Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 47,440,141, a decrease from RMB 107,834,741 in 2021, representing a decline of approximately 56%[2] - Gross profit for 2022 was RMB 6,619,729, down from RMB 20,797,446 in 2021, indicating a decrease of about 68%[2] - The company reported a loss before tax of RMB 12,932,360 for 2022, compared to a profit of RMB 18,227,603 in 2021, marking a significant turnaround[2] - The net loss for the year was RMB 13,559,978, compared to a profit of RMB 12,327,177 in the previous year[2] - The company reported a net loss attributable to shareholders of approximately RMB 13,049,088,000 for the year ended December 31, 2022[7] - The group recorded confirmed revenue of approximately RMB 47,440,100,000 in 2022, a decrease of 56.0% year-on-year[65] - Property sales and related services revenue decreased by 60.4% to approximately RMB 40,620,500,000 in 2022[66] - The group's gross profit for 2022 was approximately RMB 6,619,700,000, down 68.2% from RMB 20,797,400,000 in 2021[67] - The group incurred a net foreign exchange loss of RMB 1,970,200,000 in 2022, compared to a net gain of RMB 790,700,000 in 2021[69] Assets and Liabilities - Non-current assets increased to RMB 78,512,967 in 2022 from RMB 81,222,556 in 2021, reflecting a slight decrease of about 3%[4] - Current liabilities decreased to RMB 258,658,122 in 2022 from RMB 223,739,669 in 2021, showing an increase of approximately 16%[5] - The total equity attributable to shareholders was RMB 29,414,366 in 2022, down from RMB 41,990,154 in 2021, indicating a decline of about 30%[5] - The company’s cash and cash equivalents decreased significantly to RMB 20,108,115 in 2022 from RMB 46,462,460 in 2021, a reduction of approximately 57%[4] - As of December 31, 2022, the group's principal debt measured at amortized cost amounted to RMB 1,401,331,000, while the derivative instruments, including convertible options, were valued at RMB 267,247,000[15] - The total liabilities as of December 31, 2022, included significant overdue amounts, which may impact future liquidity and operational strategies[16][17] - The total outstanding borrowings as of December 31, 2022, were approximately RMB 108,449,700,000, compared to RMB 114,112,000,000 in 2021[84] - The net debt-to-equity ratio was approximately 102.0% as of December 31, 2022, compared to 62.8% as of December 31, 2021[90] Cash Flow and Financing - The company is actively negotiating with multiple financial institutions to restructure and extend existing bank loans to improve liquidity[8] - A business strategy plan has been developed focusing on accelerating property sales and cash collection[8] - The company has implemented strict cost-cutting measures, including reducing non-core and non-essential business expenses[8] - The company is seeking opportunities to sell non-core assets to enhance its cash position[8] - The company has engaged a financial advisor to assist in restructuring its financing arrangements[8] - The company completed a cash offer for the repurchase of USD 265,117,000 of its 5.5% senior notes due in 2022, with a total payment of approximately USD 272,094,732.12[93] - The company repaid a total principal amount of $239,983,000 along with accrued interest for the January 2017 notes by January 23, 2022[94] Market and Sales Performance - The company reported a total contract sales amount of approximately RMB 124 billion for the year 2022[47] - The average selling price for contract sales in 2022 was approximately RMB 14,778 per square meter[47] - The total contract sales area for the company in 2022 was approximately 8,393,200 square meters[47] - The company delivered around 90,000 new homes in 2022 despite challenging market conditions[63] - The total area delivered in 2022 was 2,970,794 square meters, compared to 6,850,115 square meters in 2021[55] - The average confirmed selling price across all cities in 2022 was RMB 13,172 per square meter[55] - The company plans to expand its market presence and enhance product offerings in response to the growing demand in various cities[54] Future Outlook and Strategy - The company plans to focus on market expansion and new product development to improve future performance[1] - The company plans to focus on "ensuring delivery and quality" as a primary objective in 2023[64] - The company anticipates that macroeconomic recovery will be a key factor influencing the real estate market in 2023[63] - The company aims to improve its financial situation and support reasonable financing needs in 2023[64] Compliance and Governance - The audit committee reviewed the annual performance for the year ending December 31, 2022, and confirmed compliance with applicable accounting standards and regulations[100] - The board of directors consists of eight members, responsible for overall management and supervision of the company's operations[101] - The company’s ordinary shares, warrants, and derivatives were suspended from trading on March 31, 2023, at 9:00 AM[104] - The company has applied to resume trading of its ordinary shares, warrants, and derivatives on September 27, 2023, at 9:00 AM[104]

