CONTENTS 目錄 | 2 | Financial Highlights | 財務摘要 | | --- | --- | --- | | 3 | Corporate Information | 公司資料 | | 5 | 2021 Annual Report — Key Events of the Year | | | 8 | Major Property Projects | | | 20 | Letter to Shareholders | | | 24 | Directors and Senior Management Profiles | | | 32 | Corporate Governance Report | | | 49 | Environmental, Social and Governance Report | | | 73 | Directors' Report | 董事會報告 | | 114 | Independent Auditor's Report | | | 124 | Consolidated Statement of Profit or Loss | 合併損益表 | | 12 ...

Financial Performance - Revenue for the first half of 2021 reached approximately RMB 9,130.9 million, representing a 36.2% increase compared to the same period in 2020[6]. - Gross profit for the period was RMB 2,264.7 million, reflecting a 61.6% increase year-on-year[6]. - Profit attributable to owners of the Company was approximately RMB 1,312.5 million, marking a 78.1% increase from the previous year[6]. - Profit before income tax was RMB 1,987.3 million, representing a 76.1% increase year-on-year[6]. - Earnings per share attributable to owners of the Company increased to RMB 15.02, a 19.9% rise from the previous period[6]. - Profit for the six months ended June 30, 2021 increased by 78.1% to RMB 1,312.5 million from RMB 736.7 million for the same period in 2020[70]. - Total comprehensive income for the period reached RMB 1,516,385, compared to RMB 595,661 in the same period last year, marking a 154.0% increase[131]. - Operating profit increased by 80.1% to RMB 1,971.4 million for the six months ended June 30, 2021, up from RMB 1,094.8 million for the same period in 2020[66]. Assets and Liabilities - Total assets as of June 30, 2021, amounted to RMB 94,474.1 million, a 9.9% increase from December 31, 2020[6]. - Total liabilities increased to RMB 79,630,355, a rise of 9.5% from RMB 73,026,503[133]. - Total equity increased to RMB 14,843,731, reflecting a growth of 14.7% from RMB 12,947,675[132]. - Cash and cash equivalents increased to RMB 11,294.5 million, a 17.0% rise compared to the end of 2020[6]. - Total borrowings as of June 30, 2021 were approximately RMB 22,962.9 million, an increase from RMB 20,111.4 million as at December 31, 2020[72]. - The Group's net debt to equity ratio was 51.1% as at June 30, 2021, compared to 48.7% as at December 31, 2020[77]. Land and Development - The Group's total land bank reached approximately 23.67 million sq.m. as of June 30, 2021, supporting future development[16]. - The Group acquired 16 new parcels of land during the first half of 2021 as part of its proactive expansion strategy[16]. - Contracted sales for the first half of 2021 amounted to approximately RMB 23,510.0 million, with a total contracted floor area of about 2,677,400 square meters, marking increases of 80.6% and 58.3% respectively compared to the previous period[22]. - The total GFA under various stages of development remaining unsold amounted to 23,665,984.4 sq.m[45]. Market Presence and Strategy - The Group's diversified investment segment includes healthcare, commerce, technology, property management, cultural tourism, and education, enhancing its value chain[27]. - The Group's ongoing projects span various cities in the PRC, indicating a broad market presence and development strategy[35]. - The Group plans to continue purchasing land in strategically selected cities, with sufficient internal resources and bank borrowings to meet funding requirements[90]. - Future outlook remains positive with ongoing projects expected to enhance revenue streams in the coming periods[45]. Awards and Recognition - The Group has received multiple awards, including "China's 100 Best Real Estate Enterprises" and "2021 China's Best Real Estate Enterprises with Greatest Growing Potential," enhancing its brand recognition significantly[31]. - Royal Redco in Xianyang was awarded "Best Pre-sale Property of the Year" at the 16th Kinpan Award, showcasing the Group's competitive edge in the market[31]. - UG Property Management, a subsidiary of the Group, ranked 40th in the "Top 100 Property Management Service Enterprises in the PRC in 2021," indicating strong performance in property management[31]. Financial Risks and Compliance - The Group's activities expose it to various financial risks, including market risk, liquidity risk, and credit risk[149]. - The Group is required to comply with covenants under major borrowing facilities, which have been adhered to throughout the reporting period[149]. - The Company has complied with all provisions of the Corporate Governance Code during the six months ended June 30, 2021[114]. Shareholding and Corporate Governance - As of June 30, 2021, Mr. Wong holds a long position of 1,387,258,000 shares, representing 39.06% of the company's issued share capital[99]. - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2021, consistent with the previous year where no dividend was paid[113]. - The Company has maintained management control and beneficial shareholding interest of 51% or more as of the reporting date[118].

