Financial Performance - For the six months ended June 30, 2023, the unaudited consolidated revenue was approximately RMB 5.5112 billion, a decrease of about 7.5% compared to RMB 5.9577 billion for the same period in 2022[27]. - The profit attributable to equity holders of the company for the six months ended June 30, 2023, was RMB 343.818 million, compared to RMB 316.809 million in 2022, representing an increase of 8.5%[8]. - Basic and diluted earnings per share for the six months ended June 30, 2023, were RMB 0.056, up 7.7% from RMB 0.052 in the same period of 2022[25]. - The gross profit for the same period was approximately RMB 1.7555 billion, an increase of about 23.0%, with the gross margin rising from 24.0% in 2022 to 31.9% in 2023[59]. - The net profit for the period was RMB 308,361,000, up 11.2% from RMB 277,346,000 in the prior year[194]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 312,285,000, an increase from RMB 277,232,000 in the same period of 2022, representing a growth of approximately 12.6%[194]. Sales and Marketing - Sales and marketing costs for the six months ended June 30, 2023, were approximately RMB 318.5 million, an increase of 49.1% compared to RMB 213.6 million in 2022[28]. - The group achieved contracted sales of approximately RMB 4.008 billion, up from RMB 3.1208 billion in the same period of 2022[63]. - The average selling price increased from RMB 5,835.8 per square meter in 2022 to RMB 6,267.1 per square meter in 2023[27]. Market Conditions - The real estate market remained stagnant in 2023, with potential buyers showing hesitation due to concerns about future market conditions[26]. - The real estate market is expected to stabilize in the second half of 2023 due to the Chinese government's easing of certain measures to stimulate the domestic real estate market[58]. Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 70,049,990,000, a decrease from RMB 71,186,822,000 as of December 31, 2022[178]. - The total liabilities as of June 30, 2023, were RMB 50,078,708,000, a decrease from RMB 51,571,020,000 as of December 31, 2022, showing a reduction of about 2.9%[196]. - The group's borrowings decreased by 32.3% from RMB 3.3714 billion as of June 30, 2022, to RMB 2.2873 billion as of June 30, 2023[62]. Construction and Development - The total land reserve amounted to 17.9 million square meters, with 43 completed projects covering 3.1 million square meters and 69 projects under development covering 12.0 million square meters[67]. - The company is actively expanding its property portfolio with several projects under development, including residential and commercial properties across various cities[47]. - The company is focusing on expanding its residential and commercial projects in Anhui Province, with multiple projects scheduled for completion by December 2023[78]. Cash Flow - The group's cash net amount as of June 30, 2023, was RMB 444.4 million[114]. - Total cash and cash equivalents (excluding restricted cash) as of June 30, 2023, were approximately RMB 2.674 billion, down from RMB 2.875 billion as of December 31, 2022[137]. - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 187,218 thousand, a significant improvement from a net cash used of RMB (314,617) thousand in the same period of 2022[198]. Strategic Initiatives - The company aims to enhance operational efficiency and reduce costs in response to market challenges[42]. - The company has a strategic plan to enhance its market presence through new product development and technology advancements[76]. - The company is committed to sustainable development practices in its construction projects, aiming for higher efficiency and lower environmental impact[100].

Financial Performance - The group's consolidated revenue for 2022 was approximately RMB 10.5684 billion, a decrease of 35.6% compared to RMB 16.4164 billion in 2021[15]. - The net profit attributable to equity holders for 2022 was approximately RMB 48 million, down 97.5% from RMB 1.8827 billion in 2021[15]. - The group's gross profit margin decreased from 30.2% in 2021 to 21.7% in 2022[18]. - The group's cash net position at the end of 2022 was RMB 329 million[17]. Property Development and Sales - The average cost of properties included in sales for 2022 was RMB 4,717.2 per square meter, an 8.1% decrease from RMB 5,132.8 per square meter in 2021[6]. - The average selling price of delivered properties in 2022 was RMB 5,948.2 per square meter, a 19.1% decrease from RMB 7,354.3 per square meter in 2021[35]. - The total presold but undelivered properties amounted to 1,352,877 square meters as of December 31, 2022, compared to 1,907,233 square meters in 2021[39]. - The company reported a total of 3,215,647 square meters of salesable area for the fiscal year 2022[121]. Project Completion and Construction Progress - The company reported a total of 100% completion for multiple projects, including the Guangzhou Mingfa Peninsula and the Xiamen Mingfa Resort, with areas of 104,380 square meters and 58,952 square meters respectively[58]. - The completion rate for the projects in 2023 is approximately 80%, with significant projects like Quanzhou Mingfa Garden and Shandong Haibo World Trade Center nearing completion[146]. - The company has achieved a 100% completion rate for several key projects, including Wujiang Mingfa Jiangwan New City Phase I and Nanjing Mingdeng Yuanshan Ni Mansion[124][111]. - The total area for the Wujiang Mingfa Jiangwan New City Phase II project is 506,829 square meters, with a completion status of 100% expected by December 2023[146]. - The company has completed approximately 90% of construction for multiple projects scheduled for completion in December 2023, including residential and commercial developments in Jiangsu and Liaoning provinces[160]. Market Expansion and Strategy - The company is actively pursuing market expansion strategies, including the development of new residential and commercial properties across various provinces in China[58]. - The company is expanding its market presence with new projects in various provinces, including Anhui and Fujian, with completion rates ranging from 55% to 80%[176]. - The company is actively pursuing new strategies for market expansion, including the development of technology parks and mixed-use complexes[176]. - The company has identified several properties with significant potential for rental and sales, contributing to future revenue growth[187]. Challenges and Risk Management - The company faced significant challenges in the property development market during the fiscal year ending December 31, 2022, due to the impact of COVID-19, which disrupted supply chains and construction timelines[83]. - The company anticipates ongoing challenges in the market due to global economic instability and inflationary pressures, which may affect future performance[83]. - The company is committed to enhancing its governance and risk management practices to navigate the complexities of the current economic environment[83]. Employee and Operational Efficiency - The group employed 4,073 staff as of December 31, 2022, with total employee costs of approximately RMB 303.7 million, down from RMB 434.9 million in 2021[10]. - The company is exploring new product and technology developments to adapt to changing market demands and improve operational efficiency[83]. Future Developments - The total area of the new projects under development is approximately 1,554,323 square meters[186]. - The company holds land use rights for future developments, totaling 13,333,174 square meters[186]. - The company has a projected completion of 615,764 square meters for the Wujiang Mingfa Jiangwan New City Phase III by December 2024[146]. - The company has completed approximately 45% of the construction for the Jiangsu project, with a total building area of 55,791 square meters[189].

