Financial Performance - Revenue in 2022 was approximately RMB 8,694.8 million, representing a decrease of approximately 0.6% compared to RMB 8,747.0 million in 2021[18]. - Gross profit in 2022 was approximately RMB 2,539.4 million, representing an increase of approximately 68.6% compared to RMB 1,506.1 million in 2021[19]. - Gross profit margin in 2022 was approximately 29.2%, indicating an increase of approximately 12.0 percentage points compared to 2021[19]. - The Group recorded a net loss of approximately RMB 772.1 million in 2022, a decrease of approximately 259.1% compared to a profit of approximately RMB 485.4 million in 2021, with a net loss margin of approximately 8.9%[20]. - The aggregate contracted sales amount for 2022 was approximately RMB 12.6 billion, reflecting a decrease of approximately 50.2% compared to 2021, marking the first drop in overall sales in six years[63]. - Revenue recognized from the sale of properties remained relatively stable at approximately RMB 8,487.1 million for the year ended December 31, 2022, a decrease of approximately 0.9% from RMB 8,563.8 million for the year ended December 31, 2021[92]. - The Group reported a loss of approximately RMB 772.1 million for the year, a decline of approximately 259.1% compared to a profit of approximately RMB 485.4 million in 2021[58]. - The total gross floor area (GFA) delivered for the year ended December 31, 2022, was approximately 381,423 square meters, representing a decrease of approximately 49.4% from 753,190 square meters for the year ended December 31, 2021[91]. Market Expansion and Strategy - The Group has successfully expanded its real estate development business from Nanjing to other cities in the Yangtze River Delta Megalopolis[4]. - The Group aims to introduce more flexibility to its business development by expanding into the health and wellness industry and commercial real estate[5]. - The core development strategy focuses on "leading quality, excellent services, and innovative future" to create a healthy and comfortable living environment[4]. - The Group continues to focus on the four regional markets of Nanjing, Southern Jiangsu, Zhejiang, and Huaihai[4]. - The Group maintained a strong focus on core cities, with 61 projects under development in 10 core cities in the Yangtze River Delta as of December 31, 2022[42]. - The Group's strategic focus remains on the Yangtze River Delta Megalopolis, aiming to accelerate asset turnover while maintaining property quality[80]. Customer Engagement and Satisfaction - The Group delivered 8,330 units throughout the year, achieving a customer loyalty score of 76, compared to 50% in 2021[26]. - The Group achieved a customer loyalty score of 76 and remained in the 90th percentile for overall construction quality as assessed by third-party inspections[64]. Financial Management and Borrowings - The proportion of banking facilities increased, with banks accounting for 75.3% of total borrowings in 2022, up from 66.3% in 2021[34]. - The total borrowings decreased to approximately RMB 9,339.6 million as at December 31, 2022 from approximately RMB 11,825.4 million as at December 31, 2021[179]. - The current borrowings totaled approximately RMB 4,885.7 million as of December 31, 2022, compared to RMB 2,935.4 million in the previous year, reflecting an increase of 66.9%[188]. - The effective interest rate for secured bank loans remained at 8.3% for both 2022 and 2021[189]. Land Bank and Development Projects - The Group has an adequate land bank of high quality, totaling 6.2 million sq.m., with 4.08 million sq.m. attributable to the Group[26]. - The total available-for-sale amount is RMB 56.3 billion, with a total available-for-sale GFA of 2.63 million sq.m., and an average selling price (ASP) of approximately RMB 21,416 per sq.m.[46]. - The Group's land bank is strategically concentrated, with Nanjing, Zhejiang, and Southern Jiangsu accounting for 91% of total land reserves[48]. - The total land bank amounts to 6,200,184 sq.m., with 100% attributable to the Group[128]. - The planned GFA under development totals 4,843,659 sq.m., representing 54.0% of the total land bank[128]. Challenges and Market Conditions - The real estate industry faced unprecedented challenges in 2022, including pandemic outbreaks and a tightening credit environment, leading to significant declines in market transactions[54]. - By the end of 2022, regulatory authorities released major favorable policies aimed at stabilizing the property market, which are expected to facilitate recovery in the second quarter of 2023[57]. - The increase in impairment loss recognized for property and other assets was attributed to changes in overall market conditions and the COVID-19 pandemic[58]. Future Outlook and Goals - For 2023, the Group targets a sales scale of approximately RMB 13 billion, focusing on cash collection and maintaining a high overall collection rate[71]. - The central government emphasizes stabilizing the real estate market in 2023, with policies aimed at supporting first-time homebuyers and easing purchase restrictions in various cities[69]. - The recovery of macroeconomics and the pandemic situation are expected to influence the rebound of the real estate market, with improving job markets restoring market confidence[70].

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 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 截 至2022年12月31日 止 年 度 之 全 年 業 績 公 告 摘 要 • 2022年 收 益 約 為 人 民 幣8,694.8百 萬 元，較2021年 的 約 人 民 幣8,747.0百 萬 元 減 少 約0.6%。 • 2022年 毛 利 約 為 人 民 幣2,539.4百 萬 元，較2021年 的 約 人 民 幣1,506.1百 萬 元 增 加 約68.6%。2022年 毛 利 率 約 為29.2%，較2021年 增 加 約12.0個 百 分 點。 • 本 集 團 於2022年 錄 得 虧 損 約 人 民 幣772.1百 萬 元，較2021年 溢 利 約 人 民 幣485.4百 萬 元 減 少 約259.1%。 ...

