Financial Performance - The total comprehensive loss for the year ended December 31, 2023, amounted to RMB 8,900,799 thousand, compared to RMB 1,854,508 thousand in the previous year, indicating a significant increase in losses [6]. - The company recorded a revenue of approximately RMB 20.96 billion for the fiscal year ending December 31, 2023, down from RMB 26.71 billion in the previous year, representing a decrease of about 21.5% [20]. - The total sales revenue for the company was approximately RMB 27.77 billion for the fiscal year 2023 [19]. - The company reported a loss attributable to the parent company of approximately RMB 7.99 billion for the fiscal year 2023, compared to a profit of RMB 24.54 million in the previous year [22]. - The company's gross profit margin for the fiscal year 2023 was approximately 12.6%, compared to a significantly higher margin in the previous year [19]. - The company’s impairment loss on investments in associates was RMB 172,392 thousand in 2023, while there was no such loss reported in 2022 [56]. - The company’s revenue from property sales was 19,095,549, down from 24,739,180 in the previous year, reflecting a decline of approximately 22.9% [43]. - The group’s total other income and gains amounted to RMB 660,818 thousand, a decrease of 19.4% compared to RMB 820,387 thousand in the previous year [67]. Assets and Liabilities - The company's total liabilities as of December 31, 2023, reached RMB 131,532,808 thousand, up from RMB 123,650,889 thousand in the previous year, reflecting a growth of approximately 6.3% [10]. - The net asset value decreased to RMB 20,482,326 thousand from RMB 36,625,241 thousand, representing a decline of about 44% year-over-year [10]. - The company’s total assets decreased to RMB 36,356,879 thousand from RMB 70,313,179 thousand, reflecting a substantial reduction in asset base [10]. - The company has outstanding debts of approximately RMB 35.91 billion, with a default event occurring due to unpaid loan principal and interest of about USD 61 million [16]. - The company’s current liabilities included trade payables of RMB 11,650,518 thousand, which increased from RMB 10,821,534 thousand, marking a rise of approximately 7.7% [10]. - The company’s cash and cash equivalents decreased significantly, with a net cash position of RMB (12,870,355) thousand compared to RMB 9,532,567 thousand in the previous year, indicating liquidity challenges [10]. - The company’s cash and cash equivalents amounted to approximately RMB 4.88 billion as of December 31, 2023 [16]. - The company’s cash and cash equivalents were approximately RMB 4,885 million as of December 31, 2023, compared to RMB 3,907 million in the previous year, showing an increase of about 25% [63]. - The net debt ratio increased to approximately 143.8% as of December 31, 2023, compared to 79.6% on December 31, 2022 [147]. Operational Challenges and Strategies - The company plans to adjust its sales strategy to accelerate property pre-sales and collections, aiming to improve cash flow over the next 12 months [18]. - The company is currently assessing its capital structure and liquidity to address existing liquidity pressures [17]. - The group plans to continue seeking refinancing or extending existing bank loans and other borrowings to improve its financial situation [48]. - The group aims to accelerate property pre-sales and sales to enhance cash inflow [49]. - The group has taken measures to alleviate liquidity pressure, including communication with overseas creditors for potential debt restructuring [47]. - The group will continue to look for potential buyers to sell certain investment properties and non-core businesses to generate more cash flow [48]. - The company is actively pursuing measures to alleviate liquidity issues, including overseas debt restructuring and selling non-core assets [87]. Market Conditions and Future Outlook - The real estate market is expected to remain in a bottoming phase in 2024, with government policies likely to continue optimizing to support quality developers [102]. - The company anticipates that demand for real estate in high-tier cities will provide some support despite overall weak purchasing sentiment among residents [102]. - The company sees opportunities in residential development in defined "deep cultivation" areas and expects rapid growth in the operation and service of existing assets [103]. Financial Management and Compliance - The company has not adopted the new Hong Kong Financial Reporting Standards that would impact its financial statements [34]. - The group has implemented a mandatory temporary exemption due to the introduction of new accounting standards, which does not affect its financial statements [40]. - The annual consolidated financial statements as of December 31, 2023, have been audited by the external auditor, confirming consistency with the draft financial statements [154]. - The company has adopted the "Standards for Directors' Securities Transactions" as per the listing rules, ensuring compliance throughout the year [156]. Shareholder Information - The group did not declare any final dividend for the year ending December 31, 2023 [71]. - The annual general meeting of shareholders is scheduled for May 31, 2024 [149].