Financial Performance - The group's gross profit for 2022 was approximately RMB 2.2883 billion, a decrease of 53.8% compared to RMB 4.9499 billion in 2021, primarily due to a decline in gross margin from 30.2% in 2021 to 21.7% in 2022[7]. - Revenue for 2022 decreased to RMB 10.5684 billion from RMB 16.4164 billion in 2021, reflecting a reduction of approximately 35.5%[7]. - The group's consolidated revenue for 2022 was approximately RMB 10.568 billion, a decrease of 35.6% compared to RMB 16.416 billion in 2021[43]. - The consolidated annual profit attributable to equity holders was approximately RMB 18.625 million, down 99.1% from RMB 1.996 billion in 2021[43]. - Basic and diluted earnings per share for 2022 were RMB 0.8, a decrease of 97.4% from RMB 30.9 in 2021[43]. - The total comprehensive income for the year was RMB 18.625 million, compared to RMB 1.997 billion in 2021[45]. - The group’s annual profit decreased by 99.1% from approximately RMB 1,996.9 million in 2021 to about RMB 18.6 million in 2022, primarily due to a 35.6% decrease in revenue and a decline in gross margin from 30.2% in 2021 to 21.7% in 2022[191]. - The net profit attributable to equity holders for 2022 was approximately RMB 48.0 million, down 97.5% from RMB 1.882 billion in 2021[131]. Costs and Expenses - The group's cost of sales for 2022 was approximately RMB 8.2801 billion, down 27.8% from RMB 11.4665 billion in 2021, aligning with the decrease in revenue[8]. - General and administrative expenses for 2022 were approximately RMB 757.5 million, an increase of 0.8% from RMB 751.5 million in 2021[10]. - Employee costs, including director remuneration, were RMB 303.7 million in 2022, down 30.2% from RMB 434.9 million in 2021[119]. - The total sales cost for 2022 was approximately RMB 8,280.1 million, a decrease of 27.8% compared to RMB 11,466.5 million in 2021, reflecting the reduction in revenue[192]. Assets and Liabilities - The total liabilities as of December 31, 2022, were RMB 51.571 billion, a decrease from RMB 54.287 billion in 2021[50]. - The net assets of the group were RMB 19.616 billion, compared to RMB 19.459 billion in 2021[50]. - Total assets as of December 31, 2022, were RMB 70,132,967, compared to RMB 66,245,624 in 2021, showing an increase of about 8.9%[76]. - The company’s total liabilities reached RMB 51,571,020, up from RMB 42,533,907 in the previous year, indicating a rise of approximately 21.5%[76]. - The group had a net cash position of RMB 329 million at the end of 2022[159]. Revenue Sources and Segments - The group’s revenue is solely derived from its operations in China, with no significant non-current assets located outside of China[74]. - The company operates in the hotel and property development sectors, with the hotel segment generating inter-segment revenue[58][73]. - The revenue from property management fees was RMB 174,464, an increase from RMB 154,130 in 2021, reflecting a growth of about 13.3%[79]. - The property investment and management segment's revenue increased by 18.7% in 2022, primarily due to annual rent reviews[182]. Market and Future Outlook - The group is expected to complete several properties in 2023, contributing to future revenue growth[3]. - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming year[76]. - The company anticipates facing severe challenges in the real estate industry in the coming year due to global monetary uncertainties[158]. - The company is focusing on market expansion and new strategies to adapt to the changing economic environment[188]. Property Development and Sales - The total delivered construction area in 2022 was approximately 1,596,424.5 square meters, a decrease of 23.6% from 2,088,938 square meters in 2021, attributed to reduced property deliveries in Nanjing, Taizhou, Jinzhai, and Changsha[193]. - The average selling price of delivered properties was RMB 5,948.2 per square meter in 2022, a decrease of 19.1% from RMB 7,354.3 per square meter in 2021[164]. - The group recorded a contract sales amount of approximately RMB 7.6924 billion, with a total construction area of 1,087,670.8 square meters in the review year, compared to RMB 10.453 billion and 1,364,786 square meters in 2021, representing a decrease of 26.8% in sales revenue[196]. - The total presale area attributable to the group is 1,352,877 square meters, with significant projects including Changsha Mingfa Commercial Plaza (77,159 square meters) and Xuzhou Taoyuan Mingzhu (124,019 square meters)[197]. Construction Projects - The company has a residential project under construction, expected to be completed by December 2023, with 90% of the construction finished, covering an area of 5,788 square meters[200]. - A commercial/office project is also under construction, expected to be completed by December 2023, with 90% of the construction finished, covering an area of 56,258 square meters[200]. - The company has a residential/commercial project in Guang'an, Sichuan, with 75% of the construction completed, expected to be finished by December 2023, covering an area of 187,716 square meters[200].

