Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company leverages its state-owned background for steady expansion and continues to achieve counter-cyclical performance growth [5] - The company has shown robust sales growth, with a 43% year-on-year increase in total sales amounting to 940.9 billion yuan in the first half of 2023 [6][34] - The company maintains a strong financial position with a decrease in financing costs and a solid profit forecast for the coming years [7][62] Summary by Sections 1. Company Background and Expansion Strategy - The company is a subsidiary of Xiamen C&D Group, focusing on real estate development and investment services across China [13][19] - It has a strong state-owned background and a mature management team, which supports its market expansion efforts [19][24] 2. Sales Performance and Land Acquisition - The company achieved a total sales amount of 940.9 billion yuan in H1 2023, a 43% increase year-on-year [6][34] - In H1 2023, the company acquired 46 quality land parcels across 25 cities, with a total land payment of 684 billion yuan, reflecting a 24% year-on-year increase [39] - The land acquisition strategy focuses on high liquidity and profitability, with 86% of the land value concentrated in first and second-tier cities [39][43] 3. Financial Performance - The company reported a revenue of 243.8 billion yuan in H1 2023, a 44% increase year-on-year, and a net profit of 12.8 billion yuan, up 52% [7][15] - The company maintains a healthy balance sheet with a sold but unrecognized revenue of 2,490.4 billion yuan, covering 2.5 times its 2022 revenue [62] - Financing costs have decreased to 3.97%, down 36 basis points from the end of 2022 [7][62] 4. Property and Construction Business Development - The company operates in the full lifecycle of real estate services, with significant contributions from its subsidiaries, C&D Property and C&D Engineering [56] - C&D Property reported a revenue increase of 37.5% in H1 2023, while C&D Engineering saw a remarkable 217% growth in revenue for the first three quarters of 2023 [56][54] 5. Future Outlook and Investment Recommendations - The company is expected to maintain strong revenue growth, with projected net profits of 50.0 billion, 68.2 billion, and 89.8 billion yuan for 2023, 2024, and 2025 respectively [5][8] - The current price-to-earnings ratio is projected to be 4.5, 3.3, and 2.5 for the years 2023, 2024, and 2025, indicating attractive valuation levels [5][8]

Financial Performance - For the six months ended June 30, 2023, the company reported revenue of RMB 24,359,190, an increase of 43.5% compared to RMB 16,949,699 for the same period in 2022[8]. - Gross profit for the same period was RMB 3,714,443, representing a gross margin of 15.2%, up from RMB 2,551,573 and a gross margin of 15.1% in the previous year[8]. - The net profit attributable to equity holders of the company was RMB 1,284,140, a significant increase of 52.4% from RMB 842,065 in the prior year[11]. - Basic earnings per share increased to RMB 80.09, up from RMB 60.36, reflecting a growth of 32.7%[11]. - The total comprehensive income for the six months ended June 30, 2023, is RMB 1,378,623,000, compared to RMB 1,421,853,000 for the same period in 2022, indicating a slight decrease of about 3.0%[20]. - The company reported a total comprehensive income of RMB 736,329 thousand for the period, after accounting for a currency translation difference of RMB (105,736) thousand[18]. Assets and Liabilities - The company's total assets as of June 30, 2023, amounted to RMB 469,741,313, an increase of 19.4% from RMB 393,463,167 at the end of 2022[14]. - The total liabilities increased to RMB 379,319,327 thousand from RMB 314,042,679 thousand, representing a rise of approximately 20.83%[16]. - The equity attributable to the owners of the parent company rose to RMB 32,705,960 thousand from RMB 31,637,220 thousand, marking an increase of about 3.37%[16]. - The total equity as of June 30, 2023, was RMB 90,421,986 thousand, compared to RMB 79,420,488 thousand at the end of 2022, showing