香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 TIMES CHINA HOLDINGS LIMITED 時 代 中 國 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 1233 （股份代號： ） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 中期業績摘要 － 期間合同銷售為人民幣94.43億元，相比二零二二年同期減幅為65.6%； － 期間營業額為人民幣9,932.2百萬元，相比二零二二年同期增幅為52.8%； － 期間毛利為人民幣759.9百萬元，相比二零二二年同期減幅為11.6%； － 期間毛利率為7.7%，相比二零二二年同期下跌5.5個百分點； － 期間內，本集團有效進行成本管理，管控費用支出； － 期間虧損為人民幣1,409.7百萬元，相比二零二二年同期的期間利潤減少 ...

Financial Performance - In 2022, contracted sales surpassed RMB 100.3 billion[22]. - Contracted sales for 2022 amounted to RMB 39,791 million, a decrease of 58.4% compared to RMB 95,590 million in 2021[71]. - Recognized revenue for 2022 was RMB 24,423.7 million, down 44.0% from RMB 43,635.2 million in 2021[71]. - Gross profit for 2022 decreased by 72.1% to RMB 3,362.7 million from RMB 12,053.1 million in 2021[71]. - The company reported a loss attributable to owners of the Company of RMB 9,936.3 million in 2022, compared to a profit of RMB 3,260.2 million in 2021, marking a decline of 404.8%[71]. - Core net loss for 2022 was RMB 9,564.7 million, a significant drop from a profit of RMB 4,802.4 million in 2021, representing a change of 299.2%[71]. - The Group's revenue for 2022 was RMB 24,423.7 million, a decrease of 44.0% compared to 2021[116]. - The loss for 2022 amounted to RMB 9,619.5 million, a decrease of RMB 14,373.4 million from the profit in 2021[120]. - The core net loss for 2022 was RMB 9,564.7 million, down RMB 14,367.1 million from the core profit in 2021[120]. - Loss attributable to the owners of the Company for 2022 was RMB 9,936.3 million, a decrease of RMB 13,196.5 million from the profit attributable to owners in 2021[120]. - Basic loss per share for 2022 was RMB 4.76, compared to basic earnings per share of RMB 1.66 in 2021[120]. Assets and Liabilities - As of December 2022, the Group's total assets exceeded RMB 149.9 billion[16]. - Total assets as of December 31, 2022, were RMB 149,927.3 million, down from RMB 198,393.0 million in 2021[71]. - Total liabilities decreased to RMB 130,020.9 million in 2022 from RMB 155,738.2 million in 2021[71]. - Cash and bank balances at the end of 2022 were RMB 6,749.4 million, a decline from RMB 20,657.2 million in 2021[71]. - The total land bank at the end of 2022 was 15,629,940 sq.m., a decrease from 19,944,103 sq.m. in 2021[74]. Market Presence and Strategy - The company has 138 projects at different development stages, providing quality living apartments and services for approximately 600,000 homeowners[17]. - Times China has been focusing on the Guangdong-Hong Kong-Macau Greater Bay Area while entering other high-growth potential regions in China[17]. - The company has successfully entered the Chengdu market, marking a new strategic breakthrough[24]. - The company aims to become a Global 500 company, focusing on better products and services for consumers[18]. - The company continues to adhere to its corporate strategy of "Regional Focus, Cities Penetration, and Product Diversification"[27]. - The company has set a target to expand its market presence by entering three new cities in 2023, aiming for a 20% increase in market share in these regions[86]. - Times China is exploring potential mergers and acquisitions to diversify its portfolio, with a focus on acquiring smaller real estate firms in emerging markets[86]. - The company is actively expanding its portfolio with multiple projects across various regions, indicating a strong growth strategy in the residential and commercial sectors[136]. Operational Efficiency and Management - The company conducted proactive debt management in 2022, aiming to lower the gearing level to maintain healthy operations[61]. - The company emphasizes the importance of organic growth and long-term strategies, aiming to adjust and optimize its business model for high-quality development in 2023[66]. - The management emphasized a commitment to sustainability, aiming to implement green building practices in 100% of new projects by 2025[86]. - The company aims to improve operational efficiency, targeting a 15% reduction in costs through new management strategies[104]. - The management structure includes a mix of executive directors and non-executive directors, enhancing governance and oversight[92][93]. Charitable Activities - The company focused on four major areas for charitable activities: education, arts, medical care, and poverty relief, benefiting over 600,000 children in rural areas[62]. Future Outlook - Looking forward to 2023, the company expects a general recovery in the Chinese economy and acknowledges that the real estate industry will continue to undergo structural reforms[65][66]. - The overall economy in China is expected to improve in 2023, driven by macro policies focused on stable economic growth[163][164]. - The real estate market is expected to gradually stabilize with the introduction of supportive government policies aimed at boosting market confidence[165][167].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 TIMES CHINA HOLDINGS LIMITED 時 代 中 國 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 1233 （股份代號： ） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 的 年 度 業 績 公 告 年度業績摘要 － 年度合同銷售為人民幣397.91億元，同比減幅為58.4%；合同銷售均價為 每平方米人民幣16,103元，同比減幅為13.4%； － 年度收入為人民幣 24,423.7百萬元，同比減幅為 44.0%； － 年內，本集團有效進行成本管理，管控費用支出; 及 － 於二零二二年，本集團已交付38個項目，近4萬套房。 ...

