Financial Performance - Revenue for the period was RMB 62.04 billion, a decrease from RMB 94.80 billion in the same period last year[2] - Shareholders' profit attributable to the company was RMB 8.06 billion, with core profit after fair value adjustments increasing by 0.6% to RMB 6.59 billion[1] - Gross profit was RMB 13.90 billion, with a gross margin of 22.4%[2] - Total comprehensive income for the period was RMB 9.57 billion, compared to RMB 9.93 billion in the previous year[3] - The company reported a pre-tax profit of RMB 12.37 billion, down from RMB 15.93 billion year-on-year[2] - Basic earnings per share were RMB 1.316, with core basic earnings per share at RMB 1.076[1] - The adjusted profit for the development business was RMB 12,389,203 thousand for the six months ended June 30, 2022, compared to RMB 11,084,545 thousand for the same period in 2023, indicating a decrease of about 11%[14] - Basic and diluted earnings attributable to shareholders for the first half of 2023 were RMB 8,057,952, an increase of 7.7% from RMB 7,480,032 in the same period of 2022[27] Sales and Contracted Sales - Contract sales amounted to RMB 98.52 billion, corresponding to a total sales area of 5.799 million square meters[1] - The group's contracted sales for the first half of 2023 amounted to RMB 98.52 billion, with a total sales area of 5.799 million square meters, resulting in a sales price of RMB 16,987 per square meter[37] - As of June 30, 2023, the group had sold but not yet recognized contracted sales amounting to RMB 24.65 billion, covering approximately 1.57 million square meters, laying a solid foundation for future core profit growth[40] - The total area of properties sold in the first half of 2023 was 598.3 thousand square meters, compared to 383.2 thousand square meters in the same period of 2022[36] Debt and Financial Position - Net debt ratio stood at 57.2%, with cash on hand amounting to RMB 72.43 billion[1] - The average borrowing cost was 4.26%, with an average loan term of 7.19 years[1] - Total liabilities as of June 30, 2023, amounted to RMB 212,900,485, an increase from RMB 205,288,350 as of December 31, 2022, representing a growth of approximately 3.9%[18] - The group’s total borrowings amounted to RMB 207.09 billion, with cash on hand of RMB 72.43 billion, resulting in a net debt ratio of 57.2%[58] - The average borrowing cost for the group is 4.26%, with fixed-rate debt accounting for 33% of total debt[59] Dividends - The board declared an interim dividend of RMB 0.32 per share[1] - The company declared an interim dividend of RMB 2,029,345,000 for the six months ended June 30, 2023, translating to a dividend of RMB 0.32 per share, compared to RMB 0.33 per share in the same period of 2022[26] - The interim dividend will be paid on February 8, 2024, to shareholders listed on January 4, 2024[63] Operational Performance - The operating business generated revenue of RMB 6,332,308 thousand in the first half of 2023, compared to RMB 5,862,558 thousand in the same period of 2022, reflecting an increase of approximately 8%[16] - The rental income exceeded RMB 6 billion in the first half of the year, with ongoing improvements in operational efficiency[32] - The rental income from the group's operational business in the first half of 2023 was RMB 257.66 million, accounting for 5.1% of total revenue, with an occupancy rate of 97.4%[41] - The group achieved a rental income of RMB 5.01 billion from commercial operations, reflecting an 8% year-on-year growth[61] Investment and Land Acquisition - The group’s land reserve totaled 54.89 million square meters as of June 30, 2023, with an average cost of RMB 5,027 per square meter, which is 29.6% of the current signed unit price[53] - The group acquired a total of 2.57 million square meters of new land reserves in the first half of 2023, with an average acquisition cost of RMB 9,744 per square meter[53] - The total land acquisition in the first half of 2023 reached 2,572,847 square meters, with a total attributable area of 1,844,115 square meters[56] Corporate Governance - The company is committed to high standards of corporate governance and has adhered to the corporate governance code, with a noted deviation regarding the roles of the chairman and CEO[66] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim results for the six months ended June 30, 2023[67] - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the six months ended June 30, 2023[68] Future Outlook - The company aims to increase the proportion of profits from non-development businesses to over 50% in the future[33] - The group plans to open approximately six new shopping malls in major cities such as Beijing, Shanghai, and Chongqing in the second half of 2023[62] - The group is expanding its investment properties with several projects scheduled to open between 2023 and 2024, including major developments in cities like Chongqing, Jinan, and Hangzhou[47]

Financial Performance - Longfor Group reported a total revenue of RMB 100 billion for the fiscal year 2022, representing a year-on-year increase of 15%[1]. - The company achieved a net profit of RMB 20 billion, which is a 10% increase compared to the previous year[1]. - The core attributable profit for the year reached RMB 22.5 billion, reflecting stable growth[46]. - Revenue increased by 12.17% to RMB 250.57 billion from RMB 223.38 billion in 2021[175]. - Gross profit decreased by 6.19% to RMB 53.04 billion, down from RMB 56.54 billion[175]. - Profit attributable to shareholders rose by 2.14% to RMB 24.36 billion, compared to RMB 23.85 billion in 2021[175]. - Core net profit, excluding minority interests and valuation gains, was RMB 22.54 billion, a slight increase of 0.45% from RMB 22.44 billion[175]. - The gross profit margin decreased to 21.20% from 25.30% in the previous year[175]. - The net debt-to-equity ratio increased to 58.10% from 46.70% at the end of the previous year[175]. Market Expansion and Strategy - The company plans to launch three new residential projects in the Yangtze River Delta region, aiming for a sales target of RMB 30 billion in 2023[1]. - Longfor Group's market expansion strategy includes entering two new cities in Central China, projected to contribute an additional RMB 8 billion in revenue[1]. - The company has identified potential acquisition targets in the Western China region, with an estimated investment of RMB 10 billion planned for 2023[1]. - The Group's strategic focus includes expanding its presence in key regions such as the Yangtze River Delta and western China[57]. - The company is actively pursuing new developments, with several projects in the planning stage, indicating a robust