Financial Performance - The Group achieved a turnover of RMB 44.87 billion and a core net profit of RMB 8.37 billion in the first half of 2020[13]. - Revenue for the six months ended June 30, 2020, was RMB 44,868,621, a decrease of 2.1% compared to RMB 45,848,952 in the same period of 2019[89]. - Gross profit for the same period was RMB 15,045,635, down 14.1% from RMB 17,519,064 in 2019[89]. - Profit for the period attributable to owners of the Company was RMB 11,542,141, a decrease of 9.3% compared to RMB 12,726,320 in 2019[89]. - Basic earnings per share for the period was RMB 1.62, down from RMB 1.84 in the previous year, representing a decline of 12%[89]. - Profit for the period decreased to RMB 13,234,618 from RMB 14,623,314, representing a decline of approximately 9.5% year-over-year[91]. - Total comprehensive income for the period was RMB 13,003,838, down from RMB 14,314,589, reflecting a decrease of about 9.2%[91]. - The profit before taxation was RMB 19,329,163, down 14.4% from RMB 22,516,346 in the same period of 2019[89]. - The company reported a significant increase in amounts due to non-controlling interests, which rose to RMB 2,230,000 thousand from RMB 19,440,370 thousand, indicating a substantial change in financial obligations[96]. Sales and Contracts - Contracted sales reached RMB 110.8 billion, successfully meeting the half-year target of RMB 100 billion[13]. - In 1H2020, the Group achieved contracted sales of RMB110.82 billion, a decrease of 6.7% YoY, with a contracted GFA of 6.321 million square meters, an increase of 1.0% YoY[20]. - As of June 30, 2020, the Group had unbooked contracted sales of RMB230.36 billion, with RMB106.96 billion expected to be recognized in the second half of 2020, providing a solid foundation for annual results[25]. Impact of COVID-19 - The Group provided rental concessions totaling RMB 700 million to tenants across 61 shopping malls with over 5,000 brands[13]. - The national sales of residential properties and total retail sales of consumer goods both recorded year-on-year declines due to the pandemic[13]. - The Group implemented measures such as cost reduction, quality improvement, and efficiency enhancement to minimize the pandemic's impact[13]. - The Group's proactive response to the pandemic included early supply procurement and accelerated settlement processes[13]. - All projects and sales offices resumed work by the end of March 2020, with major business operations fully restored by the end of April 2020[13]. Property and Development - The Group has 433 development projects and 611 shopping malls in operation, including 19 asset-light projects[12]. - The Group acquired 30 new projects with attributable GFA of 3.78 million square meters during the review period, focusing on tier one and two cities[14]. - As of June 30, 2020, the total land bank GFA was 71.09 million square meters, with attributable GFA of 49.80 million square meters, sufficient for development in the next 3 to 5 years[14]. - The fair value of the Group's shopping malls was RMB119.41 billion, accounting for 14.6% of total assets, with rental income of RMB3.91 billion, a decline of 8.9% YoY, but a potential growth of 7.4% when excluding rental concessions[28]. - The fair value of the Group's office properties was RMB36.24 billion, representing 4.4% of total assets, with rental income of RMB0.73 billion, reflecting a 5.8% YoY growth[29]. Financial Position and Debt - The net interest-bearing debt to equity ratio increased to 45.9% from 30.3% at the end of 2019[43]. - The weighted average funding cost decreased to 4.26% as of June 30, 2020, down from 4.45% at the end of 2019[43]. - The Group's total debt outstanding balance was RMB164.5 billion as of June 30, 2020[43]. - The Group's cash and bank balance was RMB60.9 billion as of June 30, 2020[43]. - The Group's land bank acquisitions will be funded by both internal resources and external financing[43]. Dividends and Shareholder Returns - An interim dividend of RMB0.15 per share was declared, representing an increase compared to the interim dividend in 2019[14]. - The Company declared an interim dividend of RMB 0.15 per ordinary share for the six months ended June 30, 2020, totaling RMB 1,069,641,000, compared to RMB 0.129 per share in 2019[128]. Corporate Governance - The Group's corporate governance standards have been maintained, complying with all code provisions of the Corporate Governance Code during the six months ended June 30, 2020[81]. - The 2020 Interim Report was reviewed by the Audit Committee, which comprises four independent non-executive directors and two non-executive directors[81]. Acquisitions and Investments - The company entered into four separate agreements for the proposed acquisitions of target companies for a total consideration of approximately RMB2,557,000,000 (equivalent to approximately HK$2,796,338,623) on June 22, 2020[69]. - The acquisition of Shenyang Sale Equity was for approximately RMB1,299,000,000 (equivalent to approximately HK$1,420,588,139), representing the entire registered capital of the Shenyang Target[69]. - The company has a strategy to develop, operate, and manage high-quality properties in strategically important regions in China, including Shenyang, Beijing, Ningbo, and Shenzhen[71]. Cash Flow and Financial Activities - For the six months ended June 30, 2020, net cash generated from operating activities was RMB 7,254,880, compared to RMB 20,005,493 for the same period in 2019, reflecting a decrease of approximately 63.7%[103]. - Net cash used in investing activities amounted to RMB (20,283,004) for the first half of 2020, compared to RMB (17,610,202) in 2019, indicating an increase in cash outflow of about 15.1%[103]. - Net cash generated from financing activities was RMB 20,753,662 for the six months ended June 30, 2020, compared to RMB 2,187,965 in 2019, representing a significant increase of approximately 846.5%[105]. Risk Management and Hedging - The Group assessed that the fair value at initial recognition of the financial guarantees and the expected credit loss allowance during the year were not significant[185]. - The Group's hedging instruments showed a fair value change of RMB 195,073,000 during the period, indicating effective risk management strategies[101].

