Revenue and Profitability - The Group's revenue increased from RMB2,174.2 million in the six months ended June 30, 2022, to RMB2,332.7 million in the same period of 2023, representing an increase of RMB158.5 million[24]. - Other income and gains rose from RMB512.4 million in the six months ended June 30, 2022, to RMB765.6 million in the current period, primarily due to a fair value gain of RMB292.7 million from the acquisition of subsidiaries[24]. - Profit attributable to owners of the Company decreased from RMB1,085.0 million in the six months ended June 30, 2022, to RMB562.5 million in 2023, a decline of RMB522.5 million[27]. - Basic earnings per share dropped by 48%, from RMB0.0654 in the six months ended June 30, 2022, to RMB0.0339 in 2023[27]. - The Group's overall profit from joint ventures and associates decreased from RMB1,188.3 million in the six months ended June 30, 2022, to RMB506.8 million in 2023, a decline of RMB681.5 million[26]. - Gross profit decreased to RMB 599,182, down 46.3% from RMB 1,114,283 year-on-year[75]. - Profit for the period was RMB 607,157, a decline of 46.2% from RMB 1,129,562 in the previous year[76]. Segment Performance - Revenue from the property development segment was RMB1,636.0 million, accounting for 70% of total revenue, compared to RMB1,537.4 million (71%) in the prior year[29]. - The property investment and management segment's revenue increased to RMB615.8 million, representing 26% of total revenue, up from RMB539.8 million (25%) in the previous year[30]. - The segment results for property investment and management reported a profit of RMB566.1 million, an increase of RMB325.4 million from RMB240.7 million in the same period of 2022[30]. - The microfinance segment's revenue decreased to RMB 81 million, down from RMB 96.9 million, maintaining a 4% share of total revenue, with profits dropping to RMB 20.6 million from RMB 50.6 million[33]. - For the six months ended June 30, 2023, the total segment revenue was RMB 2,332,710,000, with property development contributing RMB 1,635,953,000, property investment and management RMB 615,794,000, and microfinance RMB 80,963,000[142]. Financial Position - Total shareholders' equity increased from RMB 22,442.8 million as of December 31, 2022, to RMB 22,705.6 million as of June 30, 2023[35]. - The group's cash and bank balances decreased by RMB 2,153.8 million or 36% to RMB 3,899.4 million as of June 30, 2023, primarily due to property development costs and loan repayments[36]. - Total borrowings amounted to RMB 12,847.3 million as of June 30, 2023, with interest rates ranging from 3.30% to 6.88% per annum[37]. - The net debt decreased by RMB 425.9 million to RMB 17,090.9 million as of June 30, 2023, with a net debt ratio of 63%, down from 65%[40]. - As of June 30, 2023, the total assets of the Group amounted to RMB 17,101,395,000, a significant increase from RMB 1,665,680,000 as of December 31, 2022[48]. - Total current assets rose to RMB 55,219,351, up from RMB 40,005,950 at the end of 2022, reflecting improved liquidity[77]. - Total liabilities as of June 30, 2023, were RMB 73,656,989,000, with property development liabilities at RMB 43,918,935,000 and property investment and management liabilities at RMB 11,542,366,000[142]. Cash Flow and Financing - Net cash used in operating activities for the first half of 2023 was RMB 515,190,000, compared to RMB 1,583,920,000 in the same period of 2022, indicating an improvement in cash flow management[84]. - Cash inflow from investing activities for the six months ended June 30, 2023, was RMB 1,311,888,000, a significant recovery from a cash outflow of RMB 1,611,292,000 in the same period of 2022[86]. - Net cash used in financing activities amounted to RMB (2,967,207,000) for the six months ended June 30, 2023, compared to RMB (76,928,000) in the same period of 2022[87]. - The company reported net proceeds from the issuance of shares of RMB 1,487,000, compared to RMB 8,702,000 in the previous year[87]. - The company paid dividends to non-controlling shareholders totaling RMB (183,880,000) during the period[87]. Asset Management and Investments - The Group's land bank in the PRC totaled 18.14 million square meters as of June 30, 2023, representing a decrease of approximately 6.2% compared to December 31, 2022[54]. - The Group's investment properties in operation totaled 3 million square meters as of June 30, 2023, representing a 13% increase compared to the same period in 2022[57]. - The average selling price in the first half of 2023 was approximately RMB 15,400 per square meter[58]. - The company reported a gain on disposal of financial assets at fair value amounting to RMB 24,583,000 in the first half of 2023, compared to RMB 3,000,000 in the same period of 2022, indicating successful asset management strategies[86]. - The Group's investment in joint ventures was valued at RMB 14,495,468,000, while investments in associates were RMB 6,997,497,000[142]. Taxation and Compliance - The Group is subject to Land Appreciation Tax (LAT) in Mainland China, with rates ranging from 30% to 60% on land value appreciation, and significant judgement is required in determining LAT liabilities[121]. - The final tax determination for LAT is uncertain, and the Group recognizes liabilities based on management's best estimates, which may impact future provisions[122]. - The corporate income tax charge for the period in Mainland China was RMB 92,623,000, down from RMB 157,758,000 in 2022, showing a decrease of about 41.2%[161]. Risk Management - The group is exposed to foreign currency risk due to borrowings in multiple currencies, but considers the risk acceptable given the majority of operating income is in RMB[43]. - The company maintains strict control over outstanding receivables, with no significant concentration of credit risk noted[172]. - The company does not grant credit terms to its customers under normal circumstances, minimizing credit risk[172].