pipeline for future growth[12][14]. Project Development and Completion - The company has a total of 38 ongoing projects with a combined GFA under development of approximately 2,000,000 sqm[12]. - The completed GFA remaining unsold across various projects is approximately 200,000 sqm, with significant projects in Hefei and Hangzhou[12]. - The company is focusing on residential developments, with several projects in various stages of completion across major cities in China[10]. - The company has a total of 20 ongoing projects with a combined gross floor area (GFA) under development of approximately 1,500,000 square meters[20]. - The company is expanding its market presence with multiple projects in Hefei, Hangzhou, and Ji'nan, indicating a strategic focus on these regions[12][14]. Rental Income and Investment Properties - Recurring income from investment property operation and services businesses amounted to RMB 23.6 billion, representing a year-on-year growth of 25%[46]. - The Group's rental income from Investment Property Operations in 2022 was RMB 11.88 billion, representing a 14.1% increase from the previous year, with shopping malls contributing 78.1% of total rental income[62][64]. - The total operational area of shopping malls reached 7.22 million square meters, with an occupancy rate of 93.9%[62][64]. - The overall rental income growth rate for the Group's shopping malls showed fluctuations, with some locations experiencing declines while others reported significant increases[67][68]. - The rental income for Chengdu Three Thousand Paradise Walk decreased by 21.4% year-on-year, totaling RMB 26,041,000 in 2022, with an occupancy rate of 63.0%[67]. Corporate Governance and Leadership - Mr. Chen Xuping was appointed as CEO on March 1, 2022, and later became Chairman on October 28, 2022[98]. - The Group has a strong leadership team with diverse backgrounds in engineering, finance, and human resources, enhancing its operational capabilities[98][99][101][103]. - The Board currently comprises nine directors, including four executive directors and four independent non-executive directors, ensuring a strong independence element in its composition[116]. - The Company is committed to high standards of corporate governance to enhance performance and corporate value[114]. - The Company has established effective mechanisms to ensure independent views and input are available to the Board, with independent non-executive directors meeting annually without the presence of other directors[116]. Financial Management and Debt Structure - The Group's consolidated borrowings amounted to RMB 208.01 billion, with cash in hand of RMB 72.62 billion, resulting in a net debt to equity ratio of 58.1%[92]. - The average cost of borrowing for the Group was 4.10% per annum, with an average loan maturity of 6.67 years[92]. - The Group aims to maintain a reasonable and safe debt level while adhering to a sound financial management strategy for stable and sustainable development[97]. - The Group has optimized its debt structure, achieving a 98% coverage of foreign exchange swaps on offshore debt, effectively mitigating foreign exchange risks[50]. Sustainability and Social Responsibility - The company has established a new environmental sustainability initiative, committing to reduce carbon emissions by 30% by 2025[1]. - The Group emphasizes the importance of employee development and has adopted a share award scheme to motivate employees[189]. - Donations made by the Group during the year amounted to approximately RMB 204,470,000, compared to RMB 289,002,500 in 2021[187]. - The Group's focus on improving organizational and business efficiency has led to a reduction in overall expenses[80]. Future Outlook - The company plans to complete the Longfor Origin project in Hangzhou by May 2026, with a 60% interest and a GFA under planning of 103,705 sqm[12]. - Approximately 10 shopping malls are expected to open in 2023 in cities such as Beijing, Hangzhou, and Suzhou[96]. - The Group will continue to control land acquisition costs and improve capital efficiency through external cooperation and secondary market acquisitions[94]. - Future developments include projects in Chongqing, with the Chongqing U-City Paradise Walk Phase II having a completed GFA of 164,609 sqm and a 100% ownership interest[38].

Financial Performance - Revenue increased by 12.2% year-on-year to RMB 250.57 billion[2] - Profit attributable to shareholders was RMB 24.36 billion, with core profit increasing by 0.5% year-on-year to RMB 22.54 billion[2] - Gross profit was RMB 53.04 billion, with a gross margin of 21.2%[2] - Total revenue for 2022 reached RMB 250,565,107 thousand, an increase of 12.2% from RMB 223,375,477 thousand in 2021[15] - The annual profit for 2022 was RMB 24,362,046,000, compared to RMB 23,853,686,000 in 2021, reflecting an increase of approximately 2.1%[29] - Segment profit for 2022 was RMB 46,812,618 thousand, a decrease of 6.3% compared to RMB 50,291,315 thousand in 2021[15] - The group reported revenue from external customers of RMB 221,435,457 thousand for the year ended December 31, 2022, an increase from RMB 194,449,226 thousand in the previous year, representing a growth of approximately 13.9%[11] Sales and Contracted Sales - Contract sales amounted to RMB 201.59 billion, corresponding to a total sales area of 13.047 million square meters[1] - Revenue from property sales recognized at a point in time was RMB 219,478,678 thousand, up 13.5% from RMB 193,345,489 thousand in 2021[15] - The total area of properties delivered was 15.515 million square meters, with a unit price of RMB 14,632 per square meter[39] - The total contracted sales in Hangzhou reached RMB 21.93 billion, with a sold area of 738,000 square meters, showing a year-on-year increase[42] - The contracted sales in the Yangtze River Delta, Bohai Rim, Western region, South China, and Central China accounted for 38.5%, 20.5%, 19.5%, 12.5%, and 9.0% of the total sales, respectively[41] Assets and Liabilities - Total assets decreased to RMB 786,774,416 thousand in 2022 from RMB 875,651,107 thousand in 2021, reflecting a decline of 10.1%[15] - Total liabilities reduced to RMB 553,595,326 thousand in 2022, down 15.3% from RMB 653,773,499 thousand in 2021[15] - Total equity attributable to shareholders rose to RMB 142.10 billion, compared to RMB 124.95 billion in the previous year[5] - Non-current assets increased to RMB 246.54 billion, while current assets decreased to RMB 540.24 billion[4] Dividends - The board proposed a final dividend of RMB 0.80 per share, totaling an annual dividend of RMB 1.13 per share[1] - The company declared a mid-year dividend of RMB 