Financial Performance - Revenue for the year ended December 31, 2019, increased by 27.7% to RMB 8,602,321,000 compared to RMB 6,735,931,000 in 2018[3] - Gross profit rose by 23.7% to RMB 2,954,114,000 from RMB 2,387,720,000 in the previous year[3] - Profit before income tax increased by 19.3% to RMB 2,640,985,000, up from RMB 2,213,472,000 in 2018[3] - Profit attributable to the owners of the Company was RMB 1,034.9 million, an increase of 4.5% over the previous year[116] - Net profit reached RMB 1,551.7 million, representing a 19.7% increase year-on-year, with a net profit margin of 18.0%[116] - Basic earnings per share was RMB 29.14 cents, and a final dividend of RMB 3 cents per share was proposed[116] - Gross profit was RMB 2,954.1 million, reflecting a year-on-year increase of 23.7%, with a gross profit margin of 34.3%[116] Asset Growth - Total assets grew significantly by 78.1% to RMB 62,609,340,000, compared to RMB 35,146,306,000 in 2018[3] - Cash and cash equivalents nearly doubled, increasing by 95.4% to RMB 11,094,295,000 from RMB 5,678,863,000[3] - The Group maintained cash-in-hand of RMB 1,506.0 million during the reporting period[116] - Cash in hand amounted to RMB 15.06 billion, ensuring the Group's risk-bearing ability amid economic challenges[123] - The net debt-to-equity ratio dropped significantly to 17.9% compared to the previous year[116] - The net gearing ratio decreased to 17.9% from 47.9% at the end of 2018, indicating improved financial stability[123] Land Acquisitions and Development - The acquisition of a premium land parcel in Shijiazhuang, Hebei Province, was completed, strengthening the company's regional layout in Bohai[13] - A high-quality land parcel was acquired in Tianxin District, Changsha City, marking the company's entry into the Changsha market[29] - The company expanded its development footprint by acquiring two premium residential land parcels in Xianghu Riverside, Nanchang[23] - The Group successfully acquired a high-quality land parcel in Boluo Longxi, Huizhou City, enhancing its strategic layout in the Guangdong-Hong Kong-Macao Greater Bay Area[38] - The Group acquired two high-quality land parcels in the Dongjiang Science and Technology Park area of Huizhou and the Ganzhou Economic Development Zone, further expanding its regional strategic layout[40] - The Group acquired a 250 mu high-quality commercial and residential land parcel in the Main City Center of Jinan District, Jinan, to deepen its cultivation in the Bohai region[42] - The Group's land reserve increased to 14.56 million square meters, representing a year-on-year increase of 45.7%, while the value of goods reached RMB 121.89 billion[122] Strategic Initiatives - The Group plans to focus on high-value regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta for future property development[130] - The Group aims to implement a double hundred program, ensuring 100% of new projects meet national building requirements within three years[135] - The Group is expanding its property extension business and investing in six diversified sectors: healthcare, commerce, technology, property, cultural tourism, and education[128] - The Group's strategic focus includes enhancing operational efficiency and maximizing input in green residence development[135] Corporate Governance and Management - The company has maintained high standards of business ethics and corporate governance, which is considered a prime task for long-term interests and shareholder value[189] - The company has adopted the Corporate Governance Code as its own code to govern corporate governance practices, ensuring compliance during the year ended December 31, 2019[190] - The Board currently consists of seven Directors, including four executive Directors and three independent non-executive Directors[193] - The company has a diversified management structure with experienced executives overseeing various operational aspects[153][154] - The management is responsible for implementing Board decisions and coordinating daily operations[200] - The company has a dedicated team for cost management and operational analysis, enhancing efficiency in its projects[181] Market Recognition - The company was awarded three prizes as part of "2019 Top 10 China's Listed Real Estate Enterprises," reflecting high market recognition[27] - The Group was awarded "2019 China Annual Investment Value Real Estate Enterprise TOP30" and ranked in the top 100 of "China Housing Enterprise Comprehensive Strength TOP200" list due to outstanding market performance[36] Project Highlights - The Cloud Terrace project in Hefei covers approximately 48,000 m² with a total construction area of approximately 128,000 m², receiving multiple industry honors[63] - The Hefei Zhongliang Likao Yunhu Yin project covers an area of approximately 48,000 m² with a total construction area of about 128,000 m², featuring unique landscape designs[66] - Redco Visionary in Jinan has a total floor area of nearly 2 million m², including approximately 1.4 million m² of residential space and 300,000 m² of commercial area[68] - In 2019, Redco Visionary was the best-selling real estate project in Jiyang, achieving top rankings in both sold floor area and sales amount[70] - The Jinan Likao Future City project has a planned area of nearly 200,000 m², with around 140,000 m² designated for quality residential units[71] - The Phoenix project in Nanchang spans a total area of 56,000 m² and a total construction area of 240,000 m², aimed at becoming a multifunctional commercial complex[80] - Riverside Glory in Nanchang covers a site area of approximately 95,000 m² and a total floor area of approximately 260,000 m², featuring spacious units with windows on both sides[85] - Yong Lake International in Nanchang integrates residential, office, and commercial spaces within a unique 410,000 m² cultural and creative-themed complex[90] Future Outlook - The real estate industry is expected to recover as the COVID-19 epidemic is progressively controlled, with increased demand for healthy residential services[129] - The Group successfully delivered the Sydney prime mansion project and signed a cooperation framework agreement to enter the Philippine market[122]