Financial Performance - Total revenue for 2022 was RMB 7,907.9 million, a decrease of 41.6% from RMB 13,551.6 million in 2021[12] - Gross profit dropped to RMB 115.2 million, representing a gross margin of 1.5%, down from 18.0% in 2021[12] - The net loss attributable to equity holders was RMB 4,269.8 million, compared to a net profit of RMB 127.5 million in 2021[49] - Revenue from property sales was RMB 6,807.9 million, down 44.0% from RMB 12,150.4 million in 2021, accounting for 86.1% of total revenue[49] - The company's gross profit decreased by 94.9% from RMB 2,440 million in 2021 to RMB 115.2 million in 2022, resulting in a gross margin of approximately 1.5% compared to 18.0% in the previous year[85] - The company's net financing income decreased by 49.3% to RMB 299.3 million in 2022, while financing costs surged by 147.8% to RMB 2,129.4 million, attributed to rising borrowing rates and currency exchange losses[92] Sales and Contracted Sales - Contracted sales amounted to RMB 7,075.6 million, a significant decline of 73.8% compared to RMB 27,011.1 million in the previous year[13] - The average contracted sales price per square meter decreased by 12.1% to RMB 16,569.8 from RMB 18,849.3[13] - The total contracted sales area for the company reached 427,019 square meters, generating a total sales amount of RMB 7,075.615 million, with an average selling price of RMB 16,570 per square meter[61] - The total sales area of commercial housing in China was 1.358 billion square meters, a decrease of 24.3%, with residential sales area down by 26.8%[20] Debt and Financial Leverage - The net debt-to-equity ratio surged to 267% in 2022, up from 94% in 2021, indicating increased financial leverage[14] - As of December 31, 2022, the group's bank deposits and cash (including restricted cash) totaled RMB 1,352.1 million, with unused bank credit lines of approximately RMB 21,938.4 million[51] - The total outstanding borrowings decreased from RMB 21,598 million at the end of 2021 to RMB 18,412.7 million by the end of 2022[100] - Short-term borrowings accounted for 72.2% of total borrowings in 2022, up from 50.6% in 2021[103] Operational Strategy - The company aims to enhance operational capabilities and asset value by focusing on core cities and urban areas[17] - The company plans to prioritize "delivery capability" to gain trust from government, homebuyers, and investors amid liquidity challenges[17] - The company is committed to a "light asset" operational model, focusing on quality improvement and operational efficiency[7] - The company aims to enhance liquidity by actively seizing financing opportunities, focusing on "ensuring delivery" as a core task amidst the current liquidity challenges in the real estate market[32] Market Conditions - The real estate development investment in China for 2022 was RMB 13.29 trillion, a decline of 10% year-on-year, with residential investment down by 9.5%[20] - The real estate market in 2023 is expected to remain in a "de-stocking" phase, with a focus on ensuring project delivery and improving financing conditions for real estate companies[30] - The outlook for 2023 indicates that the Chinese real estate market will continue to focus on "housing for living, not for speculation," with policies on both supply and demand expected to be further optimized[117] Corporate Governance - The board of directors consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with listing rules regarding independent director appointments[139] - The company has established four board committees: audit committee, remuneration committee, nomination committee, and risk management committee to oversee specific aspects of the company's affairs[138] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[136] - The board has confirmed the effectiveness of independent non-executive directors in providing independent views and opinions as of the year ending December 31, 2022[143] Employee and Workforce Management - As of December 31, 2022, the company employed 3,082 full-time employees, a slight decrease from 3,160 employees in the previous year[73] - The total employee cost for the year was RMB 436.5 million, down from RMB 495.1 million in the previous year, reflecting a decrease in workforce[74] - The company has a total of 3,082 employees as of December 31, 2022, with male employees accounting for 58.3% and female employees for 41.7%[152] Asset Management and Investments - The company established 25 funds under its asset management platform, with a total fund management scale of approximately RMB 9.22 billion as of December 31, 2022[24] - The company’s investment platform, Hefeng Capital, has invested a total of RMB 1.164 billion in 15 projects, achieving an exit from 4 projects with a return rate of 18.1%[25] - The company aims to optimize its capital structure through its real estate fund platform, enhancing fundraising and asset management capabilities[67] Awards and Recognition - The company received multiple awards in 2022, including "Influential Real Estate Brand of the Year" and "Best Operator for Urban Renewal"[4] - The company has been recognized with awards such as "Top 100 Comprehensive Strength Property Service Enterprises in China 2022" and "Outstanding Property Brand Enterprise 2022"[29]

2021 Annual Report 年 報 景瑞控股有限公司* Jingrui Holdings Limited 股份代號 Stock code : 01862 * 僅供識別 For identification purpose only 景瑞控股有限公司 Jingrui Holdings Limited 2021 年報 Annual Report 目錄 | 公司簡介 | | 2 | | --- | --- | --- | | 公司資料 | | 4 | | 財務摘要 | | 5 | | 主席致辭 | | 6 | | 主要物業明細 | | 12 | | 管理層討論與分析 | | 16 | | 董事及高級管理層 | | 34 | | 企業管治報告 | | 37 | | 董事會報告 | | 50 | | 獨立核數師報告 | | 67 | | 合併財務報表 | | | | • | 合併資產負債表 | 74 | | • 合併利潤表 | | 76 | | • 合併全面收益表 | | 77 | | • 合併權益變動表 | | 78 | | • 合併現金流量表 | | 80 | | • 合併財務報表附註 | | 82 | ...