0.33 per share for 2022, down from RMB 0.47 per share in 2021, totaling RMB 2,072,632,000[27] - The company has proposed a final dividend of RMB 0.80 per share for the year ending December 31, 2022, which is lower than the RMB 1.23 per share for the previous year[28] Debt and Financing - Total borrowings reached RMB 208.01 billion, with an average borrowing cost of 4.10%[1] - The average borrowing cost for the group is 4.10%, with an average loan term of 6.67 years; non-collateralized debt accounts for 69.8% of total debt[63] - The company’s financing costs increased to RMB 158,193 thousand in 2022 from RMB 146,273 thousand in 2021, reflecting an increase of 8.1%[22] - The group has a cash short-term debt ratio of 2.61 times, excluding pre-sale regulated funds and restricted funds[63] Operational Highlights - The group’s operating segments include development, operation, and service businesses, with the development segment focusing on the sale of office, commercial, and residential properties primarily in China[9] - The group’s investment property portfolio primarily consists of shopping malls and rental housing, all located in China, contributing to the operating segment's revenue[9] - The group has opened 116,000 rental housing units under the "Crown Apartment" brand, leading the industry with an overall occupancy rate of 88.5%[45] - The property management segment managed an area of 320 million square meters, maintaining a customer satisfaction rate of over 90% for 14 consecutive years[36] Future Outlook and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[15] - The company is focusing on core cities and key regions, emphasizing delivery quality, cash collection quality, and profit margins over scale[36] - The company plans to complete approximately 19 million square meters of property in 2023, with most projects concentrated in the second half of the year[67] - The company will maintain a prudent financial management strategy, focusing on low-cost, multi-channel financing and reasonable debt levels for sustainable development[67] Revenue Streams - Rental income for 2022 was RMB 11,879,811 thousand, an increase of 14.1% compared to RMB 10,413,639 thousand in 2021[15] - The rental income from shopping malls, rental housing, and other sources accounted for 78.1%, 20.2%, and 1.7% of total income, respectively[45] - The group's operating income from rental activities (excluding tax) was RMB 11.88 billion, representing a growth of 14.1% compared to the previous year[45] - The group's service business and other non-tax revenue reached RMB 11.67 billion in 2022, representing a growth of 38.6% year-on-year, with a gross margin of 28.9%[50] Market Conditions - The real estate industry experienced a 26.7% year-on-year decline in sales, totaling RMB 13.3 trillion, but remains a crucial pillar of the national economy[65] - The group aims to maintain a comprehensive layout in high-capacity cities across the country while continuously upgrading its organizational system to enhance its professional capabilities[65] Shareholder Actions - The company purchased a total of 60,763,365 shares under the restricted share incentive plan for approximately HKD 1,880,180,591[75] - The company’s subsidiary bought USD 142,723,000 of the company’s issued preferred notes in the open market[75] - The company redeemed USD 300 million of 3.9% preferred notes due in 2023 and USD 450 million of 3.875% preferred notes due in 2022[75] Compliance and Governance - The group’s financial reporting adheres to the International Financial Reporting Standards, ensuring compliance and transparency in financial disclosures[8] - The audit committee has reviewed the accounting standards and discussed risk management and internal control systems for the year ending December 31, 2022[72]

Financial Performance - Longfor Group reported a total revenue of RMB 50.3 billion for the first half of 2022, representing a year-on-year decrease of 15%[7]. - The company achieved a net profit of RMB 8.1 billion, down 20% compared to the same period last year[7]. - The core attributable profit for the first half of 2022 was RMB 6.55 billion, representing a year-on-year increase of 6.1%[49]. - Revenue for the six months ended June 30, 2022, was RMB 94,804,581, an increase of 56.3% compared to RMB 60,615,215 for the same period in 2021[128]. - Gross profit for the same period was RMB 20,146,783, representing a gross margin of approximately 21.2%[129]. - Profit for the period was RMB 10,883,297, which is a 7.4% increase from RMB 10,129,298 in the previous year[129]. - The company reported a profit before taxation of RMB 15,927,325, up from RMB 13,871,046, indicating a growth of 14.8%[129]. - The total revenue for the six months ended June 30, 2022, was RMB 221,877,608, a decrease of 1.4% compared to the previous period[140]. - The company reported a net profit attributable to owners of RMB 124,949,245, reflecting a significant decline of 7,475,617 compared to the prior year[140]. Project Development and Sales - Longfor's total assets reached RMB 500 billion, with a debt-to-equity ratio of 70%[7]. - The company has 30 ongoing projects with a total gross floor area (GFA) of 3.5 million square meters under development[11]. - Longfor plans to launch 15 new projects in 2023, aiming for a sales target of RMB 100 billion[7]. - The company expects a recovery in the real estate market in the second half of 2022, projecting a 10% increase in sales compared to the first half[7]. - The total GFA under development across various projects amounts to 1,200,000 sqm, indicating significant growth potential[27]. - The company is actively expanding its market presence with multiple projects in cities like Shenyang and Quanzhou, indicating a strategic focus on regional growth[27]. - The company has several projects under planning, including a 171,182 sqm project in Wuhan, expected to complete by May 2025[48]. - The Group achieved contracted sales of RMB 85.81 billion from January to June 2022, with a total GFA of 5.185 million square meters sold[66]. - The total contracted sales for the Group in the first half of 2022 amounted to RMB 85.81 billion, a decrease from RMB 142.63 billion in the same period of 2021[69]. Market Expansion and Strategy - Longfor is expanding its market presence in second-tier cities, with plans to enter 5 new cities by the end of 2023[7]. - The company is investing RMB 1 billion in new technology for smart home solutions to enhance customer experience[7]. - Longfor Group is committed to enhancing its portfolio with new residential and commercial projects, reflecting a robust growth strategy[28]. - The overall strategy includes