation assets mainly depends on whether sufficient future profits or taxable temporary differences will be available in the future, which is a key source of estimation uncertainty. The directors of the Company determine the deferred taxation assets based on the enacted or substantially enacted tax rates and the best knowledge of profit projections of the Group for coming years during which the tax losses or/and the deductible temporary differences are expected to be utilised. The directors of the Company review the assumptions and profit projections by the end of the reporting period. In cases where the actual future profits generated are less or more than expected or change in facts and circumstances which result in revision of future taxable profits estimation, a material reversal or further recognition of deferred taxation assets may arise, which would be recognised in the consolidated statement of profit or loss and other comprehensive income for the period in which such a reversal or further recognition takes place.196 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement4.重大會計判斷及估計不明朗因素的主要來源（續）應用會計政策時的關鍵判斷（續）估計建造成本本集團的若干項目根據開發及交付計劃分為若干階段。

本集團於交付物業後確認銷售。

銷售成本（包括資本化為物業成本的各階段的建造成本及可分攤至各階段的共同成本）根據管理層對整個項目的總開發成本及物業交付時分攤至各階段的費用所作最佳估計而計算。

倘實際開發成本低於或高於預期，或事實及情況變動導致資本化為物業成本且可分配予各階段的建造成本有所變動，則可能出現重大撥回或進一步確認銷售成本，此將於發生該撥回或進一步確認期間的綜合損益及其他全面收益表內確認。

應收賬款及其他應收款項、應收合營企業及聯營公司款項、應收非控股權益款項及財務擔保合約的預期信貸虧損撥備本集團使用撥備矩陣或內部信貸評級單獨計算應收賬款及其他應收款項、應收合營企業及聯營公司款項、應收非控股權益款項及財務擔保合約的預期信貸虧損。

就撥備矩陣而言，撥備率透過將不同債務人的共同信貸風險特徵分類，並經考慮歷史違約率及毋須付出過多成本或努力即可得的合理及有據的前瞻性資料後計算得出。

就內部信貸評級而言，撥備率經考慮債務人的財務狀況、賬齡以及毋須付出過多成本或努力即可得的合理及有據的前瞻性資料後單獨評估。

於各報告期末，會重新評估歷史觀察到之違約率，並考慮前瞻性資料之變動情況。

預期信貸虧損撥備易受估計變動之影響。

關於預期信貸虧損及本集團的應收賬款及其他應收款項、應收非控股權益款項、應收合營企業及聯營公司款項以及財務擔保合約披露於附註26、27、28、46及50。

4. CRITICALACCOUNTINGJUDGEMENTSAND KEYSOURCESOFESTIMATIONUNCERTAINTY (Continued)Key sources of estimation uncertainty (Continued)Construction costs estimationCertain projects of the Group are divided into several phases according to the development and delivery plans. The Group recognises sales upon delivery of properties. Cost of sales including construction costs specific to the phases and common costs allocable to the phases that are capitalised in the cost of the properties are calculated based on management’s best estimation of the total development costs for the whole project and the allocation to each phase at the time when the properties are delivered. In cases where the actual development costs are less or more than expected or change in facts and circumstances which result in changes in construction cost allocable to the phases that are capitalised in the cost of the properties, a material reversal or further recognition of cost of sales may arise, which would be recognised in the consolidated statement of profit or loss and other comprehensive income for the period in which such a reversal or further recognition takes place.Provision of ECL for accounts and other receivables, amounts due from joint ventures and associates, amounts due from non-controlling interests and financial guarantee contractsThe Group uses provision matrix or internal credit ratings individually to calculate ECL for the accounts and other receivables, amounts due from joint ventures and associates, amount due from non-controlling interests and financial guarantee contracts.For provision matrix, the provision rates are based on groupings of various debtors by their shared credit risk characteristics and taking into consideration the historical default rates and the forward-looking information that is reasonable and supportable available without undue costs or effort.For internal credit rating, the provision rates are assessed individually taken into consideration of the financial conditions, aging of the debtors and the forward-looking information that is reasonable and supportable available without undue costs or effort.At the end of each reporting period, the historical observed default rates are reassessed and changes in the forward-looking information are considered.The provision of ECL is sensitive to changes in estimates. The information about the ECL and the Group’s accounts and other receivables, amount due from non-controlling interests, amounts due from joint ventures and associates and financial guarantee contracts are disclosed in Notes 26,27,28,46 and 50.197二零二三年年報 | 旭輝控股（集團）有限公司4. CRITICALACCOUNTINGJUDGEMENTSAND KEYSOURCESOFESTIMATIONUNCERTAINTY (Continued)Key sources of estimation uncertainty (Continued)Fair value measurements and valuation processesSome of the Group’s assets and liabilities are measured at fair value for financial reporting purposes. The directors of the Company are responsible in determining the appropriate valuation techniques and inputs for fair value measurements.In estimating the fair value of an asset or a liability, the Group uses market observable data to the extent it is available. Where Level 1 inputs are not available, the Group engages independent qualified professional valuers to perform the valuation. The directors of the Company work closely with the independent qualified professional valuers to establish the appropriate valuation techniques and inputs to the model. The directors regularly assess the impact and the cause of fluctuations in the fair value of the assets and liabilities.The Group uses valuation techniques that include inputs that are not based on observable market data to estimate the fair value of investment properties and certain types of financial instruments. Notes 15 and 52 provide detailed information about the valuation techniques, inputs and key assumptions used in the determination of the fair value of various assets and liabilities.5. REVENUERevenue represents income from sales of properties and other property related services income, rental income as a lessor, income from provision of property management and other services, and income from other service related to investment properties during the year, net of discounts allowed, and is analysed as follows:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000物業銷售及其他物業相關服務收入Sales of properties and other property related services income 64,171,36940,620,476物業管理及其他服務收入Property management and other services income 6,069,4565,580,101與投資物業相關的其他服務收入Other service income related to investment properties 25,24894,361 70,266,07346,294,938租賃Leases 1,566,4831,145,203 71,832,55647,440,1414.重大會計判斷及估計不明朗因素的主要來源（續）應用會計政策時的關鍵判斷（續）公平值計量及估值流程就財務報告而言，本集團部分資產及負債按公平值計量。

本公司董事負責就公平值計量釐定適當估值方法及輸入數據。

於估計資產或負債的公平值時，本集團使用可供參考的市場可觀察數據。

倘並無第一級輸入數據，本集團委聘獨立合資格專業估值師進行估值。

本公司董事與獨立合資格專業估值師緊密合作，以建立適用於模式的估值方法及輸入數據。

董事定期評估資產及負債公平值波動的影響及原因。

本集團使用包含並非基於市場可觀察數據的輸入數據的估值方法估計投資物業及若干類型金融工具的公平值。

附註15及52載列於釐定不同資產及負債公平值時所使用的有關估值方法、輸入數據及主要假設的詳細資料。

5.收入收入指於年內物業銷售收入及其他物業相關服務收入、作為出租人的租金收入、提供物業管理及其他服務收入以及與投資物業相關的其他服務收入（經扣除所允許折扣），其分析如下：198 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement5. REVENUE (Continued)(i) Disaggregation of revenue from contracts with customers截至二零二三年十二月三十一日止年度For the year ended 31 December 2023 物業銷售及其他物業相關服務Sales ofpropertiesand otherpropertyrelatedservices物業管理及其他服務Propertymanagementand otherservices其他投資物業相關服務收入Otherserviceincomerelated toinvestmentproperties總計Total人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000貨品或服務類型Types of goods or services物業銷售Sales of properties住宅Residential 59,078,159 – – 59,078,159辦公樓及商業Office & commercial 2,207,482 – – 2,207,482停車場Carpark 1,947,845 – – 1,947,845 63,233,486 – – 63,233,486物業管理及其他服務Property management and other services – 6,069,456 – 6,069,456項目管理及其他物業相關服務Project management and other property related services 937,883 – – 937,883其他投資物業相關服務收入Other service income related toinvestment properties – – 25,24825,248 總計Total 64,171,3696,069,45625,24870,266,073確認收入的時間Timing of revenue recognition於某一時間點A point in time 63,233,486246,234 – 63,479,720一段時間內Over time 937,8835,823,22225,2486,786,353 總計Total 64,171,3696,069,45625,24870,266,0735.收入（續）(i)客戶合約收入分拆199二零二三年年報 | 旭輝控股（集團）有限公司5. REVENUE (Continued)(i) Disaggregation of revenue from contracts with customers (Continued)截至二零二二年十二月三十一日止年度For the year ended 31 December 2022 物業銷售及其他物業相關服務Sales ofpropertiesand otherpropertyrelatedservices物業管理及其他服務Propertymanagementand otherservices其他投資物業相關服務收入Otherserviceincomerelated toinvestmentproperties總計Total人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000貨品或服務類型Types of goods or services物業銷售Sales of properties住宅Residential 35,533,662 – – 35,533,662辦公樓及商業Office & commercial 1,859,690 – – 1,859,690停車場Carpark 1,738,063 – – 1,738,063 39,131,415 – – 39,131,415物業管理及其他服務Property management and other services – 5,580,101 – 5,580,101項目管理及其他物業相關服務Project management and other property related services 1,489,061 – – 1,489,061其他投資物業相關服務收入Other service income related toinvestment properties – – 94,36194,361 總計Total 40,620,4765,580,10194,36146,294,938確認收入的時間Timing of revenue recognition於某一時間點A point in time 39,131,415292,853 – 39,424,268一段時間內Over time 1,489,0615,287,24894,3616,870,670 總計Total 40,620,4765,580,10194,36146,294,9385.收入（續）(i)客戶合約收入分拆（續）200 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement5.收入（續）(ii)客戶合約的履約責任就與客戶訂立的銷售物業合約而言，合約所訂明的相關物業基於客戶的規格，且並無其他用途。

考慮到相關合約條款，管理層認為本集團在相關物業轉交至客戶前並無強制執行付款的權利。

因此，銷售物業收入於已完工物業轉交至客戶時（即已完工物業的控制權已轉讓予客戶（即物業交付予買方的時間點）及本集團擁有收取付款的現時權利，且有可能收取代價時）確認。

本集團於客戶簽署買賣協議（使用銀行提供的按揭貸款的客戶，只要其滿足銀行要求，合約總價值餘額將由銀行支付予本集團）時向其收取合約價值的30%至100%，期間物業的建設工程仍持續進行。

該等預收客戶合約價值30%至100%的款項導致合約負債，該等合約負債於物業建造期間予以確認，直至物業銷售確認為止。

就物業管理及其他服務、物業銷售及其他物業相關服務以及其他投資物業相關服務收入而言，本集團按項目進度或按月確認收入，金額相當於有權出具發票的金額，其直接與本集團迄今已向客戶履約的價值相符。

本集團已選擇應用可行權宜方法，按本集團有權出具發票的金額確認收入。

根據國際財務報告準則第15號所允許者，分配至該等未達成合約的交易價格不予披露。

(iii)租賃所有租賃收入均來自經營租賃。

本公司董事認為，計入經營租賃收入且並非取決於指數或利率的可變租賃款項對本集團而言並不重大，故有關財務資料不予披露。

5. REVENUE (Continued)(ii) Performance obligations for contracts with customersFor contracts entered into with customers on sales of properties, the relevant properties specified in the contracts are based on customer’s specifications with no alternative use. Taking into consideration the relevant contract terms, the management concluded that the Group does not have an enforceable right to payment prior to transfer of the relevant properties to customers. Revenue from sales of properties is therefore recognised at a point in time when the completed property is transferred to customers, being at the point control of the completed property is transferred to the customer, i.e. at the point of delivering of the properties to buyers and the Group has present right to payment and collection of the consideration is probable.The Group receives 30%-100% of the contract value from customers when they sign the sale and purchase agreement (the customers who use mortgage loans provided by the banks and the remaining amount of the total contract value will be paid to the Group from the banks once the customers meet the requirements of the banks) while construction work of properties is still ongoing. These advance payment of 30%-100% of the contract value from customers resulted in contract liabilities being recognised throughout the property construction period until sales of properties is recognised.For property management and other services, sale of the properties and other property related services and other service income related to investment properties, the Group recognises revenue in the amount that equals to the right to invoice which corresponds directly with the value to the customer of the Group’s performance to date, on project progress basis or on a monthly basis. The Group elected to apply the practical expedient by recognising revenue in the amount to which the Group has right to invoice. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.(iii) LeasesAll the lease income are from operating leases. The directors of the Company consider that the variable lease payments that do not depend on an index or a rate included in the operating lease income was insignificant to the Group and thus the relevant financial information was not disclosed.201二零二三年年報 | 旭輝控股（集團）有限公司6. SEGMENTINFORMATIONThe Group determines its operating segments based on internal reports about components of the Group that are regularly reviewed by the chief operating decision maker (being the executive directors of the Company) in order to allocate resources to the segment and to assess its performance.Information reported to the Group’s chief operating decision maker for the purposes of resource allocation and assessment of segment performance is focused on three main operations: Sales of properties and other property related services: this segment represents the development and sales of office and commercial premises, carparks and residential properties and income generated from project management. Substantially most of the Group’s activities in this regard are primarily carried out in the PRC. Property investment: this segment represents the lease of investment properties and other service related to investment properties, which are developed or purchased by the Group to generate rental income and gain from the appreciation of the properties’ values in the long term. Currently, the Group’s investment property portfolio is located entirely in the PRC. Property management and other services: this segment mainly represents the income generated from property management. Currently, the Group’s activities in this regard are carried out in the PRC.6.分部資料本集團根據主要經營決策者（即本公司執行董事）為按分部分配資源及評估其表現而定期審閱有關本集團組成部分的內部報告，確定其經營分部。

為資源分配及分部表現評估而向本集團主要經營決策者呈報的資料集中於三個主要業務：物業銷售及其他物業相關服務：此分部指開發及銷售辦公室、商業物業、車位及住宅物業，及項目管理產生的收入。

本集團在此方面的業務絕大部分於中國開展。

物業投資：此分部指租賃本集團開發或購買的投資物業及其他投資物業相關服務，以賺取租金收入並長期從物業升值中受益。

本集團目前的投資物業組合全部位於中國。

物業管理及其他服務：此分部主要指物業管理所產生的收入。

本集團在此方面的業務目前於中國開展。

202 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement6. SEGMENTINFORMATION (Continued)(a) Segment revenue and (loss) profitInformation regarding the Group’s reportable segments as provided to the Group’s chief operating decision maker for the purposes of resource allocation and assessment of segment performance for the year is set out below.物業銷售及其他物業相關服務Sales of properties and other property related services物業投資Property investment物業管理及其他服務Property management and other services總計Total人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000截至二零二三年十二月三十一日止年度Year ended 31 December 2023來自外部客戶的可呈報分部收入Reportable segment revenue from external customers 64,171,3691,591,7316,069,45671,832,556可呈報分部（虧損）利潤Reportable segment (loss) profit (1,223,108) 783,9511,090,701651,544物業銷售及其他物業相關服務Sales of properties and other property related services物業投資Property investment物業管理及其他服務Property management and other services總計Total人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000截至二零二二年十二月三十一日Year ended 31 December 2022來自外部客戶的可呈報分部收入Reportable segment revenue from external customers 40,620,4761,239,5645,580,10147,440,141可呈報分部（虧損）利潤Reportable segment (loss) profit (1,328,531) 619,718835,495126,682(b) Segment assets and liabilitiesNo assets and liabilities are included in the measures of the Group’s segment reporting that are used by the chief operating decision maker. Accordingly, no segment assets and liabilities are presented.6.分部資料（續）(a)分部收入及（虧損）利潤年內，提供予本集團主要經營決策者以分配資源及評估分部表現的有關本集團可呈報分部的資料載列如下。

(b)分部資產及負債由於主要經營決策者於計算本集團分部呈報時並無計入資產及負債，因此並無呈列分部資產及負債。

203二零二三年年報 | 旭輝控股（集團）有限公司6. SEGMENTINFORMATION (Continued)(c) Segment revenue and (loss) profitThe reportable segment (loss) profit represents the results by each segment without including any effect of allocation of other income and gains (expenses), net earnings from operations other than the Group’s main operations, unallocated head office and corporate expenses, depreciation of property, plant and equipment, depreciation of right-of-use assets, amortisation of intangible assets, allowance for expected credit losses, fair value loss of investment properties, finance costs and share of results of joint ventures and associates. This is the measurement basis reported to the chief operating decision maker for the purposes of resource allocation and performance assessment.二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000收入Revenue可呈報分部及綜合收入Reportable segment and consolidated revenue 71,832,55647,440,141利潤（虧損） Profit (Loss)可呈報分部利潤Reportable segment profit 651,544126,682其他收入及收益（開支）淨額Other income and gains (expenses), net (852,156) (1,335,262)投資物業公平值虧損Fair value loss of investment properties (133,673) (1,258,124)融資成本Finance costs (3,027,125) (2,565,380)應佔合營企業及聯營公司業績Share of results of joint ventures and associates 411,943 (1,740,293)物業、廠房及設備折舊Depreciation of property, plant and equipment (149,693) (130,199)使用權資產折舊Depreciation of right-of-use assets (77,194) (96,478)無形資產攤銷Amortisation of intangible assets (39,833) (38,802)預期信貸虧損撥備Allowance for expected credit losses (400,788) (2,548,259)未分配總部及企業開支Unallocated head office and corporate expenses (1,835,328) (3,346,245) 除稅前虧損Loss before taxation (5,452,303) (12,932,360)(d) Geographic informationNo geographic information has been presented as the Group’s operating activities are primarily carried out in the PRC. The majority of the Group’s revenue and non-current assets are located in the PRC.(e) Major customersNo revenue from transactions with a single external customer amounted to 10% or more of the Group’s revenue.6.分部資料（續）(c)分部收入及（虧損）利潤可呈報分部（虧損）利潤指各分部業績，未計及其他收入及收益（開支）淨額的分配、來自本集團主要業務以外業務的盈利、未分配總部及企業開支、物業、廠房及設備折舊、使用權資產折舊、無形資產攤銷、計提預期信貸虧損撥備、投資物業公平值虧損、融資成本以及應佔合營企業及聯營公司業績的任何影響。

此乃向主要經營決策者匯報以分配資源及評估表現的計量基礎。

(d)地區資料由於本集團的經營活動主要於中國展開，故並無呈列地區資料。

本集團大部分收入及非流動資產位於中國。

(e)主要客戶並無與單一外部客戶進行的交易所得收入佔本集團收入10%或以上。

204 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement7. OTHERINCOMEANDGAINS (EXPENSES), NET二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000利息收入Interest income 174,826332,502出售物業、廠房及設備的收益淨額Gain on disposal of property, plant and equipment, net 1,456707出售附屬公司的（虧損）收益淨額(Loss) gain on disposal of subsidiaries, net (622,769) 72,160出售合營企業的（虧損）收益(Loss) gain on disposal of joint ventures (431,150) 28,123出售聯營公司的收益Gain on disposal of associates 15,24825,068政府補貼（附註） Government grants (note) 123,053111,483沒收買家支付的按金Forfeited deposits paid by purchasers 35,85249,718提早贖回優先票據虧損Loss on early redemption of senior notes – (1,608)按公平值計入損益的金融資產的股息收入Dividend income from financial assets at FVTPL18,33527,630公平值變動：Fair value changes on:－衍生金融工具– derivative financial instruments – (2,217)－房地產項目投資– investments in property projects (44,349) (9,716)－按公平值計入損益的金融資產– financial assets at FVTPL (50,592) (272,400)－可換股債券的衍生工具部分– derivative component of convertible bonds 267,247111,506房地產項目投資的股息收入Dividend income from investments in property projects 9,29941,091匯兌虧損淨額Net exchange loss (372,461) (1,970,238)雜項收入Sundry income 23,849120,929 (852,156) (1,335,262)Note: Government grants represented unconditional cash payments granted by government authorities.7.其他收入及收益（開支）淨額附註：政府補貼指政府機構發放的無條件現金付款。

205二零二三年年報 | 旭輝控股（集團）有限公司8. FINANCECOSTS二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000銀行及其他借款的利息開支Interest expense on bank and other borrowings (3,175,763) (4,198,144)優先票據的利息開支Interest expense on senior notes (1,709,714) (1,657,636)公司債券及中期票據的利息開支Interest expense on corporate bonds and medium-term notes (544,916) (501,716)可換股債券的利息開支Interest expense on convertible bonds (250,565) (204,903)租賃負債的利息開支Interest expense on lease liabilities (7,427) (9,755) (5,688,385) (6,572,154)減：擬作出售的開發中物業及在建投資物業的資本化金額Less: Amount capitalised to properties under development for sale and investment properties under construction 2,661,2604,006,774 (3,027,125) (2,565,380)Finance costs capitalised to properties under development for sale and investment properties under construction were determined by the effective interest rates of respective bank and other borrowings, senior notes, corporate bonds and medium-term notes and convertible bonds.9. ALLOWANCEFOREXPECTEDCREDITLOSSES二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000確認（撥回）減值虧損：Impairment losses recognised (reversed) on:應收賬款及其他應收款項Accounts and other receivables 439,365285,447應收非控股權益款項Amounts due from non-controlling interests 43,907697應收合營企業及聯營公司款項Amounts due from joint ventures and associates (24,902) 2,204,533財務擔保合約Financial guarantee contracts (57,582) 57,582 400,7882,548,259 8.融資成本擬作出售的開發中物業及在建投資物業的資本化融資成本根據銀行及其他借款、優先票據、公司債券及中期票據以及可換股債券各自的實際利率而釐定。

9.預期信貸虧損撥備206 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement10. INCOMETAXEXPENSE二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000中國企業所得稅PRCEIT本年度Current year (2,033,304) (291,894)過往年度超額撥備Over provision in respect of prior years 52,20159,633土地增值稅Land Appreciation Tax (1,280,068) (773,482) (3,261,171) (1,005,743)遞延稅項Deferred taxation 34,531378,125 (3,226,640) (627,618)Under the Law of the PRC on EIT and Implementation Regulation of the Enterprise Income Tax Law, the tax rate of the PRC subsidiaries are i) 25%, ii) 15% if registered or engaged in the encouraged industries and registered in the western region of the PRC, iii) 15% if regarded as advanced technology enterprise by local tax bureau or iv) 15% if registered and operating in the Hainan Free Trade Port.The provision of LAT is estimated according to the requirements set forth in the relevant PRC tax laws and regulations. LAT has been provided at ranges of progressive rates of the appreciation value, with certain allowable exemptions and deductions.Pursuant to the rules and regulations of the British Virgin Islands (“BVI”) and the Cayman Islands, the Group is not subject to any income tax in the BVI and the Cayman Islands.10.所得稅開支根據中國企業所得稅法及企業所得稅法實施條例，中國附屬公司的稅率為i）25%；ii）倘在中國西部地區註冊或從事政策鼓勵行業及註冊，則為15%；iii）倘獲地方稅務局視為先進技術企業，則為15%或iv）倘於海南自由貿易港註冊及經營，則為15%。

土地增值稅撥備根據相關中國稅務法律及法規所載規定估計。

土地增值稅已按增值價值的累進稅率範圍作出撥備，但允許有若干豁免及減免。

根據英屬處女群島（「英屬處女群島」）及開曼群島的規則及法規，本集團毋須在英屬處女群島及開曼群島繳納任何所得稅。

207二零二三年年報 | 旭輝控股（集團）有限公司10. INCOMETAXEXPENSE (Continued)No provision for Hong Kong Profits Tax has been made as the Group’s income neither arises in, nor is derived from, Hong Kong.Details of the deferred taxation are set out in note 39.The income tax expense for the year can be reconciled to the loss before taxation per the consolidated statement of profit or loss and other comprehensive income as follows:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000除稅前虧損Loss before taxation (5,452,303) (12,932,360)按25%繳納的中國企業所得稅PRCEIT at 25% 1,363,0763,233,090不可扣稅開支的稅務影響Tax effect of expenses not deductible for tax purposes (1,200,386) (1,269,381)毋須課稅收入的稅務影響Tax effect of income not taxable for tax purposes 4,974104,360土地增值稅LAT (1,280,068) (773,482)土地增值稅的稅務影響Tax effect of LAT 320,017193,370未確認稅項虧損的稅務影響Tax effect of tax losses not recognised (607,558) (635,814)動用先前未確認的稅項虧損Utilisation of tax losses previously not recognised 102,24317,134未確認可扣減臨時差額的稅務影響（附註）Tax effect of deductible temporary differences not recognised (note) (2,109,329) (1,146,951)應佔合營企業及聯營公司業績的稅務影響Tax effect of share of results of joint ventures and associates 102,986 (435,073)授予若干附屬公司的優惠稅率影響Effect of tax preferential rates granted to certain subsidiaries 25,20425,496過往年度超額撥備Over provision in respect of prior years 52,20159,633 年內所得稅開支Income tax expense for the year (3,226,640) (627,618)Note: Tax effect of deductible temporary differences not recognised represent the adjustments of allowance for expected credit loss on accounts receivables and write-down of Properties that a loss was forecasted. No deferred taxation asset has been recognised in relation to such deductible temporary difference as it is not probable that taxable profit will be available against which the deductible temporary differences can be utilised.10.所得稅開支（續）由於本集團的收入既不產自亦非來自香港，故並無就香港利得稅作出撥備。

遞延稅項的詳情載於附註39。

年內所得稅開支與綜合損益及其他全面收益表內除稅前虧損的對賬如下：附註：未確認可扣減臨時差額的稅務影響指調整有關應收賬款預期信貸虧損撥備及預計出現虧損的物業撇減。

由於不大可能有應課稅利潤可供抵銷可扣減臨時差額，故並無就該等可扣減臨時差額確認遞延稅項資產。

208 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement11. LOSSFORTHEYEAR二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000年內虧損經扣除（計入）下列各項後得出：Loss for the year has been arrived at after charging (crediting):核數師薪酬Auditors’ remuneration 9,51010,970計入銷售及服務成本的已售物業成本Cost of properties sold included in cost of sales and services 54,612,56235,403,884物業、廠房及設備折舊Depreciation of property, plant and equipment 149,693130,199使用權資產折舊Depreciation of right-of-use assets 77,19496,478無形資產攤銷Amortisation of intangible assets 39,83338,802董事酬金Directors’ emoluments 29,11424,106其他員工成本Other staff costs員工成本（不包括退休福利成本） Staff costs excluding retirement benefit costs 3,968,4375,075,099退休福利供款Retirement benefit contributions 366,728415,909以股本權益結算的股份付款Equity-settled share-based payments 77,71821,836 其他員工成本總額Total other staff costs 4,412,8835,512,844減：擬作出售的開發中物業及在建投資物業的資本化金額Less: Amount capitalised to properties under development for sale and investment properties under construction (211,918) (729,472) 4,200,9654,783,372投資物業租金收入Rental income from investment properties (1,566,483) (1,145,203)減：相關開支Less: Related outgoings 807,337619,020 (759,146) (526,183)11.年內虧損209二零二三年年報 | 旭輝控股（集團）有限公司12. DIRECTORS’ ANDEMPLOYEES’ EMOLUMENTS二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000董事薪酬Directors’ emoluments董事袍金Directors’ fees 963920 獨立非執行董事以股本權益結算的股份付款Equity-settled share-based payments for independent non-executive directors 276134執行董事的其他薪酬Other emoluments for executive directors－基本薪金及津貼– basic salaries and allowances 18,11521,336－以股本權益結算的股份付款– equity-settled share-based payments 3,7491,032－退休福利供款– retirement benefit contributions 611684－花紅– bonus 5,400 – 29,11424,106董事袍金基本薪金及津貼以股本權益結算的股份付款退休福利供款花紅總計Directors’ feesBasic salaries and allowancesEquity-settled share-based paymentsRetirement benefit contributions Bonus Total人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000截至二零二三年十二月三十一日止年度Year ended 31 December 2023執行董事姓名Name of executive director林中先生Mr. Lin Zhong – 3,780 – 162,7006,496林偉先生Mr. Lin Wei – 3,120 – 146 – 3,266林峰先生（於二零二三年十一月三十日辭任）Mr. Lin Feng (resigned on 30 November 2023) – 4,3081371462,7007,291楊欣先生Mr. Yang Xin – 3,2291,227146 – 4,602汝海林先生Mr. Ru Hailin – 3,4851,533146 – 5,164葛明先生（於二零二三年十一月三十日獲委任）Mr. Ge Ming (appointed on 30 November 2023) – 19385211 – 1,056獨立非執行董事姓名Name of independent non-executive director林采宜女士Ms. Lin Caiyi 288 – 92 – – 380張永岳先生Mr. Zhang Yongyue 288 – 92 – – 380陳偉成先生Mr. Tan Wee Seng 387 – 92 – – 479 96318,1154,0256115,40029,11412.董事及僱員薪酬210 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement12. DIRECTORS’ ANDEMPLOYEES’ EMOLUMENTS (Continued)董事袍金基本薪金及津貼以股本權益結算的股份付款退休福利供款花紅總計Directors’ feesBasic salaries and allowancesEquity-settled share-based paymentsRetirement benefit contributions Bonus Total人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 截至二零二二年十二月三十一日止年度Year ended 31 December 2022執行董事姓名Name of executive director林中先生Mr. Lin Zhong – 3,840 – 123 – 3,963林偉先生Mr. Lin Wei – 1,925 – 197 – 2,122林峰先生Mr. Lin Feng – 7,02566120 – 7,211陳東彪先生（於二零二二年十一月二十九日辭任）Mr. Chen Dongbiao (resigned on 29 November 2022) – 3,722371131 – 4,224楊欣先生Mr. Yang Xin – 4,824594113 – 5,531汝海林先生（於二零二二年十一月二十九日獲委任）Mr. Ru Hailin (appointed on 29 November 2022) – – – – – –獨立非執行董事姓名Name of independent non-executive director林采宜女士Ms. Lin Caiyi 275 – 45 – – 320張永岳先生Mr. Zhang Yongyue 275 – 45 – – 320陳偉成先生Mr. Tan Wee Seng 370 – 45 – – 415非執行董事姓名Name of non-executive director蔣達強先生（於二零二二年十一月二十九日辭任）Mr. Jiang Daqiang (resigned on 29 November 2022) – – – – – – 92021,3361,166684 – 24,106The executive directors’ emoluments shown above were paid for their services in connection with the management of the affairs of the Company and the Group.The independent non-executive directors’ and non-executive directors’ emoluments shown above were paid for their services as directors of the Company.Mr. Ru Hailin is the Chief Executive Officer of the Company and his emoluments disclosed above include those for services rendered by him as the Chief Executive Officer.There was no arrangement under which a director or the Chief Executive Officer waived or agreed to waive any remuneration during the year.12.董事及僱員薪酬（續）以上所示執行董事薪酬乃就彼等有關管理本公司及本集團事務所提供的服務而支付。

以上所示獨立非執行董事及非執行董事薪酬乃就彼等擔任本公司董事所提供的服務而支付。

汝海林先生為本公司行政總裁，而上文所披露其薪酬包括就其擔任行政總裁所提供服務的薪酬。

年內，概無有關董事或行政總裁放棄或同意放棄任何薪酬的安排。

211二零二三年年報 | 旭輝控股（集團）有限公司12. DIRECTORS’ ANDEMPLOYEES’ EMOLUMENTS (Continued)Five highest paid individualsThe five highest paid individuals included 4 directors (2022: 3 directors) for the year ended 31 December 2023 The emoluments of the remaining 1 (2022: 2) highest paid individuals for the year ended 31 December 2023 are as follows:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000僱員Employees－基本薪金及津貼– basic salaries and allowances 4,5007,577－以股本權益結算的股份付款– equity-settled share-based payments – 768－退休福利供款– retirement benefit contributions 16195 4,5168,540Their emoluments were within the following bands: (presented in HK$)人數人數Number of individualsNumber of individuals二零二三年二零二二年202320224,500,001港元至5,000,000港元HK$4,500,001 to HK$5,000,000 – 15,000,001港元至5,500,000港元HK$5,000,001 to HK$5,500,00011 12No emoluments were paid by the Group to the directors of the Company or the five highest paid individuals as an inducement to join or upon joining the Group or as compensation for loss of office.12.董事及僱員薪酬（續）五名最高薪酬人士截至二零二三年十二月三十一日止年度，五名最高薪酬人士包括四名董事（二零二二年：三名董事）。

截至二零二三年十二月三十一日止年度，其餘一名（二零二二年：兩名）最高薪酬人士的薪酬如下：彼等的薪酬屬以下範圍：（以港元呈列）本集團並無向本公司董事或五名最高薪酬人士支付任何薪酬作為加盟本集團或加盟本集團時的獎勵或離職補償。

212 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement13. DIVIDENDThe board of directors had not proposed to declare a final dividend for the year ended 31 December 2023 and 2022.During the year ended 31 December 2023, no final dividend was paid to the shareholders. During the year ended 31 December 2022, a final dividend of RMB5.7 cents (equivalent to HK$7 cents) per ordinary share in respect of the financial year ended 31 December 2021 were paid to the shareholders.二零二三年二零二二年20232022千港元人民幣千元千港元人民幣千元HK$’000 RMB’000 HK$’000 RMB’000股息Dividends現金Cash – – 615,453540,29413.股息董事會不建議於截至二零二三年及二零二二年十二月三十一日止年度宣派末期股息。

截至二零二三年十二月三十一日止年度，並無向股東派付末期股息。

截至二零二二年十二月三十一日止年度，股東獲派付截至二零二一年十二月三十一日止財政年度的末期股息每股普通股人民幣5.7分（相當於7港分）。

213二零二三年年報 | 旭輝控股（集團）有限公司14. LOSSPERSHAREThe calculation of the basic and diluted loss per share attributable to the equity owners of the Company is based on the following data:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000虧損Loss計算每股基本及攤薄虧損的虧損Loss for the purpose of basic and diluted loss per share本公司股東權益應佔年內虧損Loss for the year attributable to equity owners of the Company (8,983,274) (13,049,088)二零二三年二零二二年20232022股份數目Number of shares就計算每股基本及攤薄虧損的普通股加權平均數Weighted average number of ordinary shares for the purpose of basic and diluted loss per share 10,410,131,1449,187,789,696 The computation of diluted loss per share for the year ended 31 December 2023 does not assume the conversion of the outstanding convertible bonds as the assumed exercise of the outstanding convertible bonds would result in a decrease in loss per share.The computation of diluted loss per share for the year ended 31 December 2023 does not assume the exercise of the share options as the assumed exercise of the certain share options would result in a decrease in loss per share and exercise price of certain share options was higher than the average market price of 2023.The weighted average number of ordinary shares shown above has been arrived at after deducting the shares held by the trustee of the share award scheme.14.每股虧損本公司股東權益應佔每股基本及攤薄虧損乃根據下列數據計算：計算截至二零二三年十二月三十一日止年度的每股攤薄虧損時，並無假設未償還可換股債券已獲轉換，原因為假設未償還可換股債券獲行使將導致每股虧損減少。

計算截至二零二三年十二月三十一日止年度的每股攤薄虧損時，並無假設購股權獲行使，原因為假設行使若干購股權將導致每股虧損減少，且若干購股權的行使價高於二零二三年的平均市價。

上文所示的普通股加權平均數乃經扣除股份獎勵計劃受託人所持有的股份後得出。

214 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement15. INVESTMENTPROPERTIESThe investment properties of the Group mainly represented shopping malls, residential and office units located in the PRC, which lease out under operating leases with monthly rentals. The leases typically run for an initial period of one to fifteen years.The Group is not exposed to foreign currency risk as a result of the lease arrangements, as all leases are denominated in the respective functional currency of group entities. The lease contracts do not contain residual value guarantee and/or lessee’s option to renew/purchase the property at the end of lease term.在建投資物業Investment properties under construction已完工投資物業Completed investment properties總計Total人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000於二零二二年一月一日At 1 January 20224,414,25036,018,39340,432,643收購附屬公司（附註40） Acquisition of subsidiaries (note 40) – 4,182,2574,182,257添置Additions 2,474,078184,9472,659,025公平值增加（減少） Increase (decrease) in fair value 322,505 (1,580,629) (1,258,124)完工後轉撥Transfer upon completion (2,886,900) 2,886,900 –出售Disposals – (218,035) (218,035) 於二零二二年十二月三十一日At 31 December 20224,323,93341,473,83345,797,766添置Additions 653,671145,943799,614公平值增加（減少） Increase (decrease) in fair value 102,996 (236,669) (133,673)完工後轉撥Transfer upon completion (1,932,100) 1,932,100 –出售Disposals – (553,980) (553,980) 於二零二三年十二月三十一日At 31 December 20233,148,50042,761,22745,909,727二零二三年十二月三十一日31 December 2023計入損益的物業重估未變現收益（虧損）Unrealised gain (loss) on property revaluation included in profit or loss 102,996 (236,669) (133,673)二零二二年十二月三十一日31 December 2022計入損益的物業重估未變現收益（虧損）Unrealised gain (loss) on property revaluation included in profit or loss 322,505 (1,580,629) (1,258,124)15.投資物業本集團的投資物業主要指位於中國的購物商場、住宅及辦公室單位，其根據經營租賃出租，須按月支付租金。

租賃的初始期限通常介乎一至十五年。

由於所有租賃均以集團實體各自的功能貨幣計值，故本集團並無因該等租賃安排面臨外幣風險。

租賃合約並無包含剩餘價值擔保及╱或承租人於租期結束時重續╱購買物業的選擇權。

215二零二三年年報 | 旭輝控股（集團）有限公司15. INVESTMENTPROPERTIES (Continued)The completed investment properties and investment properties under construction are all situated in the PRC. All of the Group’s leasehold property interests held to earn rentals or for capital appreciation purposes are measured using the fair value model.The Group had pledged investment properties of RMB43,463,830,000 (2022: RMB41,147,815,000) as at 31 December 2023 to secure bank and other borrowings of the Group.The fair values of the Group's certain completed investment properties and investment properties under construction as at 31 December 2023 and 31 December 2022 have been arrived at on the basis of valuations on those dates carried out by Guangzhou Savills Real Estate and Land Appraisal Company Limited (廣州第一太平戴維斯房地產與土地評估有限公司) and Beijing Gaoli International Land and Real Estate Assets Appraisal Co., Ltd (北京高力國際土地房地產資產評估有限公司), independent valuers who hold recognised and relevant professional qualifications and have recent experience in the location and category of the investment property being valued.The valuations of completed investment properties are based on income method by capitalising the net rental income derived from the existing tenancies with due allowance for reversionary income potential of the respective properties on completed investment properties, or by discounting the monthly net cash flows over an assumed holding period of the investment properties to their present value by using appropriate discount rate.The valuations of certain investment properties under construction were arrived at with adoption of the residual approach, which is based on income method by capitalising the net rental income derived from market observable transactions of completed properties with the basis that they will be developed and completed in accordance with the latest development proposals and taken into account the construction costs that will be expended to complete the development to reflect the quality of the completed development and developer’s profit.15.投資物業（續）已完工投資物業及在建投資物業均位於中國。

本集團為賺取租金或作資本增值持有的所有租賃物業權益均按公平值模式計量。

本集團於二零二三年十二月三十一日抵押人民幣43,463,830,000元（二零二二年：人民幣41,147,815,000元）的投資物業，以取得本集團的銀行及其他借款。

本集團若干已竣工投資物業及在建投資物業於2023年12月31日及2022年12月31日的公平值基於獨立估值師廣州第一太平戴維斯房地產與土地評估有限公司及北京高力國際土地房地產資產評估有限公司於該等日期進行的估值得出，該等獨立估值師持有獲認可及相關專業資格，且近期於所評估投資物業地點及類別具備經驗。

已完工投資物業的估值採用收入法透過資本化來自現有租約的淨租金收入及就已完工投資物業的相關物業復歸收入潛力作出適當撥備為基準，或透過使用適當貼現率將投資物業的假設持有期內的每月現金流量淨值貼現至其現值進行計算。

若干在建投資物業的估值採用餘值法（以收入法透過資本化來自市場上可觀察的已完工物業交易的淨租金收入為基準計算），按該等物業將根據最新開發方案開發及竣工的基準，計及完成開發所耗用的建造成本而得出，以反映已完工開發項目的質素及發展商利潤。

216 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement15. INVESTMENTPROPERTIES (Continued)There has been no change from the valuation technique used in prior year. In estimating the fair value of the properties, the highest and best use of the properties is their current use.Details of the Group’s investment properties and information about the fair value hierarchy as at 31 December 2023 and 2022 are as follows:第三級Level 3於二零二三年十二月三十一日的公平值Fair value as at 31 December 2023人民幣千元人民幣千元RMB’000 RMB’000於中國的投資物業Investment properties located in the PRC 45,909,72745,909,727第三級Level 3於二零二二年十二月三十一日的公平值Fair value as at 31 December 2022人民幣千元人民幣千元RMB’000 RMB’000於中國的投資物業Investment properties located in the PRC 45,797,76645,797,766There were no transfers into or out of Level 3 during the year.The following table gives information about how the fair values of the major investment properties are determined (in particular, the valuation techniques and inputs used), as well as the fair value hierarchy into which the fair value measurements are categorised (Levels 1 to 3) based on the degree to which the inputs to the fair value measurements is observable.15.投資物業（續）估值方法與上一年度所用者相比並無變動。

於估計物業的公平值時，物業的最高及最佳用途為其當前用途。

本集團於二零二三年及二零二二年十二月三十一日的投資物業及公平值級別資料詳情如下：年內並無轉入第三級或自當中轉出。

下表提供有關如何釐定重大投資物業的公平值（特別是所使用的估值方法及輸入數據），及公平值計量按公平值計量輸入數據的可觀察程度所劃分的公平值級別（第一級至第三級）的資料。