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 JINGRUI HOLDINGS LIMITED 景 瑞 控 股 有 限 公 司 * （於開曼群島註冊成立的有限公司） （股份代號：01862） （債券股份代號：40659及40866） 年度業績公告 截至2022年12月31日止年度 年度業績摘要 • 截至2022年12月31日止年度的合約銷售額約為人民幣7,075.6百萬元，較 上年降低73.8%。 • 截至2022年12月31日止年度的收入為人民幣7,907.9百萬元，較去年下降 約41.6%。毛利為人民幣115.2百萬元，毛利率為1.5%。 • 截至2022年12月31日止年度本集團錄得年內淨虧損人民幣4,277.9百萬元。 • 於2022年12月31日的總資產為人民幣47,109.8百萬元。 ...

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 JINGRUI HOLDINGS LIMITED 景 瑞 控 股 有 限 公 司 * （於開曼群島註冊成立的有限公司） （股份代號：01862） （債券股份代號：40659及40866） 年度業績公告 截至2022年12月31日止年度 年度業績摘要 • 截至2022年12月31日止年度的合約銷售額約為人民幣7,075.6百萬元，較 上年降低73.8%。 • 截至2022年12月31日止年度的收入為人民幣7,907.9百萬元，較去年下降 約41.6%。毛利為人民幣115.2百萬元，毛利率為1.5%。 • 截至2022年12月31日止年度本集團錄得年內淨虧損人民幣4,277.9百萬元。 • 於2022年12月31日的總資產為人民幣47,109.8百萬元。 ...

Financial Performance - The contract sales amount for the year ended December 31, 2021, was approximately RMB 27,011.1 million, an increase of 5.9% compared to the previous year[4] - Revenue for the year ended December 31, 2021, was RMB 13,551.6 million, up 6.0% year-on-year, with a gross profit of RMB 2,440.0 million and a gross margin of 18.0%[4] - The net profit recorded for the year was RMB 393.8 million, a significant decline of 69.1% compared to the previous year[4] - Total comprehensive income for the year was RMB 478.6 million, compared to RMB 1,237.0 million in the previous year[7] - Basic earnings per share dropped to RMB 0.08 in 2021 from RMB 0.68 in 2020, a decline of approximately 88.2%[37] - The group reported a total segment profit of RMB 1,040,258 thousand, a decrease from RMB 2,339,006 thousand in the previous year[23][24] - Financial income for the year was RMB 590,338 thousand, while financing costs amounted to RMB (859,158) thousand[23] - Other income for the year was RMB 20,574 thousand, a significant decrease from RMB 223,121 thousand in 2020[26] - The share of losses from joint ventures and associates amounted to RMB 155.4 million in 2021, compared to a profit of RMB 170.6 million in 2020, mainly due to decreased demand for commercial real estate rentals[95] Assets and Liabilities - Total assets as of December 31, 2021, amounted to RMB 63,249.7 million, a decrease of 7.4% from December 31, 2020[4] - The net debt-to-capital ratio was approximately 94% as of December 31, 2021, an increase of 25 percentage points from the previous year[4] - The group’s total assets as of December 31, 2021, were RMB 139,119,181 thousand, with total liabilities of RMB 127,888,093 thousand[23] - The total amount of receivables from joint ventures and associates decreased significantly from RMB 3,124,230,000 in 2020 to RMB 1,861,356,000 in 2021, a drop of about 40%[40] - Trade payables increased from RMB 3,994,211,000 in 2020 to RMB 4,569,378,000 in 2021, reflecting an increase of approximately 14%[47] - The total liabilities for trade and other payables decreased from RMB 18,905,889,000 in 2020 to RMB 14,298,815,000 in 2021, a reduction of about 24%[47] Cash Flow and Financing - The total cash and cash equivalents were RMB 10,991.0 million as of December 31, 2021[4] - The company faced a default event leading to the immediate repayment of borrowings totaling RMB 1,438,800,000, including overdue priority notes of RMB 93,000,000[16] - The company has developed plans to alleviate liquidity pressure and improve cash flow, including adjusting sales activities and enhancing communication with banks for timely project financing[18] - The company will continue to actively seek refinancing options, including the exchange of existing priority notes or other borrowings[18] - Total outstanding borrowings increased from RMB 21,444.8 million on December 31, 2020, to RMB 21,598.0 million on December 31, 2021[100] - Short-term borrowings accounted for 49.5% of total borrowings in 2021, compared to 42.6% in 2020[103] Business Operations - The company has segmented its operations into three business divisions for resource allocation and performance assessment[21] - Property development platform revenue reached RMB 12,695,876 thousand, contributing the majority to total revenue[23] - Property management service revenue increased significantly to RMB 723,098 thousand from RMB 526,368 thousand, marking a growth of 37%[22] - The company plans to continue expanding its property management and renovation services to enhance revenue streams[22] - The company plans to actively pursue mergers and acquisitions to enhance its urban service capabilities and acquire quality state-owned resources[77] Land and Projects - The land