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 2,332,710, representing a 7% increase from RMB 2,174,164 in the same period of 2022[2]. - Gross profit decreased by 46% to RMB 599,182 compared to RMB 1,114,283 in the prior year[2]. - The attributable profit to shareholders was RMB 562,483, down 48% from RMB 1,085,011 in the previous year[2]. - Basic earnings per share decreased by 48% to RMB 0.0339 from RMB 0.0654 in the same period last year[6]. - The company reported a total comprehensive income of RMB 406,902 for the period, down from RMB 927,276 in the previous year[8]. - The company reported a net profit of RMB 389 thousand for the six months ended June 30, 2023, down from RMB 10,687 thousand for the same period in 2022, showing a decline of approximately 96.4%[17]. - The group’s profit before tax decreased to RMB 562,484 thousand for the six months ended June 30, 2023, down from RMB 1,085,011 thousand in the same period of 2022, reflecting a decline of 48.2%[32]. - Profit attributable to shareholders decreased to RMB 562,500,000 from RMB 1,085,000,000, a decline of RMB 522,500,000[47]. Assets and Liabilities - Total assets grew by 17% to RMB 100,769,937 compared to RMB 86,034,492 at the end of 2022[2]. - Total current liabilities increased to RMB 47,790,029 thousand as of June 30, 2023, from RMB 34,775,980 thousand as of December 31, 2022, representing a growth of approximately 37.5%[10]. - Non-current liabilities rose to RMB 25,866,960 thousand as of June 30, 2023, compared to RMB 24,236,870 thousand as of December 31, 2022, indicating an increase of about 6.8%[10]. - The total liabilities as of June 30, 2023, were RMB 73,656,989,000, with property investment liabilities at RMB 43,918,935,000 and property development and management liabilities at RMB 11,542,366,000[21]. - The total amount of trade receivables as of June 30, 2023, was RMB 45,959 thousand, compared to RMB 40,256 thousand as of December 31, 2022, indicating an increase of 14.3%[33]. Cash Flow and Financial Position - Cash and bank balances, including restricted cash, increased by 9% to RMB 7,430,594 from RMB 6,847,242[2]. - Cash and cash equivalents decreased by 36% to RMB 3,899,400,000 from RMB 6,053,200,000 due to payments for property development costs and loan repayments[52]. - Total bank and other loans amounted to RMB 12,847,300,000, with a debt-to-equity ratio decreasing from 65% to 63%[53]. - The company provided guarantees totaling USD 131.376 million (approximately RMB 949.299 million) for financing to joint ventures as of June 30, 2023, down from USD 152.376 million (approximately RMB 1,061.240 million) as of December 31, 2022[60]. Revenue Segmentation - For the six months ended June 30, 2023, the total segment revenue was RMB 2,332,710,000, with property investment contributing RMB 1,635,953,000, property development and management contributing RMB 615,794,000, and micro-loans contributing RMB 80,963,000[21]. - The property development segment generated revenue of RMB 1,636,000,000, accounting for 70% of total revenue, while the property investment and management segment's revenue increased to RMB 615,800,000, representing 26% of total revenue[48][49]. - Revenue from property sales increased to RMB 1,635,953 thousand for the six months ended June 30, 2023, compared to RMB 1,537,436 thousand in the same period of 2022, representing a growth of 6.4%[25]. Operational Highlights - The company is focusing on expanding its development properties, which increased significantly to RMB 28,394,859 from RMB 13,413,636 year-on-year[9]. - The company’s land reserves totaled 18.14 million square meters as of June 30, 2023, a decrease of approximately 6.2% compared to December 31, 2022[61]. - The cumulative contracted sales for the first half of 2023 were approximately RMB 20.232 billion, a decline of 24.8% year-over-year[62]. - The average selling price for the first half of 2023 was approximately RMB 15,400 per square meter[62]. - The total area of investment properties held by the company reached 3 million square meters as of June 30, 2023, reflecting a year-over-year growth of 13%[63]. - Rental income from investment properties amounted to approximately RMB 1.07 billion, representing a year-over-year increase of 15%[63]. - The rental housing business recorded revenue of approximately RMB 110 million, showing a year-over-year growth of 7%[64]. Employee and Governance - The group employed approximately 3,000 employees as of June 30, 2023, down from approximately 3,800 employees a year earlier[68]. - The audit committee has reviewed the group's accounting principles and practices, discussing audit, internal control, and financial reporting matters for the six months ending June 30, 2023[69]. - The board has complied with the corporate governance code, with some exceptions regarding attendance at the annual general meeting[66]. Market and Industry Outlook - In the first half of 2023, the national real estate market experienced a strong rebound in Q1, followed by a significant cooling in Q2, with July sales remaining sluggish[65]. - The government has continued to introduce supportive policies for the real estate industry, aiming to create a more relaxed policy environment[65]. - The group anticipates more policies encouraging home purchases in the second half of 2023, with expectations for gradual industry recovery[65]. - The introduction of real estate investment trusts in logistics, commercial parks, and affordable rental housing is expected to enhance liquidity for real estate developers[65].