a growth of approximately 13.06%[16]. - As of June 30, 2023, the net current assets amounted to RMB 135,663,707 thousand, an increase from RMB 133,157,789 thousand as of December 31, 2022, reflecting a growth of approximately 1.88%[16]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2023, is RMB 33,639,003,000, a significant improvement from a net cash used of RMB (14,535,816,000) in the same period last year[25]. - The net cash used in investing activities for the six months ended June 30, 2023, is RMB (9,663,691,000), compared to RMB (3,213,906,000) in the previous year, reflecting an increase in investment outflows[25]. - The net cash used in financing activities for the six months ended June 30, 2023, is RMB (13,925,184,000), a decrease from net cash generated of RMB 4,304,898,000 in the same period last year[25]. Revenue Sources - For the six months ended June 30, 2023, the company's revenue from property development was RMB 22,743,526,000, an increase of 45.4% compared to RMB 15,606,461,000 for the same period in 2022[36]. - Property development accounted for 93.37% of total revenue in the first half of 2023, generating RMB 22,743,526,000, up from 92.08% and RMB 15,606,461,000 in the same period of 2022[119]. - The company reported a total of 1,615,664,000 RMB in property management and related services, which accounted for 6.63% of total revenue in the first half of 2023[119]. Market Strategy and Future Outlook - The company has plans for market expansion and new product development, focusing on enhancing its competitive edge in the industry[7]. - The management remains optimistic about future growth prospects, guided by strong performance indicators and strategic initiatives[7]. - The company plans to deepen urban research to seize quality land expansion opportunities in core cities[160]. - The company aims to enhance management efficiency and empower frontline staff to create value in a variable external environment[162]. Shareholder Information - The issued share capital of the company as of June 30, 2023, was HKD 173,802,089.1, divided into 1,738,020,891 shares[143]. - Zhao Chengmin holds 31,010,506 shares, representing approximately 1.78% of the issued share capital[168]. - The major shareholder, Yinen, holds 976,538,548 shares, accounting for 56.19% of the issued share capital[173]. - OceanLink Partners Fund, LP owns 121,711,413 shares, which is 7.00% of the issued share capital[173]. Employee and Management Information - The total employee cost for the group during the period was approximately RMB 1,699.87 million, an increase from approximately RMB 1,363.9 million in the same period last year[150]. - The group employed a total of 19,795 full-time employees as of June 30, 2023, compared to 16,834 full-time employees a year earlier[150]. - The company’s management compensation for the six months ended June 30, 2023, totaled RMB 10,970 thousand, an increase from RMB 6,807 thousand in the previous year[99]. Dividends and Share Incentives - The company proposed a final dividend of HKD 1.30 per share for the year ended December 31, 2022, an increase from HKD 1.20 per share in the previous year, which was approved by shareholders[21]. - The company will not declare an interim dividend for this period, consistent with the previous year[193]. - The company issued 35,300,000 restricted shares under the 2021 incentive plan and 100,000,000 restricted shares under the 2022 incentive plan, raising a net amount of approximately HKD 700 million from the latter[180].

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 因本公告的全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 C&D INTERNATIONAL INVESTMENT GROUP LIMITED 建 發 國 際 投 資 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1908） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 財務摘要 ‧ 截至二零二三年六月三十日止六個月，本集團連同其合營公司及聯 營 公 司 實 現 歸 屬 本 公 司 股 東 權 益 的 累 計 合 同 銷 售 金 額 約 人 民 幣 747.3億元，歸屬本公司股東權益的累計合同銷售總建築面積約333.8 萬 平 方 米，與 上 年 同 期 比 較 分 別 增 加 約 人 民 幣267.3億 元 及 約85.4萬 平方米，分別增加約55.7%及34.4%。 ‧ 截至二零二三年六月三十日止六個月，本集團連同其合營公司及聯 營公司實現物業開發現金回款合計約為人民幣979億元。 ‧ ...

