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告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 眾 安 集 團 有 限 公司 Zhong An Group Limited （於開曼群島註冊成立之有限公司） 672 （股份代號： ） 2022 12 31 截至 年 月 日止年度業績公告 摘要 • 2022 9,250.5 2021 86.2% 年確認收入約為人民幣 百萬元，較 年增長約 • 2022 2,470.9 2021 67.4% 年毛利為人民幣 百萬元，較 年增長約 • 2022 186.7 2021 年母公司擁有人應佔溢利約為人民幣 百萬元，較 年增長約 155.4% ...

Financial Performance - The Group's revenue for the six months ended June 30, 2022, was RMB 5,077.6 million, an increase of approximately 156.2% compared to the same period in 2021[13]. - Gross profit for the same period was approximately RMB 1,726.1 million, representing an increase of approximately 174.7% year-on-year[13]. - The unaudited profit was RMB 70.2 million, reflecting an increase of approximately 106.5% compared to the corresponding period of 2021[13]. - Revenue for the six months ended June 30, 2022, was RMB 5,077,587, an increase of 156.3% compared to RMB 1,982,203 for the same period in 2021[158]. - Gross profit for the same period was RMB 1,726,106, up from RMB 628,421, reflecting a significant growth in profitability[158]. - Profit before tax reached RMB 1,086,995, compared to RMB 230,997 in the previous year, indicating a substantial increase[158]. - Profit for the period attributable to owners of the parent was RMB 137,659, a significant rise from RMB 12,430 in the prior year[158]. - Basic and diluted earnings per share attributable to equity holders of the parent were RMB 2.44 cents, compared to RMB 0.22 cents in the previous year[158]. - Profit for the period increased to RMB 70,231,000 in 2022 from RMB 33,950,000 in 2021, representing a growth of 106.5%[161]. - Total comprehensive income for the period reached RMB 86,586,000, a significant increase from RMB 8,461,000 in the previous year[161]. Sales and Contracted Sales - Contracted sales during the review period amounted to approximately RMB 5,266.1 million, with sales being relatively flat due to external factors and recurrent epidemics[20]. - Contracted sales amounted to about 277,342 sq.m. with a total value of approximately RMB 5,266.1 million during the period[82]. - Revenue from property sales reached approximately RMB 4,744.1 million, an increase of 187.9% compared to RMB 1,647.6 million in the same period of 2021[59]. - The Group's recognized GFA sold during the review period was approximately 210,028 sq.m., generating revenue of about RMB 4,744.1 million[91]. - The area of commodity properties pending for sale increased by 7.3% year-on-year to 547.84 million sq.m., with residential properties pending for sale up 13.5%[55]. Land Acquisition and Development - A total of 45 new projects were launched for sale during the review period, primarily located in the Yangtze River Delta Region[20]. - During the review period, the Group acquired a total of 7 land parcels in Zhejiang Province, adding approximately 0.524 million sq.m. of gross floor area and a stock value of approximately RMB 10.5 billion[35]. - The Group successfully won five land parcels in the first batch of centralized land supply auctions in Hangzhou, exceeding its target for the first half of the year[34]. - The Group is committed to a prudent land replenishment strategy, acquiring high-quality land parcels while maintaining financial soundness[33]. - The total gross floor area of the Group's land bank was approximately 10.44 million sq.m. as of June 30, 2022, with an average cost of approximately RMB 3,229 per sq.m., expected to support development for the next five years[36]. Financial Position and Ratios - As of June 30, 2022, the Group had total cash of approximately RMB 7,230.2 million, maintaining a healthy financial status with key financial indicators remaining green[23][26]. - The Group's total assets as of June 30, 2022, were approximately RMB 60,019.7 million, an increase from approximately RMB 57,240.3 million as of December 31, 2021[106]. - The Group's interest-bearing bank and other borrowings amounted to approximately RMB 17,329.7 million as of June 30, 2022, compared to approximately RMB 16,993.9 million as of December 31, 2021[109]. - The average effective interest rate on the Group's borrowings was 5.80% per annum as of June 30, 2022, down from 6.20% per annum as of December 31, 2021[113]. - The current ratio of the Group was approximately 1.37 as of June 30, 2022, compared to approximately 1.41 as of December 31, 2021[115]. - The net gearing ratio of the Group was 0.83 as of June 30, 2022, up from 0.76 as of December 31, 2021[115]. Market Outlook and Strategy - The Group plans to benefit from counter-cyclical adjustments in real estate financial policy and continued loose monetary policy, expecting an increase in contracted sales in the second half of the year[20]. - The real estate industry is anticipated to enter a new model and stage of virtuous cycle and healthy development under the government's