Financial Performance - In 2022, the Group achieved contracted sales of RMB61.77 billion, a decrease of 21.3% compared to the previous year[12]. - The consolidated revenue for the year ended December 31, 2022, was RMB10.3 billion, with a profit attributable to shareholders of RMB2.31 billion[12]. - Basic earnings per share for the year were RMB0.1392, and a final dividend of RMB0.007 per share was declared[12]. - Profit attributable to owners of the Company was RMB 2.31 billion, compared to RMB 4.01 billion in the previous year, reflecting a significant decline[26]. - The Group's profit for the year was RMB 2,353,488,000, a decline of 45.6% from RMB 4,328,934,000 in 2021[62]. - Profit before tax for the year ended December 31, 2022, was RMB 3,485,992,000, down 39.0% from RMB 5,723,457,000 in 2021[62]. - The profit attributable to owners of the Company decreased from RMB4,014.2 million for the year ended December 31, 2021 to RMB2,310.6 million for the year ended December 31, 2022, a decline of about 43%[34]. - The Group's revenue for the year ended 31 December 2022 decreased to RMB10,302.5 million from RMB14,184.8 million for the year ended 31 December 2021, a decrease of approximately 27%[29]. Market Conditions - China's GDP expanded by 3% year-on-year in 2022, despite pressures from COVID-19 and economic expectations[8]. - The top 100 property enterprises in Mainland China saw a 42.3% decrease in contracted sales compared to 2021, highlighting the challenging market conditions[12]. - The real estate market began to show signs of moderate recovery in the fourth quarter of 2022 due to government easing policies[10]. - The Group achieved contracted sales of RMB 61.77 billion in 2022, a decrease of 21.3% compared to the previous year[14]. Revenue Segmentation - Revenue from the property development segment decreased to RMB8,907.1 million, representing 86% of total revenue, compared to RMB13,019.7 million, representing 92% of total revenue for the previous year[37]. - Revenue from the property investment and management segment increased to RMB1,128.6 million, representing 11% of total revenue, up from RMB868.6 million, which was 6% of total revenue in the previous year[38]. - Rental income from commercial properties and business parks increased by 47% year-on-year, reaching RMB 1.69 billion in 2022[15]. - The rental housing business generated RMB 222.56 million in rental income, managing over 13,000 rooms as of December 31, 2022[16]. Assets and Liabilities - As of December 31, 2022, total assets were RMB 85.99 billion, an increase from RMB 77.08 billion in 2021[26]. - Total liabilities rose to RMB 59,012,850,000 as of December 31, 2022, from RMB 52,489,027,000 in 2021, an increase of 12.9%[62]. - The Group's total equity, including non-controlling interests, was RMB 26,973,855,000 as of December 31, 2022, compared to RMB 24,589,608,000 in 2021, reflecting an increase of 9.7%[62]. - The gearing ratio improved to 90% in 2022, down from 93% in the previous year, indicating better financial stability[26]. Land Bank and Development - The Group's land bank totaled 19.34 million square meters, with over 79% located in first and second-tier cities, supporting development for the next three years[18]. - The company has a significant presence in the North China region, with projects such as Beijing Kunding (134,000 sqm) and Fangshan Gongchen (102,000 sqm) focusing on business parks and residential/commercial developments[68]. - The company is expanding its footprint in the South China region, with projects like the Guangzhou Huadu North Railway Station TOD Project (400,000 sqm) and the Guangzhou Zengcheng Zhongxin Project (189,000 sqm)[65]. - The company emphasizes the importance of a large and high-quality land reserve as a key competitive advantage in the competitive real estate market in China[65]. Corporate Governance - The company has maintained a high standard of corporate governance, focusing on a quality board of directors and sound risk management practices[97]. - The Company aims to enhance corporate governance and sustainable development through its operational strategies and employee training[104]. - The Board consists of 9 Directors, including 4 executive Directors, 2 NEDs, and 3 INEDs, with one female Director representing 11% of the Board[111]. - The Company has received annual confirmations of independence from all three INEDs, confirming their independence[108]. Risk Management - The Group's internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[177]. - The Audit Committee regularly reviews the adequacy of resources and qualifications of the Company's accounting and financial reporting staff[178]. - The Group will continue to improve its risk management and internal control systems, standardize implementation, and strengthen internal supervision[179]. - Employees are required to report conflicts of interest regularly to prevent interference with the Group's interests[182]. Environmental, Social, and Governance (ESG) - The Environmental, Social and Governance Report covers ESG issues related to property development, investment, and management in Mainland China for the year 2022[198]. - The report highlights the company's initiatives aimed at enhancing sustainability and social responsibility[200]. - The company emphasizes its commitment to ESG principles in its operations and strategic planning[200]. - Future ESG strategies will focus on integrating new technologies to enhance operational efficiency[200].

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之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因依賴該等內容而引致之任何 損失承擔任何責任。 Gemdale Properties and Investment Corporation Limited 金地商置集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：535） 截至2022年12月31日止年度之 年度業績公佈 財務概要 | --- | --- | --- | --- | |--------------------------------------------------|-----------------------------------------------------|------------------------------------|----------| | | 截至 12 \n2022 年 \n人民幣千元 人民幣千元 | 月 31 日止年度 \n2021 年 \n | 變動 \n% | | 收入 | 10,302,492 | 14,184,795 | － 2 ...

Revenue and Profitability - The Group's revenue decreased from RMB4,997.9 million for the six months ended 30 June 2021 to RMB2,174.2 million for the six months ended 30 June 2022, a decrease of RMB2,823.7 million[17]. - Overall profit attributable to owners of the Company was RMB1,074.3 million, a slight increase of RMB7.8 million compared to RMB1,066.5 million for the corresponding period[22]. - The decrease in revenue was mainly attributed to the impact of COVID-19 prevention measures affecting property project development and delivery schedules[17]. - Revenue from the property development segment decreased to RMB1,537.4 million, representing 71% of total revenue, down from RMB4,417.9 million or 88% for the same period in 2021[24]. - Revenue for the six months ended June 30, 2022, was RMB 2,174,164, a decrease of 56.4% compared to RMB 4,997,902 in the same period of 2021[76]. - Profit for the period was RMB 1,118,875, representing a decline of 13.3% from RMB 1,289,944 in 2021[78]. - The company reported a basic earnings per share of RMB 0.0648, slightly up from RMB 0.0645 in the previous year[76]. Expenses and Costs - Direct operating expenses decreased from RMB789.4 million to RMB707.2 million, with the previous period including RMB95.4 million from a disposed fitting-out business[18]. - Finance costs increased from RMB392.4 million to RMB467.7 million, due to payments of remaining land premiums and increased interest paid to related parties[21]. - Total finance costs incurred for the six months ended June 30, 2022, were RMB 618,590, an increase from RMB 504,288 in 2021, marking a rise of about 23%[186]. - Total employees benefits expenses for the six months ended June 30, 2022, were RMB 448,283, down from RMB 486,823 in 2021, indicating a decrease of about 8%[189]. Assets and Liabilities - Total non-current assets increased to RMB 42,118,866 as of June 30, 2022, compared