Company Performance - For the six months ended June 30, 2023, the Group reported revenue of approximately RMB9.48 billion, a decrease of 38.4% compared to RMB15.39 billion in the same period of 2022[28]. - Gross profit for the same period was RMB1.45 billion, down 57.7% from RMB3.42 billion year-on-year[28]. - The Group's contracted sales amounted to approximately RMB20.08 billion, representing a year-on-year decrease of 38.4%[40]. - Revenue decreased significantly by 38.4% from approximately RMB 15,385,385,000 in the first half of 2022 to approximately RMB 9,481,871,000 in the first half of 2023, primarily due to a decrease in property sales income[125]. - Income from property sales decreased by 39.4% from approximately RMB 14,203,127,000 in the first half of 2022 to approximately RMB 8,609,731,000 in the first half of 2023, attributed to a significant decrease in the area of properties delivered[128]. - Delivered property area decreased by 38.2% from 1,509,724 sq.m. in the first half of 2022 to 933,050 sq.m. in the first half of 2023[128]. - Average unit selling price decreased from RMB 9,408 per sq.m. in the first half of 2022 to RMB 9,228 per sq.m. in the first half of 2023[128]. - Gross profit decreased significantly by 57.7% from approximately RMB 3,418,158,000 in the first half of 2022 to approximately RMB 1,445,896,000 in the first half of 2023, with gross profit margin decreasing from 22.2% to 15.2%[144]. - Profit attributable to owners of the parent changed from a profit of approximately RMB1,274,185,000 in the first half of 2022 to a loss of approximately RMB1,124,981,000 in the first half of 2023[160]. - Core profit attributable to owners of the parent changed from a profit of approximately RMB1,208,523,000 in the first half of 2022 to a loss of approximately RMB122,991,000 in the first half of 2023[160]. Financial Position - Total assets as of June 30, 2023, were RMB190.35 billion, a decrease of 1.9% from RMB193.96 billion at the end of 2022[29]. - Cash and bank balances decreased by 17.1% to RMB12.44 billion from RMB15.02 billion[29]. - Total debts decreased by 14.1% to RMB37.93 billion from RMB44.16 billion[29]. - The total equity of the Group was RMB31.79 billion, down 13.2% from RMB36.63 billion[29]. - As of June 30, 2023, the Group's total cash and bank balances were approximately RMB12,444,654,000, down from RMB15,016,058,000 as of December 31, 2022[169]. - Total borrowings decreased from approximately RMB44,157,148,000 as of December 31, 2022, to approximately RMB37,934,889,000 as of June 30, 2023[176]. - Borrowings within one year or on demand decreased from approximately RMB10,742,959,000 as of December 31, 2022, to approximately RMB8,372,559,000 as of June 30, 2023[176]. Land Bank and Projects - As of June 30, 2023, the company and its joint ventures owned a land bank with a planned gross floor area of approximately 31.64 million square meters, sufficient for development over the next two to three years[1]. - The land bank as of June 30, 2023, had an aggregate planned GFA of approximately 31.64 million sq.m., with 25.40 million sq.m. attributable to the Group[90]. - The Group holds a total of 53 investment properties with a gross floor area (GFA) of approximately 4.00 million sq.m., of which 27 properties have commenced operation[109]. - The Group's land reserves are distributed across 60 cities, with a total planned construction area of approximately 31.64 million sq.m., of which the Group's attributable area is about 25.40 million sq.m.[92]. - The cost distribution of land reserves is 35.2% in the Yangtze River Delta, 21.1% in the Bohai Rim, 23.8% in the West Taiwan Strait, 9.1% in the Guangdong-Hong Kong-Macao Greater Bay Area, and 10.8% in the Central Western Region[92]. - The Group's land reserve cost distribution by city tier is 11.0% in first-tier cities, 54.7% in second-tier cities, and 34.3% in third and fourth-tier cities[92]. - The Group had over 80 projects for sale in more than 50 cities during the first half of 2023[42]. Market Conditions - The real estate market showed signs of recovery post-Spring Festival, but buyer confidence declined sharply in April 2023[32]. - The mainland real estate market is expected to remain under pressure, with significant divergence between first-tier cities and other markets, particularly affecting third and fourth-tier cities[114]. - The outlook for the second half of 2023 anticipates continued optimization of real estate control policies by central and local governments, particularly in first-tier and popular second-tier cities[114]. Recognition and Strategy - The company was recognized in 2023 as one of the "Best 30 of China Real Estate Listed Companies with Comprehensive Strengths" and "TOP 30 of China Real Estate Developers"[1]. - The company aims to enhance its competitive position in the PRC real estate