Financial Performance - The company's unaudited consolidated revenue for the six months ended June 30, 2022, decreased by 38.5% to approximately RMB 5,957.7 million, compared to RMB 9,688.0 million for the same period in 2021[11]. - Profit attributable to equity holders of the company for the same period was approximately RMB 316.8 million, a decrease of 73.7% from RMB 1,205.0 million in 2021[11]. - Basic and diluted earnings per share for the six months ended June 30, 2022, were RMB 5.2 cents, down 73.7% from RMB 19.8 cents in 2021[11]. - The unaudited consolidated gross profit for the six months ended June 30, 2022, was approximately RMB 1,427.3 million, a decrease of 55.8% from RMB 3,232.2 million in 2021[15]. - The gross profit margin fell from 33.4% in 2021 to 24.0% in 2022[15]. - The company's net profit attributable to equity holders for the six months ended June 30, 2022, was approximately RMB 316.8 million, a decrease of 73.7% compared to RMB 1.205 billion in the same period of 2021[18]. - The total contracted sales amount achieved was approximately RMB 3.121 billion for the six months ended June 30, 2022, compared to RMB 6.617 billion in the same period of 2021[19]. - The total comprehensive income for the period was RMB 277,232 thousand, compared to RMB 1,257,835 thousand in 2021, indicating a decrease of about 78.0%[131]. - The net profit for the period was RMB 277,346 thousand, significantly lower than RMB 1,257,775 thousand in 2021, marking a decrease of around 77.9%[131]. - The group reported a pre-tax profit of RMB 316,809 thousand for the six months ended June 30, 2022, a significant decrease of 73.7% from RMB 1,204,978 thousand in the same period of 2021[199]. Revenue Breakdown - The average selling price per square meter dropped from RMB 8,448.3 in 2021 to RMB 5,835.8 in 2022, primarily due to lower-priced housing projects[15]. - The commercial property segment's revenue decreased by 11.4%, attributed to a reduction in the total area of commercial properties delivered[91]. - The residential property segment's revenue decreased by 42.1%, with the total area delivered dropping from 1,067,559.9 square meters to 905,402.7 square meters[91]. - Property management fee income increased to RMB 89,622,000, up 49.3% from RMB 60,064,000 in the previous year[160]. Project Development and Delivery - The total gross floor area delivered decreased from 1,083,385 square meters in 2021 to 919,611 square meters in 2022, contributing to the revenue decline[15]. - The company has 41 completed projects with a total area of 3.2 million square meters, 69 projects under development with 13.2 million square meters, and 19 future development projects with 2.6 million square meters[24]. - The total completed area for various projects reached 4,600,291 square meters, with 3,236,646 square meters for residential and 3,168,756 square meters for commercial properties[38]. - The company reported a 100% completion rate for all listed projects, indicating strong execution capabilities in project delivery[30]. - Future projects are expected to continue expanding the company's footprint in key urban areas, with ongoing developments in Nanjing and Hefei[38]. Land Reserves and Future Plans - The company's land reserves decreased by 3.8% to approximately 19.0 million square meters as of June 30, 2022, from 19.8 million square meters as of December 31, 2021[23]. - The total number of projects in the land reserve was 129, down from 136 projects as of December 31, 2021[23]. - The company is focusing on expanding its market presence and enhancing its product offerings through new developments and strategic initiatives[20]. - The company has plans for further market expansion, particularly in the Jiangsu and Anhui regions, to capitalize on urbanization trends[38]. Financial Position and Liabilities - As of June 30, 2022, the group's cash and cash equivalents totaled approximately RMB 3.2152 billion, down from RMB 3.6659 billion as of December 31, 2021[96]. - The total debt to total assets ratio improved to 73.1% from 75.4% year-on-year[97]. - The group's contracted capital commitments amounted to approximately RMB 191.895 billion as of June 30, 2022, compared to RMB 189.058 billion as of December 31, 2021[100]. - Contingent liabilities were approximately RMB 85.615 billion as of June 30, 2022, an increase from RMB 78.521 billion as of December 31, 2021[101]. - The total liabilities decreased to RMB 53,497,191 thousand from RMB 54,286,855 thousand[135]. Employee and Operational Costs - Employee costs for the six months ended June 30, 2022, totaled approximately RMB 193.2 million, a 9.0% increase from RMB 177.2 million in the same period of 2021[115]. - The group employed 4,174 staff as of June 30, 2022, a slight increase from 4,066 employees as of December 31, 2021[115]. Corporate Governance and Compliance - The board of directors emphasized the importance of good corporate governance and compliance with the relevant codes throughout the reporting period[123]. - The company has maintained its adherence to the corporate governance code as stipulated in the listing rules during the reporting period[123].

