Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Views - The company's performance in 2023 exceeded expectations, with revenue of 40,932 million yuan, a year-on-year decrease of 0.5%. The gross profit was 8,360 million yuan, down 24.6%, resulting in a gross margin of 20.4%, a decline of 6.5 percentage points. The net profit attributable to shareholders was 1,445 million yuan, a year-on-year increase of 77.0%, while the core net profit was 1,761 million yuan, up 15.9% [6][5]. - The company's land reserve structure continues to improve, with total equity land reserves of 11.52 million square meters as of the end of 2023. The proportion of reserves in the Yangtze River Delta and Greater Bay Area increased by 5 percentage points to 48%, while the proportion in first-tier cities rose by 4 percentage points to 26% [6][5]. - Contract sales showed steady growth, with a total sales amount of 53.6 billion yuan in 2023, a year-on-year increase of 7%. The company achieved a sales recovery rate of 100%, indicating good cash flow management [6][5]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 40,932 million yuan, with a projected revenue of 41,060 million yuan for 2024, indicating a slight growth of 0.3% [4][10]. - The core net profit is expected to decline to 1,517 million yuan in 2024, a decrease of 13.9% year-on-year, before slightly recovering to 1,520 million yuan in 2026 [5][9]. - The average financing cost decreased to 3.88% by the end of 2023, down 0.39 percentage points from the end of 2022, and the net debt ratio fell by 22.8 percentage points to 93.1% [4][6].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 40,932,418 thousand, a slight decrease from RMB 41,127,316 thousand in 2022, representing a decline of approximately 0.5%[2] - Gross profit decreased to RMB 8,360,081 thousand from RMB 11,080,540 thousand in the previous year, reflecting a decline of about 24.5%[2] - Net profit for the year was RMB 1,631,908 thousand, an increase of 62.5% compared to RMB 1,009,326 thousand in 2022[2] - Basic and diluted earnings per share rose to RMB 37.81 from RMB 21.71, marking an increase of approximately 74.1%[2] - The total comprehensive income for the year was RMB 1,955,006 thousand, compared to RMB 1,819,517 thousand in 2022, indicating an increase of about 7.4%[4] - The company reported a significant increase in other income, reaching RMB 679,953 thousand compared to a loss of RMB 80,384 thousand in the previous year[2] - The company reported a net profit margin of 25% for the fiscal year, maintaining a strong financial position despite market challenges[9] - The company’s financing costs included RMB 1,593,362 thousand in interest expenses for the year[16] - The company’s income tax rate for China remains at 25% for the current year, consistent with the previous year[19] - In 2023, the company achieved a net profit attributable to shareholders of RMB 1.445 billion, an increase of 77.0% year-on-year[28] Assets and Liabilities - Non-current assets totaled RMB 22,896,981 thousand, down from RMB 23,662,753 thousand in the previous year, a decrease of approximately 3.2%[5] - Current assets increased to RMB 182,913,971 thousand from RMB 179,434,808 thousand, reflecting an increase of about 2.8%[5] - Current liabilities rose to RMB 105,766,980 thousand from RMB 97,908,131 thousand, an increase of approximately 8.8%[6] - Non-current liabilities decreased to RMB 54,883,339 thousand from RMB 63,417,116 thousand, a reduction of about 13.5%[7] - The total assets as of December 31, 2023, amounted to RMB 205,810,952 thousand, with property development assets valued at RMB 148,020,860 thousand[15] - Total liabilities were reported at RMB 160,650,319 thousand, with property development liabilities at RMB 75,785,676 thousand[15] - The total accounts receivable (net of credit loss provisions) as of the reporting date was RMB 4,984,022,000, compared to RMB 5,353,157,000 in 2022, indicating a decrease of 6.9%[23] - The total accounts payable at the end of the reporting period was RMB 29,913,119,000, slightly down from RMB 30,144,306,000 in 2022, a decrease of 0.8%[24] - The group's debt-to-asset ratio was 78.1% as of December 31, 2023, down from 79.4% in 2022[63] - The total outstanding bank and other borrowings amounted to RMB 73,895,354,000, with RMB 20,794,686,000 (28.1%) due within one year[63] Market and Growth Strategy - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 12%, aiming for a total revenue between HKD 1.32 billion and HKD 1.344 billion[9] - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on expanding the digital services segment[13] - Market expansion plans include entering two new regional markets by Q3 2024, which are projected to increase overall market share by 5%[13] - The company is considering strategic acquisitions to enhance its portfolio, with a budget of up to HKD 300 million earmarked for potential targets in the tech sector[13] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[14] Operational Efficiency - The company has successfully reduced operational costs by 8% through efficiency improvements, contributing to overall profitability[9] - The company is investing in new technology development, allocating HKD 50 million for R&D in the upcoming year, particularly in enhancing user experience and platform capabilities[13] Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.083 per share for the year ending December 31, 2023, compared