Financial Performance - The company achieved a revenue of approximately RMB 99.64 billion for the year, representing a year-on-year growth of about 82.6% compared to RMB 54.57 billion in 2021[9]. - The net profit attributable to equity holders was approximately RMB 4.93 billion, a year-on-year increase of about 38.9% from RMB 3.55 billion in 2021[9]. - The gross profit for the year was approximately RMB 15,219.41 million, which represents an increase of about RMB 6,140.66 million (approximately 67.6%) year-on-year[31]. - Profit before tax increased to RMB 8,485.10 million from RMB 5,854.30 million, representing a growth of approximately 44.9%[53]. - Net profit attributable to equity holders rose to RMB 4,933.97 million from RMB 3,552.52 million, an increase of approximately 38.9%[56]. - Revenue from property management services increased from approximately RMB 1,123.02 million in 2021 to approximately RMB 1,658.02 million in 2022, reflecting a growth of about RMB 535 million[43]. - Other related services revenue increased to RMB 1,329.83 million from RMB 867.08 million, primarily due to contributions from the acquisition of Jianfa Hecheng Engineering Consulting Co., Ltd.[44]. Sales and Contracted Projects - The company reported a total contracted sales amount of approximately RMB 169.1 billion, with a year-on-year growth of about 3%[12]. - The equity contracted sales amount was approximately RMB 121.52 billion, with a sales equity ratio of about 72%[12]. - The cumulative contract sales amount attributable to equity holders was approximately RMB 121.52 billion, a decrease of about 6.6% compared to the previous fiscal year[35]. - The cumulative contract sales area attributable to equity holders was approximately 6.096 million square meters, a decrease of about 10.7% compared to the previous fiscal year[35]. - The total sales area delivered was approximately 4.6462 million square meters, an increase of about 1.1648 million square meters compared to the previous fiscal year[33]. Assets and Liabilities - Total assets reached RMB 393.46 billion, with cash and cash equivalents amounting to approximately RMB 50.28 billion, accounting for about 12.8% of total assets[9]. - Cash and cash equivalents amounted to RMB 50,280.06 million, up from RMB 48,351.46 million, indicating good liquidity management[56]. - Total liabilities to equity ratio improved to 115.90% from 133.60%, due to increased contributions from non-controlling shareholders[58]. - Capital commitments increased to RMB 45,242.16 million from RMB 40,395.96 million, mainly due to new construction projects contracted but not yet provided for[60]. Land Acquisition and Reserves - The company acquired 48 new projects during the year, with a total land acquisition amount of RMB 82.4 billion, of which approximately 91% was invested in first- and second-tier cities[13]. - The total land reserve was approximately 16.2 million square meters, with an equity ratio of about 76%[13]. - The total land reserve available for sale as of December 31, 2022, was approximately 16.204 million square meters, with a total of 251 projects located in China[37]. Corporate Governance and Management - The company has a strong focus on corporate governance with a diverse board of directors[86]. - The company emphasizes the importance of corporate governance and compliance, with its company secretary having over 25 years of professional experience[94]. - The company has a strong management team with extensive experience in finance and auditing, including the CFO who has nearly 7 years of financial management experience[91][93]. - The board of directors includes both executive and independent non-executive members, ensuring a balanced governance structure[110]. Research and Development - The company advanced 11 key R&D projects and obtained 25 intellectual property rights, receiving significant awards in engineering technology[20]. - The company launched three new product series: "Simple Modern," "Prosperous Tang Style," and "Elegant Song Rhythm," and established 12 innovative display areas, filing 81 new patents and winning 57 design awards[14]. - The company plans to strengthen its product core capabilities through optimized R&D mechanisms and increased investment in new technologies[30]. Dividend and Shareholder Information - The company proposed a final dividend of HKD 1.30 per share, subject to approval at the upcoming annual general meeting[9]. - The company has adopted a dividend policy since December 2018, ensuring sufficient cash reserves for operational needs and future growth without a preset payout ratio[100]. - The board will review the dividend policy as necessary, considering financial performance, cash flow, and other relevant