Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 8,396,275 thousand, an increase from RMB 7,346,373 thousand in the same period last year, representing a growth of approximately 14.3%[7] - Gross profit for the same period was RMB 1,049,902 thousand, compared to RMB 523,813 thousand in the previous year, indicating a significant increase of approximately 100.5%[7] - Profit before tax from continuing operations was RMB 377,133 thousand, up from RMB 108,053 thousand year-on-year, reflecting a growth of approximately 249.5%[7] - Net profit attributable to equity holders of the company was RMB 303,188 thousand, compared to RMB 151,105 thousand in the prior year, marking an increase of approximately 100.7%[8] - Basic earnings per share for the period was RMB 25.64, significantly higher than RMB 5.80 in the same period last year, representing an increase of approximately 341.4%[8] - Total comprehensive income for the period was RMB 349,425 thousand, compared to RMB 72,343 thousand in the previous year, indicating a growth of approximately 384.5%[8] Assets and Liabilities - Total assets increased to RMB 285,159,105 thousand as of June 30, 2021, compared to RMB 183,423,554 thousand as of December 31, 2020, representing a growth of 55.5%[9] - Net current assets rose to RMB 102,511,022 thousand, up from RMB 76,405,054 thousand, indicating an increase of 34.2%[10] - The total debt increased to RMB 234,340,121 thousand, compared to RMB 146,071,985 thousand, reflecting a significant rise of 60.4%[10] - The equity attributable to owners of the parent company reached RMB 50,818,984 thousand, up from RMB 37,351,569 thousand, marking a growth of 36.2%[10] - The company's total liabilities increased by 60.4% to RMB 234,340,121 thousand, indicating a substantial rise in financial obligations[10] Cash Flow and Financing - Cash and cash equivalents increased to RMB 33,696,145 thousand from RMB 27,992,866 thousand, a rise of 20.1%[9] - Net cash used in operating activities was RMB (20,876,742) thousand, compared to RMB (12,303,934) thousand in the same period last year[15] - Net cash generated from financing activities reached RMB 29,433,993 thousand, significantly up from RMB 8,101,361 thousand year-on-year[15] - The company’s total liabilities included RMB 9,500,000 thousand in perpetual loans, indicating a strategic move to enhance capital structure[13] Market and Strategic Outlook - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[12] - Future outlook remains positive with strategic plans for market expansion and potential acquisitions to drive growth[12] - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its portfolio[114] Real Estate Development - The group's revenue from property sales reached RMB 8,216,069,000, a significant increase from RMB 2,377,133,000 in the previous year, representing a growth of approximately 245%[23] - The total area of properties delivered was approximately 516,000 square meters, an increase of about 365,000 square meters year-on-year[96] - The total contracted sales amount reached approximately RMB 91.709 billion, an increase of about RMB 65.951 billion (approximately 71.7%) compared to the same period last year[102] Employee and Corporate Governance - The company employed a total of 1,997 full-time employees as of June 30, 2021, compared to 966 full-time employees as of December 31, 2020[160] - The total employee costs for the company were approximately RMB 518 million, an increase from RMB 262 million in the same period last year[160] - The company has maintained high standards of corporate governance and adhered to all provisions of the corporate governance code during the period[184] Shareholder Information - The company declared an interim dividend of HKD 1.1 per share for the first half of 2021, amounting to RMB 1,182,258,000, compared to no dividend declared for the same period in 2020[48] - Key shareholders include Mr. Zhuang Yuekai and Ms. Zhao Chengmin, each holding approximately 4.73% of the issued shares[171] - Major shareholder Yinan holds 761,952,106 shares, representing 59.67% of the total[177]