Financial Performance - Recognised revenue for the six months ended June 30, 2022, was RMB 6,498.1 million, a decrease of 52.4% compared to RMB 13,638.4 million in 2021[15]. - Gross profit for the same period was RMB 860.0 million, down 81.1% from RMB 4,547.9 million in 2021[15]. - Profit attributable to owners of the Company was RMB 23.8 million, a decline of 98.5% from RMB 1,628.9 million in the previous year[15]. - Core net profit decreased to RMB 1 million, representing a 97.0% drop from RMB 58.9 million in 2021[15]. - Profit for the same period amounted to RMB 31.1 million, representing a decrease of 98.4% year-on-year[21]. - Profit attributable to the owners of the Company was RMB 23.8 million, a decrease of 98.5% from the same period in 2021[21]. - Basic and diluted earnings per share for the six months ended 30 June 2022 were RMB 1 cent, compared to RMB 84 cents for the same period in 2021[21]. - The Group's revenue decreased by RMB7,140.3 million, or 52.4%, to RMB6,498.1 million for the six months ended 30 June 2022 from RMB13,638.4 million for the same period in 2021[130]. - Revenue from property sales decreased by RMB4,823.3 million, or 43.8%, to RMB6,182.3 million for the six months ended 30 June 2022 from RMB11,005.6 million for the same period in 2021[134]. - The Group's gross profit decreased by RMB3,687.9 million, or 81.1%, to RMB860.0 million for the six months ended 30 June 2022 from RMB4,547.9 million for the same period in 2021[136]. - The gross profit margin decreased to 13.2% for the six months ended 30 June 2022 from 33.3% for the same period in 2021[136]. - Profit for the period decreased by RMB1,892.2 million, or 98.4%, to RMB31.1 million for the six months ended 30 June 2022 from RMB1,923.3 million for the same period in 2021[145]. - Core net profit attributable to the owners of the Company decreased by RMB1,588.5 million, or 96.9%, to RMB51.6 million for the six months ended 30 June 2022 from RMB1,640.1 million for the same period in 2021[146]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 183,884.5 million, down from RMB 198,393.0 million at the end of 2021[15]. - Total liabilities decreased to RMB 142,156.2 million from RMB 155,738.2 million in 2021[15]. - Cash and bank balances were RMB 9,637.2 million, significantly lower than RMB 20,657.2 million in the previous year[15]. - Total equity attributable to owners of the Company was RMB 18,516.9 million, down from RMB 19,262.0 million in 2021[15]. - As of June 30, 2022, the carrying balance of the Group's cash and bank deposits was approximately RMB9,637.2 million, representing a decrease of 53.4% compared to RMB20,657.2 million as of 31 December 2021[147]. - Total interest-bearing bank loans and other borrowings amounted to approximately RMB49,310.2 million as of 30 June 2022, with short-term borrowings increasing to RMB15,674.0 million from RMB11,019.6 million as of 31 December 2021[149]. Operational Strategy - The Company is focusing on market expansion and new product development strategies to improve future performance[15]. - The Company plans to enhance its operational efficiency and explore potential mergers and acquisitions to strengthen its market position[15]. - The Group aims to actively manage its debt and optimize its debt structure while disposing of non-core assets[132]. Project Development - As of 30 June 2022, the Group had 144 major projects in various stages, with 132 located in major cities of Guangdong Province[22]. - Contracted sales for the six months ended 30 June 2022 amounted to approximately RMB 27.46 billion, with a total GFA of approximately 1,651,000 sq.m.[22]. - The Group's completed projects include Times Cloud Atlas (Guangzhou) with a GFA of 45,593 sq.m.[36]. - The Group's ongoing and future development projects include Times Bridges (Zengcheng) and Times Centralpark Living (Guangzhou)[36]. - The Group's projects under development include Times Impression (Zhaoqing) with a GFA of 208,739 sq.m. and Times Horizon (Shantou) with a GFA of 36,230 sq.m.[93]. Market Conditions - The national commodity housing sales area reached 68.923 million sq.m., a year-on-year decrease of 22.2%[121]. - The national residential land transaction value was RMB1.46 trillion, which decreased by 53.6% year-on-year[125]. - The transaction volume of commercial properties reached RMB6,607.2 billion, representing a decrease of 28.9% year-on-year[124]. - The Group's market performance was significantly impacted by the COVID-19 pandemic, particularly in economically active provinces like Zhejiang, Jiangsu, and Guangdong, with sales growth rates of -45%, -42%, and -31% respectively[121]. Financial Management - The company raised gross proceeds of approximately HKD400.2 million through the placing of 117,700,000 existing shares at a price of HKD3.40 per share for debt repayment and general corporate purposes[152]. - The company issued USD400 million of 5.55% senior notes due 2024, with a total equivalent value of approximately RMB2,684.56 million[160]. - The company issued non-public domestic corporate bonds in RMB1,100 million at a coupon rate of 5.94% due 2024[167]. - The company has engaged in multiple bond issuances to manage its capital structure and financing needs effectively[175]. Employee and Governance - The Group's employee benefit expense (excluding Directors' remuneration) for the six months ended June 30, 2022, was approximately RMB583.4 million, a decrease from RMB819.9 million for the same period in 2021[189]. - The Group had 4,020 employees as of June 30, 2022, down from 5,934 employees as of December 31, 2021[189]. - The Board did not recommend the payment of an interim dividend for the six months ended June 30, 2022[189]. - The Group's corporate governance practices adhere to the Corporate Governance Code as per the Listing Rules[194]. - The Company has complied with all applicable code provisions of the CG Code for the six months ended June 30, 2022[195].