factors[102]. Market Presence and Strategy - The company aims to expand its market presence and enhance its service offerings through strategic acquisitions and partnerships in the property management sector[43]. - The company plans to maintain a high liquidity asset structure and focus on investing in high-quality projects in first and second-tier cities, as well as strong third-tier cities[24]. - The company recognizes the ongoing risks in the real estate market, including economic and regulatory changes, and will adapt its investment and sales strategies accordingly[67]. Employee and Community Engagement - The total employee cost for the company was approximately RMB 3,599.55 million for the year, an increase from RMB 2,833.88 million in the previous year, with a total of 19,594 full-time employees[66]. - Charitable donations made by the group during the year totaled RMB 339.9 million, an increase from RMB 149.6 million in the previous year[109]. Financing and Capital Management - The average financing cost of the company's interest-bearing liabilities was approximately 4.33%, a year-on-year decrease of about 36 basis points[21]. - Total borrowing costs slightly decreased to RMB 4,015.10 million from RMB 4,079.29 million, attributed to a slight decline in average financing rates[49]. - The company raised approximately HKD 500 million from the placement of 30,000,000 new ordinary shares at a net placement price of about HKD 16.67 per share[179]. Incentive Plans and Share Options - The company has a stock option plan that allows for the issuance of up to 30% of the total issued share capital under the plan[185]. - The company completed the issuance of 35,300,000 restricted shares under the 2021 incentive plan, representing approximately 2.03% of the total issued shares as of December 31, 2022[194]. - The incentive plan aims to align the interests of shareholders, the company, and its core team to drive high-quality development[191].

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 因本公告的全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 C&D INTERNATIONAL INVESTMENT GROUP LIMITED 建 發 國 際 投 資 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1908） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 的 年 度 業 績 公 告 財務摘要 ‧ 截至二零二二年十二月三十一日止年度，本集團連同其合營企業及 聯營公司實現歸屬本公司股東（「股東」）權益的累計合同銷售金額約 人 民 幣1,215.2億 元，歸 屬 股 東 權 益 的 合 同 銷 售 建 築 面 積 約609.6萬 平 方 米，與 上 一 財 政 年 度 比 較 分 別 減 少 約 人 民 幣85.7億 元 及 約73.1萬 平方米，分別減少約6.6%及10.7%。 ‧ 截至二零二二年十二月三十一日止年度，本集團連同其合營企業及 聯營公司實現物業開發現金回款合共約人民幣1,622億元。 ‧ ...

Financial Performance - The company reported revenue of RMB 16,949,699 thousand for the six months ended June 30, 2022, representing a 90.5% increase from RMB 8,883,201 thousand in the same period last year[7]. - Gross profit for the same period was RMB 2,551,573 thousand, up 110.5% from RMB 1,213,693 thousand year-on-year[7]. - The net profit attributable to equity holders of the company was RMB 842,065 thousand, a significant increase of 159.3% compared to RMB 325,261 thousand in the previous year[8]. - The total comprehensive income for the period was RMB 1,186,397 thousand, compared to RMB 427,739 thousand in the same period last year, marking a 177.5% increase[8]. - Basic and diluted earnings per share for the period were both RMB 60.36, compared to RMB 27.51 in the previous year, reflecting a growth of 119.5%[8]. Expenses and Costs - The company incurred financing costs of RMB 292,742 thousand, which increased from RMB 189,034 thousand in the previous year, indicating a rise of 55.0%[7]. - Administrative expenses rose to RMB 308,399 thousand from RMB 123,094 thousand, representing a 150.4% increase year-on-year[7]. - The company reported a significant increase in the cost of sold properties, which rose to RMB 13,555,720 thousand from RMB 7,300,067 thousand, representing an increase of 85%[45]. Assets and Liabilities - Total assets increased to RMB 395,881,689 thousand, up from RMB 346,086,499 thousand, representing a growth of approximately 14.4%[10]. - Total liabilities increased to RMB 249,669,668 thousand from RMB 206,397,421 thousand, reflecting a rise of approximately 20.9%[10]. - The company's equity attributable to owners increased to RMB 70,444,723 thousand, up from RMB 64,266,857 thousand, marking an increase of around 9.1%[11]. - The company reported a total debt of RMB 325,436,966 thousand, compared to RMB 281,819,642 thousand, which is an increase of approximately 15.5%[11]. Cash Flow - Net cash used in operating activities was RMB (14,535,816) thousand, while net cash from financing activities was RMB 4,304,898 thousand[15]. - Cash and cash equivalents decreased by RMB (13,444,824) thousand, ending at RMB 33,425,529 thousand as of June 30, 2022[15]. - The company reported a