Real Estate Development - The Group has successfully expanded its real estate development business from Nanjing to other cities in the Yangtze River Delta Megalopolis, focusing on five regional markets: Nanjing, Southern Jiangsu, Zhejiang, Huaihai, and Anhui[8]. - The Group has been recognized as one of the top 50 enterprises in the real estate development industry of Jiangsu Province for 18 consecutive years since 2002, ranking first in 2019[8]. - The Group has designed five series of high-quality residential properties to meet the needs of various customer demographics, including the elderly and middle-income households[10]. - The Group is diversifying its development strategy by expanding into the health and wellness industry and commercial real estate[10]. - The Group continues to focus on developing quality residential properties for customers of all ages in the Yangtze River Delta region[6]. - The Group has a total of 61 projects located in 10 cities within the Yangtze River Delta Megalopolis[29]. - The Group recognizes the significant growth potential in the residential property development market due to the prosperous economic development and growing population in the Yangtze River Delta Megalopolis[68]. - The Group aims to maintain normal project development with timely sales and delivery, ensuring commitments to investors and home buyers[55]. - The Group will focus on the Nanjing market while strategically expanding in other cities within the Yangtze River Delta Megalopolis to enhance asset turnover and operational efficiency[67]. Financial Performance - Revenue for the six months ended June 30, 2022, was approximately RMB 4,580.4 million, representing an increase of approximately 20.9% compared to RMB 3,788.6 million for the same period in 2021[20]. - Gross profit for the same period was approximately RMB 1,350.5 million, an increase of approximately 95.9% compared to RMB 689.3 million in 2021, with a gross profit margin of approximately 29.5%, up by 11.3 percentage points[20]. - Profit for the six months ended June 30, 2022, was approximately RMB 333.7 million, an increase of approximately 11.9% compared to RMB 298.1 million in 2021, with a net profit margin of approximately 7.3%, down by 0.6 percentage points[20]. - Profit attributable to owners of the parent for the same period was approximately RMB 66.6 million, a decrease of approximately 17.2% compared to RMB 80.4 million in 2021[20]. - The Group's contracted sales for the first half of the year were approximately RMB 6.57 billion, reflecting a decline consistent with the overall industry trend[40]. - The Group achieved a cash collection of approximately RMB 8.21 billion in the first half of the year, resulting in a cash collection rate of 125%[45]. - The average selling price (ASP) in contracted sales remained stable at approximately RMB 21,277 per sq.m., reflecting an increase of approximately 4.4% from RMB 20,374 per sq.m. in the same period of 2021[73]. - Revenue recognized from the sale of properties amounted to approximately RMB 4,470.9 million, representing an increase of approximately 19.9% from approximately RMB 3,728.4 million for the same period in 2021[80]. Operational Efficiency - The Group's core development strategy emphasizes quality, excellent services, and innovation, aiming to create a healthy and comfortable living environment[8]. - The Group has adopted standardized development procedures to enhance operational efficiency while ensuring product quality[10]. - The Group plans to improve cash flow management and ensure operational safety amidst the current challenging market conditions[56]. - The management is focused on optimizing land use and project completion timelines to enhance overall operational efficiency and profitability[120]. Market Challenges - The real estate market in China has faced significant challenges, including a drop in transaction volume and cash flow issues for certain property developers[33]. - Despite the challenging market conditions, certain key projects such as Jinlinfu recorded sales of approximately RMB 150 million during its fourth launch week, making it the sales champion in its region[40]. - Looking ahead, the Group anticipates that real estate policies will remain lax in the second half of the year, with expectations of improved sales performance due to increased project supply and promotional efforts[46]. Financial Management - The Group reduced its interest-bearing liabilities by approximately 14.1% compared to December 31, 2021, optimizing its financing structure[20]. - The total gross floor area (GFA) of the land bank is 7.19 million sq.m., with 4.73 million sq.m. attributable to the Group[27]. - The percentage of bank facilities accounted for 75.6% of the Group's financing[27]. - The Group's liquidity risk management focuses on maintaining a balance between continuity of funding and flexibility through interest-bearing borrowings[191]. - The Group's credit risk is mitigated by a large customer base, resulting in no concentrations of credit risk[190]. Investment Properties - As of June 30, 2022, the Group had seven investment properties with a total GFA of approximately 335,247 sq.m., with four properties leased totaling approximately 167,639 sq.m.[101]. - Income generated from hotel operations was approximately RMB 17.5 million for the six months ended June 30, 2022, representing an increase of approximately 50.9% from RMB 11.6 million for the same period in 2021, attributed to the recovery from the COVID-19 crisis[99]. - The Group's rental income for the six months ended June 30, 2022, was approximately RMB 34.3 million, an increase of approximately 73.2% from RMB 19.8 million for the same period in 2021, mainly due to the leasing of plot C of Peaceful Paradise as a hospital[100]. Land Bank and Development Strategy - The Group's land bank strategy emphasizes expansion in key urban areas, particularly in Nanjing and Hangzhou, to capitalize on market demand[120]. - The Group's total land bank attributable to the Group is approximately 3,191,908 sq.m., with a total land bank of approximately 4,090,996 sq.m.[130]. - The Group has ongoing projects with expected completion dates ranging from 2020 to 2024, indicating a strategic focus on future developments[120]. - No new land parcels were acquired in the first half of 2022, as the Group focused on developing previously acquired land parcels in the Yangtze River Delta Megalopolis[109].