bank held by the company was approximately 4,989,013 square meters as of December 31, 2021[4] - The company acquired seven projects in key cities, increasing land reserves by approximately 1,205,020 square meters, with a total investment of about RMB 5,294 million[55] - The Jiangsu region accounted for 32.3% of the total land area, with Suzhou alone contributing 16.0%[69] Corporate Governance - The company is committed to maintaining high standards of corporate governance and has adopted the corporate governance code as per the listing rules[121] - The board of directors did not recommend the distribution of a final dividend for the year ended December 31, 2021[4] - The company has no significant off-balance sheet liabilities or arrangements as of December 31, 2021[108] Employee Information - The company employed 3,160 full-time employees as of December 31, 2021, an increase from 3,017 employees in 2020[79] - Employee costs for the year ended December 31, 2021, amounted to RMB 495.1 million, up from RMB 486.3 million in 2020, with share-based compensation expenses recognized at RMB 0.6 million[80]

Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 5,099.5 million, representing a 61.7% increase from RMB 3,154.4 million in 2020[13]. - Gross profit for the same period was RMB 1,227.3 million, with a gross profit margin of 24.1%, down from 31.4% in 2020[13][17]. - Profit attributable to equity holders was RMB 295.3 million, a slight increase of 0.6% from RMB 293.6 million in 2020[13]. - Core net profit attributable to equity holders was RMB 293.8 million, down 3.6% from RMB 304.9 million in the previous year[13]. - Revenue from property sales for the first half of 2021 was RMB 4,636.1 million, representing a 65.1% increase compared to the same period last year[99]. - Property management revenue increased by approximately 55.9% to RMB 350.5 million, up from RMB 224.8 million in the previous year, driven by a significant increase in contracted GFA from third parties[135]. - Rental income decreased by approximately 6.7% to RMB 107.6 million, down from RMB 115.3 million in the previous year, primarily due to reduced rental periods caused by property upgrades[136]. - The company's cost of sales for the first half of 2021 was RMB 3,872.2 million, representing an increase of 78.9% compared to RMB 2,164.6 million in the same period last year[142][143]. - The profit for the period was RMB 365.8 million, compared to RMB 344.9 million in the same period last year, with profit attributable to equity holders at RMB 295.3 million, slightly up from RMB 293.6 million[166]. Sales and Contracted Projects - Contracted sales value reached RMB 18,734.5 million, a significant increase of 144.3% compared to RMB 7,670.2 million in 2020[15]. - Contracted sales area increased to 969,335 sq.m., up 203.7% from 319,208 sq.m. in the previous year[15]. - Average contracted selling price decreased by 19.6% to RMB 19,327 per sq.m. from RMB 24,029 per sq.m. in 2020[15]. - For the first half of 2021, Jingrui achieved total contracted sales of approximately RMB 18.735 billion, representing an increase of 144.3% compared to RMB 7.670 billion in the same period last year[33]. - The contracted sales area for the same period was approximately 969,335 sq.m., with an average contracted sales price of RMB 19,327 per sq.m.[33]. - The Jiangsu region contributed RMB 7,313.5 million (39.0%) and the direct-controlled municipalities contributed RMB 5,619.7 million (30.0%) to the total contracted sales[79]. Debt and Financial Position - The net debt-to-capital ratio increased to 74% as of June 30, 2021, compared to 69% at the end of 2020[17]. - Total outstanding borrowings increased to RMB 23,235.1 million as of June 30, 2021, up from RMB 21,444.8 million at the end of 2020[174]. - Current borrowings decreased by 7.1% to RMB 8,495.2 million from RMB 9,139.9 million, while non-current borrowings increased by 19.8% to RMB 14,740.0 million[181]. - The proportion of long-term borrowings in total borrowings was 63.4% as of June 30, 2021, ensuring stable cash flow for the company[184]. - Finance costs for the six months ended June 30, 2021, totaled RMB 1,207.5 million, an increase of 18.0% compared to RMB 1,023.7 million in the same period of 2020[186]. - The net debt-to-adjusted capital ratio was 74% as of June 30, 2021, indicating a significant leverage position[187]. Market and Industry Trends - The Chinese GDP for the first half of 2021 was RMB 53.2 trillion, reflecting a year-on-year increase of 12.7%[22]. - The