to HKD 0.048 per share in 2022, representing a 73.4% increase[20][26] - Basic and diluted earnings per share for 2023 were RMB 37.81, up from RMB 21.71 in 2022, reflecting a 74.1% increase in profit attributable to equity shareholders to RMB 1,444,626,000[21] - The company proposed a final dividend of HKD 0.083 per share to reward shareholders[32] Real Estate Development - The company completed contract sales amounting to RMB 53.6 billion, with a contract sales area of 2.252 million square meters, representing a year-on-year increase of 7%[34] - The average contract sales price was RMB 23,805 per square meter, up 14% year-on-year[29] - The company acquired 11 new development projects in 2023, with a total new land reserve area of approximately 1.823 million square meters[36] - The company holds a total of 70 real estate development projects across 25 cities, with 58 projects currently under construction, totaling a built area of 8.66 million square meters (equity area of 6.576 million square meters) [49] Employee and Governance - The group had approximately 7,748 employees as of December 31, 2023, with total compensation for the year amounting to RMB 1.378 billion[69] - The executive directors of the company include Mr. Wan Yuqing, Mr. Hu Zaixin, and Mr. Ye Liwen[75] - The non-executive director is Mr. Chen Yuwen, while the independent non-executive directors include Mr. Ye Zhenzhong, Mr. Feng Zhijian, Ms. Liang Xiufen, and Mr. Huang Jialun[75]

Financial Performance - In the first half of 2023, Poly Property Group's revenue was RMB 15.639 billion, a decrease of RMB 3.058 billion or 16.4% compared to RMB 18.697 billion in the same period last year[14]. - Shareholders' profit for the first half of 2023 was RMB 639 million, down RMB 630 million or 49.6% from RMB 1.269 billion in the previous year[14]. - Revenue for the six months ended June 30, 2023, was RMB 15,639,163 thousand, a decrease from RMB 18,696,880 thousand in the same period of 2022, representing a decline of approximately 16.3%[42]. - Net profit for the period was RMB 719,006 thousand, down from RMB 1,229,892 thousand in the previous year, reflecting a decrease of about 41.5%[43]. - Total comprehensive income for the period was RMB 1,012,895 thousand, down from RMB 1,553,492 thousand in the same period last year, a decrease of around 34.8%[43]. - Basic and diluted earnings per share were RMB 16.73, compared to RMB 34.16 in the prior year, indicating a decline of approximately 51.0%[42]. - The company reported a net profit attributable to owners for the six months ended June 30, 2023, was RMB 2,993,389 thousand, compared to RMB 2,927,218 thousand for the same period in 2022, reflecting a growth of 2.26%[47]. Sales and Contracts - The group achieved contract sales amounting to RMB 37.4 billion, representing a year-on-year increase of 127%[15]. - The average contract sales price increased by 32% year-on-year to RMB 25,231 per square meter[15]. - The contract sales area for the first half of 2023 was approximately 1.482 million square meters[17]. - Total revenue for the six months ended June 30, 2023, was RMB 15,712,559 thousand, an increase from RMB 15,550,825 thousand for the same period in 2022, representing a growth of 1.04%[47]. - Total revenue for the six months ended June 30, 2023, was RMB 18,696,880,000, a significant increase from RMB 17,858,200,000 in the same period of 2022[55]. Assets and Liabilities - The group's total assets were valued at RMB 38.21 billion, while total liabilities were RMB 38.09 billion as of June 30, 2023[39]. - The company's total assets as of June 30, 2023, were RMB 41,789,944 thousand, an increase from RMB 38,145,425 thousand as of June 30, 2022[47]. - The company's total liabilities as of June 30, 2023, were RMB 10,318,856 thousand, compared to RMB 10,318,856 thousand as of June 30, 2022[47]. - The group reported a total of 3,821,183,118 ordinary shares issued and fully paid as of June 30, 2023, valued at RMB 15,712,159,000[80]. - The group’s debt-to-asset ratio stood at 79.4%, unchanged from December 31, 2022[36]. Land and Project Development - The group acquired five new projects, adding a land reserve of 1.05 million square meters, with a focus on high-tier cities[15]. - The group plans to launch six new projects in the second half of 2023, including locations in Ningbo, Jinan, Shanghai, Kunshan, Nanning, and Guangzhou[19]. - In the first half of 2023, the company commenced 5 new projects with a total construction area of approximately 700,000 square meters[20]. - The company added 5 new land reserves in the first half of 2023, with a total planned construction area of approximately 1.05 million square meters[26]. - The group’s land reserve in the Yangtze River Delta and Greater Bay Area increased by 5 percentage points to 48%[15]. Debt and Financing - The total outstanding bank and other borrowings amounted to RMB 77.10 billion, with 23% due within one year[36]. - The total borrowing scale decreased by RMB 2.9 billion or 3.7%[16]. - The group provided guarantees to banks for mortgage loans to property buyers, with the maximum guarantee amount reaching RMB 26.99 billion[39]. - The group issued a total of USD 500 million (equivalent to RMB 3,588 million) in notes with a 4% annual interest rate, maturing in 2025[77]. - The group provided guarantees for credit financing of approximately RMB 7,930,343,000 for certain associates and joint ventures as of June 30, 