Company Recognition and Strategy - The company is recognized as one of the top 100 real estate developers in China and ranked first in Jiangsu Province for comprehensive strength in the real estate development industry for 19 consecutive years since 2002[8]. - The Group has successfully expanded its real estate development business from Nanjing to other cities in the Yangtze River Delta Megalopolis, adhering to a development strategy focused on quality and innovation[8]. - The Group's core development strategy emphasizes leading quality and excellent services[8]. - The company aims to create a healthy, comfortable, smart, and convenient living environment for customers of all ages[8]. - The company has diversified its development strategy by expanding into the health and wellness industry and commercial real estate[10]. - The Group adopts standardized development procedures to enhance operational efficiency while ensuring product quality[10]. - The Group plans to focus on the Yangtze River Delta region for future growth, leveraging its established advantages in real estate, property, and healthcare[81]. - The Group aims to rationally expand its business scale while improving operational quality to achieve steady and stable growth in profitability[81]. Financial Performance - Revenue in 2021 was approximately RMB 8,747.0 million, representing a decrease of approximately 18.1% compared to RMB 10,679.6 million in 2020[31]. - Gross profit in 2021 was approximately RMB 1,506.1 million, an increase of approximately 30.1% compared to RMB 1,157.4 million in 2020, with a gross profit margin of 17.2%, up 6.4 percentage points year-on-year[31]. - Profit in 2021 was approximately RMB 485.4 million, an increase of approximately 25.7% compared to RMB 386.1 million in 2020, with a net profit margin of 5.5%, up 1.9 percentage points year-on-year[31]. - The Group's revenue for the year was approximately RMB 8,747.0 million, a decrease of approximately 18.1% from the previous year's RMB 10,679.6 million[63]. - The Group achieved a profit of approximately RMB 485.4 million, an increase of approximately 25.7% compared to RMB 386.1 million in 2020[63]. - The Group's gross profit margin increased by approximately 6.4 percentage points to 17.2%, while the net profit margin improved by 1.9 percentage points to 5.5%[63]. Sales and Contracted Sales - Contracted sales amount in 2021 was approximately RMB 25,293.8 million, representing an increase of approximately 9.0% compared to 2020, with an average selling price of RMB 22,265 per sq. m., up 10.6% year-on-year[32]. - For the year ended 31 December 2021, the Group recorded total contracted sales of approximately RMB 25,293.8 million, representing a year-on-year increase of approximately 9.0%[62]. - The total contracted sales GFA amounted to approximately 1,136,045 sq. m., with a contracted ASP of approximately RMB 22,265 per sq.m., reflecting a year-on-year increase of approximately 10.6%[62]. - The average selling price (ASP) recorded in contracted sales was approximately RMB 22,265.0 per sq.m., reflecting an increase of approximately 10.6% from RMB 20,125.0 per sq.m. in 2020, primarily due to higher ASPs in Nanjing and Hangzhou[87]. - The total contracted sales in 2020 were approximately RMB 23,208,328, indicating a slight decrease in overall performance in 2021[92]. Project Development and Land Acquisition - The company acquired 14 new land parcels throughout the year, increasing total GFA by 2,970,000 sq.m., with an average land acquisition cost of approximately RMB 6,060 per sq. m.[44]. - The Group acquired a total of 14 land parcels during the year, increasing total GFA by approximately 2.97 million sq.m.[69]. - As of December 31, 2021, the Group's total land bank amounted to approximately 7.25 million sq.m., with approximately 4.71 million sq.m. attributable to the Group[69]. - The total estimated site area for the newly acquired land parcels was 114,669 sq.m., with a total land premium of RMB 250,945 million[134]. - The company developed several residential projects, including Lan Hu Jun in Nanjing with an estimated site area of 21,636 sq.m. and a land premium of RMB 335 million[134]. Customer Satisfaction and Delivery - Customer satisfaction indicators remained at a high level of 88%[33]. - The Group achieved an on-time delivery rate of 100%[33]. - The overall customer satisfaction rating for the Group was 88%, with a delivery satisfaction rate of 87% and a housing inspection service satisfaction rate of 95%[73]. - The Group maintained a 100% on-time delivery rate for projects during the year, with no delays reported[72]. Market Challenges and Industry Trends - The real estate industry faced significant challenges in 2021, including tightening regulatory policies and a liquidity crisis among enterprises[56]. - Market activity declined sharply in the second half of 2021, with property sales in the PRC dropping and remaining at a low level since August 2021[56]. - The central government emphasized stabilizing land prices and housing prices, aiming for the long-term stable development of the real estate market[59]. - The real estate industry is transitioning from incremental development to stock operation due to unsustainable previous growth models based on high debt and leverage[79]. Other Financial Metrics - The overall cash collection rate remained high, reaching the industry benchmark level, with a positive cash flow-back cycle of 18 months[33]. - The proportion of short-term borrowings decreased to 35%, indicating a continuous optimization of the debt structure[38]. - The Group's total resources at the end of the year were approximately RMB 70 billion, with aggregate inventory resources reaching approximately RMB 25 billion[73]. - The completed leasable GFA amounts to 238,826 sq.m., with an additional 5,695,660 sq.m. planned for future development[146].