Financial Performance - The group's total revenue for 2021 was approximately RMB 16.416 billion, an increase of 27.7% compared to RMB 12.858 billion in 2020[19] - The annual profit for 2021 was approximately RMB 1.997 billion, representing a growth of 56.3% from RMB 1.278 billion in 2020[19] - Profit attributable to equity holders of the company was approximately RMB 1.883 billion, up 75.1% from RMB 1.075 billion in 2020[19] - Basic and diluted earnings per share for 2021 were RMB 30.9, a 75.6% increase from RMB 17.6 in 2020[19] - Gross profit for 2021 was approximately RMB 4.9499 billion, up 31.3% from RMB 3.7707 billion in 2020[23] - Annual profit increased by 56.3% to approximately RMB 1.9969 billion in 2021 from RMB 1.2778 billion in 2020[23] Sales and Contracts - The total contracted sales for 2021 amounted to RMB 10.5 billion[10] - The company recorded a contract sales amount of approximately RMB 10.453 billion in 2021, with a total construction area of 1,364,786 square meters, compared to RMB 10.2223 billion and 1,294,767 square meters in 2020, representing a year-on-year increase of 2.26% in sales[31] Land and Development Strategy - The group reduced its land reserves by 1.9 million square meters in 2021 to improve liquidity[10] - The company’s land reserve decreased by 8.8% to approximately 19.8 million square meters as of December 31, 2021, from 21.7 million square meters in 2020, despite an increase in the number of projects from 130 to 136[43] - The group plans to focus on the Yangtze River Delta region, with Anhui and Jiangsu provinces accounting for 36.5% and 21.0% of the total building area, respectively[21] - The board remains cautious about the outlook for the Chinese real estate market due to tightening monetary policies and high leverage risks[11] - The group will prioritize the development of existing land reserves and adopt a more prudent approach to acquiring new land parcels in 2022[21] Construction and Project Development - The total construction area delivered in 2021 was approximately 2,088,938 square meters, a 29.2% increase from 1,616,834 square meters in 2020[24] - The total area of completed projects is 3.1 million square meters, while the area of projects under development is 12.9 million square meters, and future development projects account for 3.8 million square meters[44] - The company has completed approximately 90% of the construction for several projects, including the Jiangsu Zhenjiang project, which has a total construction area of 91,645 square meters[56] - The company is developing multiple commercial and residential projects, with significant areas such as the Huai'an Mingfa Commercial Plaza (Phase A) covering 213,225 square meters[56] - The overall construction completion rates for various projects range from 30% to 75%, showcasing a diverse portfolio of ongoing developments[66] Market Expansion and Strategy - The company aims to enhance its product offerings and technology development to meet market demands and improve competitiveness[34] - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its operational capabilities[34] - The company has a diverse portfolio with projects in various provinces, including Jiangsu, Anhui, and Guangdong, indicating a broad market expansion strategy[56] - The company is focusing on both residential and commercial developments, with projects like the Changsha Mingfa Commercial Plaza having a total construction area of 801,592 square meters[56] Property Sales and Revenue - The total sales revenue from the Nanjing Mingfa Yueshan Yuefu project in 2021 was RMB 1,601.3 million, compared to RMB 657.999 million in 2020[27] - The total sales revenue from the Zibo Mingfa World Trade Center project in 2021 was RMB 1,371.4 million, significantly up from RMB 5.775 million in 2020[27] - The total sales revenue from the Nanjing Mingfa International Business Center in 2021 was RMB 1,173.4 million, not applicable in 2020[27] Ongoing Projects and Completion Rates - The ongoing projects include a total of 1,061,860 square meters for the Wujiang Mingfa Jiangwan New City Phase II, which is expected to be completed by December 2022[56] - The company has reported that approximately 80% of the construction for the Huizhou Mingfa Gaobang New City has been completed, covering an area of 661,093 square meters[56] - The company is actively pursuing new strategies for market expansion, as evidenced by the ongoing development of the Taizhou Mingfa Garden Commercial Plaza (Phase I) with a total area of 170,714 square meters[56]

Financial Performance - The company's unaudited consolidated revenue for the six months ended June 30, 2021, increased by 26.0% to approximately RMB 9,688.0 million, compared to RMB 7,691.9 million for the same period in 2020[12]. - The profit attributable to equity holders of the company for the six months ended June 30, 2021, was approximately RMB 1,205.0 million, representing a 60.0% increase from RMB 752.9 million in the same period of 2020[12]. - The basic and diluted earnings per share for the six months ended June 30, 2021, were RMB 19.8 cents, up 59.7% from RMB 12.4 cents in the same period of 2020[12]. - The gross profit for the six months ended June 30, 2021, was approximately RMB 3,232.2 million, a 37.1% increase from RMB 2,357.9 million in the same period of 2020[17]. - The company's net profit attributable to equity holders for the six months ended June 30, 2021, was approximately RMB 1.205 billion, an increase of 60.0% compared to RMB 752 million for the same period in 2020[20]. - The total comprehensive income for the period was RMB 1,257,835 thousand, compared to RMB 840,700 thousand in 2020, showing a growth of 49.5%[140]. - Gross margin increased to 33.4% in 2021 from 30.7% in 2020[95]. - Operating profit margin improved to 25.0% in 2021 compared to 20.8% in 2020[95]. - Net profit margin rose to 13.0% in 2021, up from 11.0% in 2020[95]. Revenue Breakdown - Revenue from the commercial property segment increased by 162.2% to RMB 217.6 million, primarily due to the delivery of more commercial properties in Xiamen[23]. - Revenue from the residential property segment rose by 