2023[81]. Property Management - The property management company achieved a revenue of RMB 569 million in the first half of 2023, representing a 12.2% increase compared to the same period last year[35]. - The total number of managed properties reached 276, with a managed area of 49.64 million square meters, an increase of 3.4% year-on-year[35]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the listing rules during the review period[116]. - The audit committee has reviewed the accounting principles and practices adopted by the group and approved the unaudited interim financial statements for the six months ending June 30, 2023[116]. - The group has not adopted any new accounting standards that would significantly impact its financial policies or statements[51]. - The company is evaluating the impact of new accounting standards that will come into effect on January 1, 2024[51]. Stock Options and Shareholder Information - The company has a stock option plan in place to incentivize directors and employees, with a maximum of 364,463,704 options available[96]. - The total number of stock options available for grant as of June 30, 2023, was 254,713,704, representing approximately 6.67% of the company's issued shares[98]. - The total amount of equity-settled share-based payment expenses recognized as of June 30, 2023, was zero[105]. - As of June 30, 2023, China Poly Group Company Limited holds 253,788,246 shares, representing 48.09% of the company's issued shares[109]. - Poly Developments Holdings Group Co., Ltd. holds 1,583,738,058 shares, accounting for 41.45% of the total issued shares[109].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 15,639,163 thousand, a decrease from RMB 18,696,880 thousand in the same period of 2022, representing a decline of approximately 16.3%[2] - Net profit for the period was RMB 719,006 thousand, down from RMB 1,229,892 thousand in the previous year, indicating a decrease of about 41.6%[3] - Basic and diluted earnings per share were RMB 16.73, compared to RMB 34.16 for the same period last year, reflecting a decline of approximately 51.0%[3] - Total comprehensive income for the period was RMB 1,012,895 thousand, down from RMB 1,553,492 thousand in 2022, a decrease of around 34.8%[4] - The profit attributable to the owners of the company for the six months ended June 30, 2023, was RMB 639,214,000, down from RMB 1,268,587,000 in the previous year[22] - The company reported a net profit of RMB 719,006 for the period[14] - The company incurred a total tax expense of RMB 1,378,938,000 for the six months ended June 30, 2023, compared to RMB 1,997,327,000 in the previous year[19] - In the first half of 2023, the company's revenue was RMB 15.639 billion, a decrease of RMB 3.058 billion or 16.4% compared to RMB 18.697 billion in the same period of 2022[28] - Shareholders' profit for the first half of 2023 was RMB 639 million, down RMB 630 million or 49.6% from RMB 1.269 billion in the same period of 2022[28] Assets and Liabilities - Non-current assets totaled RMB 23,832,420 thousand as of June 30, 2023, slightly up from RMB 23,662,753 thousand at the end of 2022[5] - Current assets increased to RMB 190,210,823 thousand from RMB 179,434,808 thousand, marking an increase of approximately 6.5%[6] - Current liabilities rose to RMB 108,585,248 thousand, compared to RMB 97,893,869 thousand at the end of 2022, an increase of about 10.0%[7] - Non-current liabilities decreased to RMB 61,464,596 thousand from RMB 63,417,116 thousand, a reduction of approximately 3.1%[8] - Total assets amounted to RMB 214,043,243, with segment assets in property development at RMB 153,635,452[15] - Total liabilities were RMB 170,049,844, with segment liabilities in property development at RMB 81,962,347[15] - The total assets as of December 31, 2022, amounted to RMB 203,115,191,000, with total liabilities of RMB 161,325,247,000, resulting in a net asset value of RMB 41,789,944,000[17] Segment Performance - The segment performance showed a profit of RMB 2,883,039, with property development contributing RMB 2,746,881[14] - The company reported a segment profit of RMB 4,216,368,000 for the six months ended June 30, 2023, compared to RMB 4,150,107,000 in the same period of 2022[16] - The company’s segment assets for property development amounted to RMB 146,697,192,000 as of December 31, 2022[17] - The company’s segment liabilities for property development were RMB 70,228,930,000 as of December 31, 2022[17] Revenue Sources - Total revenue for the six months ended June 30, 2023, was RMB 15,639,163, with rental income contributing RMB 14,633,975[14] - The company reported a decrease in rental income to RMB 233,583,000 for the six months ended June 30, 2023, from RMB 515,999,000 in the previous year[16] - The revenue recognized in the first half of 2023 was approximately RMB 14,589 million, with the Southwest region accounting for 36% of this amount[36] New Projects and Developments - The company acquired five new projects in high-tier cities, adding a land reserve of 1.05 million square meters, with a focus on cash flow and quick turnover projects[29] - The contract sales amount for the first half of 2023 reached RMB 37.4 billion, representing a year-on-year increase of 127%[30] - The company plans to launch six new projects in the second half of 2023, including locations in Ningbo, Jinan, Shanghai, Kunshan, Nanning, and Guangzhou[33] - In the first half of 2023, the