policies[19]. - The Group aims to deepen its cultivation in the Yangtze River Delta region and focus on project development in future core areas, enhancing brand presence across multiple cities[41][43]. - The Group plans to maintain a prudent short-term outlook while being optimistic in the long term, focusing on precise and diversified investment strategies to ensure steady enterprise development[42][45]. - The real estate market is expected to develop steadily in the second half of 2022, transitioning from high-speed growth to high-quality development[40][43]. Operational Efficiency and Cost Management - The Group's business philosophy emphasizes "steady operation and profound accumulation," focusing on strategic transformation and product upgrading[20]. - The Group aims to reduce costs and enhance efficiency while actively reserving resources for future development, maintaining a prudent short-term view and an optimistic long-term outlook[139]. - Selling and distribution expenses decreased by 7.9% to approximately RMB 126.9 million from RMB 137.8 million in the same period of 2021[69]. - Staff costs for the Group were about RMB 218.9 million during the review period, representing a decrease of approximately 3.3% compared to RMB 226.4 million in the corresponding period of 2021[130]. Customer Satisfaction and Market Presence - Customer satisfaction scores for the Group significantly exceeded the industry average, as reported in the "2022 China Real Estate Customer Satisfaction Survey Report" by the China Index Academy[24][26]. - The Group's strategic focus on market expansion is evident through its various projects across multiple cities, enhancing its overall market presence[91]. Dividend Policy - The Group does not recommend the payment of any interim dividend for the review period, consistent with the previous year[14]. - No interim dividend was declared for the six months ended June 30, 2022, consistent with the previous year[141].

Financial Performance - The audited consolidated revenue for 2021 was RMB 4,968.7 million, representing a decrease of approximately 33.2% from 2020[17]. - Profit attributable to owners of the company was RMB 73.1 million, a decrease of 91.2% compared to RMB 827.9 million in 2020[15]. - The basic earnings per share decreased to RMB 1.3 cents from RMB 14.6 cents in 2020[15]. - The gross profit for 2021 was RMB 1,476 million, representing a decrease of approximately 34.2% from 2020[17]. - For the year ended December 31, 2021, the Group recorded total revenue of approximately RMB 4,968.7 million, representing a decrease of approximately 33.2% compared to RMB 7,438.9 million in 2020[151]. - Revenue from property sales constituted approximately 86.1% of the total income for the year, with a significant decrease in the total GFA of properties delivered in 2021 compared to 2020[151]. - The Group's cost of sales for the year was approximately RMB 3,492.5 million, a decrease of approximately 32.8% from RMB 5,194.0 million in 2020[152]. - Gross profit for the year was about RMB 1,476.1 million, representing a decrease of about 34.2% compared to RMB 2,244.9 million in the previous year, with a gross profit margin of approximately 29.7%[153]. Sales and Contracted Projects - Contracted sales amount increased to RMB 27,925.1 million, up 27.3% from RMB 21,944.1 million in 2020[15]. - The Group achieved a record high in contracted sales despite turbulent market conditions and "black swan" events, adhering to a core business philosophy of stability[20]. - As of December 31, 2021, the contracted GFA sold by the Group was approximately 1,175,362 sq.m., an increase from 1,099,215 sq.m. in 2020[112]. - The contracted sales area was approximately 1,175,362 sq.m., reflecting an increase of approximately 6.9% from the previous year, with an average selling price of approximately RMB 23,759 per sq.m., up approximately 19.0%[23]. - The total contracted amount for the projects listed in the report reached RMB 27,925.1 million, indicating robust sales performance across various cities[124]. Financial Position and Stability - Total cash increased by 33.6% to RMB 7,895.7 million from RMB 5,911.7 million in 2020[15]. - Total assets rose by 36.9% to RMB 57,240.3 million compared to RMB 41,820.0 million in 2020[15]. - The debt to asset ratio increased to 79.2% from 72.7% in 2020[15]. - The net gearing ratio improved to 76.3% from 83.9% in 2020[15]. - The Group maintained a strong financial position, being re-elected as one of the "Top 10 Financial Stability for Listed Real Estate Companies in Hong Kong" and awarded "Top 10 Investment Value for Listed Real Estate Companies in Hong Kong"[24]. Land Acquisition and Development Strategy - The Group executed 12 land transactions in various cities, totaling a gross floor area of approximately 1.93 million sq.m. and an expanded value of approximately RMB 28.4 billion[25]. - Zhong An