Financial Performance - The company achieved a revenue of approximately RMB 42.74448 billion for the year, representing a year-on-year increase of approximately 146.8% compared to RMB 17.31926 billion in 2019[8]. - The profit attributable to equity holders of the company was approximately RMB 2.32163 billion, a year-on-year increase of approximately 35.14% from RMB 1.71799 billion in 2019[8]. - The group's total revenue for the year was approximately RMB 42.74448 billion, an increase of about RMB 25.42521 billion compared to the previous fiscal year[20]. - Gross profit for the group was approximately RMB 7.34027 billion, representing an increase of about RMB 2.85808 billion (approximately 63.77%) year-on-year[20]. - Profit attributable to equity holders increased by approximately RMB 603.63 million (approximately 35.14%) to about RMB 2.32163 billion compared to the previous year[20]. - Property sales revenue reached approximately RMB 42.46025 billion, accounting for about 99.34% of total revenue, with a total delivered area of approximately 2.527716 million square meters, an increase of about 126.065 million square meters year-on-year[21]. - The company reported a total reserve available for distribution to equity holders of approximately RMB 2,861,198,000 as of December 31, 2020[85]. - The board proposed not to declare a final dividend for the year, compared to a final dividend of HKD 0.82 per share in 2019[82]. Sales and Contract Performance - In 2020, the company achieved total contract sales of approximately RMB 90.77 billion, a year-on-year increase of about 78.75% from RMB 50.78 billion in 2019[10]. - The total contracted sales area reached approximately 4.6531 million square meters, representing a year-on-year growth of about 58.68% from 2.9323 million square meters in 2019[10]. - Contract sales amounted to approximately RMB 90.77029 billion, an increase of about RMB 39.99053 billion compared to the previous fiscal year, with a total area of approximately 4.6531 million square meters sold[23]. - The company launched 35 new projects for pre-sale this year, compared to 26 in the previous year[24]. Market Strategy and Expansion - The company positioned itself as a comprehensive service provider in real estate development and investment services, leveraging both state-owned enterprise advantages and market-oriented operational mechanisms[7]. - The company plans to accelerate scale expansion and consolidate its industry layout while enhancing brand value through a dual-driven approach of "products + services"[9]. - The company aims to continue rapid growth in business and asset scale, enhancing its brand influence and creating value for shareholders and society[7]. - The company is focused on integrating and transforming the real estate industry in response to the evolving policy environment[7]. - The company is exploring investment opportunities in emerging industries that can synergize with real estate development projects[16]. - The company is focusing on expanding its market presence through new projects and strategic partnerships in various cities[25][26]. Operational Efficiency and Management - The company’s business indicators maintained a growth trend throughout the year, reflecting its effective operational strategies[9]. - The company’s financial performance demonstrates resilience and adaptability in a challenging economic environment[8]. - The company aims to optimize service quality in the real estate industry chain, enhancing the value creation and competitiveness of its investment services[15]. - The company plans to enhance product research and development capabilities, focusing on product series, modularization, and differentiation to strengthen brand value[14]. Regulatory and Risk Management - The company is responding to regulatory changes in the real estate sector, including the "three red lines" policy aimed at controlling corporate debt levels[7]. - The company continues to monitor cash flow and maintain sufficient liquidity to mitigate cash flow volatility risks[56]. - The company confirmed the effectiveness of the risk management and internal control systems for the year ending December 31, 2020[160]. - The company has established various risk management procedures, including risk identification, analysis, response, monitoring, and reporting processes[158]. Corporate Governance and Leadership - The board consists of three executive directors, including the chairman and CEO, and several non-executive and independent non-executive directors[143]. - The company has established three committees: audit committee, remuneration committee, and nomination committee, each with specific responsibilities outlined[148]. - The audit committee's main responsibilities include reviewing financial data, risk management, and internal control systems[149]. - The company has complied with the listing rules regarding the appointment of at least three independent non-executive directors, ensuring independence[144]. Environmental, Social, and