Real Estate Development - The Group successfully expanded its real estate development business from Nanjing to other cities in the Yangtze River Delta Megalopolis, focusing on five regional markets: Nanjing, Southern Jiangsu, Zhejiang, Huaihai, and Anhui[8]. - The Group has been recognized as one of the top 50 enterprises in the real estate development industry of Jiangsu Province for 18 consecutive years since 2002, ranking first in 2019[8]. - The Group adopts standardized development procedures to accelerate the turnover rate of properties and promote efficient operations while ensuring product quality[8]. - Five series of high-quality residential properties have been specifically designed to meet the needs of various customer demographics, including the elderly and middle-income households[8]. - The Group has diversified its development strategy by expanding into the health and wellness industry and commercial real estate[8]. - The company has expanded its presence in five regional markets, with a total of 58 projects located in 10 cities[23]. - The Group's property portfolio included 58 projects located in 10 cities in China, with 37 projects developed and owned by the Group[114]. - The Group has developed a total of 37 property projects in Nanjing, Wuxi, Hefei, Suzhou, Hangzhou, Zhenjiang, Xuzhou, Wenzhou, and Huai'an, with a total completed GFA of 2,390,062 sq.m, representing 51.7% of the total land bank[116]. Financial Performance - Revenue for the six months ended June 30, 2021, was approximately RMB3,788.6 million, representing a decrease of approximately 16.8% compared to RMB4,553.9 million for the same period in 2020[17]. - Gross profit for the same period was approximately RMB689.3 million, a decrease of approximately 3.4% from RMB713.3 million in 2020, with a gross profit margin of approximately 18.2%, an increase of 2.5 percentage points[17]. - Profit for the six months ended June 30, 2021, was approximately RMB298.1 million, a decrease of approximately 0.5% from RMB299.6 million in 2020, with a net profit margin of approximately 7.9%, an increase of 1.3 percentage points[17]. - Profit attributable to owners of the parent for the same period was approximately RMB80.4 million, representing a decrease of approximately 21.5% compared to RMB102.5 million in 2020[17]. - The group recorded revenue of approximately RMB 3,788.6 million for the six months ended June 30, 2021, a decrease of about 16.8% compared to RMB 4,553.9 million for the same period in 2020[30]. - Profit for the period remained relatively stable at approximately RMB 298.1 million, a slight decrease of about RMB 1.5 million or 0.5% from RMB 299.6 million in the previous year[30]. - The Group's revenue decreased by approximately RMB765.3 million, or approximately 16.8%, from approximately RMB4,553.9 million for the six months ended June 30, 2020, to approximately RMB3,788.6 million for the six months ended June 30, 2021, primarily due to a decrease in revenue from property sales[194]. Sales and Contracts - Contracted sales amount for the six months ended June 30, 2021, was approximately RMB16,535.5 million, an increase of approximately 170.1% compared to RMB6,123.1 million in 2020[17]. - The total gross floor area (GFA) of contracted sales was approximately 811,589 sq.m., representing an increase of approximately 141.3% compared to 336,334 sq.m. in 2020[17]. - The average contracted selling price was approximately RMB 20,374 per square meter, representing an increase of about 11.9% compared to the previous year[34]. - Projects in Nanjing and Hangzhou contributed over RMB 11.5 billion to total contracted sales, accounting for approximately 70% of the total[34]. - Contracted sales from properties in Nanjing contributed approximately 33.1% of total contracted sales, while Hangzhou accounted for 36.4%[67][68]. - Total contracted sales amounted to approximately RMB 16,535.5 million, a significant increase of approximately 170.1% compared to the same period in 2020[34]. Land Acquisition and Development - The company acquired a total of 12 high-quality land parcels, mainly located in core cities of the Yangtze River Delta, with an aggregate GFA of over 2.4 million sq.m.[29]. - The average cost of the newly acquired land parcels was approximately RMB5,396 per sq.m.[29]. - The Group acquired 12 land parcels in the Yangtze River Delta Megalopolis, with a total contracted land price of approximately RMB 13,027 million and an average cost of approximately RMB 5,396 per sq.m.[105]. - The total land bank of the Group amounts to 7,577,397 sq.m, with 4,550,269 sq.m available for sale and 2,806,629 sq.m under development[119]. - The total GFA for properties under development is 2,806,629 sq.m, highlighting ongoing expansion efforts[120]. - The Group's land bank includes 220,499 sq.m in total for 58 land parcels, with a focus on residential and retail developments[119]. Market Conditions and Strategy - The Chinese economy showed a rapid recovery with a GDP growth of 12.7% in the first half of 2021[41]. - Sales of commercial properties in China reached approximately RMB 9.3 trillion in the first half of 2021, representing a year-on-year increase of 38.9%[41]. - The introduction of various real estate market regulation policies has led to a gradual narrowing of the period-on-period increase in sales area and sales volume of commercial properties nationwide[41]. - The Group plans to adjust its land acquisition and project launch schedule in response to tightening regulation policies[41]. - The overall guiding principle in the real estate industry remains "no speculation of residential properties," indicating a stable development trend[41]. - The core development strategy focuses on "leading quality, excellent services, and innovative future" aimed at developing quality residential properties for customers of all ages[52]. Revenue from Other Sources - The Group's project management services generated revenue of approximately RMB24.1 million, representing an increase of approximately 68.5% from RMB14.3 million for the same period in 2020[90]. - Rental income for the six months ended 30 June 2021 was approximately RMB19.8 million, an increase of approximately 226.9% from RMB6.0 million for the same period in 2020[93]. - The hotel business generated revenue of approximately RMB 11.6 million for the six months ended June 30, 2021, an increase of about 2.7% compared to RMB 11.3 million in the same period of 2020, primarily due to recovery from COVID-19 impacts[96]. - Income from exhibition operations was approximately RMB 4.7 million for the six months ended June 30, 2021, compared to nil in the same period of 2020[104].