has acquired 3 land parcels for "future communities" in Zhejiang Province, positioning itself as a pioneer in this sector[25]. - The Group's strategy focuses on urban development value in land acquisition, ensuring stable growth and development[25]. - The Group plans to deepen its strategic layout in the Yangtze River Delta region, leveraging brand advantages for continuous development[35]. - The Group's strategic focus on expanding its land bank is evident, with significant investments in new projects aimed at enhancing future growth potential[129]. Operational Performance - The Group delivered over 5,000 housing units in different cities, achieving a centralized delivery rate of over 90%[30]. - The Group's hotel operations improved quality and won multiple industry awards through vocational skills competitions[32]. - Hotel operations generated revenue of approximately RMB173.2 million, a decrease of about 5.1% from RMB182.5 million in 2020, with an overall occupancy rate of approximately 40%[136]. - Leasing revenue for 2021 was about RMB122.3 million, representing a decrease of about 15.6% compared to RMB144.8 million in 2020[140]. - The overall leasing rate for the Group's properties was 87%, down from 94% in 2020[140]. Future Outlook and Strategic Initiatives - The Group aims to create a sustainable business development path focused on enhancing life quality and asset appreciation for customers[35]. - The Group's future outlook remains positive, supported by the successful acquisition of new projects and strong sales performance in existing developments[129]. - The macroeconomic environment is expected to remain stable in 2022, with property investment anticipated to develop steadily and healthily due to improved long-term mechanisms in the property market[189]. - The group aims to transition from "building houses" to "building lifestyles," providing a full life cycle of better life solutions for Chinese families[190]. Governance and Compliance - The group has adopted corporate governance practices in compliance with the Corporate Governance Code, ensuring the safeguarding of shareholders' interests[198]. - The group is preparing a report on environmental, social, and governance aspects, which will be published on its and the Stock Exchange's websites[188]. - The Group will comply with regulatory rules, including the "three red lines," to maintain strategic and financial stability[35].

Financial Performance - The unaudited consolidated revenue for the first half of 2021 was approximately RMB1,982.2 million, representing an increase of approximately 81.4% compared to the same period in 2020[13]. - The gross profit for the same period was approximately RMB628.4 million, reflecting an increase of approximately 60.7% year-on-year[13]. - The profit for the period was approximately RMB34.0 million, a decrease of approximately 89.4% compared to the corresponding period in 2020[13]. - The unaudited profit per share for the period was approximately RMB0.22 cents, down from RMB5.43 cents in the corresponding period of 2020[13]. - Revenue for the six months ended June 30, 2021, was RMB 1,982,203, a 81.7% increase from RMB 1,092,827 in 2020[145]. - Gross profit for the same period was RMB 628,421, representing a 60.7% increase from RMB 390,986 in 2020[145]. - Profit for the period decreased to RMB 33,950, down 89.4% from RMB 319,524 in 2020[147]. - Other income and gains for the period were RMB 188,775, a substantial increase from RMB 46,285 in 2020[145]. Sales and Contracted Sales - Total contracted sales during the period reached approximately RMB14,125 million, marking an increase of approximately 93.2% compared to the same period in 2020[21]. - The Group recorded a contract sales amount of approximately RMB 14,125 million, representing an increase of about 93.2% compared to the same period in 2020[22]. - Revenue from property sales amounted to approximately RMB1,647.6 million, an increase of about 99.2% from RMB827.0 million in the corresponding period of 2020, primarily due to increased property deliveries[54]. - Recognized sales totaled approximately RMB 1,647.59 million with a GFA sold of about 115,049 sq.m. as of June 30, 2021[80]. Project Development - The Group launched a total of 34 new projects for sale, primarily located in the Yangtze River Delta Region, with strong overall sales performance[20]. - The Group has 34 new projects launched and existing projects on sale, primarily located in the Yangtze River Delta, with overall sales performance being strong[22]. - The Group aims to further develop new projects and improve the quality of property management services to add value for property owners[30]. Financial Stability and Strategy - The Group maintained adequate cash flow and met all three red line standards, ensuring financial stability while pursuing sustainable growth[21]. - The Group's financial indicators