217二零二三年年報 | 旭輝控股（集團）有限公司15. INVESTMENTPROPERTIES (Continued)於綜合財務狀況表內本集團所持投資物業Investment properties held by the Group in the consolidated statement of financial position公平值級別Fair value hierarchy估值方法Valuation technique重大無法觀察輸入數據Significant unobservable input無法觀察輸入數據與公平值的關係Relationship of unobservable input to fair value已完工投資物業－上海旭輝浦東洋涇Completed investment property – Shanghai CIFIPudong Yangjing二零二三年：人民幣7,797,000,000元2023: RMB7,797,000,000（二零二二年：人民幣7,778,000,000元）(2022: RMB7,778,000,000)第三級Level 3收入法（租期復歸法）Income method (term and reversionary approach)經計入單位市場年度租金收入及可比較物業的單位市值，每年復歸收益率為4.5%（二零二二年：4.5%）。

Reversionary yield per annum, taking into account annual unit market rental income and unit market value of the comparable properties of 4.5% (2022: 4.5%).每年復歸收益率上升將導致公平值減少，反之亦然。

An increase in the reversionary yield per annum would result in a decrease in fair value and vice versa.已完工投資物業－上海普陀區長壽社區D5-6項目Completed investment property – Shanghai Putuo District Changshou Community D5-6 Project二零二三年：人民幣3,639,600,000元2023: RMB3,639,600,000（二零二二年：人民幣3,630,100,000元）(2022: RMB3,630,100,000)第三級Level 3收入法（租期復歸法）Income method (term and reversionary approach)經計入單位市場年度租金收入及可比較物業的單位市值，每年復歸收益率為4.5%至5%（二零二二年：4.5%至5%）。

Reversionary yield per annum, taking into account annual unit market rental income and unit market value of the comparable properties of 4.5% – 5% (2022: 4.5% – 5%).每年復歸收益率上升將導致公平值減少，反之亦然。

An increase in the reversionary yield per annum would result in a decrease in fair value and vice versa.15.投資物業（續）218 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement於綜合財務狀況表內本集團所持投資物業Investment properties held by the Group in the consolidated statement of financial position公平值級別Fair value hierarchy估值方法Valuation technique重大無法觀察輸入數據Significant unobservable input無法觀察輸入數據與公平值的關係Relationship of unobservable input to fair value已完工投資物業－北京華熙旭輝Live 五棵松－南區商業區Completed investment property – Beijing Huaxi CIFILive Wukesong-south commercial二零二三年：人民幣3,310,500,000元2023: RMB3,310,500,000（二零二二年：人民幣3,278,900,000元）(2022: RMB3,278,900,000)第三級Level 3收入法（租期復歸法）Income method (term and reversionary approach)經計入單位市場年度租金收入及可比較物業的單位市值，每年復歸收益率為6.5%至7%（二零二二年：6.5%）。

Reversionary yield per annum, taking into account annual unit market rental income and unit market value of the comparable properties of 6.5% – 7% (2022: 6.5%).每年復歸收益率上升將導致公平值減少，反之亦然。

An increase in the reversionary yield per annum would result in a decrease in fair value and vice versa.已完工投資物業－嘉興旭輝廣場Completed investment property – Jiaxing CIFI Plaza二零二三年：人民幣2,759,000,000元2023: RMB2,759,000,000（二零二二年：人民幣2,807,000,000元）(2022: RMB2,807,000,000)第三級Level 3收入法（租期復歸法）Income method (term and reversionary approach)經計入單位市場年度租金收入及可比較物業的單位市值，每年復歸收益率為4.5%（二零二二年：4.5%）。

Reversionary yield per annum, taking into account annual unit market rental income and unit market value of the comparable properties of 4.5% (2022: 4.5%).每年復歸收益率上升將導致公平值減少，反之亦然。

An increase in the reversionary yield per annum would result in a decrease in fair value and vice versa.15. INVESTMENTPROPERTIES (Continued)15.投資物業（續）219二零二三年年報 | 旭輝控股（集團）有限公司於綜合財務狀況表內本集團所持投資物業Investment properties held by the Group in the consolidated statement of financial position公平值級別Fair value hierarchy估值方法Valuation technique重大無法觀察輸入數據Significant unobservable input無法觀察輸入數據與公平值的關係Relationship of unobservable input to fair value已完工投資物業－上海旭輝浦東洋涇辦事處Completed investment property – Shanghai CIFI Pudong Yangjing office二零二三年：人民幣2,850,300,000元2023: RMB2,850,300,000（二零二二年：人民幣2,850,900,000元）(2022: RMB2,850,900,000)第三級Level 3收入法（租期復歸法）Income method (term and reversionary approach)經計入單位市場年度租金收入及可比較物業的單位市值，每年復歸收益率為4.5%（二零二二年：4.5%）。

Reversionary yield per annum, taking into account annual unit market rental income and unit market value of the comparable properties of 4.5% (2022: 4.5%).每年復歸收益率上升將導致公平值減少，反之亦然。

An increase in the reversionary yield per annum would result in a decrease in fair value and vice versa.已完工投資物業－上海恒基旭輝天地Completed investment property – Shanghai The Roof二零二三年：人民幣2,584,700,000元2023: RMB2,584,700,000（二零二二年：人民幣2,584,500,000元）(2022: RMB2,584,500,000)第三級Level 3收入法（租期復歸法）Income method (term and reversionary approach)經計入單位市場年度租金收入及可比較物業的單位市值，每年復歸收益率為4%至5%（二零二二年：4%至5%）。

Reversionary yield per annum, taking into account annual unit market rental income and unit market value of the comparable properties of 4% – 5% (2022: 4% – 5%).每年復歸收益率上升將導致公平值減少，反之亦然。

An increase in the reversionary yield per annum would result in a decrease in fair value and vice versa.15. INVESTMENTPROPERTIES (Continued)15.投資物業（續）220 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement16. PROPERTY, PLANTANDEQUIPMENT自有物業汽車設備及傢俬總計Owned propertiesMotor vehiclesEquipment and furniture Total人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000成本COST於二零二二年一月一日At 1 January 2022345,012115,145370,779830,936添置Additions 113,19428,77948,318190,291收購附屬公司（附註40） Acquisitions of subsidiaries (note 40) – 1961,1541,350出售附屬公司（附註41） Disposal of subsidiaries (note 41) (46) (3,151) (7,896) (11,093)出售╱撇銷Disposals/written off (3,849) (19,052) (9,449) (32,350) 於二零二二年十二月三十一日At 31 December 2022454,311121,917402,906979,134添置Additions 21,31530,34965,908117,572收購附屬公司（附註40） Acquisitions of subsidiaries (note 40) 15360485860出售附屬公司（附註41） Disposal of subsidiaries (note 41) (49,861) (21,470) (34,193) (105,524)出售╱撇銷Disposals/written off (8,626) (19,382) (10,208) (38,216) 於二零二三年十二月三十一日At 31 December 2023417,154111,774424,898953,826 累計折舊ACCUMULATEDDEPRECIATION於二零二二年一月一日At 1 January 202267,67158,769179,403305,843年內開支Charge for the year 50,43418,66661,099130,199出售附屬公司（附註41） Disposal of subsidiaries (note 41) – (1,355) (1,743) (3,098)於出售時對銷╱撇銷Eliminated on disposals/written off (2,390) (14,792) (7,667) (24,849) 於二零二二年十二月三十一日At 31 December 2022115,71561,288231,092408,095年內開支Charge for the year 74,99221,35153,350149,693出售附屬公司（附註41） Disposal of subsidiaries (note 41) (33,981) (16,690) (27,638) (78,309)於出售時對銷╱撇銷Eliminated on disposals/written off (7,321) (8,811) (8,140) (24,272) 於二零二三年十二月三十一日At 31 December 2023149,40557,138248,664455,207 賬面值CARRYINGVALUES於二零二三年十二月三十一日At 31 December 2023267,74954,636176,234498,619於二零二二年十二月三十一日At 31 December 2022338,59660,629171,814571,03916.物業、廠房及設備221二零二三年年報 | 旭輝控股（集團）有限公司16. PROPERTY, PLANTANDEQUIPMENT (Continued)The above items of property, plant and equipment are depreciated using the straight-line method after taking into account of their estimated residual values at the following rates per annum:Owned properties Over the estimated useful lives of 20 years or the term of the leases, whichever is shorterMotor vehicles 20%Equipment and furniture 20%The buildings are all situated on land in the PRC.The Group had pledged property, plant and equipment of RMB19,019,000 (2022: RMB15,391,000) as at 31 December 2023 to secure bank and other borrowings of the Group.17. RIGHT-OF-USEASSETS租賃土地及樓宇Leasehold land and buildings租賃辦公設備Leased office equipment總計Total人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000於二零二三年十二月三十一日As at 31 December 2023賬面值Carrying amount 150,573589151,162於二零二二年十二月三十一日As at 31 December 2022賬面值Carrying amount 204,458306204,764截至二零二三年十二月三十一日止年度For the year ended 31 December 2023折舊費用Depreciation charge 76,28291277,194截至二零二二年十二月三十一日止年度For the year ended 31 December 2022折舊費用Depreciation charge 95,82765196,47816.物業、廠房及設備（續）上述物業、廠房及設備項目於計及按照下列年率計算的估計剩餘價值後以直線法折舊：自有物業按估計可使用年期20年或租期（以較短者為準）汽車20%設備及傢俬20%所有樓宇均位於中國境內土地上。

本集團於二零二三年十二月三十一日抵押人民幣19,019,000元（二零二二年：人民幣15,391,000元）的物業、廠房及設備，以擔保本集團銀行及其他借款。

17.使用權資產222 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement17. RIGHT-OF-USEASSETS (Continued)二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000有關短期租賃的開支Expense relating to short-term leases 7,2685,746有關低價值資產租賃（不包括低價值資產的短期租賃）的開支Expense relating to leases of low-value assets, excluding short-term leases of low value assets 1686租賃現金流出總額Total cash outflow for leases 83,551111,461添置使用權資產（附註55） Additions to right-of-use assets (note 55) 23,59287,924For both years, the Group leases various offices and office equipment for its operations. Lease contracts are entered into for fixed term of six months to thirteen years (2022: six months to fifteen years). Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. In determining the lease term and assessing the length of the non-cancellable period, the Group applies the definition of a contract and determines the period for which the contract is enforceable.The Group regularly entered into short-term leases for machinery and equipment. As at 31 December 2023 and 2022, the portfolio of short-term leases is similar to the portfolio of short-term leases to which the short-term lease expense disclosed above.17.使用權資產（續）於該兩個年度，本集團為營運租賃各種辦公室及辦公設備。

租賃合約按六個月至十三年（二零二二年：六個月至十五年）的固定期限訂立。

租賃條款按個別基準商定，其中包含廣泛的不同條款及條件。

於釐定租期及評估不可撤銷期間時長時，本集團應用合約的定義並確定可強制執行合約的期間。

本集團就機械及設備定期訂立短期租賃。

於二零二三年及二零二二年十二月三十一日，短期租賃組合與上文所披露短期租賃支銷的短期租賃組合相似。

223二零二三年年報 | 旭輝控股（集團）有限公司18. INTANGIBLEASSETSANDGOODWILL其他無形資產－物業管理合約及客戶關係Other intangible assets – property management contracts and customer relationship商譽Goodwill總計Total人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000成本COST於二零二二年一月一日At 1 January 2022400,3661,343,7071,744,073收購附屬公司時產生（附註40） Arising on acquisition of subsidiaries (note 40) 21,420110,949132,369 於二零二二年十二月三十一日At 31 December 2022421,7861,454,6561,876,442收購附屬公司時產生（附註40） Arising on acquisition of subsidiaries (note 40) 7,18033,51540,695 於二零二三年十二月三十一日At 31 December 2023428,9661,488,1711,917,137 攤銷AMORTISATION於二零二二年一月一日At 1 January 202271,892 – 71,892年內撥備Provided for the year 38,802 – 38,802 於二零二二年十二月三十一日At 31 December 2022110,694 – 110,694年內撥備Provided for the year 39,833 – 39,833 於二零二三年十二月三十一日At 31 December 2023150,527 – 150,527 賬面值CARRYINGVALUES於二零二三年十二月三十一日At 31 December 2023278,4391,488,1711,766,610於二零二二年十二月三十一日At 31 December 2022311,0921,454,6561,765,748The property management contracts, customers’ relationship and goodwill were acquired from third parties through the acquisition of subsidiaries.The intangible assets have finite useful lives and are amortised on a straight-line basis over five to ten years.18.無形資產及商譽物業管理合約、客戶關係及商譽均透過收購附屬公司自第三方獲得。

無形資產具有有限可使用年期，其於五至十年期間按直線法攤銷。

224 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement19. INTERESTSINASSOCIATESDetails of the Group’s interests in associates are as follows:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000於聯營公司的非上市投資成本Cost of unlisted investments in associates 13,598,33712,609,296應佔收購後業績及其他全面收入，扣除已收股息Share of post-acquisition results and other comprehensive income, net of dividend received 1,452,0891,421,048 15,050,42614,030,344Particulars of the Group’s principal associates as at 31 December 2023 and 2022 are set out as follows:聯營公司名稱Name of associates註冊成立╱成立地點經營地點Place ofoperation本集團應佔股權Equity interest attributable to the Group本集團所持投票權比率Proportion of voting power held by the Group主要業務Principal activitiesPlace of incorporation/establishment二零二三年二零二二年二零二三年二零二二年2023202220232022 紹興金翎置業有限公司（「紹興金翎」）Shaoxing Jinling Property Co., Ltd. (“Shaoxing Jinling”)中國PRC中國PRC49% 49% 49% 49%房地產開發Property development蘇州旭融商務諮詢有限公司（「蘇州旭融」）Suzhou Xurong Business Consulting Co., Ltd. (“Suzhou Xurong”)中國PRC中國PRC49% 49% 49% 49%房地產開發Property development19.於聯營公司的權益本集團於聯營公司的權益詳情如下：於二零二三年及二零二二年十二月三十一日，本集團主要聯營公司的詳情載列如下：225二零二三年年報 | 旭輝控股（集團）有限公司聯營公司名稱Name of associates註冊成立╱成立地點經營地點Place ofoperation本集團應佔股權Equity interest attributable to the Group本集團所持投票權比率Proportion of voting power held by the Group主要業務Principal activitiesPlace of incorporation/establishment二零二三年二零二二年二零二三年二零二二年2023202220232022 北京金開輝泰房地產開發有限公司（「北京金開輝泰」）Beijing Jinkaihuitai Property Development Co., Ltd. (“Beijing Jinkaihuitai”)中國PRC中國PRC33% 33% 33% 33%房地產開發Property development東莞市保匯實業投資有限公司（「東莞保匯」）Dongguan Baohui Investment Co., Ltd. (“Dongguan Baohui”)中國PRC中國PRC30% 30% 30% 30%房地產開發Property development北京金開旭泰房地產開發有限公司（「北京金開旭泰」）Beijing Jinkaixutai Property Development Co., Ltd. (“Beijing Jinkaixutai”)中國PRC中國PRC25% 25% 25% 25%房地產開發Property development19. INTERESTSINASSOCIATES (Continued)Particulars of the Group’s principal associates as at 31 December 2023 and 2022 are set out as follows: (Continued)19.於聯營公司的權益（續）於二零二三年及二零二二年十二月三十一日，本集團主要聯營公司的詳情載列如下：（續）226 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement19. INTERESTSINASSOCIATES (Continued)Summarised financial information of material associatesSummarised financial information in respect of the Group’s material associates are set out below. The summarised financial information below represents amounts shown in the associates’ financial statements prepared in accordance with IFRSs.All of these associates are accounted for using the equity method in the consolidated financial statements.As at 31 December 2023/For the year ended 31 December 2023紹興金翎蘇州旭融Shaoxing JinlingSuzhou Xurong人民幣千元人民幣千元RMB’000 RMB’000流動資產Current assets 5,913,5744,104,179非流動資產Non-current assets 4,074 –流動負債Current liabilities 2,496,9351,218,482非流動負債Non-current liabilities 28,242 –紹興金翎蘇州旭融Shaoxing JinlingSuzhou Xurong人民幣千元人民幣千元RMB’000 RMB’000收入Revenue 2,580,8306,275,193年內利潤及全面收入總額Profit and total comprehensive income for the year 270,014602,17019.於聯營公司的權益（續）重大聯營公司的財務資料概要有關本集團重大聯營公司的財務資料概要載列如下。

下述財務資料概要為根據國際財務報告準則編製的聯營公司財務報表所示金額。

所有該等聯營公司按權益法於綜合財務報表列賬。

於二零二三年十二月三十一日╱截至二零二三年十二月三十一日止年度227二零二三年年報 | 旭輝控股（集團）有限公司19. INTERESTSINASSOCIATES (Continued)Summarised financial information of material associates (Continued)As at 31 December 2023/For the year ended 31 December 2023 (Continued)Reconciliation of the above summarised financial information to the carrying amounts of the interests in the material associates recognised in the consolidated financial statements:紹興金翎蘇州旭融Shaoxing JinlingSuzhou Xurong人民幣千元人民幣千元RMB’000 RMB’000聯營公司的資產淨值Net assets of the associates 3,392,4712,885,697本集團於聯營公司的擁有權比例Proportion of the Group’s ownership interests in the associates 49% 49%本集團於聯營公司的權益賬面值Carrying amount of the Group’s interests in the associates 1,662,3111,413,992As at 31 December 2022/For the year ended 31 December 2022紹興金翎合肥興裕Shaoxing JinlingHefei Xingyu人民幣千元人民幣千元RMB’000 RMB’000流動資產Current assets 7,239,8603,678,053非流動資產Non-current assets 58212流動負債Current liabilities 3,592,9952,996,531非流動負債Non-current liabilities 524,990338,72319.於聯營公司的權益（續）重大聯營公司的財務資料概要（續）於二零二三年十二月三十一日╱截至二零二三年十二月三十一日止年度（續）上述財務資料概要與綜合財務報表中確認的重大聯營公司權益賬面值對賬：於二零二二年十二月三十一日╱截至二零二二年十二月三十一日止年度228 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement19. INTERESTSINASSOCIATES (Continued)Summarised financial information of material associates (Continued)As at 31 December 2022/For the year ended 31 December 2022 (Continued)紹興金翎合肥興裕Shaoxing JinlingHefei Xingyu人民幣千元人民幣千元RMB’000 RMB’000收入Revenue – 1,411,891年內（虧損）利潤及全面（開支）收入總額(Loss) profit and total comprehensive (expense) income for the year (29,531) 183,272Reconciliation of the above summarised financial information to the carrying amounts of the interests in the material associates recognised in the consolidated financial statements:紹興金翎合肥興裕Shaoxing JinlingHefei Xingyu人民幣千元人民幣千元RMB’000 RMB’000聯營公司的資產淨值Net assets of the associates 3,122,457342,811本集團於聯營公司的擁有權比例Proportion of the Group’s ownership interests in the associates 49% 45%本集團於聯營公司的權益賬面值Carrying amount of the Group’s interests in the associates 1,530,004154,26519.於聯營公司的權益（續）重大聯營公司的財務資料概要（續）於二零二二年十二月三十一日╱截至二零二二年十二月三十一日止年度（續）上述財務資料概要與綜合財務報表中確認的重大聯營公司權益賬面值對賬：229二零二三年年報 | 旭輝控股（集團）有限公司19. INTERESTSINASSOCIATES (Continued)Aggregate information of associates that are not individually material二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000本集團應佔虧損及全面開支總額The Group’s share of loss and total comprehensive expense (175,547) (95,045)二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000本集團於該等聯營公司的權益賬面總值Aggregate carrying amount of the Group’s interests in these associates 11,974,12312,346,07520. INTERESTSINJOINTVENTURESDetails of the Group’s interests in joint ventures are as follows:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000於合營企業的非上市投資成本Cost of unlisted investments in joint ventures 15,567,66112,469,510應佔收購後業績及其他全面收入，扣除已收股息Share of post-acquisition results and other comprehensive income, net of dividend received 1,171,416308,673 16,739,07712,778,18319.於聯營公司的權益（續）非個別重大聯營公司的匯總資料20.於合營企業的權益本集團於合營企業的權益詳情如下：230 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement20. INTERESTSINJOINTVENTURES (Continued)Particulars of the Group’s principal joint ventures as at 31 December 2023 and 2022 are set out as follows:合營企業名稱Name of joint venture註冊成立╱成立地點Place of incorporation/establishment經營地點Place of operation本集團應佔股權Equity interest attributable to the Group本集團所持投票權比率Proportion of voting power held by the Group主要業務Principal activities二零二三年二零二二年二零二三年二零二二年2023202220232022 旭寶有限公司Xu Bao Co. Limited英屬處女群島BVI中國PRC50% 50% 50% 50%投資控股Investment holding溫州市美昱房地產發展有限公司（「溫州美昱」）Wenzhou Meiyu Property Development Co., Ltd. (“Wenzhou Meiyu”)中國PRC中國PRC50% 50% 50% 50%房地產開發Property development重慶瀟湘實業有限公司（「重慶瀟湘」）Chongqing Xiaoxiang Property Co., Ltd.(“Chongqing Xiaoxiang”)中國PRC中國PRC49%* 49%* 49%* 49%*房地產開發Property development溫州市梁崟置業有限公司（「溫州梁崟」）Wenzhoushi Liangyin Property Co., Ltd.(“Wenzhou Liangyin”)中國PRC中國PRC50% 50% 50% 50%投資控股Investment holding青島銀盛泰房地產有限公司（「青島銀盛泰」）Qingdao Yinshengtai Real Estate Co., Ltd. (“Qingdao Yinshengtai”)中國PRC中國PRC50%* 50% 50%* 50%房地產開發Property development* These companies are accounted for as joint ventures at the respective period end date as in accordance with the memorandum and articles of the companies, major financial and operating policies of these companies require the unanimous consent of all directors.The joint ventures had properties under development for sale of approximately RMB57,396 million (2022: RMB52,468 million) and properties held for sale of approximately RMB36,042 million (2022: RMB65,497 million) as at 31 December 2023, all of which are situated in the PRC and Hong Kong.20.於合營企業的權益（續）於二零二三年及二零二二年十二月三十一日，本集團主要合營企業的詳情載列如下：*該等公司於各期間結束日期根據各公司的章程大綱及細則入賬為合營企業，該等公司的主要財務及營運政策須由全體董事一致通過。

合營企業於二零二三年十二月三十一日擁有位於中國及香港擬作出售的開發中物業及持作出售物業分別約人民幣57,396,000,000元（二零二二年：人民幣52,468,000,000元）及約人民幣36,042,000,000元（二零二二年：人民幣65,497,000,000元）。

231二零二三年年報 | 旭輝控股（集團）有限公司20. INTERESTSINJOINTVENTURES (Continued)Summarised financial information of material joint venturesSummarised financial information in respect of the Group’s material joint ventures is set out below. The summarised financial information below represents amounts shown in the joint ventures’ financial statements prepared in accordance with IFRSs.The joint ventures are accounted for using the equity method in the consolidated financial statements.As at 31 December 2023/For the year ended 31 December 2023溫州美昱青島銀盛泰WenzhouMeiyuQingdao Yinshengtai人民幣千元人民幣千元RMB’000 RMB’000流動資產Current assets 3,108,51424,609,008非流動資產Non-current assets 125,755617,701流動負債Current liabilities 1,453,91119,828,108非流動負債Non-current liabilities 140,000853,263收入Revenue 3,428,314500,885年內利潤及全面收入總額Profit and total comprehensiveincome for the year 22,44436,350The above amounts of assets and liabilities mainly include the following:溫州美昱青島銀盛泰WenzhouMeiyuQingdao Yinshengtai人民幣千元人民幣千元RMB’000 RMB’000擬作出售的開發中物業Properties under development for sale 177,3783,687,259現金及現金等價物Cash and cash equivalents 981,965376,185流動金融負債（不包括貿易及其他應付款項及撥備）Current financial liabilities (excluding tradeand other payables and provisions) – –20.於合營企業的權益（續）重大合營企業的財務資料概要以下載列有關本集團重大合營企業的財務資料概要。

下述財務資料概要為根據國際財務報告準則編製的合營企業財務報表所示金額。

該等合營企業按權益法於綜合財務報表列賬。

於二零二三年十二月三十一日╱截至二零二三年十二月三十一日止年度上述資產及負債金額主要包括以下各項：232 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement20. INTERESTSINJOINTVENTURES (Continued)Summarised financial information of material joint ventures (Continued)As at 31 December 2023/For the year ended 31 December 2023 (Continued)The above profit and total comprehensive income for the year includes the following:溫州美昱青島銀盛泰WenzhouMeiyuQingdao Yinshengtai人民幣千元人民幣千元RMB’000 RMB’000利息收入Interest income 14,2731,568所得稅開支Income tax expense 7,49115,900Reconciliation of the above summarised financial information to the carrying amounts of the interests in the material joint ventures recognised in the consolidated financial statements:溫州美昱青島銀盛泰WenzhouMeiyuQingdao Yinshengtai人民幣千元人民幣千元RMB’000 RMB’000該等合營企業的資產淨值Net assets of the joint ventures 1,640,3584,545,338本集團於該等合營企業的擁有權比例Proportion of the Group’s ownership interests in the joint ventures 50% 50% 本集團於該等合營企業的權益賬面值Carrying amount of the Group’s interests in the joint ventures 820,1792,272,66920.於合營企業的權益（續）重大合營企業的財務資料概要（續）於二零二三年十二月三十一日╱截至二零二三年十二月三十一日止年度（續）上述年內利潤及全面收入總額包括以下各項：上述財務資料概要與綜合財務報表中確認的重大合營企業權益賬面值對賬：233二零二三年年報 | 旭輝控股（集團）有限公司20. INTERESTSINJOINTVENTURES (Continued)Summarised financial information of material joint ventures (Continued)As at 31 December 2022/For the year ended 31 December 2022溫州美昱重慶瀟湘WenzhouMeiyuChongqingXiaoxiang人民幣千元人民幣千元RMB’000 RMB’000流動資產Current assets 6,673,1591,233,085非流動資產Non-current assets 84,947 –流動負債Current liabilities 4,930,187403,495非流動負債Non-current liabilities 210,005145,000收入Revenue 2,470,2781,903,444年內利潤及全面收入總額Profit and total comprehensive income for the year 315,810172,569The above amounts of assets and liabilities mainly include the following:溫州美昱重慶瀟湘WenzhouMeiyuChongqingXiaoxiang人民幣千元人民幣千元RMB’000 RMB’000擬作出售的開發中物業Properties under development for sale 2,129,359627,718現金及現金等價物Cash and cash equivalents 1,107,00642,337流動金融負債（不包括貿易及其他應付款項及撥備）Current financial liabilities (excluding trade and other payables and provisions) – –The above profit and total comprehensive income for the year includes the following:溫州美昱重慶瀟湘WenzhouMeiyuChongqingXiaoxiang人民幣千元人民幣千元RMB’000 RMB’000利息收入Interest income 19,867493所得稅開支Income tax expense 105,27063,70120.於合營企業的權益（續）重大合營企業的財務資料概要（續）於二零二二年十二月三十一日╱截至二零二二年十二月三十一日止年度上述資產及負債金額主要包括以下各項：上述年內利潤及全面收入總額包括以下各項：234 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement20. INTERESTSINJOINTVENTURES (Continued)Summarised financial information of material joint ventures (Continued)As at 31 December 2022/For the year ended 31 December 2022 (Continued)Reconciliation of the above summarised financial information to the carrying amounts of the interests in the material joint ventures recognised in the consolidated financial statements:溫州美昱重慶瀟湘WenzhouMeiyuChongqingXiaoxiang人民幣千元人民幣千元RMB’000 RMB’000該等合營企業的資產淨值Net assets of the joint ventures 1,617,914684,590本集團於該等合營企業的擁有權比例Proportion of the Group’s ownership interests in the joint ventures 50% 49% 本集團於該等合營企業的權益賬面值Carrying amount of the Group’s interests in the joint ventures 808,957335,449Aggregate information of joint ventures that are not individually material二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000本集團應佔利潤（虧損）及全面收入（開支）總額The Group’s share of profit (loss) and total comprehensive income (expense) 112,825 (1,955,714)二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000本集團於該等合營企業的權益賬面值總額Aggregate carrying amount of the Group’s interests in these joint ventures 13,646,22911,633,77720.於合營企業的權益（續）重大合營企業的財務資料概要（續）於二零二二年十二月三十一日╱截至二零二二年十二月三十一日止年度（續）上述財務資料概要與綜合財務報表中確認的重大合營企業權益賬面值對賬：非個別重大合營企業的匯總資料235二零二三年年報 | 旭輝控股（集團）有限公司上述餘額指本集團於蘇州、宜興、長沙及南京物業項目的權益，而將予收取的金額乃根據與交易對手方訂立的各安排所訂明相關物業單位的銷售額及成本釐定，且將於報告期末按公平值列賬。

有關公平值計量的詳情載於附註52。

22.按公平值計入損益的金融資產按公平值計入損益的金融資產：21.於物業項目的投資21. INVESTMENTSINPROPERTYPROJECTS二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000按公平值計入損益的金融資產：Financial assets at FVTPL:於物業項目的投資Investments in property projects 53,67194,310The above balance represents the Group’s interests in the property projects located in Suzhou, Yixing, Changsha and Nanjing of which the amounts to be receivable are determined based on the sales and costs of the relevant property units specified in the respective arrangement with the counterparts and it is carried at fair value at the end of the reporting period. Details of the fair value measurements are set out in note 52.22. FINANCIALASSETSATFVTPLFinancial assets mandatorily measured at FVTPL:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000持作買賣的上市證券：Listed securities held for trading:於聯交所上市的股本證券Equity securities listed on the Stock Exchange 4,26420,759 按公平值計入損益的金融資產：Financial assets at FVTPL:非上市私人股本投資基金Unlisted private equity investment funds 739,354818,340 743,618839,099就報告目的分析如下：Analysed for reporting purpose as:流動資產Current assets 4,26420,759非流動資產Non-current assets 739,354818,340743,618839,099Listed equity instruments are classified as current as the management considers these investments are held for trading and expects to realise these financial assets within twelve months after the reporting period.上市股本工具分類為流動資產，因管理層認為該等投資持作買賣並預期於報告期後十二個月內將該等金融資產變現。

236 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement22. FINANCIALASSETSATFVTPL (Continued)The ba l ance inc lude s p r e - l i t iga t i on f inanc i a l a s s e t s a t FVTPL o f RMB262,448,000 (2022: RMB180,810,000). Due to judicial proceedings in which prelitigation asset preservation was carried out by the courts, the equities invested by the Group were frozen, and when the proceedings are completed, the frozen funds are lifted.二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000按貨幣劃分且按公平值計入損益的金融資產分析：Analysis of financial assets at FVTPL by currency:－以人民幣計值– Denominated in RMB 625,111687,721－以港元計值– Denominated in HK$ 7,48247,838－以美元計值– Denominated in US$ 111,025103,540 743,618839,09923. EQUITYINSTRUMENTSATFVTOCI二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000非上市投資：Unlisted investments:於中國成立的私人實體的股本投資Equity investments in private entities established in the PRC 29,83339,810 29,83339,810These investments are not held for trading, instead, they are held for long-term strategic purposes. The directors of the Company have elected to designate these investments in equity instruments at FVTOCI as they believe that recognising short-term fluctuations in these investments’ fair value in profit or loss would not be consistent with the Group’s strategy of holding these investments for long-term purposes and realising their performance potential in the long run.22.按公平值計入損益的金融資產（續）該結餘包括按公平值計入損益的訴訟前金融資產人民幣262,448,000元（二零二二年：人民幣180,810,000元）。

由於法院進行保全訴訟前資產的司法程序，本集團所投資股權遭凍結，而當訴訟結束後，凍結資金獲解除。

23.按公平值計入其他全面收入的股本工具該等投資並非持作買賣，而是為長遠策略而持有。

由於本公司董事認為，確認該等投資計入損益的公平值的短期波動與本集團為長遠持有該等投資及實現其長遠潛在表現的策略不符，因此已選擇將該等股本工具投資指定為按公平值計入其他全面收入。

237二零二三年年報 | 旭輝控股（集團）有限公司24. PROPERTIESHELDFORSALEThe Group’s properties held for sale are substantially situated in the PRC. All the properties held for sale are stated at the lower of cost and NRV.The Group had p ledged proper t i e s he ld fo r s a l e o f approx imate ly RMB11,815,876,000 (2022: RMB12,034,743,000) as at 31 December 2023 to secure bank and other borrowings of the Group.25. PROPERTIESUNDERDEVELOPMENTFORSALEThe carrying amount of leasehold lands is measured at cost less any accumulated depreciation and any impairment losses. The residual values are determined as the estimated disposal value of the leasehold land component. No depreciation charge is made on the leasehold lands taking into account the estimated residual values as at 31 December 2023 and 2022.During the year ended 31 December 2023, there are no additions to leasehold lands (2022: RMB3,527,307,000).The properties under development for sale are located in the PRC and represent properties under development for subsequent sale upon completion.The Group had pledged properties under development for sale of approximately RMB70,869,752,000 (2022: RMB109,168,682,000) as at 31 December 2023 to secure bank and other borrowings of the Group.24.持作出售物業本集團的持作出售物業主要位於中國。

所有持作出售物業按成本與可變現淨值兩者間的較低者列賬。

於二零二三年十二月三十一日，本集團已抵押約人民幣11,815,876,000元（二零二二年：人民幣12,034,743,000元）的持作出售物業，以取得本集團的銀行及其他借款。

25.擬作出售的開發中物業租賃土地的賬面值按成本減任何累積折舊及任何減值成本計量。

剩餘價值釐定為租賃土地組成部分的估計出售價值。

經計及二零二三年及二零二二年十二月三十一日的估計剩餘價值，並無就租賃土地作出折舊費用。

於截至二零二三年十二月三十一日止年度，概無添置租賃土地（二零二二年：人民幣3,527,307,000元）。

擬作出售的開發中物業均位於中國，代表該等在完工後用作後續出售的開發中物業。

於二零二三年十二月三十一日，本集團抵押約人民幣70,869,752,000元（二零二二年：人民幣109,168,682,000元）的擬作出售的開發中物業，以取得本集團的銀行及其他借款。

238 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement26. ACCOUNTSANDOTHERRECEIVABLES , DEPOSITSANDPREPAYMENTSAccounts receivables mainly arise from the sales of properties. Considerations in respect of properties sold are paid in accordance with the terms of the related sales and purchase agreements, normally with a range of 60 days to 180 days from the date of agreement.二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000應收賬款－客戶合約Accounts receivables – contracts with customers 3,962,7304,560,721減：預期信貸虧損撥備Less: Allowance for expected credit losses (335,715) (244,359) 3,627,0154,316,362 其他應收款項（附註） Other receivables (note) 27,649,40221,479,776減：預期信貸虧損撥備Less: Allowance for expected credit losses (515,838) (167,829) 27,133,56421,311,947 預付稅項Prepaid tax 1,199,1961,365,559按金及預付款項Deposits and prepayments 3,748,6673,901,256 35,708,44230,895,124減：非流動資產項下所示金額Less: Amount shown under non-current assets (55,020) (58,523) 流動資產項下所示金額Amounts shown under current assets 35,653,42230,836,601Note: The amount mainly includes temporary deposits paid for potential property development projects and project-related deposits which would be refundable upon completion of the development projects. There is no fixed repayment term for deposits and the directors of the Company consider they are repayable on demand.As at 1 January 2022, accounts receivables from contracts with customers amounted to RMB5,287,555,000.26.應收賬款及其他應收款項、按金及預付款項應收賬款主要來自物業銷售。

有關已售物業的代價乃根據相關買賣協議的條款且通常自協議日期起計介乎60日至180日內支付。

附註：有關金額主要包括就潛在物業開發項目的臨時按金及於完成開發項目後可返還的項目相關按金。

按金並無固定還款期，本公司董事認為其須按要求償還。

於二零二二年一月一日，來自客戶合約的應收賬款為人民幣5,287,555,000元。

239二零二三年年報 | 旭輝控股（集團）有限公司26. ACCOUNTSANDOTHERRECEIVABLES , DEPOSITSANDPREPAYMENTS (Continued)The following is an aging analysis of accounts receivables, based on the invoice date and net of allowance, at the end of the reporting period:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000於60日內Within 60 days 2,018,1852,259,99761至180日61–180 days 315,398371,886181至365日181–365 days 573,456432,3361年以上Over 1 year 719,9761,252,143 3,627,0154,316,362Before accepting any corporate customer, the Group uses an internal credit assessment system to assess the potential customers’ credit quality.As at 31 December 2023, included in the Group’s accounts receivables balance are debtors with aggregate carrying amount of RMB167,631,000 (2022: RMB119,042,000) which are past due at the end of the reporting period. Out of the past due balances, RMB155,463,000 (2022: RMB70,198,000) has been past due for 90 days or more which are not considered as in default as those balances are mainly those banks with good quality and pending for completing their mortgage procedures.Details of impairment assessment of accounts and other receivables are set out in note 50.26.應收賬款及其他應收款項、按金及預付款項（續）以下為於報告期末按發票日期編製的應收賬款（經扣除撥備）賬齡分析：於接納任何企業客戶前，本集團使用內部信貸評估制度評估潛在客戶的信貸質素。

於二零二三年十二月三十一日，於報告日期末逾期賬面總值為人民幣167,631,000元（二零二二年：人民幣119,042,000元）的應收賬款，計入本集團的應收賬款餘額。

於已逾期結餘中，人民幣155,463,000元（二零二二年：人民幣70,198,000元）已逾期90日或以上，而並不視為違約，原因為該等結餘主要來自信譽良好的銀行，且目前正處於完成按揭的程序中。

有關應收賬款及其他應收款項的減值評估詳情載於附註50。

240 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement27.應收╱應付非控股權益款項應收╱應付非控股權益款項為非貿易相關、無抵押、免息及須按要求償還。

本公司董事預期有關款項將於報告期末起計12個月內結算。

28.應收╱應付合營企業及聯營公司款項應收╱應付合營企業及聯營公司款項為非貿易相關、無抵押、免息及須按要求償還。

本公司董事預期有關款項將於報告期末起計12個月內結算。

29.質押性銀行存款、銀行結餘及現金27. AMOUNTSDUEFROM/TONON-CONTROLLING INTERESTSThe amounts due from/to non-controlling interests are non-trade related, unsecured, interest-free and are repayable on demand. The directors of the Company expect the amounts will be settled within 12 months from the end of the reporting period.28. AMOUNTSDUEFROM/TOJOINTVENTURES ANDASSOCIATESThe amounts due from/to joint ventures and associates are non-trade related, unsecured, interest-free and are repayable on demand. The directors of the Company expect the amounts will be settled within 12 months from the end of the reporting period.29. PLEDGEDBANKDEPOSITS, BANKBALANCES ANDCASH二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000現金及現金等價物Cash and cash equivalents 2,765,4015,700,600受限制現金（附註a） Restricted cash (note a) 9,984,39014,407,515 銀行結餘及現金Bank balances and cash 12,749,79120,108,115質押性銀行存款（附註b） Pledged bank deposits (note b) 1,004,098445,300 13,753,88920,553,415 The balances carrying interest at variable interest rates ranging from 0.01% to 1.75% (2022: 0.25% to 1.83%) per annum.結餘按介乎0.01厘至1.75厘（二零二二年：0.25厘至1.83厘）的浮動年利率計息。

241二零二三年年報 | 旭輝控股（集團）有限公司29.質押性銀行存款、銀行結餘及現金（續）附註：(a)於二零二三年十二月三十一日，結餘指根據適用政府法規存放於受限制銀行賬戶內為數人民幣9,984,390,000元（二零二二年：人民幣14,407,515,000元）的款項，該等結餘僅可用於指定物業發展項目。

(b)於二零二三年十二月三十一日，質押性銀行存款包括應付票據存款人民幣16,584,000元、履約保證金人民幣44,427,000元、未償還按揭抵押保證金人民幣34,977,000元、銀行貸款保證金及其他凍結資金人民幣908,110,000元。

須存放未償還按揭保證金作為抵押，以就物業買家借入按揭貸款向銀行提供擔保。

有關保證金於向買家交付物業後解除。

有關質押性銀行存款、銀行結餘及現金的減值評估詳情載於附註50。

本集團以相關集團實體的功能貨幣以外貨幣計值的質押性銀行存款、銀行結餘及現金載列如下：29. PLEDGEDBANKDEPOSITS, BANKBALANCES ANDCASH (Continued)Notes:(a) As at 31 December 2023, the balance that are placed in restricted bank accounts in accordance with the applicable government regulat ions amounting to RMB9,984,390,000 (2022: RMB14,407,515,000), such balances can only be applied in the designated property development projects.(b) Pledged bank deposits includes deposits of bills payables of RMB16,584,000, performance deposit of RMB44,427,000, outstanding mortgage security deposits of RMB34,977,000, bank loan deposits and other frozen fund of RMB908,110,000 as at 31 December 2023. The outstanding mortgage security deposits were required to place as securities to provides guarantees to banks in connection with the property purchasers’ borrowing of mortgage loans. Such deposits were released upon delivery the property to purchasers.Details of impairment assessment of pledged bank deposits, bank balances and cash are set out in note 50.The Group’s pledged bank deposits, bank balances and cash that are denominated in currency other than the functional currency of the relevant group entities are set out below:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000－以人民幣計值– Denominated in RMB 13,605,73119,837,437－以港元計值– Denominated in HK$ 64,010581,431－以美元計值– Denominated in US$ 50,73954,666－以其他貨幣計值– Denominated in other currencies 33,40979,881 13,753,88920,553,415242 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement30.應付賬款及其他應付款項以及應計開支30. ACCOUNTSANDOTHERPAYABLESAND ACCRUEDCHARGES二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000應付賬款Accounts payables 29,116,34730,760,787應付票據Bills payables 16,906301,012其他應付款項及應計開支（附註） Other payables and accrued charges (note) 16,132,09117,702,610其他應付稅項Other tax payable 4,167,6007,148,164應付利息Interest payables 2,950,341431,367 52,383,28556,343,940減：非流動負債項下所示金額Less: Amounts shown under non-current liabilities (9,322) (13,174) 流動負債項下所示金額Amounts shown under current liabilities 52,373,96356,330,766Accounts payables and accrued expenditure on construction comprise construction costs and other project-related expenses which are payable based on project progress measured by the Group.The following is an ageing analysis of accounts payables and bills payables, based on the invoice date, at the end of the reporting period:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000於60日內Within 60 days 14,089,11011,210,02961至180日61–180 days 2,791,7266,138,201181至365日181–365 days 3,587,4029,171,5201年以上Over 1 year 8,665,0154,542,049 29,133,25331,061,799Note: Other payables and accrued charges mainly represent temporary payments received for potential property development projects and various deposits received from contractors in relation to tendering and execution of construction contracts.有關建設的應付賬款及應計開支包括建造成本及其他項目相關開支，該等款項乃根據本集團計量的項目進度支付。