Financial Performance - Contracted sales surpassed RMB100.3 billion in 2021[13] - Contracted sales amounted to RMB 95,590 million, a decrease of 4.8% from RMB 100,381 million in 2020[51] - Recognized revenue for the year was RMB 43,635.2 million, an increase of 13.1% from RMB 38,576.7 million in 2020[51] - Gross profit reached RMB 12,053.1 million, reflecting an 8.6% increase from RMB 11,102.4 million in 2020[51] - Profit attributable to owners of the Company was RMB 3,260.2 million, a decline of 34.0% from RMB 4,941.2 million in 2020[51] - Core net profit was RMB 4,802.4 million, down 10.9% from RMB 5,388.4 million in 2020[51] - The Group recorded revenue of RMB 43,635.2 million in 2021, an increase of 13.1% compared to 2020[97] - The profit for 2021 was RMB 4,753.9 million, a decrease of 11.4% from 2020[97] - Basic earnings per share decreased to RMB 1.66 in 2021 from RMB 2.54 in 2020[54] - The Group's gross profit increased by RMB950.7 million, or 8.6%, to RMB12,053.1 million for 2021 from RMB11,102.4 million for 2020[167] Assets and Liabilities - Total assets exceeded RMB198.4 billion as of December 2021[8] - Total assets as of December 31, 2021, were RMB 198,393.0 million, compared to RMB 191,502.4 million in 2020[51] - Total liabilities stood at RMB 155,738.2 million, slightly up from RMB 155,619.0 million in 2020[51] - Cash and bank balances decreased to RMB 20,657.2 million from RMB 37,959.6 million in 2020[51] - Gearing ratio increased to 76.7% in 2021 from 65.6% in 2020[54] - Current ratio slightly decreased to 1.4 in 2021 from 1.5 in 2020[54] Market Strategy and Expansion - Times China is focusing on the Guangdong-Hong Kong-Macau Greater Bay Area and expanding into other high-growth regions in China[9] - The company aims to become a Global 500 company, enhancing product and service offerings for consumers[10] - The company aims to focus on core metropolitan areas and enhance product and service capabilities over the next three years[46] - The company continues to deepen its investments in high-growth potential areas such as the Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, and Chengdu-Chongqing city cluster[41] - The company emphasizes the use of non-GAAP financial measures to provide better insights into operational efficiency[55] Project Development - The company has 134 projects in different development stages, serving approximately 600,000 homeowners[9] - Two industrial town projects, Times Favorite Car Town and Times Global Chuangke Town, successfully commenced in Foshan[13] - Times China entered the Chengdu market for the first time, marking a strategic breakthrough[13] - The company has ongoing projects with a total GFA under development of 1,200,000 sq.m., indicating significant future growth potential[125] - The company has reported a 100% completion rate for the Times Cloud Atlas (Guangzhou) project, with a total area of 45,593 sq.m. and a saleable area of 6,160 sq.m.[118] Awards and Recognition - Times China was recognized in multiple awards, including being ranked 31st among the Top 35 China Listed Real Estate Companies with Strongest Comprehensive Strengths[35] - Times China was listed among the Top 10 Mainland China's Real Estate Developers in terms of Financial Stability in 2021[35] - Times China was awarded the Real Estate "Six Forces Evaluation" Green Development Award, highlighting its commitment to sustainable practices[35] Management and Leadership - Mr. Shum was recognized as an "Innovative Individual in China's Real Estate Industry" in 2005 by multiple media outlets[65] - Mr. Guan has over 20 years of experience in real estate corporate management and has held various leadership positions since 2002[67] - Mr. Bai has been with Times Group since 2001 and has extensive experience in project development and management in Guangzhou[69] - Mr. Li Qiang has over 15 years of experience in real estate corporate management and was appointed as executive Director in February 2008[74] Industry Context - In 2021, the real estate industry in China achieved a historical sales revenue of RMB 18 trillion, marking a significant milestone[35] - The PRC's GDP surpassed RMB 114 trillion in 2021, indicating a strong start to the "14th Five-Year Plan" and a shift towards high-quality development[36] - The company is navigating significant changes in the real estate industry, which is expected to continue under the new normal[37] - The company aims to adapt to the ongoing transformation in the real estate sector while ensuring sustainable growth[37] Financial Metrics - Gross profit margin decreased to 27.6% in 2021 from 28.8% in 2020[54] - Net profit margin declined to 10.9% in 2021 compared to 13.9% in 2020[54] - Core net profit margin fell to 11.0% in 2021 from 14.0% in 2020[54] - The Group's income tax expenses increased by RMB630.3 million, or 16.8%, to RMB4,386.8 million for 2021 from RMB3,756.5 million for 2020[172] Future Outlook - The company is focused on overcoming challenges and advancing towards future opportunities in a changing market landscape[37] - The Group aims to lower the gearing ratio and liabilities to ensure stable development[156] - The Group plans to explore high-value regions in the Guangdong-Hong Kong-Macao Greater Bay Area and other high-potential areas[156]