real estate industry is expected to enter a refined development stage, moving away from land hoarding through increased borrowings[23]. - The anticipated urbanization rate in China is expected to exceed 70% by 2035, indicating significant development opportunities in core city clusters[65]. - The long-term rental apartment industry is becoming more rational and standardized, moving away from blind expansion models[78]. Operational Strategies - Jingrui plans to enhance production capacity and lean operation capacity to ensure profitability and improve asset value[32]. - The company is focusing on the development of the housing rental market in first-tier cities, moving away from the landlord agent model towards a more rational and normative long-term rental apartment business[32]. - Jingrui is accelerating the exploration and upgrading of its business model to take a leading position in industry reforms[28]. - The company aims to strengthen external expansion of property services, aligning with industry changes and enhancing service effectiveness through technology and training[78]. Project Management and Development - Jingrui acquired a total of 4 new projects in the first half of 2021, with a total property value of RMB 4.885 billion, of which first- and second-tier cities accounted for 80.6% of the saleable property value[34]. - The company has a sufficient land bank of approximately 5.2925 million sq.m., which can meet development demands for the next 2 to 3 years[34]. - As of June 30, 2021, Jingrui Properties constructed 25 projects involving 22,000 residences under the "Spaceme" platform, achieving a signing rate of 70%[40]. - Jingrui Service managed a total of 342 projects across 50 cities in China, with a contracted gross floor area (GFA) of approximately 46.80 million sq.m.[110].

Financial Performance - Total revenue for 2020 was RMB 12,782.4 million, a decrease of 3.8% from RMB 13,285.1 million in 2019[12] - Gross profit for 2020 was RMB 2,504.0 million, with a gross margin of 19.6%, down from 20.2% in 2019[12] - Core net profit attributable to shareholders increased by 6.9% to RMB 965.2 million in 2020 from RMB 902.5 million in 2019[12] - The company's net profit for 2020 was RMB 1,273.5 million, with profit attributable to equity holders amounting to RMB 958.1 million[99] - Revenue from property sales amounted to RMB 11,972.5 million, down 3.2% from RMB 12,366.1 million in 2019, primarily due to a decrease in the area of properties delivered[52] - The revenue from property sales was RMB 11,972.5 million, accounting for 93.7% of total revenue, down 3.2% from RMB 12,366.1 million in 2019[81] - The total employee cost for the year was RMB 486.3 million, up from RMB 448.1 million in 2019[79] - The company's gross profit decreased by 6.7% from RMB 2,685.2 million in 2019 to RMB 2,504.0 million in 2020, with a gross margin of approximately 19.6% in 2020 compared to 20.2% in 2019[90] Sales and Contracted Projects - Contracted sales amounted to RMB 25,507.0 million, an increase of 1.4% compared to RMB 25,159.3 million in 2019[13] - In 2020, the company achieved a total contracted sales amount of approximately RMB 25.507 billion, representing a year-on-year growth of 1.4% compared to RMB 25.159 billion in 2019[22] - The total area of contracted sales was approximately 1,157,658 square meters, with an average contracted sales price of RMB 22,033 per square meter[22] - The average contracted sales price per square meter rose by 5.8% to RMB 22,033.3 from RMB 20,818.6 in 2019[13] - The contracted sales from Zhejiang, Jiangsu, and municipalities directly under the central government accounted for 36.5%, 22.0%, and 22.0% of the total contracted sales, respectively[57] Debt and Financial Management - The net debt-to-equity ratio increased to 69% in 2020 from 58% in 2019, indicating a higher leverage position[14] - The company maintained a net debt-to-capital ratio of approximately 69% as of December 31, 2020, indicating a reasonable level of debt for its current development stage[55] - Total borrowings increased from RMB 19,005.3 million as of December 31, 2019, to RMB 21,444.8 million as of December 31, 2020, representing a growth of 12.8%[104] - The company's cash and cash equivalents, including restricted cash, amounted to RMB 13,646.5 million as of December 31, 2020[103] - Financing costs increased by 62.6% year-on-year to RMB 739.3 million in 2020, compared to RMB 454.6 million in 2019[109] Asset Management and Investments - The company aims to enhance its