以下為於報告期末按發票日期編製的應付賬款及應付票據賬齡分析：附註：其他應付款項及應計開支主要指就潛在物業開發項目所收取的臨時付款以及就競投及執行建造合約而向承建商收取的多筆按金。

243二零二三年年報 | 旭輝控股（集團）有限公司31. CONTRACTLIABILITIES二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000銷售物業（附註a） Sales of properties (note a) 47,724,12890,931,588物業管理及其他服務（附註b） Property management and other services (note b) 820,885620,088 48,545,01391,551,676As at 1 January 2022, contract liabilities amounted to RMB77,822,084,000.Contract liabilities are expected to be settled within the Group’s normal operating cycle.The following table shows how much of the revenue recognised in the current year relates to carried-forward contract liabilities.二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000計入年初合約負債結餘的已確認收入Revenue recognised that was included in the contract liabilities balance at the beginning of the year－銷售物業– Sales of properties 54,882,93830,359,757－物業管理及其他服務– Property management and other services 667,996587,966 55,550,93430,947,723Notes:(a) The Group receives 30%-100% of the contract value as deposits from customers when they sign the sale and purchase agreements.(b) The contract liabilities mainly arise from the advance payments made by customers while the underlying services are yet to be provided.31.合約負債於二零二二年一月一日，合約負債為人民幣77,822,084,000元。

預期合約負債將於本集團一般營運周期內結算。

下表列示於本年度確認的收入與結轉合約負債的相關程度。

附註：(a)本集團可於客戶簽署買賣協議時自客戶收取30%至100%的合約價值作為按金。

(b)合約負債主要來自客戶在尚未獲提供相關服務的情況下作出的墊款。

244 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement32. LEASELIABILITIES二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000應付租賃負債：Lease liabilities payable:一年內Within one year 49,46262,913為期一年以上，但不超過兩年Within a period of more than one year but not more than two years 27,04648,201為期兩年以上，但不超過五年Within a period of more than two years but not more than five years 38,20447,722為期五年以上Within a period of more than five years 49,10258,020 163,814216,856減：流動負債項下所示12個月內到期結算的金額Less: Amounts due for settlement within 12 months shown under current liabilities (49,462) (62,913) 非流動負債項下所示12個月後到期結算的金額Amounts due for settlement after 12 months shown under non-current liabilities 114,352153,943The weighted average incremental borrowing rates applied to lease liabilities range from 4.50% to 8.80% (2022: from 3.50% to 6.00%) per annum.Lease obligations that are denominated in currency other than the functional currency of the relevant group entities are set out below:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000港元HK$ 1863,02032.租賃負債應用至租賃負債的加權平均增量借款年利率介乎4.50%至8.80%（二零二二年：介乎3.50%至6.00%）。

以有關集團實體的功能貨幣以外貨幣計值的租賃負債載列如下：245二零二三年年報 | 旭輝控股（集團）有限公司於各報告期末的若干銀行及其他借款乃以附註43所載抵押資產及若干附屬公司的股權擔保。

附註：(a)借款須按以下償還*：33.銀行及其他借款33. BANKANDOTHERBORROWINGS二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000有抵押銀行貸款（附註d） Bank loans, secured (note d) 29,691,86746,389,268雙邊貸款（附註f） Bilateral loans (note f) 4,054,4884,532,246銀團貸款（附註g） Syndicated loans (note g) 12,241,28712,089,170商業抵押擔保證券（「商業抵押擔保證券」）（附註h）Commercial-mortgage-backed-securities (“CMBS”) (note h) 2,447,5162,474,657其他貸款Other loan 518,010 – 48,953,16865,485,341Certain bank and other borrowings as at the end of each reporting period were secured by the pledge of assets set out in note 43 and equity interests in certain subsidiaries.Notes:(a) The borrowings are repayable*:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000一年內，或因違約付款而須按要求償還的借款Within one year, or borrowings that are repayable on demand due to default of payment 30,765,06137,487,563一年以上，但不超過兩年More than one year, but not exceeding two years 8,988,25415,773,715兩年以上，但不超過三年More than two years, but not exceeding three years 2,905,0885,437,219三年以上，但不超過五年More than three years, but not exceeding five years 712,7501,157,625五年以上More than five years 5,582,0155,629,21948,953,16865,485,341減：流動負債項下所示一年內到期金額Less: Amounts due within one year shown under current liabilities (30,765,061) (37,487,563)18,188,10727,997,778* The amounts due are based on scheduled repayment dates set out in the loan agreements.二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000以貨幣劃分的借款分析：Analysis of borrowings by currency:－以人民幣計值– Denominated in RMB 31,400,94847,561,856－以港元計值– Denominated in HK$ 9,355,9199,789,940－以美元計值– Denominated in US$ 7,932,3057,832,104－以其他貨幣計值– Denominated in other currencies 263,996301,44148,953,16865,485,341*到期款項根據貸款協議所載的預定還款日期計算。

246 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement33. BANKANDOTHERBORROWINGS (Continued)Notes: (Continued)(b) Fixed-rate borrowings amounted to approximately RMB7,829,202,000 (2022: RMB9,286,055,000) carry interest ranging from 2.36% to 9.74% (2022: 2.36% to 10.00%) per annum at 31 December 2023 and expose the Group to fair value interest rate risk. The remaining borrowings are arranged at variable rates with effective interest rates ranging from 2.35% to 7.35% (2022: 2.20% to 8.50%) per annum at 31 December 2023.(c) In respect of bank borrowings with an aggregate carrying amount of RMB17,288,224,000 (2022: RMB17,664,625,000) as at 31 December 2023, the Group is required to comply with the financial covenants throughout the continuance of the relevant loans and/or as long as the loans are outstanding.In October 2022, the Group was unable to repay certain bank borrowings which was due for payment in accordance with the respective loan agreement or due for early repayment obligations triggered by rating downgrade. As the Group has experienced further deteriorated market condition with sluggish sales and further tightening of credit available to the industry and did not receive any new significant financing onshore and offshore, the Group decided to suspend payments of all principal and interest falling due on the Group’s offshore financing arrangements (other than certain secured project loans), which included bank borrowings, senior notes (note 34) and convertible bonds (note 36). Details are set out in the Company’s announcement dated 1 November 2022. The suspension of payment of principal and interest of bank borrowings constitute a default of payment. During the year, the Group has repaid the principal amount RMB376,401,000. The default bank borrowings amounted to RMB17,288,224,000 (2022: RMB17,664,625,000) are presented under current liabilities in the Group’s consolidated statement of financial position as at 31 December 2023.(d) The range of effective interest rates at the end of each reporting period are as follows:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000 銀行貸款Bank loans 2.35% – 9.74% 2.20% – 10.00% (e) Included in the Group’s bank loans, amount of approximately RMB5,417,029,000 (2022: RMB9,086,032,000) as at 31 December 2023 is secured by equity interests of certain subsidiaries of the Group.(f) The Company as borrower, entered into facility agreements with various offshore banks and financial institutions as lenders (“Bilateral loans”). The Bilateral loans had terms ranging up to three years carried various interest from Hong Kong Interbank Offered Rate (“HIBOR”) plus 2.00% to HIBOR plus 3.96%, LIBOR plus 2.70% to LIBOR plus 3.7% and the fixed rate of 6% per annum. On 28 June 2023 and 30 June 2023, the Company and the facility Agent entered into override agreements to amend the original facility agreement to replace LIBOR with Secured Overnight Financing Rate (“SOFR”).(g) On 27 July 2021, the Company as borrower, and certain offshore subsidiaries of the Group as initial guarantors, entered into a syndicated loan agreement with a group of financial institutions as lenders. The syndicated loan was HK$ term loan facility with an aggregate amount of approximately HK$2,798 million with final maturity of forty-two months from the date of first utilisation date and carried interest at HIBOR plus 2.75% per annum. On 14 July 2023, the Company and the facility Agent entered into an override agreement to amend the original facility agreement to replace LIBOR with SOFR.33.銀行及其他借款（續）附註：（續）(b)於二零二三年十二月三十一日，約人民幣7,829,202,000元（二零二二年：人民幣9,286,055,000元）的定息借款按介乎2.36厘至9.74厘（二零二二年：2.36厘至10.00厘）的年利率計息，令本集團面對公平值利率風險。

餘下借款按浮動利率安排，於二零二三年十二月三十一日，實際年利率介乎2.35厘至7.35厘（二零二二年：2.20厘至8.50厘）。

(c)就二零二三年十二月三十一日賬面總值人民幣17,288,224,000元（二零二二年：人民幣17,664,625,000元）的銀行借款而言，本集團須於相關貸款持續期間及╱或貸款未償還期間遵守金融契諾。

於二零二二年十月，本集團未能償還根據相關貸款協議到期應付或因評級下調觸發提前到期償還條款的若干銀行借款。

因市場進一步惡化，銷售疲弱，行業融資愈趨困難且境內外均沒有新增重大融資，本集團決定暫停支付本集團境外融資安排項下所有應付的本金和利息（若干有抵押的項目貸款除外），其中包括銀行借款、優先票據（附註34）及可換股債券（附註36）。

詳情載於本公司日期為二零二二年十一月一日的公告內。

暫停支付銀行借款本金及利息構成違約付款。

年內，本集團已償還本金人民幣376,401,000元。

於二零二三年十二月三十一日，違約銀行借款人民幣17,288,224,000元（二零二二年：人民幣17,664,625,000元）於本集團綜合財務狀況表內流動負債下呈列。

(d)於各報告期末的實際利率範圍如下：(e)於二零二三年十二月三十一日，計入本集團銀行貸款的金額約人民幣5,417,029,000元（二零二二年：人民幣9,086,032,000元）乃由本集團若干附屬公司的股權作抵押。

(f)本公司（作為借款方）與多間離岸銀行及融資機構（作為貸款方）訂立融資協議（「雙邊貸款」）。

雙邊貸款的年期最多為三年，並分別由香港銀行同業拆息率（「香港銀行同業拆息率」）加2.00厘至香港銀行同業拆息率加3.96厘、由倫敦銀行同業拆息率加2.70厘至倫敦銀行同業拆息率加3.7厘及按固定年利率6厘計息。

於二零二三年六月二十八日及二零二三年六月三十日，本公司與貸款代理訂立撤銷協議，修訂原融資協議，以有擔保隔夜融資利率（「有抵押隔夜融資利率」）取代倫敦銀行同業拆息率。

(g)於二零二一年七月二十七日，本公司（作為借款方）及本集團若干離岸附屬公司（作為初步擔保人），與一組財務機構（作為貸款方）訂立銀團貸款協議。

銀團貸款為港元的固定期限貸款融資，總額約為2,798,000,000港元，最後期限為自首次動用日期起計四十二個月，並按香港銀行同業拆息率加2.75厘的年利率計息。

於二零二三年七月十四日，本公司與貸款代理訂立撤銷協議，修訂原融資協議，以有擔保隔夜融資利率取代倫敦銀行同業拆息率。

247二零二三年年報 | 旭輝控股（集團）有限公司33.銀行及其他借款（續）附註：（續）(g) （續）於二零二一年一月七日，本公司（作為借款方）及本集團若干離岸附屬公司（作為初步擔保人），與一組財務機構（作為貸款方）訂立銀團貸款協議。

銀團貸款為雙幣種的固定期限貸款融資，總額約為3,521,000,000港元，分為兩部分：(i)美元部分合共235,000,000美元；及(ii)港元部分合共1,688,000,000港元，最後期限為自首次動用日期起計四十二個月，並按香港銀行同業拆息率加2.95厘及倫敦銀行同業拆息率加2.95厘的年利率計息。

於二零二三年七月四日，本公司與貸款代理訂立撤銷協議，修訂原融資協議，以有擔保隔夜融資利率取代倫敦銀行同業拆息率。

於二零二零年四月九日，本公司（作為借款方）及本集團若干離岸附屬公司（作為初步擔保人），與一組財務機構（作為貸款方）訂立銀團貸款協議。

銀團貸款為雙幣種的固定期限貸款融資，總額約為5,371,000,000港元，分為兩部分：(i)美元部分合共489,000,000美元；及(ii)港元部分合共1,557,000,000港元，最後期限為自首次動用日期起計四十二個月，並按香港銀行同業拆息率加3.0厘及倫敦銀行同業拆息率加3.0厘的年利率計息。

於二零二三年七月十一日，本公司與貸款代理訂立撤銷協議，修訂原融資協議，以有擔保隔夜融資利率取代倫敦銀行同業拆息率。

於二零一九年八月二十八日，本公司（作為借款方）及本集團若干離岸附屬公司（作為初步擔保人），與一組財務機構（作為貸款方）訂立銀團貸款協議。

銀團貸款為雙幣種的固定期限貸款融資，總額約為2,846,000,000港元，分為兩部分：(i)美元部分合共160,000,000美元；及(ii)港元部分合共1,598,000,000港元，最後期限為自首次動用日期起計四十二個月，並按香港銀行同業拆息率加3.10厘及倫敦銀行同業拆息率加3.10厘的年利率計息。

於二零一九年九月二十四日，本公司（作為借款方）及本集團若干離岸附屬公司（作為初步擔保人），與一組財務機構（作為貸款方）訂立額外銀團貸款協議。

額外銀團貸款為雙幣種的固定期限貸款融資，總額約為803,000,000港元，分為兩部分：(i)美元部分合共20,000,000美元；及(ii)港元部分合共647,000,000港元，連同於二零一九年八月二十八日借入的銀團貸款，兩者期限及利息相同。

於二零二三年八月二十八日，本公司與貸款代理訂立撤銷協議，修訂原融資協議，以有擔保隔夜融資利率取代倫敦銀行同業拆息率。

(h)於二零二零年十一月十日，旭輝集團股份有限公司（「旭輝中國」）根據以租金收入未來盈利作抵押的證券化安排發行面值總額人民幣2,501,000,000元於二零三八年十月六日到期於上海證券交易所（「上交所」）上市的商業抵押擔保證券（「二零三八年十月到期商業抵押擔保證券」）。

根據該等安排，二零三八年十月到期商業抵押擔保證券的優先部分以面值總額人民幣2,500,000,000元發行，按年利率5厘計息，利息每季支付，並由獨立第三方認購；而面值總額為人民幣1,000,000元的二零三八年十月到期商業抵押擔保證券的次級部分已發行，其不計息並已由旭輝中國認購。

如發生違約，優先部分較次級部分優先償還。

二零三八年十月到期商業抵押擔保證券的實際年利率為5厘。

於二零二三年十月十三日，本集團與投資者就商業抵押擔保證券訂立協議。

還款本金模式由二零二三年十二月償還剩餘本金變更為於二零二四年、二零二五年及二零二六年分別償還3%、4%及93%。

於截至二零二三年十二月三十一日止年度，本集團按還款時間表每季度償還二零三八年十月到期商業抵押擔保證券本金額人民幣27,500,000元（二零二二年：人民幣20,500,000元）。

33. BANKANDOTHERBORROWINGS (Continued)Notes: (Continued)(g) (Continued)On 7 January 2021, the Company as borrower, and certain offshore subsidiaries of the Group as initial guarantors, entered into a syndicated loan agreement with a group of financial institutions as lenders. The syndicated loan was dual-currency term loan facility with an aggregate amount of approximately HK$3,521 million divided into two tranches: (i) United States dollars tranche with an aggregate amount of US$235 million; and (ii) Hong Kong dollars tranche with an aggregate amount of HK$1,688 million, with final maturity of forty-two months from the date of first utilisation date and carried interest at HIBOR plus 2.95% and LIBOR plus 2.95% per annum. On 4 July 2023, the Company and the facility Agent entered into an override agreement to amend the original facility agreement to replace LIBOR with SOFR.On 9 April 2020, the Company as borrower, and certain offshore subsidiaries of the Group as initial guarantors, entered into a syndicated loan agreement with a group of financial institutions as lenders. The syndicated loan was dual-currency term loan facility with an aggregate amount of approximately HK$5,371 million divided into two tranches: (i) United States dollars tranche with an aggregate amount of US$489 million; and (ii) Hong Kong dollars tranche with an aggregate amount of HK$1,557 million, with final maturity of forty-two months from the date of first utilisation date and carried interest at HIBOR plus 3.0% and LIBOR plus 3.0% per annum. On 11 July 2023, the Company and the facility Agent entered into an override agreement to amend the original facility agreement to replace LIBOR with SOFR.On 28 August 2019, the Company as borrower, and certain offshore subsidiaries of the Group as initial guarantors, entered into a syndicated loan agreement with a group of financial institutions as lenders. The syndicated loan was dual-currency term loan facility with an aggregate amount of approximately HK$2,846 million divided into two tranches: (i) United States dollars tranche with an aggregate amount of US$160 million; and (ii) Hong Kong dollars tranche with an aggregate amount of HK$1,598 million, with final maturity of forty-two months from the date of first utilisation date and carried interest at HIBOR plus 3.10% and LIBOR plus 3.10% per annum.On 24 September 2019, the Company as borrower, and certain offshore subsidiaries of the Group as initial guarantors, entered into an additional syndicated loan agreement with a group of financial institutions as lenders. The additional syndicated loan was dual-currency term loan facility with an aggregate amount of approximately HK$803 million divided into two tranches: (i) United States dollars tranche with an aggregate amount of US$20 million; and (ii) Hong Kong dollars tranche with an aggregate amount of HK$647 million consolidated with the syndicated loan borrowed on 28 August 2019, carried the same maturity date and interest. On 28 August 2023, the Company and the facility Agent entered into an override agreement to amend the original facility agreement to replace LIBOR with SOFR.(h) On 10 November 2020, CIFIGroup Co., Ltd. (“CIFIPRC”) issued CMBS (“October 2038 due CMBS”) which is listed on the Shanghai Stock Exchange (“SSE”) under securitisation arrangements collateralised by the future earnings relating to rental income with maturity on 6 October 2038 at a total nominal amount of RMB2,501,000,000. Under the arrangements, priority portion of October 2038 due CMBS were issued with aggregate nominal value of RMB2,500,000,000 which carry interests of 5% per annum, interests payable quarterly and were subscribed by independent third parties, while secondary portion of October 2038 due CMBS with aggregate nominal value of RMB1,000,000 were issued, interest-free and were subscribed by CIFIPRC. The priority portion takes priority over the secondary portion in event of default. The effective interest of October 2038 due CMBS is 5% per annum.On 13 October 2023, the Group entered into an agreement with investors for CMBS. The repayment pattern of the principal changes from repaying the remaining principal on December 2023 into 3% in 2024,4% in 2025 and 93% in 2026 respectively. During the year ended 31 December 2023, the Group repaid RMB27,500,000 (2022: RMB20,500,000) principal amount of October 2038 due CMBS quarterly based on repayment schedule.248 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement34.優先票據34. SENIORNOTES二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000以美元計值的優先票據：Senior notes denominated in US$:二零二三年一月到期優先票據（附註a） Senior notes due in January 2023 (note a) 2,124,8102,145,409二零二四年三月到期優先票據（附註b） Senior notes due in March 2024 (note b) 4,059,8243,977,800二零二四年十一月到期優先票據（附註c） Senior notes due in November 2024 (note c) 3,642,6233,573,482二零二五年七月到期優先票據（附註d） Senior notes due in July 2025 (note d) 4,115,8514,057,582二零二五年十月到期優先票據（附註e） Senior notes due in October 2025 (note e) 3,576,0693,527,669二零二六年五月到期優先票據（附註f） Senior notes due in May 2026 (note f) 2,511,4602,466,433二零二六年八月到期優先票據（附註g） Senior notes due in August 2026 (note g) 3,522,1703,451,812二零二七年四月到期優先票據（附註h） Senior notes due in April 2027 (note h) 2,996,8372,949,846二零二八年五月到期優先票據（附註i） Senior notes due in May 2028 (note i) 1,068,5471,051,410以人民幣計值的優先票據：Senior notes denominated in RMB:二零二三年八月到期優先票據（附註j） Senior notes due in August 2023 (note j) 1,200,0001,230,991 28,818,19128,432,434減：因違約或交叉違約付款而需按要求償還的金額（流動負債項下所示）（附註k）Less: Amounts that are repayable on demand due to default or cross-default of payment (shown under current liabilities) (note k) (28,818,191) (28,432,434) – –減：計入流動負債內的一年內到期金額Less: Amounts due within one year included in current liabilities – – 計入非流動負債內的一年後到期金額Amounts due after one year included in non-current liabilities – –Notes:贖回價期間Period Redemption price 二零二零年2020102.750%二零二一年2021101.375% (a) On 23 January 2018, the Company issued guaranteed fixed rate senior notes with aggregate nominal value of US$300,000,000 (the “January 2023 due Notes”) which carry fixed interest of 5.5% per annum (interest payable semi-annually in arrears) and will be fully repayable on 23 January 2023 at par value.For the January 2023 due Notes, at any time and from time to time prior to 23 January 2021, the Company may redeem up to 35% of the aggregate principal amount of the January 2023 due Notes at a redemption price of 105.5% of the principal amount of the January 2023 due Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the net cash proceeds from sales of its common stock in an equity offering, subject to certain conditions. In addition, at any time and from time to time prior to 23 January 2021, the Company may at its option redeem the January 2023 due Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the January 2023 due Notes plus the January 2023 Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date.附註：(a)於二零一八年一月二十三日，本公司發行面值總額達300,000,000美元有擔保定息優先票據（「二零二三年一月到期票據」），按固定年利率5.5厘計息（須每半年支付一次利息），並將於二零二三年一月二十三日按面值完全償還。

就二零二三年一月到期票據而言，本公司可於二零二一年一月二十三日前隨時及不時運用出售其股本發售內普通證券的所得款項現金淨額，按二零二三年一月到期票據本金額105.5%的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回二零二三年一月到期票據本金總額的最多35%（須受若干條件限制）。

此外，本公司可於二零二一年一月二十三日前隨時及不時按二零二三年一月到期票據本金額100%的贖回價，另加截至贖回日期的二零二三年一月適用溢價以及計至（惟不包括）贖回日期的應計及未付利息（如有），選擇贖回全部而非部分二零二三年一月到期票據。

249二零二三年年報 | 旭輝控股（集團）有限公司34. SENIORNOTES (Continued)Notes: (Continued)(a) (Continued)“January 2023 Applicable Premium” means with respect to the January 2023 due Notes at any redemption date, the greater of (1) 1.00% of the principal amount of such January 2023 due Notes and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such January 2023 due Notes on 23 January 2021 plus (ii) all required remaining scheduled interest payments due on such January 2023 due Notes through 23 January 2021 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the adjusted treasury rate plus 100 basis points, over (B) the principal amount of such January 2023 due Notes on such redemption date.At any time and from time to time on or after 23 January 2021, the Company may redeem the January 2023 due Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, to (but not including) the redemption date, if redeemed during the 12-month period commencing on 23 January of any year set forth below:贖回價期間Period Redemption price 二零二一年2021102.750%二零二二年2022101.375% During the year, the remaining principal of senior notes in the amount of US$300,000,000 matured on 23 January 2023 without any settlement.(b) On 28 March 2019, the Company issued guaranteed fixed rate senior notes with aggregate nominal value of US$255,000,000 (the “Original March 2024 due Notes”) which carry fixed interest of 6.55% per annum (interest payable semi-annually in arrears) and will be fully repayable on 28 March 2024 at par value.On 8 July 2019, the Company issued additional guaranteed fixed rate senior notes with aggregate nominal value of US$300,000,000, which is consolidated and formed a single class with the Original March 2024 due Notes (collectively referred to as the “March 2024 due Notes”). The March 2024 due Notes carry fixed interest of 6.55% per annum (interest payable semi-annually in arrears) and will be fully repayable on 28 March 2024 at par value.For the March 2024 due Notes, at any time and from time to time prior to 28 March 2022, the Company may redeem up to 35% of the aggregate principal amount of the March 2024 due Notes at a redemption price of 106.55% of the principal amount of the March 2024 due Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the net cash proceeds from sales of its common stock in an equity offering, subject to certain conditions. In addition, at any time and from time to time prior to 28 March 2022, the Company may at its option redeem the March 2024 due Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the March 2024 due Notes plus the March 2024 Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date.“March 2024 Applicable Premium” means with respect to the March 2024 due Notes at any redemption date, the greater of (1) 1.00% of the principal amount of such March 2024 due Notes and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such March 2024 due Notes on 28 March 2022 plus (ii) all required remaining scheduled interest payments due on such March 2024 due Notes through 28 March 2022 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the adjusted treasury rate plus 100 basis points, over (B) the principal amount of such March 2024 due Notes on such redemption date.34.優先票據（續）附註：（續）(a) （續）「二零二三年一月適用溢價」指於任何贖回日期，就二零二三年一月到期票據而言，(1)有關二零二三年一月到期票據本金額的1.00%與(2)(A)(i)有關二零二三年一月到期票據於二零二一年一月二十三日的贖回價加(ii)直至二零二一年一月二十三日有關二零二三年一月到期票據所有規定餘下到期擬定利息付款（惟不包括直至贖回日期的應計及未付利息）的金額於有關贖回日期的現值（按相當於經調整國債利率加100個基點的貼現率計算）超出(B)於有關贖回日期有關二零二三年一月到期票據本金額的款額兩者之間的較高者。

倘於下文所示任何年度一月二十三日開始的十二個月期間贖回，則本公司可於二零二一年一月二十三日或之後隨時及不時按相等於下文載列本金額百分比的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二三年一月到期票據：年內，優先票據的餘下本金300,000,000美元於二零二三年一月二十三日到期而無償付任何金額。

(b)於二零一九年三月二十八日，本公司發行面值總額達255,000,000美元的有擔保定息優先票據（「二零二四年三月到期原先票據」），按固定年利率6.55厘計息（須每半年支付一次利息），並將於二零二四年三月二十八日按面值完全償還。

於二零一九年七月八日，本公司發行面值總額達300,000,000美元的額外有擔保定息優先票據，該等優先票據與二零二四年三月到期原先票據（統稱「二零二四年三月到期票據」）合併並組成單一系列。

二零二四年三月到期票據按固定年利率6.55厘計息（須每半年支付一次利息），並將於二零二四年三月二十八日按面值完全償還。

就二零二四年三月到期票據而言，本公司可於二零二二年三月二十八日前隨時及不時運用出售其股本發售內普通證券的所得款項現金淨額，按二零二四年三月到期票據本金額106.55%的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回二零二四年三月到期票據本金總額的最多35%（須受若干條件限制）。

此外，本公司可於二零二二年三月二十八日前隨時及不時按二零二四年三月到期票據本金額100%的贖回價，另加截至贖回日期的二零二四年三月適用溢價以及計至（惟不包括）贖回日期的應計及未付利息（如有），選擇贖回全部而非部分二零二四年三月到期票據。

「二零二四年三月適用溢價」指於任何贖回日期，就二零二四年三月到期票據而言，(1)有關二零二四年三月到期票據本金額的1.00%與(2)(A)(i)有關二零二四年三月到期票據於二零二二年三月二十八日的贖回價加(ii)直至二零二二年三月二十八日有關二零二四年三月到期票據所有規定餘下到期擬定利息付款（惟不包括直至贖回日期的應計及未付利息）的金額於有關贖回日期的現值（按相當於經調整國債利率加100個基點的貼現率計算）超出(B)於有關贖回日期有關二零二四年三月到期票據本金額的款額兩者之間的較高者。

250 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement34.優先票據（續）附註：（續）(b) （續）「二零二三年一月適用溢價」指於任何贖回日期，就二零二三年一月到期票據而言，(1)有關二零二三年一月到期票據本金額的1.00%與(2)(A)(i)有關二零二三年一月到期票據於二零二一年一月二十三日的贖回價加(ii)直至二零二一年一月二十三日有關二零二三年一月到期票據所有規定餘下到期擬定利息付款（惟不包括直至贖回日期的應計及未付利息）的金額於有關贖回日期的現值（按相當於經調整國債利率加100個基點的貼現率計算）超出(B)於有關贖回日期有關二零二三年一月到期票據本金額的款額兩者之間的較高者。

倘於下文所示任何年度三月二十八日開始的十二個月期間贖回，則本公司可於二零二二年三月二十八日或之後隨時及不時按相等於下文載列本金額百分比的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二四年三月到期票據：34. SENIORNOTES (Continued)Notes: (Continued)(b) (Continued)“January 2023 Applicable Premium” means with respect to the January 2023 due Notes at any redemption date, the greater of (1) 1.00% of the principal amount of such January 2023 due Notes and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such January 2023 due Notes on 23 January 2021 plus (ii) all required remaining scheduled interest payments due on such January 2023 due Notes through 23 January 2021 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the adjusted treasury rate plus 100 basis points, over (B) the principal amount of such January 2023 due Notes on such redemption date.At any time and from time to time on or after 28 March 2022, the Company may redeem the March 2024 due Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, to (but not including) the redemption date, if redeemed during the 12-month period commencing on 28 March of any year set forth below:贖回價期間Period Redemption price 二零二二年2022103.275%二零二三年2023101.000% (c) On 29 October 2019, the Company issued guaranteed fixed rate senior notes with aggregate nominal value of US$400,000,000 (the “Original November 2024 due Notes”) which carry fixed interest of 6.45% per annum (interest payable semi-annually in arrears) and will be fully repayable on 7 November 2024 at par value.On 6 November 2019, the Company issued additional guaranteed fixed rate senior notes with aggregate nominal value of US$100,000,000, which is consolidated and formed a single class with the Original November 2024 due Notes (collectively referred to as the “November 2024 due Notes”). The November 2024 due Notes carry fixed interest of 6.45% per annum (interest payable semi-annually in arrears) and will be fully repayable on 7 November 2024 at par value.For the November 2024 due Notes, at any time and from time to time prior to 7 November 2022, the Company may redeem up to 35% of the aggregate principal amount of the November 2024 due Notes at a redemption price of 106.45% of the principal amount of the November 2024 due Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the net cash proceeds from sales of its common stock in an equity offering, subject to certain conditions. In addition, at any time and from time to time prior to 7 November 2022, the Company may at its option redeem the November 2024 due Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the November 2024 due Notes plus the November 2024 Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date.“November 2024 Applicable Premium” means with respect to the November 2024 due Notes at any redemption date, the greater of (1) 1.00% of the principal amount of such November 2024 due Notes and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such November 2024 due Notes on 7 November 2022 plus (ii) all required remaining scheduled interest payments due on such November 2024 due Notes through 7 November 2022 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the adjusted treasury rate plus 100 basis points, over (B) the principal amount of such November 2024 due Notes on such redemption date.(c)於二零一九年十月二十九日，本公司發行面值總額達400,000,000美元的有擔保定息優先票據（「二零二四年十一月到期原先票據」），按固定年利率6.45厘計息（須每半年支付一次利息），並將於二零二四年十一月七日按面值完全償還。

於二零一九年十一月六日，本公司發行面值總額達100,000,000美元的額外有擔保定息優先票據，該等優先票據與二零二四年十一月到期原先票據（統稱「二零二四年十一月到期票據」）合併並組成單一系列。

二零二四年十一月到期票據按固定年利率6.45厘計息（須每半年支付一次利息），並將於二零二四年十一月七日按面值完全償還。

就二零二四年十一月到期票據而言，本公司可於二零二二年十一月七日前隨時及不時運用出售其股本發售內普通證券的所得款項現金淨額，按二零二四年十一月到期票據本金額106.45%的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回二零二四年十一月到期票據本金總額的最多35%（須受若干條件限制）。

此外，本公司可於二零二二年十一月七日前隨時及不時按二零二四年十一月到期票據本金額100%的贖回價，另加截至贖回日期的二零二四年十一月適用溢價以及計至（惟不包括）贖回日期的應計及未付利息（如有），選擇贖回全部而非部分二零二四年十一月到期票據。

「二零二四年十一月適用溢價」指於任何贖回日期，就二零二四年十一月到期票據而言，(1)有關二零二四年十一月到期票據本金額的1.00%與(2)(A)(i)有關二零二四年十一月到期票據於二零二二年十一月七日的贖回價加(ii)直至二零二二年十一月七日有關二零二四年十一月到期票據所有規定餘下到期擬定利息付款（惟不包括直至贖回日期的應計及未付利息）的金額於有關贖回日期的現值（按相當於經調整國債利率加100個基點的貼現率計算）超出(B)於有關贖回日期有關二零二四年十一月到期票據本金額的款額兩者之間的較高者。

251二零二三年年報 | 旭輝控股（集團）有限公司34.優先票據（續）附註：（續）(c) （續）倘於下文所示任何年度十一月七日開始的十二個月期間贖回，則本公司可於二零二二年十一月七日或之後隨時及不時按相等於下文載列本金額百分比的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二四年十一月到期票據：34. SENIORNOTES (Continued)Notes: (Continued)(c) (Continued)At any time and from time to time on or after 7 November 2022, the Company may redeem the November 2024 due Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, to (but not including) the redemption date, if redeemed during the 12-month period commencing on 7 November of any year set forth below:贖回價期間Period Redemption price 二零二二年2022103.225%二零二三年2023101.000% (d) On 7 January 2020, the Company issued guaranteed fixed rate senior notes with aggregate nominal value of US$400,000,000 (the “Original July 2025 due Notes”) which carry fixed interest of 6.0% per annum (interest payable semi-annually in arrears) and will be fully repayable on 16 July 2025 at par value.On 9 January 2020, the Company issued additional guaranteed fixed rate senior notes with aggregate nominal value of US$167,000,000, which is consolidated and formed a single class with the Original July 2025 due Notes (collectively referred to as the “July 2025 due Notes”). The July 2025 due Notes carry fixed interest of 6.0% per annum (interest payable semi-annually in arrears) and will be fully repayable on 16 July 2025 at par value.For the July 2025 due Notes, at any time and from time to time prior to 16 January 2023, the Company may redeem up to 35% of the aggregate principal amount of the July 2025 due Notes at a redemption price of 106.0% of the principal amount of the July 2025 due Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the net cash proceeds from sales of its common stock in an equity offering, subject to certain conditions. In addition, at any time and from time to time prior to 16 January 2023, the Company may at its option redeem the July 2025 due Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the July 2025 due Notes plus the July 2025 Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date.“July 2025 Applicable Premium” means with respect to the July 2025 due Notes at any redemption date, the greater of (1) 1.00% of the principal amount of such July 2025 due Notes and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such July 2025 due Notes on 16 January 2023 plus (ii) all required remaining scheduled interest payments due on such July 2025 due Notes through 16 January 2023 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the adjusted treasury rate plus 100 basis points, over (B) the principal amount of such July 2025 due Notes on such redemption date.At any time and from time to time on or after 16 January 2023, the Company may redeem the July 2025 due Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, to (but not including) the redemption date, if redeemed during the 12-month period commencing on 16 January of any year set forth below:贖回價期間Period Redemption price 二零二三年2023103.00%二零二四年2024101.00%二零二五年2025100.00% (d)於二零二零年一月七日，本公司發行面值總額達400,000,000美元的有擔保定息優先票據（「二零二五年七月到期原先票據」），按固定年利率6.0厘計息（須每半年支付一次利息），並將於二零二五年七月十六日按面值完全償還。

於二零二零年一月九日，本公司發行面值總額達167,000,000美元的額外有擔保定息優先票據，該等優先票據與二零二五年七月到期原先票據（統稱「二零二五年七月到期票據」）合併並組成單一系列。

二零二五年七月到期票據按固定年利率6.0厘計息（須每半年支付一次利息），並將於二零二五年七月十六日按面值完全償還。

就二零二五年七月到期票據而言，本公司可於二零二三年一月十六日前隨時及不時運用出售其股本發售內普通證券的所得款項現金淨額，按二零二五年七月到期票據本金額106.0%的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回二零二五年七月到期票據本金總額的最多35%（須受若干條件限制）。

此外，本公司可於二零二三年一月十六日前隨時及不時按二零二五年七月到期票據本金額100%的贖回價，另加截至贖回日期的二零二五年七月適用溢價以及計至（惟不包括）贖回日期的應計及未付利息（如有），選擇贖回全部而非部分二零二五年七月到期票據。

「二零二五年七月適用溢價」指於任何贖回日期，就二零二五年七月到期票據而言，(1)有關二零二五年七月到期票據本金額的1.00%與(2)(A)(i)有關二零二五年七月到期票據於二零二三年一月十六日的贖回價加(ii)直至二零二三年一月十六日的有關二零二五年七月到期票據所有規定餘下到期擬定利息付款（惟不包括直至贖回日期的應計及未付利息）的金額於有關贖回日期的現值（按相當於經調整國債利率加100個基點的貼現率計算）超出(B)於有關贖回日期的二零二五年七月到期票據本金額的款額兩者之間的較高者。

倘於下文所示任何年度一月十六日開始的十二個月期間贖回，則本公司可於二零二三年一月十六日或之後隨時及不時按相等於下文載列的本金額百分比的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二五年七月到期票據：252 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement34.優先票據（續）附註：（續）(e)於二零二零年七月十三日，本公司發行面值總額達300,000,000美元的有擔保定息優先票據（「二零二五年十月到期原先票據」），以固定年利率5.95厘計息（須每半年支付一次利息），並將於二零二五年十月二十日按面值完全償還。

於二零二零年七月二十九日，本公司發行面值總額達200,000,000美元的額外有擔保定息優先票據，該等優先票據與二零二五年十月到期原先票據（統稱「二零二五年十月到期票據」）合併並組成單一系列。

二零二五年十月到期票據按固定年利率5.95厘計息（須每半年支付一次利息），並將於二零二五年十月二十日按面值完全償還。

就二零二五年十月到期票據而言，本公司可於二零二三年七月二十日前隨時及不時運用出售其股本發售內普通證券的所得款項現金淨額，按二零二五年十月到期票據本金額105.95%的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回二零二五年十月到期票據本金總額的最多35%（須受若干條件限制）。

此外，本公司可於二零二三年七月二十日前隨時及不時按二零二五年十月到期票據本金額100%的贖回價，另加截至贖回日期的二零二五年十月適用溢價以及計至（惟不包括）贖回日期的應計及未付利息（如有），選擇贖回全部而非部分二零二五年十月到期票據。

「二零二五年十月適用溢價」指於任何贖回日期，就二零二五年十月到期票據而言，(1)有關二零二五年十月到期票據本金額的1.00%與(2)(A)(i)有關二零二五年十月到期票據於二零二三年七月二十日的贖回價加(ii)直至二零二三年七月二十日有關二零二五年十月到期票據所有規定餘下到期擬定利息付款（惟不包括直至贖回日期的應計及未付利息）的金額於有關贖回日期的現值（按相當於經調整國債利率加100個基點的貼現率計算）超出(B)於有關贖回日期有關二零二五年十月到期票據本金額的款額兩者之間的較高者。

倘於下文所示任何年度七月二十日開始的十二個月期間贖回，則本公司可於二零二三年七月二十日或之後隨時及不時按相等於下文載列本金額百分比的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二五年十月到期票據：倘於下文所示任何年度七月二十日開始的十二個月期間贖回，則本公司可於二零二三年七月二十日或之後隨時及不時按相等於下文載列本金額百分比的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二五年十月到期票據：34. SENIORNOTES (Continued)Notes: (Continued)(e) On 13 July 2020, the Company issued guaranteed fixed rate senior notes with aggregate nominal value of US$300,000,000 (the “Original October 2025 due Notes”) which carry fixed interest of 5.95% per annum (interest payable semi-annually in arrears) and will be fully repayable on 20 October 2025 at par value.On 29 July 2020, the Company issued additional guaranteed fixed rate senior notes with aggregate nominal value of US$200,000,000, which is consolidated and formed a single class with the Original October 2025 due Notes (collectively referred to as the “October 2025 due Notes”). The October 2025 due Notes carry fixed interest of 5.95% per annum (interest payable semi-annually in arrears) and will be fully repayable on 20 October 2025 at par value.For the October 2025 due Notes, at any time and from time to time prior to 20 July 2023, the Company may redeem up to 35% of the aggregate principal amount of the October 2025 due Notes at a redemption price of 105.95% of the principal amount of the October 2025 due Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the net cash proceeds from sales of its common stock in an equity offering, subject to certain conditions. In addition, at any time and from time to time prior to 20 July 2023, the Company may at its option redeem the October 2025 due Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the October 2025 due Notes plus the October 2025 Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date.“October 2025 Applicable Premium” means with respect to the October 2025 due Notes at any redemption date, the greater of (1) 1.00% of the principal amount of such October 2025 due Notes and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such October 2025 due Notes on 20 July 2023 plus (ii) all required remaining scheduled interest payments due on such October 2025 due Notes through 20 July 2023 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the adjusted treasury rate plus 100 basis points, over (B) the principal amount of such October 2025 due Notes on such redemption date.At any time and from time to time on or after 20 July 2023, the Company may redeem the October 2025 due Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, to (but not including) the redemption date, if redeemed during the 12-month period commencing on 20 July of any year set forth below:At any time and from time to time on or after 20 July 2023, the Company may redeem the October 2025 due Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, to (but not including) the redemption date, if redeemed during the 12-month period commencing on 20 July of any year set forth below:贖回價期間Period Redemption price 二零二三年2023102.975%二零二四年2024101.000%二零二五年2025100.000% 253二零二三年年報 | 旭輝控股（集團）有限公司34.優先票據（續）附註：（續）(f)於二零二零年十一月六日，本公司發行面值總額達350,000,000美元的有擔保定息優先票據（「二零二六年五月到期票據」），以固定年利率5.25厘計息（須每半年支付一次利息），並將於二零二六年五月十三日按面值完全償還。