Financial Performance - The unaudited consolidated management accounts for the year ended December 31, 2022, reported revenue of RMB 47,440,141,000, a decrease from RMB 107,834,741,000 in the previous year, representing a decline of approximately 56%[5] - The company recorded a loss before tax of RMB 12,932,360,000 for the year ended December 31, 2022, compared to a profit of RMB 18,227,603,000 in the previous year[5] - The net loss for the year was RMB 13,559,978,000, compared to a profit of RMB 12,327,177,000 in the previous year, indicating a significant downturn in performance[6] - The basic and diluted loss per share for the year was RMB (1.42), compared to earnings of RMB 0.88 in the previous year[6] - The total comprehensive loss for the year amounted to RMB (13,566,350,000), compared to a total comprehensive income of RMB 11,961,925,000 in the previous year[6] - The reported segment revenue for the year ended December 31, 2022, was RMB 47,440,141 thousand, a decrease from RMB 107,834,741 thousand in 2021, representing a decline of approximately 56%[20] - The reported segment profit for 2022 was RMB 126,682 thousand, significantly lower than RMB 18,430,517 thousand in 2021, indicating a decrease of around 99%[23] - Other income, gains, and losses for 2022 amounted to RMB (1,335,262) thousand, compared to RMB 2,075,998 thousand in 2021, reflecting a substantial decline[26] - Financing costs for 2022 were RMB (2,565,380) thousand, an increase from RMB (578,745) thousand in 2021, showing a rise of approximately 344%[23] - The company reported a significant loss before tax of RMB (12,932,360) thousand for 2022, compared to a profit of RMB 18,227,603 thousand in 2021[23] Assets and Liabilities - Non-current assets increased to RMB 78,512,967 thousand in 2022 from RMB 81,222,556 thousand in 2021, a decrease of approximately 3.5%[7] - Current assets decreased to RMB 307,619,880 thousand in 2022 from RMB 351,526,976 thousand in 2021, a decline of about 12.5%[7] - Total liabilities increased to RMB 258,658,122 thousand in 2022 from RMB 223,739,669 thousand in 2021, representing an increase of approximately 15.6%[8] - The company's equity attributable to shareholders decreased to RMB 29,414,366 thousand in 2022 from RMB 41,990,154 thousand in 2021, a decrease of around 30%[8] - The cash and cash equivalents decreased significantly to RMB 20,425,310 thousand in 2022 from RMB 46,462,460 thousand in 2021, a decline of about 56%[7] - The company reported a net current asset value of RMB 48,961,758 thousand in 2022, down from RMB 127,787,307 thousand in 2021, a decrease of approximately 61.7%[8] - The total assets less current liabilities decreased to RMB 127,474,725 thousand in 2022 from RMB 209,009,863 thousand in 2021, a decline of about 38.9%[8] Audit and Compliance - The audit of the consolidated financial statements for the year ended December 31, 2022, is still ongoing, delaying the publication of the audited results[3] - The company plans to complete the audit as soon as possible to resume trading of its ordinary shares on the stock exchange[3] - The financial data mentioned in the announcement is unaudited and has not been agreed upon by auditors and the audit committee[85] - The company is unable to publish the audited 2022 annual results by April 30, 2023, as required by listing rules[84] - Management aims to publish the audited 2022 annual results and send the annual report by June 30, 2023, or earlier[84] - Shareholders and potential investors are advised to exercise caution when trading the company's securities[85] Market and Sales Performance - The group achieved a contract sales amount of approximately RMB 124 billion in 2022, with a total construction area of 8,393,200 square meters sold[41] - The average selling price for contract sales in 2022 was approximately RMB 14,778 per square meter[41] - The contribution to total contract sales in 2022 from the Yangtze River Delta, Central and Western regions, Bohai Rim, and South China was approximately 34.3%, 28.0%, 24.6%, and 13.1% respectively[41] - Sales from first- and second-tier cities accounted for about 88.0% of total contract sales, while third-tier cities contributed the remaining 12.0%[41] - Residential projects represented approximately 90.8% of total contract sales, with office and commercial projects making up the remaining 9.2%[41] - The total area of properties delivered in 2022 was approximately 2,970,794 square meters, a decrease of 56.4% year-on-year[47] - The confirmed revenue from property sales in 2022 reached RMB 39,131,415 thousand, a decrease from RMB 99,288,398 thousand in 2021, representing a 60.6% decline[49] - Residential properties accounted for 95.0% of total sales revenue in 2022, generating RMB 37,261,883 thousand, down from RMB 96,586,924 thousand in 2021[50] Financial Ratios and Debt - The net debt to equity ratio is calculated based on the total debt minus cash and cash equivalents, reflecting the company's financial leverage[40] - The net debt-to-equity ratio as of December 31, 2022, was approximately 102.0%, up from 62.8% on December 31, 2021[83] - The debt-to-asset ratio as of December 31, 2022, was approximately 28.1%, compared to 26.4% on December 31, 2021[83] - The current ratio as of December 31, 2022, was approximately 1.2 times, down from 1.6 times on December 31, 2021[83] - The group's total outstanding borrowings amounted to approximately RMB 108.45 billion, a decrease from RMB 114.11 billion as of December 31, 2021[77] - The group's total borrowings are composed of approximately 57.1% in RMB and 42.9% in foreign currencies[77] - The weighted average cost of debt as of December 31, 2022, was 4.9%, slightly down from 5.0% on December 31, 2021[79] Operational Challenges - The company has acknowledged an anonymous letter questioning transactions amounting to approximately RMB 1.8 billion related to sales of parking spaces and financial assets[1] - The management believes that the related transactions have been properly reflected in the group's management accounts[2] - The group has not early adopted any new or revised International Financial Reporting Standards (IFRS) that have been issued but are not yet effective[12] - The management anticipates that the application of all other new and revised IFRS will not have a significant impact on the consolidated financial statements in the foreseeable future[13] - The group recorded a gross profit of approximately RMB 2,326,800,000 in 2022, down 88.8% from RMB 20,797,400,000 in 2021[61] - The group experienced a foreign exchange loss of approximately RMB 1,970,200,000 in 2022 due to the depreciation of the RMB[61] - The group's share of losses from joint ventures and associates in 2022 was RMB 1,740,300,000, compared to a profit of RMB 758,800,000 in 2021[66]