expanding into new markets and enhancing existing properties to drive future growth[38]. - The company aims to maintain a reasonable and safe debt level while pursuing stable and sustainable development amid fierce industry competition[91]. Financial Stability and Management - The cash to short-term debt ratio was over four times, and short-term debt due within one year accounted for about 10.1% of total debt outstanding[53]. - The average financing cost of the Group decreased to 3.99%, indicating strong financial management and support from shareholders[53]. - The Group's total borrowings amounted to RMB 212.38 billion, with cash in hand of RMB 87.55 billion, resulting in a net debt to equity ratio of 55.3%[89]. - The average cost of borrowing for the Group was 3.99% per annum, with an average loan maturity of 6.28 years[89]. - The company maintains a strategic focus on financial stability and efficient operations to navigate economic cycles[51]. Rental Income and Property Management - Revenue from commercial investment, rental housing, and space services reached RMB 11 billion, representing a year-on-year increase of 26%[55]. - Rental income from investment properties was RMB 5.9 billion, up 23% year on year[55]. - The Group's rental housing brand "Goyoo" has commenced operations in major cities including Beijing, Shanghai, and Shenzhen, contributing to its rental income growth[70]. - The overall rental income growth rate for the company's properties was 3.9% in the first half of 2022[73]. - The occupancy rate across properties averaged 96.3% in the first half of 2022, showing a slight decline from 97.0% in the first half of 2021[73]. Corporate Governance and Shareholder Structure - The Company has complied with the Corporate Governance Code during the six months ended June 30, 2022[112]. - As of June 30, 2022, Madam Wu Yajun holds approximately 42.609% of the company's ordinary shares, totaling 2,589,778,201 shares[94]. - HSBC International Trustee holds a total of 3,983,066,605 ordinary shares, representing 65.532% of the company's equity[101]. - The company has established a trust structure involving multiple layers of ownership, including HSBC International Trustee and other entities[102]. - The voting rights of shares held by Charm Talent are controlled by Madam Wu Yajun, as per the trust agreement[96]. Future Outlook - The company plans to continue focusing on market expansion and new product development as part of its future strategy[140]. - Future outlook remains positive with expectations of improved occupancy rates and rental income growth in the upcoming quarters[73]. - The company is actively exploring mergers and acquisitions to enhance its market position and operational capabilities[140].

Financial Performance - Longfor Group reported a total revenue of RMB 100.5 billion for the year 2021, representing a year-on-year increase of 15%[7]. - The company achieved a net profit of RMB 12.3 billion, which is a 10% increase compared to the previous year[7]. - In 2021, the Group achieved contracted sales of residential properties amounting to 290.1 billion yuan, representing a year-on-year increase of 7%[67]. - The recurring income from commercial properties, rental housing, and property management services reached 18.8 billion yuan, with a year-on-year increase of 39%[67]. - The core attributable profit increased by 20% in 2021, demonstrating the Group's commitment to performance[67]. - In 2021, the Group's revenue from property development was RMB 204.55 billion, representing a 19.6% increase compared to the previous year[73]. - The total gross floor area (GFA) delivered by the Group was 13.77 million square meters in 2021[74]. - The gross profit margin for the property development business was 23.0% in 2021[74]. - The average selling price recognized was RMB 14,852 per square meter in 2021[74]. - The Group's property investment business generated rental income of RMB10.41 billion, a 37.5% increase from the previous year[83]. - The overall occupancy rate of the Group's shopping malls was 97.2%, with 594,000 square meters of operational space[83]. - The Group's rental income, net of tax, for 2021 was RMB 10.41 billion, representing a 37.5% increase compared to the previous year[85]. - The Group's total contracted sales in 2021 were RMB290.09 billion, compared to RMB270.61 billion in 2020, indicating a positive growth trend[81]. - The Group's shopping malls have a total operational area of 5.94 million square meters with an occupancy rate of 97.2%[85]. - The average selling price of GFA sold was RMB16,975 per square meter, up 1.4% from the previous year[78]. - Profit attributable to shareholders rose by 19.3% to RMB 23.85 billion, compared to RMB 20.00 billion in the previous year[198]. - Core net profit, excluding minority interests and valuation gains, increased by 20.1% to RMB 22.44 billion from RMB 18.69 billion[198]. Project Development and Expansion - Longfor plans to launch 15 new projects in 2022, aiming for a sales target of RMB 120 billion, which reflects a growth of 20%[7]. - The company has a land bank of approximately 30 million square meters, with 70% located in tier-one and tier-two cities[11]. - The company has a total of 22 ongoing projects with a combined gross floor area (GFA) under development of approximately 2,000,000 sqm[17]. - The company is actively expanding its portfolio with new projects in Guiyang, including the Star Glamor project with a 90% interest and a GFA of 519,703 sqm, expected to be completed by November 2024[15]. - The company is focusing on strategic land acquisitions to enhance its market position and future growth potential[116]. - The company is expanding its project portfolio with multiple new developments across major cities, including Chengdu, Xi'an, and Lanzhou[111]. - The company is actively pursuing new projects and market expansion strategies in key regions, focusing on high-potential urban areas[110]. - The company has a strategic focus on expanding its residential and commercial property portfolio across key cities in China[19]. - The company is planning new developments, including 329,266 square meters in Ningbo Binjiang, expected to be completed by January 2025[63]. - The company has a significant interest in future projects, such as the Dongguan TOD Suzhou Xiangcheng with a completion date of April 2024, covering 211,615 square meters[63]. Sustainability and Corporate Responsibility - Longfor has committed to sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[7]. - The Group is committed to integrating social responsibility into its development principles, focusing on energy conservation and emission