就二零二六年五月到期票據而言，本公司可於二零二三年十一月十三日前隨時及不時運用出售其股本發售內普通證券的所得款項現金淨額，按二零二六年五月到期票據本金額105.25%的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回二零二六年五月到期票據本金總額的最多35%（須受若干條件限制）。

此外，本公司可於二零二三年十一月十三日前隨時及不時按二零二六年五月到期票據本金額100%的贖回價，另加截至贖回日期的二零二六年五月適用溢價以及計至（惟不包括）贖回日期的應計及未付利息（如有），選擇贖回全部而非部分二零二六年五月到期票據。

「二零二六年五月適用溢價」指於任何贖回日期，就二零二六年五月到期票據而言，(1)有關二零二六年五月到期票據本金額的1.00%與(2)(A)(i)有關二零二六年五月到期票據於二零二三年十一月十三日的贖回價加(ii)直至二零二三年十一月十三日有關二零二六年五月到期票據所有規定餘下到期擬定利息付款（惟不包括直至贖回日期的應計及未付利息）的金額於有關贖回日期的現值（按相當於經調整國債利率加100個基點的貼現率計算）超出(B)於有關贖回日期有關二零二六年五月到期票據本金額的款額兩者之間的較高者。

倘於下文所示任何年度十一月十三日開始的十二個月期間贖回，則本公司可於二零二三年十一月十三日或之後隨時及不時按相等於下文載列本金額百分比的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二六年五月到期票據：34. SENIORNOTES (Continued)Notes: (Continued)(f) On 6 November 2020, the Company issued guaranteed fixed rate senior notes with aggregate nominal value of US$350,000,000 (the “May 2026 due Notes”) which carry fixed interest of 5.25% per annum (interest payable semi-annually in arrears) and will be fully repayable on 13 May 2026 at par value.For the May 2026 due Notes, at any time and from time to time prior to 13 November 2023, the Company may redeem up to 35% of the aggregate principal amount of the May 2026 due Notes at a redemption price of 105.25% of the principal amount of the May 2026 due Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the net cash proceeds from sales of its common stock in an equity offering, subject to certain conditions. In addition, at any time and from time to time prior to 13 November 2023, the Company may at its option redeem the May 2026 due Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the May 2026 due Notes plus the May 2026 Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date.“May 2026 Applicable Premium” means with respect to the May 2026 due Notes at any redemption date, the greater of (1) 1.00% of the principal amount of such May 2026 due Notes and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such May 2026 due Notes on 13 November 2023 plus (ii) all required remaining scheduled interest payments due on such May 2026 due Notes through 13 November 2023 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the adjusted treasury rate plus 100 basis points, over (B) the principal amount of such May 2026 due Notes on such redemption date.At any time and from time to time on or after 13 November 2023, the Company may redeem the May 2026 due Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, to (but not including) the redemption date, if redeemed during the 12-month period commencing on 13 November of any year set forth below:贖回價期間Period Redemption price 二零二三年2023102.625%二零二四年2024101.000%二零二五年2025100.000% 254 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement34.優先票據（續）附註：（續）(g)於二零二一年五月十七日，本公司發行面值總額達350,000,000美元的有擔保定息優先票據（「二零二六年八月到期原先票據」），以固定年利率4.45厘計息（須每半年支付一次利息），並將於二零二六年八月十七日按面值完全償還。

於二零二二年一月，本公司發行面值總額達150,000,000美元的額外有擔保定息優先票據，該等優先票據與二零二六年八月到期原先票據（統稱「二零二六年八月到期票據」）合併並組成單一系列。

二零二六年八月到期票據按固定年利率4.45厘計息（須每半年支付一次利息），並將於二零二六年八月十七日按面值完全償還。

就二零二六年八月到期票據而言，本公司可於二零二四年五月十七日前隨時及不時運用出售其股本發售內普通證券的所得款項現金淨額，按二零二六年八月到期票據本金額104.45%的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回二零二六年八月到期票據本金總額的最多35%（須受若干條件限制）。

此外，本公司可於二零二四年五月十七日前隨時及不時按二零二六年八月到期票據本金額100%的贖回價，另加截至贖回日期的二零二六年八月適用溢價以及計至（惟不包括）贖回日期的應計及未付利息（如有），選擇贖回全部而非部分二零二六年八月到期票據。

「二零二六年八月適用溢價」指於任何贖回日期，就二零二六年八月到期票據而言，(1)有關二零二六年八月到期票據本金額的1.00%與(2)(A)(i)有關二零二六年八月到期票據於二零二四年五月十七日的贖回價加(ii)直至二零二四年五月十七日有關二零二六年八月到期票據所有規定餘下到期擬定利息付款（惟不包括直至贖回日期的應計及未付利息）的金額於有關贖回日期的現值（按相當於經調整國債利率加100個基點的貼現率計算）超出(B)於有關贖回日期有關二零二六年八月到期票據本金額的款額兩者之間的較高者。

倘於下文所示任何年度五月十七日開始的十二個月期間贖回，則本公司可於二零二四年五月十七日或之後隨時及不時按相等於下文載列本金額百分比的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二六年八月到期票據：倘於下文所示任何年度五月十七日開始的十二個月期間贖回，則本公司可於二零二四年五月十七日或之後隨時及不時按相等於下文載列本金額百分比的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二六年八月到期票據：34. SENIORNOTES (Continued)Notes: (Continued) (g) On 17 May 2021, the Company issued guaranteed fixed rate senior notes with aggregate nominal value of US$350,000,000 (the “Original August 2026 due Notes”) which carry fixed interest of 4.45% per annum (interest payable semi-annually in arrears) and will be fully repayable on 17 August 2026 at par value.In January 2022, the Company issued additional guaranteed fixed rate senior notes with aggregate nominal value of US$150,000,000, which is consolidated and formed a single class with the Original August 2026 due Notes (collectively referred to as the “August 2026 due Notes”). The August 2026 due Notes carry fixed interest of 4.45% per annum (interest payable semi-annually in arrears) and will be fully repayable on 17 August 2026 at par value.For the August 2026 due Notes, at any time and from time to time prior to 17 May 2024, the Company may redeem up to 35% of the aggregate principal amount of the August 2026 due Notes at a redemption price of 104.45% of the principal amount of the August 2026 due Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the net cash proceeds from sales of its common stock in an equity offering, subject to certain conditions. In addition, at any time and from time to time prior to 17 May 2024, the Company may at its option redeem the August 2026 due Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the August 2026 due Notes plus the August 2026 Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date.“August 2026 Applicable Premium” means with respect to the August 2026 due Notes at any redemption date, the greater of (1) 1.00% of the principal amount of such August 2026 due Notes and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such August 2026 due Notes on 17 May 2024 plus (ii) all required remaining scheduled interest payments due on such August 2026 due Notes through 17 May 2024 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the adjusted treasury rate plus 100 basis points, over (B) the principal amount of such August 2026 due Notes on such redemption date.At any time and from time to time on or after 17 May 2024, the Company may redeem the August 2026 due Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, to (but not including) the redemption date, if redeemed during the 12-month period commencing on 17 May of any year set forth below:At any time and from time to time on or after 17 May 2024, the Company may redeem the August 2026 due Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, to (but not including) the redemption date, if redeemed during the 12-month period commencing on 17 May of any year set forth below:贖回價期間Period Redemption price 二零二四年2024102.225%二零二五年2025101.000%二零二六年2026100.000% 255二零二三年年報 | 旭輝控股（集團）有限公司34.優先票據（續）附註：（續）(h)於二零二一年一月十二日，本公司發行面值總額達419,000,000美元的有擔保定息優先票據（「二零二七年四月到期票據」），以固定年利率4.375厘計息（須每半年支付一次利息），並將於二零二七年四月十二日按面值完全償還。

就二零二七年四月到期票據而言，本公司可於二零二五年一月十二日前隨時及不時運用出售其股本發售內普通證券的所得款項現金淨額，按二零二七年四月到期票據本金額104.375%的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回二零二七年四月到期票據本金總額的最多35%（須受若干條件限制）。

此外，本公司可於二零二五年一月十二日前隨時及不時按二零二七年四月到期票據本金額100%的贖回價，另加截至贖回日期的二零二七年四月適用溢價以及計至（惟不包括）贖回日期的應計及未付利息（如有），選擇贖回全部而非部分二零二七年四月到期票據。

「二零二七年四月適用溢價」指於任何贖回日期，就二零二七年四月到期票據而言，(1)有關二零二七年四月到期票據本金額的1.00%與(2)(A)(i)有關二零二七年四月到期票據於二零二五年一月十二日的贖回價加(ii)直至二零二五年一月十二日有關二零二七年四月到期票據所有規定餘下到期擬定利息付款（惟不包括直至贖回日期的應計及未付利息）的金額於有關贖回日期的現值（按相當於經調整國債利率加100個基點的貼現率計算）超出(B)於有關贖回日期有關二零二七年四月到期票據本金額的款額兩者之間的較高者。

倘於下文所示任何年度一月十二日開始的十二個月期間贖回，則本公司可於二零二五年一月十二日或之後隨時及不時按相等於下文載列本金額百分比的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二七年四月到期票據：34. SENIORNOTES (Continued)Notes: (Continued)(h) On 12 January 2021, the Company issued guaranteed fixed rate senior notes with aggregate nominal value of US$419,000,000 (the “April 2027 due Notes”) which carry fixed interest of 4.375% per annum (interest payable semi-annually in arrears) and will be fully repayable on 12 April 2027 at par value.For the April 2027 due Notes, at any time and from time to time prior to 12 January 2025, the Company may redeem up to 35% of the aggregate principal amount of the April 2027 due Notes at a redemption price of 104.375% of the principal amount of the April 2027 due Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the net cash proceeds from sales of its common stock in an equity offering, subject to certain conditions. In addition, at any time and from time to time prior to 12 January 2025, the Company may at its option redeem the April 2027 due Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the April 2027 due Notes plus the April 2027 Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date.“April 2027 Applicable Premium” means with respect to the April 2027 due Notes at any redemption date, the greater of (1) 1.00% of the principal amount of such April 2027 due Notes and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such April 2027 due Notes on 12 January 2025 plus (ii) all required remaining scheduled interest payments due on such April 2027 due Notes through 12 January 2025 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the adjusted treasury rate plus 100 basis points, over (B) the principal amount of such April 2027 due Notes on such redemption date.At any time and from time to time on or after 12 January 2025, the Company may redeem the April 2027 due Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, to (but not including) the redemption date, if redeemed during the 12-month period commencing on 12 January of any year set forth below:贖回價期間Period Redemption price 二零二五年2025102.1875%二零二六年2026101.0000%二零二七年2027100.0000% 256 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement34.優先票據（續）附註：（續）(i)於二零二一年五月十七日，本公司發行面值總額達150,000,000美元的有擔保定息優先票據（「二零二八年五月到期票據」），以固定年利率4.8厘計息（須每半年支付一次利息），並將於二零二八年五月十七日按面值完全償還。

就二零二八年五月到期票據而言，本公司可於二零二五年五月十七日前隨時及不時運用出售其股本發售內普通證券的所得款項現金淨額，按二零二八年五月到期票據本金額104.8%的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回二零二八年五月到期票據本金總額的最多35%（須受若干條件限制）。

此外，本公司可於二零二五年五月十七日前隨時及不時按二零二八年五月到期票據本金額100%的贖回價，另加截至贖回日期的二零二八年五月適用溢價以及計至（惟不包括）贖回日期的應計及未付利息（如有），選擇贖回全部而非部分二零二八年五月到期票據。

「二零二八年五月適用溢價」指於任何贖回日期，就二零二八年五月到期票據而言，(1)有關二零二八年五月到期票據本金額的1.00%與(2)(A)(i)有關二零二八年五月到期票據於二零二五年五月十七日的贖回價加(ii)直至二零二五年五月十七日有關二零二八年五月到期票據所有規定餘下到期擬定利息付款（惟不包括直至贖回日期的應計及未付利息）的金額於有關贖回日期的現值（按相當於經調整國債利率加100個基點的貼現率計算）超出(B)於有關贖回日期有關二零二八年五月到期票據本金額的款額兩者之間的較高者。

倘於下文所示任何年度五月十七日開始的十二個月期間贖回，則本公司可於二零二五年五月十七日或之後隨時及不時按相等於下文載列本金額百分比的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二八年五月到期票據：34. SENIORNOTES (Continued)Notes: (Continued)(i) On 17 May 2021, the Company issued guaranteed fixed rate senior notes with aggregate nominal value of US$150,000,000 (the “May 2028 due Notes”) which carry fixed interest of 4.8% per annum (interest payable semi-annually in arrears) and will be fully repayable on 17 May 2028 at par value.For the May 2028 due Notes, at any time and from time to time prior to 17 May 2025, the Company may redeem up to 35% of the aggregate principal amount of the May 2028 due Notes at a redemption price of 104.8% of the principal amount of the May 2028 due Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the net cash proceeds from sales of its common stock in an equity offering, subject to certain conditions. In addition, at any time and from time to time prior to 17 May 2025, the Company may at its option redeem the May 2028 due Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the May 2028 due Notes plus the May 2028 Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date.“May 2028 Applicable Premium” means with respect to the May 2028 due Notes at any redemption date, the greater of (1) 1.00% of the principal amount of such May 2028 due Notes and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such May 2028 due Notes on 17 May 2025 plus (ii) all required remaining scheduled interest payments due on such May 2028 due Notes through 17 May 2025 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the adjusted treasury rate plus 100 basis points, over (B) the principal amount of such May 2028 due Notes on such redemption date.At any time and from time to time on or after 17 May 2025, the Company may redeem the May 2028 due Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, to (but not including) the redemption date, if redeemed during the 12-month period commencing on 17 May of any year set forth below:贖回價期間Period Redemption price 二零二五年2025102.40%二零二六年2026101.00%二零二七年2027100.00% (j) On 12 August 2020, the Company issued guaranteed fixed rate senior notes with aggregate nominal value of RMB1,200,000,000 (the “August 2023 due Notes”) which carry fixed interest of 5.85% per annum (interest payable semi-annually in arrears) and will be fully repayable on 19 August 2023 at par value.For the August 2023 due Notes, at any time and from time to time prior to 19 August 2022, the Company may redeem up to 35% of the aggregate principal amount of the August 2023 due Notes at a redemption price of 105.85% of the principal amount of the August 2023 due Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the net cash proceeds from sales of its common stock in an equity offering, subject to certain conditions. In addition, at any time and from time to time prior to 19 August 2022, the Company may at its option redeem the August 2023 due Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the August 2023 due Notes plus the August 2023 Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date.(j)於二零二零年八月十二日，本公司發行面值總額達人民幣1,200,000,000元的有擔保定息優先票據（「二零二三年八月到期票據」），以年利率5.85厘的定息計息（須每半年支付一次利息），並將於二零二三年八月十九日按面值完全償還。

就二零二三年八月到期票據而言，本公司可於二零二二年八月十九日前隨時及不時運用出售其股本發售內普通證券的所得款項現金淨額，按二零二三年八月到期票據本金額105.85%的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回二零二三年八月到期票據本金總額的最多35%（須受若干條件限制）。

此外，本公司可於二零二二年八月十九日前隨時及不時按二零二三年八月到期票據本金額100%的贖回價，另加截至贖回日期的二零二三年八月適用溢價以及計至（惟不包括）贖回日期的應計及未付利息（如有），選擇贖回全部而非部分二零二三年八月到期票據。

257二零二三年年報 | 旭輝控股（集團）有限公司34. SENIORNOTES (Continued)Notes: (Continued)(j) (Continued)“August 2023 Applicable Premium” means with respect to the August 2023 due Notes at any redemption date, the greater of (1) 1.00% of the principal amount of such August 2023 due Notes and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such August 2023 due Notes on 19 August 2022 plus (ii) all required remaining scheduled interest payments due on such August 2023 due Notes through 19 August 2022 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate of 2.50% per annum, over (B) the principal amount of such August 2023 due Notes on such redemption date.At any time and from time to time on or after 19 August 2022, the Company may redeem the August 2023 due Notes, in whole or in part, at a redemption price equal to 102.925% of principal amount of the August 2023 due Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date.During the year, the remaining principal of senior notes in the amount of RMB1,200,000,000 matured on 19 August 2023 without any settlement.(k) As detailed in note 34, the Group decided to suspend payments of all principal and interest falling due on the Group’s offshore financing arrangements since October 2022. As at 31 December 2022, the Group was unable to repay the interest due for certain senior notes for a period of 30 consecutive days which constitute a default of payment. As a result, the remaining senior notes not yet due for payment of principal or interest became cross-default. The default and cross-default senior notes amounted to RMB28,818,191,000 are presented under current liabilities in the Group’s consolidated statement of financial position as at 31 December 2023.The senior notes issued by the Company are listed on the Stock Exchange. They are unsecured, senior obligations of the Company and guaranteed by certain of the Company’s existing subsidiaries, other than those established under the laws of the PRC. The guarantees are effectively subordinated to the other secured obligations of each guarantor, to the extent of the value of assets serving as security.In the opinion of the directors, the fair values of the early redemption options related to the senior notes are insignificant at initial recognition and at the end of the reporting period.The net carrying amounts of senior notes denominated in US$ as at 31 December 2023 are stated at net of issue expenses totalling US$3,896,562,000 equivalent to approximately RMB27,618,191,000 (2022: US$3,644,663,000 equivalent to approximately RMB27,201,443,000).34.優先票據（續）附註：（續）(j) （續）「二零二三年八月適用溢價」指於任何贖回日期，就二零二三年八月到期票據而言，(1)有關二零二三年八月到期票據本金額的1.00%與(2)(A)(i)有關二零二三年八月到期票據於二零二二年八月十九日的贖回價加(ii)直至二零二二年八月十九日有關二零二三年八月到期票據所有規定餘下到期擬定利息付款（惟不包括直至贖回日期的應計及未付利息）的金額於有關贖回日期的現值（按年貼現率2.50%計算）超出(B)於有關贖回日期有關二零二三年八月到期票據本金額的款額兩者之間的較高者。

本公司可於二零二二年八月十九日或之後隨時及不時按相等於二零二三年八月到期票據本金額102.925%的贖回價，另加計至（惟不包括）贖回日期的應計及未付利息（如有），贖回全部或部分二零二三年八月到期票據。

年內，優先票據的餘下本金人民幣1,200,000,000元於二零二三年八月十九日到期而無償付任何金額。

(k)如附註34所詳述，本集團決定自二零二二年十月起暫停支付本集團境外融資安排項下所有到期本金及利息。

於二零二二年十二月三十一日，本集團連續三十日未能償還若干優先票據的到期利息因而構成違約付款。

因此，尚未到期支付本金或利息的餘下優先票據構成交叉違約。

於二零二三年十二月三十一日，違約及交叉違約優先票據金額人民幣28,818,191,000元於本集團綜合財務狀況表內流動負債下呈列。

本公司發行的優先票據均於聯交所上市，為本公司的無抵押優先責任，並由若干本公司現有附屬公司（不包括根據中國法律成立的附屬公司）擔保。

該等擔保實際上從屬於各擔保人的其他已抵押責任，並以作為抵押的資產價值為限。

董事認為，於初步確認及報告期末，提早贖回購股權的公平值並不重大。

以美元計值的優先票據於二零二三年十二月三十一日的賬面淨值以扣除發行開支合共3,896,562,000美元（相當於約人民幣27,618,191,000元（二零二二年：3,644,663,000美元（相當於約人民幣27,201,443,000元））後列示。

258 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement34.優先票據（續）附註：（續）(k) （續）優先票據的實際年利率載列如下：34. SENIORNOTES (Continued)Notes: (Continued)(k) (Continued)The effective interest rate per annum of the senior notes are set out below:二零二二年一月到期優先票據Senior notes due in January 20226.28%二零二三年一月到期優先票據Senior notes due in January 20235.87%二零二四年三月到期優先票據Senior notes due in March 20247.14%二零二四年十一月到期優先票據Senior notes due in November 20247.07%二零二二年四月到期優先票據Senior notes due in April 20228.11%二零二五年七月到期優先票據Senior notes due in July 20256.15%二零二五年十月到期優先票據Senior notes due in October 20256.09%二零二三年八月到期優先票據Senior notes due in August 20236.48%二零二六年五月到期優先票據Senior notes due in May 20265.83%二零二六年八月到期優先票據Senior notes due in August 20264.72%二零二七年四月到期優先票據Senior notes due in April 20274.71%二零二八年五月到期優先票據Senior notes due in May 20285.21%The movements of all senior notes for the year are set out below:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000 於一月一日的賬面值Carrying amount as at 1 January 28,432,43430,022,326於發行日期的初步公平值Initial fair values on the dates of issuance – 852,608提早贖回優先票據Early redemption of senior notes – (3,213,647)匯兌虧損（收益） Exchange loss (gain) 341,2492,376,989利息開支（附註8） Interest expense (note 8) 1,709,7141,657,636年內已付利息Interest paid during the year – (1,308,186)應付利息Interest payable (1,665,206) (355,292)償還優先票據Repayment of senior notes – (1,600,000) 於十二月三十一日的賬面值Carrying amount as at 31 December 28,818,19128,432,434The aggregated fair value of all the senior notes at 31 December 2023 with reference to the quoted market price available on the Stock Exchange amounted to approximately RMB1,882,732,000 (2022: RMB7,516,032,000).年內所有優先票據的變動載列如下：經參考聯交所所報市價，優先票據於二零二三年十二月三十一日的公平值總額達約人民幣1,882,732,000元（二零二二年：人民幣7,516,032,000元）。

259二零二三年年報 | 旭輝控股（集團）有限公司附註：(a)於二零二零年五月二十九日，旭輝中國發行人民幣3,120,000,000元的公開發行公司債券（於上交所上市），其中包括：(i)本金額人民幣2,120,000,000元（「首期二零二五年五月到期人民幣債券」）及(ii)本金額人民幣1,000,000,000元（「第二期二零二五年五月到期人民幣債券」）。

首期二零二五年五月到期人民幣債券以年利率3.80厘計息及利息每年支付一次。

首期二零二五年五月到期人民幣債券將於二零二五年五月二十八日按面值完全償還。

第二期二零二五年五月到期人民幣債券以年利率4.50厘計息及利息每年支付一次。

第二期二零二五年五月到期人民幣債券將於二零二五年五月二十八日按面值完全償還。

於二零二零年十月二十五日，旭輝中國發行人民幣750,000,000元的公開發行公司債券（「第三期二零二五年十月到期人民幣債券」，於上交所上市）。

第三期二零二五年十月到期人民幣債券以年利率4.23厘計息及利息每年支付一次。

第三期二零二五年十月到期人民幣債券將於二零二五年十月二十五日按面值完全償還。

35. CORPORATEBONDSANDMEDIUM-TERM NOTES二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000以人民幣計值的公司債券及中期票據（「中期票據」）：Corporate bonds and medium-term notes (“MTN”) denominated in RMB:二零二五年五月及二零二五年十月到期公司債券（附註a）Corporate bonds due in May 2025 & October 2025 (note a) 3,780,5483,942,049二零二六年三月、二零二六年七月及二零二五年九月到期公司債券（附註b）Corporate bonds due in March 2026 & July 2026 & September 2025 (note b)6,401,1856,434,274二零二六年三月到期首期中期票據（附註c）First Tranche MTN due in March 2026 (note c)1,035,8911,035,151二零二六年六月到期公司債券（附註d） Corporate bonds due in June 2026 (note d) 512,758512,325二零二五年九月到期第二期中期票據（附註e）Second Tranche MTN due in September 2025 (note e)1,208,0941,206,757 12,938,47613,130,556減：計入流動負債內的一年內到期金額Less: am ounts due within one year included in current liabilities (8,110,209) (4,809,105) 計入非流動負債內的一年後到期金額Amounts due after one year included in non-current liabilities 4,828,2678,321,451Notes:(a) On 29 May 2020, CIFIPRC issued public corporate bonds of RMB3,120,000,000, which are listed on the SSE and comprise: (i) a principal amount of RMB2,120,000,000 (“First Tranche May 2025 due RMBBond”) and (ii) a principal amount of RMB1,000,000,000 (“Second Tranche May 2025 due RMBBond”). First Tranche May 2025 due RMBBond carry interest at rate of 3.80% per annum and interest is payable annually. First Tranche May 2025 due RMBBond will be fully repayable on 28 May 2025 at par value. Second Tranche May 2025 due RMBBond carry interest at rate of 4.50% per annum and interest is payable annually. Second Tranche May 2025 due RMBBond will be fully repayable on 28 May 2025 at par value.On 25 October 2020, CIFIPRC issued public corporate bonds of RMB750,000,000 (“Third Tranche October 2025 due RMBBond”) which are listed on the SSE. Third Tranche October 2025 due RMB Bond carry interest at rate of 4.23% per annum and interest is payable annually. Third Tranche October 2025 due RMBBond will be fully repayable on 25 October 2025 at par value.35.公司債券及中期票據260 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement35. CORPORATEBONDSANDMEDIUM-TERM NOTES (Continued)Notes: (Continued)(a) (Continued)At the end of the third year subsequent to the inception date, CIFIPRC as the issuer is entitled to adjust interest rate and the holders of First Tranche May 2025 due RMBBond and Third Tranche October 2025 due RMBBond may at their options to sell back the bonds to CIFIPRC in whole or in part at their principal amount or hold to the maturity within five days of trading upon the interest adjustment.On 25 May 2023, the Group entered into an agreement with investors for the May 2025 due RMB Bond, which would adjust the carry rate to 4% at the end of the third year. The repayment pattern of the principal changes from fully repayable on 28 May 2025 at par value into 2% on 29 May 2023,2% on 29 September 2023,3% on 29 December 2023,3% on 29 May 2024,5% on 29 September 2024 and 85% on 29 December 2024 respectively.On 17 October 2023, the Group entered into an agreement with investors for the October 2025 due RMBBond. The repayment pattern of the principal changes from fully repayable on 25 October 2025 at par value into 2% on 26 October 2023,2% on 26 February 2024,3% on 26 May 2024,3% on 26 Aug 2024,2% on 26 February 2025,2% on 26 May 2025,2% on 26 Aug 2025 and 84% on 26 October 2025 respectively.(b) On 12 March 2021, CIFIPRC issued public corporate bonds of RMB1,448,000,000 (“First Tranche March 2026 due RMBBond”) which are listed on the SSE. First Tranche March 2026 due RMBBond carry interest at rate of 4.40% per annum and interest is payable annually. First Tranche March 2026 due RMBBond will be fully repayable on 12 March 2026.At the end of the third year subsequent to the inception date, CIFIPRC as the issuer is entitled to adjust interest rate and the holders of First Tranche March 2026 due RMBBond may at their options to sell back the bonds to CIFIPRC in whole or in part at their principal amount within five days of trading upon the interest adjustment.On 22 July 2021, CIFIPRC issued public corporate bonds of RMB3,000,000,000 (“Second Tranche July 2026 due RMBBond”) which are listed on the SSE. Second Tranche July 2026 due RMBBond carry interest at rate of 4.20% per annum and interest is payable annually. Second Tranche July 2026 due RMBBond will be fully repayable on 22 July 2026.At the end of the third year subsequent to the inception date, CIFIPRC as the issuer is entitled to adjust interest rate and the holders of Second Tranche July 2026 due RMBBond may at their options to sell back the bonds to CIFIPRC in whole or in part at their principal amount within five days of trading upon the interest adjustment.On 14 September 2021, CIFIPRC issued public corporate bonds of RMB1,875,000,000 (“Third Tranche September 2025 due RMBBond”) which are listed on the SSE. Third Tranche September 2025 due RMBBond carry interest at rate of 3.90% per annum and interest is payable annually. Third Tranche September 2025 due RMBBond will be fully repayable on 14 September 2025.35.公司債券及中期票據（續）附註：（續）(a) （續）於起始日期後的第三年年末，旭輝中國（作為發行人）有權調整利率，而首期二零二五年五月到期人民幣債券及第三期二零二五年十月到期人民幣債券的持有人可選擇於利率調整後的五個交易日內按其本金額向旭輝中國售回全部或部分債券或持有至到期。

於二零二三年五月二十五日，本集團與投資者就二零二五年五月到期人民幣債券訂立協議，將第三年末的利率調整至4%。

償還本金模式由二零二五年五月二十八日按面值完全償還變更為於二零二三年五月二十九日、二零二三年九月二十九日、二零二三年十二月二十九日、二零二四年五月二十九日、二零二四年九月二十九日及二零二四年十二月二十九日分別償還2%、2%、3%、3%、5%及85%。

於二零二三年十月十七日，本集團與投資者就二零二五年十月到期人民幣債券訂立協議。

償還本金模式由二零二五年十月二十五日按面值完全償還變更為於二零二三年十月二十六日、二零二四年二月二十六日、二零二四年五月二十六日、二零二四年八月二十六日、二零二五年二月二十六日、二零二五年五月二十六日、二零二五年八月二十六日及二零二五年十月二十六日分別償還2%、2%、3%、3%、2%、2%、2%及84%。

(b)於二零二一年三月十二日，旭輝中國發行人民幣1,448,000,000元的公開發行公司債券（「首期二零二六年三月到期人民幣債券」，於上交所上市）。

首期二零二六年三月到期人民幣債券以年利率4.40厘計息及利息每年支付一次。

首期二零二六年三月到期人民幣債券將於二零二六年三月十二日完全償付。

於起始日期後的第三年年末，旭輝中國（作為發行人）有權調整利率，而首期二零二六年三月到期人民幣債券的持有人可選擇於利率調整後的五個交易日內按其本金額向旭輝中國售回全部或部分債券。

於二零二一年七月二十二日，旭輝中國發行人民幣3,000,000,000元的公開發行公司債券（「第二期二零二六年七月到期人民幣債券」，於上交所上市）。

第二期二零二六年七月到期人民幣債券以年利率4.20厘計息及利息每年支付一次。

第二期二零二六年七月到期人民幣債券將於二零二六年七月二十二日完全償付。

於起始日期後的第三年年末，旭輝中國（作為發行人）有權調整利率，而第二期二零二六年七月到期人民幣債券的持有人可選擇於利率調整後的五個交易日內按其本金額向旭輝中國售回全部或部分債券。

於二零二一年九月十四日，旭輝中國發行人民幣1,875,000,000元的公開發行公司債券（「第三期二零二五年九月到期人民幣債券」，於上交所上市）。

第三期二零二五年九月到期人民幣債券以年利率3.90厘計息及利息每年支付一次。

第三期二零二五年九月到期人民幣債券將於二零二五年九月十四日完全償付。

261二零二三年年報 | 旭輝控股（集團）有限公司35.公司債券及中期票據（續）附註：（續）(b) （續）於起始日期後的第二年年末，旭輝中國（作為發行人）有權調整利率，而第三期二零二五年九月到期人民幣債券的持有人可選擇於利率調整後的五個交易日內按其本金額向旭輝中國售回全部或部分債券。

於二零二三年十一月十四日，本集團與投資者就二零二五年九月到期人民幣債券訂立協議。

償還本金模式由二零二五年九月十三日按面值完全償還變更為於二零二三年十一月二十日、二零二四年一月十四日、二零二四年四月十四日、二零二四年七月十四日、二零二五年一月十四日、二零二五年四月十四日、二零二五年六月十四日及二零二五年七月十四日分別償還2%、2%、3%、3%、2%、2%、2%及84%。

(c)於二零二二年三月十一日，旭輝中國發行人民幣1,000,000,000元的中期票據（「首期二零二六年三月到期人民幣中期票據」，於銀行間債券市場上市）。

首期二零二六年三月到期人民幣中期票據以年利率4.75厘計息及利息每年支付一次。

首期二零二六年三月到期人民幣中期票據將於二零二六年三月十四日按面值完全償還。

於起始日期後的第二年年末，旭輝中國（作為發行人）有權調整利率，而首期二零二六年三月到期人民幣中期票據的持有人可選擇於利率調整後的五個交易日內按其本金額向旭輝中國售回全部或部分票據。

(d)於二零二二年六月二十七日，旭輝中國發行人民幣500,000,000元的公開發行公司債券（「二零二六年六月到期人民幣債券」，於上交所上市）。

二零二六年六月到期人民幣債券以年利率5.50厘計息及利息每年支付一次。

二零二六年六月到期人民幣債券將於二零二六年六月二十七日按面值完全償還。

於起始日期後的第二年年末，旭輝中國（作為發行人）有權調整利率，而二零二六年六月到期人民幣債券的持有人可選擇於利率調整後按其本金額向旭輝中國售回全部或部分債券。

(e)於二零二二年九月二十一日，旭輝中國發行人民幣1,200,000,000元的中期票據（「第二期二零二五年九月到期人民幣中期票據」，於銀行間債券市場上市）。

第二期二零二五年九月到期人民幣中期票據以年利率3.22厘計息及利息每年支付一次。

第二期二零二五年九月到期人民幣中期票據將於二零二五年九月二十二日按面值完全償還。

公司債券的實際年利率載列如下：35. CORPORATEBONDSANDMEDIUM-TERM NOTES (Continued)Notes: (Continued)(b) (Continued)At the end of the second year subsequent to the inception date, CIFIPRC as the issuer is entitled to adjust interest rate and the holders of Third Tranche September 2025 due RMBBond may at their options to sell back the bonds to CIFIPRC in whole or in part at their principal amount within five days of trading upon the interest adjustment.On 14 November 2023, the Group entered into an agreement with investors for the September 2025 due RMBBond. The repayment pattern of the principal changes from fully repayable on 13 September 2025 at par value into 2% on 20 November 2023,2% on 14 January 2024,3% on 14 April 2024,3% on 14 July 2024,2% on 14 January 2025,2% on 14 April 2025,2% on 14 June 2025 and 84% on 14 July 2025 respectively.(c) On 11 March 2022, CIFIPRC issued MTN of RMB1,000,000,000 (“First Tranche March 2026 due RMBMTN”) which are listed on the inter-bank bond market (銀行間債券市場). First Tranche March 2026 due RMBMTN carry interest at rate of 4.75% per annum and interest is payable annually. First Tranche March 2026 due RMBMTN will be fully repayable on 14 March 2026 at par value.At the end of the second year subsequent to the inception date, CIFIPRC as the issuer is entitled to adjust interest rate and the holders of First Tranche March 2026 due RMBMTN may at their options to sell back the notes to CIFIPRC in whole or in part at their principal amount within five days of trading upon the interest adjustment.(d) On 27 June 2022, CIFIPRC issued public corporate bonds of RMB500,000,000 (“June 2026 due RMBBond”) which are listed on the SSE. June 2026 due RMBBond carry interest at rate of 5.50% per annum and interest is payable annually. June 2026 due RMBBond will be fully repayable on 27 June 2026 at par value.At the end of the second year subsequent to the inception date, CIFIPRC as the issuer is entitled to adjust interest rate and the holders of June 2026 due RMBBond may at their options to sell back the bonds to CIFIPRC in whole or in part at their principal amount upon the interest adjustment.(e) On 21 September 2022, CIFIPRC issued MTN of RMB1,200,000,000 (“Second Tranche September 2025 due RMBMTN”) which are listed on the inter-bank bond market (銀行間債券市場). Second Tranche September 2025 due RMBMTN carry interest at rate of 3.22% per annum and interest is payable annually. Second Tranche September 2025 due RMBMTN will be fully repayable on 22 September 2025 at par value.The effective interest rate per annum of the corporate bonds are set out below:首期二零二五年五月到期人民幣債券First Tranche May 2025 due RMBBond 4.07%第二期二零二五年五月到期人民幣債券Second Tranche May 2025 due RMBBond 4.59%第三期二零二五年十月到期人民幣債券Third Tranche October 2025 due RMBBond 4.26%首期二零二六年三月到期人民幣債券First Tranche March 2026 due RMBBond 4.49%第二期二零二六年七月到期人民幣債券Second Tranche July 2026 due RMBBond 4.29%第三期二零二五年九月到期人民幣債券Third Tranche September 2025 due RMBBond 3.96%首期二零二六年三月到期人民幣中期票據First Tranche March 2026 due RMBMTN 4.85%首期二零二六年六月到期人民幣債券First Tranche June 2026 due RMBBond 5.61%第二期二零二五年九月到期人民幣中期票據Second Tranche September 2025 due RMBMTN 3.34%In the opinion of the directors, the fair values of the interest rate adjustment options and the early redemption options related to the corporate bonds and MTN are insignificant at initial recognition and at the end of the reporting period.董事認為，於初步確認時及於報告期末，有關利率調整選擇權以及公司債券及中期票據的提早贖回權的公平值並不重大。

262 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement35. CORPORATEBONDSANDMEDIUM-TERM NOTES (Continued)Notes: (Continued)(e) (Continued)The movements of the corporate bonds and MTN for the year are set out below:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000於一月一日的賬面值Carrying amount as at 1 January 13,130,55611,201,062於發行日期的初步公平值Initial fair values on the dates of issuance – 2,690,300利息開支（附註8） Interest expense (note 8) 544,916501,716年內已付利息Interest paid during the year (536,096) (462,522)贖回Redemption (200,900) (800,000) 於十二月三十一日的賬面值Carrying amount as at 31 December 12,938,47613,130,556The aggregated fair values of the corporate bonds and MTN at 31 December 2023 with reference to the quoted market price available on the SSE amounted to approximately RMB4,344,104,000 (2022: RMB6,851,023,000).36. CONVERTIBLEBONDS負債部分衍生工具部分DebtcomponentDerivative component人民幣千元人民幣千元RMB’000 RMB’000二零二五年到期可換股債券債務及衍生工具部分於年內的變動載列如下：The movement of the debt and derivative components of the Convertible bonds due in 2025 during the year is set out below:於發行日期的初始公平值Initial fair value on the date of issuance 1,571,804466,319利息開支（附註8） Interest expense (note 8) 204,903 –應付利息Interest payable (76,075) –匯兌虧損Exchange loss 150,60838,589年內轉換（附註） Conversion during the year (note) (449,909) (126,155)於損益中確認的公平值變動Change in fair value recognised in profit or loss – (111,506) 於二零二二年十二月三十一日As at 31 December 20221,401,331267,247利息開支（附註8） Interest expense (note 8) 250,565 –應付利息Interest payable (123,636) –匯兌虧損Exchange loss 44,663 –年內轉換（附註） Conversion during the year (note) (1,619) –於損益中確認的公平值變動Change in fair value recognised in profit or loss – (267,247) 於二零二三年十二月三十一日As at 31 December 20231,571,304 – 35.公司債券及中期票據（續）附註：（續）(e) （續）年內公司債券及中期票據的變動載列如下：經參考上交所所報市價，公司債券及中期票據於二零二三年十二月三十一日的公平值總額達約人民幣4,344,104,000元（二零二二年：人民幣6,851,023,000元）。

36.可換股債券263二零二三年年報 | 旭輝控股（集團）有限公司36. CONVERTIBLEBONDS (Continued)Notes:In April 2022, the Company issued HK$1,957,000,000 and HK$588,000,000 coupon guaranteed convertible bonds consolidated and form a single series under general mandate (the “Convertible bonds due in 2025”) which is listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”). The Convertible bonds due in 2025 carry fixed interest of 6.95% per annum (interest payable semi-annually in arrears) and will be fully repayable on 8 April 2025 at par value. The Convertible bonds due in 2025 entitle the holders to convert them into ordinary shares of the Company at any time starting from 19 May 2022 to 10 days before 8 April 2025, the maturity date, at a conversion price of HK$5.53 per share. As a result of the declaration of the final dividend by the board of directors and bonus issue of shares, the conversion price of the convertible bonds was adjusted from HK$5.53 to HK$5.23 per share with effective from 23 June 2022. The conversion price of the convertible bonds was further adjusted from HK$5.23 to HK$5.16 per share as a result of placing of shares with effective from 28 December 2022.In August 2023, the independent third party exercised the conversion rights attaching to the Convertible bonds due in 2025 in the aggregate principal amount of HK$2,000,000 and an aggregate of 387,596 ordinary shares of HK$0.10 each were allotted and issued at the then conversion price of HK$5.16 per share.The conversion price is subject to adjustment upon the occurrence of certain prescribed events namely, consolidation, subdivision or reclassification of shares, capitalisation of profits or reserves, distributions, rights issues or options over shares, issuance or grant of options, rights or warrants to acquire shares at less than 95% of the market price, issuance of securities convertible or exchangeable for shares, modification of rights of conversion and certain other dilutive events including (i) other offers to the shareholders under the circumstances which the Company or any of its subsidiaries issues, sells or distributes any securities in connection with which an offer pursuant to which the shareholders generally are entitled to participate in arrangements whereby such securities may be acquired by them; and (ii) the change of control notice in respect of the occurrence of a change of control, as set out in the conditions.The Convertible bonds due in 2025 is guaranteed by certain subsidiaries on a pari passu basis with the obligations of the Company under the existing indebtedness of the Company.At any time prior to 8 April 2025, the Company may at its option, redeem in whole, but not in part, the Convertible bonds due in 2025, calculated at the principal amount together with any accrued and unpaid interest to (but excluding) the date fixed for redemption.The Company will, at the option of the bondholders, redeem all or some of such bondholders’ bonds on 8 April 2024 (the “Put Option Date”) at their principal amount together with interest accrued to the Put Option Date.The Convertible bonds due in 2025 contain two components, debt component and derivative (including conversion option and early redemption options) component. The effective interest rate of the debt component is 17.17% per annum. The derivative component is measured at fair value and recorded a fair value gain of RMB267,240,000 (2022: RMB111,506,000) in profit or loss during the year. Details of the fair value measurements are set out in note 52.The fair value of the Convertible bonds due in 2025 with reference to the quoted market price available on the SGX-ST amounted to approximately RMB166,851,000 (2022: RMB436,405,000) as at 31 December 2023.As detailed in note 34, the Group decided to suspend payments of all principal and interest falling due on the Group’s offshore financing arrangements since October 2022. As at 31 December 2023, the Group was unable to repay the interest due for the Convertible bonds due in 2025 which constitute a default of payment. The default debt component of convertible bonds amounted to RMB1,571,304,000 and the associated derivative component of convertible bonds amounted to nil (2022: RMB267,247,000) are presented under current liabilities in the Group’s consolidated statement of financial position as at 31 December 2023.36.可換股債券（續）附註：於二零二二年四月，本公司根據一般授權發行1,957,000,000港元及588,000,000港元票息擔保可換股債券（合併並組成單一系列）（「二零二五年到期可換股債券」），於新加坡證券交易有限公司（「新交所」）上市。