asset management capabilities and focus on core city clusters for future growth[17] - The company is committed to urban renewal and refined operations to enhance the value of existing assets[17] - The company plans to continue its transformation from a traditional developer to an asset management service provider[7] - The company has cumulatively issued 19 real estate equity funds with a total management scale of approximately RMB 7.67 billion, achieving an investment return rate of 12.4% from two fund exits in 2020[28] - The company’s investment arm, Hefeng Capital, invested nearly RMB 1.06 billion in 15 projects, achieving an investment return rate of 18.1% from four successful exits[31] Market and Strategic Focus - The real estate market in China saw a total sales amount of RMB 17.36 trillion in 2020, despite a slowdown in overall growth, indicating a shift towards high-quality development[20] - The group is focusing on urbanization trends, with a population urbanization rate just over 60%, suggesting ongoing opportunities in first and second-tier cities[47] - The company plans to continue focusing on core cities and urban agglomerations, developing real estate projects with high safety margins and stable investment returns[49] - The company aims to create real value for customers and investors by improving existing asset values through urban renewal and refined operations[36] Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules and has complied with its provisions for the year ended December 31, 2020, except for a deviation from code provision A.2.1[137] - The board consists of four executive directors and three independent non-executive directors, ensuring strong independence in its composition[140] - The company has established four board committees: Audit Committee, Remuneration Committee, Nomination Committee, and Risk Management Committee to oversee specific aspects of the company's affairs[139] - The company has implemented a board diversity policy since March 18, 2014, and regularly reviews it to ensure its effectiveness[144] - The company has committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[137] Operational Efficiency - The company has established a service platform to enhance service quality and expand service categories, emphasizing a holistic service model[35] - The company plans to enhance its comprehensive capabilities in fundraising, investment, management, and exit strategies, focusing on core cities and urban clusters[36] - The company has implemented cost-cutting measures that are expected to save K million annually, improving overall profitability[126] - The company has established service agreements with executive directors, with initial terms set for three years, renewable every three years[148] Risk Management - The company has a risk management committee that regularly reviews and assesses insider information and reports findings to the board[180] - The company conducts annual reviews of its risk management and internal control systems, including resources, staff qualifications, and training programs[174] - The risk management and internal control systems are designed to ensure compliance with applicable laws and regulations, identify and manage potential risks, and safeguard the company's assets[174] - The company has implemented a risk management policy to ensure consistent risk identification, measurement, and reporting procedures[182]

Financial Performance - Revenue for the six months ended June 30, 2020, was RMB 3,154.4 million, representing a 44.3% increase from RMB 2,185.9 million in 2019[14]. - Gross profit increased to RMB 989.7 million, with a gross profit margin of 31.4%, up from 25.9% in 2019[14][18]. - Profit attributable to equity holders rose to RMB 293.6 million, a 4.9% increase compared to RMB 280.0 million in the same period of 2019[14]. - Revenue from property sales amounted to RMB 2,808.6 million, accounting for 89.1% of total revenue, representing a year-on-year increase of 68.4%[144][140]. - Profit for the period was RMB 344.9 million, slightly down from RMB 354.3 million in the corresponding period of 2019[181]. - The Group's total revenue for the six months ended June 30, 2020, was RMB 3,154.4 million, representing a 44.3% increase compared to RMB 2,185.9 million for the same period last year[132]. Sales and Contracted Performance - Contracted sales value decreased to RMB 7,670.2 million, down 24.3% from RMB 10,136.2 million in 2019[16]. - Contracted sales area fell to 319,208 sq.m., a decline of 33.3% compared to 478,841 sq.m. in 2019[16]. - The average contracted selling price increased by 13.5% to RMB 24,029 per sq.m. from RMB 21,168 per sq.m. in 2019[16]. - For the six months ended June 30, 2020, the total contracted sales amounted to approximately RMB 7.670 billion, representing a decrease of 24.3% compared to RMB 10.136 billion in the same period last year[30]. - The contracted sales area was approximately 319,208 sq.m., with an average contracted sales price of RMB 24,029 per sq.m.