Sales Performance - For the six months ended June 30, 2020, the total contracted sales amounted to approximately RMB 6,123.1 million, with a total contracted GFA of approximately 336,334 sq.m., and an average contracted selling price of approximately RMB 18,205 per sq.m.[8] - Contracted sales amount for the Group and its joint ventures and associates for the six months ended June 30, 2020, was approximately RMB 6,123.1 million, a decrease of approximately 22.5% from RMB 7,899.1 million in 2019[23] - The Group's contracted sales amounted to approximately RMB 6,123.1 million, with a contracted average selling price (ASP) of approximately RMB 18,205, representing a year-on-year increase of approximately 18.2%[57] - More than 60% of the contracted sales were derived from Nanjing, where ASP reached approximately RMB 21,689, a year-on-year increase of approximately 31.7%[57] - Contracted sales from Nanjing accounted for approximately 64.1% of total contracted sales, with a value of RMB 3,923.95 million from 180,917 sq.m. sold[85] Revenue and Profitability - The Group recorded a revenue of approximately RMB 4,553.9 million for the same period, representing a year-on-year increase of approximately 21.8%[8] - Revenue for the six months ended June 30, 2020, was approximately RMB 4,553.9 million, representing an increase of approximately 21.8% compared to RMB 3,739.0 million for the same period in 2019[23] - Gross profit for the same period was approximately RMB 713.3 million, indicating an increase of approximately 58.6% from RMB 449.8 million in 2019, with a gross profit margin of approximately 15.7%, up by 3.7 percentage points[23] - Net profit for the six months ended June 30, 2020, was approximately RMB 299.6 million, reflecting a significant increase of approximately 517.7% compared to RMB 48.5 million in 2019, with a net profit margin of approximately 6.6%, up by 5.3 percentage points[23] - Profit attributable to owners of the parent for the same period was approximately RMB 102.5 million, representing an increase of approximately 1,407.4% compared to RMB 6.8 million in 2019[23] Land Bank and Development - The Group has a land bank with an aggregate estimated GFA of over 5.5 million sq.m., with approximately 4.3 million sq.m. attributable to the Group[8] - The total gross floor area (GFA) of the land bank reached a record high, with the acquisition of six high-quality land parcels located in core cities of the Yangtze River Delta Megalopolis[37] - The Group plans to expand its land bank in core cities such as Nanjing and Hangzhou, as well as other cities with sustainable industrial development like Suzhou and Wenzhou[69] - The Group's total land bank was approximately 5,510,459 sq.m., with 4,332,530 sq.m. attributable to the Group[117] - The total GFA for properties developed by associates and joint ventures was 1,979,247 sq.m.[121] Market Presence and Expansion - The Group has successfully expanded its real estate development business to cover 46 projects in 10 cities across the Yangtze River Delta Megalopolis[8] - The company has expanded its presence into Wenzhou and Changshu, Suzhou, further deepening its market penetration in five regional markets[41] - A total of 46 projects are located in 10 cities across the PRC, indicating a balanced business presence in the Yangtze River Delta region[41] - The Group made its first foray into Wenzhou and Changshu, expanding its business presence in the Yangtze River Delta Megalopolis[50] Financial Ratings and Outlook - The Group has been rated by Moody's Investors Service and Lianhe Ratings Global Limited with stable outlooks and issuer credit ratings of "B2" and "B+" respectively[13] - The Group successfully issued US$140 million senior notes in June 2020, which was over-subscribed by two times, reflecting market recognition of the Group's financial condition[59] - The Group received ratings of "B2" from Moody's and "B+" from a joint rating agency, both with a stable outlook, enhancing its financing capabilities[61] - The Group remains cautiously optimistic about the property sales market in the second half of the year, driven by the recovery of the domestic economy and increased demand for property purchases[64] Project Development and Quality - The Group adopts standardized development procedures to enhance operational efficiency while ensuring product quality[11] - The Group's core development strategy focuses on quality, excellent services, and innovative future living environments for customers of all ages[7] - The Group's residential project, Yuan Stream Mansion, received the "ICONIC AWARDS: Innovative Architecture" in Germany, showcasing its commitment to quality and innovation[60] - The Group aims to enhance its comprehensive development and operation capabilities across investment, business development, sales, and internal management[70] Property Management and Income - Revenue from project management services for the six months ended June 30, 2020, was approximately RMB 14.3 million[103] - Income from the operation of the Hangzhou Zhongdu Qingshan Wonderland Hotel was approximately RMB 11.3 million for the six months ended June 30, 2020[107] - The Group's property lease income for the six months ended June 30, 2020, was approximately RMB 6.0 million, an increase of approximately 300.0% from RMB 1.5 million for the same period in 2019[107]