Company Overview - CIFI Holdings has a total land bank of approximately 49.3 million sq.m. and an attributable GFA of about 26.3 million sq.m. as of June 30, 2022[5]. - The company focuses on property development in first- and second-tier cities, targeting high-quality, end-user driven properties[4]. - CIFI has established a strong presence in major cities across four regions: Yangtze River Delta, Pan Bohai Rim, Central Western Region, and South China Region[5]. - The company aims to become a trustworthy urban integrated operation service provider, driven by its mission of "building for a better life"[5]. - CIFI's business includes property development, investment, and management services within the People's Republic of China[4]. - The company has achieved nationwide operational coverage in China, enhancing its market position in key urban areas[5]. - CIFI's development projects encompass various property types, including residential, office, and commercial complexes[4]. Financial Performance - Contracted sales for the six months ended June 30, 2022, amounted to RMB 63,140 million, a decrease of 53.6% compared to RMB 136,150 million in the same period of 2021[51]. - The contracted gross floor area (GFA) sold was 4,144,600 square meters, down 48.0% from 7,973,300 square meters in the previous year[51]. - Recognized revenue for the period was RMB 29,720 million, representing an 18.3% decline from RMB 36,373 million in 2021[51]. - Profit attributable to equity owners for the period was RMB 731 million, a significant drop of 79.7% from RMB 3,603 million in the prior year[51]. - Core net profit attributable to equity owners was RMB 1,820 million, down 45.6% from RMB 3,346 million in 2021[51]. - The gross profit margin remained stable at 20.7%, while the core net profit margin decreased to 6.1% from 9.2% in the previous year[51]. - Total assets as of June 30, 2022, were RMB 410,015 million, a decrease from RMB 432,750 million at the end of 2021[52]. - The net debt-to-equity ratio increased to 78.5% from 62.8% at the end of 2021[52]. - The total land bank at the end of the period was 49.3 million square meters, down from 52.5 million square meters at the end of 2021[52]. Market Strategy and Expansion - The interim report highlights the company's commitment to high-quality real estate development in mature market segments[3]. - CIFI's strategic focus includes expanding its footprint in core cities and enhancing service offerings in property management[3]. - The company is actively pursuing new strategies for market expansion and technological advancements in property development[3]. - The Group's strategic focus remains on first- and second-tier cities for land acquisitions, adhering to value investing principles[73]. - The company aims to adapt to market changes more flexibly and swiftly, leveraging its extensive industry experience accumulated over more than 20 years[97]. - Future development in the real estate sector will focus on a model characterized by "low debt, light assets, high turnover, high quality," along with a shift towards digitalization and technology[97]. Sales and Revenue Insights - The average selling price (ASP) for contracted sales was approximately RMB 15,200 per square meter, excluding car parks and storage rooms[62]. - Contracted sales from residential projects accounted for approximately 90.0% of the Group's total contracted sales[63]. - The Group's gross profit margin for the first half of 2022 was 20.7%, consistent with the same period in 2021[66]. - The core net profit margin for the first half of 2022 was 6.1%, down from 9.2% in the same period of 2021[66]. - The Group ranked 15th nationally in contracted sales amount according to the CRIC report for the first half of 2022[65]. - Contracted sales from first- and second-tier cities accounted for approximately 86.4% of the Group's total contracted sales[63]. Debt and Financing - The weighted average cost of indebtedness was 4.9%, slightly down from 5.0% in the previous year[52]. - CIFI PRC repaid RMB800 million in corporate bonds due March 2022, and secured RMB5.0 billion and RMB10.0 billion financing for mergers and acquisitions from major banks in March 2022[86]. - CIFI issued HKD1.957 billion convertible bonds due 2025 with a 6.95% coupon rate in March 2022, followed by an additional issuance of HKD588 million in April 2022[84]. - The Group's total debt as of June 30, 2022, was RMB 114.1 billion, unchanged from December 31, 2021, while the weighted average cost of debt decreased to 4.9%[158]. Corporate Social Responsibility and Sustainability - In the first half of 2022, CIFI donated nearly 500,000 units of anti-pandemic supplies and daily necessities to various institutions and communities in Shanghai, and provided 50,000 antigen test kits to support underprivileged groups in Hong Kong[92]. - The company has published two green finance reports, both of which received independent third-party assurance, setting a benchmark for sustainable development in the industry[92]. - CIFI's ESG rating was upgraded to "BBB" by MSCI, and it continues to be included in the Hang Seng Corporate Sustainability Benchmark Index and the Hang Seng ESG 50 Index[92]. - CIFI has been recognized for its commitment to green business practices, enhancing its competitiveness in the market[93]. Future Outlook - The overall supply and demand in the real estate market is expected to recover steadily in the second half of 2022, with a narrowing year-on-year decline in transaction volume[94][95]. - The pressure of sales is mainly concentrated in weak second- and third-tier cities, while core first- and second-tier markets are expected to remain stable[95]. - CIFI believes that the real estate industry is heading towards balanced and healthy development, supported by policies stabilizing housing prices and land prices[96]. - The company aims to enhance its market presence and explore new strategies for growth in the upcoming periods[126].