to RMB 39,877,717 at the end of 2021, reflecting a growth of 5.6%[79]. - The Group's bank deposits and cash balances decreased by RMB3,229.0 million or 37% to RMB5,542.9 million as of 30 June 2022[35]. - Total current liabilities decreased to RMB 28,725,885 from RMB 31,838,363, a reduction of approximately 6.6%[81]. - Total non-current liabilities rose to RMB 24,379,503, compared to RMB 20,650,664, an increase of about 18.4%[81]. - Total assets as of June 30, 2022, amounted to RMB 78,103,222, while total liabilities were RMB 53,105,388, resulting in a net asset position of RMB 24,997,834[174]. Cash Flow and Financing - The cash flow from operating activities for the six months was RMB 429,974,000, indicating strong cash generation capabilities[86]. - Net cash used in operating activities for the first half of 2022 was RMB 1,583,920, compared to RMB 4,586,228 in the same period of 2021, indicating a significant reduction in cash outflow[87]. - The net decrease in cash and cash equivalents for the same period was RMB (3,272,140,000), compared to RMB (73,523,000) in 2021, indicating a substantial decline in liquidity[91]. - The company experienced significant changes in financing activities, including net proceeds from share issuance of RMB 8,702,000 and new bank borrowings of RMB 3,646,919,000[91]. Market and Strategic Outlook - The implementation of new strategies and market expansion plans were discussed, focusing on enhancing operational efficiency and exploring new property development opportunities[15]. - The national real estate market faced unprecedented challenges in the first half of 2022, leading to a significant decline in commercial property sales[62]. - The industry is expected to gradually recover in the second half of 2022 as favorable policies for the real estate sector continue to be introduced[63]. - The Group plans to adopt a scientific investment layout and flexible volume-price management strategy to optimize investment and sales ratios for maximum shareholder returns[64]. Taxation - The corporate income tax expense for Mainland China for the period was RMB 157,758,000, down from RMB 265,170,000 in 2021, indicating a decrease of approximately 40.5%[192]. - The land appreciation tax (LAT) in Mainland China for the period was RMB 341,927,000, compared to RMB 319,604,000 in 2021, showing an increase of about 7%[192]. - The total tax expenses deducted in the interim condensed consolidated income statement amounted to RMB 490,431,000, a decrease from RMB 534,432,000 in 2021[192]. Financial Reporting and Compliance - The Group has applied revised Hong Kong Financial Reporting Standards for the first time, effective from 1 January 2022[15]. - The unaudited interim financial information has been prepared in accordance with HKAS 34 Interim Financial Reporting, ensuring compliance with relevant accounting standards[94]. - The Group has applied amendments to HKFRS 3 prospectively to business combinations that occurred on or after January 1, 2022, with no impact on financial position or performance due to the absence of contingent assets and liabilities[104].

Financial Performance - In 2021, the Group achieved a record contract sales amount of RMB78.45 billion, representing an increase of approximately 4% year-on-year[17]. - Profit attributable to shareholders was RMB4.01 billion, a decrease of 8% compared to the previous year[17]. - The Group's gross margin for 2021 was 20%, down from 42% in the same period last year[17]. - The Group's revenue for the year ended 31 December 2021 decreased to RMB14,184.8 million from RMB16,884.3 million for the year ended 31 December 2020, a decline of approximately 16.0%[28]. - Profit before tax for the year ended December 31, 2021, was RMB 5,723,457,000, down 21.2% from RMB 7,266,147,000 in 2020[61]. - The Group's profit for the year was RMB 4,328,934,000, a decrease of 10.5% compared to RMB 4,834,849,000 in 2020[61]. - Basic earnings per share decreased by 9% to RMB0.2425 for the year ended 31 December 2021, compared to RMB0.2679 in the previous year[32]. Cash Flow and Collection - The cash collection rate for contract sales exceeded 90%, providing a stable cash flow foundation for the Group[17]. - Cash collection rate for contract sales exceeded 90%, providing stable cash flow amidst challenging market conditions[18]. - The Group's cash and bank balances rose by 23% to RMB8.772 billion as of December 31, 2021, from RMB7.152 billion in 2020[43]. Assets and Liabilities - Total assets increased to RMB 77.08 billion, up from RMB 64.41 billion in 2020[25]. - Total liabilities rose to RMB 52,489,027,000 as of December 31, 2021, compared to RMB 43,308,088,000 in 2020, an increase of 21.4%[61]. - The gearing ratio rose to 93% in 2021, compared to 87% in 2020[25]. - The net debt increased by RMB2.29 billion to RMB13.328 billion as of December 31, 2021, resulting in a net debt ratio of 54%, up from 52% in 2020[46]. Land Bank and Development Projects - Total land reserves amounted to 23.27 million sqm, with 82% located in first-tier and second-tier cities[19]. - The management emphasizes the importance of a sizable and quality land bank for success in the competitive property market in the PRC[62]. - The Group's land bank distribution includes 206 thousand square meters in Vision Shenzhen Business Park Phase 3 and 400 thousand square meters in Guangzhou Huadu North Railway Station TOD Project[64]. - The Group acquired 40 land projects in China with a total planned GFA of approximately 7.686 million square meters, at a total consideration of approximately RMB23,088 million, averaging RMB6,300 per square meter[69][70]. Revenue Segments - Revenue from the property development segment decreased to RMB13,019.7 million, representing 92% of total revenue, down from RMB15,764.2 million, which was 93% of total revenue in 2020[33]. - The property investment and management segment's revenue increased to RMB868.6 million, representing 6% of total revenue, up from RMB795.0 million, which was 5% of total revenue in 2020[35]. - The segment results for property investment and management reported a profit of RMB2,210.7 million for the year ended 31 December 2021, a significant increase from RMB51.3 million in 2020[35]. Corporate Governance - The Company emphasizes high standards of corporate governance to optimize shareholder returns and enhance performance[94]. - The Company has maintained compliance with the Corporate Governance Code throughout FY2021, with some deviations due to the COVID-19 pandemic[95]. - The Board of Directors consists of four executive directors, two non-executive directors, and three independent non-executive directors as of the report date[100]. - The Company has adopted the Model Code for Securities Transactions by Directors, ensuring compliance by all directors throughout the year[99]. Risk Management and Internal Control - The Company has a strong focus on risk management and internal control as part of its corporate governance practices[94]. - The Audit Committee monitors internal and external audit functions and makes recommendations to ensure effective operations[129]. - The internal audit function operates independently of the Group's business operations, ensuring unbiased assessments of risk management[170]. - The Group aims to continuously improve its risk management and internal control systems to promote sustainable development[175]. Environmental, Social, and Governance (ESG) - The Company emphasizes the importance of ESG issues related to property development and management businesses in Mainland China[192]. - The reporting period for the Environmental, Social and Governance (ESG) Report covers from January 1, 2021, to December 31, 2021[192]. - The projects included in the ESG Report represent more than 75% of the Group's revenue in FY2021[196]. - The Group aims to report ESG performance objectively, utilizing quantitative methods for data presentation whenever possible[198].