Financial Performance - In 2019, total contracted sales amounted to approximately RMB 19,821.4 million, representing a year-on-year increase of 107.7%, with an average contracted selling price of approximately RMB 17,555 per sq.m.[9] - The Group recorded a revenue of RMB 9,092.5 million in 2019, reflecting a year-on-year increase of 79.3%[9] - Profit and total comprehensive income for 2019 was RMB 360.4 million, a decrease of 27.2% from RMB 495.3 million in 2018, with a net profit margin of 4.0%, down 5.8 percentage points[31] - Revenue for 2019 was RMB 9,092.5 million, an increase of 79.3% compared to RMB 5,070.1 million in 2018[31] - The Group's profit for the year decreased by RMB 134.9 million or 27.2% from RMB 495.3 million for the year ended 31 December 2018 to RMB 360.4 million for the year ended 31 December 2019[167] - The Group's net profit margin decreased from 9.8% for the year ended 31 December 2018 to 4.1% for the year ended 31 December 2019[167] Sales and Delivery - GFA delivered in 2019 amounted to approximately 439,865 sq.m., representing a year-on-year increase of 120.5%[9] - The company achieved a delivery rate of over 95% for various projects during the mass delivery phase in June 2019[17] - Impressive sales of RMB 4.15 billion were recorded in a single month due to the launch of various projects.[21] - Contracted sales amount in 2019 was RMB 19,821.4 million, an increase of 107.7% compared to 2018, with a contracted sales GFA of 1,129,071 sq.m., up 125.1%[31] Land Acquisition and Development - As of December 31, 2019, the company had 40 projects in nine cities in China, with a land bank of approximately 5,220,000 sq.m., of which 4,300,000 sq.m. was attributable to the Group[9] - The acquisition of Zhejiang Lin'an Zhongdu Properties Limited and Hangzhou Zhongdu Qingshan Wonderland Hotel Company Limited was completed for a total consideration of RMB 2.43 billion, expanding the land bank by 656,000 sq. m.[20] - A land parcel in the core area of Nanjing was won for RMB 2.51 billion, with a planned GFA of 166,000 sq. m. for residential and commercial development.[20] - The Group acquired ten parcels of land in 2019, increasing its land bank to a total GFA of 5,220,478 sq.m., with 4,303,691 sq.m. attributable to the Group[47] Market Position and Recognition - The company was recognized as one of the top 100 real estate developers in China, ranking 90th in 2020[12] - The company was included in the MSCI China All Shares Small Cap Index, enhancing its reputation and liquidity in the capital market.[24] - The Group was ranked 90th among the "Top 100 Real Estate Developers in China in 2020" based on comprehensive strength[51] - The Group was recognized as one of the top 50 enterprises in the real estate development industry of Jiangsu Province for 17 consecutive years[51] Financial Health and Ratios - The total assets of the Company increased by 35.2% to RMB 34,523 million, and total equity rose by 67.1% to RMB 4,026.8 million[44] - The net gearing ratio decreased significantly to 160.6% by the end of 2019 compared to the previous year[44] - As of December 31, 2019, the Group had cash and cash equivalents of RMB 2,894.3 million, an increase from RMB 1,589.2 million as at 31 December 2018[170] - The Group's current ratio remained stable at 1.3 for both December 31, 2018, and December 31, 2019[188] Strategic Focus and Future Plans - The company aims to diversify its business by expanding into the health and wellness industry and commercial real estate[9] - The Group aims to focus on high-growth regional markets along the Yangtze River Delta Megalopolis and enhance market penetration[59] - The Group plans to develop small and medium-sized projects with great development potential and achieve large-scale developments through a high turnover model[59] - The Group's strategic focus includes accelerating asset turnover and improving operational efficiency while maintaining property quality[69] Customer Satisfaction and Relations - The Group's overall customer satisfaction reached 91 points and customer loyalty was at 74 points, both achieving historical highs[54] - The company successfully held its first investor reverse roadshow in April 2019, enhancing investor relations[15] Revenue Sources and Other Income - Revenue generated from project management services was RMB 79.7 million for the year ended December 31, 2019[91] - Income from hotel operations was RMB 13.5 million for the year ended December 31, 2019[91] - The Group's rental income for the year ended December 31, 2019, was RMB 3.2 million, representing a 6% increase compared to RMB 3.0 million in 2018[91] Cost and Expenses - The Group's cost of sales increased by RMB 4,013.1 million or 114.8% from RMB 3,600.0 million for the year ended 31 December 2018 to RMB 7,613.2 million for the year ended 31 December 2019, mainly due to acquisitions of additional interests in subsidiaries[163] - Selling and distribution expenses increased by RMB 57.7 million or 24.3% from RMB 237.3 million for the year ended 31 December 2018 to RMB 295.0 million for the year ended 31 December 2019, primarily due to higher advertising and staff costs[165] - Administrative expenses decreased by RMB 39.1 million or 11.8% from RMB 331.5 million for the year ended 31 December 2018 to RMB 292.4 million for the year ended 31 December 2019, mainly due to reduced listing expenses[165]