(Incorporated in the Cayman Islands with limited liability) Stock Code : 00884 STERN FOR FOR BOOK OF THE OWNER ANNUAL REPORT 2021 年報 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------|-------|------------------------------------------------------------------| | | | | | | | CONTENTS | | | | 002 | 公司資料 Corporate Information | 125 | 董事會報告書 Directors' Report | | 004 | 公司簡介 Company Profile | 177 | 獨立核數師報告 Independent Auditor's Report | | 006 | 主要房地產項目 Majo ...

Land Bank and Development Strategy - As of June 30, 2021, CIFI Holdings had a total land bank of approximately 58.7 million sq.m. and an attributable GFA of approximately 32.4 million sq.m.[44] - CIFI operates in 85 cities across four regions in China: the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region, and the South China Region[44] - The company focuses on developing high-quality properties aimed at end-users in first-, second-, and third-tier cities in China[43] - CIFI aims to maintain rapid growth and develop into a leading nationwide property developer in China[43] - The company is committed to creating value for customers and building a better life as part of its mission[44] - CIFI's development projects include various property types such as residential, office, and commercial complexes[43] - The company has established a strong presence in major first-, second-, and third-tier cities in China[44] - CIFI's effective business model and strong execution capabilities are key drivers for its future growth[43] - The company is focused on expanding its market presence and enhancing its brand reputation in the real estate sector[42] - The Group strategically entered 8 new cities to enhance regional penetration, including Yancheng, Lu'an, and Xuancheng in East China[83] - The company aims to acquire high-quality land resources at reasonable prices while adhering to value investment principles[82] - The company plans to continue expanding its market presence and developing new products to sustain growth in the competitive real estate sector[137] Financial Performance - Contracted sales for the six months ended June 30, 2021, amounted to RMB 136,150 million, representing a year-on-year increase of 68.6% from RMB 80,730 million in 2020[68] - Recognized revenue for the same period was RMB 36,373 million, up 58.0% compared to RMB 23,022 million in 2020[68] - The average contracted selling price (ASP) increased to RMB 17,100 per square meter, a rise of 3.6% from RMB 16,500 per square meter in 2020[68] - Total assets as of June 30, 2021, reached RMB 439,991 million, compared to RMB 379,299 million at the end of 2020[69] - Total indebtedness increased to RMB 110,747 million from RMB 104,715 million at the end of 2020[69] - The net debt-to-equity ratio improved to 60.4% from 64.0% at the end of 2020[69] - Core net profit attributable to equity owners was RMB 3,346 million, reflecting a 4.8% increase from RMB 3,194 million in 2020[68] - The gross profit margin decreased to 20.7% from 25.6% in the previous year[68] - Earnings per share (basic) for the period was RMB 0.44, slightly up from RMB 0.43 in 2020[68] - The Group's net profit increased by 13.2% to RMB5,363.4 million for the six months ended June 30, 2021, from RMB4,736.5 million in the corresponding period in 2020[72]. - The Group achieved a cash collection ratio of over 90% from contracted sales during the same period, indicating stable cash flow amidst a challenging market environment[73] - The gross profit margin for the six months ended June 30, 2021, was 20.7%, down from 25.6% in the same period last year[78] - The core net profit margin for the same period was 9.2%, compared to 13.9% in the prior year[80] Sales and Market Performance - For the six months ended June 30, 2021, the Group achieved contracted sales of RMB136.15 billion, representing a year-on-year increase of 68.6% from RMB80.73 billion in the corresponding period in 2020[72]. - The total contracted gross floor area (GFA) sold was approximately 7,973,300 