二零二五年到期可換股債券按固定年利率6.95厘計息（每半年支付一次利息），並將於二零二五年四月八日按面值悉數償還。

二零二五年到期可換股債券的持有人有權於二零二二年五月十九日至到期日二零二五年四月八日前十日期間隨時按每股5.53港元的轉換價將其轉換為本公司普通股。

由於董事會宣派末期股息及發行紅股，可換股債券的轉換價由每股5.53港元調整至5.23港元，自二零二二年六月二十三日起生效。

由於配售股份，可換股債券的轉換價由每股5.23港元進一步調整至5.16港元，自二零二二年十二月二十八日起生效。

於二零二三年八月，獨立第三方行使本金總額2,000,000港元之二零二五年到期可換股債券的附帶轉換權，合共387,596股每股面值0.10港元的普通股已按當時轉換價每股5.16港元予以配發及發行。

轉換價可在出現若干預定事件（即股份合併、拆細或重新分類、溢利或儲備資本化、分派、供股或股份期權、發行或授出期權、以按低於市價95%的價格收購股份的權利或認股權證、發行可轉換或交換為股份的證券、修訂轉換權以及若干其他攤薄事件，包括該等條件所載(i)在與本公司或其任何附屬公司因發行、出售或分配任何證券有關的情況下向股東提呈其他要約，據此，股東一般有權參與購入該等證券的安排；及(ii)有關出現控制權變更的控制權變更通知）之下作出調整。

二零二五年到期可換股債券由若干附屬公司以同等權益方式作擔保，連同本公司於其現有債務下的責任。

在二零二五年四月八日前的任何時間，本公司可選擇按本金額（連同直至既定贖回日期（惟不包括該日）任何應計及未付利息計算）全部（但不可部分）贖回二零二五年到期可換股債券。

按債券持有人選擇，本公司將於二零二四年四月八日（「沽出日期」），按其本金額連同直至沽出日期的應計利息贖回全部或部分該等債券持有人的債券。

二零二五年到期可換股債券包含兩個部分，負債部分及衍生工具（包括轉換選擇權及提早贖回權）部分。

負債部分的實際年利率為17.17厘。

衍生工具部分按公平值計量，並於年內於損益錄得公平值收益人民幣267,240,000元（二零二二年：人民幣111,506,000元）。

有關公平值計量的詳情載列於附註52。

經參考新交所所報市價，於二零二三年十二月三十一日，二零二五年到期可換股債券的公平值達約人民幣166,851,000元（二零二二年：人民幣436,405,000元）。

如附註34所詳述，本集團決定自二零二二年十月起暫停支付本集團境外融資安排項下所有應付本金及利息。

於二零二三年十二月三十一日，本集團未能償還二零二五年到期可換股債券的到期利息，因而構成違約付款。

於二零二三年十二月三十一日，可轉換債券違約債務部分人民幣1,571,304,000元及相關衍生工具部分零（二零二二年：人民幣267,247,000元）於本集團綜合財務狀況表內流動負債下呈列。

264 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement37. PERPETUALCAPITALINSTRUMENTS二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000以美元計值的永久資本工具：Perpetual capital instruments denominated in US$:於二零一七年八月發行的永久資本工具Perpetual capital instruments issued in August 2017 1,924,5451,924,545On 15 August 2017, the Company issued perpetual capital instruments (the “August 2017 Perpetual Capital Instruments”) which is listed on the Stock Exchange with the aggregate principal amount of US$300,000,000 by entering into an agreement with a group of financial institutions.Pursuant to the agreement, the August 2017 Perpetual Capital Instruments have no fixed maturity date and are redeemable on or after 24 August 2022 at the Company’s option at the principal amount together with accrued, unpaid or deferred distribution payments. The distribution rate for the instruments is 5.375% per annum from date of issue to 23 August 2022, then increase by 5% per annum thereafter. The adjusted distribution rate is 11.581% per annum from 24 August 2022. No guarantee or pledge was made by the Group for the August 2017 Perpetual Capital Instruments.The August 2017 Perpetual Capital Instruments can only be redeemed at the Company’s option and the payments of distribution can be deferred at the discretion of the Company until declaration of dividends to ordinary shareholders of the Company by or the liquidation of the Company. The Company has no obligation to deliver cash in respect of the perpetual instruments, pay interest nor exercise its right of redemption. Therefore, the August 2017 Perpetual Capital Instruments are classified as equity instruments and presented as a part of equity in the consolidated statement of financial position.37.永久資本工具於二零一七年八月十五日，本公司透過與一組金融機構訂立協議，發行本金總額300,000,000美元的永久資本工具（「二零一七年八月永久資本工具」，於聯交所上市）。

根據協議，二零一七年八月永久資本工具並無固定到期日，且本公司可選擇按本金額另加應計、未付或遞延分派付款於二零二二年八月二十四日或之後贖回。

工具於發行日期至二零二二年八月二十三日的分派率為每年5.375%，之後每年增加5%。

自二零二二年八月二十四日起，調整後的分派率為每年11.581%。

本集團並無就二零一七年八月永久資本工具作出任何擔保或質押。

二零一七年八月永久資本工具僅可由本公司選擇贖回，且本公司可酌情延遲分派付款，直至向本公司普通股持有人宣派股息或本公司結清為止。

本公司並無責任就永久工具交付現金、支付利息或行使其贖回權利。

因此，二零一七年八月永久資本工具分類為股本工具，並於綜合財務狀況表呈列為股本的一部分。

265二零二三年年報 | 旭輝控股（集團）有限公司38. SHARECAPITAL二零二三年二零二二年20232022千港元千港元HK$’000 HK$’000法定：Authorised:20,000,000,000股（二零二二年：20,000,000,000股）每股面值0.1港元（二零二二年：每股面值0.1港元）的普通股20,000,000,000 (2022: 20,000,000,000) ordinary shares of HK$0.1 each (2022: HK$0.1 each)2,000,0002,000,000已發行及繳足：Issued and fully paid:於年初At the beginning of the year 1,041,308878,324行使購股權時發行（附註a） Issued upon exercise of share options (note a) – 894發行紅股（附註b） Bonus issue of shares (note b) – 35,169配售股份（附註c） Placing of shares (note c) – 114,493轉換可換股債券時發行（附註36） Issued upon conversion of convertible bonds (note 36) 3912,428 於年末At the end of the year 1,041,3471,041,308二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000於綜合財務報表呈列為Shown in the consolidated financial statements as 855,610855,57538.股本266 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement38. SHARECAPITAL (Continued)The movements in share capital are as follows:Notes:(a) During the year ended 31 December 2023, no (2022: 8,944,613) ordinary shares issued upon exercise of share options by the Company. The exercise price of the share options for the year ended 31 December 2022 is HK$4.314.(b) The Company completed a bonus issue of shares on 30 June 2022 and 351,687,284 bonus shares were issued by the Company on the basis of four bonus shares for every one hundred existing shares held by the qualifying shareholders on 22 June 2022.No bonus shares were issued during the year ended 31 December 2023.(c) In September 2022, the Company issued 304,926,000 ordinary shares of HK$0.10 each at a placing price of HK$2.06 per share. The net proceeds from the placing is approximately HK$621,791,000 (equivalent to approximately RMB534,864,000).In December 2022, the Company further issued 840,000,000 ordinary shares of HK$0.10 each at a placing price of HK$1.14 per share. The net proceeds from the placing is approximately HK$946,704,000 (equivalent to approximately RMB814,355,000).No placing shares were issued during the year ended 31 December 2023.(d) Pursuant to article 24.2 of the Company’s articles of association, the Company is permitted to pay out final dividend from share premium account and retained profits account.All the new shares issued during the year rank pari passu with the existing shares in all respects.None of the Company’s subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the year.38.股本（續）股本變動如下：附註：(a)截至二零二三年十二月三十一日止年度，本公司並無於行使購股權時發行普通股（二零二二年：8,944,613股）。

截至二零二二年十二月三十一日止年度，購股權的行使價為4.314港元。

(b)本公司於二零二二年六月三十日完成發行紅股，本公司已按合資格股東於二零二二年六月二十二日持有每一百股現有股份獲發四股紅股之基準發行351,687,284股紅股。

於截至二零二三年十二月三十一日止年度概無發行紅股。

(c)於二零二二年九月，本公司按配售價每股面值2.06港元發行304,926,000股每股面值0.10港元的普通股。

配售所得款項淨額約為621,791,000港元（相當於約人民幣534,864,000元）。

於二零二二年十二月，本公司按配售價每股1.14港元進一步發行840,000,000股每股面值0.10港元的普通股。

配售所得款項淨額約為946,704,000港元（相當於約人民幣814,355,000元）。

於截至二零二三年十二月三十一日止年度概無發行配售股份。

(d)根據本公司組織章程細則第24.2條，本公司可通過股份溢價賬及保留利潤賬支付末期股息。

年內已發行的所有新股份與現有股份於各方面享有同等地位。

年內，概無本公司附屬公司購買、出售或贖回本公司任何上市證券。

267二零二三年年報 | 旭輝控股（集團）有限公司38. SHARECAPITAL (Continued)A summary of the transactions with reference to the above-mentioned movements in the Company’s issued share capital and share premium is as follows:已發行繳足普通股數目普通股面值股份溢價普通股面值等值股份溢價等值總計Number of issued fully paid ordinary sharesNominal value of ordinary sharesShare premiumEquivalent nominal value of ordinary sharesEquivalent share premium Total千港元千港元千港元千港元人民幣千元HK$’000 HK$’000 HK$’000 HK$’000 RMB’000於二零二二年一月一日At 1 January 20228,783,237,503878,3248,798,741715,1917,185,7737,900,964行使購股權時發行股份Issue of shares upon exercise of share options 8,944,61389448,02174139,80040,541轉換可換股債券時發行股份Issue of shares upon conversion of convertible bonds 124,282,97212,428633,74511,080564,984576,064發行紅股Bonus issue of shares 351,687,28435,169 – 30,076 – 30,076配售股份Placing of shares 1,144,926,000114,4931,454,00298,4871,250,7321,349,219出售股份獎勵計劃項下的股份Disposal of shares under the share award scheme – – (231,930) – (205,489) (205,489) 於二零二二年十二月三十一日At 31 December 202210,413,078,3721,041,30810,702,579855,5758,835,8009,691,375轉換可換股債券時發行股份Issue of shares upon conversion of convertible bonds 387,596391,730351,5841,619 於二零二三年十二月三十一日At 31 December 202310,413,465,9681,041,34710,704,309855,6108,837,3849,692,99438.股本（續）有關參考上述本公司已發行股本及股份溢價變動的交易概述如下：268 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement39. DEFERREDTAXATIONThe following are the major deferred taxation assets (liabilities) recognised and movements thereon during the years:持作出售物業及擬作出售的開發中物業撇減公司間交易未變現收益的臨時差額投資物業公平值投資公平值稅務虧損土地增值稅撥備的臨時差額租賃其他總計Write-down of properties held for sale and properties under developmentTemporary differences on unrealised gain arising from inter-company transactionsFair value of investment propertiesFair value of investments Tax lossesTemporary differences on LAT provision Leases Others Total人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 於二零二二年一月一日At 1 January 2022 – 123,973 (4,729,694) 46,3281,081,162607,2702,87227,078 (2,841,011)於損益計入（扣除） Credit (charge) to profit or loss 502,698 (22,305) 209,342 (103,897) 439 (258,529) 15050,227378,125收購附屬公司（附註40） Acquisition of subsidiaries (note 40) – – – – – – – (1,845) (1,845) 於二零二二年十二月三十一日At 31 December 2022502,698101,668 (4,520,352) (57,569) 1,081,601348,7413,02275,460 (2,464,731)於損益計入（扣除） Credit (charge) to profit or loss 22,981 (12,792) (80,233) 63,013 (159,195) 262,705141 (62,089) 34,531收購附屬公司（附註40） Acquisition of subsidiaries (note 40) – – – – – – – (1,812) (1,812)出售附屬公司（附註41） Disposal of a subsidiaries (note 41) (14,169) 970 – – (11,123) (160,743) – (3,003) (188,068) 於二零二三年十二月三十一日At 31 December 2023511,51089,846 (4,600,585) 5,444911,283450,7033,1638,556 (2,620,080)39.遞延稅項以下為於年內確認的主要遞延稅項資產（負債）及其中變動：269二零二三年年報 | 旭輝控股（集團）有限公司39. DEFERREDTAXATION (Continued)For the presentation purposes on the consolidated statement of financial position, certain deferred taxation assets (liabilities) have been offset. The following is the analysis of the deferred taxation balances for financial reporting purposes:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000遞延稅項資產Deferred taxation assets 2,231,1622,343,246遞延稅項負債Deferred taxation liabilities (4,851,242) (4,807,977) (2,620,080) (2,464,731)At 31 December 2023, the Group had unused tax losses of approximately RMB9,449,119,000 (2022: RMB8,817,881,000) available to offset against future profits. Deferred taxation assets have been recognised in respect of such losses of approximately RMB3,645,132,000 (2022: RMB4,326,404,000) at 31 December 2023. No deferred taxation asset has been recognised in respect of the remaining losses of approximately RMB5,803,987,000 (2022: RMB4,491,477,000) at 31 December 2023 due to the unpredictability of future profit streams. The unrecognised tax losses will expire in the following years:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000二零二三年2023 – 32,543二零二四年202442,20944,127二零二五年202588,458212,906二零二六年20261,624,4421,658,644二零二七年20271,618,6462,543,257二零二八年20282,430,232 – 5,803,9874,491,47739.遞延稅項（續）為呈列綜合財務狀況表，若干遞延稅項資產（負債）已抵銷。

以下為就財務報告作出的遞延稅項結餘分析：於二零二三年十二月三十一日，本集團擁有未動用稅務虧損約人民幣9,449,119,000元（二零二二年：人民幣8,817,881,000元）可供抵銷未來利潤。

於二零二三年十二月三十一日，已就虧損約人民幣3,645,132,000元（二零二二年：人民幣4,326,404,000元）確認遞延稅項資產。

由於不可預測未來利潤來源，故於二零二三年十二月三十一日概無就餘下虧損約人民幣5,803,987,000元（二零二二年：人民幣4,491,477,000元）確認遞延稅項資產。

未確認稅務虧損將於下列年度屆滿：270 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement39. DEFERREDTAXATION (Continued)Under the PRC enterprise income tax law, withholding income tax is imposed on dividends declared in respect of profits earned by PRC subsidiaries from 1 January 2008 onwards. Deferred taxation has not been provided for in the consolidated financial statements in respect of temporary differences attributable to accumulated profits of certain PRC subsidiaries amounting to approximately RMB36,448,076,000 (2022: RMB38,864,885,000) as at 31 December 2023, as the Group is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.40. ACQUISITIONOFSUBSIDIARIES(a) Acquisitions of assets and liabilities through acquisitions of subsidiariesFor the year ended 31 December 2023附屬公司名稱Name of subsidiary註冊成立╱成立地點Place of incorporation/establishment本集團於收購事項前持有的股本權益Equity interestheld by theGroup beforeacquisition本集團於收購事項後持有的股本權益Equity interestheld by theGroup afteracquisition總代價Totalconsideration人民幣千元RMB’000中山市遠旭卓房地產開發有限公司（「中山遠旭卓」）Zhongshan Yuanxuzhuo Real Estate Development Co., Ltd.(“Zhongshan Yuanxuzhuo”)中國PRC33% 100%（附註i）(Note i)13,400天津市捷一房地產有限公司（「天津捷一」）Tianjin Jieyi Real Estate Co., Ltd. (“Tianjin Jieyi”)中國PRC40% 100%（附註ii）(Note ii)18,000許昌旭輝房地產開發有限公司（「許昌旭輝」）Xuchang Xuhui Real Estate Development Co., Ltd. (“Xuchang Xuhui”)中國PRC50% 100%（附註iii）(Note iii)98032,38039.遞延稅項（續）根據《中國企業所得稅法》，由二零零八年一月一日起，就中國附屬公司賺取的利潤所宣派股息須徵收預提所得稅。

綜合財務報表中未有就於二零二三年十二月三十一日的若干中國附屬公司累計利潤應佔臨時差額約人民幣36,448,076,000元（二零二二年：人民幣38,864,885,000元）作出遞延稅項撥備，乃因本集團能夠控制臨時差額撥回時間，且該等臨時差額在可見將來不大可能撥回。

40.收購附屬公司(a)透過收購附屬公司收購資產及負債截至二零二三年十二月三十一日止年度271二零二三年年報 | 旭輝控股（集團）有限公司40. ACQUISITIONOFSUBSIDIARIES (Continued)(a) Acquisitions of assets and liabilities through acquisitions of subsidiaries (Continued)For the year ended 31 December 2023 (Continued)Notes:(i) Before the acquisition, Zhongshan Yuanxushou was accounted for as a joint venture at the respective period end date as in accordance with the memorandum and article of association, major financial and operating policies of these companies require the unanimous consent of all directors. During the year ended 31 December 2023, the Group acquired the remaining 67% equity interests from the other shareholders. Upon the completion of the foregoing transactions, the Group owned 100% equity interest of Zhongshan Yuanxushou and Zhongshan Yuanxushou become a consolidated subsidiary of the Group.(ii) Before the acquisition, Tianjin Jieyi was accounted for as a joint venture at the respective period end date as in accordance with the memorandum and article of association, major financial and operating policies of these companies require the unanimous consent of all directors. During the year ended 31 December 2023, the Group acquired the remaining 60% equity interests from the other shareholders. Upon the completion of the foregoing transactions, the Group owned 100% equity interest of Tianjin Jieyi and Tianjin Jieyi become a consolidated subsidiary of the Group.(iii) Before the acquisition, Xuchang Xuhui was accounted for as a joint venture at the respective period end date as in accordance with the memorandum and article of association, major financial and operating policies of these companies require the unanimous consent of all directors. During the year ended 31 December 2023, the Group acquired the remaining 50% equity interests from the other shareholders. Upon the completion of the foregoing transactions, the Group owned 100% equity interest of Xuchang Xuhui and Xuchang Xuhui become a consolidated subsidiary of the Group.The above transactions are accounted for as acquisition of assets and liabilities through acquisition of subsidiaries because these companies only hold pieces of land for property development or properties without significant processes applied to the properties.40.收購附屬公司（續）(a)透過收購附屬公司收購資產及負債（續）截至二零二三年十二月三十一日止年度（續）附註：(i)於收購前，中山遠旭卓於各期間結束日期根據組織章程大綱及細則入賬列為合營企業，該等公司的主要財務及營運政策須由全體董事一致同意。

於截至二零二三年十二月三十一日止年度，本集團已自其他股東收購餘下67%股權。

於上述交易完成後，本集團擁有中山遠旭卓全部股權，中山遠旭卓成為本集團的併表附屬公司。

(ii)於收購前，天津捷一於各期間結束日期根據組織章程大綱及細則入賬列為合營企業，該等公司的主要財務及營運政策須由全體董事一致同意。

於截至二零二三年十二月三十一日止年度，本集團已自其他股東收購餘下60%股權。

於上述交易完成後，本集團擁有天津捷一全部股權，天津捷一成為本集團的併表附屬公司。

(iii)於收購前，許昌旭輝於各期間結束日期根據組織章程大綱及細則入賬列為合營企業，該等公司的主要財務及營運政策須由全體董事一致同意。

於截至二零二三年十二月三十一日止年度，本集團已自其他股東收購餘下50%股權。

於上述交易完成後，本集團擁有許昌旭輝全部股權，許昌旭輝成為本集團的併表附屬公司。

由於該等公司僅持有多幅用作房地產開發的地塊或物業，但並無執行適用於該等物業的重大程序，故上述交易作為透過收購附屬公司收購資產及負債入賬。

272 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement40. ACQUISITIONOFSUBSIDIARIES (Continued)(a) Acquisitions of assets and liabilities through acquisitions of subsidiaries (Continued)For the year ended 31 December 2022附屬公司名稱Name of subsidiary註冊成立╱成立地點Place of incorporation/establishment本集團於收購事項前持有的股本權益Equity interestheld by theGroup beforeacquisition本集團於收購事項後持有的股本權益Equity interestheld by theGroup afteracquisition總代價Totalconsideration人民幣千元RMB’000北京昌清科技發展有限公司Beijing Changqing Technology Development Co., Ltd.中國PRC30% 100% 346,624濟南泰鑫產業發展有限公司Jinan Taixin Industrial Development Co., Ltd.中國PRC50% 51% 1,000上海圖如商務諮詢有限公司Shanghai Turu Consultancy Co., Ltd.中國PRC零Nil100% 2,472南通創升置業有限公司（「南通創升」）Nantong Chuangsheng Properties Co., Ltd. (“Nantong Chuangsheng”)中國PRC49% 51%（附註i）(Note i)零Nil上海寶展房地產開發有限公司Shanghai Baozhan Real Estate Property Co., Ltd.中國PRC50% 50%（附註ii）(Note ii)零Nil義烏卓義置業有限公司Yiwu Zhuoyi Properties Co., Ltd.中國PRC零Nil92.3% 1,156,843上海新城旭地房地產有限公司Shanghai Xincheng Xudi Real Estate Co., Ltd.中國PRC50% 100% 5,506合肥盛哲房地產開發有限公司Hefei Shengzhe Real Estate Development Co., Ltd.中國PRC51% 100% 28,281南昌和展置業有限公司Nanchang Hezhan Property Co., Ltd.中國PRC45% 100% 22,00340.收購附屬公司（續）(a)透過收購附屬公司收購資產及負債（續）截至二零二二年十二月三十一日止年度273二零二三年年報 | 旭輝控股（集團）有限公司附屬公司名稱Name of subsidiary註冊成立╱成立地點Place of incorporation/establishment本集團於收購事項前持有的股本權益Equity interestheld by theGroup beforeacquisition本集團於收購事項後持有的股本權益Equity interestheld by theGroup afteracquisition總代價Totalconsideration人民幣千元RMB’000北京興添諮詢服務有限公司Beijing Xingtian Consultancy Co., Ltd.中國PRC30% 100% 306,969北京盛智房地產有限公司Beijing Shengzhi Real Estate Co., Ltd.中國PRC49% 100% 315,903北京興諾諮詢服務有限公司Beijing Xingnuo Consultancy Co., Ltd.中國PRC30% 100% 419,024杭州宸盛置業有限公司（「杭州宸盛」）Hangzhou Chensheng Properties Co., Ltd. (“Hangzhou Chensheng”)中國PRC67% 100%（附註iii）(Note iii)零Nil杭州臨盛置業有限公司Hangzhou Linsheng Properties Co., Ltd.中國PRC50% 100% 5,000成都碧賢置業有限公司Chengdu Bixian Properties Co., Ltd.中國PRC33% 100% 234,500長沙和滙房地產開發有限公司Changsha Hehui Real Estate Development Co., Ltd.中國PRC50% 100% 250,000重慶盛詢企業管理諮詢有限公司Chongqing Shengxun Enterprise Consultancy Co., Ltd.中國PRC零Nil100% 96,663重庆盛旭企業管理諮詢有限公司Chongqing Shengxu Enterprise Consultancy Co., Ltd.中國PRC零Nil100% 100,400南京寧曦商務諮詢有限公司Nanning Ningxi Consultancy Co., Ltd.中國PRC零Nil100% 149,9843,441,17240. ACQUISITIONOFSUBSIDIARIES (Continued)(a) Acquisitions of assets and liabilities through acquisitions of subsidiaries (Continued)For the year ended 31 December 2022 (Continued)40.收購附屬公司（續）(a)透過收購附屬公司收購資產及負債（續）截至二零二二年十二月三十一日止年度（續）274 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement40. ACQUISITIONOFSUBSIDIARIES (Continued)(a) Acquisitions of assets and liabilities through acquisitions of subsidiaries (Continued)For the year ended 31 December 2022 (Continued)Notes:(i) During the year ended 31 December 2022, the Group subscribed 2% additional equity interest in Nantong Chuangsheng, resulting in 51% effective interest held by the Group. Memorandum and Articles of Association of Nantong Chuangsheng was amended, after which the Group can exercise 51% voting power. Pursuant to the amended Memorandum and Articles of Association, all of the relevant activities including the strategic financial and operating decisions required approval by simple majority of the board of directors, the new subsidiary has board mix of five directors, in which three of the board directors are nominated by the Group. Since the Group obtained effective control of voting power to govern the relevant activities of the entity, the entity is regarded as a subsidiary of the Group.(ii) During the year ended 31 December 2022, all shareholders of the entity entered into a supplementary agreement. By execution of the supplementary agreement, the Group can exercise 51% voting power and all of the relevant activities including the strategic financial and operating decisions required approval by simple majority of the board of directors, of which two directors and one director are nominated by the Group and the other shareholder, respectively. Since the Group obtained effective control of voting power to govern the relevant activities of the entity, it is regarded as a subsidiary of the Group.(iii) Before the acquisition, Hangzhou Chensheng was accounted for as a joint venture at the respective period end date as in accordance with the memorandum and articles of association, major financial and operating policies of these companies require the unanimous consent of all directors. During the year ended 31 December 2022, the Group acquired the remaining 33% equity interests from the other shareholder. Upon the completion of the foregoing transaction, the Group owned 100% equity interest of Hangzhou Chensheng and Hangzhou Chensheng became a consolidated subsidiary of the Group.The above transactions are accounted for as acquisition of assets and liabilities through acquisition of subsidiaries because these companies only hold investment properties, pieces of land for property development or properties without significant processes applied to the properties.40.收購附屬公司（續）(a)透過收購附屬公司收購資產及負債（續）截至二零二二年十二月三十一日止年度（續）附註：(i)截至二零二二年十二月三十一日止年度，本集團認購南通創升的2%額外股權，導致本集團持有51%的實際權益。

南通創升的組織章程大綱及細則已經修訂，隨後本集團可行使51%的投票權。

根據經修訂組織章程大綱及細則，策略性財務及經營決策等所有相關活動須經董事會簡單大多數批准，該新附屬公司擁有由五名董事組成的董事會，其中三名董事由本集團提名。

由於本集團已取得投票權的實際控制權以規管該實體的相關活動，故其被視為本集團的附屬公司。

(ii)截至二零二二年十二月三十一日止年度，該實體的全體股東訂立補充協議。

透過簽立補充協議，本集團可行使51%投票權且策略性財務及經營決策等所有相關活動須經董事會簡單大多數批准，當中兩名董事及一名董事分別由本集團及其他股東提名。

由於本集團已取得投票權的實際控制權以規管該實體的相關活動，故其被視為本集團的附屬公司。

(iii)於收購前，杭州宸盛於各期間結束日期根據組織章程大綱及細則入賬為合營企業，該等公司的主要財務及營運政策須由全體董事一致同意。

於截至二零二二年十二月三十一日止年度，本集團已自其他股東收購餘下33%股權。

於上述交易完成後，本集團擁有杭州宸盛全部股權，杭州宸盛成為本集團的併表附屬公司。

由於該等公司僅持有投資物業、多幅用作房地產開發的地塊或物業，但並無執行適用於該等物業的重大程序，故上述交易作為透過收購附屬公司收購資產及負債入賬。

275二零二三年年報 | 旭輝控股（集團）有限公司40. ACQUISITIONOFSUBSIDIARIES (Continued)(a) Acquisitions of assets and liabilities through acquisitions of subsidiaries (Continued)Details of the assets acquired and liabilities assumed are as below:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000投資物業Investment properties – 4,182,257物業、廠房及設備Property, plant and equipment 15235於聯營公司的權益Interest in associates – 1,061,894擬作出售的開發中物業Properties under development for sale 583,9154,581,325持作出售物業Properties held for sale 131,9201,307,245應收賬款及其他應收款項、按金及預付款項Accounts and other receivables, deposits and prepayments31,2721,178,862應收本集團款項Amounts due from the Group 56,2164,387,950應收非控股權益款項Amounts due from non-controlling interests – 106,143可收回稅項Taxation recoverable 98,22266,134銀行結餘及現金Bank balances and cash 248,381270,929應付本集團款項Amounts due to the Group (56,871) (1,287,766)應付非控股權益款項Amounts due to non-controlling interests – (3,695,264)應付賬款及其他應付款項以及應計開支Accounts and other payables and accrued charges (247,243) (1,214,799)應付聯營公司款項Amounts due to associates – (476,741)合約負債Contract liabilities (615,665) (248,948)應付稅項Taxation payable (29,594) (38,028)銀行及其他借款Bank and other borrowings – (3,384,940) 200,5686,796,488 已轉撥代價支付方式：Consideration transferred, satisfied by:其他應付款項（附註i） Other payables (note i) 32,380814,593現金Cash – 2,363,129於合營企業的權益Interests in joint ventures 168,1882,096,028於聯營公司的權益Interests in associates – 287,287非控股權益分佔資產淨值（附註ii） Net assets shared by non-controlling interests (note ii) – 1,235,451 200,5686,796,48840.收購附屬公司（續）(a)透過收購附屬公司收購資產及負債（續）有關所收購資產及所承擔負債的詳情如下：276 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement40. ACQUISITIONOFSUBSIDIARIES (Continued)(a) Acquisitions of assets and liabilities through acquisitions of subsidiaries (Continued)Details of the assets acquired and liabilities assumed are as below: (Continued)二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000現金流入╱（流出）淨額：Net cash inflow/(outflow):已付現金代價Cash consideration paid – (2,363,129)所收購的銀行結餘及現金Bank balances and cash acquired 248,381270,929 248,381 (2,092,200)Notes:(i) Dur ing the y e a r ended 31 December 2023, the payab l e s o f RMB32,380,000 (2022: RMB814,593,000) was offset by debts of certain acquisition transaction counterparties due to the Group.(ii) The non-controlling interests were measured in accordance with proportionate share of net assets.(b) Acquisition of businessesFor the year ended 31 December 2023附屬公司名稱Name of subsidiary註冊成立╱成立地點Place of incorporation/establishment本集團於收購事項前持有的股本權益Equity interestheld by theGroup beforeacquisition本集團於收購事項後持有的股本權益Equity interestheld by theGroup afteracquisition總代價Totalconsideration人民幣千元RMB’000北京航騰物業管理有限公司（「北京航騰」）Beijing Hangteng Property Management Co., Ltd (“Beijing Hangteng”)中國PRC零Nil90% 58,12458,124 40.收購附屬公司（續）(a)透過收購附屬公司收購資產及負債（續）有關所收購資產及所承擔負債的詳情如下：（續）附註：(i)於截至二零二三年十二月三十一日止年度，應付款項人民幣32,380,000元（二零二二年：人民幣814,593,000元）被若干收購交易對手方應付本集團債務所抵銷。

(ii)非控股權益乃按照分佔資產淨值的比例計量。

(b)收購業務截至二零二三年十二月三十一日止年度277二零二三年年報 | 旭輝控股（集團）有限公司40. ACQUISITIONOFSUBSIDIARIES (Continued)(b) Acquisition of businesses (Continued)For the year ended 31 December 2023 (Continued)The directors of the Company are of the view that the above transactions constitute business combinations. The transactions have been accounted for using acquisition method accordingly. The principal activities of the acquired subsidiaries are engaged in the property management services and investment properties operation and they were acquired so as to continue the expansion of the Group’s property management business and investment property management.For the year ended 31 December 2022附屬公司名稱Name of subsidiary註冊成立╱成立地點Place of incorporation/establishment本集團於收購事項前持有的股本權益Equity interestheld by theGroup beforeacquisition本集團於收購事項前持有的股本權益Equity interestheld by theGroup afteracquisition總代價Totalconsideration人民幣千元RMB’000鄭州錦藝物業服務有限公司（「鄭州錦藝」）Zhengzhou Jinyi Property Service Co., Ltd. (“Zhengzhou Jinyi”)中國PRC零Nil100% 145,000145,000The directors of the Company are of the view that the above transactions constitute business combinations. The transactions have been accounted for using acquisition method accordingly. The principal activities of the acquired subsidiaries are engaged in the property management services and investment properties operation and they were acquired so as to continue the expansion of the Group’s property management business and investment property management.40.收購附屬公司（續）(b)收購業務（續）截至二零二三年十二月三十一日止年度（續）本公司董事認為上述交易構成業務合併。

有關交易已相應使用收購法入賬。

所收購附屬公司主要從事物業管理服務及投資物業業務，而收購該等公司旨在繼續擴大本集團的物業管理業務及投資物業管理。

截至二零二二年十二月三十一日止年度本公司董事認為上述交易構成業務合併。

有關交易已相應使用收購法入賬。

所收購附屬公司主要從事物業管理服務及投資物業業務，而收購該等公司旨在繼續擴大本集團的物業管理業務及投資物業管理。

278 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement40. ACQUISITIONOFSUBSIDIARIES (Continued)(b) Acquisition of businesses (Continued)Details of the assets acquired and liabilities assumed are as below:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000（附註ii） （附註iii）(Note ii) (Note iii)所收購資產及所承擔負債的公平值：Fair value of assets acquired and liabilities assumed:物業、廠房及設備Property, plant and equipment 8451,115遞延稅項資產Deferred taxation assets – 3,654無形資產Intangible assets 7,18021,420按公平值計入損益的金融資產Financial assets at FVTPL 22,773 –應收賬款及其他應收款項、按金及預付款項Accounts and other receivables, deposits and prepayments24,06049,544銀行結餘及現金Bank balances and cash 2,39550,975應付賬款及其他應付款項以及應計開支Accounts and other payables and accrued charges(27,749) (51,595)合約負債Contract liabilities – (21,463)應付稅項Taxation payable (349) (4,100)遞延稅項負債Deferred taxation liabilities (1,812) (5,499)銀行及其他借款Bank and other borrowings – (10,000) 27,34334,051收購產生的商譽：Goodwill arising on acquisition:已轉撥代價Consideration transferred現金Cash 58,124118,783其他應付款項（附註i） Other payables (note i) – 26,217加：非控股權益分佔資產淨值Add: Net assets shared by non-controlling interests 2,734 –減：本集團所收購資產淨值Less: Net assets acquired by the Group (27,343) (34,051) 33,515110,949現金流出淨額：Net cash outflow:已付現金代價Cash consideration paid (58,124) (118,783)銀行結餘及現金Bank balances and cash 2,39550,975 (55,729) (67,808)40.收購附屬公司（續）(b)收購業務（續）已收購資產及已承擔負債的詳情如下：279二零二三年年報 | 旭輝控股（集團）有限公司40. ACQUISITIONOFSUBSIDIARIES (Continued)(b) Acquisition of businesses (Continued)Notes:(i) During the year ended 31 December 2023, no payables (2022: RMB26,217,000) was offset by the Group’s amounts due from former shareholder of the acquiree before the acquisition.(ii) Intangible assets of RMB7,180,000 in relation to the acquisition of subsidiaries providing property management services relate to property management contracts and customer relationships. The fair value of intangible assets acquired in business combination is estimated by an independent valuer through application of income approach. This approach estimates the future economic benefits and costs attributed to the property management contracts and the customer relationship of the acquirees. The economic benefits and related costs are in turn projected over the expected contractual periods including expected contract renewals, taking into consideration of the customer attrition rate, the growth rate and the discount rate.Goodwill arose on the acquisition of Beijing Hangteng because the expected future development of acquirees’ business, improvement on market coverage, enriching the service portfolio, integrating value-added services, and improvement on management efficiency, etc. These benefits are not recognised separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. None of the goodwill arising on the acquisition is expected to be deductible for tax purposes.Since the acquisition date, Beijing Hangteng has contributed RMB35,003,000 and RMB2,050,000 to the Group’s revenue and profit for the year. If the acquisition had occurred on 1 January 2023, revenue and profit for the year of the Group would be approximately the same as the amount presented on the face of the consolidated statement of profit or loss and other comprehensive income.(iii) Since the acquisition date, Zhengzhou Jinyi has contributed RMB134,240,000 and RMB17,542,000 to the Group’s revenue and profit for the year. If the acquisition had occurred on 1 January 2022, revenue and loss for the year of the Group would be approximately the same as amount presented on face of the consolidated statement of profit or loss and other comprehensive income.40.收購附屬公司（續）(b)收購業務（續）附註：(i)截至二零二三年十二月三十一日止年度，概無應付款項（二零二二年：人民幣26,217,000元）於進行收購事項前由本集團應收被收購方前股東款項所抵銷。

(ii)收購提供物業管理服務附屬公司的無形資產人民幣7,180,000元與物業管理合同及客戶關係有關。

在業務合併過程中收購的無形資產的公平值由獨立估值師透過應用收入法進行估計。

該方法估計物業管理合同及被收購方客戶關係應佔未來經濟利益及成本。

經考慮顧客流失率、增長率及折現率後，經濟利益及有關成本轉而按包括預期合同續約等預期合同期間預測。

由於被收購方業務的預期未來發展、市場覆蓋率提高、豐富服務組合、整合增值服務及管理效率提升等，收購北京航騰產生商譽。

由於該等利益不符合可識別無形資產的確認條件，故其不會與商譽分開確認。

預期概無產生自收購事項的商譽將作扣稅用途。

自收購日期起，北京航騰於年內分別為本集團貢獻收入及利潤人民幣35,003,000元及人民幣2,050,000元。

倘收購事項於二零二二年一月一日發生，本集團於年內的收入及利潤將與綜合損益及其他全面收益表所呈列金額大致相同。

(iii)自收購日期起，鄭州錦藝於年內為本集團貢獻收入及利潤人民幣134,240,000元及人民幣17,542,000元。

倘收購事項於二零二二年一月一日發生，本集團的收入及利潤將與綜合損益及其他全面收益表所呈列金額大致相同。

280 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement41. DISPOSALOFSUBSIDIARIESFor the year ended 31 December 2023註冊成立╱成立地點本集團於收購事項前持有的股本權益本集團於收購事項後持有的股本權益總代價附屬公司名稱Name of subsidiaryPlace of incorporation/establishmentEquity interest held by the Group before acquisitionEquity interest held by the Group after acquisitionTotalconsideration人民幣千元RMB’000 北京順和仁義房地產開發有限公司中國51%零295,000Beijing Shunhe Renyi Properties Development Co., Ltd PRCNil沈陽恒開房地產開發有限公司中國33.5%零3,350Shenyang Hengkai Properties Development Co., Ltd PRCNil青島音樂文島文化產業開發有限公司中國25.5%零39,027Qingdao Music Island Cultural Industry Development Co., Ltd PRCNil株洲凱興房地產開發有限公司中國51%零34,350Zhuzhou Kaixing Properties Development Co., Ltd. PRCNil沈陽金地順成房地產開發有限公司中國50%零25,000Shenyang Jindi Shuncheng Properties Development Co., Ltd PRCNil烟台旭博房地產有限公司中國37.5% 37.5%零Yantai Xubo Properties Co., Ltd PRC （附註i）(Note i)Nil青島泰博投資有限公司中國50% 50%零Qingdao Taibo Investment Co., Ltd PRC （附註i）(Note i)Nil青島泰霆投資有限公司中國50% 50%零Qingdao Taiting Investment Co., Ltd PRC （附註i）(Note i)Nil山東旭輝銀盛泰集團有限公司及其附屬公司中國50% 50%零Shandong Xuhui Yinshengtai Group Co., Ltd and its subsidiaries PRC （附註i）(Note i)Nil青島銀盛泰房地產有限公司及其附屬公司中國50% 50%零Qingdao Yinshengtai Properties Co., Ltd and its subsidiaries PRC （附註i）(Note i)Nil396,727 (i) During the year ended 31 December 2023, the shareholders of the respective entities entered into a supplemental agreement. By execution of the supplemental agreement, all of the relevant activities including the strategic financial and operating decisions required approval by unanimous consent of all of its directors and thus the entities are accounted for as joint ventures.41.出售附屬公司截至二零二三年十二月三十一日止年度(i)截至二零二三年十二月三十一日止年度，各實體股東訂立補充協議。