company commenced five new projects with a total construction area of approximately 700,000 square meters[34] - The company added five new land reserves in the first half of 2023, with a total planned construction area of approximately 1,050,000 square meters[37] Financial Management - The net debt ratio significantly decreased by 18.6 percentage points to 97.3% compared to the end of 2022[30] - The average financial cost improved to 4.05%, a decrease of 0.21 percentage points from the end of 2022[30] - The total amount of guarantees provided to banks for mortgage financing reached approximately RMB 26.99 billion as of June 30, 2023, up from RMB 23.44 billion at the end of 2022[26] - The total amount of trade payables decreased to RMB 18.17 billion as of June 30, 2023, from RMB 20.17 billion at the end of 2022[25] Corporate Governance - The company has adopted new accounting standards effective from January 1, 2023, with no significant impact on accounting policies[10] - The company has assessed the impact of new and revised accounting standards, expecting no major effects on financial statements[10] - The company has adopted a code of conduct for directors' securities transactions, which complies with the standards set out in the Listing Rules Appendix 10[56] - The audit committee, consisting of four independent non-executive directors, reviewed the accounting principles and practices adopted by the group and approved the unaudited interim financial statements for the six months ending June 30, 2023[57] Employee Information - The group employed 8,848 staff as of June 30, 2023, with total compensation of approximately RMB 500.35 million during the period[53] Other Information - The group holds investment properties totaling approximately 697,000 square meters, with an asset value of about RMB 9.671 billion[44] - The group’s debt-to-asset ratio as of June 30, 2023, was 79.4%, unchanged from December 31, 2022[47] - The group had outstanding bank and other borrowings totaling RMB 77.102 billion, with 23% due within one year[47] - There were no significant post-reporting period events that had a material impact on the group from June 30, 2023, to the date of this announcement[58]

Economic Overview - In 2022, China's total economic output exceeded RMB 120 trillion, with GDP growth reaching 3% despite global economic challenges [15]. - The economic outlook for China in 2023 is expected to accelerate, achieving high-quality development despite global recession concerns [27]. Real Estate Market Trends - The sales value of commodity properties in China decreased by 26.7% to RMB 13 trillion, and the area of newly commenced residential properties dropped by 40% year-on-year [16]. - The real estate industry faced unprecedented challenges, with adjustments deeper and longer than expected, prompting local governments to implement measures to boost market confidence [16]. - Contracted sales amounted to RMB 50.2 billion, reflecting an 11% year-on-year decrease, which is a smaller decline compared to the industry average of over 40% [19]. - The average price of the Group's contracted sales increased by 16% year-on-year, driven by higher sales contributions from high-capacity cities [21]. - The Yangtze River Delta region accounted for 49% of total sales, with RMB 24.7 billion in sales, while the Pearl River Delta contributed 17% with RMB 8.6 billion [61]. Company Performance - The Group recorded a profit attributable to shareholders of RMB 816 million for the year, representing a year-on-year decrease of 60.4% [18]. - The Group recorded a revenue of RMB 41,127 million for the year ended December 31, 2022, representing a 35.7% increase compared to RMB 30,305 million in 2021 [55]. - Profit attributable to shareholders decreased by 60.4% to RMB 816 million in 2022, down from RMB 2,059 million in 2021 [55]. - Basic and diluted earnings per share were both RMB 21.71 cents, reflecting a year-on-year decrease of 61.2% [55]. Development Strategy - The Group operates in 30 major cities, including Shanghai, Hong Kong, and Guangzhou, focusing on high-quality residential and commercial property development [9]. - The Group's development strategy emphasizes professionalism, market orientation, and internationalism, aiming to enhance architectural quality and commercial value [3]. - The Group aspires to be a leading Chinese property developer with a renowned brand backed by cultural substance [2]. - The Group's mission includes creating a pleasant living environment for clients while delivering satisfactory returns to shareholders [3]. Project Development and Land Reserves - The Group acquired 10 development projects in key cities, including Shanghai and Shenzhen, and entered the Changshu market for the first time [21]. - By the end of 2022, the Group's land reserves in the Yangtze River Delta and Greater Bay Area accounted for 43%, an increase of 3 percentage points from the previous year [21]. - The Group has 73 projects under construction or planning, representing a total GFA of approximately 19,167,000 square meters [56]. - The total gross floor area (GFA) of newly commenced construction was approximately 2,746,000 square meters, while the GFA of construction completed was approximately 4,765,000 square meters [56]. Financial Management - The implementation of the "three arrows" policy allowed the Group to increase direct financing, obtaining approvals for RMB 10 billion in corporate