sq.m., representing a 62.9% increase compared to the same period last year[112][115] - The Yangtze River Delta, Pan Bohai Rim, Central Western Region, and South China Region contributed approximately 44.7%, 16.2%, 26.0%, and 13.1% to total contracted sales, respectively[116] - First- and second-tier cities accounted for approximately 71.1% of total contracted sales, while third-tier cities contributed 28.9%[116] - Residential projects made up approximately 93.5% of total contracted sales, with office/commercial projects accounting for the remaining 6.5%[116] - The Group's sales performance was supported by over 380 projects across more than 70 cities[76] - The total sales area of commodity properties sold in China during the first half of 2021 was 886.35 million sq.m., representing a year-on-year increase of 27.7%[73] - The sales of commodity properties in China reached RMB9,293.1 billion in the first half of 2021, marking a 38.9% increase year-on-year[73] Property Management and Services - CIFI Ever Sunshine Services provided property management services in 114 cities with a total contracted GFA of 219.1 million sq.m., managing approximately 130.0 million sq.m.[85] - Community value-added services increased by 99.6% in the first half of 2021, accounting for 25.2% of total income[85] - The property management services income from residential and non-residential properties accounted for 60% and 40%, respectively[85] - The Group's property management and other services income increased by 55.2% year-on-year[150] Debt and Financing - The company issued US$419 million senior notes with a 4.375% coupon rate, maturing in April 2027, in January 2021[92] - CIFI PRC issued RMB1,448 million onshore corporate bonds with a final interest rate of 4.40%, maturing in March 2026, in March 2021[93] - In May 2021, CIFI issued two tranches of green US dollar senior notes totaling US$500 million, with interest rates of 4.45% and 4.8%[93] - Cash-on-hand level reached RMB52,406 million as of June 30, 2021, up from RMB51,154 million at the end of 2020[97] - The weighted average cost of indebtedness decreased to 5.1% as of June 30, 2021, from 5.4% at the end of 2020[97] - CIFI maintained a comfortable debt position with unpaid committed acquisitions of approximately RMB8,658 million against cash-on-hand of RMB52,406 million as of June 30, 2021[97] - CIFI's credit ratings were maintained at "BB" by S&P and Fitch, and "Ba2" by Moody's, with stable outlooks[96] Corporate Social Responsibility - CIFI Foundation donated RMB100 million to Xiamen University in April 2021 to support education, and RMB10 million for disaster relief in Zhengzhou in July 2021[100] - CIFI was included in the Hang Seng ESG 50 Index for the first time in August 2021, reflecting its commitment to green business practices[101] Future Outlook - The Group expects saleable resources in the second half of the year to be approximately RMB260 billion, with management confident in completing the 2021 contracted sales target[107] - The market performance of cities is expected to diverge, with first- and second-tier cities stabilizing while third- and fourth-tier cities may face additional regulation[106] - The Group aims to balance growth, profitability, and financial safety while maintaining its leading position in the real estate industry[109] - Future outlook includes continued focus on expanding property development in first-tier and second-tier cities to capitalize on market demand[131]

旭輝控股 ( 集團 ) 有限公司 CIFI HOLDINGS (GROUP) CO. LTD. (Incorporated in the Cayman Islands with limited liability) | Stock Code : 00884 奇尼 ·高質 久為功 ANNUAL REPORT 2020 年報 CONTENTS 002 公司資料 Corporate Information 004 企業里程碑 Milestone 006 公司簡介 Company Profile 007 主要房地產項目 Major Property Projects 表現摘要 021 Performance Highlights 022 詞彙及定義 Glossary and Definitions 瀋陽璟宸府 Shenyang Jingchen Mansion 024 主席報告 Chairman's Statement 040 管理層討論及分析 Management Discussion and Analysis | --- | --- | |-------|----------------------------- ...