Financial Performance - Times China reported a revenue of HKD 3.5 billion for the first half of 2021, representing a year-on-year increase of 15%[12]. - The company achieved a net profit of HKD 1.2 billion, up 20% compared to the same period last year[12]. - The total contracted sales for the first half of 2021 reached HKD 6.8 billion, reflecting a growth of 25% year-on-year[12]. - The company reported recognized revenue of RMB 13,638.4 million for the six months ended June 30, 2021, a decrease of 8.6% compared to RMB 14,924.5 million in the same period of 2020[15]. - Gross profit increased to RMB 4,547.9 million, representing a growth of 13.1% from RMB 4,021.9 million in the previous year[15]. - Profit attributable to owners of the company rose to RMB 1,628.9 million, marking a 6.0% increase from RMB 1,536.6 million in the same period last year[15]. - Core net profit attributable to owners was RMB 1,934.6 million, up 5.7% from RMB 1,830.1 million in the prior year[21]. - Basic and diluted earnings per share increased to RMB 0.84, compared to RMB 0.79 in the same period of 2020[17]. - The gross profit margin improved to 33.3%, up from 26.9% in the previous year[17]. - The net profit margin also increased to 14.1%, compared to 12.1% in the same period last year[17]. - For the six months ended 30 June 2021, the Group recorded a revenue of RMB 13,638.4 million, representing a decrease of 8.6% compared to the same period in 2020[24]. - Profit for the same period amounted to RMB 1,923.3 million, an increase of 6.2% year-on-year[24]. Sales and Market Strategy - Times China plans to launch 10 new projects in the second half of 2021, aiming to enhance market presence[12]. - The company has set a sales target of HKD 15 billion for the full year 2021, indicating a 20% growth expectation[12]. - User data indicates a 30% increase in online property inquiries compared to the previous year, driven by enhanced digital marketing strategies[12]. - The company is focusing on expanding its footprint in the Guangdong-Hong Kong-Macau Greater Bay Area, targeting a 15% market share by 2023[12]. - The company is exploring potential mergers and acquisitions to accelerate growth in key markets, with a focus on strategic partnerships[12]. Assets and Liabilities - Total assets as of June 30, 2021, were RMB 211,462.8 million, an increase from RMB 191,502.4 million at the end of 2020[15]. - Total liabilities increased to RMB 170,602.9 million from RMB 155,619.0 million in the previous year[15]. - Cash and bank balances decreased to RMB 26,832.7 million from RMB 37,959.6 million at the end of 2020[15]. Project Development - The Group had 145 major projects in various stages, with 133 located in major cities of Guangdong Province[25]. - The average sales price for contracted sales was RMB 19,318 per sq.m. for the six months ended 30 June 2021[28]. - The company is focusing on expanding its residential and commercial projects, with significant areas allocated for future developments[47]. - The company is actively pursuing new strategies for market expansion and product development in the residential and commercial sectors[47]. - The company has several projects under development, including the Times King City project in Zhongxin, which has a site area of 31,509 sq.m. and a GFA for sale of 98,138 sq.m.[50]. Urban Redevelopment - The Group's revenue from urban redevelopment business was RMB 2,406.5 million for the six months ended 30 June 2021, primarily from projects in Guangzhou and Foshan, with approximately 160 projects and a potential saleable GFA of 53.40 million sq.m.[156]. - The urban redevelopment business generated revenue of RMB 2,406.5 million, primarily from projects in Guangzhou and Foshan[30]. Financial Instruments and Debt - On June 4, 2021, the Company issued USD 400,000,000 of 5.55% senior notes due 2024, equivalent to approximately RMB 2,584,037,000[173]. - On April 22, 2021, the Company issued USD 200,000,000 of 5.30% senior notes due 2022, equivalent to approximately RMB 1,292,018,000[174]. - The total interest-bearing bank loans and other borrowings were approximately RMB 54,898.1 million as of June 30, 2021, with borrowings due within one year decreasing from RMB 18,070.5 million to RMB 10,834.2 million[172]. - The Group's outstanding loans were secured by investment properties, trade receivables, inventories, and property, plant, and equipment with carrying values of approximately RMB 518.0 million, RMB 1,798.6 million, RMB 5,574.6 million, and RMB 609.3 million, respectively[172].

