(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 | ...