Company Overview - As of June 30, 2020, CIFI Holdings had a total land bank of approximately 52.7 million sq.m. and an attributable GFA of approximately 27.7 million sq.m.[7] - CIFI operates in 84 cities across four regions in China: the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region, and the South China Region[7] - The company focuses on developing high-quality properties targeted at end-users in first-, second-, and third-tier cities in China[6] - CIFI aims to maintain rapid growth and develop into a leading nationwide property developer, leveraging its effective business model and strong execution capabilities[6] - The company is committed to creating value for customers and building a better life, striving to become a well-respected real estate enterprise in China[8] - CIFI's projects include various property types such as residential, office, and commercial complexes[6] - The company has established a strong presence in major cities, enhancing its nationwide operational coverage[7] - CIFI's strategic focus includes expanding its footprint in key urban areas to capitalize on market opportunities[6] - The company emphasizes efficient business operations to support its growth objectives in the competitive real estate market[6] - CIFI's mission is to create value for customers while contributing to the development of quality living environments[8] Financial Performance - Contracted sales amounted to RMB 80,730 million, a decrease of 8.7% compared to RMB 88,440 million in 2019[59] - Contracted gross floor area (GFA) sold was 4,895,900 sq.m., down 3.8% from 5,088,200 sq.m. in the previous year[59] - Recognized revenue increased by 11.3% to RMB 23,022 million from RMB 20,688 million in 2019[59] - Profit attributable to equity owners rose by 5.4% to RMB 3,369 million, compared to RMB 3,197 million in 2019[59] - Core net profit attributable to equity owners increased by 11.2% to RMB 3,194 million from RMB 2,873 million in the previous year[59] - Total assets reached RMB 352,848 million, up from RMB 324,855 million in 2019[59] - Total indebtedness was RMB 105,269 million, slightly higher than RMB 103,699 million in the previous year[59] - The net debt-to-equity ratio improved to 63.2% from 65.6% in 2019[59] - The weighted average cost of indebtedness decreased to 5.6% from 6.0% in the previous year[59] Market Conditions - The real estate market in China experienced an 8.4% year-on-year decrease in transaction volume and a 5.4% decrease in transaction value during the first half of 2020[78] - The pandemic significantly impacted the real estate market, with strict control measures affecting sales and construction progress in the first quarter of 2020[78] - The real estate market showed a swift recovery in first- and second-tier cities, while third- and fourth-tier cities experienced a significant cool-down due to the pandemic[82] Strategic Initiatives - The Group's strategy includes diversifying into related real estate businesses such as property management and long-term rental apartments to maximize synergy effects[79] - The Group launched pre-sale of 35 new projects across over 50 cities during the first half of 2020[86] - The Group's strategy included entering 1 new city, Suqian, in Jiangsu Province to enhance regional penetration[96] - The Group aims to become one of the Fortune Global 500 companies, emphasizing operational efficiency and social responsibility[125] Sales and Revenue Insights - The Group maintained a cash collection rate of over 95% for contracted sales, ensuring stable cash flow during a challenging market environment[80] - The average selling price during the first half of 2020 was approximately RMB 16,500 per square meter[127] - Contracted sales from the Yangtze River Delta, Pan Bohai Rim, Central Western Region, and South China Region contributed approximately 47.2%, 24.4%, 16.8%, and 11.6% of total contracted sales, respectively[131] - First- and second-tier cities accounted for approximately 72.8% of total contracted sales, while third-tier cities contributed the remaining 27.2%[131] - Residential projects contributed approximately 93.5% of total contracted sales, while office/commercial projects accounted for 6.5%[131] Investment and Development - The Group acquired interests in 27 new projects with a total land consideration of RMB 24.4 billion in the first half of 2020, and further acquired interests in 8 new projects for RMB 9.04 billion in July 2020[95] - There are over 230 properties under development or held for future development, with a total GFA of approximately 47.4 million sq.m.[168] - The Group completed approximately 2.3 million sq.m. of new projects during the six months ended June 30, 2020[167] Corporate Social Responsibility - The Group established an ESG committee in 2019, enhancing its commitment to corporate social responsibility and environmental management[113] - In January 2020, the CIFI Charity Foundation donated RMB 20 million to support COVID-19 relief efforts[114] - The Group successfully issued its first offshore green bonds in July 2020, marking a significant step in its green financing practice[115] Cost Management - The Group's cost of sales during the six months ended June 30, 2020, was approximately RMB 17,121.3 million, an increase of 17.1% year-on-year[179] - Sales and marketing expenses increased by 15.9% to approximately RMB 674.2 million due to the launch of new property projects for pre-sale[190] - The adjusted gross profit margin for the six months ended June 30, 2020, was 28.0%, compared to 34.1% in the corresponding period of 2019[185]