Governance (ESG) Initiatives - The company released its 2020 Environmental, Social, and Governance (ESG) report, highlighting its commitment to sustainable development practices and performance during the reporting period from January 1 to December 31, 2020[170]. - The company aims to enhance investor relations through effective communication, particularly during annual general meetings and other shareholder meetings[170]. - The company emphasizes the importance of stakeholder engagement in its sustainable development management, utilizing diverse communication channels to understand and respond to stakeholder expectations[177]. - The company has implemented smart home technology, enhancing community facilities with IoT solutions for lighting, ventilation, and access control[189]. Employee and Community Engagement - The total employee cost for the group was approximately RMB 1,744.85 million, an increase from RMB 1,261.91 million in 2019, with a total of 966 full-time employees as of December 31, 2020[62]. - The company has emphasized the importance of employee training and development, ranking it fifth in the ESG importance assessment[181]. - The community support system project coverage reached approximately 45% by December 31, 2020, with plans for further promotion in subsequent years[187]. Project Development and Quality Control - The company has implemented a comprehensive quality control mechanism from product design to post-delivery service, enhancing overall project quality management[194]. - The company has accelerated the promotion of Building Information Modeling (BIM) technology, improving project quality and reducing construction errors[195]. - The company has established a three-tier safety management system to enhance safety production control and compliance with national safety regulations[196].

Financial Performance - The company reported revenue of RMB 2,853,513,000 for the six months ended June 30, 2020, a significant increase of 123.5% compared to RMB 1,277,767,000 for the same period in 2019[6]. - Gross profit for the same period was RMB 624,692,000, up 20.3% from RMB 518,981,000 year-on-year[6]. - The net profit attributable to equity holders of the company was RMB 115,482,000, a decrease of 39.0% from RMB 189,376,000 in the previous year[6]. - The company reported total comprehensive income of RMB 72,343,000, down 62.9% from RMB 194,861,000 in the same period last year[6]. - The company’s basic earnings per share decreased to RMB 5.80 from RMB 24.35 in the same period last year[7]. - Profit before tax decreased to RMB 151,105 thousand in 2020 from RMB 209,591 thousand in 2019, a decline of 28.0%[49]. - Profit attributable to equity holders decreased from approximately RMB 209.59 million to approximately RMB 151.11 million, a decrease of approximately RMB 58.48 million or 27.90%[131]. Assets and Liabilities - The company's total assets increased to RMB 139,146,155,000 as of June 30, 2020, compared to RMB 115,588,822,000 at the end of 2019[8]. - The total debt amounted to RMB 121,280,692 thousand, compared to RMB 95,978,880 thousand in the previous year, reflecting a rise of approximately 26.3%[9]. - The equity attributable to owners of the company decreased to RMB 17,865,463 thousand from RMB 19,609,942 thousand, a decline of about 8.9%[9]. - The total reported segment assets as of June 30, 2020, amounted to RMB 138,681,719,000, up from RMB 115,329,692,000 as of June 30, 2019, indicating a growth of approximately 20%[191]. - The total reported segment liabilities as of June 30, 2020, were RMB (120,967,551,000), compared to RMB (95,849,795,000) as of June 30, 2019, reflecting an increase of around 26%[192]. Cash Flow - The company’s cash and cash equivalents were RMB 9,929,115,000, down from RMB 11,562,270,000 at the end of 2019[8]. - The net cash used in operating activities for the six months ended June 30, 2020, was RMB (12,303,934) thousand, compared to RMB (153,403) thousand for the same period in 2019[13]. - The net cash generated from financing activities was RMB 8,101,361 thousand, up from RMB 5,171,321 thousand in the previous year, reflecting a 56% increase in financing cash flow[13]. - The company reported a significant increase in its retained earnings, which stood at RMB 3,386,101 thousand, reflecting a robust financial position[170]. Revenue Sources - Property sales revenue reached RMB 2,377,133 thousand, significantly higher than RMB 900,069 thousand in the prior year, marking a growth of about 164%[22]. - Property management