significant increase in cash inflow from financing activities, which is crucial for supporting future growth and operational needs[173]. Market and Business Strategy - The company plans to continue expanding its real estate development and investment services, focusing on enhancing operational efficiency and market presence[6]. - Future outlook includes potential new product launches and technology developments aimed at strengthening the company's competitive position in the market[6]. - The company aims to expand its business footprint in existing core areas to increase market share and strengthen product competitiveness and service quality[140]. Shareholder Information - The company reported a total of 1,457,820,204 shares issued and paid up as of June 30, 2022, compared to 1,377,820,204 shares as of December 31, 2021[87]. - The major shareholder, Yinen, holds 904,295,699 shares, representing 62.03% of the total shares[150]. - The company has issued 35,300,000 shares under the 2021 Restricted Share Incentive Plan, with specific allocations to key executives[145]. Corporate Governance - The audit committee consists entirely of independent non-executive directors, ensuring effective oversight of financial reporting and internal controls[157]. - The company has maintained high standards of corporate governance, adhering to the corporate governance code throughout the period[156]. - The company is committed to enhancing shareholder value and transparency through its corporate governance framework[156].

Financial Performance - The company achieved a revenue of approximately RMB 53.44 billion for the year, representing a year-on-year growth of about 25.0% compared to RMB 42.74 billion in 2020[15]. - The net profit attributable to shareholders was approximately RMB 3.52 billion, reflecting a year-on-year increase of about 51.5% from RMB 2.32 billion in 2020[15]. - The company's total revenue for the year was approximately RMB 53.44 billion, an increase of about RMB 1.07 billion (25.03%) compared to the previous fiscal year[26]. - Gross profit for the year was approximately RMB 8.74 billion, an increase of about RMB 139.62 million (19.02%) year-on-year[26]. - Profit attributable to equity holders increased by approximately RMB 1.20 billion (51.48%) to about RMB 3.52 billion[26]. - Property development revenue increased from approximately RMB 42,460,248 thousand in 2020 to approximately RMB 52,574,784 thousand in 2021, an increase of approximately RMB 1,011,453 thousand[38]. - Total revenue for the year 2021 was RMB 53,441,863 thousand, compared to RMB 42,744,478 thousand in 2020, reflecting a growth of approximately 25.5%[37]. - Gross profit for 2021 was approximately RMB 873,645 thousand, with a gross margin of 16.35%, down from RMB 734,027 thousand and a gross margin of 17.17% in 2020[41]. - Profit before tax increased by approximately RMB 71,468 thousand, reaching RMB 567,755 thousand in 2021, a growth of approximately 14.40% compared to the previous fiscal year[47]. Sales and Contract Performance - The cumulative contract sales amounted to approximately RMB 130.09 billion, marking a significant year-on-year growth of 100.90%[17]. - The total area of contract sales reached approximately 6.83 million square meters, which is an increase of about 104.29% year-on-year[17]. - The cumulative contract sales amount attributable to the company's shareholders for the year 2021 reached approximately RMB 130.09 billion, representing an increase of about 100.90% compared to the previous fiscal year[29]. - The total contract sales area attributable to the company's shareholders for 2021 was approximately 6.8269 million square meters, an increase of about 104.29% year-over-year[29]. Project Development and Land Reserves - The company acquired new projects with a saleable area of approximately 11.81 million square meters during the year[17]. - The total number of real estate development projects increased to 218, a year-on-year growth of about 70.3% from 128 projects in 2020[17]. - The saleable land reserve area reached approximately 19.44 million square meters, up about 57.8% from 12.32 million square meters in 2020[17]. - The total saleable value of land reserves was approximately RMB 290.6 billion, reflecting a year-on-year increase of about 36.4% from RMB 213.1 billion in 2020[17]. - The total land reserve available for sale as of December 31, 2021, was approximately 19.44 million square meters, with a total of 218 projects in China and Australia[33]. Dividend and Shareholder Information - The company proposed a final dividend of HKD 1.20 per share, subject to approval at the upcoming annual general meeting[15]. - The company proposed a final dividend of HKD 1.2 per share for the