are strong, meeting all three red line standards, ensuring a balance between aggressive growth and financial stability[22]. - The Group's financial policy remains prudent, focusing on maintaining a healthy liquidity position[105]. - The Group maintains a short-term prudent and long-term optimistic view amid fierce market competition[35]. - The Group will strive to enhance efficiency and effectiveness while consolidating its internal strength[129]. Market Conditions - The real estate market in China remained stable, supported by government regulations aimed at promoting healthy development[19]. - The overall economic recovery trend is expected to continue despite uncertainties from COVID-19, with China's economy maintaining stable growth[128]. - The macro-control objectives of stabilizing land prices, housing prices, and expectations will gradually be implemented to promote a stable and healthy real estate market[128]. Land Acquisition and Management - The Group acquired a total of 8 land parcels nationwide, adding approximately 876,676 sq.m. of GFA and a stock value of approximately RMB 17.2 billion[32]. - As of June 30, 2021, the total GFA of the Group's land bank was approximately 10 million sq.m., primarily distributed in Zhejiang, Anhui, Jiangsu, Shandong, and Yunnan provinces[32]. - The average land cost for the Group is approximately RMB 3,128 per sq.m.[32]. - The Group continues to implement a prudent land replenishment strategy, focusing on acquiring high-quality land at low costs to optimize its land bank structure[30]. Operational Efficiency - The Group has established an internal mechanism for improvement to enhance its industry benchmarking capability and provide quality services to customers[24]. - The management of the hotel group is actively improving its product and service system in response to the normalization of epidemic prevention measures[25]. - The Group will optimize marketing approaches and deepen sales channels to achieve quality sales growth[35]. Human Resources - The unaudited staff cost for the six-month period ended June 30, 2021, was approximately RMB 226.4 million, representing a 36.9% increase from RMB 165.4 million in the corresponding period of 2020[120]. - The Group employed a total of 4,816 staff as of June 30, 2021, compared to 4,153 staff a year earlier[120]. Dividend Policy - The Group does not recommend the payment of any interim dividend for the period under review[14]. - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2021[126]. - No interim dividend is recommended for the six-month period ending June 30, 2021[131].

Financial Performance - The unaudited consolidated revenue for the first half of 2020 was approximately RMB1,092.8 million, representing a decrease of about 68.0% compared to the same period in 2019[19]. - The gross profit for the period was approximately RMB391.0 million, reflecting a decrease of about 74.9% year-on-year[19]. - The profit for the period was approximately RMB319.5 million, a decrease of about 48.9% compared to the corresponding period in 2019[19]. - The unaudited earnings per share for the period was RMB5.43 cents, down from RMB5.74 cents in the same period of 2019[21]. - Total comprehensive income for the period was RMB 329,936, down 50% from RMB 659,803 in 2019[143]. - Profit before tax for the first half of 2020 was RMB 371,898,000, a significant decrease from RMB 1,232,726,000 in the same period of 2019[152]. - The company reported a profit before tax of RMB 371,898, down from RMB 1,232,726 in 2019[141]. - The Group's share of loss from joint ventures was RMB (141,745,000) for the first half of 2020[186]. Revenue Sources - Revenue from property sales amounted to approximately RMB827.0 million, a decrease of about 74.0% from RMB3,176.0 million in the corresponding period of 2019[70]. - Revenue from property leasing was affected by Covid-19, but is expected to rebound in the second half of 2020 as the economy stabilizes[30]. - Revenue from contracts with customers for the six months ended June 30, 2020, was RMB 1,010,461, a decrease of 69.7% compared to RMB 3,335,772 for the same period in 2019[198]. - Revenue from Mainland China for the six months ended June 30, 2020, was RMB 1,077,950, a significant decline from RMB 3,418,150 in the same period of 2019[189]. - Gross rental income from investment property operating leases for the six months ended June 30, 2020, was RMB 82,366, slightly down from RMB 82,378 in 2019[198]. Land Acquisition and Development - The Group added 12 parcels of land through public auction and cooperative development, more than doubling the number from the same period last year[23]. - The Group acquired a parcel of land in Wenzhou, Zhejiang for RMB1.123 billion, with a site area of approximately 30,236 sq.m. and a planned building area of approximately 84,963 sq.m.