Financial Performance - The Group's revenue for FY2019 was approximately RMB1,583.3 million, a decrease of 44.3% from RMB2,842.2 million in FY2018[15]. - Gross profit for FY2019 was approximately RMB572.9 million, down 50.1% from RMB1,142.9 million in FY2018[15]. - Revenue decreased by RMB1,258.9 million, or 44.3%, from approximately RMB2,842.2 million for FY2018 to RMB1,583.3 million for FY2019[97]. - Revenue from the sales of properties decreased by RMB1,289.6 million, or 47.5%, from approximately RMB2,712.5 million for FY2018 to RMB1,422.9 million for FY2019[99]. - The average sales price of properties sold decreased by RMB1,554 per sq.m., or 23.3%, from RMB6,669 per sq.m. for FY2018 to RMB5,115 per sq.m. for FY2019[99]. - The GFA of properties sold decreased by 128,501 sq.m., or 31.6%, from 406,704 sq.m. for FY2018 to 278,203 sq.m. for FY2019[99]. - The Group incurred a net loss of RMB 277.3 million in FY2019, compared to a net profit of RMB 109.9 million in FY2018, with a loss attributable to equity shareholders of RMB 271.2 million[131]. Sales and Contracted Sales - Contracted sales for FY2019 were approximately RMB2,805.5 million, remaining stable compared to the previous year[15]. - In FY2019, the Group recorded contracted sales of approximately RMB 2,805.5 million, a decrease of 1.7% from RMB 2,854.9 million in FY2018[36][37]. - The contracted sales area for FY2019 was 482,553 sq.m., representing an increase of 20.2% compared to 401,378 sq.m. in FY2018[36][37]. - The contracted sales recorded during FY2019 were primarily related to pre-sales of properties in Ganzhou, Jining, Yulin, Lanzhou, and Wuzhou[36][37]. Economic Environment - The PRC's GDP growth rate for 2019 was 6.1%, a decline of 0.5% year on year, indicating a continued slowdown in economic growth[16]. - Consumer spending contributed 57.8% to the economic growth in 2019, marking six consecutive years as the main driving force[16]. - The overall economic operation in the PRC remained smooth despite complicated external environments and increasing downward pressure[16]. Strategic Developments - The Group attracted a new strategic shareholder, China Guangdong – Hong Kong Greater Bay Area Holdings Limited, to enhance its development and operational capabilities[17]. - The introduction of a new strategic shareholder has led to improved management practices and operational efficiency within the Group[21]. - The Group plans to focus on the development of projects in the Guangdong-Hong Kong-Macao Greater Bay Area to enhance strategic deployment in that region[31]. - The Group aims to increase the portion of residential properties to boost overall profits while maintaining a diversified business strategy[27]. - The Group is actively seeking solutions to adapt to the structural adjustments in the domestic economy and the impact of emerging industries[17]. Operational Focus and Management - The Group's operational focus for 2020 includes refining corporate systems and enhancing risk management practices[31]. - The Group emphasized the importance of inventory reduction as a central task for 2020, aiming to adjust operational structure and solidify existing business models[33]. - The Group is focused on developing new business models while consolidating existing operations to adapt to market conditions[33]. - The management team is committed to enhancing employee responsibility awareness and improving the overall quality of the workforce through education and training initiatives[33]. - The Group aims to strengthen risk control and accountability mechanisms to foster a positive business environment internally[33]. Property Development and Assets - As of 31 December 2019, the total land bank was approximately 7.7 million sq.m., with 12 projects under development across 7 provinces and autonomous regions in China[43][44]. - The total land bank across all properties is estimated at 7,725,535 sq.m. as of December 31, 2019[46]. - The company is actively constructing residential areas and additional facilities in multiple trade centers as part of its expansion strategy[49][58]. - Future development plans include constructing additional shopping malls, residential areas, and commercial centers across various trade centers[49][52][58]. Financial Management - The Company successfully issued senior notes due 2021 with an aggregate principal amount of US$243.5 million[21]. - Total outstanding borrowings as of December 31, 2019, were RMB 1,233.7 million, a decrease of 2.6% from RMB 1,266.9 million as of December 31, 2018[151]. - The maximum amount of guarantees provided to banks for mortgage facilities granted to customers was RMB 2,757.9 million as of December 31, 2019, an increase of 25.0% from RMB 2,204.5 million in FY2018[155][156]. - Capital commitments outstanding as of December 31, 2019, were RMB 1,695.7 million, down from RMB 2,051.0 million as of December 31, 2018, indicating a reduction of 17.3%[159]. Human Resources - Total employee benefit expenses increased by 14.4% to RMB 261.0 million in FY2019, up from RMB 228.2 million in FY2018[164]. - The workforce decreased by 25.0% to 805 employees as of 31 December 2019, down from 1,074 employees in 2018[164]. Compliance and Sustainability - There were no incidents of non-compliance with relevant laws and regulations that had or would have a significant impact on the Company during FY2019[187][192]. - The Group has implemented energy-saving policies to reduce electricity consumption and has taken measures to minimize pollution in its operations[186][191].