year, compared to no dividend in 2020[77]. - As of December 31, 2021, the company's distributable reserves amounted to approximately RMB 3,821,070,000[81]. - The board will consider various factors, including financial performance and cash flow, when declaring dividends[79]. - The company has no predetermined dividend payout ratio and will maintain sufficient cash reserves for operational needs and future growth[78]. Corporate Governance and Management - The board of directors includes a mix of executive and independent non-executive members, ensuring governance and oversight[83]. - The company has established a corporate governance framework based on the principles and code provisions of the Corporate Governance Code[139]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[141]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific areas of the company's affairs[152]. - The independent non-executive directors contribute to high standards of governance and provide effective independent judgment[148]. Risk Management and Compliance - The board has reviewed the risk management and internal control systems for the year ending December 31, 2021, and considers them effective and adequate[164]. - The audit committee assists the board in overseeing the design, implementation, and monitoring of the risk management and internal control systems[163]. - The company encourages employees to adopt a proactive approach to risk management to enhance the risk awareness culture within the group[163]. - The company has implemented monitoring procedures to ensure strict prohibition of unauthorized access and use of internal information[164]. Environmental, Social, and Governance (ESG) Initiatives - The company released its 2021 Environmental, Social and Governance (ESG) report, highlighting its commitment to sustainable development practices and performance during the reporting period[173]. - The ESG report adheres to the guidelines set by the Hong Kong Stock Exchange, ensuring compliance with all relevant regulations[175]. - The company emphasizes the importance of stakeholder communication to enhance investor relations and understanding of business performance and strategies[172]. - The board of directors is responsible for the ESG strategy and reporting, ensuring effective monitoring and management of ESG risks[180]. - The company is committed to integrating ESG principles into daily operations and decision-making processes across all business units[180]. Employee and Management Development - The total employee cost for the year was approximately RMB 198,359 million, up from RMB 174,485 million in the previous year, with a significant increase in full-time employees from 966 to 2,672[58]. - The company has established a long-term incentive mechanism to enhance the motivation of its core management team for high-quality development[134]. - All directors participated in continuous professional development to maintain their knowledge and skills relevant to their duties[149]. - The company ensures that all newly appointed directors receive comprehensive onboarding training to understand the business and their responsibilities[149]. Strategic Acquisitions and Investments - The company acquired a 29.01% stake in A-share listed company Hecheng Co., enhancing its service layout in the engineering management industry[19]. - The company acquired 95% and 5% equity in Zhuzhou Yufang Real Estate Co., Ltd. for a total cash consideration of RMB 0, with a shareholder loan repayment of approximately RMB 1,249,365,000[100]. - The acquisition of Zhuzhou Yufang is expected to enhance the company's land reserves and brand influence in the Chinese market[101]. - The company aims to expand its land reserves and enhance its visibility in the Chinese real estate market through these acquisitions[102][103]. Product Development and Innovation - The "Wangfu Chinese Style" product series has undergone multiple iterations and is characterized by luxury and high quality, catering to urban and homeowner needs[194]. - The newly launched "Zen Chinese Style" product integrates Eastern Zen philosophy into design, promoting a unique aesthetic experience[194]. - The company has developed over 80 innovative home decoration solutions to meet diverse customer needs, alongside launching more than 30 standardized manuals to enhance home decoration quality[197]. - The company has introduced three tiers of smart home product packages (basic, standard, luxury) to cater to varying customer demands for home automation[200]. - A new "smart entrance mirror" product and app have been launched, integrating features such as video intercom, smart home control, and health services[200].

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].