[36]. - A land parcel in Fuyang, Hangzhou was acquired for RMB998 million, with a site area of approximately 54,493 sq.m. and a planned building area of approximately 130,783 sq.m.[36]. - On March 31, 2020, the Group acquired land in Shaoxing, Zhejiang for approximately RMB1.133 billion, with a site area of 43,412 sq.m. and a planned building area of 52,528 sq.m. for residential use[40]. - On April 7, 2020, the Group acquired land in Lishui, Zhejiang for approximately RMB801 million, with a site area of 79,247 sq.m. and a planned building area of 152,020 sq.m. for residential use[40]. - The Group's land acquisition on June 8, 2020, in Taizhou, Zhejiang was for approximately RMB1.86 billion, with a site area of 122,354 sq.m. and a planned building area of 283,088 sq.m. for residential use[42]. - As of June 30, 2020, the Group's land bank had a gross floor area of approximately 9.05 million sq.m., primarily distributed across several provinces, expected to support development for the next five years[43]. - The Group acquired 12 new parcels of land, increasing its land bank by approximately 1.34 million sq.m. at a total cost of about RMB 11.19 billion[98]. Market Conditions and Strategy - The real estate market in China experienced a recovery, with sales volume and sales amount gradually returning to normal market levels[22]. - The Group consolidated its market position in core cities such as Hangzhou, Ningbo, and Lishui, while also expanding into other prefecture-level cities in Zhejiang Province[23]. - The Group plans to focus on market launch and realization of new land banks acquired in the first half of 2020 while continuing to seek investment opportunities in core cities of Zhejiang Province[45]. - The real estate market in China is expected to prioritize stability, with a focus on "housing is for living in, not for speculation" to ensure healthy market development[44]. - The Group will leverage its brand in the Yangtze River Delta Region to optimize its business model for rapid sales growth[45]. - The Group's strategic goal for 2020 is to advance its five-year plan while managing risks and seizing opportunities in a challenging environment[51]. - The property market in China is expected to resume steady growth in the second half of 2020, supported by a stable financial environment despite ongoing regulatory policies[128]. Operational Adjustments - The Group successfully adjusted operational and sales strategies in response to the epidemic, achieving new success in contracted sales in the first half of 2020[23]. - The management reviewed corporate governance in light of the changing market conditions during the period[23]. - The Group's hotel operations implemented multiple strategies for rapid recovery, including comprehensive cost reduction and marketing efforts[29]. - The management adjusted response plans for shopping malls to facilitate reopening and normal operations post-Covid-19[30]. Financial Position and Assets - As of June 30, 2020, the Group's total assets were approximately RMB 35,683.4 million, up from RMB 30,172.4 million as of December 31, 2019[100]. - The Group's cash and cash equivalents, along with restricted cash, totaled about RMB 3,061.8 million as of June 30, 2020, down from RMB 4,058.9 million at the end of 2019[101]. - The Group's interest-bearing bank loans and other borrowings amounted to approximately RMB 9,941.3 million as of June 30, 2020, compared to RMB 7,220.8 million at the end of 2019[101]. - The current ratio was approximately 1.34 as of June 30, 2020, slightly down from 1.36 at the end of 2019[110]. - The net gearing ratio increased to 0.64 as of June 30, 2020, compared to 0.30 at the end of 2019[110]. - Total liabilities as of June 30, 2020, were RMB 24,956,135,000, up from RMB 19,651,753,000 at the end of 2019, indicating a rise of 27.0%[184]. - Total equity as of June 30, 2020, was RMB 10,727,233, an increase from RMB 10,520,686 as of December 31, 2019, showing a growth of about 2.0%[147]. Employee and Administrative Costs - The Group employed 4,153 staff as of June 30, 2020, compared to 3,470 staff in the same period of 2019, representing an increase of approximately 19.7%[119]. - The unaudited staff cost for the six-month period ended June 30, 2020, was about RMB 165.4 million, reflecting a 5% increase from approximately RMB 157.5 million in the corresponding period of 2019[119]. - Administrative expenses decreased by about 4.6% to RMB 211.1 million from RMB 221.4 million in 2019[81]. Dividends and Shareholder Returns - The Board of Directors does not recommend the payment of any interim dividend for the period under review[21]. - The Group does not currently use derivative instruments to hedge its interest rate risks, which may increase costs if interest rates rise[117]. - The Group did not recommend the payment of an interim dividend for the six-month period ended June 30, 2020, consistent with no dividend in 2019[125].