reduction[71]. - Longfor Group is committed to sustainable development, with several projects incorporating green building practices and community-focused designs[15]. - The Group aims to achieve carbon peaking and carbon neutrality goals through the promotion of green building standards[71]. - Future guidance indicates a commitment to sustainable development practices across all new projects, aligning with market trends towards eco-friendly construction[58]. Market Strategy and Positioning - Longfor Group's strategic focus includes enhancing its market presence through acquisitions and partnerships in emerging markets[15]. - The company is exploring strategic acquisitions to enhance its market position and diversify its portfolio in the coming years[7]. - The company is focusing on commercial properties, with several projects designated for commercial use, such as the Wuxi Xishan Paradise and Changsha Kaifu Paradise Walk[61]. - The company has a strategic plan for acquisitions and expansions, targeting high-growth areas in major cities across China[62]. - The company is expanding its market presence with new projects in cities like Jinan and Changsha, with completion dates set for late 2023[62]. Corporate Governance and Management - The Company adopted and complied with the Corporate Governance Code effective during the year ended December 31, 2021[138]. - The Board comprises eight directors, including four executive directors and four independent non-executive directors, ensuring a strong independence element in its composition[141]. - The Company emphasizes the importance of corporate transparency and accountability to enhance corporate value[138]. - The establishment of a nomination committee on December 29, 2021, reflects the Company's commitment to governance[138]. - The Company has engaged external professional agents to regularly reassess and evaluate its internal control system[168]. - The Company has strengthened daily monitoring and improved internal management through the introduction of various management systems[169]. - The Company has arranged and funded appropriate training for directors to keep them updated on operational developments[164]. - The Company has established an internal audit department responsible for reviewing the effectiveness of the internal control system and reporting results to the Audit Committee and the Board[169]. Financial Management and Debt - By the end of 2021, the Group's net debt ratio was 46.7% and the average financing cost was 4.14%, both remaining stable[68]. - The Group's consolidated borrowings amounted to RMB192.07 billion, with cash in hand of RMB88.53 billion, resulting in a net debt to equity ratio of 46.7% and a liabilities to asset ratio of 67.4%[120]. - The proportion of fixed interest debt was 40% of the total debt as of December 31, 2021, down from 46% the previous year[120]. - The Group successfully issued corporate bonds of RMB9.0 billion and medium-term notes of RMB1.0 billion in 2021, with coupon rates ranging from 3.35% to 4.40% per annum[120]. - The Group aims to maintain a sound financial management strategy, focusing on low-cost, multi-channel financing and a reasonable debt level for stable and sustainable development[126]. Employee and Talent Management - The Group employed 44,065 full-time employees as of December 31, 2021, with an average age of 32.9 years[121]. - The Group focuses on retaining and training management talents to ensure effective leadership[140]. - The Group's focus on high-quality talent and organizational efficiency contributed to improved project acquisition and sales performance in Tier-1 and Tier-2 cities[96]. Digital Innovation and Technology - Longfor Group launched the "Longfor Intelligent Living" brand in early 2022, focusing on smart lifestyle and space services[68]. - The Group plans to expand its digital technology services across various external business scopes, including membership points management and intelligent parking system services[95]. - The Group aims to enhance its digital business scale and service capacity through continuous innovation in operational management and process improvement[95]. - The company is actively pursuing new technology developments to enhance project efficiency and sustainability[19].

Financial Performance - Longfor Group reported a 15% increase in revenue for the first half of 2021, reaching HKD 30 billion[12]. - The company achieved a net profit margin of 20%, translating to a net profit of HKD 6 billion for the same period[12]. - The Group's core net profit grew by 17% year-on-year, demonstrating its commitment to delivering results to the capital market[53]. - Revenue from property development business for the first half of 2021 was RMB51.84 billion, an increase of 14.6% year-over-year[66]. - Total revenue reached RMB 166,677,756 thousand, with a profit of RMB 8,764,854 thousand[154]. - Profit for the period was RMB 10,129,298, up 15.5% from RMB 8,764,854 in the prior year[143]. - The company reported a fair value gain of RMB 2,259,287 on investment properties, compared to RMB 1,755,551 in the previous year, an increase of 28.7%[143]. - The average financing cost for Longfor Group in the first half of the year was 4.21%, marking a new record low while maintaining a reasonable debt structure[56]. Project Development and Expansion - Longfor plans to launch 10 new residential projects in 2022, aiming for a sales target of HKD 50 billion[12]. - The company is exploring potential mergers and acquisitions to enhance its market share in the real estate sector[12]. - Longfor Group Holdings Limited has a 30% interest in the Xiyue Jinchen project in Chengdu, with an expected completion date of November 30, 2022[13]. - The company is planning to expand its market presence with new projects in various cities, including Shijiazhuang and Suzhou, with significant areas under development[26]. - The company is actively pursuing new developments, with several projects in the planning stage, including the Longfor Ideal City with a planned GFA of 454,203 square meters[37]. - The company has ongoing projects in Changchun, including the Shunshan Fu and Yun Feng Longfor Mansion, with completion dates set for November 1, 2023, and 100% interest in both[33]. Market Presence and Sales - In the first half of 2021, Longfor Group achieved total contracted sales of RMB142.6 billion, representing a year-on-year increase of 28% and a 35% increase compared to 2019[53]. - Contracted sales reached RMB142.63 billion, representing a 28.4% increase compared to the same period last year[69]. - The average selling price of properties sold was RMB17,272 per square meter, reflecting a 