Financial Performance - The Group's revenue for the first half of 2019 was approximately RMB633.5 million, a decrease of 31.4% compared to RMB922.6 million in the same period of 2018[14]. - Gross profit for the same period was approximately RMB256.8 million, down from RMB363.8 million, representing a decline of 29.5%[14]. - Basic earnings per share decreased to RMB0.4 cents from RMB0.8 cents year-on-year[14]. - Revenue decreased by RMB289.1 million, or 31.3%, from RMB922.6 million for the six months ended 30 June 2018 to RMB633.5 million for the Period[102]. - Revenue from sales of properties decreased by RMB295.6 million, or 34.3%, from RMB862.0 million for the six months ended 30 June 2018 to RMB566.4 million for the Period[105]. - Gross profit decreased by RMB107.0 million, or 29.4%, from RMB363.8 million for the six months ended 30 June 2018 to RMB256.8 million for the period[117]. - Profit for the period decreased by RMB25.2 million, or 71.2%, from RMB35.4 million for the six months ended 30 June 2018 to RMB10.2 million for the period[137]. - Profit attributable to equity shareholders decreased by RMB14.6 million, or 47.9%, from RMB30.5 million for the six months ended 30 June 2018 to RMB15.9 million for the period[137]. Sales and Contracted Sales - Contracted sales increased by 135.7% to approximately RMB1,471.6 million, with a contracted sales area of 261,619 sq.m., up 138.3%[21]. - In the first half of 2019, the Group recorded contract sales amounting to approximately RMB 1,471.6 million, representing an increase of 135.7% year-on-year, with a sales area of 261,619 square meters, up 138.3% year-on-year[23]. - The increase in contracted sales was primarily driven by pre-sales of residential projects in Ganzhou, Jining, and Wuzhou[38]. - The total contracted sales amount for the six months ended June 30, 2019, was RMB 1,471,587 thousand, compared to RMB 624,271 thousand in the same period last year[46]. Revenue Sources - Revenue from property management services was approximately RMB30.4 million, contributing 4.8% to total revenues, up from 3.4% in the previous year[22]. - Revenue from rentals amounted to approximately RMB22.0 million, increasing its contribution to total revenue to 3.5% from 1.7% year-on-year[22]. - Revenue from property management services was RMB30.4 million, accounting for 4.8% of total revenue for the Period[104]. - Rental income increased to RMB22.0 million, representing 3.5% of total revenue for the Period, compared to 1.7% in the previous year[104]. Market Conditions and Strategy - The property development and investment sector in the PRC grew by 10.9% year-on-year, with commercial housing sales increasing by 5.6%[20]. - The total retail sales of consumer goods in the PRC increased by 8.4% year-on-year, indicating strong consumer spending driving economic growth[15]. - The tightening of the financing environment has significantly impacted small and medium-sized real estate enterprises, leading to a differentiated capacity for obtaining finance among various real estate companies[28]. - The Group's strategy focused on liquidating inventory and maintaining a sustainable growth pace amid tightening financing channels for property development[21]. - The current economic environment presents new downward pressures, with the government emphasizing stable development and structural reforms to promote high-quality growth[27]. Development Projects - As of June 30, 2019, the total land bank amounted to 7.9 million sq.m., with 12 projects under development across 7 provinces and autonomous regions in China[48]. - The Group is currently developing 12 projects across 7 provinces in China, with certain restrictions on property sales as per local government agreements[172]. - Future development plans include constructing additional shopping malls, residential areas, and office buildings across various trade centers[64][67]. - The company plans to construct additional wholesale trading markets and a hotel at the Mianyang Trade Center as part of its future development plan[99]. Financial Position and Liabilities - As of June 30, 2019, total liabilities amounted to RMB 1,316,391,000, an increase from RMB 1,266,911,000 as of December 31, 2018, reflecting a growth of approximately 3.9%[155]. - The gearing ratio as of June 30, 2019, was 20.7%, slightly up from 20.5% as of December 31, 2018[166]. - The net gearing ratio increased to 25.7% as of June 30, 2019, compared to 24.4% at the end of 2018[166]. - The primary uses of cash include construction costs, land acquisition costs, and servicing indebtedness, financed through internally generated cash flows and borrowings[147]. Employee and Shareholder Information - As of June 30, 2019, the Group had a workforce of 1,047 people, a decrease of 2.5% since December 31, 2018[173]. - Total employee benefit expenses for the period amounted to RMB 134.9 million, an increase of 13.6% compared to RMB 118.8 million for the six months ended June 30, 2018[173]. - The remuneration package for employees includes salary, bonuses, and other cash subsidies, with an annual review system in place for performance assessment[176]. - The company approved a Share Option Scheme on May 30, 2019, aimed at recognizing employee contributions through share options[196]. Compliance and Governance - The company has complied with the Corporate Governance Code during the reporting period[199]. - All directors confirmed compliance with the Model Code for Securities Transactions during the reporting period[200]. - Employees with unpublished inside information are prohibited from trading shares during the black-out period[200].