Financial Performance - Times China achieved sales of RMB100.38 billion in 2020, marking a year-on-year increase of 28.1% and breaking the 100 billion mark for the first time[61]. - Contracted sales for 2020 reached RMB 100,381 million, an increase of 28.1% from RMB 78,360 million in 2019[70]. - Recognised revenue decreased by 9.1% to RMB 38,576.7 million in 2020, down from RMB 42,433.4 million in 2019[70]. - Gross profit for 2020 was RMB 11,102.4 million, reflecting a decline of 10.7% compared to RMB 12,435.6 million in 2019[70]. - Core net profit for 2020 was RMB 5,813.6 million, a decrease of 7.3% from RMB 5,388.4 million in 2019[70]. - Profit for 2020 amounted to RMB5,366.0 million, representing a decrease of 3.5% from 2019[122]. - Profit attributable to the owners of the Company was RMB4,941.2 million, a decrease of 5.2% compared to 2019[122]. - Basic and diluted earnings per share for 2020 were RMB254 cents, a decrease of 7.0% from RMB273 cents in 2019[122]. - The Group's revenue for 2020 was RMB38,576.7 million, a decrease of 9.1% compared to 2019[118]. Market Expansion and Strategy - Contracted sales for 2020 surpassed RMB 29.3 billion, marking a significant increase in market presence[27]. - Times China has expanded its market presence by entering Shenzhen, Huizhou, and Dongguan, enhancing its layout in the Pearl River Delta[27]. - The company aims to become a Global 500 company, focusing on better products and services for consumers[18]. - The company has been focusing on the Guangdong-Hong Kong-Macau Greater Bay Area while exploring other high-growth regions in China[17]. - The company plans to maintain a long-term growth strategy and focus on quality growth moving forward[68]. - The contracted sales target for 2021 is expected to be approximately RMB110.0 billion[129]. - The company is exploring potential acquisitions to enhance its service offerings and expand its customer base[98]. - A new strategic partnership has been established, aimed at improving operational efficiency and reducing costs by 8%[98]. Digital Transformation and Innovation - The "Digital Transformation of Enterprises" initiative has begun to show results, achieving full online connectivity of business workflows and automation of business operations[64]. - The company aims to leverage its digital transformation to transition from traditional functional organizations to platform-based organizations[65]. - The company plans to invest $100 million in research and development over the next three years to drive innovation[98]. Project Development and Land Reserves - The company has 138 projects at various development stages, providing quality living spaces for approximately 600,000 homeowners[17]. - Times China has steadily expanded its land reserves, providing strong support for future growth[62]. - The total land bank at the end of 2020 was 21,585,729 sq.m., down from 23,004,146 sq.m. in 2019[72]. - As of December 31, 2020, the Group had total land reserves of approximately 21.6 million sq.m., sufficient to support development needs for the next three years[134]. - The company has completed a total of 61,145 square meters of GFA for sale in the Sino-Singapore Knowledge City B2-2 land parcel, with a 100% ownership interest[143]. Management and Leadership - Mr. Guan has over 20 years of experience in real estate corporate management, having held various leadership roles within Times Group since 2002[88]. - Mr. Shum has been the executive chairman of Guangzhou Chamber of Commerce of Private Enterprises since 2007[87]. - The management team includes experienced professionals with diverse backgrounds in real estate, finance, and law, contributing to the company's growth and stability[96]. - The company has a strategic resources management committee chaired by Mr. Bai, focusing on resource allocation and strategic planning[91]. Sustainability and Corporate Responsibility - The management team emphasized a commitment to sustainable practices, targeting a 30% reduction in carbon emissions by 2025[98]. - Times China was recognized as the 32nd among the Top 100 China Real Estate Companies in 2020[34]. - The company introduced the "Times • Future Towns" strategy to support national industrial transformation and upgrading[27]. Revenue Composition and Market Trends - The Group's revenue composition for 2020 was approximately 84.7% from property development, 14.1% from urban redevelopment, and 1.2% from property management services[199]. - The average sales price of commercial properties was RMB9,860 per square meter, reflecting a year-on-year increase of 5.9%[183]. - The income from domestic residential land transfer increased by 19.2% year-on-year, with the area of land transactions rising by 12.5% year-on-year[185].