1.8% increase from the previous year[69]. - The Group's sales in Chengdu were RMB8.83 billion, a decrease from RMB9.25 billion in the same period last year[70]. - Sales in Wuhan surged to RMB8.15 billion, up from RMB1.18 billion year-over-year[70]. Asset Management and Financial Health - Longfor's total assets increased by 10% year-on-year, amounting to HKD 200 billion[12]. - The company has a total of 1,200,000 square meters of completed properties, with 50% remaining unsold[37]. - The Group's net rental income from property investment for the first half of 2021 was RMB 4.78 billion, representing a 42.4% increase compared to the same period last year[76]. - The occupancy rate of the Group's shopping malls was 97.8% as of June 30, 2021, with a total operational area of 5.24 million square meters[76]. - The company reported a significant increase in deposits paid for acquisition of properties held for development, totaling RMB 16,207,145 compared to RMB 1,849,876 in 2020[157]. Strategic Initiatives and Innovations - The company is investing HKD 1 billion in new technology for smart home solutions[12]. - Longfor Group's strategic focus on digitalization and technology aims to streamline operations and improve decision-making efficiency[61]. - New product developments and technological advancements are being prioritized to improve customer experience and operational efficiency[79]. - The company is actively pursuing strategic acquisitions and partnerships to enhance its portfolio and market reach[51]. Shareholder Information and Corporate Governance - The company declared an interim dividend of RMB0.47 per share for the six months ended June 30, 2021[134]. - As of June 30, 2021, Wu Yajun holds 2,589,778,201 ordinary shares, representing approximately 42.695% of the company's interest[113]. - The company has a Share Option Scheme and a Restricted Share Award Scheme for its directors and employees[118]. - The company has complied with the relevant code provisions contained in the Corporate Governance Code during the six months ended June 30, 2021[133].

Financial Performance - Longfor Group Holdings Limited reported a 2020 revenue of approximately HKD 100 billion, representing a year-on-year increase of 10%[1] - The company achieved a net profit of HKD 20 billion in 2020, reflecting a growth of 15% compared to the previous year[1] - Longfor Group achieved total contracted sales of RMB270.6 billion in 2020, representing a year-on-year increase of 11.6%[57] - Revenue for the year reached RMB 184.55 billion, an increase of 22.2% compared to RMB 151.03 billion in the previous year[188] - Gross profit was RMB 54.03 billion, reflecting a growth of 6.4% from RMB 50.80 billion[188] - Profit attributable to shareholders was RMB 20.00 billion, up 9.1% from RMB 18.34 billion[188] - Core net profit, excluding minority interests and valuation gains, increased by 20.2% to RMB 18.69 billion from RMB 15.55 billion[188] - The gross profit margin decreased to 29.3% from 33.6%[188] - Earnings per share (basic) rose to RMB 3.41 from RMB 3.13[188] - The net debt-to-equity ratio at the end of the year improved to 46.5% from 51.0%[188] - The average cost of borrowing decreased to 4.39% from 4.54%[188] - A final dividend of RMB 1.03 per share is proposed for the year ended December 31, 2020[190] Assets and Liabilities - Longfor's total assets reached HKD 300 billion, with a debt-to-equity ratio of 60%[1] - The average financing cost was reduced to 4.39% per annum, with a net debt to equity ratio maintained at 46.5% and a cash to short-term debt ratio of 4.24 times[57] - As of December 31, 2020, the Group's consolidated borrowings amounted to RMB167.37 billion, with a net debt to equity ratio of 46.5%[120] - The Group's cash in hand reached RMB77.83 billion, with a cash to short-term debt ratio of 4.24 times[120] - Approximately RMB76.99 billion of the Group's borrowings were at fixed interest rates ranging from 3.30% to 5.60%[120] Project Development - The company has a land bank of approximately 30 million square meters, with 70% located in tier-one and tier-two cities[1] - Longfor plans to launch 15 new projects in 2021, aiming for a sales target of HKD 120 billion, which would represent a 20% increase from 2020[1] - The company is focusing on expanding its presence in the commercial property sector, with plans to develop 5 new shopping malls in major cities[1] - Longfor Group Holdings Limited has a total of 100% interest in several projects, including the "Peace Hill County" project, with a completed area of 38,893 sqm and an under-development area of 121,573 sqm[13] - The company is expanding its market presence with multiple projects across cities such as Nanjing, Qingdao, and Jinan, focusing on residential and commercial developments[30] - The company has ongoing projects such as the Gangxi Road Plot in Jinan, with a 100% interest and an expected completion date of November 15, 2022, covering a GFA of 222,826 sqm[25] Rental and Investment Income - The company reported a 25% increase in user engagement on its digital platforms, reflecting a growing trend towards online property transactions[1] - The rental housing brand Goyoo generated annual rental income of RMB1.8 billion, ranking among the top 3 in the industry[60] - Longfor Smart Service reported revenue of RMB5.8 billion in 2020, expanding its service offerings beyond traditional property management[61] - The Group's property investment business generated a net rental income of RMB 7.58 billion, reflecting a 30.9% increase compared to the previous year[82] - The occupancy rate of the Group's shopping malls reached 96.9%, with a total operational area of 4.81 million square meters[82] Corporate Governance - The company is committed to achieving high standards of corporate governance to improve performance and corporate value[132] - The Board consists of eight directors, including four executive directors and four independent non-executive directors, ensuring a strong independence element in its composition[135] - The Company has adopted a board diversity policy to enhance the effectiveness of the Board by considering various aspects such as professional experience and gender[138] - The Board regularly reviews its structure and composition to ensure it possesses the necessary expertise and experience for the Company's business[138] Sustainability and Future Goals - Longfor aims to achieve carbon neutrality by 2030, implementing sustainable practices across its operations[1] - The company established its Green Finance Framework in December 2020 and plans to publish its first independent ESG report[63] - The Group is committed to maintaining a low-cost, multi-channel financing advantage and a reasonable, safe debt level for sustainable development[124] Market Expansion and Strategy - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[1] - The Group's investment strategy focuses on shopping malls and rental housing, with operations expanding into Tier-1 and Tier-2 cities[81] - The Group continues to explore opportunities for market expansion and new developments across various cities in China, enhancing its overall market presence[52] Risk Management - The Group identified 15 medium-level risks and 10 low-level risks for 2021, including economic fluctuation and cash flow risks[172] - The risk management system was deemed effective and sufficient by the Board for the year ended December 31, 2020[173] - The risk management procedures include target setting, risk identification, risk assessment, risk response, and risk reporting[169]