[30]. Debt and Financial Position - The net debt-to-capital ratio as of June 30, 2020, was 68%, up from 58% at the end of 2019[18]. - As of June 30, 2020, the Group's cash at bank and on hand decreased by approximately 12.5% to approximately RMB 12,031.1 million from RMB 13,748.2 million as of December 31, 2019[183][187]. - Total outstanding borrowings increased from RMB 19,005.3 million as of December 31, 2019, to RMB 19,343.9 million as of June 30, 2020, representing a change of 1.8%[184][188]. - The proportion of the Group's long-term borrowings in total borrowings was 54.7% as of June 30, 2020, ensuring healthy and stable cash flow in the future[196][197]. - The Group had approximately RMB 24,139.6 million in unutilized banking facilities as of June 30, 2020[184][188]. Market Outlook and Strategy - The company remains optimistic about sustainable development in China despite the impacts of the COVID-19 pandemic[22]. - The real estate industry is expected to benefit from population gathering towards leading cities and city clusters, enhancing future development potential[23]. - The company aims to seize development opportunities in city clusters and metropolitan areas in the second half of 2020[29]. - The real estate industry remains a stabilizer for China's economic development, with long-term stable development opportunities[71]. - The real estate industry in China is projected to show a trend of slow decline in the future due to factors such as slower population growth[71]. Technological Innovation and Customer Focus - The application of big-data monitoring, online property sales, and VR house tours has been emphasized as part of technological empowerment during the pandemic[40]. - The "e PLUS" customization system was proposed to meet customer demands for residential properties, with projects implemented in cities like Hangzhou, Shanghai, and Wuhan[41]. - The "Space me" platform integrates technology into real estate development, enhancing customer experiences through a fully digitalized management system[47]. - Jingrui Service aims to expand its service boundaries and improve service quality through continuous innovation and upgrading, focusing on customer demands[61]. - The introduction of the "e PLUS" customization system has allowed Jingrui to better meet customer needs and enhance product strategies since 2015[44]. Property Management and Development - The property management sector is experiencing significant growth, with a cumulative contracted management area exceeding 26 million sq.m. across 36 cities as of June 30, 2020[60]. - The Group acquired a total of five new projects during the same period, with a total property value of RMB 5.708 billion, and 95.7% of the saleable property value was from first- and second-tier cities[31]. - The land bank is approximately 4.920 million sq.m., sufficient to meet development demands for the next two to three years[31]. - The company has strategically focused on stock asset management, particularly in first-tier cities, to enhance asset value and provide "end-to-end" services[50]. - Jingrui aims to strengthen its asset management capabilities and enhance its real estate development and operating service capabilities[72]. Operational Efficiency and Cost Management - The Group's staff costs for the six months ended June 30, 2020, amounted to RMB 219.3 million, down from RMB 251.3 million for the same period in 2019[130]. - Selling and marketing costs increased by 53.3% to RMB 203.6 million, compared to RMB 132.8 million in the same period last year, due to active expansion of sales channels amid COVID-19[162]. - Administrative expenses remained flat at RMB 303.6 million, compared to RMB 304.0 million in the same period last year[163]. - The company has implemented a systematic training program for employees, focusing on enhancing management skills and sales capabilities[134]. - The company has adopted share incentive plans to encourage employee development and align their interests with the company's growth[135].