Financial Performance - Recognised revenue for the six months ended June 30, 2020, was RMB 14,924.5 million, a decrease of 6.4% compared to RMB 15,942.5 million in 2019[13]. - Gross profit for the same period was RMB 4,021.9 million, reflecting a decline of 22.5% from RMB 5,187.2 million in 2019[13]. - Profit attributable to owners of the Company was RMB 1,536.6 million, down 3.6% from RMB 1,593.9 million in 2019[13]. - Core net profit attributable to owners of the Company decreased by 8.5% to RMB 1,555.6 million from RMB 1,701.1 million in 2019[13]. - Profit for the same period amounted to RMB 1,810.8 million, representing an increase of 6.5% year-on-year[44]. - Core net profit increased to RMB 1,829.9 million, reflecting a growth of 1.3% compared to the previous year[44]. - Basic and diluted earnings per share for the period were RMB 79 cents, down from RMB 85 cents in the same period last year[44]. - The Group's profit for the period increased by RMB 110.9 million, or 6.5%, to RMB 1,810.8 million for the six months ended June 30, 2020 compared to RMB 1,699.9 million for the same period in 2019[176]. - Profit attributable to the owners of the Company decreased by RMB 57.3 million, or 3.6%, to RMB 1,536.6 million for the six months ended June 30, 2020 from RMB 1,593.9 million for the same period in 2019[177]. - Core net profit attributable to the owners of the Company decreased by RMB 145.5 million, or 8.5%, to RMB 1,555.6 million for the six months ended June 30, 2020 from RMB 1,701.1 million for the same period in 2019[177]. Assets and Liabilities - Total assets increased to RMB 171,180.5 million from RMB 161,098.1 million in 2019[13]. - Total liabilities rose to RMB 137,110.4 million compared to RMB 125,393.7 million in 2019[13]. - Total equity attributable to owners of the Company decreased to RMB 17,822.9 million from RMB 19,087.2 million in 2019[13]. - The Company reported a significant increase in current borrowings to RMB 24,146.6 million from RMB 18,597.7 million in 2019[13]. - The gearing ratio increased to 71.0% as of June 30, 2020, compared to 67.2% at the end of 2019[33]. - As of June 30, 2020, the Group had aggregate interest-bearing bank loans and other borrowings of approximately RMB 58,722.2 million, with borrowings due within one year increasing from RMB 18,597.7 million as of 31 December 2019 to RMB 24,146.6 million[180]. Cash Flow and Financing - Cash and bank balances improved to RMB 34,532.7 million from RMB 29,279.4 million in 2019[13]. - The Group's liquidity position remains strong with significant cash reserves and controlled borrowing levels[180]. - Financing costs increased to RMB 543.6 million for the six months ended June 30, 2020 from RMB 432.2 million for the same period in 2019, mainly due to increased bank financing related to land acquisitions and property development[170]. - Income tax expenses decreased by RMB 755.0 million, or 37.9%, to RMB 1,235.6 million for the six months ended June 30, 2020 from RMB 1,990.6 million for the same period in 2019[171]. Project Development and Urban Redevelopment - The company had 130 major projects in various stages, with 121 located in major cities of Guangdong Province[45]. - As of 30 June 2020, the company had over 150 urban renewal projects with a potential total GFA of approximately 52 million sq.m.[51]. - The Group's total land reserves in Guangzhou amounted to 4,164,625 sq.m., representing 19.1% of total land reserves[59]. - The Group's land reserves in Qingyuan were 5,189,090 sq.m., accounting for 23.8% of total land reserves[59]. - The Group's GFA for sub-leasing purposes was approximately 619,633 sq.m. as of June 30, 2020[54]. - The Group's completed GFA for sale was 30,520 sq.m. as of June 30, 2020[67]. - The company focuses on enhancing project peripheral facilities to enrich customer experiences and meet the needs of middle to upper-class households[45]. - The Group plans to maintain prudent investment strategies and actively engage in urban redevelopment to ensure sufficient and quality land reserves[154]. Market Strategy and Future Outlook - The Company is focused on expanding its market presence and enhancing its product offerings in the upcoming quarters[13]. - The Group aims to significantly increase market share in the Guangdong-Hong Kong-Macau Greater Bay Area and gradually expand into high-growth potential regions[154]. - The company is focusing on expanding its residential and commercial projects, with several projects expected to complete in the coming years, enhancing its market presence[109]. - The company aims to increase its ownership interest in various projects, ensuring a strong foothold in the competitive market[109]. Revenue Breakdown - Revenue from property sales was RMB 14,712.8 million, a decrease of RMB 50.6 million, or 0.3%, compared to RMB 14,763.4 million for the six months ended June 30, 2019[164]. - Urban redevelopment business revenue dropped to RMB 0.0 million from RMB 641.1 million, representing a decline of 100%[161]. - Other income and gains increased to RMB 1,194.4 million for the six months ended June 30, 2020 from RMB 387.3 million for the same period in 2019, primarily due to breakthroughs in urban redevelopment[167]. Bond Issuance - Guangzhou Times issued RMB 2,500,000,000 of 5.24% public domestic corporate bonds due 2025, with an annual interest rate of 5.24% payable annually[184]. - The company also issued RMB 1,550,000,000 of 5.10% public domestic corporate bonds due 2025, with an annual interest rate of 5.10% payable annually[187]. - Additionally, RMB 950,000,000 of 6.30% public domestic corporate bonds due 2027 were issued, with an annual interest rate of 6.30% payable annually[187]. - The company issued USD 400 million 6.75% senior notes due 2023, equivalent to approximately RMB 2,754,133,000, on July 16, 2019[190]. - The bonds and notes are part of the company's strategy to raise capital for future investments[198][199][200].