Revenue and Profitability - The Group's revenue decreased from RMB5,837.2 million for the six months ended June 30, 2020, to RMB4,997.9 million for the six months ended June 30, 2021, a decrease of RMB839.3 million[9]. - The profit attributable to owners of the Company decreased from RMB1,608.3 million to RMB1,066.5 million, a decline of RMB541.8 million, mainly due to reduced property sales recognition[14]. - Basic earnings per share decreased by 36%, from RMB0.1004 to RMB0.0645 for the six months ended June 30, 2021[14]. - Revenue for the six months ended June 30, 2021, was RMB 4,997,902, a decrease of 14.4% compared to RMB 5,837,173 for the same period in 2020[62]. - Gross profit for the period was RMB 1,429,034, down 23.0% from RMB 1,854,234 in the previous year[62]. - Profit for the period attributable to owners of the Company was RMB 1,066,481, a decline of 33.7% from RMB 1,608,336 in 2020[62]. Operating Expenses and Costs - Direct operating expenses rose from RMB523.3 million to RMB789.4 million, attributed to increased marketing and staff costs due to property project preparations[10]. - Finance costs increased from RMB274.5 million to RMB392.4 million, driven by higher loan interest expenses from related party borrowings[13]. - The Group's employee benefits expenses totaled RMB 486,823,000, compared to RMB 277,207,000 in the previous year, reflecting an increase of approximately 75.6%[149]. - Total finance costs incurred were RMB 504,288,000, an increase from RMB 275,753,000 in the previous year, marking an increase of approximately 82.7%[146]. Income and Gains - Other income and gains increased from RMB299.6 million to RMB564.1 million, primarily due to an increase in consulting services income and interest income[9]. - The increase in other income was also supported by an increase in interest income of RMB33.5 million[9]. - The Group received various government subsidies totaling RMB90.6 million during the period[9]. - Other income and gains increased to RMB 564,129, up 88.5% from RMB 299,639 in the previous year[62]. Financial Position - Total shareholders' equity decreased from RMB 18,888.2 million as of December 31, 2020, to RMB 18,676.5 million as of June 30, 2021, reflecting a net decrease of RMB 259.5 million[21]. - The Group's net debt increased by RMB 3,357.7 million to RMB 14,395.3 million as of June 30, 2021, with a net debt ratio rising to 68% from 52% as of December 31, 2020[24]. - Total current assets rose to RMB 35,137,805, compared to RMB 26,193,343 at the end of 2020, indicating a growth of 34.1%[65]. - Total non-current assets as of June 30, 2021, were RMB 36,896,616, a decrease from RMB 38,213,797 at the end of 2020[65]. Sales and Contracts - As of June 30, 2021, the Group achieved aggregated contracted sales of RMB 41,762 million, representing a growth of 34% compared to the same period in 2020[43]. - The total contracted sales area for the first half of 2021 was 1.90 million square meters, an increase of 41% year-on-year[43]. - Revenue from property sales was RMB 4,110,959 for the six months ended June 30, 2021, down from RMB 5,150,431 in 2020, indicating a decrease of about 20.2%[141]. - The total revenue from contracts with customers was RMB 4,540,105 for the six months ended June 30, 2021, compared to RMB 5,452,755 in 2020, reflecting a decline of approximately 16.7%[141]. Segment Performance - Revenue from the property development and fitting-out segment for the six months ended June 30, 2021, was RMB 4,417.9 million, accounting for 88% of total revenue, down from RMB 5,317.4 million (91%) in the same period of 2020, with a profit decrease of RMB 646.2 million[15]. - Revenue from the property investment and management segment increased to RMB 421.4 million (9% of total revenue) for the six months ended June 30, 2021, compared to RMB 372.8 million (6%) in the same period of 2020, with a profit turnaround from a loss of RMB 56.6 million to a profit of RMB 252.5 million[17]. - The microfinance segment's revenue increased to RMB 158.7 million (3% of total revenue) for the six months ended June 30, 2021, from RMB 147.0 million (3%) in the same period of 2020, with profit remaining stable at RMB 99.5 million[20]. Debt and Borrowings - The Group arranged two short-term bank borrowings totaling RMB 773.9 million during the review period, with total bank and other borrowings amounting to RMB 5,338.8 million as of June 30, 2021[23]. - Total borrowings as of June 30, 2021, amounted to RMB 21,913,358,000, an increase from RMB 18,321,435,000 as of December 31, 2020[36]. - As of June 30, 2021, 63% of the Group's borrowings were subject to floating interest rates, up from 57% as of December 31, 2020[37]. - The maturity profile indicates that RMB 3,725,521,000 of borrowings are due within one year, compared to RMB 2,015,629,000 in the previous year[190]. Asset Management - The Group held a gross floor area of 1.785 million square meters of investment properties in operation as of June 30, 2021, a year-on-year increase of 47%[18]. - The total rental income from commercial properties during the period was approximately RMB 316 million, representing a year-on-year increase of 36%[45]. - The total rental and management fee revenue from commercial and industrial park projects for the six months ended June 30, 2021, was approximately RMB 526 million, representing a 35% increase compared to the same period in 2020[49]. - The total built area of the group's operational commercial projects reached approximately 660,000 square meters, with total rental income of about RMB 316 million during the period, reflecting a 36% year-on-year growth[48]. Financial Reporting and Standards - The Group's financial reporting standards were updated for the first time in accordance with the revised Hong Kong Financial Reporting Standards effective from January 1, 2021[8]. - The Group's interim condensed consolidated financial information for the six months ended June 30, 2021, is prepared in accordance with Hong Kong Accounting Standard 34[83]. - The Group has applied revised Hong Kong Financial Reporting Standards for the first time, effective from January 1, 2021[85]. Market Outlook and Strategy - The overall size of the real estate sector in 2021 is expected to remain similar to that of 2020 due to ongoing austerity measures[51]. - The "three red lines" financing measures are anticipated to exert significant pressure on highly indebted real estate companies, affecting their land auction and acquisition activities[51]. - The newly adopted policy of centralized land supply in over 20 cities is expected to control land premiums and provide better profit margin projects for larger, less leveraged companies in the long run[51]. - The real estate market in first- and second-tier cities is expected to remain robust due to significant economic growth and continuous demand from first-time and trade-up buyers[50].