透過簽立補充協議，策略性財務及經營決策等所有相關活動須獲其全體董事一致同意批准，因此該等實體作為合營企業入賬。

281二零二三年年報 | 旭輝控股（集團）有限公司註冊成立╱成立地點本集團於收購事項前持有的股本權益本集團於收購事項後持有的股本權益總代價附屬公司名稱Name of subsidiaryPlace of incorporation/establishmentEquity interest held by the Group before acquisitionEquity interest held by the Group after acquisitionTotalconsideration人民幣千元RMB’000 成都悅湖利鑫置業有限公司中國34% 34%（附註i）零Chengdu Yuehulixin Property Co., Ltd. PRC (Note i) Nil南陽卓華置業有限公司中國51%零–*Nanyang Zhuohua Property Co., Ltd. PRCNil天津旭明房地產開發有限公司中國50%零85,000Tianjin Xuming Property Development Co., Ltd. PRCNil蘇州興立商務諮詢有限公司中國100% 50%（附註ii）零Suzhou Xingli Consultancy Co., Ltd. PRC (Note ii) Nil溫州卓益商務信息諮詢有限公司中國100% 30%（附註ii）零Wenzhou Zhuoyi Consultancy Co., Ltd. PRC (Note ii) Nil無錫興赫清企業管理有限公司中國50% 50%（附註i）零Wuxi Xingheqing Enterprise Management Co., Ltd. PRC (Note i) Nil杭州興彩商務信息諮詢有限公司中國100%零零Hangzhou Xingcai Information Consultancy Co., Ltd. PRCNil Nil（附註iv）(Note iv)溫州長鑫投資管理有限公司中國50%零零Wenzhou Changxin Investment Management Co., Ltd. PRCNil Nil（附註iii）(Note iii)惠州和煜實業有限公司中國100%零5,000Huizhou Heyu Industrial Co., Ltd. PRCNil長沙豐拓房地產開發有限公司中國69%零零Changsha Fengtuo Real Estate Development Co., Ltd. PRCNil Nil（附註iii）(Note iii)41. DISPOSALOFSUBSIDIARIES (Continued)For the year ended 31 December 202241.出售附屬公司（續）截至二零二二年十二月三十一日止年度282 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement註冊成立╱成立地點本集團於收購事項前持有的股本權益本集團於收購事項後持有的股本權益總代價附屬公司名稱Name of subsidiaryPlace of incorporation/establishmentEquity interest held by the Group before acquisitionEquity interest held by the Group after acquisitionTotalconsideration人民幣千元RMB’000 蝸牛咚咚（海南）數位科技有限公司中國100%零30,000Snail Dongdong (Hainan) Digital Technology Co., Ltd. PRCNil上海旭美商業投資管理有限公司中國100%零零Shanghai Xumei Commercial Investment Management Co., Ltd. PRCNil Nil（附註iv）(Note iv)西安邦弘置業有限公司中國80%零40,000Xi’an Banghong Property Co., Ltd. PRCNil海南旭輝建設管理有限公司中國65%零4,550Hainan Xuhui Construction Management Co., Ltd. PRCNil南京瓴旭房屋租賃管理有限公司中國100%零117,296Nanjing Lingxu House Leasing Management Co., Ltd. PRCNilXUNANINVESTMENTLIMITED旭輝地產202006（香港）有限公司英屬處女群島香港60%零611,931XUNANINVESTMENTLIMITED CIFIPROPERTY 202006 (HK) LIMITEDBVIHong KongNil893,777* less than RMB1,000Notes:(i) During the year ended 31 December 2022, the shareholders of the respective entities entered into a supplemental agreement. By execution of the supplemental agreement, all of the relevant activities including the strategic financial and operating decisions required approval by unanimous consent of all of its shareholders and thus the entities are accounted for as joint ventures.(ii) During the year ended 31 December 2022, independent third parties subscribed certain equity interest of subsidiaries of the Group which diluted the equity interests held by the Group in these entities. Pursuant to the amended Memorandum and Articles of Association, all of the relevant activities including the strategic financial and operating decisions require approval by unanimous consent of all of its shareholders and thus the entities are accounted for as joint ventures.(iii) During the year ended 31 December 2022, the Group disposed of all its equity interests in the entities at nil consideration as the property projects undertaken by these entities and the sales and delivery of the properties have been completed.(iv) During the year ended 31 December 2022, the Group disposed of all its equity interests in the entities at nil consideration as these entities are shell companies with no business activities.41. DISPOSALOFSUBSIDIARIES (Continued)For the year ended 31 December 2022 (Continued)41.出售附屬公司（續）截至二零二二年十二月三十一日止年度（續）*少於人民幣1,000元附註：(i)截至二零二二年十二月三十一日止年度，各實體股東訂立補充協議。

透過簽立補充協議，策略性財務及經營決策等所有相關活動須獲其全體股東一致同意批准，因此該等實體作為合營企業入賬。

(ii)截至二零二二年十二月三十一日止年度，獨立第三方認購本集團數間附屬公司的若干股本權益，此舉攤薄了本集團於該等實體持有的股本權益。

根據經修訂的組織章程大綱及細則，策略性財務及經營決策等所有相關活動須獲其全體股東一致同意批准，因此該等實體作為合營企業入賬。

(iii)截至二零二二年十二月三十一日止年度，本集團無償出售其於該等實體的全部股本權益，原因為由該等實體進行的物業項目以及該等物業的銷售及交付均已完成。

(iv)截至二零二二年十二月三十一日止年度，本集團無償出售其於該等實體的全部股本權益，原因為該等實體為無業務活動的殼公司。

283二零二三年年報 | 旭輝控股（集團）有限公司41. DISPOSALOFSUBSIDIARIES (Continued)The above transactions are accounted for as disposal of interest in subsidiaries resulting in loss of control. Details of the net assets disposed of in respect of the above transactions are summarised below:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000就失去控制權的資產及負債分析：Analysis of assets and liabilities over which control was lost: 物業、廠房及設備Property, plant and equipment 27,2157,995於聯營公司的權益Interests in associates 78,3621,608,314於合營企業的權益Interests in joint ventures 68,197 –遞延稅項資產Deferred taxation assets 188,068 –擬作出售的開發中物業Properties under development for sale 20,067,4773,853,464持作出售物業Properties held for sale 1,572,7108,947應收本集團款項Amounts due from the Group 3,224,4261,940,950應收聯營公司款項Amounts due from associates 187,631474,765應收合營企業款項Amounts due from joint ventures 1,337,568 –應收非控股權益款項Amounts due from non-controlling interests 7,658,301333,273持作出售物業土地使用權按金Deposits for land use rights for properties held for sale 1,610,328115,000其他應收款項Other receivables 4,587,514490,978銀行結餘及現金Bank balances and cash 2,789,861274,163應付賬款及應計開支Accounts payable and accrued charges (7,997,605) (954,214)應付非控股權益款項Amounts due to non-controlling interests (898,404) (817,117)應付聯營公司款項Amount due to associates (161,515) (1,113,047)應付一間合營企業款項Amount due to a joint venture (1,490,206) –應付本集團款項Amounts due to the Group (2,524,389) (2,338,268)合約負債Contract liabilities (14,753,309) (325,414)應付稅項Taxation payable (646,521) (44,876)銀行及其他借款Bank and other borrowings (4,490,995) (875,059) 出售的資產淨值Net assets disposed of 10,434,7142,639,854 出售附屬公司的收益：Gain on disposal of subsidiaries:現金代價Cash consideration 176,750626,389遞延現金代價Deferred cash consideration 152,600196,846其他應收款項（附註） Other receivables (note) 67,37770,542本集團分佔於合營企業所保留股本權益的資產淨值The Group’s share of net assets of the retained equity interests in joint ventures 4,206,896280,853非控股權益Non-controlling interests 5,208,3221,537,384出售的資產淨值Net assets disposed of (10,434,714) (2,639,854) (622,769) 72,160 現金（流出）流入淨額：Net cash (outflow) inflow:已收現金代價Cash consideration received 176,750626,389所出售的銀行結餘及現金Bank balances and cash disposed of (2,789,861) (274,163) (2,613,111) 352,226 Note: The receivable of RMB67,377,000 (2022: RMB70,542,000) was offset by the Group’s amounts to certain disposal transaction counterparties for the year ended 31 December 2023.41.出售附屬公司（續）上述交易按出售附屬公司權益導致失去控制權入賬。

有關就上述交易出售的資產淨值詳情概述如下：附註：截至二零二三年十二月三十一日止年度，人民幣67,377,000元（二零二三年：人民幣70,542,000元）的應收款項被本集團應付若干出售交易對手方的款項所抵銷。

284 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement42. RETIREMENTBENEFITPLANSAccording to the relevant laws and regulations of the PRC, the Company’s PRC subsidiaries are required to participate in defined contribution retirement schemes administrated by the local municipal governments. The Group’s PRC entities contribute funds which are calculated on certain percentage of the average employee salary as required by local municipal government to the scheme to fund the retirement benefits of the employees. The principal obligation of the Group with respect to the retirement benefit scheme is to make the required contributions under the scheme.The Group also operates a Mandatory Provident Fund Scheme for all qualifying employees in Hong Kong. The assets of the scheme are held separately from those of the Group, in funds under the control of trustee. The Group contributes 5% of relevant payroll costs to the scheme, which contribution is matched by employees.The Group recognised the retirement benefit contribution of RMB367,339,000 (2022: RMB416,593,000) for the year ended 31 December 2023.43. PLEDGEOFASSETSSave as disclosed elsewhere in the consolidated financial statements, the following assets were pledged to secure certain banking and other facilities granted to the Group at the end of the reporting period:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000投資物業Investment properties 43,463,83041,147,815擬作出售的開發中物業Properties under development for sale 70,869,752109,168,682持作出售物業Properties held for sale 11,815,87612,034,743質押性銀行存款Pledged bank deposits 1,004,098445,300物業、廠房及設備Property, plant and equipment 19,01915,391按公平值計入損益的金融資產Financial assets at FVTPL 262,448180,810 127,435,023162,992,741The Group’s equity interests in certain subsidiaries, which hold certain pledged properties under development for sale included above, have been pledged to secure certain banking facilities granted to the Group.42.退休福利計劃根據中國相關法律及法規，本公司的中國附屬公司須參與地方市政府推行的定額供款退休計劃。

本集團的中國實體按地方市政府所規定平均僱員薪金的若干百分比向計劃供款，以就僱員的退休福利撥付資金。

本集團有關退休福利計劃的主要責任為根據計劃作出規定供款。

本集團亦為香港所有合資格僱員參與強制性公積金計劃。

該計劃的資產與本集團資產分開，存放於受託人管理的基金。

本集團向該計劃作出的供款為有關薪金成本的5%，而僱員亦須作出同樣供款。

截至二零二三年十二月三十一日止年度，本集團已確認退休福利供款人民幣367,339,000元（二零二二年：人民幣416,593,000元）。

43.抵押資產除綜合財務報表其他章節所披露者外，下列資產於報告期末予以抵押以擔保本集團獲授若干銀行及其他融資：本集團於持有上述若干已抵押擬作出售的開發中物業的若干附屬公司的股本權益已予以抵押，以擔保本集團獲授若干銀行融資。

285二零二三年年報 | 旭輝控股（集團）有限公司本集團分佔與其他投資者就其合營企業共同作出的承擔如下：44. OPERATINGLEASINGARRANGEMENTSThe Group as a lessorUndiscounted lease payments receivable on leases are as follows:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000一年內Within one year 1,109,785954,021第二年In the second year 774,362750,205第三年In the third year 505,037539,882第四年In the fourth year 309,284386,924第五年In the fifth year 226,015243,591五年後After five years 454,033564,821 3,378,5163,439,444The investment properties held by the Group for rental purpose have committed tenants from one to fifteen years (2022: one to fifteen years). Lease of an investment property has clauses of contingent rentals determined by a certain percentage of turnover earned by the tenant. As the future revenue of the tenant could not be reliably determined, the relevant contingent rentals have not been included above and only the minimum lease commitments have been included in the table above.45. COMMITMENTSAt the end of the reporting period, the Group had the following commitments:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000已訂約但未於綜合財務報表內撥備的有關收購土地使用權的開支Expenditure in respect of acquisition of land use rights contracted for but not provided for in the consolidated financial statements (273,240) (273,240)The Group’s share of commitments made jointly with other investors relating to its joint ventures are as follows:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000已訂約但未於綜合財務報表內撥備的有關收購土地使用權的開支Expenditure in respect of acquisition of land use rights contracted for but not provided for in the consolidated financial statements – (101,780)44.經營租賃安排本集團作為出租人應收的未貼現租賃付款如下：本集團持作租賃用途的投資物業擁有租期介乎一至十五年（二零二二年：一至十五年）的已訂約租戶。

投資物業的租約載有或然租金條款，而或然租金以租戶所賺取的營業額若干百分比釐定。

由於租戶的未來收入不能夠可靠釐定，故上文並無計入有關或然租金，且上表僅計入最低租賃承擔。

45.承擔於報告期末，本集團擁有下列承擔：286 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement46. FINANCIALGUARANTEES(i) The Group provided guarantees amount ing to approximate ly RMB19,824,117,000 (2022: RMB26,886,821,000) as at 31 December 2023 in respect of mortgage bank loans granted to purchasers of the Group’s developed properties.If a purchaser defaults on the payment of its mortgage during the period of guarantee, the bank holding the mortgage may demand the Group to repay the outstanding loan and any interest accrued thereon. Under such circumstances, the Group is able to forfeit the sales deposit received from the customer and resell the repossessed properties. Therefore, the directors of the Company considers that the Group would likely recover any loss incurred arising from the guarantees provided by the Group as the market price of the properties is higher than the guaranteed amounts.(ii) The Group provided guarantees to banks for bank loans granted to joint ventures and associates undertaking property development projects. As at 31 December 2023, aggregate guarantees provided by the Group in respective of loans borrowed by these joint ventures amounted to approximately RMB7,820,221,000 (2022: RMB6,963,524,000) and associates amounted to approximately RMB2,022,950,000 (2022: RMB3,885,176,000). Details of the loss allowance for financial guarantee contracts are set out in note 50.In the opinion of the directors of the Company, the fair values of these financial guarantee contracts of the Group are insignificant at initial recognition and at 31 December 2023 and 2022, accordingly, no value has been recognised at the inception of the guarantee contracts and on the consolidated statement of financial position as at 31 December 2023 and 2022.46.財務擔保(i)本集團於二零二三年十二月三十一日就授予本集團已開發物業買家的按揭銀行貸款提供約人民幣19,824,117,000元（二零二二年：人民幣26,886,821,000元）的擔保。

倘買方於擔保期間未能償還按揭，則持有按揭的銀行可要求本集團償還未償還貸款及任何有關應計利息。

在此等情況下，本集團可沒收自客戶收取的銷售訂金並重新銷售收回物業。

因此，本公司董事認為，由於物業的市價高於擔保金額，故本集團所提供擔保引致的任何虧損均有可能收回。

(ii)本集團為從事物業開發項目的合營企業及聯營公司獲授銀行貸款而向銀行提供擔保。

於二零二三年十二月三十一日，本集團就該等合營企業及聯營公司所借貸款提供的擔保分別合共約人民幣7,820,221,000元（二零二二年：人民幣6,963,524,000元）及約人民幣2,022,950,000元（二零二二年：人民幣3,885,176,000元）。

有關財務擔保合約虧損撥備的詳情載於附註50。

本公司董事認為，本集團該等財務擔保合約的公平值於初步確認時以及於二零二三年及二零二二年十二月三十一日並不重大，故概無於訂立擔保合約時以及於二零二三年及二零二二年十二月三十一日的綜合財務狀況表內確認價值。

287二零二三年年報 | 旭輝控股（集團）有限公司47. SHARE-BASEDPAYMENTTRANSACTION(a) Share award schemeOn 18 December 2017, the board of directors adopted a share award scheme (the “2017 Share Award Scheme”), pursuant to which the shares to be awarded will be purchased by Prosperity Fountain (PTC) Limited as trustee (the “Trustee”) of the trust declared in the trust deed dated 18 December 2017 entered into by the Trustee (as restated, supplemented and amended from time to time) (the “Trust Deed”) from the open market or subscribed from the Company as new shares out of cash contributed by the Group and held on trust for the eligible persons selected by the board of directors for participation in the 2017 Share Award Scheme until such shares are vested with the relevant participants in accordance with the provisions of the 2017 Share Award Scheme. The purpose of the 2017 Share Award Scheme is to recognise the contributions by certain any of the (i) key management personnel including the board of directors and senior management of the Group; and (ii) employee of any member of the Group to provide them with incentives in order to retain them for the continual operation and development of the Group. The 2017 Share Award Scheme shall be subject to administration of the board of directors and the Trustee in accordance with the rules of the 2017 Share Award Scheme and the Trust Deed.Subject to any early termination as may be determined by the board of directors, the 2017 Share Award Scheme shall be valid and effective for a term of 10 years commencing on 18 December 2017.The board of directors shall not make any further award of 2017 awarded shares which will result in the total number of shares exceeding 5% of the number of issued shares from time to time. The maximum number of shares which may be awarded to a participant under the 2017 Share Award Scheme in any 12-month period shall not exceed 1% of the number of the shares in issue.The summary of the principal terms and conditions of the 2017 Share Award Scheme were set out in the Company’s announcements dated 18 December 2017 and 29 December 2017.47.以股份支付的交易(a)股份獎勵計劃於二零一七年十二月十八日，董事會採納股份獎勵計劃（「二零一七年股份獎勵計劃」），據此，Prosperity Fountain (PTC) Limited（作為受託人（「受託人」）），即於受託人所訂立日期為二零一七年十二月十八日的信託契據（經不時重列、補充及修訂）（「信託契據」）中宣佈為信託的受託人，將以本集團付出的現金於公開市場購買或向本公司認購新股份以作為獎勵股份，並代由董事會所挑選參與二零一七年股份獎勵計劃的合資格人士以信託形式持有，直至有關股份根據二零一七年股份獎勵計劃的條文歸屬於相關參與者為止。

二零一七年股份獎勵計劃旨在肯定若干(i)任何主要管理人員，包括本集團董事會及高級管理層；及(ii)本集團任何成員公司的任何僱員的貢獻，並向彼等提供獎勵，以留聘彼等為本集團的持續營運及發展提供服務。

二零一七年股份獎勵計劃將由董事會及受託人根據二零一七年股份獎勵計劃及信託契據的規則進行管理。

除非董事會可能決定提早終止，否則二零一七年股份獎勵計劃自二零一七年十二月十八日起計十年期內有效及生效。

董事會不得進一步獎勵任何二零一七年獎勵股份，以致股份總數將超過不時已發行股份數目的5%。

於任何12個月期間內根據二零一七年股份獎勵計劃可向參與者授出的股份最高數目不得超過已發行股份數目的1%。

二零一七年股份獎勵計劃的主要條款及條件概要載於本公司日期為二零一七年十二月十八日及二零一七年十二月二十九日的公告內。

288 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement47. SHARE-BASEDPAYMENTTRANSACTION (Continued)(a) Share award scheme (Continued)No shares were acquired by the Company during the year ended 31 December 2023 and 31 December 2022. A total of approximately 19,000 ordinary shares of the Company were held by the trustee of the 2017 Share Award Scheme at 31 December 2023 (2022: approximately 34,919,000 ordinary shares). The trustee shall transfer the relevant shares to those eligible person on vesting date.The Group recognised total expense of RMB35,752,000 (2022: nil) for the year ended 31 December 2023 in relation to share award granted by the Company under the 2017 Share Award Scheme.Details of the awarded shares granted and vested during the year are as follows:獎勵股份數目歸屬日期緊接歸屬日期前的加權平均價Number of awarded shares Vesting dateWeighted average price immediately before the date on vesting 已歸屬予僱員的股份獎勵－於二零二三年於三月三十一日或之前於二零二三年三月三十一日或之前0.93港元Share award vested to employees– On or before 31 March 202334,900,000 On or before 31 March 2023 HK$0.93 47.以股份支付的交易（續）(a)股份獎勵計劃（續）截至二零二三年十二月三十一日及二零二二年十二月三十一日止年度，本公司並無收購任何股份。

於二零二三年十二月三十一日，二零一七年股份獎勵計劃受託人共持有約19,000股本公司普通股（二零二二年：約34,919,000股普通股）。

受託人須於歸屬日期將相關股份轉讓予該等合資格人士。

本集團於截至二零二三年十二月三十一日止年度就本公司根據二零一七年股份獎勵計劃授出的股份獎勵確認開支總額為人民幣35,752,000元（二零二二年：無）。

有關年內獲授及歸屬的獎勵股份詳情如下：289二零二三年年報 | 旭輝控股（集團）有限公司47. SHARE-BASEDPAYMENTTRANSACTION (Continued)(b) 2016 Share option schemePursuant to the share option scheme adopted by the Company on 27 April 2016 (“2016 Share Option Scheme”), the directors may invite participants to take up options at a price determined by the board of directors in its absolute discretion but in any event shall not be less than the highest of (a) the closing price of the shares as stated in the daily quotations sheets issued by the Stock Exchange on the date on which an offer is made by the Company to the grantee (“Date of Grant”) which must be a business day; (b) the average closing prices of the shares of the Company as stated in the daily quotations sheets issued by the Stock Exchange for the 5 business days immediately preceding the Date of Grant (provided that the offer price shall be used as the closing price for any business day falling within the period before listing of the shares of the Company where the Company has been listed for less than five business days as at the Date of Grant); and (c) the nominal value of a share of the Company on the Date of Grant.The total number of shares which may be issued upon exercise of all options to be granted under the 2016 Share Option Scheme and any other share option scheme of the Company shall not in aggregate exceed 666,640,389 shares, representing 10% of the total number of shares in issue as at the date of adoption of the 2016 Share Option Scheme unless the Company obtains a fresh approval from the shareholders to refresh the limit.The maximum entitlement for any one participant is that the total number of the shares issued and to be issued upon exercise of the options granted under the 2016 Share Option Scheme to each participant (including both exercised and outstanding options) in any 12-month period shall not exceed 1% of the total number of shares in issue unless otherwise approved by the shareholders at a general meeting of the Company.The option may be exercised in accordance with the terms of the 2016 Share Option Scheme at any time during the option period which may be determined and notified by the board of directors to the grantee at the time of making an offer which shall not expire later than 10 years from the offer date.47.以股份支付的交易（續）(b)二零一六年購股權計劃根據本公司於二零一六年四月二十七日採納的購股權計劃（「二零一六年購股權計劃」），董事可邀請參與者以按董事會的絕對酌情權而釐定的價格獲得購股權，然而在任何情況下不得低於以下三者中的最高者：(a)本公司向承授人提呈要約當日（「授出日期」，必須為營業日）在聯交所發出的日報表列明的股份收市價；(b)緊接授出日期前五個營業日在聯交所發出的日報表列明的本公司股份平均收市價（惟發售價須用作本公司股份上市前期間任何營業日的收市價，而本公司已於授出日期前五個營業日內上市）；及(c)本公司股份於授出日期的面值。

根據二零一六年購股權計劃及本公司任何其他購股權計劃將予授出的所有購股權獲行使後可予發行的股份總數，除非本公司另行取得股東批准以更新上限，否則不得超過合共666,640,389股股份，相當於採納二零一六年購股權計劃當日已發行股份總數的10%。

除股東於本公司股東大會上另行批准外，於任何12個月期間內，每位參與者因行使根據二零一六年購股權計劃獲授的購股權（包括已行使及尚未行使購股權）而獲發行及將予發行的股份總數上限，不得超過已發行股份總數的1%。

承授人可於董事會提呈要約時釐定及知會承授人的購股權期間內隨時根據二零一六年購股權計劃條款行使購股權，惟該期間不得於要約日期起計十年後屆滿。

290 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement47. SHARE-BASEDPAYMENTTRANSACTION (Continued)(b) 2016 Share option scheme (Continued)During the year ended 31 December 2022,300,000,000 options were granted on 26 July 2022. The estimated fair values of the options granted on that date are RMB107,615,000. Fair value of these share options were calculated using the binomial model. The inputs into the model were as follows:於以下日期授出的購股權Share options granted on二零二二年七月二十六日26 July2022授出日期的股價Grant date share price HK$2.51港元行使價Exercise price HK$2.51港元購股權年期Life of share option 3.75年3.75 years預期波幅Expected volatility 60.49%股息收益率Dividend yield 7.15%無風險利率Risk-free interest rate 2.44%Expected volatility was determined by using the historical volatility of the daily return of the Company. The expected life of share option used in the model has been adjusted, based on the management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.The number of shares in respect of which options had been granted and remained outstanding under the 2016 Share Option Scheme as at 31 December 2023 was 300,000,000 (2022: 300,000,000) representing 2.9% (2022: 2.9%) of the shares of the Company as at 31 December 2023.47.以股份支付的交易（續）(b)二零一六年購股權計劃（續）截至二零二二年十二月三十一日止年度，300,000,000份購股權已於二零二二年七月二十六日授出。

於該日授出的購股權的估計公平值為人民幣107,615,000元。

該等購股權的公平值乃使用二項式模式計算。

模式的輸入數據如下：預期波幅乃根據本公司日報表的歷史波幅釐定。

在管理層慎重估算下，模式中所用的購股權預期年期已因應不可轉讓性、行使限制及行為考慮因素的影響而作出調整。

於二零二三年十二月三十一日，根據二零一六年購股權計劃已授出而尚未行使的購股權所涉及的股份數目為300,000,000股（二零二二年：300,000,000股），佔本公司於二零二三年十二月三十一日股份的2.9%（二零二二年：2.9%）。

291二零二三年年報 | 旭輝控股（集團）有限公司47. SHARE-BASEDPAYMENTTRANSACTION (Continued)(b) 2016 Share option scheme (Continued)The Group recogni sed the to ta l expense o f RMB45,911,000 (2022: RMB23,002,000) for the year ended 31 December 2023 in relation to share options granted by the Company under the 2016 Share Option Scheme.購股權數目行使期間Exercisable period購股權訂約年期Number ofoptionsContractual life of options 截至二零一七年十二月三十一日止年度授出：Granted during the year ended 31 December 2017:授予董事的購股權：－於二零一七年十月三日Share options granted to directors: – on 3 October 20172,100,0005%：於二零一九年一月一日歸屬，並自二零一九年一月一日起至二零二二年十二月三十一日可行使5%: vested on 1 January 2019 and exercisable from 1 January 2019 to 31 December 202210%：於二零二零年一月一日歸屬，並自二零二零年一月一日起至二零二二年十二月三十一日可行使10%: vested on 1 January 2020 and exercisable from 1 January 2020 to 31 December 202220%：於二零二一年一月一日歸屬，並自二零二一年一月一日起至二零二二年十二月三十一日可行使20%: vested on 1 January 2021 and exercisable from 1 January 2021 to 31 December 202265%：於二零二二年一月一日歸屬，並自二零二二年一月一日起至二零二二年十二月三十一日可行使65%: vested on 1 January 2022 and exercisable from 1 January 2022 to 31 December 2022四年4 years四年4 years四年4 years四年4 years授予僱員的購股權：－於二零一七年十月三日Share options granted to employees: – on 3 October 2017217,900,0005%：於二零一九年一月一日歸屬，並自二零一九年一月一日起至二零二二年十二月三十一日可行使5%: vested on 1 January 2019 and exercisable from 1 January 2019 to 31 December 202210%：於二零二零年一月一日歸屬，並自二零二零年一月一日起至二零二二年十二月三十一日可行使10%: vested on 1 January 2020 and exercisable from 1 January 2020 to 31 December 202220%：於二零二一年一月一日歸屬，並自二零二一年一月一日起至二零二二年十二月三十一日可行使20%: vested on 1 January 2021 and exercisable from 1 January 2021 to 31 December 202265%：於二零二二年一月一日歸屬，並自二零二二年一月一日起至二零二二年十二月三十一日可行使65%: vested on 1 January 2022 and exercisable from 1 January 2022 to 31 December 2022四年4 years四年4 years四年4 years四年4 years47.以股份支付的交易（續）(b)二零一六年購股權計劃（續）本集團於截至二零二三年十二月三十一日止年度就本公司根據二零一六年購股權計劃授出的購股權確認開支總額為人民幣45,911,000元（二零二二年：人民幣23,002,000元）。

292 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement購股權數目行使期間Exercisable period購股權訂約年期Number ofoptionsContractual life of options 截至二零二二年十二月三十一日止年度授出：Granted during the year ended 31 December 2022:授予董事的購股權：－於二零二二年七月二十六日Share options granted to directors:– on 26 July 202215,690,00025%：於二零二三年一月一日歸屬，並自二零二三年一月一日起至二零二六年四月二十六日可行使25%: vested on 1 January 2023 and exercisable from 1 January 2023 to 26 April 202625%：於二零二四年一月一日歸屬，並自二零二四年一月一日起至二零二六年四月二十六日可行使25%: vested on 1 January 2024 and exercisablefrom 1 January 2024 to 26 April 202625%：於二零二五年一月一日歸屬，並自二零二五年一月一日起至二零二六年四月二十六日可行使25%: vested on 1 January 2025 and exercisablefrom 1 January 2025 to 26 April 202625%：於二零二六年一月一日歸屬，並自二零二六年一月一日起至二零二六年四月二十六日可行使25%: vested on 1 January 2026 and exercisablefrom 1 January 2026 to 26 April 2026四年4 years四年4 years四年4 years四年4 years授予僱員的購股權：－於二零二二年七月二十六日Share options granted to employees:– on 26 July 2022284,310,00025%：於二零二三年一月一日歸屬，並自二零二三年一月一日起至二零二六年四月二十六日可行使25%: vested on 1 January 2023 and exercisable from 1 January 2023 to 26 April 202625%：於二零二四年一月一日歸屬，並自二零二四年一月一日起至二零二六年四月二十六日可行使25%: vested on 1 January 2024 and exercisable from 1 January 2024 to 26 April 202625%：於二零二五年一月一日歸屬，並自二零二五年一月一日起至二零二六年四月二十六日可行使25%: vested on 1 January 2025 and exercisable from 1 January 2025 to 26 April 202625%：於二零二六年一月一日歸屬，並自二零二六年一月一日起至二零二六年四月二十六日可行使25%: vested on 1 January 2026 and exercisable from 1 January 2026 to 26 April 2026四年4 years四年4 years四年4 years四年4 years47. SHARE-BASEDPAYMENTTRANSACTION (Continued)(b) 2016 Share option scheme (Continued)47.以股份支付的交易（續）(b)二零一六年購股權計劃（續）293二零二三年年報 | 旭輝控股（集團）有限公司47. SHARE-BASEDPAYMENTTRANSACTION (Continued)(b) 2016 Share option scheme (Continued)The following table discloses details of the Company’s share options held by the directors and employees under the 2016 Share Option Scheme:For the year ended 31 December 2023購股權數目Number of Options授出日期每股行使價經調整每股行使價行使期間於二零二三年一月一日尚未行使購股權調整後行使尚未行使購股權可認購的股份數目增加年內已授出年內已行使年內已失效於二零二三年十二月三十一日尚未行使Date of grantExercise price per shareAdjusted exercise price per share Exercisable periodOutstanding at 1.1.2023Increase in the number of shares that can be subscribed for upon exercise of the outstanding options after the share options adjustmentGranted during the yearExercised during the yearLapsed during the yearOutstanding at 31.12.2023港元港元（附註）HK$ HK$ (note) 購股權Share option二零二二年七月二十六日不適用二零二三年一月一日至二零二六年四月二十六日26 July 20222.51 N/A 1 January 2023 to 26 April 2026300,000,000 – – – – – 總計Total 300,000,000 – – – – 300,000,000期末可行使Exercisable at the end of the period 75,000,000加權平均行使價（港元）不適用不適用不適用不適用Weighted average exercise price (HK$) 2.51 N/AN/AN/AN/A 2.51於行使日期的加權平均股價（港元）不適用Weighted average share price at the dates of exercise (HK$) N/A47.以股份支付的交易（續）(b)二零一六年購股權計劃（續）下表披露董事及僱員根據二零一六年購股權計劃持有本公司購股權的詳情：截至二零二三年十二月三十一日止年度294 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement47. SHARE-BASEDPAYMENTTRANSACTION (Continued)(b) 2016 Share option scheme (Continued)For the year ended 31 December 2022購股權數目Number of Options授出日期每股行使價經調整每股行使價行使期間於二零二二年一月一日尚未行使購股權調整後行使尚未行使購股權可認購的股份數目增加年內已授出年內已行使年內已失效於二零二二年十二月三十一日尚未行使Date of grantExercise price per shareAdjusted exercise price per share Exercisable periodOutstanding at 1.1.2022Increase in the number of shares that can be subscribed for upon exercise of the outstanding options after the share options adjustmentGranted during the yearExercised during the yearLapsed during the yearOutstanding at 31.12.2022港元港元（附註）HK$ HK$ (note)購股權Share option二零一七年十月三日二零一九年一月一日至二零二二年十二月三十一日3 October 20174.344,1481 January 2019 to 31 December 2022157,029,3895,923,341 – (8,944,613) (154,008,117) –二零二二年七月二十六日不適用二零二三年一月一日至二零二六年四月二十六日26 July 20222.51 N/A 1 January 2023 to 26 April 2026 – – 300,000,000 – – 300,000,000總計Total 157,029,3895,923,341300,000,000 (8,944,613) (154,008,117) 300,000,000期末可行使Exercisable at the end of the period –加權平均行使價（港元）Weighted average exercise price (HK$) 4.3144.3142.514.3144.3142.51於行使日期的加權平均股價（港元）Weighted average share price at the dates of exercise (HK$) 4.49Note: As a result of the bonus issue of shares, the exercise price of the share options was further adjusted from HK$4.314 to HK$4.148 and the number of the share options was increased by 5,923,341 shares with effective from 30 June 2022, being the date on which the bonus shares are allotted and issued.47.以股份支付的交易（續）(b)二零一六年購股權計劃（續）截至二零二二年十二月三十一日止年度附註：由於發行紅股，購股權的行使價由4.314港元進一步調整至4.148港元，而購股權的數目因增設5,923,341股股份而增加，並自二零二二年六月三十日（即紅股獲配發及發行日期）起生效。

295二零二三年年報 | 旭輝控股（集團）有限公司48. RECONCILIATIONOFLIABILITIESARISING FROMFINANCINGACTIVITIESThe table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or the future cash flows will be, classified in the Group’s consolidated statement of cash flows from financing activities.銀行及其他借款Bank andotherborrowing應付非控股權益款項Amountsdue tonon-controllinginterests應付合營企業款項Amountsdue tojointventures應付聯營公司款項Amountsdue toassociates優先票據Seniornotes公司債券及中期票據Corporatebond andmedium-term notes可換股債券Convertiblebonds租賃負債Leaseliabilities應付股息Dividendspayable應付利息Interestpayables關聯方應付款項Relatedpartiespayables總計Total（附註33） （附註27） （附註28） （附註28） （附註34） （附註35） （附註36） （附註32） （附註13） （附註30） （附註49）(note 33) (note 27) (note 28) (note 28) (note 34) (note 35) (note 36) (note 32) (note 13) (note 30) (note 49)人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000於二零二二年一月一日At 1 January 202272,888,6199,281,78725,415,53815,407,57130,022,32611,201,062 – 224,806 – – – 164,441,709融資現金流量Financing cash flows (14,121,303) (5,419,998) (11,588,021) (3,785,873) (5,270,833) 1,427,7782,038,123 (105,629) (540,294) – 604,318 (36,761,732)收購附屬公司Acquisitions of subsidiaries 3,394,9403,695,264 – 476,741 – – – – – – – 7,566,945出售附屬公司Disposal of subsidiaries (875,059) (817,117) – (1,113,047) – – – – – – – (2,805,223)新訂租賃New lease entered – – – – – – – 87,924 – – – 87,924外匯換算Foreign exchange translation – – – – 2,376,989 – 189,197 – – – – 2,566,186利息開支Interest expense 4,198,144 – – – 1,657,636501,716204,9039,755 – – – 6,572,154應付利息Interest payable – – – – (355,292) – (76,075) – – 431,367 – –已宣派股息Dividend declared – – – – – – – – 540,294 – – 540,294衍生金融工具公平值變動Change in fair value of derivative financial instruments – – – – – – (111,506) – – – – (111,506)提早贖回優先票據虧損Loss on early redemption of senior notes – – – – 1,608 – – – – – – 1,608轉換可換股債券Conversion of convertible bonds – – – – – – (576,064) – – – – (576,064) 於二零二二年十二月三十一日At 31 December 202265,485,3416,739,93613,827,51710,985,39228,432,43413,130,5561,668,578216,856 – 431,367604,318141,522,295 融資現金流量Financing cash flows (14,486,809) 1,293,1861,352,36228,283 – (736,996) – (84,061) – – (813) (12,634,848)收購附屬公司Acquisitions of subsidiaries – – – – – – – – – – – –出售附屬公司Disposal of subsidiaries (4,490,995) (898,404) (1,490,206) (161,515) – – – – – – – (7,041,120)外匯換算Foreign exchange translation – – – – 341,249 – 44,663 – – – – 385,912利息開支Interest expense 3,175,763 – – – 1,709,714544,916250,5657,427 – – – 5,688,385應付利息Interest payable (730,132) – – – (1,665,206) – (123,636) – – 2,518,974 – –衍生金融工具公平值變動Change in fair value of derivative financial instruments – – – – – – (267,247) – – – – (267,247)新租賃New Lease – – – – – – – 23,592 – – – 23,592轉換可換股債券Conversion of convertible bonds – – – – – – (1,619) – – – – (1,619) 於二零二三年十二月三十一日 At 31 December 202348,953,1687,134,71813,689,67310,852,16028,818,19112,938,4761,571,304163,814 – 2,950,341603,505127,675,35048.融資活動所產生負債的對賬下表載列本集團自融資活動所產生的負債變動詳情，包括現金及非現金變動。

融資活動所產生的負債為其現金流量已經或未來現金流量將會於本集團自融資活動的綜合現金流量表進行分類的負債。

296 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement49. RELATEDPARTYDISCLOSURESOther than as disclosed elsewhere in these consolidated financial statements, the Group has following transactions and balances with related parties:(a) Transactions with related parties二零二三年二零二二年20232022關係交易性質人民幣千元人民幣千元Relationships Nature of transactions RMB’000 RMB’000林中先生、林偉先生及林峰先生控制的關聯公司租金收入Related companies controlled by Mr. Lin Zhong, Mr. Lin Wei & Mr. Lin FengRental income – 2,286設計及裝修服務收入Design and renovation services income – 5,634預製建築材料供應及相關安裝與技術服務開支Prefabricated construction materials supply and related installation and technical services expense – 2,101銷售投資物業及土地使用權按金Sales of investment properties and deposit for land use right – 304,140聯營公司公寓租賃及裝修服務收入Associates Apartment leasing and renovation services income 16,99820,828物業管理及其他服務收入Property management and other services income 60,78381,691項目管理費用收入Project management fee income 137,411200,976合營企業項目管理費用收入Joint ventures Project management fee income 70,753287,620物業管理及其他服務收入Property management and other services income 161,918150,53349.關聯方披露除於該等綜合財務報表其他部分所披露者外，本集團與關聯方的交易及結餘如下：(a)與關聯方交易297二零二三年年報 | 旭輝控股（集團）有限公司49. RELATEDPARTYDISCLOSURES (Continued)(a) Transactions with related parties (Continued)Notes:(i) The remuneration paid and payable to the key management personnel of the Group who are also the directors of the Company for the year is set out in note 12.(b) Balances with related partiesAccounts receivables二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000合營企業Joint ventures 324,041242,573聯營公司Associates 258,443228,935 582,484471,508Amounts due from joint ventures and associates二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000合營企業Joint ventures 15,853,02115,393,507聯營公司Associates 6,912,82410,847,188 22,765,84526,240,69549.關聯方披露（續）(a)與關聯方交易（續）附註：(i)於年內已付及應付兼任本公司董事的本集團主要管理人員的薪酬載於附註12。

(b)與關聯方的結餘應收賬款應收合營企業及聯營公司款項298 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement49. RELATEDPARTYDISCLOSURES (Continued)(b) Balances with related parties (Continued)Amounts due to joint ventures and associates二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000合營企業Joint ventures 13,689,67313,827,517聯營公司Associates 10,852,16010,985,392 24,541,83324,812,909(c) Amounts due from (to) related companies controlled by Mr. Lin Zhong, Mr. Lin Wei & Mr. Lin Feng二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000其他應收款項Other receivables 9,73629,191其他應付款項Other payables 603,505604,31849.關聯方披露（續）(b)與關聯方的結餘（續）應付合營企業及聯營公司款項(c)應收（付）林中先生、林偉先生及林峰先生控制的關聯公司款項299二零二三年年報 | 旭輝控股（集團）有限公司50. FINANCIALINSTRUMENTSa. Categories of financial instruments二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000金融資產Financial assets按公平值計入損益FVTPL強制性按公平值計入損益計量Mandatorily measured at FVTPL－持作買賣– Held-for-trading 4,26420,759－於物業項目的投資– Investments in property projects 53,67194,310－其他– Others 739,354818,340 797,289933,409按公平值計入其他全面收入的股本工具Equity instruments at FVTOCI 29,83339,810按攤銷成本列賬的金融資產Financial assets at amortised cost 67,259,29593,724,085 金融負債Financial liabilities衍生可換股債券Derivative-convertible bonds – 267,247攤銷成本Amortised cost 158,640,801174,038,103財務擔保合約Financial guarantee contracts 29,667,28837,735,521b. Financial risk management objectives and policiesThe Group’s major financial instruments include derivative financial instruments, accounts receivables, other receivables, financial assets at FVTPL, equity instruments at FVTOCI, investments in property projects, pledged bank deposits, bank balances and cash, amounts due from/to non-controlling interests, joint ventures and associates, accounts payables, other payables, bank and other borrowings, senior notes, corporate bonds, medium-term notes, convertible bonds and perpetual capital instruments. Details of these financial instruments are set out in respective notes. The risks associated with these financial instruments and the policies on how to mitigate these risks are set out below. The management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.50.金融工具a.金融工具的類別b.財務風險管理目標及政策本集團的主要金融工具包括衍生金融工具、應收賬款、其他應收款項、按公平值計入損益的金融資產、按公平值計入其他全面收入的股本工具、於物業項目的投資、質押性銀行存款、銀行結餘及現金、應收╱應付非控股權益、合營企業及聯營公司款項、應付賬款、其他應付款項、銀行及其他借款、優先票據、公司債券、中期票據、可換股債券及永續資本工具。