Financial Performance - Contracted sales surpassed RMB29.3 billion in 2019, marking significant growth[12] - Profit for the year amounted to RMB5.56 billion, reflecting a year-on-year increase of 15.6%[40] - Core net profit attributable to shareholders was RMB5.47 billion, an increase of 30.0% compared to the previous year[40] - Basic earnings per share was RMB2.73, representing a 13.8% increase year-on-year[40] - Times China achieved contracted sales of RMB 78,360 million, a 29.3% increase from RMB 60,595 million in 2018[44] - Recognized revenue for the year was RMB 42,433.4 million, up 23.4% from RMB 34,375.0 million in 2018[44] - Gross profit increased to RMB 12,435.6 million, a 17.1% rise from RMB 10,620.8 million in 2018[44] - Core net profit reached RMB 5,813.6 million, reflecting a 27.4% increase from RMB 4,563.2 million in 2018[44] - The Group's revenue for 2019 was RMB 42,433.4 million, representing a 23.4% increase compared to 2018[74] - Profit for 2019 amounted to RMB 5,560.5 million, reflecting a 15.6% growth from 2018[74] - Profit attributable to the owners of the Company reached RMB 5,212.6 million, an 18.5% increase from 2018[74] Market Expansion - Times China entered the Chengdu market for the first time, indicating a strategic expansion[12] - The company expanded its presence in the Guangdong-Hong Kong-Macau Greater Bay Area and entered high-growth potential cities such as Hangzhou and Wuhan[40] - The company has a comprehensive layout in the Pearl River Delta after entering Shenzhen, Huizhou, and Dongguan markets[12] - The company aims to leverage its experienced leadership to drive future growth and market expansion[58] - The company plans to expand its market presence by entering three new cities in the next quarter, aiming for a 10% increase in market share[50] - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2021[70] Project Development - The company has 127 projects in various development stages, providing quality living spaces for approximately 600,000 homeowners[9] - A total of 10 urban redevelopment projects were successfully transformed, with a total GFA of approximately 3.68 million sq.m.[40] - As of December 31, 2019, there were over 120 urban redevelopment projects with an estimated potential total GFA of approximately 43 million sq.m.[40] - The Group's total completed GFA across all projects is 10,944,610 sq.m.[118] - The Group's future development projects include Times Realm (Chengdu) with a projected GFA of 127,669 sq.m. and 70% ownership interest[118] Financial Structure and Capital Management - The company issued its first RMB 2 billion bonds in China, enhancing its capital structure[12] - The current ratio decreased to 1.6 from 2.1 in 2018, indicating a tighter liquidity position[46] - The Group had aggregate interest-bearing bank loans and other borrowings of approximately RMB53,260.8 million as at 31 December 2019[148] - The Group's restricted bank deposits were RMB3,404.5 million as at 31 December 2019, down from RMB4,051.5 million as at 31 December 2018[148] - The Group successfully raised gross proceeds of approximately HK$1,570.32 million through the placing of 108,000,000 existing shares at a price of HK$14.54 per share[151] Leadership and Management - The company has a strong leadership team with extensive experience in real estate management and development[58] - The executive team, led by Mr. Shum, has over 20 years of experience in the real estate industry, contributing to the company's strong market position[52] - Mr. Guan Jianhui has over 20 years of experience in real estate corporate management and has been the chairman of the standard and innovation management committee since 2018[58] - The management team is committed to innovation and excellence in real estate development[58] - The Group's management structure supports effective decision-making and strategic initiatives in real estate development[63] Sustainability and Corporate Responsibility - The board of directors emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 30% over the next five years[70] - The Group emphasizes environmental sustainability by managing energy consumption, water usage, property design, and waste production[176] - The Group made charitable donations totaling RMB 133 million during the year ended 31 December 2019[178] Employee and Governance - The Group has not engaged in hedging activities for managing foreign exchange rate risk as of December 31, 2019[168] - The Group's employee benefit expense (excluding Directors' remuneration) was approximately RMB1,527.4 million for the year ended December 31, 2019, compared to RMB1,279.6 million in 2018[173] - The Group has complied with all relevant laws and regulations that significantly impact its operations, particularly in health and safety, workplace conditions, employment, and the environment[176] - The independent non-executive Directors confirmed their independence in accordance with Rule 3.13 of the Listing Rules[194]