23.8% to RMB 8.935 billion, driven by an increase in delivered construction area from 923,179.9 square meters in 2020 to 1,067,559.9 square meters in 2021[23]. - The hotel segment's revenue increased by 101.8%, mainly due to improved occupancy rates as the COVID-19 pandemic was brought under control[24]. - Property management fee income was RMB 60,064,000, up from RMB 43,970,000, marking a growth of 36.6%[170]. Construction and Development - The company delivered a total construction area of 1,083,385 square meters for the six months ended June 30, 2021, an increase from 930,017 square meters in the same period of 2020[17]. - The company has ongoing developments with estimated completion dates extending to 2021, indicating a robust pipeline of future projects[38]. - The construction progress of commercial properties in Jiangsu Province is approximately 90% completed, with a total area of 215,660 square meters[49]. - Residential and commercial properties in Taizhou, Jiangsu, are 85% completed, covering an area of 262,994 square meters[49]. - The company has several projects with completion rates ranging from 55% to 90%, indicating a strong pipeline of ongoing developments[49][52]. Financial Position - The company's debt level was successfully reduced to RMB 4 billion, below cash reserves of RMB 4.2 billion as of June 30, 2021[93]. - Total cash and cash equivalents (excluding restricted cash) amounted to approximately RMB 4.1878 billion as of June 30, 2021, up from RMB 3.567 billion as of December 31, 2020[94]. - The company's net asset value increased to RMB 18,766,185 thousand from RMB 17,513,250 thousand at the end of 2020, reflecting a growth of 7.1%[145]. - The total liabilities decreased to RMB 57,428,847 thousand from RMB 58,592,909 thousand at the end of 2020, indicating a reduction in financial obligations[145]. Shareholder Information - The controlling shareholder holds 83.47% of the total ordinary shares, amounting to 5,086,500,000 shares[117]. - As of June 30, 2021, the total issued share capital of the company was 6,093,451,026 ordinary shares[120]. - The board of directors has adopted a dividend policy aimed at balancing sufficient capital development and rewarding shareholders[123]. Corporate Governance - The company has maintained compliance with all corporate governance codes as outlined in the listing rules during the reporting period[131]. - The board will consider various factors, including operational performance and financial condition, when deciding on dividend recommendations[126]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2021, was RMB 1,556,266, compared to RMB 824,395 for the same period in 2020, representing an increase of approximately 88.9%[41]. - The net cash used in investing activities was RMB (269,514), a significant improvement from RMB (670,543) in the previous year, indicating a reduction in investment outflows[41]. - The total cash and cash equivalents at the end of the period rose to RMB 4,187,799, up from RMB 3,117,232 at the end of the same period last year, marking an increase of approximately 34.3%[41]. Market Strategy - The company continues to focus on property development, investment, and hotel operations primarily in China, with no geographical segment reporting due to the concentration of assets and revenue in this market[158]. - The company plans to focus on property development in the Yangtze River Delta region, particularly in Nanjing and several cities in Anhui[93]. - The company is exploring new strategies for market expansion, particularly in the Jiangsu and Anhui regions, to enhance its competitive position[74].

Financial Performance - For the year ended December 31, 2020, the company's revenue was RMB 12.8586 billion, representing a growth of 1.6% compared to RMB 12.6609 billion in 2019[20]. - The annual profit for 2020 was RMB 1.2778 billion, an increase of 12.5% from RMB 1.1359 billion in 2019[20]. - Profit attributable to equity holders of the company was RMB 1.075 billion, up 12.9% from RMB 952.1 million in the previous year[20]. - Basic and diluted earnings per share for 2020 were RMB 17.6, compared to RMB 15.6 in 2019, reflecting a growth of 12.9%[20]. - The total gross profit for 2020 was approximately RMB 3.7707 billion, a decrease of 5.7% from RMB 3.998 billion in 2019, with the gross margin dropping from 31.6% to 29.3%[28]. - The company reported a total sales revenue of approximately RMB 11,982.9 million in 2020, a decrease from RMB 12,090.8 million in 2019, representing a decline of about 0.9%[36]. Sales and Contract Performance - The company achieved contract sales of RMB 10.2 billion in 2020[15]. - The company achieved contract sales of approximately RMB 10,222.3 million in 2020, compared to RMB 11,314.0 million in 2019, marking a decline of about 9.6%[40]. - The total construction area for contract sales in 2020 was 1,294,767 square meters, down from 1,448,890 square meters in 2019, representing a decrease of approximately 10.7%[40]. - The average selling price per square meter for properties delivered in 2020 was RMB 7,411.3, a decrease of 9.0% from RMB 8,146.5 in 2019[32]. - The total area of properties delivered in 2020 was approximately 1,616,834 square meters, an increase of 8.9% from 1,484,164 square meters in 2019[29]. Land and Property Development - The company holds land reserves of 7.7 million square meters in Anhui and 4.9 million square meters in Jiangsu, focusing on a diversified property portfolio[15]. - The company has a total land reserve of approximately 21.7 million square meters, reflecting a 1.9% increase from 21.3 million square meters in 2019, comprising 130 projects[52]. - The completed projects account for 2.5 million square meters, while projects under development cover 15.1 million square meters, and future development projects total 4.1 million square meters[53]. - The company is focused on enhancing its land bank, with a strategic increase in project numbers from 125 in 2019 to 130 in 2020[52]. - The company plans to prioritize the development of existing land reserves while being more cautious in acquiring new land parcels[24]. Market Outlook and Strategy - The board maintains a cautious outlook on the Chinese real estate market while adhering to a low-cost land strategy[15]. - The outlook for 2021 anticipates a rebound in the global economy by Q3, with strict financial and monetary policies expected to benefit the real estate market in the long term[24]. - The company expresses confidence in its business performance by actively seeking land acquisition opportunities in high-growth potential cities[15]. - The company continues to strengthen its expertise to enhance market position amid the adverse global economic impact of the COVID-19 pandemic[15]. - The management expressed optimism about future sales growth, anticipating a recovery in the real estate market in the coming years[36]. Construction Progress - The construction progress of the Taizhou Mingfa Garden Phase II is approximately 70%, with a total area of 237,075 square meters and a total built-up area of 109,081 square meters[69]. - The construction progress of the Zhangzhou Longhai Mingfa Plaza is approximately 90%, with a total area of 78,622 square meters and a total built-up area of 232,305 square meters[69]. - The construction progress of the Shanghai Mingfa Commercial Plaza is approximately 55%, with a total area of 53,779 square meters and a total built-up area of 152,555 square meters[69]. - The construction progress of the Pingle Mingfa European City is approximately 85%, with a total area of 117,594 square meters and a total built-up area of 108,823 square meters[69]. - The construction progress of the Changsha Mingfa Commercial Plaza is approximately 65%, with a total area of 285,594 square meters and a total built-up area of 941,400 square meters[69]. Property Management and Leasing - The group has a total of 13 properties listed, with various uses including commercial, industrial, and hotel[199]. - The group has properties located in multiple provinces, including Fujian, Jiangsu, and Anhui, indicating a broad market presence[200]. - The group’s commercial properties include a mix of shopping centers and office buildings, enhancing its portfolio diversity[200]. - The group’s investment strategy includes a focus on long-term leases, with many properties having lease terms exceeding 10 years[200]. - The lease terms for properties range from 3 to 20 years, with the longest lease being for Xiamen Mingfa Commercial Plaza at 20 years[200].

Financial Performance - The company's revenue for the six months ended June 30, 2020, increased by 86.7% to approximately RMB 7,691.9 million, compared to RMB 4,118.9 million for the same period in 2019[11]. - The profit attributable to equity holders for the same period was approximately RMB 752.9 million, representing an increase of 80.0% from RMB 418.3 million in 2019[14]. - Basic and diluted earnings per share for the six months ended June 30, 2020, were RMB 12.4 cents, up 79.7% from RMB 6.9 cents in 2019[14]. - The total gross profit for the six months ended June 30, 2020, was approximately RMB 2,357.9 million, an increase of 85.8% from RMB 1,269.1 million in the same period of 2019[18]. - The total comprehensive income for the six months ended June 30, 2020, was RMB 840,700 thousand, compared to RMB 452,464 thousand in 2019, representing an increase of about 85.7%[175]. - Operating profit for the same period was RMB 1,603,076 thousand, compared to RMB 877,117 thousand in 2019, reflecting an increase of about 82.5%[173]. - The net cash generated from operating activities for the six months ended June 30, 2020, was RMB 824,395 thousand, compared to RMB 1,466,914 thousand for the same period in 2019, indicating a decline of about 43.8%[184]. - The net cash used in investing activities for the six months ended June 30, 2020, was RMB (670,543) thousand, compared to RMB 34,116 thousand generated in the same period of 2019[184]. Revenue and Sales - The group achieved contract sales of approximately RMB 4.322 billion in the first half of 2020, a decrease of 18.5% compared to RMB 5.317 billion in the same period of 2019[25]. - Total revenue from commercial properties was RMB 83.0 million, while residential properties generated RMB 7,219.4 million, leading to a total revenue of RMB 7,691.9 million for the six months ended June 30, 2020, compared to RMB 4,118.9 million in the same period of 2019[26]. - The average selling price per square meter for properties sold was RMB 7,851.9, an increase of 11.4% compared to RMB 7,047.8 in 2019[22]. - The average contract sales price decreased by 2.0% to RMB 8,211.0 per square meter, down from RMB 8,382.0 per square meter in the same period of 2019[25]. Expenses and Costs - Sales and marketing costs for the six months ended June 30, 2020, were approximately RMB 339.0 million, a 50.2% increase from RMB 225.6 million in 2019[21]. - General and administrative expenses decreased by 9.4% to approximately RMB 275.6 million, down from RMB 304.2 million in 2019, due to a reduction in employee numbers[21]. - Financing income decreased by 60.9% to approximately RMB 19.7 million, compared to RMB 50.3 million in 2019, primarily due to a decrease in cash reserves[22]. - The fair value gain from investment properties decreased by 96.8% to approximately RMB 7.0 million, down from RMB 220.0 million in 2019[21]. Assets and Liabilities - As of June 30, 2020, total liabilities amounted to RMB 57,812,419 thousand, a decrease from RMB 59,040,954 thousand as of December 31, 2019, representing a reduction of approximately 2.1%[179]. - The total equity as of June 30, 2020, was RMB 17,542,166 thousand, an increase from RMB 16,684,466 thousand as of December 31, 2019, reflecting a growth of approximately 5.1%[179]. - The company's current liabilities, including trade and other payables, increased to RMB 17,810,698 thousand as of June 30, 2020, from RMB 16,011,400 thousand as of December 31, 2019, marking an increase of approximately 11.2%[179]. - The company's non-controlling interests increased to RMB 1,871,643 thousand as of June 30, 2020, from RMB 1,760,064 thousand as of December 31, 2019, representing a growth of about 6.3%[180]. Development and Projects - The group has a total of 30 future