bonds and RMB 5 billion in medium-term notes [23]. - The average funding cost was reduced by 26 basis points to 4.27%, with the proportion of trust loans and short-term debt both declining by 4 percentage points year-on-year [23]. - As of December 31, 2022, the Group's shareholders' equity amounted to RMB 32.9 billion, an increase from RMB 31.5 billion in 2021 [55]. - The Group's total assets amounted to RMB 203.1 billion [11]. Corporate Governance - The Board consists of three executive directors, one non-executive director, and four independent non-executive directors, ensuring a balance of power [178]. - The Company has complied with the Corporate Governance Code throughout the year, except for code provision F.2.2 regarding the attendance of the Chairman at the Annual General Meeting due to COVID-19 measures [174]. - The Nomination Committee is responsible for ensuring diversity in the Board's composition, considering factors such as gender, age, and professional qualifications [191]. - The Company values gender equality and maintains a reasonable gender ratio among all employees, reflecting the nature of its operations [193]. Employee Management - The Group employed approximately 9,220 employees with total remuneration of about RMB 1,497 million for the year [169]. - As of December 31, 2022, the total number of employees is 9,220, an increase of 4.05% from 8,862 on December 31, 2021 [197]. - The male employee count increased to 5,184, representing 56% of the total workforce, compared to 3,909 (44%) in the previous year [197]. - The female employee count decreased to 4,036, representing 44% of the total workforce, down from 4,953 (56%) in the previous year [197].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Poly Property Group Co., Limited 保利置業集團有限公司 （於香港註冊成立之有限公司） （股份代號：00119） 截至二零二二年十二月三十一日止年度之業績公佈 業績 保利置業集團有限公司（「本公司」）董事（「董事」）謹此公佈本公司及其附屬公司（合稱「本 集團」）截至二零二二年十二月三十一日止年度之經審核綜合業績，連同截至二零二一年 十二月三十一日止過往年度之比較數據如下： – 1 – 綜合損益表 截至二零二二年十二月三十一日止年度 | --- | --- | --- | --- | |---------------------------------------------|-------|---------------------------|-------------------------| | | | 二零二二年 | 二零二一年 | | | 附註 | 人民幣千元 | ...

Financial Performance - For the first half of 2022, the company's revenue was HKD 22.258 billion, an increase of 58.2% compared to HKD 14.074 billion in the same period last year[7] - Shareholders' profit for the same period was HKD 1.510 billion, a decrease of 9.2% from HKD 1.663 billion in the previous year[7] - The company's basic earnings per share for the first half of 2022 were HKD 0.4067, down from HKD 0.4542 in the same period last year[7] - The net profit for the same period was HKD 1,464,157,000, down from HKD 1,758,608,000 in the previous year[37] - The total comprehensive income for the period was a loss of HKD 357,279,000, compared to a gain of HKD 2,194,193,000 in the previous year[37] - The company's profit attributable to owners for the six months ended June 30, 2022, was HKD 1,510,223,000, a decrease of 9.2% compared to HKD 1,663,180,000 for the same period in 2021[58] Revenue Sources - The property management segment generated revenue of RMB 507 million, representing a 9.0% increase year-on-year, managing 281 projects with a total area of approximately 48 million square meters[28] - Property development segment generated revenue of HKD 21,227,120, while property investment and management contributed HKD 960,937[49] Assets and Liabilities - The company's total assets increased from HKD 110,138,209 thousand in December 2021 to HKD 121,175,723 thousand in June 2022, an increase of approximately 10%[39] - Total liabilities decreased from HKD 125,553,127 thousand in December 2021 to HKD 112,295,386 thousand in June 2022, a decrease of approximately 10.6%[39] - The company's debt-to-asset ratio was 79.3% as of June 30, 2022, compared to 80.3% in the previous year[29] - The group's total outstanding bank and other borrowings amounted to HKD 93,844,606,000, with 25% due within one year[30] Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2022, was a net outflow of HKD 10,664,726, compared to a net outflow of HKD 8,201,398 for the same period in 2021, representing an increase of 30.1%[18] - The company reported a significant increase in cash flow from financing activities, with a net inflow of HKD 15,816,037 compared to a net outflow of HKD 1,323,914 in the previous year[18] - The net cash used in investing activities was HKD 619,436, a significant improvement from a net outflow of HKD 615,461 in the prior year[18] Land and Project Development - The company achieved contract sales amounting to RMB 16.5 billion, with a collection amount of RMB 16.2 billion, resulting in a collection rate of 98%, up 14 percentage points year-on-year[8] - The company acquired six new projects located in Ningbo, Jinan, and Shanghai, marking its first entry into the Changshu market, increasing its land reserve in high-tier cities[9] - The company plans to launch at least 10 new properties in the second half of 2022, including projects in Guangzhou, Foshan, Jinan, Suzhou, and Shenzhen[13] - The company’s land reserves in the Yangtze River Delta and Greater Bay Area increased to 42%, up 2 percentage points from the end of last year[9] Shareholder Information - The company's equity attributable to shareholders as of June 30, 2022, was HKD 37.975 billion, a decrease of 1.1% from HKD 38.416 billion at the end of 2021[7] - The weighted average number