該等金融工具的詳情載於相關附註。

與此等金融工具有關的風險及如何減低該等風險的政策載列如下。

管理層管理及監控該等風險，確保及時有效地採取適當措拖。

300 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement50. FINANCIALINSTRUMENTS (Continued)c. Market riskThe Group’s activities expose primarily to the market risks of changes in interest rates and foreign currency exchange rates (see below)There has been no significant change to the Group’s exposure to market risks or the manner in which it manages and measures the risk over the year.Interest rate riskThe Group is exposed to cash flow interest rate risk due to the fluctuation of the prevailing market interest rate on pledge bank deposits, bank balances and cash and bank and other borrowings which carry at variable rates based on the interest rates quoted by Hang Seng Bank RMBPrime rate, HIBOR and SOFR.The Group aims at keeping borrowings at variable rates. The Group manages its interest rate exposures by assessing the potential impact arising from any interest rate movements based on interest rate level and outlook. The management will review the proportion of borrowings in fixed and floating rates and ensure they are within reasonable range.A fundamental reform of major interest rate benchmarks has been undertaken globally to replace some interbank offered rates with alternative nearly risk-free rates. Details of the impacts on the Group’s risk management strategy arising from the interest rate benchmark reform and the progress towards implementation of alternative benchmark interest rates are set out under “interest rate benchmark reform” in this note.Details of the Group’s bank and other borrowings entered into by the Group at the end of the reporting period are set out in note 33.All interest income and interest expense, as detailed in note 7 and note 8, are derived from financial assets at amortised cost and financial liabilities at amortised cost, respectively, for both years.The Group’s fair value interest rate risk relates primarily to its fixed rate bank and other borrowings, corporate bonds, medium-term notes, convertible bonds and senior notes. However, the management will consider hedging significant interest rate exposure should the need arise.50.金融工具（續）c.市場風險本集團的業務主要面對利率及外幣匯率變動的市場風險（參見下文）本集團於年內面對的市場風險或其管理及衡量風險的方式概無重大變動。

利率風險由於質押性銀行存款、銀行結餘及現金與銀行及其他借款（按恒生銀行人民幣最優惠利率、香港銀行同業拆息及擔保隔夜融資利率所報的利率計算浮動利息）的現行市場利率波動，本集團面臨現金流量利率風險。

本集團旨在將借款保持按浮動利率計息。

本集團透過根據利率水平及前景評估任何利率變動產生的潛在影響，以管理其利率風險。

管理層將審閱固定及浮動利率的借款比例，確保其處於合理範圍內。

全球正進行主要利率基準的根本性改革，以其他近乎無風險比率取代部分銀行同業拆息率。

有關利率基準改革對本集團風險管理策略的影響以及實施備用基準利率的進展詳情，載於本附註「利率基準改革」。

有關本集團於報告期末訂立的本集團銀行及其他借款的詳情載於附註33。

於兩個年度內，所有利息收入及利息開支（詳情載於附註7及附註8）分別來自按攤銷成本列賬的金融資產及按攤銷成本列賬的金融負債。

本集團的公平值利率風險主要與按固定利率計息的銀行及其他借款、公司債券、中期票據、可換股債券以及優先票據有關。

然而，管理層於有需要時會考慮對沖重大利率風險。

301二零二三年年報 | 旭輝控股（集團）有限公司50. FINANCIALINSTRUMENTS (Continued)c. Market risk (Continued)Interest rate risk (Continued)Interest rate sensitivityThe sensitivity analyses below have been prepared based on the exposure to interest rates for non-derivative instruments (pledged bank deposits, bank balances and cash and bank and other borrowings). The analysis is prepared assuming the financial instruments outstanding at the end of the reporting period were outstanding for the whole year. A 100 basis point increase or decrease for bank and other borrowings and a 50 basis point increase or decrease for pledged bank deposits, bank balances and cash are used when reporting interest rate risk internally to key management personnel and represent management’s assessment of the possible change in interest rate in respect of bank and other borrowings, pledged bank deposits and bank balances and cash respectively.At the end of the reporting period, if interest rates had been increased/decreased by 100 and 50 basis points in respect of bank and other borrowings, pledged bank deposits, bank balances and cash and all other variables were held constant, the Group’s loss before taxation would increase/decrease by approximately RMB342,470,000 (2022: profit before taxation would decrease/increase by approximately RMB459,226,000) for the year ended 31 December 2023.Foreign currency riskThe Group collects all of its revenue in RMB and most of the expenditures including expenditures incurred in property sales as well as capital expenditures are also denominated in RMB.The Group undertakes certain transactions denominated in foreign currencies, hence exposure to exchange rate fluctuations arises. The Group has adopted a hedging policy to actively manage its currency risk exposure concerning non-RMB denominated indebtedness.The Group may, depending on the circumstances and trend of currency rates, consider and enter into hedging arrangements to mitigate the impact of RMB depreciation.As at 31 December 2023, the Group had financial assets at FVTPL, pledged bank deposits, bank balances and cash, bank and other borrowings, senior notes, convertible bonds and perpetual capital instruments denominated in foreign currencies as set out in notes 22,29,33,34,36 and 37, respectively, which expose the Group to foreign currency risk. The Group has entered into forward contracts for mitigating the foreign currency exposure in relation to the borrowings.50.金融工具（續）c.市場風險（續）利率風險（續）利率敏感度以下敏感度分析乃根據非衍生工具（質押性銀行存款、銀行結餘及現金以及銀行及其他借款）利率風險編製。

分析乃假設於報告期末未到期金融工具於整年內均未到期而編製。

向主要管理人員內部匯報利率風險時會以升跌100個基點（就銀行及其他借款而言）及升跌50個基點（就質押性銀行存款、銀行結餘及現金而言）為基準，即管理層分別對銀行及其他借款、質押性銀行存款以及銀行結餘及現金利率可能變動的評估。

於報告期末，倘利率上升╱下降100個及50個基點（就銀行及其他借款、質押性銀行存款、銀行結餘及現金而言），而所有其他變數維持不變，則本集團截至二零二三年十二月三十一日止年度的除稅前虧損會增加╱減少約人民幣342,470,000元（二零二二年：除稅前利潤會減少╱增加約人民幣459,226,000元）。

外幣風險本集團以人民幣收取其所有收入，而大部分支出（包括物業銷售產生的支出以及資本開支）亦以人民幣計值。

本集團進行若干以外幣計值的交易，因而面臨所產生的匯率波動風險。

本集團採納對沖政策，積極管理以非人民幣計值債務的貨幣風險。

本集團可視乎情況及匯率走勢，考慮訂立對沖安排以減低人民幣貶值的影響。

於二零二三年十二月三十一日，本集團擁有以外幣計值的按公平值計入損益的金融資產、質押性銀行存款、銀行結餘及現金、銀行及其他借款、優先票據、可換股債券及永續資本工具（分別載於附註22、29、33、34、36及37），使本集團承受外幣風險。

本集團已訂立遠期合約以減輕與借款相關的外幣風險。

302 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement50. FINANCIALINSTRUMENTS (Continued)c. Market risk (Continued)Foreign currency risk (Continued)Foreign currency rate sensitivityThe following table details the Group’s sensitivity to a 5% increase and decrease in RMB against the relevant foreign currencies.5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjust their translation at the end of the reporting period of 5% changes in foreign currency rates. A positive number below indicates a decrease in post-tax loss/an increase in post-tax profit where RMB strengthen 5% against the relevant currency. For a 5% weakening of RMB against the relevant currency, there would be an equal and opposite impact on the post-tax loss/profit and the balances below would be negative.二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000港元HK$ 542,796541,507美元USD 1,769,4371,743,767其他貨幣Other currencies 11,52911,07850.金融工具（續）c.市場風險（續）外幣風險（續）外幣風險敏感度下表詳列本集團對人民幣兌相關外幣升值及貶值5%的敏感度。

5%為向主要管理人員內部報告外幣風險時所使用的敏感度，指管理層對外幣匯率可能合理變動的評估。

敏感度分析僅包括以外幣計值的未到期貨幣項目，並於報告期末就外幣匯率的5%變動調整其換算。

當人民幣相對於相關貨幣升值5%時，下表中的正數表示除稅後虧損減少╱除稅後利潤增加。

當人民幣相對於相關貨幣貶值5%時，會對除稅後虧損╱利潤產生一個相等並相反的影響，以下結餘亦將變成負數。

303二零二三年年報 | 旭輝控股（集團）有限公司50. FINANCIALINSTRUMENTS (Continued)d. Credit risk and impairment assessmentCredit risk refers to the risk that the Group’s counterparties default on their contractual obligations resulting in financial losses to the Group. The Group’s credit risk exposures are primarily attributable to trade receivables, pledged bank deposits, bank balances and cash, amounts due from associates, joint ventures and non-controlling interests and other receivables. The Group does not hold any collateral or other credit enhancements to cover its credit risks associated with its financial assets and financial guarantee contracts.The Group performed impairment assessment for financial assets and other items under ECL model. The Group’s internal credit risk grading assessment comprises the following categories:內部信貸評級Internal credit rating描述Description應收賬款╱應收合營企業及聯營公司款項╱財務擔保合約Accounts receivables/Amounts due from joint ventures and associates/Financial guarantees contracts其他項目Other items低風險交易對手的違約風險低，且就應收賬款及應收票據而言，其賬齡為180日內全期預期信貸虧損－無信貸減值全期預期信貸虧損－無信貸減值十二個月預期信貸虧損Low risk The counterparty has a low risk of default, and for trade and bills receivables, its aging is within 180 daysLifetime ECL – not credit-impaired Lifetime ECL – not credit-impaired12m ECL觀察名單債務人時常於到期日後還款，但通常全額結清，且就應收賬款及應收票據而言，其賬齡超過180日但少於1年全期預期信貸虧損－無信貸減值十二個月預期信貸虧損Watch list Debtor frequently repays after due dates but usually settle in full, and for trade and bills receivables, its aging is over 180 days but less than 1 yearLifetime ECL – not credit-impaired 12m ECL呆賬內部產生的資料或外部資源顯示信貸風險自初步確認以來顯著增加全期預期信貸虧損－無信貸減值全期預期信貸虧損－無信貸減值Doubtful There have been significant increases in credit risk since initial recognition through information developed internally or external resourcesLifetime ECL – not credit-impaired Lifetime ECL – not credit-impaired虧損證據顯示有關資產已出現信貸減值全期預期信貸虧損－信貸減值全期預期信貸虧損－信貸減值Loss There is evidence indicating the asset is credit-impaired Lifetime ECL – credit-impaired Lifetime ECL – credit-impaired撇銷證據表明，債務人陷入嚴重財政困難之中，且本集團並無實際收回款項的可能金額被撇銷金額被撇銷Write-off There is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recoveryAmount is written off Amount is written off50.金融工具（續）d.信貸風險及減值評估信貸風險指本集團的交易對手違反其合約責任而導致本集團遭受財務損失的風險。

本集團的信貸風險主要來自應收賬款、質押性銀行存款、銀行結餘及現金、應收聯營公司、合營企業及非控股權益款項以及其他應收款項。

本集團並無持有任何抵押品或其他信貸增強措施以彌補與其金融資產及財務擔保合約相關的信貸風險。

本集團按預期信貸虧損模式對金融資產及其他項目進行減值評估。

本集團的內部信貸風險評級評估包括以下類別：304 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement50. FINANCIALINSTRUMENTS (Continued)d. Credit risk and impairment assessment (Continued)The table below details the credit risk exposures of the Group’s financial assets and financial guarantee contracts which are subject to ECL assessment:二零二三年二零二二年20232022附註Notes內部信貸評級Internal credit rating外部信貸評級External credit rating十二個月或全期預期信貸虧損12m or lifetime ECL賬面總值Gross carrying amount賬面總值Gross carrying amount人民幣千元人民幣千元RMB’000 RMB’000 按攤銷成本列賬的金融資產Financial assets at amortised cost因客戶合約產生的應收賬款26不適用不適用全期預期信貸虧損（撥備矩陣）Accounts receivables arising fromcontracts with customersN/AN/ALifetime ECL (provision matrix) 1,058,8821,071,286不適用不適用全期預期信貸虧損（信貸減值及撥備矩陣）N/AN/ALifetime ECL (credit-impaired and provision matrix) 478,746366,149低風險不適用全期預期信貸虧損Low risk N/ALifetime ECL 606,4821,686,876觀察名單不適用全期預期信貸虧損Watch list N/ALifetime ECL 1,392,5731,436,410 3,536,6834,560,721 其他應收款項26低風險不適用十二個月預期信貸虧損Other receivables Low risk N/A 12m ECL 5,588,9025,212,288觀察名單不適用十二個月預期信貸虧損Watch list N/A 12m ECL 281,823112,505 5,870,7255,324,793 應收合營企業及聯營公司的款項28呆賬不適用全期預期信貸虧損－信貸減值Amounts due from joint ventures and associatesDoubtful N/ALifetime ECL – credit-impaired24,273,36728,446,454 應收非控股權益款項27觀察名單不適用十二個月預期信貸虧損Amounts due from non-controlling interestsWatch list N/A 12m EC21,175,37036,729,066 質押性銀行存款、銀行結餘及現金29低風險不適用十二個月預期信貸虧損Pledged bank deposits, bank balances and cashLow risk N/A 12m EC13,753,88920,553,415 財務擔保合約46低風險不適用全期預期信貸虧損－無信貸減值Financial guarantee contracts Low risk N/ALifetime ECL – not credit-impaired 29,667,28837,735,52150.金融工具（續）d.信貸風險及減值評估（續）下表載列本集團須進行預期信貸虧損評估的金融資產及金融擔保合約的信貸風險詳情：305二零二三年年報 | 旭輝控股（集團）有限公司50. FINANCIALINSTRUMENTS (Continued)d. Credit risk and impairment assessment (Continued)Accounts receivables arising from contracts with customersIn order to minimise the credit risk, the monitoring procedures are carried out to ensure that follow up action is taken to recover overdue debts. In addition, the Group reviews regularly the recoverable amount of each individual accounts at the end of the reporting period to ensure that adequate impairment losses are made for irrecoverable amounts.In addition, for accounts receivables arising from sales of properties and other property related services, the Group performs impairment assessment under ECL on trade balances on a collective basis. For accounts receivables arising from property management and other services, the Group assesses the expected credit losses collectively based on a provision matrix.Other receivables and amounts due from joint ventures, associates and non-controlling interestThe credit risk of other receivables, amounts due from joint ventures, associates and non-controlling interests are managed through an internal process. The credit quality of each counterparty is investigated before an advance is made. The Group also actively monitors the outstanding amounts owed by each debtor and identifies any credit risks in a timely manner in order to reduce the risk of a credit related loss. Further, the Group closely monitors the financial performance of the joint ventures, associates and non-controlling interests. In addition, the Group performs impairment assessment under ECL model on the outstanding balances.The other receivables mainly included deposits, payments on behalf of property owners and others. For payments on behalf of property owners, the Group applies internal credit rating based on debtors’ aging. For deposits and other receivables, the Group applies credit rating with reference with the scale of Moody’s. As at 31 December 2023, the Group has provided RMB327,853,000 (2022: RMB8,561,000) allowance for expected credit losses (lifetime credit-impaired) and RMB187,985,000 (2022: RMB159,268,000) allowance for expected credit losses (12m ECL) on other receivables.50.金融工具（續）d.信貸風險及減值評估（續）因客戶合約產生的應收賬款為將信貸風險降至最低，本集團已實行監控措施，以確保採取跟進措施收回逾期債項。

此外，於報告期末，本集團定期評估各個別賬戶的可收回金額，以確保就不可收回金額作出充足減值虧損。

此外，就銷售物業及其他物業相關服務產生的應收賬款而言，本集團按預期信貸虧損對貿易結餘集體進行減值評估。

就物業管理及其他服務產生的應收賬款而言，本集團根據撥備矩陣集體進行預期信貸虧損評估。

其他應收款項以及應收合營企業、聯營公司及非控股權益款項其他應收款項、應收合營企業、聯營公司及非控股權益款項的信貸風險透過內部程序管理。

在作出墊款之前會對各交易對手的信貸質素進行調查。

本集團亦積極監控各債務人的欠款，並及時識別任何信貸風險，以降低信貸相關損失的風險。

再者，本集團密切監控合營企業、聯營公司及非控股權益的財務表現。

此外，本集團按預期信貸虧損模式對未償還結餘進行減值評估。

其他應收款項主要包括按金、代業主付款及其他。

就代業主付款而言，本集團根據債務人的賬齡採用內部信貸評級。

就按金及其他應收款項而言，本集團參照穆迪的規模進行信貸評級。

於二零二三年十二月三十一日，本集團已就其他應收款項計提預期信貸虧損（全期信貸減值）撥備人民幣327,853,000元（二零二二年：人民幣8,561,000元）及預期信貸虧損（十二個月預期信貸虧損）撥備人民幣187,985,000元（二零二二年：人民幣159,268,000元）。

306 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement50. FINANCIALINSTRUMENTS (Continued)d. Credit risk and impairment assessment (Continued)Other receivables and amounts due from joint ventures, associates and non-controlling interest (Continued)For amounts due from joint ventures and associates with gross carrying amount of RMB16,876,574,000 and RMB7,396,794,000 (2022: RMB16,875,260,000 and RMB11,571,192,000), respectively, the Group measures the loss allowance at lifetime ECL based on their financial performance. As at 31 December 2023, the Group has provided RMB1,507,523,000 (2022: RMB2,204,533,000) allowance for expected credit losses (lifetime not credit-impaired) on amounts due from joint ventures and associates.For amounts due from non-controlling interests with gross carrying amount of RMB21,175,370,000 (2022: RMB36,729,066,000), the Group measures the loss allowance at 12m ECL. The directors of the Company consider the counterparties with good credit worthiness based on their past repayment history and subsequent settlement. As at 31 December 2023, the Group has provided RMB44,604,000 (2022: RMB697,000) allowance for expected credit losses (12m ECL) on amounts due from non-controlling interests.Pledged bank deposits, bank balances and cashFor pledged bank deposits, bank balances and cash with gross carrying amount of RMB13,753,889,000 (2022: RMB20,553,415,000) in total, the Group measures the loss allowance at 12m ECL. The credit risk on pledged bank deposits, bank balances and cash is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies or state-owned banks in the PRC.Other than concentration of credit risk on pledged bank deposits, bank balances and cash which are deposited with several banks with high credit ratings, the Group has no significant concentration of credit risk, which exposure spread over a number of counterparties and customers.50.金融工具（續）d.信貸風險及減值評估（續）其他應收款項以及應收合營企業、聯營公司及非控股權益款項（續）就賬面總值分別為人民幣16,876,574,000元及人民幣7,396,794,000元（二零二二年：人民幣16,875,260,000元及人民幣11,571,192,000元）的應收合營企業及聯營公司的款項而言，本集團根據其財務表現按全期預期信貸虧損計量虧損撥備。

於二零二三年十二月三十一日，本集團已就應收合營企業及聯營公司的款項計提預期信貸虧損（全期無信貸減值）撥備人民幣1,507,523,000元（二零二二年：人民幣2,204,533,000元）。

就賬面總值為人民幣21,175,370,000元（二零二二年：人民幣36,729,066,000元）的應收非控股權益款項而言，本集團按十二個月預期信貸虧損計量虧損撥備。

根據交易對手的過往還款記錄及其後結算，本公司董事認為彼等的信用度良好。

於二零二三年十二月三十一日，本集團已就應收非控股權益款項計提預期信貸虧損（十二個月預期信貸虧損）撥備人民幣44,604,000元（二零二二年：人民幣697,000元）。

質押性銀行存款、銀行結餘及現金就賬面總值合共為人民幣13,753,889,000元（二零二二年：人民幣20,553,415,000元）的質押性銀行存款、銀行結餘及現金而言，本集團按十二個月預期信貸虧損計量虧損撥備。

質押性銀行存款、銀行結餘及現金的信貸風險有限，原因為交易對手為獲國際信貸評級機構授予高信貸評級的銀行或中國的國有銀行。

除質押性銀行存款、銀行結餘及現金（存放於多間高信貸評級的銀行）的信貸風險集中外，本集團並無任何重大信貸風險集中，其風險分佈於眾多交易對手及客戶。

307二零二三年年報 | 旭輝控股（集團）有限公司50.金融工具（續）d.信貸風險及減值評估（續）財務擔保合約就已預售但未完成開發的物業而言，本集團通常就客戶為購買物業籌集資金所借入按揭貸款而向銀行提供擔保，擔保金額最高為個別物業購買價的70%。

倘買方於擔保期間未能償還按揭，則持有按揭的銀行可要求本集團償還未償還貸款及任何有關應計利息。

在此等情況下，本集團可沒收已收取的銷售訂金並重新銷售收回物業。

因此，管理層認為本集團所提供擔保引致的任何虧損均有可能收回。

管理層認為，由於該等融資以物業作擔保，而物業的市價高於擔保金額，故提供予物業買方的財務擔保所面臨的信貸風險有限。

就此而言，本公司董事認為，本集團的信貸風險已顯著降低。

就為從事房地產開發項目的合營企業及聯營公司獲授予銀行貸款而向銀行提供的擔保而言，本集團根據其於截至二零二三年及二零二二年十二月三十一日止年度的財務表現按全期預期信貸虧損計量虧損撥備。

於二零二三年十二月三十一日，就授予合營企業及聯營公司銀行貸款向銀行提供擔保的預期信貸虧損而言，本集團管理層認為並不重大（二零二二年：人民幣57,582,000元）。

50. FINANCIALINSTRUMENTS (Continued)d. Credit risk and impairment assessment (Continued)Financial guarantee contractsFor properties that are presold but development has not been completed, the Group typically provides guarantees to banks in connection with the customers’ borrowing of mortgage loans to finance their purchase of the properties for an amount up to 70% of the purchase price of the individual property. If a purchaser defaults on the payment of its mortgage during the period of guarantee, the bank holding the mortgage may demand the Group to repay the outstanding loan and any interest accrued thereon. Under such circumstances, the Group is able to forfeit the sales deposit received and re-sell the repossessed properties. Therefore, the management considers it would likely recover any loss incurred arising from the guarantee by the Group. The management considers the credit risk exposure to financial guarantees provided to property purchasers is limited because the facilities are secured by the properties and the market prices of the properties are higher than the guaranteed amounts. In this regard, the directors of the Company consider that the Group’s credit risk is significantly reduced.For guarantees provided to banks for bank loans granted to joint ventures and associates undertaking property development projects, the Group measures the loss allowance at lifetime ECL based on their financial performance for years ended 31 December 2023 and 2022. As at 31 December 2023, the management of the Group has assessed the ECL of the guarantees provided to banks for bank loans granted to joint ventures and associates to be insignificant (2022: RMB57,582,000).308 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement50. FINANCIALINSTRUMENTS (Continued)d. Credit risk and impairment assessment (Continued)The following table provides information about the exposure to credit risk and ECL for accounts and other receivables, amount due from joint ventures, associates and non-controlling interests and financial guarantee contracts as at 31 December 2023 and 2022.因客戶合約產生的應收賬款Accounts receivables arising from contracts with customers其他應收款項Other receivables應收合營企業、聯營公司及非控股權益款項Amounts due from joint ventures, associates and non-controlling interests財務擔保合約Financial guarantee contracts總計Total人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000於二零二二年一月一日At 1 January 2022111,03123,147 – – 134,178預期信貸虧損撥備Allowance for expected credit losses 140,765144,6822,205,23057,5822,548,259撇銷Written-offs (7,437) – – – (7,437) 於二零二二年十二月三十一日At 31 December 2022244,359167,8292,205,23057,5822,675,000 預期信貸虧損撥備Allowance for expected credit losses 91,356348,00919,005 (57,582) 400,788撇銷Written-offs – – (672,108) – (672,108) 於二零二三年十二月三十一日At 31 December 2023335,715515,8381,552,127 – 2,403,680e. Liquidity riskAs at 31 December 2023, the Group was in default or cross-default for the payment of its offshore financing arrangements, which included bank and other borrowings, senior notes and convertible bonds as set out in notes 33,34 and 36, respectively, which causes the Group in significant liquidity risk. At the end of the reporting period, the Group has taken appropriate measures as set out in note 3.1 to mitigate such liquidity risk.The following table details the Group’s expected remaining contractual maturity for its financial liabilities and derivative instruments. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.50.金融工具（續）d.信貸風險及減值評估（續）下表提供有關於二零二三年及二零二二年十二月三十一日的應收賬款及其他應收款項、應收合營企業、聯營公司及非控股權益款項以及財務擔保合約信貸風險及預期信貸虧損的資料。

e.流動資金風險於二零二三年十二月三十一日，本集團於支付其境外融資安排方面存在違約或交叉違約，其中包括銀行及其他借款、優先票據及可換股債券（分別載列於附註33、34及36），致使本集團面臨重大流動資金風險。

於報告期末，本集團已採取附註3.1所載的適當措施，以減輕有關流動資金風險。

下表詳列本集團金融負債及衍生工具的預期剩餘合約到期日。

該表按本集團可能須付款的最早日期的金融負債未貼現現金流量編製，表中包括利息及本金現金流量。

309二零二三年年報 | 旭輝控股（集團）有限公司50. FINANCIALINSTRUMENTS (Continued)e. Liquidity risk (Continued)In addition, the following table details the Group’s liquidity analysis for its derivative financial instruments. The liquidity analysis for the Group’s derivative financial instruments are prepared based on the contractual settlement dates as the management of the Group considers that the settlement dates are essential for an understanding of the timing of the cash flows of derivatives.於二零二三年十二月三十一日的賬面值Carrying amount at 31 December 20230至60日或按要求償還0-60 days or repayable on demand61至180日61 to 180 day181至365日181 to 365 day1至2年1–2 years2至3年2–3 years3年以上Over 3 years未貼現現金流量總額Total undiscounted cash flows人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000二零二三年2023衍生工具－可換股債券Derivatives – convertible bonds – – – – – – – –利率Interest rate於二零二三年十二月三十一日的賬面值Carrying amount at 31 December 20230至60日或按要求償還0-60 days or repayable on demand61至180日61 to 180 day181至365日181 to 365 day1至2年1–2 years2至3年2–3 years3年以上Over 3 years未貼現現金流量總額Total undiscounted cash flows人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000二零二三年2023非衍生金融負債Non-derivative financial liabilities不計息Non-interest bearing – 66,359,66266,350,340 – – 9,322 – – 66,359,662定息工具Fixed interest rate instruments 2.36%-9.74% 51,157,17433,433,088284,0669,453,8657,128,1702,371,056 – 52,670,245浮息工具Variable interest rate instruments 2.35%-7.35% 41,123,96516,933,8043,048,9858,654,6397,068,534912,8988,412,53045,031,390租賃負債Lease liabilities 4.50%-8.80% 163,81417,49112,24715,93128,91416,945100,202191,730 財務擔保Financial guarantee – – 29,667,288 – – – – – 29,667,288 50.金融工具（續）e.流動資金風險（續）此外，下表詳列本集團對其衍生金融工具的流動性分析。

本集團衍生金融工具的流動性分析按照合約結算日期編製，原因為本集團管理層認為結算日期對暸解衍生工具現金流量時間不可或缺。

310 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement50. FINANCIALINSTRUMENTS (Continued)e. Liquidity risk (Continued)於二零二二年十二月三十一日的賬面值Carrying amount at 31 December 20220至60日或按要求償還0-60 days or repayable on demand61至180日61 to 180 day181至365日181 to 365 day1至2年1–2 years2至3年2–3 years3年以上Over 3 years未貼現現金流量總額Total undiscounted cash flows人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000二零二二年2022衍生工具－可換股債券Derivatives – convertible bonds 267,247267,247 – – – – – 267,247利率Interest rate於二零二二年十二月三十一日的賬面值Carrying amount at 31 December 20220至60日或按要求償還0-60 days or repayable on demand61至180日61 to 180 day181至365日181 to 365 day1至2年1–2 years2至3年2–3 years3年以上Over 3 years未貼現現金流量總額Total undiscounted cash flows人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000二零二二年2022非衍生金融負債Non-derivative financial liabilities不計息Non-interest bearing – 65,588,44165,575,267 – – 13,174 – – 65,588,441定息工具Fixed interest rate instruments 2.36%–10.00% 52,250,37631,397,0493,185,6787,969,4908,255,3942,677,039 – 53,484,650浮息工具Variable interest rate instruments 2.20%–8.50% 56,199,28614,879,1086,068,68311,219,75014,152,4195,194,7837,031,02158,545,764租賃負債Lease liabilities 3.50%–6.00% 216,85623,26718,65124,17751,36120,580100,221238,257財務擔保Financial guarantees – 57,58237,735,521 – – – – – 37,735,521The amounts included above for financial guarantee contracts are the maximum amounts the Group could be required to settle under the arrangement for the full guaranteed amount if that amount is claimed by the counterparty to the guarantee. No allowance for expected credit losses as at 31 December 2023 was provided by the Group (2022: RMB57,582,000). However, this estimate is subject to change depending on the probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables held by the counterparty which are guaranteed suffer expected credit losses.50.金融工具（續）e.流動資金風險（續）上表包含的財務擔保合約金額為在擔保交易對手索償情況下，本集團根據安排可能須結付全數擔保金額的最高金額。

於二零二三年十二月三十一日，本集團概無就預期信貸虧損計提撥備（二零二二年：人民幣57,582,000元）。

然而，該估計將視乎交易對手根據擔保提出索償的可能性而有所改變，而提出索償的可能性則取決於交易對手所持獲擔保財務應收款項出現預期信貸虧損的可能性。

311二零二三年年報 | 旭輝控股（集團）有限公司50. FINANCIALINSTRUMENTS (Continued)f. Interest rate benchmark reformAs listed in note 33, several of the Group’s LIBOR/HIBOR bank loans may be subject to the interest rate benchmark reform. The Group is closely monitoring the market and managing the transition to new benchmark interest rates, including announcements made by the relevant IBOR regulators.LIBORAs at 31 December 2022, all LIBOR settings have been either ceased to be provided by any administrator or no longer be representative, except for US dollar settings (other than the 1-week and 2-month settings) which will be ceased immediately after 30 June 2023.HIBORWhile the Hong Kong Dollar Overnight Index Average (“HONIA”) has been identified as an alternative to HIBOR, there is no plan to discontinue HIBOR. The multi-rate approach has been adopted in Hong Kong, whereby HIBOR and HONIA will co-exist.(i) Risks arising from the interest rate benchmark reformThe following are the key risks for the Group arising from the transition:Interest rate related risksFor contracts which have not been transitioned to the relevant alternative benchmark rates and without detailed fallback clauses, if the bilateral negotiations with the Group’s counterparties are not successfully concluded before the cessation of LIBORs, there are significant uncertainties with regard to the interest rate that would apply. This gives rise to additional interest rate risk that was not anticipated when the contracts were entered into.There are fundamental differences between IBORs and the various alternative benchmark rates. IBORs are forward looking term rates published for a period (e.g.3 months) at the beginning of that period and include an inter-bank credit spread, whereas alternative benchmark rates are typically risk-free overnight rates published at the end of the overnight period with no embedded credit spread. These differences will result in additional uncertainty regarding floating rate interest payments.50.金融工具（續）f.利率基準改革誠如附註33所列示，本集團的數項倫敦銀行同業拆息率╱香港銀行同業拆息率銀行貸款受到利率基準改革的影響。

本集團正密切監察市場和管理新基準利率的過渡，包括相關銀行同業拆息監管機構作出的公告。

倫敦銀行同業拆息於二零二二年十二月三十一日，所有倫敦銀行同業拆息設置已停止由任何行政管理人提供或不再具代表性，惟美元設置（除一週及兩個月設置外）將於二零二三年六月三十日後即告停止。

香港銀行同業拆息在港元隔夜平均指數（「港元隔夜平均指數」）被識別為香港銀行同業拆息的備用選項之時，並無計劃停用香港銀行同業拆息。

此多利率並存的方法已在香港採用，據此，香港銀行同業拆息及港元隔夜平均指數並存。

(i)利率基準改革所產生的風險下列為本集團因過渡而產生的主要風險：利率相關風險對於並無過渡至相關備用基準利率且無具體後備機制條款的合約，倘與本集團交易對手方的雙邊磋商在倫敦銀行同業拆息停用前未能成功完成，則將應用的利率可能存在重大不確定性。

此情況會導致發生在合約訂立時未曾預料到的額外利率風險。

銀行同業拆息與多個備用基準利率之間存在根本差異。

銀行同業拆息是在一段期間（例如三個月）開始時就該期間發佈的前瞻性期限利率，當中包括銀行間信貸息差，而備用基準利率一般是在隔夜期末發佈的無風險隔夜利率，當中無內嵌的信貸息差。

該等差異將導致產生有關浮息付款的額外不確定性。

312 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement50. FINANCIALINSTRUMENTS (Continued)f. Interest rate benchmark reform (Continued)(i) Risks arising from the interest rate benchmark reform (Continued)Litigation riskIf no agreement is reached to implement the interest rate benchmark reform on contracts which have not been transitioned to the relevant alternative benchmark rates (e.g. arising from differing interpretation of existing fallback terms), there is a risk of prolonged disputes with counterparties which could give rise to additional legal and other costs. The Group is working closely with all counterparties to avoid this from occurring.Interest rate basis riskInterest rate basis risk may arise if a non-derivative instrument and the derivative instrument held to manage the interest risk on the non-derivative instrument transition to alternative benchmark rates at different times. This risk may also arise where back-to-back derivatives transition at different times. The Group will monitor this risk against its risk management policy which has been updated to allow for temporary mismatches of up to 12 months and transact additional basis interest rate swaps if required.(ii) Progress towards implementation of alternative benchmark interest ratesAs part of the Group’s risk management for transition, new contracts entered into by the Group are linked to the relevant alternative benchmark rates or interest rates which are not subject to reform to the extent feasible. Otherwise, the Group ensured the relevant contracts include detailed fallback clauses clearly referencing the alternative benchmark rate and the specific triggering event on which the clause is activated.For a floating rate loan that is linked to HIBOR, the Group had confirmed with the relevant counterparty HIBOR will continue to maturity.50.金融工具（續）f.利率基準改革（續）(i)利率基準改革所產生的風險（續）訴訟風險倘未能就未過渡至相關備用基準利率的合約協定實施利率基準改革（例如因對現有後備機制條款解讀不同所導致），則發生與交易對手方的爭議久持不下的風險可能招致額外法律及其他成本。

本集團正與交易對手方緊密合作，以避免發生有關情況。

利率基準風險倘非衍生工具及為管理非衍生工具利率風險而持有的衍生工具在不同時間過渡至備用基準利率，則可能產生利率基準風險。

倘背對背衍生工具於不同時間點過渡，亦可能產生相關風險。

本集團將對其風險管理政策監察風險，該政策已予更新以允許最多12個月的臨時錯配，並於有必要時進行額外基準利率掉期。

(ii)實施備用基準利率的進展作為本集團轉移風險管理的一部分，本集團新訂立的合約於可行範圍內與相關的備用基準利率或不受改革影響的利率掛鈎。

否則，本集團確保相關合約包括詳細的後備機制條款，當中明確參照備用基準利率及啟用該條款的具體觸發事件。

就與香港銀行同業拆息掛鈎的浮息貸款而言，本集團已與相關交易對手方確認香港銀行同業拆息將沿用直至到期。

313二零二三年年報 | 旭輝控股（集團）有限公司50. FINANCIALINSTRUMENTS (Continued)f. Interest rate benchmark reform (Continued)(ii) Progress towards implementation of alternative benchmark interest rates (Continued)The Group has transitioned the majority of its remaining LIBOR contracts through amendments to the contracts which change the basis for determining the interest cash flows from LIBOR to SOFR at an agreed point in time.The following table shows the total amounts of outstanding contracts and the progress in completing the transition to alternative benchmark rates as at 31 December 2023. The amounts of financial liabilities are shown at their carrying amounts.As at 31 December 2023過渡前的金融工具於下列年度到期賬面值╱名義金額對沖會計處理金融工具的過渡過程Financial instruments prior to transition Maturing inCarrying amounts/notional amountsHedge accountingTransition progress for financial instruments非衍生金融負債Non-derivative financial liabilities與香港銀行同業拆息掛鈎的銀行貸款二零二二年╱二零二三年╱二零二六年人民幣3,353,084,000元不適用採用香港銀行同業拆息直至到期Bank loans linked to HIBOR 2022/2023/2026 RMB3,353,084,000N/AHIBOR will continue till maturity50.金融工具（續）f.利率基準改革（續）(ii)實施備用基準利率的進展（續）本集團已修訂合約，將釐定利息現金流量的基準在協定的時間點由倫敦銀行同業拆息變更為擔保隔夜融資利率，以對其大部分餘下倫敦銀行同業拆息合約進行過渡。

下表列示於二零二三年十二月三十一日的未償還合約總額及完成向備用基準利率過渡的進展。

金融負債金額按其賬面值列示。

於二零二三年十二月三十一日50.金融工具（續）314 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement50. FINANCIALINSTRUMENTS (Continued)f. Interest rate benchmark reform (Continued)(ii) Progress towards implementation of alternative benchmark interest rates (Continued)As at 31 December 2022過渡前的金融工具於下列年度到期賬面值╱名義金額對沖會計處理金融工具的過渡過程Financial instruments prior to transition Maturing inCarrying amounts/notional amountsHedge accountingTransition progress for financial instruments非衍生金融負債Non-derivative financial liabilities與一個月美元倫敦銀行同業拆息掛鈎的銀行貸款二零二三年╱二零二四年╱二零二五年人民幣12,887,857,000元不適用預期最遲於二零二三年六月三十日前過渡Bank loans linked to 1-month USDLIBOR2023/2024/2025 RMB12,887,857,000N/AExpected to transition latest by 30 June 2023與香港銀行同業拆息掛鈎的銀行貸款二零二二年╱二零二三年╱二零二六年人民幣3,684,698,000元不適用香港銀行同業拆息將沿用直至到期Bank loans linked to HIBOR 2022/2023/2026 RMB3,684,698,000N/AHIBOR will continue till maturity51. CAPITALRISKMANAGEMENTThe Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The Group’s overall strategy remains unchanged from prior year.The capital structure of the Group consists of net debt, which includes the lease liabilities, bank and other borrowings, senior notes, corporate bonds and medium-term notes, convertible bonds and perpetual capital instruments disclosed in notes 32,33,34,35,36 and 37 respectively, net of cash and cash equivalents, and equity attributable to owners of the Company, comprising issued share capital, reserves and retained profits.The directors of the Company review the capital structure on a regular basis. As part of this review, the directors of the Company consider the cost of capital and the risks associated with each class of capital, and take appropriate actions to balance its overall capital structure.f.利率基準改革（續）(ii)實施備用基準利率的進展（續）於二零二二年十二月三十一日51.資本風險管理本集團管理其資本以確保本集團旗下實體將可持續經營，同時透過改善債務與股本權益的平衡為股東帶來最大回報。

本集團的整體策略與去年維持不變。

本集團的資本架構包括淨負債，而淨負債包括附註32、33、34、35、36及37各自所披露的租賃負債、銀行及其他借款、優先票據、公司債券及中期票據、可換股債券以及永續資本工具（扣除現金及現金等價物）及本公司擁有人應佔股本權益（包含已發行股本、儲備及保留利潤）。

本公司董事定期檢討資本架構。

作為是項檢討其中一環，本公司董事考量資本成本及與各類資本有關的風險，並採取適當行動平衡其整體資本架構。

315二零二三年年報 | 旭輝控股（集團）有限公司52. FAIRVALUEMEASUREMENTSOFFINANCIAL INSTRUMENTSFair value of the Group’s financial assets and liabilities that are measured at fair value on a recurring basisSome of the Group’s financial assets and liabilities are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets and liabilities are determined (in particular, the valuation technique(s) and inputs used), as well as the level of the fair value hierarchy into which the fair value measurements are categorised (levels 1 to 3) based on the degree to which the inputs to the fair value measurements is observable.In estimating the fair value, the Group uses market-observable data to the extent it is available. Where Level 1 inputs are not available, mark-to-market report from the custodian is used where available. Otherwise, the Group engages third party qualified valuers to perform the valuation. The valuation committee works closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model.金融資產Financial assets於十二月三十一日的公平值Fair value as at 31 December公平值等級Fair value hierarchy估值技術及主要輸入數據Valuation techniques and key inputs二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000分類為按公平值計入損益的金融資產的無報價股本權益Unquoted equity interests classified as financial assets at FVTPL資產Assets資產Assets－非上市私人基金– unlisted private funds 739,354818,340第三級Level 3資產分析法－基金資產淨值Asset approach – Fund net asset value分類為按公平值計入損益的金融資產的股本工具Equity instruments classified as financial assets at FVTPL資產Assets資產Assets－在香港上市– listed in Hong Kong 4,26420,759第一級Level 1活躍市場所報買入價。

Quoted bid prices in an active market. 4,26420,759按公平值計入其他全面收入的股本工具Equity instruments at FVTOCI資產Assets資產Assets－非上市股本投資– unlisted equity investments 29,83339,810第三級Level 3資產分析法－資產淨值Asset approach – Net asset value 29,83339,81052.金融工具的公平值計量按經常性基準以公平值計量的本集團金融資產及負債的公平值本集團的部分金融資產及負債按於各報告期末的公平值計量。

下表提供有關如何釐定該等金融資產及負債公平值的資料（特別是所用的估值方法及輸入數據），以及根據公平值計量輸入數據的可觀察程度而將公平值計量分類到所屬公平值架構級別（第一級至第三級）。

於估計公平值時，本集團使用可得的市場可觀察數據。

倘並無第一級輸入數據，則使用來自託管人的市價重估報告（倘適用）。

否則，本集團委聘第三方合資格估值師進行估值。

估值委員會與合資格外聘估值師緊密合作，以建立適用於模式的估值技術及輸入數據。

316 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement金融資產Financial assets於十二月三十一日的公平值Fair value as at 31 December公平值等級Fair value hierarchy估值技術及主要輸入數據Valuation techniques and key inputs二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000分類為按公平值計入損益的金融資產的物業項目投資Investments in property projects classified as financial assets at FVTPL資產Assets53,671資產Assets94,310第三級Level 3貼現現金流量－未來現金流量根據預期回報及合約投資成本進行估計，並以反映各物業項目的內部回報率的利率貼現。

Discounted cash flow – Future cash flows are estimated based on expected return, and the contracted investment costs, discounted at a rate that reflects the internal rate of return of varies property projects.可換股債券的衍生工具部分Derivative component of convertible bonds負債Liabilities–負債Liabilities(267,247)第三級Level 3二項式模式－公平值根據到期時間、股份價格、換股價、無風險利率、貼現率、預期波幅及預期股息進行估計。