Financial Performance - Contracted sales in 2019 reached RMB 242.5 billion, reflecting strong market demand [19] - Gross profit margin for 2019 was reported at 37.9%, indicating effective cost management [21] - Total revenue for the year reached RMB 147.736 billion, marking a 21.9% increase from RMB 121.189 billion in 2018 [68] - Profit attributable to owners of the company was RMB 28.672 billion, up 18.3% from RMB 24.238 billion in the previous year [68] - Core net profit attributable to owners was RMB 21.647 billion, representing a 12.2% increase from RMB 19.296 billion [68] - The Group achieved a consolidated turnover of RMB147.74 billion, with core net profit attributable to shareholders amounting to RMB21.65 billion, representing a YoY increase of 8.0% [73] - The Group's development property turnover reached RMB127.20 billion, reflecting a 21.0% YoY growth, while the gross profit margin decreased by 6.4 percentage points to 36.5% [75][76] - The Group's shopping malls recorded total retail sales of RMB64.59 billion, up 36.6% YoY, significantly outperforming the market average [73] Rental and Occupancy Performance - Total rental income from mature malls increased by 10.3% year-over-year to RMB 4,055 million [29] - Average occupancy rate for mature malls improved to 96.0%, up 0.1 percentage points from the previous year [29] - Rental income from cultivation stage malls surged by 137.7% year-over-year to RMB 3,042 million [31] - The average yield on cost for mature malls was 33.4%, up 2.3 percentage points from FY18 [29] - Rental income for the year was RMB 513 million, showing a significant contribution to overall revenue [53] - The occupancy rate for shopping malls increased to 94.9%, up by 0.6 percentage points year-over-year [99] - The overall occupancy rate for office properties decreased to 72.9%, down by 16.9 percentage points year-over-year [99] Land Bank and Development - The land bank increased to 68.68 million square meters, a 15.3% growth from 59.57 million square meters in 2018 [68] - As of December 31, 2019, the Group's total land bank area reached 68.68 million square meters, sufficient to meet development needs for the next three years, with 58.52 million square meters for development properties and 10.16 million square meters for investment properties [81] - The Group acquired 82 new projects in 9 cities, with a total land premium of RMB142.4 billion and a total GFA of 20.20 million square meters [80] - The total contracted gross floor area (GFA) for 2019 was 13.248 million square meters, up 10.5% year-on-year [91] Debt and Financial Management - The company maintained a net debt-to-equity ratio of 30.3% at the end of the year, down from 33.9% in the previous year [68] - The total interest-bearing debt ratio decreased by 5.7 percentage points to 36.6% compared to 42.3% at the end of 2018, while the net interest-bearing debt ratio decreased by 3.6 percentage points to 30.3% from 33.9% at the end of 2018 [82] - As of December 31, 2019, the Group's total debt outstanding was RMB134.54 billion, with cash and bank balances of RMB63.70 billion, resulting in a net interest-bearing debt to equity ratio of 30.3%, down from 33.9% at the end of 2018 [114] Corporate Governance - The Company has adopted the Corporate Governance Code set out in Appendix 14 to the Listing Rules, ensuring compliance throughout the year ended December 31, 2019 [150] - The Board's composition reflects a balanced structure of executive and non-executive Directors, promoting independence and effective decision-making [152] - The Company has implemented a continuous training and professional development program for all Directors, providing monthly updates on the Group's business operations, position, and prospects since April 1, 2012 [159] - The Audit Committee is responsible for reviewing the Company's financial controls, risk management, and internal control systems [178] Strategic Initiatives and Future Outlook - The Group plans to enhance operational efficiency and optimize supply chain ecology to achieve "cost reduction, quality improvement, and efficiency enhancement" [88] - The Group aims to maintain a top 10 market position in the industry while ensuring growth in both scale and profit [88] - The Group is committed to developing innovative businesses that align with urban, consumption, and industrial upgrading opportunities [89] - The company is focusing on sustainable development, with a commitment to reduce carbon emissions by 30% by 2025 [135] Leadership and Management - The company has a strong leadership team with members holding advanced degrees from prestigious institutions, enhancing its strategic capabilities [126] - The management team has significant experience in corporate governance and strategic management, contributing to the company's growth [126] - Mr. Zhang Dawei has extensive experience in property management and corporate management, having joined the company in 2006 and appointed as Co-president in July 2016 [120] Employee and Operational Metrics - As of December 31, 2019, the Group employed 51,976 full-time employees in Mainland China and Hong Kong [115] - The property management business managed an area of 140 million square meters, representing a year-on-year growth of 40.8% [106] - Property management revenue reached RMB 5.78 billion, an increase of 31.5% year-on-year, with residential and other property management income at RMB 3.81 billion, up 35.8% [106]