Financial Performance - The Group achieved record-high contracted sales of RMB 75.2 billion, representing an increase of approximately 18% year-on-year[20]. - Profits attributable to shareholders reached a record high of RMB 4.35 billion, reflecting a year-on-year growth of 15%[21]. - The core profit attributable to shareholders amounted to RMB 4.59 billion, representing a year-on-year increase of 14%[21]. - Revenue for the year ended 31 December 2020 increased to RMB16,321.7 million, up from RMB11,710.2 million in 2019, primarily due to a RMB4,498.3 million increase in property sales revenue[41][45]. - Profit attributable to owners of the Company for 2020 was RMB4,354.5 million, compared to RMB3,799.6 million in 2019, reflecting a strong performance[37]. - Core profit attributable to owners of the Company rose to RMB4,678.4 million from RMB4,100.8 million in the previous year[37]. - Profit for the year increased to RMB 4,834,849,000 in 2020 from RMB 4,503,651,000 in 2019, reflecting a growth of about 7.3%[87]. - The Group's profit before tax for 2020 was RMB 7,266,147,000, slightly down from RMB 7,428,965,000 in 2019, a decrease of about 2.2%[87]. - Non-controlling interests in profit for the year were RMB 480,301,000, down from RMB 704,023,000 in 2019, a decline of approximately 31.8%[87]. Revenue and Sales - The cash collection ratio from contracted sales for the current year was over 79%, providing solid cash flow[20]. - The total contracted sales area was 3,387,600 square meters, reflecting an 8% increase from the previous year[118]. - The average selling price in 2020 was approximately RMB 22,200 per square meter, a year-on-year increase of 9%[118]. - Total rental/management fees revenue reached approximately RMB 795 million in 2020, representing an 18% increase compared to 2019[121]. - Revenue from the property investment and management segment increased to RMB795.0 million, representing 5% of total revenue, compared to RMB671.4 million, which was 6% of total revenue[61]. Assets and Liabilities - Total assets as of 31 December 2020 were RMB64,407.1 million, compared to RMB63,169.6 million in 2019[38]. - Total liabilities decreased to RMB43,308.1 million in 2020 from RMB45,272.2 million in 2019[38]. - The gearing ratio increased to 87% in 2020 from 57% in 2019, indicating higher leverage[38]. - The Group's total shareholders' equity increased from RMB15,047.2 million as of December 31, 2019, to RMB18,888.2 million as of December 31, 2020[64]. - The net debt increased by RMB 6,387.8 million to RMB 11,037.6 million as of December 31, 2020, resulting in a net debt ratio of 52%, up from 26% as of December 31, 2019[71]. Investments and Development - The Group has approximately 2 million square meters of business park properties under management and 1.3 million square meters of commercial properties[22]. - The Group's land bank totaled 18.63 million square meters as of December 31, 2020, with 21% located in first-tier cities[93]. - The Group acquired 34 new development sites with a total GFA of approximately 5.58 million square meters at a total cost of RMB24.1 billion, averaging RMB8,300 per square meter[24][25]. - The Group's expansion in investment and development of business parks was aggressive during the year[22]. - The Group acquired 34 land projects in 2020, with a total planned GFA of approximately 5,576,800 square meters at a total consideration of RMB 44.16 billion[115]. Corporate Governance - The Company has maintained compliance with the Corporate Governance Code throughout FY2020, with some deviations due to the COVID-19 pandemic[146]. - The Board of Directors consists of four executive Directors, two non-executive Directors, and three independent non-executive Directors[154]. - The Company has established three board committees: audit, remuneration, and nomination, each with specific written terms of reference[193]. - The Audit Committee held 2 meetings with senior management during the year, with all members attending both meetings[198]. - The Company Secretary attends all regular board meetings to advise on corporate governance and statutory compliance[170]. Management and Leadership - Mr. Huang has been the Executive Director and Chairman of the Group since November 2012, overseeing the overall operation of Gemdale Corporation[126]. - Mr. Xu has served as the Executive Director and CEO since January 2013, responsible for capital management and strategic planning[128]. - The company has extensive experience in property investment, design, construction, marketing, and corporate management, with key personnel holding advanced degrees in relevant fields[126][128][130]. - The management team has been recognized for their excellence, with Mr. Xu receiving awards for being the "Best Board Secretary" in 2011 and 2012[128]. - The Company encourages Directors to enroll in professional development courses related to corporate governance practices[181]. Market Conditions - The Chinese real estate market showed strong recovery in the second quarter of 2020 after the initial impact of the COVID-19 pandemic[16]. - The central government implemented policies to promote healthy development in the real estate market, including the "Three Red Lines Rules" introduced in August 2020[18]. - The Group's foreign currency risk exposure is considered acceptable, with most transactions conducted in RMB, and it will continue to monitor and hedge currency risks as appropriate[74]. Future Development Plans - Future development plans include a mix of residential, commercial, and industrial projects, reflecting a balanced approach to market demands[103]. - The company is actively expanding its portfolio with multiple projects in key urban areas, indicating a strategic focus on urban development[99]. - The total GFA of remaining unrecognized for sale is 3,000,000 square meters across various projects in cities like Xuzhou, Suzhou, and Kunshan[104].