Financial Performance - Longfor Group reported a significant increase in revenue, achieving a total of HKD 30.5 billion for the first half of 2020, representing a year-on-year growth of 15%[4]. - Longfor's net profit for the first half of 2020 reached HKD 5.2 billion, reflecting a growth of 12% year-on-year[4]. - The Group's property development revenue for the first half of 2020 was RMB 45.25 billion, representing a 32.4% increase compared to the same period last year[56]. - The total revenue for the six months ended June 30, 2020, was RMB 51,141,340, representing a 32.5% increase from RMB 38,569,813 in 2019[137]. - Profit for the period increased to RMB 8,764,854, compared to RMB 8,149,837 in 2019, reflecting a growth of 7.5%[137]. - The consolidated profit before taxation for the six months ended June 30, 2020, was RMB 13,637,134, compared to RMB 13,069,775 in 2019, showing a slight increase of approximately 4.3%[182]. Sales and Contracted Sales - Longfor Group achieved contracted sales of RMB 111.1 billion in the first half of 2020[48]. - For the first half of 2020, the Group achieved contracted sales of RMB 111.10 billion, representing a 5.2% increase compared to the same period last year[59]. - The total GFA sold was 6.55 million square meters, reflecting a 0.6% increase year-on-year[59]. - Contracted sales from the Yangtze River Delta, western China, Pan Bohai Rim, southern China, and central China were RMB 41.11 billion, RMB 27.61 billion, RMB 24.91 billion, RMB 13.35 billion, and RMB 4.12 billion, accounting for 37.0%, 24.9%, 22.4%, 12.0%, and 3.7% of total contracted sales respectively[59]. Project Development and Land Bank - The company has a total land bank of approximately 40 million square meters, with a focus on expanding its presence in tier-one and tier-two cities in China[4]. - The Group developed 63 new plots with a total GFA of 13.03 million sqm from January to July 2020[48]. - As of June 30, 2020, the Group's total land bank was 73.54 million square meters, with an average land cost of RMB 5,829 per square meter, accounting for 34.3% of the current contracted sales price[76]. - From January to June 2020, the Group acquired new land bank totaling 11.01 million square meters, with an average acquisition cost of RMB 6,425 per square meter[77]. Cash Flow and Financial Position - Longfor's cash flow from operating activities was HKD 10 billion, ensuring a strong liquidity position to support future growth initiatives[4]. - The Group's cash in hand was RMB 78.40 billion, providing a cash to short-term debt ratio of 4.55 times[90]. - The Group's consolidated borrowings amounted to RMB 168.56 billion, with a net debt to equity ratio of 51.4%[90]. - The total borrowings, including both current and non-current, amounted to RMB 379,756,276, compared to RMB 333,920,180, indicating an increase of approximately 13.7%[143]. Sustainability and Social Responsibility - The company emphasized its commitment to sustainability and social responsibility, implementing various initiatives to reduce its environmental impact[4]. - As of June 2020, the Group has donated over RMB 0.9 billion for various social responsibilities, including education, environmental protection, and poverty alleviation[53]. Market Expansion and Strategic Initiatives - The company is actively expanding its market presence with new projects, including the Chunjung Central project in Ningbo, which has a group interest of 65% and is expected to be completed by 15/3/2021[20]. - The company is investing in technology and innovation, with plans to enhance its smart home offerings and digital services for customers[4]. - The Group's strategy focused on targeting the middle-class customer group, enhancing the appeal of its "Paradise Walk" malls[49]. Rental Income and Commercial Properties - The Group's rental income, net of tax, for the property investment business was RMB 3.36 billion, representing a 30.4% increase compared to the same period last year[66]. - The occupancy rate of Longwan Paradise Walk in Nanjing reached 99% upon its opening, with a GFA of 120,000 sqm[49]. - The Group continues to expand its rental housing services in Tier-1 and Tier-2 cities, including Beijing, Shanghai, and Shenzhen[65]. Shareholder Information and Corporate Governance - The Board declared an interim dividend of RMB 0.40 per share for the six months ended June 30, 2020[126]. - The Company has not established a Nomination Committee as required by the Corporate Governance Code, with the Chairperson directly responsible for director nominations[119]. - The Company believes that the current nomination process led by the Chairperson is more appropriate than establishing a Nomination Committee[119]. Financial Reporting and Compliance - The financial statements include the condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2020[136]. - The Group's financial reporting adheres to IFRS 8, categorizing operations into three main segments: property development, property investment, and property management[171]. - The condensed consolidated financial statements for the six months ended June 30, 2020, have been prepared on a historical cost basis, except for investment properties and certain financial instruments measured at fair values[162].

20 19 2019 Annual Report 年報 敏行 Firm to InAction 謀定 Smart Plan 封面：廈門龍湖時代上城 Cover : Xiamen Longfor Times Central 目錄 Contents | 2 | 集團架構 | Group Structure | | --- | --- | --- | | 3 | 公司資料 | Corporate Information | | 5 | 主要物業權益表 | Schedule of Principal Properties | | 22 | 主席報告 | Chairman's Statement | | 25 | 管理層討論及分析 | Management Discussion and Analysis | | 47 | 董事及高級管理人員簡介 | Biographies of Directors and Senior Management | | 51 | 企業管治報告 | Corporate Governance Report | | 68 | 環境、社會及管治報告 | Environmental, Social ...