of ordinary shares for calculating basic and diluted earnings per share increased to 3,713,368,382 for the six months ended June 30, 2022, compared to 3,661,537,046 in 2021[58] - The company did not declare an interim dividend for the six months ended June 30, 2022, consistent with the same period in 2021[57] Financing and Borrowings - New borrowings amounted to HKD 20,654,748, an increase of 9.8% compared to HKD 18,802,581 in the previous year[18] - The group issued notes totaling USD 500,000,000 (equivalent to HKD 3,900,000,000) at an interest rate of 4% due in 2025, unchanged from the previous year[67] - The company has a financing agreement for HKD 1,900,000,000 with a maturity date of 48 months from the agreement date[99] Corporate Governance - The company has taken sufficient measures to ensure its corporate governance practices are not inferior to those outlined in the corporate governance code[105] - The audit committee has reviewed the accounting principles and practices adopted by the group, approving the unaudited interim financial statements for the six months ended June 30, 2022[107]

Financial Performance - The total assets of the company reached HK$235.7 billion, while the turnover was HK$36.5 billion[22]. - The Group recorded a profit attributable to shareholders of HK$2,481 million for the year, representing a year-on-year increase of 32.0%[27]. - For the year ended December 31, 2021, the Group recorded a revenue of HK$36,513 million, representing an increase of 16.7% compared to the previous year[75]. - Profit attributable to shareholders amounted to HK$2,481 million, reflecting a year-on-year increase of 32.0%[75]. - Basic and diluted earnings per share were HK67.35 cents, representing increases of 31.2% and 31.3% year-on-year, respectively[75]. - The group's revenue for the year ended December 31, 2021, was HKD 36.513 billion, an increase of 16.7% compared to HKD 31.281 billion in 2020[78]. - Shareholders' profit for the year was HKD 2.481 billion, reflecting a year-on-year growth of 32.0% from HKD 1.880 billion in 2020[78]. Market Environment - In 2021, China's economy grew by 8.1%, maintaining its leading position globally despite various challenges[23]. - The real estate industry in China faced significant pressures due to policies like the "three red lines" and centralized land supply, leading to a decline in the performance of major property developers[24]. - The completion rate of sales targets for major property developers has generally declined, indicating a challenging market environment[24]. - The Central Economic Work Conference outlined a development direction for 2022 focusing on promoting growth while maintaining stability, with coordinated fiscal and monetary policies[38]. - The real estate control policy will continue to emphasize "no speculation of residential properties," aiming to meet reasonable demands for property development and investment[39]. Development Strategy - The company operates in 30 major cities, including Shanghai, Hong Kong, and Guangzhou, focusing on both residential and commercial property development[19]. - The company aims to enhance architectural quality and commercial value by integrating cultural substance into its projects[7]. - The company is focused on professionalism, market-orientation, and internationalism in its development strategy[7]. - The Group aims to achieve significant growth in contracted sales and maintain high quality in equity and collection ratios[44]. - The Company plans to seek breakthroughs in financing channels and optimize average funding costs[44]. - Poly Property will focus on promoting the reform of its professional talent system to enhance operational performance[44]. - The Company intends to extend property management services to public spaces and third-party properties while increasing the proportion of asset-light operations[44]. Sales and Contracts - Contracted sales amounted to RMB56.6 billion, reflecting a year-on-year increase of 9%, with a sales collection of RMB53.4 billion and a collection rate of 94%[28]. - The average selling price of contracted sales was RMB18,038 per square meter, with the mainland market average at RMB17,469 per square meter, maintaining a similar level to the previous year[28]. - The total contracted area sold amounted to approximately 3,138,000 square meters, with 106 continual launches and 24 debut launches during the year[77]. - The total completed GFA by the end of 2021 reached 13,086,000 square meters[126]. - The average selling price for recognized sales was approximately RMB 14,589 per square meter[128]. - Ordinary residential properties accounted for 83% of total sales value, while villas, retail shops, offices, and parking spaces accounted for 8%, 5%, 1%, and 3% respectively[138]. Land Acquisition and Reserves - The Group acquired 19 development projects during the year, with over 80% of investments made in the second half, focusing on high-turnover cities like Shenzhen, Shanghai, and Ningbo[32]. - The proportion of attributable land reserves in first-tier and second-tier cities reached 83%, a year-on-year increase of 3 percentage points, while the Yangtze River Delta and Greater Bay Area accounted for 40%, up 6 percentage points[31]. - The cost of land for new reserves was considered reasonable, indicating a strategic approach to land acquisition[85]. - The company is expanding its presence in emerging residential areas with