development projects, accounting for 5.5 million square meters of land reserves[36]. - The total area of presold but undelivered properties as of June 30, 2020, was 2,531,680 square meters, down from 2,908,020 square meters as of December 31, 2019[28]. - The number of completed projects was 37, with a total area of 2.6 million square meters, while 66 projects were under development, covering 14.4 million square meters[36]. - The total estimated building area across various projects is approximately 4,115,359 square meters, with a rental and sales area of 2,765,909 square meters[49]. - The company is focusing on expanding its market presence and enhancing its property portfolio through strategic developments and acquisitions[29]. Governance and Compliance - The company’s governance and compliance with the Securities and Futures Ordinance are maintained through proper disclosure of interests and shareholdings[148]. - The company maintained compliance with corporate governance codes, with no significant deviations reported during the period[167]. - The board considered various factors, including financial performance and future capital expenditure needs, when deciding on dividend payments[162][164]. Employee and Management - The employee headcount decreased to 3,176 as of June 30, 2020, down from 3,548 on December 31, 2019, reflecting a reduction of approximately 10.5%[155]. - The unaudited total employee costs for the six months ended June 30, 2020, were approximately RMB 180.7 million, a decrease of 24.5% compared to RMB 239.3 million in the same period of 2019[155]. - The company’s employee benefits include medical insurance, retirement plans, unemployment insurance, training, and maternity insurance[155]. - The company is committed to providing various training opportunities to enhance employee competitiveness[155]. Cash and Financing - As of June 30, 2020, the total cash and cash equivalents (excluding restricted cash) amounted to approximately RMB 3.1172 billion, a decrease from RMB 3.4881 billion as of December 31, 2019[109]. - The net proceeds from the issuance of bonds in June 2020 amounted to approximately USD 175 million, intended for refinancing existing debts and general corporate purposes[132]. - The group did not use any foreign exchange hedging tools in 2020 due to the cost of hedging being comparable to the associated risks[120]. - The group has established credit policies to ensure property sales to buyers with adequate financial strength and appropriate down payment ratios[125].

Financial Performance - The company's annual revenue for 2019 was RMB 12.66 billion, representing an 8.8% increase from RMB 11.64 billion in 2018[20] - The annual profit for 2019 was RMB 1.14 billion, a decrease of 11.9% compared to RMB 1.29 billion in 2018[20] - Profit attributable to equity holders of the company was RMB 952.1 million, an increase of 11.3% from RMB 855.1 million in 2018[20] - Basic and diluted earnings per share for 2019 were RMB 15.6, up 11.4% from RMB 14.0 in 2018[20] - In 2019, the group's total revenue was approximately RMB 12.6609 billion, an increase of 8.8% compared to RMB 11.6419 billion in 2018[23] - The group's annual profit decreased by 11.9% to approximately RMB 1.1359 billion in 2019, down from RMB 1.2891 billion in 2018, primarily due to increased tax provisions[27] - The profit attributable to equity holders increased by approximately RMB 0.097 billion or 11.3% to RMB 0.9521 billion in 2019, compared to RMB 0.8551 billion in 2018[27] Sales and Contract Performance - The company reported contract sales of RMB 11.3 billion for 2019[13] - The group recorded contract sales of approximately RMB 11.314 billion in 2019, with a total construction area of 1,448,890 square meters, compared to RMB 16.359 billion and 1,786,192 square meters in 2018, representing a decrease of 30.5% in sales revenue[35] Property Development and Land Reserves - The company has land reserves of 1.4 million square meters in Nanjing and 3.3 million square meters in Wujang, focusing on diversified property portfolios[11] - The land reserve decreased by 4.9% to 21.3 million square meters in 2019, which is expected to be sufficient for growth over the next seven to eight years[24] - The group holds land reserves of 36.8% in Anhui Province and 24.6% in Jiangsu Province[24] - The company has 125 projects in total, including 35 completed projects with a gross floor area of 2.6 million square meters, 60 projects under development with 14.2 million square meters, and 30 future development projects with 4.5 million square meters[49] - The company’s land reserve is distributed with 36.8% in Anhui, 24.6% in Jiangsu, and 11.0% in Fujian[54] Market Outlook and Strategy - The board remains cautious about the outlook for the Chinese real estate market, emphasizing a low-cost land strategy[13] - The impact of the coronavirus outbreak on the global economy is acknowledged, with strategies being adjusted to mitigate negative effects[11] - The real estate market is expected to face weak performance in the first and second quarters of 2020 due to the impact of the coronavirus outbreak, but the long-term effects are anticipated to be limited[24] - The group will prioritize the development of existing land reserves and be more cautious in acquiring new plots due to economic uncertainties in 2020[24] Construction and Project Management - The total area sold and delivered in 2019 was approximately 1,484,164 square meters, an increase of 18.9% from 1,248,065 square meters in 2018[28] - The company has ongoing projects in various provinces, with completion rates ranging from 50% to 90%, indicating a strong pipeline of future developments[61] - The company is focusing on expanding its commercial properties, with significant projects in Jiangsu and Guangdong provinces, aiming to enhance its market presence[61] - The company is committed to enhancing its operational efficiency and market reach through ongoing construction and strategic project management[61] Property Pricing and Sales Metrics - The average cost of properties sold in 2019 was RMB 5,585.7 per square meter, a decrease of 11.6% from