Financial Performance - The Group's revenue for FY2018 was approximately RMB2,842.2 million, representing an increase of 58.6% compared to FY2017's revenue of RMB1,792.4 million[16]. - Gross profit for FY2018 was approximately RMB1,142.9 million, reflecting a 59.7% increase from RMB715.8 million in FY2017[16]. - Basic earnings per share for FY2018 were RMB2.7 cents, down from RMB6.1 cents in FY2017[16]. - Revenue increased by RMB1,049.8 million, or 58.6%, from approximately RMB1,792.4 million for FY2017 to RMB2,842.2 million for FY2018[105]. - Revenue from property sales increased by RMB1,015.2 million, or 59.8%, from approximately RMB1,697.3 million for FY2017 to RMB2,712.5 million for FY2018[108]. - The total gross floor area (GFA) sold in FY2018 was 406,704 sq.m., with an average sales price of RMB6,669 per sq.m.[113]. - Profit for the year decreased by RMB 145.4 million, or 57.0%, from RMB 255.3 million in FY2017 to RMB 109.9 million in FY2018, with profit attributable to equity shareholders decreasing by RMB 138.6 million, or 56.4%, to RMB 107.0 million[164]. Economic Environment - China's GDP for 2018 was RMB90 trillion, with a year-on-year growth rate of 6.6%, a decrease of 0.3% from the previous year[17]. - The industrial growth rate in China declined to 5.4%, the lowest since 1992, indicating increased economic pressure[17]. - The decline in fiscal revenue continued to expand, contributing to the overall economic slowdown[17]. - The Central Economic Work Conference indicated that downward pressure on China's economy is expected to increase, impacting real estate investment and sales in 2019[28]. Regulatory Challenges - The frequency of regulatory policies issued by the Chinese government on the real estate market reached a record high in 2018, impacting the industry significantly[17]. - The Group faced considerable challenges due to the tightening of regulations aimed at deleveraging and encouraging diversification in the real estate sector[17]. - The Group's operational performance was influenced by the broader economic conditions and regulatory environment in China[17]. - Future strategies may focus on navigating the regulatory landscape and exploring market expansion opportunities amidst economic challenges[17]. Sales and Contracted Performance - The Group recorded a contracted sales amount of approximately RMB2,854.9 million, representing an increase of 5.0% compared to the previous year[22]. - The contracted sales area decreased by 13.9% to 401,378 sq.m. in FY2018, down from 466,115 sq.m. in FY2017[41]. - The average contracted sales price in FY2018 was RMB 7,113 per sq.m., compared to RMB 5,833 per sq.m. in FY2017[45]. - The Group's sales performance was primarily driven by pre-sales from projects in Jining, Liuzhou, Lanzhou, Wuzhou, and Yantai[40]. Property Management and Rental Income - Revenue from property management services amounted to approximately RMB57.5 million, an increase of 15.7% from the previous year[23]. - Rental income reached approximately RMB39.7 million, reflecting a significant increase of 66.2% from the previous year due to continuous expansion in leasing areas[23]. Development Projects - As of December 31, 2018, the total land bank amounted to approximately 9.0 million sq.m., with 12 projects being developed across 7 provinces and autonomous regions in China[47]. - The Group's residential projects in Jining, Ganzhou, and Wuzhou were launched for sales, providing strong support for contracted sales results[22]. - Future development plans include constructing additional shopping malls, residential areas, warehouses, and office buildings across various trade centers[61][64]. - The total GFA of properties under development is approximately 9,035,039 sq.m., with 6,508,103 sq.m. being planned for future projects[49]. Financial Management - Cost of sales increased by RMB622.7 million, or 57.8%, from RMB1,076.6 million for FY2017 to RMB1,699.3 million for FY2018[116]. - Other income decreased by RMB399.4 million, or 81.2%, from RMB491.8 million for FY2017 to RMB92.4 million for FY2018[124]. - Selling and distribution costs decreased by RMB36.3 million, or 24.6%, from RMB147.3 million for FY2017 to RMB111.0 million for FY2018[125]. - Administrative and other operating expenses decreased by RMB22.2 million, or 4.8%, from RMB459.0 million for FY2017 to RMB436.8 million for FY2018[126]. Impairment and Losses - Impairment loss on trade and other receivables recognized was approximately RMB46.6 million in FY2018, compared to RMB2.6 million in FY2017[127]. - The share of losses of joint ventures for FY2018 was approximately RMB19.9 million, mainly due to the impairment loss related to the interest in the joint venture Hydoo Best[155]. - The impairment loss on finance lease receivables for FY2018 was approximately RMB13.0 million, primarily due to a significant slowdown in collection during the economic downturn[146]. Future Outlook - Future strategies may focus on navigating the regulatory landscape and exploring market expansion opportunities amidst economic challenges[17]. - The Group aims to implement cooperation with high-tech companies to advance technological innovation and production-city integration[32]. - The Group plans to enhance collaboration with high-tech enterprises and institutions in the Guangdong-Hong Kong-Macao Greater Bay Area to drive innovation and project development[34].