Financial Performance - Recognised revenue for the six months ended June 30, 2019, was RMB 15,942.5 million, representing a 52.2% increase from RMB 10,476.5 million in 2018[15] - Gross profit for the same period was RMB 5,187.2 million, up 75.5% from RMB 2,955.7 million in 2018[15] - Profit attributable to owners of the Company increased by 34.6% to RMB 1,593.9 million, compared to RMB 1,184.2 million in the previous year[15] - Core net profit attributable to owners was RMB 1,701.1 million, reflecting a 43.8% increase from RMB 1,183.0 million in 2018[15] - Profit for the same period amounted to RMB 1,699.9 million, reflecting a growth of 49.7% year-over-year[30] - Core net profit increased to RMB 1,806.1 million, a rise of 66.9% compared to the previous year[30] - Basic and diluted earnings per share for the period were both RMB 85 cents, compared to RMB 65 cents for the same period in 2018[30] Assets and Liabilities - Total assets as of June 30, 2019, amounted to RMB 145,413.2 million, compared to RMB 129,052.2 million at the end of 2018[15] - Total liabilities increased to RMB 111,051.7 million from RMB 96,756.0 million in 2018[15] - Cash and bank balances stood at RMB 25,782.6 million, down from RMB 27,425.7 million at the end of 2018[15] - Total equity attributable to owners of the Company was RMB 17,684.3 million, an increase from RMB 16,952.1 million in 2018[15] Market Strategy and Outlook - The Company is focused on market expansion and new product development to sustain growth in the upcoming periods[15] - Future outlook includes strategic initiatives aimed at enhancing operational efficiency and increasing market share[15] - The Group plans to deepen its presence in the Guangdong-Hong Kong-Macau Greater Bay Area and expand into other economically developed cities in Guangdong Province[172] - The Group aims to maintain a prudent investment strategy while ensuring sufficient and quality land reserves for sustainable growth in urban redevelopment[173] Sales and Revenue Breakdown - Contracted sales for the six months ended June 30, 2019, amounted to approximately RMB 31.23 billion, with a total gross floor area of approximately 2,064,000 sq.m.[31] - The sales of properties accounted for 92.6% of total revenue, amounting to RMB 14,763.4 million, while urban redevelopment business contributed 4.0% with RMB 641.1 million[178] - Revenue from property sales rose by RMB 4,637.5 million, or 45.8%, to RMB 14,763.4 million for the six months ended June 30, 2019, primarily due to an increase in property sales unit price[186] Property Management and Urban Redevelopment - The Group's property management service revenue increased from RMB 190.4 million for the six months ended 30 June 2018 to RMB 332.6 million for the same period in 2019, due to managing more project phases[43] - For the six months ended 30 June 2019, the Group's new income from urban redevelopment business amounted to RMB 641.1 million, primarily from the Finance City Project and the Lishuizhou Village Project[40] - The increase in property management service revenue indicates a growth strategy focused on expanding managed properties and enhancing service offerings[43] Project Development and Land Reserves - The Group had 120 major projects in various stages, with 113 located in key cities of Guangdong Province[31] - As of 30 June 2019, the Group had total land reserves of approximately 23.1 million sq.m., sufficient to support development needs for the next three to five years[45] - The breakdown of land reserves by planned use shows that residential land accounts for 63.8% (14,711,682 sq.m.), commercial land for 7.8% (1,805,580 sq.m.), and others for 28.4% (6,558,217 sq.m.)[46] Cost and Expenses - Selling and marketing costs rose by RMB 181.8 million, or 50.0%, to RMB 545.6 million for the six months ended 30 June 2019, mainly due to increased sales volume[199] - Administrative expenses increased by RMB 284.1 million, or 65.1%, to RMB 720.5 million for the six months ended 30 June 2019, primarily due to a rise in staff numbers from business expansion[200] - The Group's cost of sales increased by RMB 3,234.4 million, or 43.0%, to RMB 10,755.3 million for the six months ended 30 June 2019, attributed to higher unit costs of property sales[190] Industry Trends - The transaction volume of commodities housing in China reached RMB 7,069.8 billion, representing a year-on-year increase of 5.6%[165] - The premium rate of residential land across 300 cities in China was 20%, which is 13 percentage points higher than the end of the previous year[165] - The real estate industry in China is expected to maintain stable transactions, with differentiated performance across regional markets[166]