RMB 6,319.9 per square meter in 2018[28] - The average selling price of delivered properties in 2019 was RMB 8,146.5 per square meter, a decrease of 8.4% from RMB 8,912.7 per square meter in 2018[28] - The average selling price per square meter in 2019 was RMB 8,146.5, down from RMB 8,912.7 in 2018, indicating a decline of approximately 8.6%[35] Completed Projects and Future Developments - The total completed building area across all projects is 2,709,663 square meters, showcasing the company's growth in property development[59] - The company has successfully completed various mixed-use developments, enhancing its market position in urban areas[59] - The company is strategically positioned in various key locations, with projects in Shandong and Sichuan provinces, indicating a diversified portfolio[61] - The company aims to increase its market share through strategic expansions and new project launches in key regions[64]

Financial Performance - The company's revenue for the six months ended June 30, 2019, decreased by 36.8% to approximately RMB 4,118.9 million, compared to RMB 6,518.0 million in the same period of 2018[38]. - The profit attributable to equity holders for the same period was approximately RMB 418.3 million, down 40.1% from RMB 698.5 million in 2018[40]. - The basic and diluted earnings per share for the six months ended June 30, 2019, were RMB 6.9 cents, a decrease of 40.0% from RMB 11.5 cents in 2018[40]. - The gross profit for the six months ended June 30, 2019, was approximately RMB 1,269.1 million, a decrease of 21.6% from RMB 1,618.6 million in 2018[43]. - Fair value gains from investment properties decreased by 69.3% to approximately RMB 220.0 million, down from RMB 715.6 million in the same period of 2018[43]. - The contracted sales amount for the first half of 2019 was approximately RMB 5,317.3 million, down from RMB 9,605.0 million in the same period of 2018[48]. - Total revenue for the six months ended June 30, 2019, was RMB 4,118.9 million, a decrease of 36.8% from RMB 6,518.0 million for the same period in 2018[50]. - Revenue from commercial properties was RMB 363.3 million, a significant increase from RMB 87.6 million in the previous year, while residential property revenue decreased to RMB 3,494.3 million from RMB 6,191.4 million[50]. Sales and Deliveries - The total area delivered to buyers decreased from 734,342 square meters in 2018 to 547,359 square meters in 2019, contributing to the revenue decline[43]. - The average selling price per square meter for confirmed sales was RMB 7,047.8, a decrease of 17.6% from RMB 8,550.4 in 2018[47]. - The average contracted sales price decreased by 12.3% to RMB 8,382 per square meter, compared to RMB 9,558 per square meter in 2018[48]. - The total presold but undelivered gross floor area as of June 30, 2019, was 2,958,035 square meters, up from 2,685,253 square meters as of December 31, 2018[51]. Project Development - The number of completed projects was 32, with a total area of 2.5 million square meters, while 60 projects were under development, covering 14.5 million square meters[57]. - The company plans to expand its market presence through new projects in various cities, including Nanjing and Shenyang, with several projects having a gross floor area exceeding 100,000 square meters[53]. - The group has a total of 120 projects, indicating a strategic focus on increasing its project pipeline despite the decrease in land reserves[55]. - The company has ongoing projects with a total construction area of 280,040 square meters, expected to be completed by December 2019[91]. - The company has a completed property in Jiangsu Province with a land area of 203,406 square meters and a total construction area of 231,067 square meters, achieving 100% ownership[85]. Land and Reserves - The group's land reserves decreased by 4.9% to approximately 21.3 million square meters as of June 30, 2019, compared to 22.4 million square meters at the end of 2018, covering a total of 120 projects[55]. - The company has a significant presence in first-tier cities, with 35.7% of land reserves located in Guangdong and 26.2% in Jiangsu[58]. Financial Position and Liabilities - As of June 30, 2019, the group's cash and cash equivalents totaled approximately RMB 4.3512 billion, a decrease from RMB 5.2634 billion at the end of 2018[183]. - The group has bank loans and other borrowings due within one year amounting to approximately RMB 6.9399 billion, down from RMB 8.7298 billion at the end of 2018[183]. - The group anticipates continued growth in the Yangtze River Delta region, particularly in Nanjing and Wujang, contributing to a total building area of 5.3 million square meters[182]. - Total interest expenses, including capitalized interest, were approximately RMB 293.1 million for the six months ended June 30, 2019, compared to RMB 389.6 million for the same period in 2018[183]. - The group has a total of 1,180,219 square meters of building area in the Huai'an International Industrial Raw Material City and Mingfa International City project[171]. Occupancy and Management - The company reported a total of 31,258 square meters of industrial property in Jiangsu Province, with a 100% occupancy rate[147]. - Residential and commercial properties in Jiangsu Province totaled 123,223 square meters, also achieving a 100% occupancy rate[147]. - The company has a total of 39,799 square meters of residential and commercial property in Suqian City, with a 70% occupancy rate, equating to 139,297 square meters of total building area[147]. - The company is actively managing its construction projects to ensure timely completion and maximize market potential[144]. Strategic Initiatives - The group is collaborating with real estate developers to leverage competitive advantages in property development projects[182]. - The group has established 10 non-binding memorandums of understanding with various local government agencies for urban redevelopment projects, which may enhance strategic relationships[170]. - The overall strategy includes diversifying property types, with a mix of residential, commercial, and industrial developments planned[144].