income increased to RMB 383,647 thousand from RMB 266,366 thousand, reflecting a growth of approximately 44%[22]. - The company reported a total of RMB 1,912,830 thousand in costs related to sold properties in 2020, compared to RMB 475,785 thousand in 2019, indicating a significant increase in property sales activity[40]. - The company’s commercial asset management income was RMB 64,861 thousand, down from RMB 77,521 thousand in the previous year, indicating a decrease of approximately 16.3%[180]. Investments and Acquisitions - The company acquired 80% of Xiamen Hengrongchen Real Estate Development Co., Ltd. and 40% of Lianjiang Zhaohui Real Estate Co., Ltd., gaining control over these subsidiaries as of June 30, 2020[11]. - The company has entered into agreements to acquire equity in several Chinese entities that own land use rights or property development projects[66]. - The company is actively pursuing partnerships and collaborations to enhance its competitive edge in the market[100]. Market Outlook and Strategy - The real estate market in China is expected to experience a demand surge in the second half of 2020, although the overall direction will remain aligned with the principle of "housing is for living, not for speculation"[92]. - The management discussed future strategies focusing on market expansion and new product development to drive growth[100]. - The company plans to enhance its core competitiveness in real estate development by actively acquiring quality projects and increasing land reserves[146]. Corporate Governance - The audit committee reviewed the unaudited consolidated financial statements for the six months ended June 30, 2020, and found them compliant with applicable accounting standards[157]. - The company maintains high standards of corporate governance, adhering to all provisions of the corporate governance code during the period[156]. - The company did not grant any stock options during the period, nor were there any exercised or canceled options[155].

Financial Performance - The company achieved a record operating revenue of approximately RMB 17.995 billion in 2019, a year-on-year increase of about 45% compared to RMB 12.371 billion in 2018[13]. - The net profit attributable to the company's owners for the year was approximately RMB 1.718 billion, representing a year-on-year growth of about 21% from RMB 1.420 billion in 2018[13]. - The total contracted sales amounted to approximately RMB 50.78 billion, a significant increase of 104.84% from RMB 24.79 billion in 2018, with a total sales area of approximately 2.9324 million square meters, up 78.61% from 1.6417 million square meters in 2018[16]. - The group recorded a profit before tax of approximately RMB 342,567 million for the year, an increase of about RMB 33,591 million or 10.87% compared to the previous fiscal year[54]. - Profit attributable to equity holders increased from approximately RMB 142,045 million in 2018 to RMB 171,799 million in 2019, representing a growth of about 20.95%[55]. - The total revenue for the year was approximately RMB 17,995,146 thousand, an increase from RMB 12,371,415 thousand in the previous year, reflecting a growth of about 45%[46]. - Property sales accounted for 95.06% of total revenue, amounting to RMB 17,105,290 thousand, compared to 93.10% and RMB 11,516,938 thousand in the previous year[46]. Investment and Development - The company expanded its investment in real estate development projects, participating in 40 new land acquisitions in 2019, with a total saleable area of approximately 6.67 million square meters and a saleable value of approximately RMB 96.3 billion[16]. - The company is focusing on expanding its real estate development business and enhancing core competitiveness by increasing land reserves in key areas[21]. - The company aims to strengthen its core competitiveness by leveraging its dual advantages of state-owned enterprise background and market-oriented operational mechanisms[12]. - The company plans to strengthen its real estate development business and maintain its core competitive advantages by focusing on five key regions in China, including Fujian and East China, while enhancing land reserves and product quality[68]. Customer Satisfaction and Market Presence - The company’s residential customer satisfaction ranked first in the real estate industry according to a 2019 survey by Saiz Consulting[16]. - The company operates in over 30 cities across five major regions, enhancing its market presence in second-tier cities[16]. Property Management