Financial Performance - The Group's contracted sales amount for the six months ended June 30, 2019, was approximately RMB 7,899.1 million, an increase of 258.4% compared to RMB 2,448.5 million for the same period in 2018[9]. - Revenue for the six months ended June 30, 2019, was approximately RMB 3,739.0 million, an increase of 3,342.9% compared to approximately RMB 108.6 million for the same period in 2018[9]. - Gross profit for the six months ended June 30, 2019, was approximately RMB 449.8 million, an increase of approximately 674.2% compared to RMB 58.1 million for the same period in 2018, with a gross profit margin of 12.03%, a decrease of 41.5 percentage points[9]. - Profit for the six months ended June 30, 2019, was approximately RMB 48.5 million, a decrease of 80.1% compared to RMB 243.5 million for the same period in 2018[9]. - Revenue recognized from the sale of properties increased by approximately 3,383.2% from RMB107.3 million for the six months ended June 30, 2018 to RMB3,737.5 million for the six months ended June 30, 2019, accounting for 99.9% of the Group's total revenue[36]. - The Group's total revenue for the six months ended June 30, 2019, was RMB3,739.0 million, compared to RMB108.6 million for the same period in 2018[71]. - The Group's gross profit increased by RMB391.7 million or 674.2% from RMB58.1 million for the six months ended 30 June 2018 to RMB449.8 million for the six months ended 30 June 2019[79]. - The Group's profit for the six months ended 30 June 2019 decreased by RMB195 million or 80.1% to RMB48.5 million from RMB243.5 million for the same period in 2018[92]. Sales and Market Performance - The total contracted sales area for the six months ended June 30, 2019, was approximately 512,979 sq.m., representing an increase of 381.3% compared to the same period in 2018[9]. - Contracted sales from Nanjing contributed approximately 49.3% of total sales, followed by Wuxi at 20.5% and Suzhou at 11.6%[34]. - The average selling price (ASP) for contracted sales was approximately RMB 15,398 per sq.m., a decrease from RMB 20,682 per sq.m. in the same period of 2018[31]. - The average selling price (ASP) recognized for the six months ended June 30, 2019 was approximately RMB18,354 per sq.m., representing a 30.8% increase from approximately RMB14,031 per sq.m. in the same period of 2018[36]. - The increase in revenue from property sales was primarily due to the concentration of sales in the Nanjing area, which has higher selling prices compared to other areas in Jiangsu province[36]. Property Development and Strategy - The Group's property development operations focus on the Yangtze River Delta Megalopolis, with plans to expand into cities such as Taizhou[28]. - The Group aims to maintain moderate scale growth while optimizing its layout in metropolitan cities, particularly in Nanjing and the surrounding areas[17]. - The Group's core development strategy emphasizes "leading quality, excellent services, and energy conservation" to meet the evolving market demands[17]. - Future business development will include acquiring high-quality land parcels in the Yangtze River Delta region[23]. - The company plans to continue focusing on the Nanjing market while strategically expanding in other cities within the Yangtze River Delta region[29]. - The company is committed to becoming a leading quality property developer for all-age customers in the Yangtze River Delta region[29]. Financial Position and Ratios - The Group's net gearing ratio as of June 30, 2019, was 149%, decreasing from 351.5% as of December 31, 2018[9]. - As of June 30, 2019, the Group had cash and cash equivalents of approximately RMB4,608.2 million, up from RMB1,589.2 million as of December 31, 2018[95]. - Total bank and other borrowings increased to RMB10,374 million as of June 30, 2019 from RMB10,191 million as of December 31, 2018[95]. - The current ratio remained stable at 1.35 as of June 30, 2019, compared to 1.32 as of December 31, 2018[111]. - The Group's total borrowings as of June 30, 2019, were RMB 10,374.4 million, up from RMB 10,191.4 million as of December 31, 2018[100]. Land Bank and Acquisitions - The Group had a total land bank with an aggregate estimated GFA of approximately 3,993,507 sq.m., with interests attributable to the Group amounting to approximately 3,461,145 sq.m.[59]. - The total contracted land price for newly acquired land parcels in the first six months of 2019 was approximately RMB 758 million, with an average cost of RMB 3,587 per sq.m.[47]. - The Group's projects in Nanjing accounted for 34.6% of the total land reserve, with 1,380,649 sq.m. of total GFA[60]. - The company won the bidding for land use rights in Nanjing City for RMB2,510 million under a joint venture arrangement[143]. - The company will acquire two distressed companies for a net acquisition consideration of RMB 2,430 million[146]. Governance and Compliance - The Audit Committee reviewed the Group's unaudited interim condensed consolidated financial information for the six months ended 30 June 2019, which was approved by the Board on 16 August 2019[179]. - The independent auditor, Ernst & Young, conducted a review of the Group's unaudited interim condensed consolidated financial information for the six months ended 30 June 2019[180]. - The Company has complied with the Corporate Governance Code since the Listing Date to 30 June 2019[172]. - All Directors confirmed compliance with the Model Code for securities transactions since the Listing Date to 30 June 2019[177]. Employee and Shareholder Information - As of June 30, 2019, the Group had a total of 882 employees, with competitive remuneration packages including basic salaries and performance-based bonuses[131]. - As of June 30, 2019, Mr. Huang Qingping holds 539,089,534 shares, representing approximately 37.26% of the shareholding interest[151]. - As of June 30, 2019, Silver Huang Holding Limited owns 517,833,810 shares, accounting for approximately 35.79% of the shareholding interest[163].