projects like the Suzhou Sheng Pu and Kunshan Huangpu River Road[116]. Financial Health - The average funding cost was reduced by 0.20 percentage points to 4.52% through innovative financing channels[34]. - Total debts decreased slightly, with the proportion of trust loans dropping by 3 percentage points to 12% and short-term debts due within one year reduced by 5 percentage points to 27%[35]. - The Group's cash-to-short-term debt ratio was 1.58, indicating sufficient liquidity and solvency[35]. - As of December 31, 2021, total equity attributable to shareholders amounted to HK$38,415,644,000, an increase from HK$35,444,032,000 in 2020, with a net asset value per share of HK$10.35 compared to HK$9.68 in 2020[181]. - The Group's gearing ratio was 80.3% as of December 31, 2021, slightly down from 80.9% in 2020[181]. Project Development and Locations - The total GFA under construction was approximately 12,692,000 square meters, with an attributable area of approximately 9,708,000 square meters[116]. - The company has a significant presence in the Yangtze River Delta Region, with completed GFA of 164,000 square meters in the Shanghai Jiading Affordable Housing Project[125]. - The company is committed to delivering residential projects that are strategically located near metro lines, which is expected to drive future sales growth[150]. - The company is actively developing projects like Wonderful Times and Above The Clouds, both located near significant transportation infrastructure[150]. - The company is focusing on expanding its market presence in the Pearl River Delta region with multiple ongoing and planned projects[156]. Employee and Governance - The Group employed approximately 9,700 employees with total remuneration of about HK$1,781 million for the year[195]. - The Company has complied with most provisions of the Corporate Governance Code, with some deviations explained in the report[199]. - The Board collectively reviews and approves the structure, size, and composition of the Board, rather than establishing a separate nomination committee[200].

Financial Performance - For the first half of 2021, the company's revenue was HKD 14.074 billion, an increase of 8.4% compared to HKD 12.989 billion in the same period last year[7]. - Shareholders' profit for the same period was HKD 1.663 billion, up 100.8% from HKD 0.828 billion year-on-year[7]. - The company achieved a contract sales amount of RMB 31.3 billion, representing a 60% increase year-on-year, completing 50% of the annual sales target of RMB 62 billion[11]. - The total contracted sales amount for the first half of 2021 was RMB 31,262 million, with the Yangtze River Delta region contributing 30% of the total[12]. - The company reported a stable rental rate for its office buildings and shopping malls, with hotel operations continuing to recover[25]. - The group’s property management company achieved revenue of RMB 465 million in the first half of 2021, representing a 17.1% increase year-on-year, managing 248 properties with a total area of approximately 37.96 million square meters, up 7.6% from the previous year[27]. - The company reported a net profit for the period of HKD 1,758,608, up 52.3% from HKD 1,154,292 in the previous year[38]. - Total comprehensive income for the period reached HKD 2,194,193, significantly higher than HKD 808,243 in 2020[38]. - The profit attributable to the owners for the six months ended June 30, 2021, was HKD 1,663,180, compared to HKD 828,398 for the same period in 2020[62]. Asset and Equity Management - As of June 30, 2021, shareholders' equity was HKD 36.987 billion, a 4.4% increase from HKD 35.444 billion at the end of 2020[7]. - The group's total equity was HKD 36.99 billion, with a net asset value per share of HKD 10.10, compared to HKD 35.44 billion and HKD 9.68 per share as of December 31, 2020[28]. - The total assets as of June 30, 2021, were HKD 177,076,102, slightly down from HKD 178,430,596 at the end of 2020[39]. - The total liabilities as of June 30, 2021, were HKD 175,364,729, with segment liabilities in property investment and management at HKD 77,317,383[52]. - The group’s total liabilities decreased to HKD 15,500,375 as of June 30, 2021, from HKD 16,000,000 in the previous year, indicating a reduction of approximately 3.1%[42]. Project Development and Sales - The company launched over ten projects under the "Yue" product line and debuted the "Yuan" product line in Suzhou during the first half of 2021[8]. - The company has 112 projects on sale, with 14 new launches during the reporting period[11]. - The company plans to launch 10 new projects in the second half of 2021, including locations in Shanghai, Guangzhou, Nanning, and Wuhan[13]. - In the first half of 2021, the company commenced 12 new projects with a total construction area of approximately 1,173,000 square meters[14]. - The company added 4 new projects in the first half of 2021, with a total planned construction area of approximately 788,000 square meters[18]. Financial Management and Debt - The average funding cost for the company was 4.63%, maintaining a lower financing cost advantage in the industry[10]. - The group's debt-to-asset ratio was 80.8% as of June 30, 2021, slightly down from 80.9% at the end of 2020[28]. - The total outstanding bank and other borrowings amounted to HKD 85.80 billion, a decrease from HKD 86.59 billion at the end of 2020[28]. - The group had a total of HKD 43.24 billion