market through proactive and prudent development strategies[1]. - The strategic plan "One Body Two Wings" will be further deepened to secure regional leadership[1]. - The company operates in key economic regions including the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area[2]. Expenses and Costs - Selling and marketing expenses increased by 11.2% from approximately RMB 531,629,000 in the first half of 2022 to approximately RMB 591,170,000 in the first half of 2023[146]. - Administrative expenses increased by 27.4% from approximately RMB 553,489,000 in the first half of 2022 to approximately RMB 705,255,000 in the first half of 2023, mainly due to the inclusion of a loss on disposal of joint ventures[151]. - Project management income decreased significantly by 43.9% from approximately RMB 100,718,000 in the first half of 2022 to approximately RMB 56,552,000 in the first half of 2023[143]. - Property management fees increased by 9.0% from approximately RMB 506,672,000 in the first half of 2022 to approximately RMB 552,071,000 in the first half of 2023, attributed to an increase in the number and floor area of properties under management[130]. - Finance costs increased by 10.8% from approximately RMB409,751,000 in the first half of 2022 to approximately RMB453,892,000 in the first half of 2023[158]. - Total interest expenses decreased by 16.5% from approximately RMB1,808,033,000 in the first half of 2022 to approximately RMB1,509,545,000 in the first half of 2023[158]. - Income tax changed from an expense of approximately RMB648,415,000 in the first half of 2022 to a credit of approximately RMB28,964,000 in the first half of 2023[159].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本公告全部或任何部份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。 CHINA SCE GROUP HOLDINGS LIMITED 中 駿 集 團 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1966） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 財務摘要 • 合同銷售金額減少38.4%至約人民幣20,084,204,000元。 • 收益減少38.4%至約人民幣9,481,871,000元。 • 毛利率為15.2%。 • 母公司擁有人應佔虧損約人民幣1,124,981,000元。 • 母公司擁有人應佔核心虧損1約人民幣122,991,000元。 • 於二零二三年六月三十日，淨負債比率約80.2%。 ...

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 26,705,112, a decrease of 29.2% compared to RMB 37,737,447 in 2021[18] - Gross profit for 2022 was RMB 4,420,333, down 45.9% from RMB 8,173,622 in 2021[18] - Profit attributable to owners of the parent was RMB 24,544, a significant decline of 99.2% from RMB 3,070,022 in the previous year[18] - Basic earnings per share decreased to RMB 0.6 cents from RMB 72.7 cents, reflecting a 99.2% drop[18] - The Group achieved a contracted sales amount of approximately RMB59.023 billion and a contracted sales area of approximately 4.91 million sq.m., representing decreases of approximately 43.5% and 34.2% year-over-year, respectively[27] - The Group's profit attributable to owners of the parent substantially declined to approximately RMB24.54 million due to decreased revenue from property sales and impairment provisions[26] - Revenue from property sales decreased significantly by approximately 31.6% from approximately RMB36,154 million in 2021 to approximately RMB24,739 million in 2022, with delivered area decreasing by approximately 22.0%[93] - The average unit selling price decreased from approximately RMB10,955 per sq.m. in 2021 to approximately RMB9,608 per sq.m. in 2022[93] - The sales amount of national commodity houses in 2022 was approximately RMB13,330.8 billion, a decrease of 26.7% year-on-year, with residential housing sales declining by 28.3%[55] - The sales area of national commodity houses was approximately 1.36 billion sq.m., a decline of 24.3% year-on-year, including a 26.8% decrease in residential housing sales area[55] Assets and Liabilities - Total assets as of 31 December 2022 were RMB193.964 billion, a decrease of 0.5% from RMB195.013 billion in 2021[20] - Cash and bank balances decreased by 24.9% to RMB15.016 billion from RMB20.006 billion in 2021[20] - Total equity declined by 14.2% to RMB36.625 billion from RMB42.707 billion in 2021[20] - The Group's cash position as of December 31, 2022, included approximately RMB 14,855,496,000 in Renminbi, RMB 77,676,000 in Hong Kong dollars, and RMB 82,886,000 in US dollars[124] - Total borrowings decreased from approximately RMB 50,198,334,000 in 2021 to approximately RMB 44,157,148,000 in 2022, with bank and other borrowings also showing a decline[134] - The share of profits and losses of joint ventures and associates shifted from profits of approximately RMB 640,636,000 in 2021 to losses of approximately RMB 454,266,000 in 2022, mainly due to operating losses and fair value losses of investment properties[114] - As of December 31, 2022, the net gearing ratio was approximately 79.6%, an increase from 70.7% in 2021[137][140] Strategic Initiatives - The Company aims to deepen its strategic plan of "One