Revenue and Profitability - The Group's revenue increased from RMB3,062.1 million for the six months ended June 30, 2019, to RMB5,670.2 million for the same period in 2020, representing an increase of 85.2%[21] - Revenue from property development segment was RMB5,150.4 million, accounting for 91% of total revenue, compared to RMB2,588.7 million (85% of total revenue) in the corresponding period of 2019[27] - Profit attributable to owners of the Company for the six months ended June 30, 2020, was RMB1,608.3 million, an increase of 38.8% from RMB1,158.3 million in the same period of 2019[25] - Basic earnings per share increased by 38% to RMB0.1004 for the six months ended June 30, 2020, compared to RMB0.0729 for the corresponding period in 2019[26] - The segment result for property development recorded a profit of RMB2,522.3 million, an increase of RMB732.9 million from RMB1,789.4 million in the corresponding period[27] - The increase in revenue was primarily driven by a significant increase in revenue recognized from property sales, amounting to RMB2,561.7 million[21] - The Group achieved aggregated contracted sales of RMB 31,180 million for the six months ended 30 June 2020, representing a 17% increase compared to the same period in 2019[56] - The total contracted sales area was 1.34 million square meters, reflecting an 8% increase from the corresponding period in 2019[56] - The average selling price was approximately RMB 23,200 per square meter, which is an 8% increase compared to the same period in 2019[56] Expenses and Costs - Direct operating expenses rose from RMB605.8 million in the first half of 2019 to RMB692.1 million in 2020, reflecting an increase of approximately 14.3%[22] - Profit before tax increased to RMB 2,289,737, representing a 36.7% rise from RMB 1,674,990 in 2019[71] - Profit before tax was impacted by a significant increase in the cost of properties sold, which surged to RMB 3,493,486,000 from RMB 1,496,531,000, reflecting a year-over-year increase of about 133.4%[151] - The total employees benefits expenses increased to RMB 277,207,000 from RMB 254,587,000, marking a rise of approximately 8.9%[151] Financial Position and Assets - Total shareholders' funds increased from RMB 15,047.2 million as of December 31, 2019, to RMB 15,717.3 million as of June 30, 2020, driven by a profit of RMB 1,608.3 million[34] - Total assets as of June 30, 2020, amounted to RMB 61,375,637,000, while total liabilities were RMB 42,692,925,000[135] - Total non-current assets as of June 30, 2020, amounted to RMB 34,422,576, an increase from RMB 31,613,870 at the end of 2019[74] - Current assets totaled RMB 26,953,061, down from RMB 31,555,777 at the end of 2019[74] - The Group's land bank totaled 17.20 million square meters as of June 30, 2020, with approximately 20% located in first-tier cities[52] - The Group's investments in joint ventures totaled RMB 14,139,215,000[135] Cash Flow and Financing - The Group's cash and bank balances rose by RMB 1,140.9 million (23%) to RMB 6,115.5 million as of June 30, 2020, primarily due to proceeds from property sales and new borrowings[36] - The net cash from financing activities for the six months ended June 30, 2020, was RMB 1,072,944,000, a decrease from RMB 8,213,444,000 in the same period of 2019[83] - New bank and other borrowings for the period totaled RMB 1,196,354,000, compared to RMB 1,965,112,000 in the previous period[83] - The Group recorded net current liabilities of RMB 5,141,017,000 as of June 30, 2020, compared to RMB 4,384,828,000 as of December 31, 2019[90] Borrowings and Debt - Total borrowings amounted to RMB 4,167.2 million as of June 30, 2020, with interest rates ranging from 1.0% to 4.6% per annum[38] - Net debt increased by RMB 385.0 million to RMB 5,034.8 million, resulting in a net debt ratio of 27%, up from 26% at the end of 2019[38] - The Group's outstanding guarantees amounted to RMB 3,337,431,000 as of June 30, 2020, significantly up from RMB 1,623,164,000 as of December 31, 2019[47] - The Group's maximum guarantee to financial institutions for facilities granted to joint ventures was US$ 71,500,000 (equivalent to RMB 506,184,000) as of June 30, 2020[48] Market Conditions and Strategic Outlook - The outbreak of COVID-19 is anticipated to adversely impact the Chinese economy, including the real estate sector, prompting various monetary and fiscal policies from the PRC government[60] - The Group expects continued impacts from COVID-19 on the retail industry, leading to a conservative valuation approach for its right-of-use assets[30] - The demand for better housing and living environments is seen as an opportunity for companies providing green health and quality property management[60] - The Group plans to actively seek M&A opportunities to enhance scale and maximize shareholder value due to its low-gearing financial structure[60] Accounting Policies and Financial Reporting - The unaudited interim financial information is prepared in accordance with HKAS 34 Interim Financial Reporting[86] - The Group has applied revised Hong Kong Financial Reporting Standards effective from January 1, 2020, for the first time in this reporting period[91] - The Group assesses the impairment of assets based on whether an event affecting asset value has occurred and whether the carrying value can be supported by the net present value of future cash flows[108] - The Group's financial reporting is based on historical experience and expectations of future events, with significant estimates and assumptions discussed in the financial information[103] Joint Ventures and Associates - The Group's share of results from joint ventures and associates reported a profit of RMB982.8 million, up from RMB825.7 million in the same period of 2019, representing an increase of 19%[25] - The share of profits and losses of joint ventures resulted in a loss of RMB (1,020,801), compared to a loss of RMB (589,865) in the previous year, reflecting a deterioration in joint venture performance[80] Property Development and Management - The property investment and management segment's revenue increased to RMB 372.8 million, representing 7% of total revenue, compared to RMB 280.0 million (9%) in the prior year[30] - The property investment and management segment recorded a loss of RMB 56.6 million, an improvement from a loss of RMB 66.6 million in the prior year[30] - The commercial properties portfolio is expected to generate an additional RMB 1.5 billion in rental income upon completion of ongoing projects[59]