in mortgaged assets as of June 30, 2021, down from HKD 46.68 billion at the end of 2020[32]. - The maximum guarantee amount provided to banks for property buyers was HKD 32.70 billion as of June 30, 2021, compared to HKD 26.98 billion at the end of 2020[34]. Operational Strategy - The company plans to enhance operational and financial management capabilities to improve asset utilization and resource allocation[10]. - The company is focusing on strategic resource allocation towards the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area[8]. - The company aims to achieve the goal of "recreating Poly Real Estate in the next five years" as part of its 14th Five-Year Plan[10]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and customer experience in the upcoming quarters[42]. Corporate Governance and Compliance - The company has adopted a code of conduct for directors regarding securities trading, which complies with the standards set out in the listing rules[112]. - As of June 30, 2021, the company confirmed compliance with the code of conduct by all directors during the reporting period[112]. - The company has adhered to the corporate governance code, except for specific provisions regarding the establishment of a nomination committee, which the board believes is in the best interest of the company[122]. - The audit committee, consisting of four independent non-executive directors, reviewed the accounting principles and practices adopted by the group, approving the unaudited interim financial statements for the six months ending June 30, 2021[123].

Financial Performance - The Group recorded a profit attributable to shareholders of HK$3,833 million for the year, representing a year-on-year increase of 71.0%[16] - The Group achieved a net profit attributable to shareholders of HKD 3.833 billion in 2019, representing a year-on-year increase of 71% due to increased revenue recognition[18] - Profit attributable to shareholders amounted to HK$3,832,948,000, with basic and diluted earnings per share increasing by 71% and 70.4% to HK104.68 cents and HK104.31 cents, respectively[54] - For the year ended December 31, 2019, the Group recorded a revenue of HK$39,943,978,000, representing an increase of 71.9% compared to HK$23,233,644,000 in 2018[54] Revenue and Sales - Revenue from the Kai Tak Vibe Centro project in Hong Kong significantly contributed to the overall revenue and net profit during the year[16] - Annual contracted sales reached RMB 43.2 billion, a year-on-year increase of 6%, with an average selling price of RMB 18,303 per square meter[20][22] - The total contracted area sold in 2019 was 2,360,000 square metres, with the Others category accounting for 29% of the total[61] - Total recognized sales for Poly Property Group in 2019 amounted to RMB 33,509 million, with ordinary residential properties contributing 85% of the total sales[112] Market Conditions - The land market has become more rational, reflecting a slowdown in the overall growth of the real estate industry[15] - The growth of prices of new residential properties in 100 cities in China continued to slow down due to ongoing market regulations[17] - The real estate market in China is expected to face increasing competition and higher customer expectations for products and services[28][29] Development Strategy - The Group's development strategy emphasizes professionalism, market-orientation, and internationalism to enhance architectural quality and commercial value[5] - The Group plans to enhance project cycle management to align expansion with sales, aiming to reduce the net debt ratio to an ideal level[54] - The Group aims to control its net debt ratio at a satisfactory level while improving project cycle management[31] Land Acquisition and Projects - The Group acquired a total of 15 land parcels in 2019, focusing on first-tier and second-tier cities in the Guangdong-Hong Kong-Macao Greater Bay Area and Yangtze River Economic Belt[21][23] - The Group has 67 projects under construction or planning, representing a total GFA of approximately 21,732,000 square meters[55] - As of December 31, 2019, Poly Property Group had a total of 67 real estate development projects across 24 cities, with approximately 34% of the total GFA located in the Yangtze River Delta and Pearl River Delta regions[94] Financial Management - The Group plans to enhance liquidity by destocking commercial properties and parking spaces, which have longer sales cycles[30] - The Group will implement cost management policies to enhance project profitability and standardize internal operations[32] - The Group's gearing ratio as of December 31, 2019, was 78.1%, unchanged from 2018[165] Investment Properties - Investment properties held by the Group have a total gross floor area of approximately 803,000 square meters and an asset value of approximately HK$12.1 billion[113] - The Group's major investment properties include Beijing Poly Plaza with a GFA of 15,000 square meters and an occupancy rate of 99%[116] Employee and Governance - The Group employed approximately 11,571 employees with total remuneration of about HK$1,447,713,000 for the year[176] - The Board consists of seven executive directors and four independent non-executive directors, maintaining a balance of power[189] - The Group has complied with the Corporate Governance Code, except for specific provisions related to the establishment of a nomination committee[180]