Financial Performance - The audited consolidated revenue for 2019 was RMB 6,204.7 million, representing an increase of approximately 20.0% from 2018[26]. - Gross profit for 2019 was RMB 2,788.8 million, reflecting a growth of about 64.2% compared to 2018[26]. - Profit attributable to owners of the parent for 2019 was approximately RMB 637.1 million, an increase of about 122.1% from 2018[26]. - Basic earnings per share for 2019 was RMB 0.11, up from RMB 0.05 in 2018[26]. - The recognised revenue from properties delivered in 2019 was approximately RMB 5,611.6 million, an increase of about 20.3% compared to 2018[87]. - The gross floor area (GFA) of properties sold and delivered in 2019 was about 397,627 sq.m., representing an increase of about 16.3% from 2018[88]. - The average selling price per square meter in 2019 was approximately RMB 14,112.7, up about 3.4% from RMB 13,646.6 in the previous year[90]. - The increase in recognised revenue was attributed to higher average selling prices and an increase in the area delivered[90]. Assets and Liabilities - Total assets reached RMB 30,172.4 million, representing a growth of 20.4% from RMB 25,065.9 million in 2018[16]. - Total equity (net assets) was RMB 10,520.7 million, an increase of 10.2% from RMB 9,550.1 million in 2018[16]. - The debt to asset ratio was 65.1%, up from 61.9% in 2018[16]. - Current liabilities increased to approximately RMB 13,603.2 million in 2019 from approximately RMB 9,881.3 million in 2018[198]. - As of December 31, 2019, the Group's interest-bearing bank and other borrowings amounted to approximately RMB 7,220.8 million, up from approximately RMB 4,768.1 million in 2018[199]. Cash Flow - Total cash increased to RMB 4,058.9 million, a rise of 89.6% from RMB 2,140.8 million in 2018[16]. - The Group maintained a healthy asset-liability ratio and cash flow, further enhancing its risk resistance capacity[36]. Sales and Contracted Projects - For the year ended December 31, 2019, the Group recorded contracted sales of approximately RMB 12.43 billion, representing an increase of approximately 114% compared to 2018[33]. - Contracted gross floor area (GFA) sold was approximately 773,393 sq.m., an increase of approximately 101% compared to 2018[33]. - The total contracted sales amount for 2019 was approximately RMB 12,432.4 million, up from RMB 5,823.5 million in 2018[146]. Land Acquisition and Development - The Group acquired five quality land parcels in various cities, enhancing its resource reserves for future development[36]. - The Group's prudent land acquisition strategy aims to replenish its high-quality land bank while maintaining a sound financial position[48]. - The average land cost across the Group's land bank is approximately RMB 1,774 per sq.m., with a total GFA of approximately 8.08 million sq.m. across 10 cities[56]. Revenue from Other Operations - Hotel operations generated revenue of approximately RMB 141.3 million, marking a 26.9% increase from RMB 111.3 million in 2018, with an overall occupancy rate of 51%[158]. - Commercial leasing revenue for 2019 was about RMB 205.9 million, reflecting a 14.7% increase from RMB 179.5 million in 2018, primarily driven by the performance of the Intime City project[161]. - Property management services revenue reached approximately RMB 245.9 million, up 14.5% from RMB 214.7 million in 2018, enhanced by additional services offered[163]. Employee and Operational Expenses - The Group employed a total of 3,603 staff as of December 31, 2019, up from 3,244 staff in 2018, with staff costs increasing by about 23.5% to approximately RMB 314.5 million[178]. - Selling and distribution expenses increased by about 5.2% to approximately RMB 272.6 million in 2019 from about RMB 259.2 million in 2018[194]. - Administrative expenses increased by about 7.0% to approximately RMB 459.4 million in 2019 from about RMB 429.2 million in 2018, primarily due to increased headcounts for the development of the Group[194]. Strategic Initiatives - The Group aims to strengthen cooperation with strategic partners and expand into key development cities, leveraging both domestic and foreign capital platforms[63]. - The Group's development strategy focuses on the Yangtze River Delta region, expected to become a world-class city cluster, enhancing brand marketing and project integration[64]. - The Group is diversifying its business model to include hotel operations, commercial leasing, and property management, aiming for sustainable development[156].