Land Bank and Development Projects - As of December 31, 2019, the company had a total land bank of approximately 50.7 million sq.m. and an attributable GFA of approximately 26.5 million sq.m.[6] - The company operates in 71 cities across 4 regions in China, including the Yangtze River Delta and the Pan Bohai Rim[6] - The company has established a strong presence in major cities, enhancing its national operating coverage[6] - The company’s development projects include various property types such as residential, office, and commercial complexes[5] - The company is expanding its presence in the Yangtze River Delta with multiple projects, including the Shanghai CIFI U Block and Suzhou CIFI He Mansion[13] - CIFI Holdings has several projects under development, including a residential project in Hefei with a total GFA of 307,100 sq.m. expected to complete in 2022[36] - The company is also developing a project in Taiyuan with a total GFA of 2,520,000 sq.m., expected to complete in 2022, showcasing its commitment to large-scale residential developments[36] - The company has a total of 1,500,000 square meters of development properties under construction and held for future development across various projects[37] - The company has several ongoing property projects, including significant developments in Chongqing and Wuhan, with various completion dates ranging from 2020 to 2022[42] - The company has a total of 40,325 square meters of investment properties in Shanghai CIFI Haishang International, fully attributable to the group[160] - The company’s land bank as of December 31, 2019, includes various projects across multiple cities, indicating a strong market presence and future growth potential[161] Financial Performance - Contracted sales amounted to RMB 200.6 billion, representing a year-on-year growth of 32.0%[46] - Recognised revenue was RMB 54,766 million, reflecting a growth of 29.3% year-on-year[46] - Gross profit increased to RMB 13,754 million, up 29.6% from the previous year[46] - Profit attributable to equity owners was RMB 6,437 million, with core net profit at RMB 6,903 million, showing growth of 19.0% and 24.7% respectively[46] - Total assets rose to RMB 322,700 million, a 33.9% increase year-on-year[46] - Total dividends for the year amounted to approximately RMB2,716.3 million, representing a year-on-year increase of 35.5% over RMB2,004.1 million in 2018[55] - The proposed final dividend for 2019 is RMB21.93 cents per share, and a special dividend of RMB3.66 cents per share to mark the Group's 20th anniversary[54] - The total dividends per share for the year increased by approximately 27% compared to 2018, totaling RMB34.52 cents[54] - The adjusted gross profit margin decreased to 30.0% in 2019 from 34.7% in 2018[47] - The core net profit margin slightly decreased to 12.6% in 2019 from 13.1% in 2018[47] - The return on average equity improved to 24.8% in 2019 from 23.8% in 2018[47] - The net profit attributable to equity owners increased by 19.0% to RMB6,436.9 million in 2019 from RMB5,409.0 million in 2018[59] - The core net profit attributable to equity owners rose by 24.7% to approximately RMB6,903.3 million in 2019 from RMB5,535.6 million in 2018[59] Sales and Market Strategy - The company aims to continue rapid growth and develop into a leading nationwide property developer in China[5] - The company focuses on developing high-quality, end-user driven properties in first-, second-, and third-tier cities[5] - The company aims to enhance its market position through strategic acquisitions and new project developments in key urban areas[19] - The company anticipates continued growth in the residential sector, particularly in first-tier and second-tier cities across China[19] - The average selling price (ASP) in 2019 was approximately RMB16,700/sq.m., compared to RMB15,900/sq.m. in 2018[66] - The cash collection ratio from contracted sales exceeded 90% in 2019[66] - The Group's contracted sales in 2019 amounted to over RMB 53.2 billion from more than 240 projects across 55 cities[71] - The Group's contracted sales in the Yangtze River Delta, Bohai Rim, Central and Western regions, and South China contributed approximately 48.3%, 25.1%, 17.9%, and 8.7% respectively to the total contracted sales in 2019[103] - Residential projects contributed approximately 91.6% of total contracted sales in 2019, while office and commercial projects accounted for 8.4%[110] Debt and Financing - Total indebtedness increased to RMB 103,699 million, reflecting a growth of 33.2%[46] - The weighted average cost of indebtedness was 6.0%, up from 5.8% in 2018[83] - The company redeemed HK$1,024 million of zero coupon convertible bonds due 2019 in February 2019[76] - Proceeds from fundraising activities were partially used to repay approximately US$1,792 million of offshore debt[81] - The company's credit ratings were maintained at "BB" (Stable outlook) by Fitch and "Ba3" (Positive outlook) by Moody's, with an upgrade to "BB" (Stable outlook) by Standard & Poor's[82] - As of December 31, 2019, the net debt-to-equity ratio was 68.5%, up from 67.2% in 2018[83] - Net debts amounted to RMB 46,056.9 million, an increase from RMB 33,247.5 million in 2018[83] Future Outlook and Strategy - The company aims to strengthen its portfolio through strategic acquisitions and partnerships, positioning itself for future growth in the real estate market[36] - The Group plans to enhance competitiveness by integrating smart health measures into its product line and providing comprehensive healthy living services[100] - The overall real estate sales volume in China is expected to record negative growth in 2020 due to the impact of the COVID-19 pandemic[96] - The company is focusing on expanding its land reserves and project pipeline to meet future market demands[190] - The total gross floor area (GFA) under development and held for future development is approximately 3,000,000 sq.m., with significant contributions from projects in Chongqing and Wuhan[191] - The estimated completion year for several key projects spans from 2021 to 2027, reflecting a strategic long-term development plan[187]