Financial Performance - For the year ended December 31, 2019, the total revenue was RMB 13,285.1 million, representing a 17.9% increase from RMB 11,268.2 million in 2018[13] - The gross profit for 2019 was RMB 2,685.2 million, with a gross margin of 20.2%, down from 22.6% in 2018[13] - The core net profit attributable to shareholders was RMB 902.5 million, a decrease of 10.3% compared to RMB 1,006.3 million in 2018[13] - Revenue from property sales was RMB 12,366.1 million, reflecting an 18.4% increase from RMB 10,440.3 million in 2018, accounting for 93.1% of total revenue[46] - Net profit attributable to equity holders was RMB 903.6 million, a decrease of 12.4% from RMB 1,031.9 million in the previous year[46] - The company's cost of sales rose by 21.5% to RMB 10,599.9 million in 2019, primarily due to increased construction costs[85] - Administrative expenses decreased by 22.3% to RMB 606.6 million in 2019, due to enhanced management efficiency[93] - Other income for 2019 was RMB 158.5 million, significantly higher than RMB 68.3 million in 2018, mainly from the acquisition of Ningbo Puhong shares[94] - The company recorded a fair value gain of RMB 96.0 million from investment properties in 2019, compared to RMB 54.7 million in 2018[91] - Financial income increased by 390.6% from RMB 53.3 million in 2018 to RMB 261.5 million in 2019, primarily due to increased interest income from bank deposits[95] Sales and Contracted Projects - Contracted sales amount for 2019 was RMB 25,159.3 million, slightly down by 0.3% from RMB 25,235.9 million in 2018[14] - The total contracted sales area was approximately 1,208,504 square meters, with an average contracted sales price of RMB 20,819 per square meter[22] - The average contracted sales price per square meter decreased by 4.2% to RMB 20,818.6 from RMB 21,726.7 in 2018[14] - The group's contract sales amounted to approximately RMB 25,159.3 million in 2019, with a total contracted construction area sold of about 1,208,504 square meters, representing a significant contribution to revenue growth[46] - The company acquired 10 new projects in cities like Shanghai and Hangzhou, with a total investment amount of RMB 8.58 billion and a total project value of RMB 18.08 billion[22] Asset Management and Development Strategy - The company aims to enhance asset value through urban renewal and refined operations, focusing on customer needs and customized product strategies[9] - Future strategies include a continued focus on real estate development and a shift towards asset management services, leveraging a dual-driven business model[9] - The company aims to enhance its asset management capabilities and has been recognized as one of the top 10 private equity funds in China's real estate sector[24] - The company has expanded its management area to over 25 million square meters across 36 cities in China[24] - The company continues to focus on core first and second-tier cities and urban agglomerations for future development opportunities[21] Financial Stability and Debt Management - The net debt-to-equity ratio decreased to 58% in 2019 from 64% in 2018, indicating improved financial stability[15] - The net debt-to-capital ratio was approximately 58%, indicating a reasonable level of debt for the current development stage[50] - The company's cash and bank deposits reached RMB 13,748.2 million, with unused bank credit facilities of approximately RMB 27,728.3 million[50] - Total cash and bank deposits amounted to RMB 13,748.2 million as of December 31, 2019, primarily in RMB and USD[102] Corporate Governance - The board consists of four executive directors and three independent non-executive directors, ensuring compliance with listing rules regarding independent director representation[140] - The company has established four board committees: audit committee, remuneration committee, nomination committee, and risk management committee to oversee specific aspects of its affairs[139] - The company has adopted the corporate governance code as per the listing rules and has complied with its provisions for the year ended December 31, 2019, except for a deviation regarding the roles of chairman and CEO[137] - The company aims to enhance its corporate governance practices to ensure compliance with the corporate governance code[137] - The company has a strong independent board composition, with independent non-executive directors accounting for over one-third of the board[140] Market Outlook and Challenges - The company anticipates challenges in 2020 due to the global impact of COVID-19 but remains focused on long-term growth and urbanization trends in China[45] - The company is adapting to market changes, with a shift towards long-term rental apartments and office spaces expected to enhance rental rates and asset security in 2020[45] - The company plans to focus on core cities and urban clusters, aiming to develop real estate projects with high safety margins and stable investment returns[45] - The company aims to enhance its comprehensive capabilities across the entire investment chain, focusing on real estate in core cities and urban areas[121] Employee and Management Practices - Employee count decreased to 3,035 as of December 31, 2019, from 3,546 the previous year[76] - The company implemented a stock option plan to incentivize senior management and align their interests with the company's growth[76] Risk Management - The company has established a risk management committee in October 2015 to review the effectiveness of the risk management and internal control systems annually[174] - The risk management committee conducted an annual review of the risk management and internal control systems as of December 31, 2019[171] - The company has implemented a comprehensive risk management and internal control system covering investment, operations, marketing, finance, and human resources[176] - The company aims to reduce operational risk costs and ensure compliance through effective risk management policies[184]