Financial Performance - Longfor Group reported a significant increase in revenue, achieving a total of RMB 30 billion for the first half of 2019, representing a year-on-year growth of 25%[4] - Longfor Group's net profit for the first half of 2019 reached RMB 5 billion, reflecting a 30% increase year-on-year[4] - Contracted sales for the first half of 2019 reached RMB 105.62 billion, an increase of 8.8% year-on-year[35] - Revenue for the same period grew by 42.2% to RMB 38.57 billion, with rental income from investment properties rising by 39.2% to RMB 2.58 billion[35] - Profit attributable to shareholders was RMB 6.31 billion, while core net profit increased by 26.0% to RMB 4.70 billion[35] - The core net profit margin was 16.1%, and the margin attributable to shareholders was 12.2%[35] - The total gross floor area (GFA) delivered by the Group was 2.84 million square meters[42] - The gross profit margin for the property development business was 29.5%[42] - The average selling price recognized was RMB 12,044 per square meter from January to June 2019[42] - The total contracted sales for the Group from January to June 2019 were RMB 105.62 billion, compared to RMB 97.1 billion in the same period of 2018[49] - The company reported a profit of RMB 8,338,338, reflecting a growth of 8.3% year-over-year[124] - Consolidated revenue for the six months ended June 30, 2019, was RMB 38,569,813, an increase of 42.2% compared to RMB 27,120,815 in 2018[199] Market Expansion and Development - The company has set a sales target of RMB 100 billion for the full year 2019, aiming for a growth rate of 20% compared to 2018[4] - Longfor Group plans to expand its market presence in the Yangtze River Delta region, targeting new project launches in key cities such as Shanghai and Hangzhou[4] - The company is actively expanding its portfolio with multiple projects across major cities, focusing on residential and commercial developments[14] - The company is expanding its market presence with new projects in Qingdao, including the Chunjiang Central with a 25.1% group interest and 344,677 sqm under development[17] - The company is focusing on strategic acquisitions and partnerships to enhance its market position and expand its project portfolio[72] - Future expansion plans include increasing the GFA in high-demand regions, particularly in urban centers like Chengdu and Wuhan, to capitalize on market growth[73] Project Development and Management - The company has a total of 1,200,000 sqm of completed GFA, with 500,000 sqm remaining unsold across various projects in Chongqing and Chengdu[11] - The company has a total of 1,200,000 sqm of GFA under development across various projects, with a significant portion located in Xi'an and Wuxi[15] - The company has a total of 1,200,000 sqm of GFA under planning, primarily in Changzhou and Suzhou[17] - The company is committed to sustainable development, with plans to incorporate green building practices in 50% of its new projects by 2021[4] - The company is investing in technology development, focusing on smart home solutions and digital marketing strategies to enhance customer engagement[4] - The company is exploring potential mergers and acquisitions to strengthen its portfolio and expand its operational capabilities in the real estate sector[4] Financial Health and Risk Management - The company reported a strong cash flow position with cash and cash equivalents amounting to RMB 15 billion as of July 31, 2019, ensuring liquidity for future investments[4] - Longfor Group's debt-to-equity ratio improved to 60%, indicating a healthier balance sheet and reduced financial risk[4] - As of June 30, 2019, the Group's consolidated borrowings amounted to RMB 140.05 billion, with a net debt to equity ratio of 53.0%[78] - The average cost of borrowing for the Group was 4.56% per annum, with an average loan maturity of 5.69 years[78] - The Group's financial management strategy emphasizes low-cost, multi-channel funding advantages and prudent debt levels[81] Investment Properties and Rental Income - The Group's property investment business generated a net rental income of RMB 2.58 billion from January to June 2019, representing a 39.2% increase year-over-year[53] - The rental income breakdown includes RMB 2.11 billion from shopping malls, RMB 0.43 billion from Goyoo Apartments, and RMB 0.04 billion from other sources[53] - The overall rental income growth across the Group's shopping malls indicates a positive market trend and effective management strategies[54] - The occupancy rate for the Paradise Walk properties was 97.8%[56] - The valuation gain of investment properties from January to June 2019 was RMB 2.31 billion, driven by rental increases and ongoing investments in new malls[59] Corporate Governance and Shareholder Information - The Board declared an interim dividend of RMB 0.36 per share[35] - The Company has complied with the Corporate Governance Code except for the establishment of a Nomination Committee, which is led directly by the Chairperson of the Board[101] - The Company established a trust for employees under the Restricted Share Award Scheme to encourage high performance[100] - As of June 30, 2019, Wu Yajun held a 43.931% interest in the Company through a controlled corporation[83] - The interim dividend will be paid on January 17, 2020, to shareholders listed on the register as of December 24, 2019[104] Accounting and Financial Reporting - The Group has applied IFRS 16 for the first time in the current interim period, superseding IAS 17 Leases[137] - The Group's financial statements reflect adjustments related to the initial application of IFRS 16, affecting cash flow reporting and working capital calculations[182] - The Group's accounting policies were updated to reflect the changes brought by the adoption of IFRS 16[179] - The transition to IFRS 16 did not significantly impact the Group's financial position[177] Employee and Operational Insights - As of June 30, 2019, the Group employed 24,107 full-time employees in China, with an average age of 31.3 years[80] - The Group's total compensation for employees includes base salary, cash bonuses, and share-based rewards, with bonuses determined by performance metrics[80] - The company continues to focus on enhancing its operational efficiency and expanding its market presence through strategic investments and developments[196]