and Services - Property management services generated revenue of approximately RMB 779 million, representing a year-on-year growth of about 32%[17]. - The company managed a contract area of nearly 35 million square meters in property services, a growth of approximately 25% from the end of 2018[17]. - The company plans to optimize service quality in property management by innovating service standards and expanding service scope[23]. Financial Position and Debt - As of December 31, 2019, the group's cash and cash equivalents amounted to approximately RMB 1,156,227 million, up from RMB 454,744 million in 2018[56]. - The group's net debt as of December 31, 2019, was approximately RMB 3,446,231 million, compared to RMB 2,567,009 million in 2018, with a net debt-to-equity ratio of 175.74%[56]. - The group had capital commitments of approximately RMB 1,495,095 million as of December 31, 2019, down from RMB 1,627,227 million in 2018[59]. - The total borrowing costs rose from approximately RMB 220,437 million in 2018 to RMB 285,304 million in 2019, attributed to an increase in property projects and funding needs[50]. Corporate Governance - The company has established a corporate governance framework and a series of policies and procedures to strengthen governance and oversight of business conduct[157]. - The board of directors is committed to maintaining high standards of corporate governance, believing it provides a framework to protect shareholder interests and enhance corporate value[157]. - The company has a structured governance with various committees, including a nomination committee and a remuneration committee[76]. - The board complies with listing rules requiring at least three independent non-executive directors, with all confirmed as independent[166]. Shareholder Information - The company proposed a final dividend of HKD 0.82 per share for the year, down from HKD 1.20 per share in 2018, with an expected total payout of approximately HKD 746.09 million (around RMB 668.33 million) based on 909,864,745 shares issued[71]. - The largest customer accounted for approximately 0.20% of total revenue, while the top five customers contributed about 0.60%[97]. - The company has adopted a dividend policy to maintain sufficient cash reserves for funding needs and future growth, without a preset payout ratio[92]. Risk Management - The board confirmed its responsibility for the effectiveness of the risk management and internal control systems, which aim to manage risks rather than eliminate them[190]. - The company conducted an annual assessment of its risk management procedures and control policies, confirming their adequacy and compliance[192]. Employee Information - The company employed a total of 7,285 full-time employees as of December 31, 2019, compared to 6,307 in 2018, with total employee costs amounting to approximately RMB 1.26191 billion, up from RMB 731.24 million in 2018[64].

Financial Performance - For the six months ended June 30, 2019, the company reported revenue of RMB 1,277,767,000, an increase from RMB 969,392,000 in the same period of 2018, representing a growth of approximately 31.7%[11] - Gross profit for the same period was RMB 518,981,000, compared to RMB 444,754,000 in 2018, indicating a gross margin improvement[11] - The company recorded a profit before tax of RMB 333,651,000, up from RMB 282,680,000 year-on-year, reflecting a growth of about 18%[11] - Net profit attributable to equity holders for the period was RMB 189,376,000, compared to RMB 176,798,000 in the previous year, showing an increase of approximately 7.5%[11] - Basic earnings per share increased to RMB 24.35 from RMB 17.82, marking a significant rise of 36.5%[13] - The company reported total comprehensive income of RMB 194,861,000, compared to RMB 172,859,000 in the prior year, which is an increase of about 12.7%[11] Assets and Liabilities - Total assets as of June 30, 2019, amounted to RMB 79,778,000,000, compared to RMB 109,627,000,000 as of December 31, 2018[14] - Non-current liabilities increased to RMB 29,723,118,000 from RMB 26,674,391,000 year-over-year[15] - The company's net asset value stood at RMB 10,564,083,000, slightly down from RMB 10,604,046,000 in the previous period[15] - The total equity attributable to the company's equity holders was RMB 5,746,568,000, compared to RMB 6,094,022,000 in the prior year[15] - The company reported a total debt of RMB 69,214,026,000, which is an increase from RMB 52,170,908,000, marking a rise of approximately 32.7%[181] Cash Flow - The net cash used in