Financial Performance - The Group's turnover for the six months ended June 30, 2019, was approximately RMB3,418.2 million, representing a significant increase of approximately 113.4% compared to 2018[22]. - Gross profit for the same period was approximately RMB1,557.3 million, reflecting a notable increase of approximately 181.4% compared to 2018[22]. - The unaudited profit was approximately RMB624.7 million, representing a significant increase of approximately 553.5% compared to 2018[23]. - Revenue for the six months ended June 30, 2019, was RMB 3,418,150, an increase of 113% compared to RMB 1,601,499 in the same period of 2018[157]. - Gross profit for the same period was RMB 1,557,301, representing a gross margin of approximately 45.5%[157]. - Profit for the period was RMB 624,663, a significant increase of 553% from RMB 95,591 in the prior year[161]. - Total comprehensive income for the period was RMB 659,803, up from RMB 78,845 in the previous year[161]. Sales and Contracted Projects - Contracted sales during the period were approximately RMB5,035.6 million, an increase of approximately 45.0% compared to the corresponding period in 2018[26]. - The contracted GFA sold by the Group was about 380,718 sq.m., with a total contracted amount of approximately RMB5,035.6 million as of June 30, 2019[91]. - The booked GFA sold was approximately 244,979 sq.m., amounting to about RMB3,176.0 million as of June 30, 2019[96]. - Revenue from property sales amounted to approximately RMB3,176.0 million, representing an increase of about 127.7% from RMB1,394.8 million in the corresponding period of 2018[68]. Property Development and Acquisitions - The Group launched a total of 23 new projects for sale and had 10 projects under construction and planning, primarily located in six cities of the Yangtze River Delta Region[26]. - The Group acquired a land parcel in Zhejiang Yiwu Lugang Logistics Park for RMB1.19 billion, with a total floor area of approximately 282,505 sq.m. designated for residential use[33]. - A land parcel in Kunming, Yunnan was acquired for RMB639 million, covering 37,024 sq.m. with a building plan area of 283,932 sq.m. for residential and commercial use[34]. - The Group acquired three parcels of land in Qingdao for approximately RMB334 million, with a total floor area of 51,376 sq.m. for residential and commercial use[39]. - A land parcel in Hangzhou was acquired for approximately RMB1.64 billion, covering 45,333 sq.m. designated for residential use[40]. - As of June 30, 2019, the Group's land bank totaled approximately 8.11 million sq.m., primarily located in six cities in the Yangtze River Delta Region, supporting development for the next five years[41]. Property Management and Leasing - The occupancy rate of Highlong Plaza exceeded 97% after renovation, contributing to the Group's revenue from property leasing[31]. - Income from property management fees increased by approximately 32.8% compared to the same period in 2018, providing stable cash flow for the Group[32]. - Revenue from property leasing was approximately RMB82.4 million, a decrease of about 1.6% from RMB83.7 million in the corresponding period of 2018[69]. - Property management fee income increased by approximately 32.8% compared to the same period last year, contributing to stable cash flow for the Group[35]. Operational Efficiency and Strategy - The Group's strategic focus remained on the Yangtze River Delta Region while entering the markets of Kunming and Qingdao in a stable manner[25]. - The Group plans to maintain a short-term prudential and long-term optimistic view, focusing on quick-sale products targeting end-users and high value-added, low-density residential units[46]. - The Group aims to expand into densely populated cities in central and western China, such as Wuhan and Xi'an, while strengthening cooperation with strategic partners to enhance market share[52]. - The Group's strategy includes optimizing risk management and diversifying its business portfolio into commercial property development and other sectors[53]. Financial Position and Liabilities - The Group's total assets as of June 30, 2019, were approximately RMB 26,928.3 million, an increase from RMB 25,065.9 million as of December 31, 2018[99]. - The Group's interest-bearing bank loans and other borrowings amounted to approximately RMB 5,830.5 million as of June 30, 2019, compared to RMB 4,768.1 million as of December 31, 2018[99]. - The current ratio was approximately 1.61 as of June 30, 2019, up from approximately 1.52 as of December 31, 2018[107]. - The net gearing ratio was 0.35 as of June 30, 2019, compared to 0.28 as of December 31, 2018[110]. - The Group's contingent liabilities were approximately RMB 2,189.3 million as of June 30, 2019, down 24.3% from RMB 2,891.2 million as of December 31, 2018[114]. Staff and Administrative Costs - The Group employed 3,470 staff as of June 30, 2019, representing an increase of 9.3% from 3,174 staff in the same period of 2018[124]. - The unaudited staff cost for the six-month period ended June 30, 2019, was approximately RMB 157.5 million, reflecting a 15.3% increase from RMB 136.6 million in the corresponding period of 2018[124]. - Administrative expenses rose by about 8.4% to approximately RMB221.4 million, attributed to the addition of multiple subsidiaries during the period[79]. Dividends and Shareholder Returns - The Group did not recommend the payment of any interim dividend for the period under review, consistent with the previous year[23]. - The Board does not recommend the payment of an interim dividend for the six-month period ended June 30, 2019, consistent with the previous year[132].