Financial Performance - In 2018, the company's revenue was RMB 5,070.1 million, an increase of 8.4% compared to RMB 4,675.6 million in 2017[11] - The gross profit for 2018 was RMB 1,470.1 million, up approximately 87.6% from RMB 783.5 million in 2017, with a gross profit margin of 29.0%, an increase of 12.2 percentage points from the previous year[11] - The profit attributable to equity holders for 2018 was RMB 442.4 million, a 5.3% increase from RMB 420.2 million in 2017[11] - The core net profit for 2018 was RMB 484.2 million, representing a 29.2% increase, with a core net profit margin of 9.6%, up 1.6 percentage points from 2017[11] - The group's total revenue and gross profit increased by 8.4% and 87.6% year-on-year to RMB 5,070.1 million and RMB 1,470.1 million, respectively[18] - Core net profit grew by 29.2% to RMB 484.2 million, with gross margin rising by 12.2 percentage points to 29.0%[18] - The recognized revenue from property sales increased by approximately 8.5% to RMB 5,067.1 million, accounting for 99.9% of the total revenue for the group[38] - Annual profit increased from RMB 390.6 million for the year ended December 31, 2017, to RMB 495.3 million for the year ended December 31, 2018, an increase of RMB 104.7 million or 26.8%[119] Sales and Contracted Sales - The total contracted sales amount for 2018 was RMB 9,544.6 million, a growth of 65.7% compared to the previous year, with a contracted sales area of 501,588 square meters, an increase of 139.9%[11] - The group achieved a contract sales amount of RMB 9,544.6 million, representing a 65.7% increase compared to 2017, with significant contributions from new cities including Suzhou, Zhenjiang, and Ma'anshan[22] - For the year ended December 31, 2018, the total contracted sales amounted to approximately RMB 9,544.6 million, representing a year-on-year increase of about 65.7% compared to RMB 5,760.1 million for the year ended December 31, 2017[33] - The total construction area for contracted sales was approximately 501,588 square meters, a significant increase of approximately 139.9% from 209,042 square meters in the previous year[33] Assets and Liabilities - Non-current assets as of December 31, 2018, were RMB 2,023.5 million, compared to RMB 1,168.7 million in 2017[13] - Current assets increased to RMB 23,516.1 million in 2018 from RMB 14,736.0 million in 2017[13] - Total liabilities increased to RMB 23,129.3 million in 2018 from RMB 13,918.3 million in 2017[13] - The net asset value as of December 31, 2018, was RMB 2,410.3 million, up from RMB 1,986.4 million in 2017[13] - Total assets increased by 60.6% to RMB 25,539.6 million, while total equity grew by 21.3% to RMB 2,410.3 million[18] Land Acquisition and Development - The group acquired 10 new land parcels in cities such as Nanjing, Wuxi, and Hangzhou during 2018[18] - As of December 31, 2018, the group had a total land reserve of over 3,437,238 square meters, primarily located in key cities of the Yangtze River Delta[22] - The company acquired 15 new land parcels totaling 1,080,154 square meters, with an estimated total construction area of 2,849,741 square meters[47] - The total contract value for the newly acquired land parcels in 2018 was approximately RMB 9,139.1 million, with an average cost of RMB 3,207 per square meter[65] - The company has a strategic focus on expanding its land reserves in key cities, particularly in Jiangsu province[66] Financial Ratios and Capital Structure - The net capital debt ratio decreased from 3.5 times at the end of 2018 to 2.5 times post-IPO, returning to levels similar to 2017[18] - The company's net capital to debt ratio increased from 219.0% on December 31, 2017, to 351.5% on December 31, 2018, primarily due to increased land reserves and real estate development activities[138] - The company maintained a stable current ratio of 1.5 and 1.3 as of December 31, 2017, and December 31, 2018, respectively[138] Operational Efficiency and Expenses - Selling and distribution expenses rose by RMB 181.7 million or 326.8% to RMB 237.3 million, attributed to multiple property projects entering pre-sale or sales phases[110] - Administrative expenses increased by RMB 269.3 million or 433.0% to RMB 331.5 million, due to the growing number of property projects and associated management costs[111] - Financial costs increased from RMB 177.0 million for the year ended December 31, 2017, to RMB 254.0 million for the year ended December 31, 2018, primarily due to increased bank borrowings to support business development[116] Strategic Initiatives and Future Outlook - The company plans to continue focusing on its current real estate development business and acquiring quality land parcels in the Yangtze River Delta region of China[155] - The company aims to enhance its market position through ongoing development and strategic acquisitions in the real estate sector[66] - The company is investing $50 million in research and development for new technologies aimed at improving customer experience[163] - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by 30% over the next five years[163] Corporate Governance - The management team emphasized a commitment to maintaining high standards of corporate governance and transparency in operations[178] - The board of directors approved a dividend payout of $0.10 per share, marking a 25% increase from the previous year[163] - All directors confirmed their independence in writing according to the listing rules[190] - The company encourages continuous professional development for all directors, covering various materials related to governance, accounting, and financial skills[194]