operating activities was RMB (153,403) thousand, while cash used in investing activities was RMB (265,659) thousand, and cash generated from financing activities was RMB 5,171,321 thousand[20] - The net increase in cash and cash equivalents was RMB 4,752,259 thousand, compared to RMB 3,449,576 thousand in the previous period[20] - As of June 30, the total cash and cash equivalents amounted to RMB 8,432,530 thousand, up from RMB 4,841,246 thousand[20] Revenue Sources - Property sales revenue reached RMB 900,069,000, significantly up from RMB 559,429,000, indicating a year-on-year increase of about 60.9%[40] - The group’s property management income was RMB 266,366,000, up from RMB 206,091,000, reflecting a growth of approximately 29.2%[40] - The group’s commercial asset management income was RMB 77,521,000, slightly increasing from RMB 76,462,000, showing a marginal growth of about 1.4%[40] Acquisitions and Investments - The company completed the acquisition of Huijia (Xiamen) Property Management Co., Ltd. for a total cash consideration of RMB 37,580,000 thousand on July 11, 2018[24] - Xiamen Yiyue acquired 100% equity of Yijia Garden (Xiamen) Property Management Co., Ltd. for a total cash consideration of RMB 75,893,000, completed on July 11, 2018[26] - Xiamen Yiyue purchased 100% equity of Xiamen Jiafu Investment Co., Ltd. for RMB 40,145,000, completed on July 23, 2018[26] Shareholder Information - Major shareholder Yinan holds 841,473,921 shares, representing approximately 92.48% of the issued shares[158] - Directors Mr. Zhuang Yao Kai and Ms. Zhao Cheng Min each hold 60,412,000 shares, accounting for 6.64% of the issued shares[155] - The issued share capital of the company was HKD 90,986,474.5, divided into 909,864,745 shares as of June 30, 2019, compared to HKD 73,486,474.5 and 734,864,745 shares as of December 31, 2018[140] Corporate Governance - The company has maintained compliance with the corporate governance code throughout the reporting period[164] - The audit committee reviewed the financial statements and confirmed their compliance with applicable accounting standards[165] - The company expressed gratitude to shareholders for their continued support and acknowledged the efforts of all employees[166] Future Outlook - The company plans to expand its market presence and invest in new product development[16] - The company expects property sales to remain the primary source of revenue moving forward[106] - The company aims to strengthen its core business in real estate development and optimize the real estate industry chain investment services, supported by state-owned shareholders[150]

Financial Performance - The company achieved a record operating revenue of approximately RMB 12.371 billion for the year, representing a year-on-year growth of 158.88% compared to RMB 4.779 billion in 2017[10]. - The net profit attributable to the company's owners was approximately RMB 1.42 billion, reflecting a year-on-year increase of 169.12% from RMB 528 million in 2017[10]. - Total assets at the end of the year reached approximately RMB 62.775 billion, an increase of about 84.51% compared to RMB 34.022 billion at the end of 2017[12]. - The company's total revenue for the year was approximately RMB 12,371.42 million, an increase of about RMB 7,592.57 million compared to the previous fiscal year[28]. - Gross profit for the year was approximately RMB 4,115.16 million, an increase of about RMB 2,524.44 million compared to the previous fiscal year[28]. - Net profit attributable to shareholders for the year was approximately RMB 1,420.45 million, an increase of about RMB 892.64 million compared to the previous fiscal year[28]. - The property sales revenue for the year reached approximately RMB 1,151,694,000, an increase of about RMB 737,354,000 compared to the previous fiscal year, accounting for 93.10% of the total revenue[29]. - The total delivered property area for the year was approximately 800,305 square meters, an increase of about 53.82% compared to the previous fiscal year[29]. - The contract sales amount for the year was approximately RMB 2,479,049,000, an increase of about RMB 1,467,869,000 compared to the previous fiscal year[32]. - The average selling price of properties was approximately RMB 15,100 per square meter[13]. Real Estate Development - The company participated in 31 new real estate development projects in 2018, expanding its presence in cities such as Wuhan, Guangzhou, Shenzhen, and Zhuhai[13]. - C&D International achieved a cumulative contracted sales amount of approximately