Economic Performance - In the first half of 2019, China's GDP grew by 6.3%, indicating stable economic performance and an optimized economic structure[9]. - The overall retail sales of consumer goods in China reached RMB 19.5 trillion, growing by 8.4% year-on-year, highlighting the importance of consumption in economic stability[12]. - The real estate market is being regulated with a focus on "stable land price, stable housing price, and stable expectation"[10]. Real Estate Investment and Sales - National real estate investment reached RMB 6.2 trillion, a year-on-year increase of 10.9%, while commercial housing sales totaled RMB 7.1 trillion, up 5.6%[11]. - The Group achieved contracted sales of RMB 118.8 billion, maintaining a position within the top 10 in the industry[11]. - In 1H 2019, the Group achieved contracted sales of RMB 118.8 billion, representing a 26.0% year-over-year increase, with a contracted area of 6.26 million square meters, up 9.6% YoY[22]. Financial Performance - In 1H 2019, the Group achieved a consolidated turnover of RMB 45.85 billion, with profit attributable to owners amounting to RMB 12.73 billion, and core profit of RMB 8.11 billion, resulting in earnings per share of RMB 1.84[13]. - The interim dividend declared is RMB 0.129 per share, representing a 17.3% increase compared to the interim dividend of 2018[13]. - The gross profit margin for development properties in 1H 2019 was 36.0%, down from 48.6% in the same period of 2018[26]. Investment Properties - Turnover from investment properties grew by 30.4% year-on-year to RMB 5.70 billion, with shopping mall revenue increasing by 39.5% to RMB 4.29 billion[13]. - The Group's investment properties in operation achieved a total GFA of 9.50 million square meters, with another 9.70 million square meters under construction or planning[33]. - The book value of the Group's investment properties was RMB 140.25 billion, accounting for 19.3% of total assets, with a revaluation gain of RMB 4.62 billion recorded in 1H 2019[30]. Land Acquisition and Development - The Group acquired 39 land parcels with a total land premium of RMB 82.06 billion, increasing land reserves by 10.21 million square meters, a 24.8% year-on-year growth[15]. - As of June 30, 2019, the total land bank GFA reached 67.37 million square meters, sufficient for the Group's development needs over the next three years[15]. - The Group is actively involved in urban redevelopment projects, with 46 projects followed up, including 18 key projects with a planned GFA of approximately 23.60 million square meters[15]. Operational Efficiency and Strategy - The Group is focusing on urban upgrade, consumption upgrade, and industrial upgrade, aiming to transform into an integrated operator in city investment, development, and operation[12]. - The Group's operational efficiency has improved, contributing to its strong performance in the retail sector[11]. - The Group plans to focus on quality growth through precise investment and high-efficiency operations in the development property sector[19]. Debt and Financing - The total interest-bearing debt ratio as of June 30, 2019, was 43.4%, up from 42.3% at the end of 2018, while the net interest-bearing debt ratio increased to 43.6% from 33.9%[21]. - The Group's total debt outstanding was RMB 145.96 billion, with a net interest-bearing debt to equity ratio of 43.6%, up from 33.9% at the end of 2018[38]. - The weighted average cost of funding was approximately 4.45% as of June 30, 2019, maintaining a low borrowing cost within the sector[38]. Corporate Governance and Social Responsibility - The Group has maintained its credit ratings at "BBB+/stable" from Standard and Poor's, "Baa1/stable" from Moody's, and "BBB+/stable" from Fitch[21]. - The Group has established a corporate social responsibility committee to enhance ESG management and has published sustainability reports for six consecutive years[21]. - The company has complied with all corporate governance code provisions except for a deviation regarding the nomination committee's chairmanship during a specific period[81]. Changes in Accounting Standards - The Group adopted HKFRS 16 Leases, replacing HKAS 17, which requires all leases to be accounted for under a single on-balance sheet model[115]. - The adoption of the new standards did not have a material effect on the interim condensed consolidated financial statements[118]. - The Group recognized an increase in right-of-use assets amounting to RMB 3,519,056,000 as of January 1, 2019[123]. Segment Performance - For the six months ended June 30, 2019, the Group's total segment revenue reached RMB 51,170,735, with revenue from external customers at RMB 45,848,952[140]. - The Group reported a profit before taxation of RMB 22,516,346 for the six months ended June 30, 2019[140]. - The Group's rental income for the six months ended June 30, 2019, was RMB 4,449,908[140].