Binomial model – Fair value is estimated based on time-to-maturity, stock price, conversion price, risk-free rate, discount rate, expected volatility and expected dividend. Except for the CMBS notes, senior notes, corporate bonds, medium-term notes and convertible bonds with fair value as disclosed in notes 33,34,35 and 36, respectively, the management of the Group consider that the carrying amounts of the other financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements approximate their fair values at the end of the reporting period.The fair value of the other financial assets and financial liabilities of the Group recorded at amortised cost is determined in accordance with generally accepted pricing models based on discounted cash flow analysis.52. FAIRVALUEMEASUREMENTSOFFINANCIAL INSTRUMENTS (Continued)Fair value of the Group’s financial assets and liabilities that are measured at fair value on a recurring basis (Continued)52.金融工具的公平值計量（續）按經常性基準以公平值計量的本集團金融資產及負債的公平值（續）除分別於附註33、34、35及36所披露具有公平值的商業抵押擔保證券票據、優先票據、公司債券、中期票據及可換股債券外，本集團管理層認為，綜合財務報表中以攤銷成本入賬的其他金融資產及金融負債的賬面值與其於報告期末的公平值相若。

本集團以攤銷成本入賬的其他金融資產及金融負債的公平值根據按照貼現現金流量分析建立的公認定價模式釐定。

317二零二三年年報 | 旭輝控股（集團）有限公司53. STATEMENTOFFINANCIALPOSITIONAND RESERVESOFTHECOMPANY(a) Statement of financial position of the Company:二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000非流動資產NON-CURRENTASSETS物業、廠房及設備Property, plant and equipment 2,1085,983於一間附屬公司的投資Investment in a subsidiary 2,530,4732,530,473應收附屬公司款項Amounts due from subsidiaries 83,512,80782,282,950 86,045,38884,819,406 流動資產CURRENTASSETS應收賬款及其他應收款項、按金及預付款項Accounts and other receivables, deposits and prepayments 99,423288,490應收合營企業款項Amounts due from joint ventures 1,551,4051,646,168銀行結餘及現金Bank balances and cash 7,253544,600 1,658,0812,479,258 流動負債CURRENTLIABILITIES應付賬款及其他應付款項以及應計開支Accounts and other payables and accrued charges4,614,9601,862,725應付附屬公司款項Amounts due to subsidiaries 1,729,5211,145,545應付合營企業款項Amounts due to joint ventures 1,974,7351,954,686銀行借款（於一年內到期） Bank borrowings – due within one year 16,295,77416,621,416優先票據（於一年內到期） Senior notes – due within one year 28,818,19128,432,434可換股債券的債務部分Debt component of convertible bonds 1,571,3041,401,331可換股債券的衍生工具部分Derivative component of convertible bonds – 267,247 55,004,48551,685,384 流動負債淨額NETCURRENTLIABILITIES (53,346,404) (49,206,126) 總資產減流動負債TOTALASSETSLESSCURRENTLIABILITIES 32,698,98435,613,280資本及儲備CAPITALANDRESERVES股本Share capital 855,610855,575儲備Reserves 29,918,82932,833,160 公司股東權益應佔股本權益Equity attributable to equity owners of the company 30,774,43933,688,735永久資本工具（附註37） Perpetual capital instruments (Note 37) 1,924,5451,924,545 權益總額TOTALEQUITY 32,698,98435,613,28053.本公司財務狀況表及儲備(a)本公司財務狀況表：318 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement53. STATEMENTOFFINANCIALPOSITIONAND RESERVESOFTHECOMPANY (Continued)(b) Movements of the reserves of the Company:股份溢價Share premium就股份獎勵計劃持有股份Shares held for share award scheme購股權儲備Share option reserve股份獎勵儲備Share awardreserve出資儲備Capital contribution reserve對沖儲備Hedging reserve保留利潤Retained profits總計Total人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000於二零二二年一月一日At 1 January 20227,185,773 (443,798) 156,377 – 39,440 (26,453) 28,434,93335,346,272年內虧損Loss for the year – – – – – – (3,938,646) (3,938,646)指定為現金流量對沖的對沖工具公平值變動Fair value change on hedging instruments designated as cash flow hedge – – – – – 30,537 – 30,537將指定為現金流量對沖的對沖工具公平值變動重新分類至損益Reclassification of fair value change on hedging instruments designated as cash flow hedge to profit or loss – – – – – (4,084) – (4,084)根據股份獎勵計劃出售股份Disposal of shares under the share award scheme (205,489) 304,983 – – – – – 99,494行使購股權時發行股份Issue of shares upon exercise of shares options 39,800 – (8,561) – – – – 31,239轉換可換股債券時發行股份Issue of shares upon conversion of convertible bonds 564,984 – – – – – – 564,984確認以股本權益結算的股份付款Recognition of equity-settled share-based payments – – 23,002 – – – – 23,002沒收購股權Forfeiture of share options – – (147,816) – – – 147,816 –配售股份Placing of shares 1,250,732 – – – – – – 1,250,732發行紅股Bonus issue of shares – – – – – – – –確認為分派股息Dividend recognised as distribution – – – – – – (570,370) (570,370) 於二零二二年十二月三十一日At 31 December 20228,835,800 (138,815) 23,002 – 39,440 – 24,073,73332,833,160年內虧損Loss for the year – – – – – – (2,997,658) (2,997,658)轉換可換股債券時發行股份Issue of shares upon conversion of convertible bonds 1,584 – – – – – – 1,584確認以股本權益結算的股份付款Recognition of equity-settled share-based payments – – 45,99135,752 – – – 81,743已歸屬股份獎勵Share award vested – 138,739 – (35,752) – – (102,987) – 於二零二三年十二月三十一日At 31 December 20238,837,384 (76) 68,993 – 39,440 – 20,973,08829,918,82953.本公司財務狀況表及儲備（續）(b)本公司儲備變動：319二零二三年年報 | 旭輝控股（集團）有限公司54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIESDetails of the Company’s principal subsidiaries at 31 December 2023 and 2022 are set out below:直接附屬公司名稱Name of direct subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributable to the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %旭昇有限公司Xu Sheng Limited英屬處女群島二零一一年五月九日BVI9 May 2011100100法定資本50,000美元實繳資本1美元AuthorisedUS$50,000Paid up capitalUS$1投資控股Investment holding間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %旭輝企發有限公司CIFIEnterprises Co. Limited香港二零一一年五月十二日Hong Kong12 May 2011100100實繳資本1港元Paid up capitalHK$1投資控股Investment holding旭名（香港）有限公司Xu Ming (HK) Limited香港二零一一年九月二十七日Hong Kong27 September 201110010010,000港元實繳資本1港元HK$10,000Paid up capitalHK$1投資控股Investment holding54.主要附屬公司詳情本公司的主要附屬公司於二零二三年及二零二二年十二月三十一日的詳情載列如下：320 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %旭名有限公司Xu Ming Limited英屬處女群島二零一一年九月二十日BVI20 September 2011100100法定資本50,000美元實繳資本1美元AuthorisedUS$50,000Paid up capitalUS$1投資控股Investment holding旭安有限公司Xu An Co. Limited英屬處女群島二零一三年一月十七日BVI17 January 20135050法定資本50,000美元實繳資本2美元AuthorisedUS$50,000Paid up capitalUS$2投資控股Investment holding旭正有限公司Xu Zheng Co. Limited英屬處女群島二零一二年九月六日BVI6 September 2012100100法定資本50,000美元實繳資本100港元AuthorisedUS$50,000Paid up capitalHK$100投資控股Investment holding東萬投資有限公司Top Media Investment Limited香港二零零五年五月二十四日Hong Kong24 May 2005100100實繳資本100港元Paid up capitalHK$100房地產開發Property development豐萬投資有限公司Full Metro Investment Limited香港二零零五年五月二十日Hong Kong20 May 2005100100實繳資本100港元Paid up capitalHK$100房地產開發Property development54.主要附屬公司詳情（續）321二零二三年年報 | 旭輝控股（集團）有限公司54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %重慶旭中房地產開發有限公司#Chongqing Xuzhong Real EstateDevelopment Co., Ltd.#中國二零一三年八月十九日PRC19 August 2013100100註冊資本54,615,000美元實繳資本54,615,000美元Registered capitalUS$54,615,000Paid up capitalUS$54,615,000房地產開發Property development旭輝中國@CIFIPRC@中國二零零零年八月十五日PRC15 August 2000100100註冊資本人民幣3,500,000,000元實繳資本人民幣3,500,000,000元Registered capitalRMB3,500,000,000Paid up capitalRMB3,500,000,000投資控股Investment holding上海豐旭置業有限公司@Shanghai Fengxu Real Estate Co., Ltd.@中國二零一三年十二月二十五日PRC25 December 2013 45（附註a）(note a)45（附註a）(note a)註冊資本人民幣220,000,000元實繳資本人民幣220,000,000元Registered capitalRMB220,000,000Paid up capitalRMB220,000,000房地產開發Property development北京旭興城置業有限公司@Beijing Xuxingcheng Real Estate Co., Ltd.@中國二零一一年一月十三日PRC13 January 2011100100註冊資本人民幣10,000,000元實繳資本人民幣10,000,000元Registered capitalRMB10,000,000Paid up capitalRMB10,000,000房地產開發Property development廈門永升實業發展有限公司@Xiamen Yongsheng IndustrialDevelopment Co., Ltd.@中國一九九七年十一月二十日PRC20 November 1997100100註冊資本人民幣25,000,000元實繳資本人民幣5,000,000元Registered capitalRMB25,000,000Paid up capitalRMB5,000,000房地產開發Property development54.主要附屬公司詳情（續）322 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %浙江旭輝置業有限公司@Zhejiang Xuhui Property Co., Ltd.@中國二零零六年八月二十三日PRC23 August 2006100100註冊資本人民幣100,000,000元實繳資本人民幣100,000,000元Registered capitalRMB100,000,000Paid up capitalRMB100,000,000房地產開發Property development上海旭亙實業有限公司@Shanghai Xugen Industrial Co., Ltd.@中國二零一三年十一月五日PRC5 November 2013100100註冊資本人民幣1,000,000元實繳資本人民幣1,000,000元Registered capitalRMB1,000,000Paid up capitalRMB1,000,000房地產開發Property development上海海際房地產有限公司@Shanghai Haiji Real Estate Co., Ltd.@中國二零零五年三月十一日PRC11 March 2005100100註冊資本人民幣170,000,000元實繳資本人民幣170,000,000元Registered capitalRMB170,000,000Paid up capitalRMB170,000,000房地產開發Property development湖南物華投資發展有限公司@Hunan Wuhua InvestmentDevelopment Co., Ltd.@中國二零一一年十一月二十八日PRC28 November 2011100100註冊資本人民幣100,000,000元實繳資本人民幣100,000,000元Registered capitalRMB100,000,000Paid up capitalRMB100,000,000房地產開發Property development上海漢普卡商業管理有限公司#Shanghai Hanpuka BusinessManagement Co., Ltd.#中國二零一一年八月十七日PRC17 August 2011100100註冊資本10,000,000美元實繳資本10,000,000美元Registered capitalUS$10,000,000Paid up capitalUS$10,000,000房地產開發Property development54.主要附屬公司詳情（續）323二零二三年年報 | 旭輝控股（集團）有限公司54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %上海旭涇置業有限公司#Shanghai Xujing Real EstateCo., Ltd.#中國二零一四年十月十一日PRC11 October 2014 50（附註b）(note b)50（附註b）(note b)註冊資本人民幣4,200,000,000元實繳資本人民幣4,200,000,000元Registered capitalRMB4,200,000,000Paid up capitalRMB4,200,000,000房地產開發Property development西安地聯置業有限責任公司@Xi’an Dilian Real Estate Co., Ltd.@中國二零一二年七月二日PRC2 July 2012100100註冊資本人民幣48,000,000元實繳資本人民幣48,000,000元Registered capitalRMB48,000,000Paid up capitalRMB48,000,000房地產開發Property development上海涇東置業有限公司#Shanghai Jingdong Real EstateCo., Ltd.#中國二零一七年八月十七日PRC17 August 2017 50（附註b）(note b)50（附註b）(note b)註冊資本人民幣70,000,000元實繳資本人民幣70,000,000元Registered capitalRMB70,000,000Paid up capitalRMB70,000,000房地產開發Property development瀋陽昌勝置業有限公司@Shenyang Changsheng RealEstate Co., Ltd.@中國二零一八年七月三日PRC3 July 2018100100註冊資本人民幣33,330,000元實繳資本人民幣10,000,000元Registered capitalRMB33,330,000Paid up capitalRMB10,000,000房地產開發Property development瀋陽卓裕企業管理有限公司@Shenyang Zhuoyu EnterpriseManagement Co., Ltd.@中國二零二一年十一月四日PRC4 November 2021100100註冊資本人民幣417,679,829元實繳資本無Registered capitalRMB417,679,829Paid up capitalNil業務管理Business management54.主要附屬公司詳情（續）324 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %上海金鳴置業有限公司@Shanghai Jinming Real Estate Co., Ltd.@中國二零一六年一月二十六日PRC26 January 2016100100註冊資本人民幣5,000,000元實繳資本人民幣5,000,000元Registered capitalRMB5,000,000Paid up capitalRMB5,000,000房地產開發Property development成都和赫房地產開發有限公司^Chengdu Hehe Real EstateDevelopment Co., Ltd.^中國二零一九年五月六日PRC6 May 2019100100註冊資本人民幣840,000,000元實繳資本人民幣840,000,000元Registered capitalRMB840,000,000Paid up capitalRMB840,000,000房地產開發Property development合肥和諾房地產開發有限公司@Hefei Henuo Real EstateDevelopment Co., Ltd.@中國二零一九年四月三日PRC3 April 2019100100註冊資本人民幣200,000,000元實繳資本人民幣200,000,000元Registered capitalRMB200,000,000Paid up capitalRMB200,000,000房地產開發Property development上海旭為置業有限公司@Shanghai Xuwei Real Estate Co. Ltd.@中國二零一二年十二月十日PRC10 December 2012100100註冊資本人民幣80,000,000元實繳資本人民幣80,000,000元Registered capitalRMB80,000,000Paid up capitalRMB80,000,000房地產開發Property development上海平拓商務咨詢有限公司@Shanghai Pingtuo BusinessConsulting Co., Ltd.@中國二零一七年六月十五日PRC15 June 2017100100註冊資本人民幣1,000,000元實繳資本人民幣1,000,000元Registered capitalRMB1,000,000Paid up capitalRMB1,000,000提供諮詢服務Provision ofconsultancy services54.主要附屬公司詳情（續）325二零二三年年報 | 旭輝控股（集團）有限公司54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %南昌興彰置業有限公司^Nanchang Xingzhang Real Estate Co. Ltd.^中國二零二零年四月三十日PRC30 April 2020100100註冊資本160,000,000美元實繳資本160,000,000美元Registered capitalUS$160,000,000Paid up capitalUS$160,000,000房地產開發Property development上海信繼晨敘商務服務有限公司@Shanghai Xinji ChenxuBusiness Service Co., Ltd.@中國二零一六年十一月二十二日PRC22 November 2016100100註冊資本人民幣50,000,000元實繳資本人民幣50,000,000元Registered capitalRMB50,000,000Paid up capitalRMB50,000,000提供諮詢服務Provision of consultancy services上海信絲晨悉商務咨詢有限公司@Shanghai Xinsi ChenxiBusiness Consulting Co., Ltd.@中國二零一六年十一月二十二日PRC22 November 2016100100註冊資本人民幣50,000,000元實繳資本人民幣50,000,000元Registered capitalRMB50,000,000Paid up capitalRMB50,000,000提供諮詢服務Provision ofconsultancy services北京五棵松文化體育中心有限公司@Beijing Wukesong Culture & SportsCenter Company Limited@中國二零零三年十一月十日PRC10 November 2003 50（附註a）(note a)50（附註a）(note a)註冊資本人民幣420,000,000元實繳資本人民幣420,000,000元Registered capitalRMB420,000,000Paid up capitalRMB420,000,000房地產開發Property development烏魯木齊新城鴻祺房地產開發有限公司@Urumqi Xincheng Hongqi Real EstateDevelopment Co., Ltd.@中國二零二零年七月十日PRC10 July 20205151註冊資本人民幣800,000,000元實繳資本人民幣800,000,000元Registered capitalRMB800,000,000Paid up capitalRMB800,000,000房地產開發Property development54.主要附屬公司詳情（續）326 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %淮安興彰房地產開發有限公司^Huai’an Xingzhang Real EstateDevelopment Co. Ltd.^中國二零二零年十二月十日PRC10 December 2020100100註冊資本人民幣1,450,000,000元實繳資本人民幣470,000,000元Registered capitalRMB1,450,000,000Paid up capitalRMB 470,000,000房地產開發Property development常德興拓房地產開發有限公司@Changde Xingtuo Real EstateDevelopment Co. Ltd.@中國二零二零年九月二十二日PRC22 September 2020100100註冊資本人民幣10,000,000元實繳資本無Registered capitalRMB10,000,000Paid up capitalNil房地產開發Property development新津軌道城市發展有限公司@Xinjin Guidao Urban Development Co., Ltd@中國二零一九年三月十九日PRC19 March 2019 33（附註b）(note b)33（附註b）(note b)註冊資本人民幣20,000,000元實繳資本人民幣20,000,000元Registered capitalRMB20,000,000Paid up capitalRMB20,000,000城市開發Urban development六安卓錦房地產開發有限公司@Liuan Zhuojin Real EstateDevelopment Co., Ltd@中國二零二一年一月二十九日PRC29 January 20217070註冊資本人民幣100,000,000元實繳資本無Registered capitalRMB100,000,000Paid up capitalNil房地產開發Property development上海新置建築工程有限公司@Shanghai Xinzhi Construction Co., Ltd.@中國二零零五年七月二十日PRC20 July 2005100100註冊資本人民幣128,000,000元實繳資本人民幣128,000,000元Registered capitalRMB128,000,000Paid up capitalRMB128,000,000建築業Construction54.主要附屬公司詳情（續）327二零二三年年報 | 旭輝控股（集團）有限公司54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %武漢輝恆置業有限公司@Wuhan Huiheng Real Estate Co., Ltd@中國二零一六年四月十三日PRC13 April 20168484註冊資本人民幣1,400,000,000元實繳資本人民幣1,400,000,000元Registered capitalRMB1,400,000,000Paid up capitalRMB1,400,000,000房地產開發Property development武漢盛全置業有限公司@Wuhan Shengquan Real Estate Co., Ltd.@中國二零一七年八月三日PRC3 August 20175151註冊資本人民幣100,000,000元實繳資本人民幣100,000,000元Registered capitalRMB100,000,000Paid up capitalRMB100,000,000房地產開發Property development武漢旭祥置業有限公司@Wuhan Xuxiang Real Estate Co., Ltd.@中國二零一七年八月十四日PRC14 August 20175555註冊資本人民幣200,000,000元實繳資本人民幣200,000,000元Registered capitalRMB200,000,000Paid up capitalRMB200,000,000房地產開發Property development西安旭城昌泰置業有限公司@Xi’an Xucheng ChangtaiReal Estate Co., Ltd.@中國二零一八年一月二十四日PRC24 January 2018100100註冊資本人民幣33,450,000元實繳資本人民幣33,450,000元Registered capitalRMB33,450,000Paid up capitalRMB33,450,000房地產開發Property development蘇州興創復置業有限公司@Suzhou Xingchuangfu Real Estate Co., Ltd.@中國二零二零年六月十五日PRC15 June 2020 50（附註b）(note b)50（附註b）(note b)註冊資本人民幣990,000,000元實繳資本無Registered capitalRMB990,000,000Paid up capitalNil房地產開發Property development54.主要附屬公司詳情（續）328 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %蘇州興格置業有限公司@Suzhou Xingge Real Estate Co., Ltd.@中國二零二零年八月十九日PRC19 August 2020 46（附註a）(note a)46（附註a）(notes a)註冊資本人民幣2,010,000,000元實繳資本人民幣2,010,000,000元Registered capitalRMB2,010,000,000Paid up capitalRMB2,010,000,000房地產開發Property development合肥和卓房地產開發有限公司^Hefei Hezhuo Real EstateDevelopment Co., Ltd.^中國二零一九年五月十五日PRC15 May 2019 50（附註a）(note a)50（附註a）(note a)註冊資本人民幣1,790,000,000元實繳資本人民幣1,790,000,000元Registered capitalRMB1,790,000,000Paid up capitalRMB1,790,000,000房地產開發Property development河南興匯置業有限公司@Henan Xinghui Real Estate Co. Ltd.@中國二零二零年一月八日PRC8 January 2020 50（附註a）(note a)50（附註a）(note a)註冊資本人民幣750,000,000元實繳資本人民幣750,000,000元Registered capitalRMB750,000,000Paid up capitalRMB750,000,000房地產開發Property development溫州新里程房地產開發有限公司@Wenzhou Xinlicheng Real EstateDevelopment Co., Ltd.@中國二零一九年五月二十三日PRC23 May 2019 34（附註b）(note b)34（附註b）(note b)註冊資本人民幣20,000,000元實繳資本人民幣20,000,000元Registered capitalRMB20,000,000Paid up capitalRMB20,000,000房地產開發Property development溫州和盟置業有限公司@Wenzhou Hemeng Real Estate Co. Ltd.@中國二零一九年八月六日PRC6 August 2019 22.4（附註b）(note b)22.4（附註b）(note b)註冊資本人民幣10,000,000元實繳資本無Registered capitalRMB10,000,000Paid up capitalNil房地產開發Property development54.主要附屬公司詳情（續）329二零二三年年報 | 旭輝控股（集團）有限公司54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %浙江湖州寶輝房地產開發有限公司@Zhejiang Huzhou Baohui Real EstateDevelopment Co., Ltd.@中國二零一九年八月二日PRC2 August 2019 35（附註b）(note b)35（附註b）(note b)註冊資本人民幣100,000,000元實繳資本無Registered capitalRMB100,000,000Paid up capitalNil房地產開發Property development廈門興彰房地產開發有限公司@Xiamen Xingzhang Real EstateDevelopment Co., Ltd.@中國二零二零年六月十九日PRC19 June 2020 25.5（附註b）(note b)25.5（附註b）(note b)註冊資本人民幣100,000,000元實繳資本人民幣100,000,000元Registered capitalRMB100,000,000Paid up capitalRMB100,000,000房地產開發Property development長沙興昌房地產開發有限公司@Changsha Xingchang Real EstateDevelopment Co., Ltd.@中國二零二零年二月十九日PRC11 February 20208080註冊資本人民幣25,000,000元實繳資本人民幣20,000,000元Registered capitalRMB25,000,000Paid up capitalRMB20,000,000房地產開發Property development上海寶展房地產開發有限公司@Shanghai Baozhan Real EstateProperty Co., Ltd@中國二零一七年七月十三日PRC13 July 20175050註冊資本人民幣100,000,000元實繳資本人民幣100,000,000元Registered capitalRMB100,000,000Paid up capitalRMB100,000,000房地產開發Property development成都溫江魚鳧萬盛軌道城市發展有限公司@Chengdu WenjiangyufuwanshengguidaoUrban Development Co., Ltd@中國二零一九年四月二十二日PRC22 April 2019 50（附註b）(note b)50（附註b）(note b)註冊資本人民幣20,000,000元實繳資本人民幣20,000,000元Registered capitalRMB20,000,000Paid up capitalRMB20,000,000城市開發Urban development54.主要附屬公司詳情（續）330 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %太倉旭昌置業有限公司@Taicang Xuchang Real Estate Co., Ltd.@中國二零一九年六月二十五日PRC25 June 2019100100註冊資本人民幣1,016,000,000元實繳資本人民幣1,016,000,000元Registered capitalRMB1,016,000,000Paid up capitalRMB1,016,000,000房地產開發Property development天津興卓房地產開發有限公司@Tianjin Xingzhuo Real EstateDevelopment Co., Ltd.@中國二零二零年八月十七日PRC17 August 2020 31（附註b）(note b)31（附註b）(note b)註冊資本人民幣1,492,500,000元實繳資本人民幣1,492,500,000元Registered capitalRMB1,492,500,000Paid up capitalRMB1,492,500,000房地產開發Property development重慶昌赫房地產開發有限公司@Chongqing Changhe Real EstateDevelopment Co., Ltd.@中國二零一八年五月十八日PRC18 May 2018100100註冊資本人民幣1,000,000,000元實繳資本人民幣50,000,000元Registered capitalRMB1,000,000,000Paid up capitalRMB50,000,000房地產開發Property development重慶旭宇華錦房地產開發有限公司@Chongqing Xuyu Huajin Real EstateDevelopment Co., Ltd.@中國二零一八年八月十四日PRC14 August 2018 33（附註b）(note b)33（附註b）(note b)註冊資本人民幣50,000,000元實繳資本人民幣50,000,000元Registered capitalRMB50,000,000Paid up capitalRMB50,000,000房地產開發Property development瀋陽興裕置業有限公司@Shenyang Xingyu Real Estate Co., Ltd.@中國二零二零年十二月二十三日PRC23 December 2020100100註冊資本人民幣50,000,000元實繳資本人民幣50,000,000元Registered capitalRMB50,000,000Paid up capitalRMB50,000,000房地產開發Property development54.主要附屬公司詳情（續）331二零二三年年報 | 旭輝控股（集團）有限公司54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %武漢鴻源錦置業有限公司@Wuhan Hongyuanjin Real Estate Co., Ltd.@中國二零一八年一月二十九日PRC29 January 2018 50（附註b）(note b)50（附註b）(note b)註冊資本人民幣190,830,000元實繳資本人民幣190,830,000元Registered capitalRMB190,830,000Paid up capitalRMB190,830,000房地產開發Property development成都興哲房地產開發有限公司@Chengdu Xingzhe Real EstateDevelopment Co., Ltd.@中國二零二零年六月三日PRC3 June 2020 50（附註b）(note b)50（附註b）(note b)註冊資本人民幣10,000,000元實繳資本無Registered capitalRMB10,000,000Paid up capitalNil房地產開發Property development銀川旭洲房地產開發有限公司@Yinchuan Xuzhou Real EstateDevelopment Co., Ltd.@中國二零一九年十一月十一日PRC11 November 20197575註冊資本人民幣500,000,000元實繳資本人民幣500,000,000元Registered capitalRMB500,000,000Paid up capitalRMB500,000,000房地產開發Property development河南昌卓房地產開發有限公司@Henan Changzhuo Real EstateDevelopment Co., Ltd.@中國二零一八年九月四日PRC4 September 2018100100註冊資本人民幣50,000,000元實繳資本人民幣50,000,000元Registered capitalRMB50,000,000Paid up capitalRMB50,000,000房地產開發Property development江陰和謙置業有限公司@Jiangyin Heqian Real Estate Co., Ltd.@中國二零一九年七月十五日PRC15 July 2019100100註冊資本人民幣20,000,000元實繳資本人民幣20,000,000元Registered capitalRMB20,000,000Paid up capitalRMB20,000,000房地產開發Property development54.主要附屬公司詳情（續）332 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %杭州興浦置業有限公司@Hangzhou Xingpu Real Estate Co., Ltd.@中國二零二零年一月八日PRC8 January 2020100100註冊資本人民幣762,400,000元實繳資本人民幣762,400,000元Registered capitalRMB762,400,000Paid up capitalRMB762,400,000房地產開發Property development杭州興塘置業有限公司@Hangzhou Xingtang Real Estate Co., Ltd.@中國二零二零年三月十七日PRC17 March 2020 30（附註b）(note b)30（附註b）(note b)註冊資本人民幣100,000,000元實繳資本無Registered capitalRMB100,000,000Paid up capitalNil房地產開發Property development如皋市鴻璟房地產有限公司@Rugao Hongjing Real EstateDevelopment Co., Ltd.@中國二零二零年七月二十三日PRC23 July 2020 40（附註a）(note a)40（附註a）(note a)註冊資本人民幣100,000,000元實繳資本人民幣100,000,000元Registered capitalRMB100,000,000Paid up capitalRMB100,000,000房地產開發Property development南寧興泰房地產開發有限公司@Nanning Xingtai Real EstateDevelopment Co., Ltd.@中國二零二零年三月十二日PRC12 March 2020100100註冊資本人民幣10,000,000元實繳資本人民幣10,000,000元Registered capitalRMB10,000,000Paid up capitalRMB10,000,000房地產開發Property development長沙恆高房地產開發有限公司^Changsha Henggao Real EstateDevelopment Co., Ltd.^中國二零零六年八月三十日PRC30 August 2006 50（附註a）(note a)50（附註a）(note a)註冊資本560,000,000港元實繳資本560,000,000港元Registered capitalHKD560,000,000Paid up capitalHKD560,000,000房地產開發Property development54.主要附屬公司詳情（續）333二零二三年年報 | 旭輝控股（集團）有限公司間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %長沙悅興房地產開發有限公司@Changsha Yuexing Real EstateDevelopment Co., Ltd.@中國二零二零年五月二十六日PRC26 May 20208080註冊資本人民幣1,439,800,000元實繳資本人民幣1,439,800,000元Registered capitalRMB1,439,800,000Paid up capitalRMB1,439,800,000房地產開發Property development常德興新房地產開發有限公司@Changde Xingxin Real EstateDevelopment Co., Ltd.@中國二零二零年七月十四日PRC14 July 2020100100註冊資本人民幣50,000,000元實繳資本無Registered capitalRMB50,000,000Paid up capitalNil房地產開發Property development長沙興創房地產開發有限公司@Changsha Xingchuang Real EstateDevelopment Co., Ltd.@中國二零二零年八月二十八日PRC28 August 2020100100註冊資本人民幣10,000,000元實繳資本無Registered capitalRMB10,000,000Paid up capitalNil房地產開發Property development長沙卓輝房地產開發有限公司@Changsha Zhuohui Real EstateDevelopment Co., Ltd.@中國二零二一年二月七日PRC7 February 20216565註冊資本人民幣2,865,000,000元實繳資本人民幣2,865,000,000元Registered capitalRMB2,865,000,000Paid up capitalRMB2,865,000,000房地產開發Property development長沙卓樂房地產開發有限公司@Changsha Zhuole Real EstateDevelopment Co., Ltd.@中國二零二一年三月三十日PRC30 March 2021 35（附註b）(note b)35（附註b）(note b)註冊資本人民幣50,000,000元實繳資本無Registered capitalRMB50,000,000Paid up capitalNil房地產開發Property development54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)54.主要附屬公司詳情（續）334 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement#根據中國法律註冊為外商獨資企業。

@根據中國法律註冊為境內有限責任公司。

^根據中國法律註冊為中外合資經營企業。

間接附屬公司名稱Name of indirect subsidiary註冊成立地點及日期Place and date of incorporation本集團於十二月三十一日應佔股權Equity interest attributableto the Group at 31 December已發行及繳足股本Issued and fully paidshare capital主要業務Principal activities二零二三年二零二二年20232022百分比百分比% %長沙市駿利房地產有限公司@Changsha Junli Real EstateDevelopment Co., Ltd.@中國二零二一年六月四日PRC4 June 2021 34（附註a）(note a)34（附註a）(note a)註冊資本人民幣878,375,000元實繳資本人民幣878,375,000元Registered capitalRMB878,375,000Paid up capitalRMB878,375,000房地產開發Property development南京旭新天置業有限公司@Nanjing Xuxintian Real Estate Co., Ltd.@中國二零二一年三月十八日PRC18 March 2021 17（附註b）(note b)17（附註b）(note b)註冊資本人民幣612,000,000元實繳資本人民幣612,000,000元Registered capitalRMB612,000,000Paid up capitalRMB612,000,000房地產開發Property development武漢惠譽華天置業有限公司@Wuhan Huiyuhuatian Real Estate Co., Ltd.@中國二零一二年七月十九日PRC19 July 20125555註冊資本人民幣200,000,000元實繳資本人民幣200,000,000元Registered capitalRMB200,000,000 Paid up capitalRMB200,000,000房地產開發Property development合肥盛哲房地產開發有限公司@Hefei Shengzhe Real Estate Development Co., Ltd.@中國二零一七年八月一日PRC1 August 2017100100註冊資本人民幣100,000,000元實繳資本Registered capitalRMB100,000,000 Paid up capital房地產開發Property development# Registered as wholly-foreign-owned enterprises under the PRC law.@ Registered as domestic limited liability companies under the PRC law.^ Registered as sino-foreign equity joint venture under the PRC law.54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)54.主要附屬公司詳情（續）335二零二三年年報 | 旭輝控股（集團）有限公司54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)Notes:a) The entity is accounted for as a subsidiary of the Company as in accordance with the memorandum and articles of the entity, relevant activities of the entity require consent with more than half of the directors in the board of the entity. The Group has the power to appoint more than half of the directors in the board of the entity, thus the Group has dominant control of the entity and thus it is regard as a subsidiary of the Group.b) These entities are held by the Group through more than one tier of shareholding structure which leads to effective equity interest attributable to the Group in these entities to be less than 50%.The above table lists the subsidiaries of the Group which, in the opinion of the directors, principally affected the results for the year or formed a substantial portion of the net assets of the Group. To give details of other subsidiaries would, in the opinion of the directors, result in particulars of excessive length.None of the subsidiaries had issued any debt securities at the end of the year except for CIFIPRC which has issued RMB12,938 million (2022: RMB13,131 million) of corporate bonds and medium-term notes, in which the Group has no interest.54.主要附屬公司詳情（續）附註：a)根據該實體的組織章程大綱及細則，該實體列賬為本公司的一間附屬公司，且該實體的相關活動必須經該實體董事會過半數董事同意。

本集團有權委任該實體董事會的過半數董事，故本集團對該實體有主導控制權，因此其被視為本集團的附屬公司。

b)由於該等實體由本集團透過多層股權結構持有，本集團應佔該等實體的實際股權為50%以下。

上表列出董事認為主要影響年內業績或構成本集團資產淨值絕大部分的本集團附屬公司。

董事認為列出其他附屬公司詳情會令篇幅過分冗長。

除旭輝中國已發行本集團於當中並無權益的公司債券及中期票據人民幣12,938,000,000元（二零二二年：人民幣13,131,000,000元）外，概無附屬公司於年末有任何已發行債務證券。

336 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)The table below shows details of non-wholly owned subsidiaries of the Group that have material non-controlling interests:附屬公司名稱Name of subsidiary註冊成立地點及主要營業地點Place of incorporation and principal place of business非控股權益於十二月三十一日所持有擁有權權益及投票權比例Proportion of ownership interests and voting rights held by non-controlling interestsat 31 December截至十二月三十一日止年度分配至非控股權益的（虧損）利潤(Loss) profit allocated tonon-controllinginterests for theyear end 31 December於十二月三十一日累計的非控股權益Accumulatednon-controlling interestsat 31 December二零二三年二零二二年二零二三年二零二二年二零二三年二零二二年202320222023202220232022百分比百分比人民幣千元人民幣千元人民幣千元人民幣千元% % RMB’000 RMB’000 RMB’000 RMB’000 Coastwise英屬處女群島BVI505080,168 (657,325) 4,374,4994,294,331個別擁有非控股權益的非重大附屬公司Individually immaterial subsidiaries with non-controlling interests(25,329) 38,24338,040,49550,547,16054,839 (619,082) 42,414,99454,841,49154.主要附屬公司詳情（續）下表載列擁有重大非控股權益的本集團非全資附屬公司詳情：337二零二三年年報 | 旭輝控股（集團）有限公司54. PARTICULARSOFTHEPRINCIPALSUBSIDIARIES (Continued)二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000流動資產Current assets 9,894,4169,495,321非流動資產Non-current assets 7,921,8007,778,875流動負債Current liabilities 6,939,4166,011,271非流動負債Non-current liabilities 2,127,8022,674,263本公司擁有人應佔股本權益Equity attributable to owners of the Company 4,374,4994,294,331Coastwise的非控股權益Non-controlling interests of Coastwise 4,374,4994,294,331二零二三年二零二二年20232022人民幣千元人民幣千元RMB’000 RMB’000收入Revenue 322,502246,700 年內（虧損）利潤及全面（開支）收入總額(Loss) profit and total comprehensive (expense) income for the yea 160,336 (1,314,650) 本集團應佔（虧損）利潤(Loss) profit attributable to the Group 80,168 (657,325)Coastwise非控股權益應佔（虧損）利潤(Loss) profit attributable to the non-controlling interests of Coastwise 80,168 (657,325) 年內（虧損）利潤及全面（開支）收入總額(Loss) profit and total comprehensive (expense) income for the year 160,336 (1,314,650) 已付Coastwise非控股權益的股息Dividend paid to non-controlling interests of Coastwise – – 來自經營活動的現金流入淨額Net cash inflow from operating activities 209,51012,242 來自投資活動的現金流出淨額Net cash outflow from investing activities – – 來自融資活動的現金（流出）流入淨額Net cash (outflow) inflow from financing activities(194,016) (1,677,144) 現金（流出）流入淨額Net cash (outflow) inflow 15,494 (1,664,902)54.主要附屬公司詳情（續）338 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023綜合財務報表附註Notes to the Consolidated Financial Statement55. MAJORNON-CASHTRANSACTIONSDuring the year ended 31 December 2023, the Group entered into new lease agreements for the use of leased properties/office equipment for twelve months to six years (2022: eighteen months to three years). On the lease commencement, the Group recognised right-of-use assets of RMB23,592,000 (2022: RMB87,924,000) and lease l iabilities of RMB23,592,000 (2022: RMB87,924,000).56. EVENTSAFTERTHEENDOFTHEREPORTING PERIODOn 14 February 2024, CIFISt Leonards Pty Ltd (an indirect non-wholly owned subsidiary of the Company) and SHSouth St Leonards Pty Ltd (an independent third party), entered into a sale and purchase agreement to sell its 60% interest in the 16 adjacent land parcels located in Sydney at a consideration of AUD66,300,000 (equivalent to approximately HK$338,793,000). Further details are set out in the Company’s announcement dated on 14 February 2024.55.重大非現金交易截至二零二三年十二月三十一日止年度，本集團就租賃物業╱辦公設備的使用訂立為期十二個月至六年的新租賃協議（二零二二年：十八個月至三年）。

於租賃開始日期，本集團確認人民幣23,592,000元（二零二二年：人民幣87,924,000元）的使用權資產及人民幣23,592,000元（二零二二年：人民幣87,924,000元）的租賃負債。

56.報告期末後事項於二零二四年二月十四日，CIFISt Leonards Pty Ltd（本公司間接非全資附屬公司）與SHSouth St Leonards Pty Ltd（獨立第三方）訂立買賣協議，以出售其位於悉尼的16幅相連地塊的60%權益，代價為66,300,000澳元（相當於約338,793,000港元）。

有關進一步詳情載於本公司日期為二零二四年二月十四日的公告。

五年財務概要Five Years Financial Summary339二零二三年年報 | 旭輝控股（集團）有限公司RESULTS二零一九年二零二零年二零二一年二零二二年二零二三年20192020202120222023人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000收入Revenue 56,451,10371,798,663107,834,74147,440,14171,832,556 除稅前利潤（虧損） Profit (loss) before taxation 13,836,72616,169,76718,227,603 (12,932,360) (5,452,303)所得稅開支Income tax expense (4,594,879) (4,274,234) (5,900,426) (627,618) (3,226,640) 年內利潤（虧損） Profit (loss) for the year 9,241,84711,895,53312,327,177 (13,559,978) (8,678,943) 其他全面收入（開支） Other comprehensive income (expense) (28,629) (148,906) (365,252) (6,372) (9,977) 年內全面收入（開支）總額Total comprehensive income (expense) for the year 9,213,21811,746,62711,961,925 (13,566,350) (8,688,920)以下人士應佔：Attributable to:本公司股東權益Equity owners of the Company 6,443,3058,031,8957,612,919 (13,049,088) (8,983,274) 永久資本工具擁有人Owners of perpetual capital instruments 221,817229,627118,773108,192249,492非控股權益Non-controlling interests 2,576,7253,634,0114,595,485 (619,082) 54,839 2,798,5423,863,6384,714,258 (510,890) 304,331 9,241,84711,895,53312,327,177 (13,559,978) (8,678,943)二零一九年二零二零年二零二一年二零二二年二零二三年20192020202120222023（經重列）(Restated)每股盈利（虧損）（人民幣元） Earnings (loss) per share, in RMB基本Basic 0.820.990.88 (1.42) (0.86)攤薄Diluted 0.810.990.88 (1.42) (0.86)業績340 CIFIHOLDINGS (GROUP) CO. LTD. | ANNUALREPORT 2023五年財務概要Five Years Financial SummaryASSETSANDLIABILITIES二零一九年十二月三十一日二零二零年十二月三十一日二零二一年十二月三十一日二零二二年十二月三十一日二零二三年十二月三十一日31/12/201931/12/202031/12/202131/12/202231/12/2023人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元RMB’000 RMB’000 RMB’000 RMB’000 RMB’000總資產Total assets 324,855,160379,299,406432,749,532386,132,847301,080,892總負債Total liabilities (256,658,215) (295,657,156) (325,349,739) (299,952,445) (236,512,072) 68,196,94583,642,250107,399,79386,180,40264,568,820本公司股東權益應佔股本權益Equity attributable to equity owners of the Company 30,199,33736,051,68141,990,15429,414,36620,229,281 永久資本工具擁有人Owners of perpetual capital instruments 3,883,5723,536,8771,924,5451,924,5451,924,545非控股權益Non-controlling interests 34,114,03644,053,69263,485,09454,841,49142,414,994 37,997,60847,590,56965,409,63956,766,03644,339,539 68,196,94583,642,250107,399,79386,180,40264,568,820資產及負債 封面 目錄 公司資料 公司簡介 主要房地產項目 二零二三年獎項及榮譽 詞彙及定義 主席報告 管理層討論及分析 董事及高級管理人員簡介 企業管治報告 董事會報告書 獨立核數師報告 綜合損益及其他全面收益表 綜合財務狀況表 綜合股本權益變動表 綜合現金流量表 綜合財務報表附註 五年財務概要 封底