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5 Management Discussion and Analysis 管理层讨论与分析 FINANCIAL REVIEW For the

2013 Financial Year, the turnover of the Group amounted to RMB336,800,000 (2012 Corresponding Period: RMB10,160,000), representing an increase of approximately 3,215%. The increase in turnover is primarily attributable to the recognition of revenue generated by the infrastructure construction project of Zhongfang Chaozhou. The profit after tax of the Group for the

2013 Financial Year amounted to RMB11,639,000. The profit after tax of the Group for the

2012 Corresponding Period of RMB27,126,000 includes a gain on the fair value change in contingent consideration of RMB30,500,000, which is the compensation of the profit guarantee in relation to the acquisition of Zhongfang Chaozhou. Excluding such gain on the fair value change in contingent consideration from the profit after tax for the

2012 Corresponding Period, the Group achieved a significant increase in profit in the

2013 Financial Year. Earnings per share was approximately RMB1.14 cents comparing with the

2012 Corresponding Period of RMB2.66 cents. BUSINESS REVIEW Infrastructure Construction Business Infrastructure construction business is the principal business of the Group. Zhongfang Chaozhou, the wholly-owned subsidiary of the Group, engages in a infrastructure construction project in Jing Nan Industrial Park, in Chaozhou (潮州径南工业园) ( Zhongfang Chaozhou Jing Nan Industrial Park Project 中房潮州径南工业园项 目 ). As of the date of this report, the infrastructure construction of a total 4,500 mu land in relation to the Zhongfang Chaozhou Jing Nan Industrial Park Project has been substantially completed except the site subject to the removal of high voltage line. For the

2013 Financial Year, turnover of RMB336,800,000 has been recognized in accordance with acceptance of the completion and transfer of the infrastructure site pursuant to the cooperation agreement in relation to the Zhongfang Chaozhou Jing Nan Industrial Park Project. As of

31 December 2013, a total of RMB224,000,000 has been received by Zhongfang Chaozhou and the remaining balance will be received in the year 2014. 财务回顾 於2013年财政年度,本集团营业额为人民 币336,800,000 元(2012 年同期:人民币10,160,000元) ,增长约3,215%.营业额增 加的主要原因是确认中房潮州基础设施建设 项目产生的收入. 本集团於2013年财政年度的除税后盈利为人 民币11,639,000元,而本集团於2012年同 期的除税后盈利则为人民币27,126,000元, 当中包括或然代价公允价值变动收益人民币 30,500,000元,即有关收购中房潮州的溢利 担保的赔偿金.未计2012年同期除税后盈利 中或然代价公允价值变动有关收益,本集团 於2013年财政年度的溢利大幅增长. 每股盈利约为人民币1.14分,而2012年同期 为人民币2.66分. 业务回顾 基础设施建设业务 基础设施建设业务为本集团的主要业务.本 集团的全资附属公司中房潮州於潮州径南工 业园中拥有基础设施建设项目 ( 「中房潮州径 南工业园项目」 ) . 截至本报告日期,除了移除高压电线的地盘 外,有关中房潮州径南工业园项目合共4,500 亩的基础设施建设大致上已竣工.於2013年 财政年度,营业额人民币336,800,000元已根 泄刂蟹砍敝菥赌瞎ひ翟跋钅康暮献餍 於基础设施地盘完工交付验收后确认.截至 2013年12月31日,中房潮州已收取合计人民 币224,000,000元,余额将於2014年内收取.

6 Annual Report