RMB 24.79 billion, with a contracted sales area of about 1.6417 million square meters, representing year-on-year growth of approximately 145.16% and 166.73% respectively[13]. - The company has a land reserve of 5.57 million square meters, distributed across various regions including Fujian, East China, Central China, and South China[13]. - The company focuses on high-end improvement projects, emphasizing product quality and service standards as core competitive advantages[13]. - The company anticipates continued growth in property sales revenue as properties in different cities are completed and delivered[29]. - The company added twenty new projects that have begun pre-sales during the year[32]. Financial Position and Debt - The company has a debt balance of approximately RMB 30,218 million at the end of 2018, with an average interest rate of 5.72%[18]. - The company's debt-to-equity ratio was approximately 284.96% and the asset-liability ratio was about 83.11% at the end of 2018, a decrease of 1.36% from the previous year[18]. - The net debt as of December 31, 2018, was approximately RMB 25,670.09 million, up from RMB 10,961.54 million as of December 31, 2017, with a net debt to equity ratio of 242.08% compared to 207.40% in the previous year[57]. - The group's capital commitments amounted to approximately RMB 16,272.27 million as of December 31, 2018, significantly increasing from RMB 4,142.21 million as of December 31, 2017, due to more new projects commenced during the year[60]. Corporate Governance and Management - The company has a diverse board with members holding advanced degrees and professional qualifications, including senior accountants and engineers, enhancing its governance and strategic decision-making capabilities[73][74][75][76][77]. - The company emphasizes its strategic planning and management experience, which is crucial for navigating market challenges and opportunities in the real estate sector[73][75][76]. - The board includes non-executive directors with extensive experience in finance and economics, contributing to a well-rounded oversight of the company's operations[77]. - The company has established a corporate governance framework and a series of policies to enhance governance and oversight capabilities[171]. - The board is responsible for leading and controlling the company, ensuring effective internal controls and risk management systems are in place[183]. Shareholder and Dividend Information - The board proposed a final dividend of HKD 1.20 per share, subject to approval at the upcoming annual general meeting[10]. - The company has adopted a dividend policy to maintain sufficient cash reserves for funding needs and future growth, without a preset payout ratio[90]. - The board of directors will consider various factors, including financial performance and cash flow, when declaring dividends[90]. - The company reported a total of 734,864,745 shares issued as of December 31, 2018, with key shareholders holding significant stakes[102]. Acquisitions and Investments - The company successfully acquired a large elderly care center with nearly 700 beds in Xiamen in 2018, aiming to create a comprehensive elderly care service institution[17]. - The company plans to focus on expanding its real estate development business and exploring new industries such as elderly care and healthcare in 2019[19]. - The company successfully acquired land use rights in Putian, Fujian Province for a total price of RMB 858 million, with an additional auction commission of RMB 17.16 million[65]. - The company agreed to acquire 100% equity of Jianyue Holdings Limited for a cash consideration of RMB 1,092,764.23 and will also provide funding to repay shareholder loans of RMB 168,957,149.55[115]. Employee and Operational Information - The group employed a total of 6,307 full-time employees as of December 31, 2018, compared to 4,652 full-time employees in 2017, with total employee costs amounting to approximately RMB 731.24 million, up from RMB 416.02 million in the previous year[64]. - The company has a service agreement with executive directors that can be renewed annually after an initial three-year term[99]. Related Party Transactions - The independent non-executive directors confirmed that the related party transactions are conducted in the ordinary course of business and on normal commercial terms[150]. - The auditor has issued an unqualified opinion regarding the related party transactions, confirming compliance with the company's pricing policy and contractual terms[152].