Financial Performance - The Group achieved a record high in contracted sales of RMB 63.66 billion, representing an increase of approximately 30% year-on-year[11]. - Profits attributable to shareholders reached a record high of RMB 3.8 billion, reflecting a year-on-year growth of 69%[11]. - Core profit attributable to shareholders amounted to RMB 4.01 billion, representing a year-on-year increase of 76%[11]. - The gross profit margin for the Group was 53%, a slight decrease from 58% in the previous year, but still higher than most industry players[11]. - The Group's revenue for the year ended December 31, 2019, increased to RMB 11,710.2 million, up from RMB 7,079.1 million in 2018, representing a growth of approximately 65.5%[20]. - Profit attributable to owners of the Company rose to RMB 3,799.6 million in 2019, compared to RMB 2,252.6 million in 2018, marking an increase of about 68.6%[20]. - Core profit attributable to owners of the Company reached RMB 4,010.0 million, up from RMB 2,273.0 million in the previous year, reflecting a growth of approximately 76.5%[20]. - Basic earnings per share increased by 69% to RMB0.2392 in 2019, compared to RMB0.1419 in 2018[34]. - Profit before tax for 2019 was RMB 7,428,965,000, up from RMB 4,787,694,000 in 2018, indicating a growth of about 55.4%[64]. - The profit for the year attributable to owners of the company was RMB 3,799,628,000, compared to RMB 2,252,622,000 in 2018, reflecting an increase of approximately 68.7%[64]. Dividends and Shareholder Returns - The Board proposed a final dividend of RMB 7.18 cents per ordinary share, a significant increase of 160% compared to the previous year's final dividend[12]. - Proposed final dividend is RMB0.0718 per share for 2019, up from RMB0.0275 per share in 2018, pending shareholder approval[35]. - Total shareholders' funds rose from RMB11,835.2 million as of December 31, 2018, to RMB15,047.2 million as of December 31, 2019, driven by a profit attributable to owners of RMB3,799.6 million[44]. Property Development and Investment - The Group currently has approximately 1.5 million square meters of commercial properties and plans to launch at least 3 to 4 new operating projects each year for the next three years[11]. - The Group acquired 21 new development sites with a total GFA of approximately 4.94 million square meters, including 738,000 square meters (15%) located in Beijing and Shanghai[15]. - The Group's aggressive expansion in investment and development of business projects is a key strategy moving forward[11]. - The Group anticipates mild growth in contracted sales and net profit, strengthening its market position in the real estate industry[15]. - The Group's commercial properties portfolio is expected to generate an additional RMB1.5 billion in rental income upon completion of ongoing projects[94]. Financial Position and Liabilities - Total assets as of December 31, 2019, amounted to RMB 63,169.6 million, an increase from RMB 51,987.8 million in 2018[21]. - The gearing ratio increased to 57% in 2019 from 44% in 2018, indicating a rise in financial leverage[21]. - The net debt increased by RMB2,689.3 million to RMB4,649.8 million as of December 31, 2019, with a net debt ratio rising to 26% from 14%[49]. - As of December 31, 2019, total borrowings amounted to RMB10,266.6 million, up from RMB6,061.3 million in 2018[51]. - The total liabilities as of December 31, 2019, were RMB 45,272,201,000, compared to RMB 38,117,372,000 in 2018, representing an increase of approximately 18.5%[64]. Corporate Governance - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout FY2019, except for certain deviations regarding attendance at the annual general meeting[113]. - The Board of Directors consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balanced composition for effective decision-making[118]. - The Company emphasizes high standards of corporate governance to optimize returns for shareholders and enhance overall performance[112]. - The Company has adopted the Model Code for Securities Transactions by Directors, and all directors complied with the required standards throughout the year[117]. - The Company has established three board committees: audit, remuneration, and nomination, each with specific written terms of reference[149]. Risk Management and Internal Control - The Group has applied appropriate accounting policies consistently and made reasonable judgments in preparing financial statements[146]. - The Audit Committee assists the Board in ensuring objectivity and credibility of financial reporting, including interim and final results[152]. - The Group's internal control systems are designed to provide reasonable assurance against material misstatement or loss[187]. - The Company engages independent consultants to review its risk management and internal control systems as necessary[185]. - The Board conducts an annual review of risk management and internal control measures, ensuring compliance and effectiveness[188]. Market Trends and Challenges - The overall property sales market in China saw slight growth in 2019, but challenges remain due to higher funding costs and tighter supply[9]. - Large-scale national players have adopted different marketing strategies to maintain sales growth amid a shrinking market for small and medium-sized players[9]. - The demand for improved housing and living environments is expected to create opportunities for the Group in the property management sector[16]. Management and Leadership - The Group's strategic planning and management are overseen by experienced executives with extensive backgrounds in property development and corporate management[96][97][98][99]. - Mr. Wei Chuanjun has been the Executive Director and CFO since October 2012, with extensive experience in property development and financial management[100]. - The Company Secretary has over 22 years of experience in accounting, treasury, finance, and mergers and acquisitions, contributing to effective corporate governance[110].