Company Overview - As of June 30, 2019, the company had a total land bank of approximately 46.8 million sq.m. and an attributable GFA of approximately 23.4 million sq.m.[5] - The company operates in 53 cities across four regions: the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region, and the South China Region[5] - The company aims to continue rapid growth and develop into a leading nationwide property developer in China[4] - The company focuses on developing high-quality, end-user driven properties in first-, second-, and third-tier cities in China[4] - The company has established a strong presence in major first-, second-, and third-tier cities in China[5] - The company is committed to creating value for customers and building for a better life[5] - The company’s development projects cover various property types, including residential, office, and commercial complexes[4] - The company has a nationwide operating coverage and a solid position in major cities[5] - The company aims to become a well-respected real estate enterprise in China[5] Financial Performance - Contracted sales amounted to RMB 88,440 million, representing a year-on-year growth of 33.9% from RMB 66,032 million[29] - Contracted gross floor area (GFA) reached 5,088,200 sq.m., an increase of 17.5% compared to 4,331,800 sq.m. in the previous year[29] - Average contracted selling price (ASP) was RMB 17,382 per sq.m., reflecting a 13.5% increase from RMB 15,314 per sq.m.[29] - Recognized revenue for the period was RMB 20,063 million, up 8.9% from RMB 18,421 million[29] - Core net profit attributable to equity owners was RMB 3,194 million, a decrease of 6.6% from RMB 3,419 million[29] - Total assets increased to RMB 302,041 million, compared to RMB 241,061 million at the end of the previous year[29] - Bank balances and cash rose to RMB 54,300 million, up from RMB 44,618 million[29] - Total indebtedness was RMB 94,768 million, an increase from RMB 77,865 million[29] - The net debt-to-equity ratio stood at 69.5%, compared to 67.2% in the previous year[29] Sales and Market Trends - The Group achieved contracted sales of RMB88.44 billion, representing a year-on-year increase of 33.9% from RMB66.03 billion in the corresponding period in 2018[32]. - The cash collection ratio from contracted sales during the first half of 2019 exceeded 95%[33] - The real estate market in first-tier cities showed strong demand, while third- and fourth-tier cities experienced a decline in transaction volume[33] - The Group's sales performance benefited from a diversified portfolio across multiple regions and cities[34] - The tightening of financing channels in the domestic market and increased regulation in offshore financing posed challenges for real estate developers[33] Project Development and Land Acquisition - The Group launched pre-sale of 36 new projects across 18 cities during the first half of 2019[35] - The Group acquired interests in 34 new projects with a total land consideration of RMB26.6 billion in the first half of 2019[44] - In July 2019, the Group further acquired interests in 6 new projects with a total land consideration of RMB5.76 billion[44] - The Group strategically entered 3 new cities in 2019, expanding its geographical coverage in first- and second-tier cities[43] - The total planned GFA of the Group's land acquisition in the first half of 2019 amounted to approximately 7.7 million sq.m., with 4.9 million sq.m. attributable to the Group's equity interests[178] Profitability and Margins - The Group's gross profit margin improved to 29.6% for the six months ended June 30, 2019, compared to 23.6% for the same period last year[40] - The core net profit margin increased to 14.3% in the first half of 2019, up from 13.3% in the previous year[41] - The Group's reported gross profit for the six months ended June 30, 2019, was approximately RMB5,943.1 million, an increase of 36.6% compared to RMB4,351.9 million for the same period in 2018[101] - Adjusted gross profit for the same period was approximately RMB6,928.9 million, up by 11.7% from RMB6,201.8 million in 2018[101] Financing and Debt Management - The Group's total indebtedness was RMB94.8 billion as of June 30, 2019, compared to RMB77.9 billion as of December 31, 2018[116] - The Group's cash and bank balances increased to approximately RMB53,960.4 million as of June 30, 2019, compared to RMB43,327.6 million at the end of 2018[187] - Total outstanding borrowings amounted to approximately RMB94,767.9 million as of June 30, 2019, up from RMB77,865.0 million at the end of 2018, representing a 21.7% increase[188] - The weighted average cost of all indebtedness as of June 30, 2019, was 5.9%, compared to 5.8% as of December 31, 2018[195] Taxation and Income - The Group's income tax expenses increased by 20.4% to approximately RMB1,997.3 million for the six months ended 30 June 2019, compared to RMB1,658.8 million in the same period last year[118] - The effective income tax rate rose to 31.2% during the six months ended 30 June 2019, up from 28.4% in the corresponding period of last year[118] - Profit before taxation increased by 9.9% to approximately RMB6,410.5 million during the six months ended 30 June 2019, compared to RMB5,835.6 million in the same period last year[121] Future Outlook and Strategy - The company plans to continue expanding its market presence in both first-tier and second-tier cities to drive future growth[76] - The overall market strategy includes focusing on enhancing product offerings and exploring potential mergers and acquisitions to strengthen market position[76] - The Group's management indicated a focus on expanding its presence in first- and second-tier cities to drive future growth[61]

复筑展 均好中 Our Growth with Substance Balance and Momentum ANNUAL REPORT 2018 年報 (Incorporated in the Cayman Islands with limited liability) Stock Code : 00884 目錄 CONTENTS | --- | --- | |--------------------------|--------------------------------------------------------------------------| | | | | | | | 公司簡介 | Company Profile | | 公司資料 | Corporate Information | | 主要房地產項目 | Major Property Projects | | 表現摘要 | Performance Highlights | | 詞彙及定義 | Glossary and Definitions | | 主席報告 | Chairman's Statement | | 管理層討論及分析 | ...