Sales and Revenue Performance - Contracted sales in 2018 reached RMB 210.7 billion, with a contracted GFA of 2018[15] - Contracted sales for 2018 reached RMB 210.68 billion, representing a year-on-year increase of 22.3%[50] - Total revenue for the year was RMB 121,189 million, up 18.9% from RMB 101,943 million in 2017[50] - The Group achieved a consolidated turnover of RMB121.19 billion, with core profit attributable to shareholders excluding revaluation gain from investment properties amounting to RMB19.30 billion[60] - The Group's development property turnover reached RMB105.15 billion, representing a year-on-year growth of 17.5%, with a gross profit margin of 42.9%, up 3.2 percentage points[60] - The gross retail sales of the group's shopping malls reached RMB 47.29 billion, with a year-on-year growth of 31.8%[57] - The total contracted area for 2018 was 11.99 million square meters, an increase of 17.6% compared to the previous year[75] - The Group's revenue from developed properties in 2018 was RMB105.15 billion, reflecting a 17.5% year-on-year increase[78] Rental Income and Occupancy Rates - Total rental income for 2018 was RMB 9.52 billion, reflecting a 32% growth in retail sales[18] - Total rental income from malls opened before 2012 was RMB 3.465 billion, a year-on-year increase of 14.2%[19] - Total rental income from malls opened after 2012 surged to RMB 3.387 billion, marking a 71.3% increase year-on-year[20] - Average occupancy rate for malls opened before 2012 was 96.8%, while for those opened after 2012 it was 93.3%[19][20] - The overall average occupancy rate across the properties remained high, with several locations exceeding 90%[84] Investment Properties and Development - The total GFA of investment properties in operation was 9.21 million square meters[18] - The Group's investment properties included 22 MIXc/MIXc World malls and 12 MIXc One/Hi5 malls, with 44 projects in the pipeline[62] - The book value of the Group's investment properties was RMB126.86 billion, accounting for 19.3% of total assets[82] - The total GFA of commercial properties in operation reached 4,877,965 square meters, with an attributable GFA of 4,197,912 square meters[89] - The Group's total land bank amounted to 59.57 million square meters as of December 31, 2018[92] - The Group acquired 103 new projects with a total land premium of RMB151.4 billion, increasing total GFA acquired to 22.13 million square meters, up 84.9% year-on-year[63] Financial Position and Debt - The total assets of the company rose to RMB 655,743 million, marking a 36.5% increase year-on-year[50] - Cash and bank balances increased by 32.0% to RMB 70,969 million[50] - The total debt of the company was RMB 132,212 million, which is a 25.3% increase from the previous year[50] - The Group's total debt was RMB132.2 billion, with a cash and bank balance of RMB70.97 billion, resulting in a net interest-bearing debt to equity ratio of 33.9%, down from 35.9% at the end of 2017[95] Corporate Governance and Leadership - Mr. Tang Yong was appointed as the CEO on December 4, 2018, and later became the Chairman of the Board on February 12, 2019[100] - The Company is committed to establishing good corporate governance practices, recognizing its importance for long-term stable development[133] - The Company has adopted the Corporate Governance Code set out in Appendix 14 to the Listing Rules of the Hong Kong Stock Exchange[133] - The Board's composition includes a balanced structure with 6 Executive Directors, 4 non-executive Directors, and 5 independent non-executive Directors, ensuring effective independent judgment[137] - The Company emphasizes the importance of independent directors in enhancing corporate governance and strategic decision-making[121] Environmental, Social, and Governance (ESG) Efforts - The Group's ESG efforts led to a score of 84 in the GRESB index, ranking second among developers in the Asia-Pacific region[70] - The Group is committed to integrating environmental protection into project development and corporate operations to minimize adverse environmental impacts[69] - The CSR committee's key responsibilities include corporate sustainability initiatives, environmental protection, and philanthropic community investments[191] Future Plans and Strategic Focus - The company aims to transform into an integrated operator in city investment, development, and operation, focusing on urban, consumption, and industrial upgrades[58] - The Group plans to focus on urban, consumption, and industrial upgrades to explore new profit engines and transform into an integrated operator in city investment and development[72] - The Group aims to enhance customer experience through digital transformation and new technologies in its investment property business[72] - The Group plans to replenish its land bank at low cost through diversified channels while maintaining a healthy financial position[94]