Revenue and Profitability - Revenue for the six months ended June 30, 2019, was RMB 2,185.9 million, a 1.0% increase from RMB 2,163.6 million in 2018[11]. - Profit attributable to equity holders increased by 4.0% to RMB 280.0 million, compared to RMB 269.3 million in the same period of 2018[11]. - Core net profit attributable to equity holders increased by 11.8% to RMB 208.8 million, compared to RMB 186.8 million in 2018[11]. - Revenue from property sales for the first half of 2019 was RMB 1,667.8 million, a decrease of 6.4% compared to the same period last year[108]. - Property management revenue increased by approximately 34.5% to RMB 239.9 million, up from RMB 178.4 million in the first half of 2018[140]. - Revenue from decoration of properties was approximately RMB 150.8 million, representing a 33.8% increase compared to RMB 112.7 million in the same period last year[141]. - Rental income for the first half of 2019 was approximately RMB 79.2 million, representing a 54.1% increase from RMB 51.4 million in the corresponding period of 2018[146]. - Gross profit decreased to RMB 566.8 million, resulting in a gross profit margin of 25.9%, down from 27.2% in 2018[11][15]. Sales Performance - Contracted sales value rose to RMB 10,136.2 million, a 6.4% increase from RMB 9,525.0 million in 2018[13]. - Contracted sales area increased by 30.8% to 478,841 sq.m., compared to 365,952 sq.m. in 2018[13]. - Average contracted selling price decreased by 18.7% to RMB 21,168 per sq.m., down from RMB 26,028 per sq.m. in 2018[13]. - The proportion of contracted sales from first- and second-tier cities increased to 96.0%[28]. - The primary sources of contracted sales were from Zhejiang (RMB 3,839.9 million, 37.9%), Jiangsu (RMB 2,786.7 million, 27.5%), and centrally direct-controlled municipalities (RMB 2,609.1 million, 25.7%) respectively[86][88]. Market Trends and Strategy - The real estate market in China is expected to maintain steady development momentum despite external challenges[18]. - Investment in real estate development in China recorded a year-on-year growth of 10.9% in the first half of 2019[18]. - The policy guidelines of "stabilizing land prices, stabilizing property prices, and stabilizing expectations" will continue to regulate the real estate market[22]. - The Group's strategy focuses on first and second-tier cities while seeking opportunities in third and fourth-tier cities, aligning with urbanization trends in China[24]. - The implementation of new urbanization policies is expected to create more development opportunities in core cities and their nearby metropolitan areas[22]. - The real estate market is expected to maintain stable development, supported by policies aimed at stabilizing land and property prices[74]. Financial Position and Debt - The net debt-to-capital ratio increased to 72% as of June 30, 2019, compared to 64% at the end of 2018[15]. - Total outstanding borrowings rose to RMB 20,964.7 million as of June 30, 2019, up from RMB 18,700.8 million as of December 31, 2018[181][185]. - Current borrowings increased by 55.3% to RMB 10,380.5 million as of June 30, 2019, compared to RMB 6,683.4 million as of December 31, 2018[189]. - Non-current borrowings decreased by 11.9% to RMB 10,584.3 million as of June 30, 2019, from RMB 12,017.4 million as of December 31, 2018[189]. - The company operates in a capital-intensive industry and plans to meet its capital needs through property sales, loans, shareholder injections, and issuance of new shares[179][183]. Investment and Project Development - The Group acquired 7 new projects with a total investment of RMB 3.71 billion and a total property value of RMB 8.99 billion, with first and second-tier cities accounting for 98.8% of the saleable property value[32]. - The Group has built a sufficient land bank of approximately 5,461,000 sq.m., enhancing its competitive foundation for transformation and upgrading[32]. - The total land bank as of August 29, 2019, was approximately 5,753,360 sq.m., with an attributable basis of approximately 2,922,804 sq.m.[94]. - In the first half of 2019, the company secured 7 land parcels and property projects across cities including Tianjin, Ningbo, Suzhou, Wuhan, and Shanghai[94]. Employee and Operational Insights - As of June 30, 2019, the Group employed 2,940 full-time employees, a decrease from 3,546 employees as of December 31, 2018[126]. - The Group has established systematic training programs for employees to enhance their management, leadership, and sales skills[130]. - The company aims to optimize its capital structure through extensive fundraising and investor protection capabilities[111]. Other Financial Metrics - The Group's cost of sales amounted to RMB 1,619.2 million, an increase of 2.8% from RMB 1,575.0 million in the same period last year[150]. - Administrative expenses increased by 3.9% to RMB 304.0 million in the first half of 2019, compared to RMB 292.7 million in the same period of 2018[158]. - Income tax expense decreased significantly by 83.5% to RMB 39.6 million for the six months ended June 30, 2019, down from RMB 240.3 million in the same period of 2018, due to the completion of tax clearance for certain projects[171][176].