Financial Performance - The audited consolidated revenue for 2018 was RMB 5.17 billion, representing an increase of about 17.6% from 2017[25]. - The gross profit for 2018 was RMB 1.7 billion, representing an increase of about 68.1% from 2017[25]. - The profit attributable to owners of the parent for 2018 was about RMB 286.9 million, representing a decrease of about 47.6% from 2017[25]. - The basic earnings per share was RMB 0.05, representing a decrease of about 50% from 2017[25]. - The board of directors did not propose to declare a final dividend for the year 2018[25]. - For the year ended December 31, 2018, the Group recorded contracted sales of approximately RMB 5.8 billion, representing a decrease of approximately 42.3% compared to 2017[33]. - The recognized revenue from properties sold and delivered by the Group in 2018 was about RMB 4,663.8 million, reflecting a 12.8% increase from RMB 4,134.8 million in 2017[74]. - Revenue from the sale of properties constituted approximately 90.2% of the total income for the year[183]. Assets and Liabilities - Total cash decreased by 37.6% to RMB 2.14 billion from RMB 3.43 billion in 2017[18]. - Total assets increased by 10.9% to RMB 25.07 billion from RMB 22.60 billion in 2017[18]. - The debt to asset ratio increased to 61.9% from 59.9% in 2017[18]. - The net gearing ratio increased to 27.5% from 12.4% in 2017[18]. - The current ratio improved to 1.52 from 1.30 in 2017[18]. - As of December 31, 2018, the Group's total assets were approximately RMB 25,065.9 million, up from approximately RMB 22,597.7 million in 2017[190]. - The Group's interest-bearing bank and other borrowings amounted to approximately RMB 4,768.1 million as of December 31, 2018, compared to approximately RMB 4,559.4 million in 2017[195]. Operational Performance - The Group's hotel operations, including the Holiday Inn in Xiaoshan, Hangzhou, showed steady sales revenue growth, with new hotels contributing positively to the hotel sector[40]. - The Group's property leasing income is primarily derived from Highlong Plaza and Zhong An • Intime City, with both projects showing strong operational performance and contributing to leasing revenue[45]. - The Group's operational performance in commercial operations and hotel management improved, with expansions into intelligent agriculture and homestay property trading centers[38]. - The Group's projects under construction were completed and delivered as planned, further enhancing product capability and customer reputation[34]. - Hotel operations generated revenue of approximately RMB 111.3 million, reflecting an increase of about 66.6% compared to RMB 66.8 million in 2017, with an overall occupancy rate of approximately 58%[150]. - Leasing revenue for 2018 was about RMB 179.5 million, representing an increase of approximately 138.1% from RMB 75.4 million in 2017[157]. - The overall leasing rate improved to 96% in 2018, up from 91% in 2017[159]. Strategic Development - The Group's strategic development structure includes a core focus on real estate development, supported by commercial property operation and social services as growth wings, enhancing overall profitability[37]. - The Group's proactive land acquisition strategy aims to replenish its high-quality land bank, ensuring future growth potential[47]. - The Group's strategic focus will be on the Yangtze River Delta City Cluster, which is identified as a region with high development potential[53]. - The Group plans to actively promote new business areas such as film and television culture, health care, and cultural tourism[58]. - The Group's strategic adjustments in business and organizational structure aim to optimize the industrial chain and expand new business opportunities[41]. - The Group plans to promote an asset-light business model and expand into new industries such as agriculture and healthcare to enhance business synergies[149]. Costs and Expenses - The Group's cost of sales for the year was approximately RMB 3,471.3 million, an increase of approximately 2.5% from RMB 3,385.2 million in 2017[184]. - Other income and gains amounted to approximately RMB 81.5 million, a decrease of 25.4% from RMB 109.3 million in 2017[186]. - Administrative expenses increased by approximately 42.1% to about RMB 429.2 million in 2018 from RMB 302.1 million in 2017[182]. - Selling and distribution expenses decreased by about 3.9% to approximately RMB 259.2 million in 2018 from RMB 269.6 million in 2017[181]. - Other expenses rose by approximately 239.2% to about RMB 86.5 million in 2018 from about RMB 25.5 million in 2017, primarily due to losses from changes in fair value and disposal of investment property[190]. - Finance costs increased by about 177.1% to approximately RMB 114.7 million in 2018 from about RMB 41.4 million in 2017, mainly due to a decrease in capitalized interests[190]. - Income tax expenses rose by about 5.4% to approximately RMB 520.5 million in 2018 from about RMB 493.6 million in 2017, attributed to an increase in PRC land appreciation tax[190]. Workforce - The Group employed a total of 3,244 staff as of December 31, 2018, up from 3,115 staff in 2017, with staff costs increasing by about 15.2% to approximately RMB 254.6 million[171]. - The Group's employee remuneration policy is based on local market conditions, industry standards, inflation, and corporate performance[171].