Body Two Wings" to secure a leading position in the regional market[4] - Future strategies include more proactive and prudent development approaches to enhance competitiveness in the PRC property market[4] - The Group plans to upgrade its "One Body Two Wings" strategy to focus on core cities and regions where it has a competitive advantage[41] - The Group plans to focus on core cities and advantageous regions to enhance market penetration and customer engagement[43] - The company aims to develop an asset management model to reduce reliance on financing and improve coordination with property development[46] Customer Engagement and Satisfaction - The Company is focused on creating smart living solutions to improve customer satisfaction and happiness[3] - China SCE emphasizes customer satisfaction and has conducted residential customer satisfaction surveys to gather feedback and improve project quality and services[172] - Customer satisfaction is highly prioritized, with various measures taken to collect feedback and improve service quality[174] - The Group maintains close communication with suppliers to ensure the quality of its properties and responds properly to customer complaints[172] Market Presence and Development - The Company operates in 60 cities across China, including major cities like Beijing, Shanghai, and Chengdu[3] - The Group held 53 investment properties with a total gross floor area of approximately 4.01 million sq.m. as of December 31, 2022[72] - The Group's investment properties are distributed across 26 cities, including major locations such as Beijing, Shanghai, and Hangzhou[74] - The Group had over 120 projects for sale in more than 50 cities, primarily in second-tier cities and high-potential third- and fourth-tier cities[60] Financial Management - The Group signed strategic cooperation agreements with several commercial banks, securing over RMB43 billion in loans for various financing services[39] - The Group issued offshore US$150 million senior notes with a coupon rate of 5.95% due in September 2024, and successfully issued RMB1.5 billion medium-term notes with a coupon rate of 4.1% in January 2023[34] - The Group provided financial guarantees for mortgage facilities amounting to RMB 25,482,461,000 as of December 31, 2022, compared to RMB 21,647,437,000 in 2021[144] - The Group's share of financial guarantees for joint ventures and associates was RMB 4,433,874,000 in 2022, down from RMB 5,437,686,000 in 2021[146] Operational Efficiency - Administrative expenses decreased by approximately 13.4% from approximately RMB 2,056,594,000 in 2021 to approximately RMB 1,781,374,000 in 2022, mainly due to strict cost control and streamlined workforce[111] - Selling and marketing expenses increased by approximately 19.2% from approximately RMB 1,039,303,000 in 2021 to approximately RMB 1,239,106,000 in 2022, primarily due to increased promotional efforts during the pandemic[110] - Finance costs rose by approximately 11.5% from approximately RMB 825,919,000 in 2021 to approximately RMB 921,124,000 in 2022, with total interest expenses slightly increasing from approximately RMB 3,356,562,000 to approximately RMB 3,380,997,000[113] Future Outlook - Future outlook remains positive with a strong pipeline of projects across various economic zones, indicating robust growth potential[191] - The company provided an optimistic outlook for the next quarter, projecting a revenue growth of 20%[194] - The company is expanding its market presence in the Guangdong — Hong Kong — Macao Greater Bay Area, targeting a 30% market share by 2025[194] - The company is committed to sustainability initiatives, aiming to reduce carbon emissions by 25% over the next five years through innovative building practices[197]

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份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。 CHINA SCE GROUP HOLDINGS LIMITED 中 駿 集 團 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1966） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 業 績 公 告 財務摘要 • 合同銷售金額約人民幣59,023,096,000元。 • 收益約人民幣26,705,112,000元。 • 毛利率為約16.6%。 • 母公司擁有人應佔溢利約人民幣24,544,000元。 • 於 二 零 二 二 年 十 二 月 三 十 一 日，現 金 及 銀 行 存 款 結 餘 約 人 民 幣 15,016,058,000元。 • 於二零二二年十二月三十一日，淨負債比率約79.6%。 ...

Company Overview - The Company was recognized as one of the "2022 Best 30 of China Real Estate Listed Companies with Comprehensive Strengths" and "2022 TOP 50 of China Real Estate Developers" in 2022[4]. - China SCE aims to deepen its strategic plan of "One Body Two Wings" to secure a leading regional position through proactive and prudent development strategies[5]. - The Company is headquartered in Shanghai and implements key strategies in several economic zones, including the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area[3]. - China SCE's mission is to "Create Smart Living to Help Seize Happiness," reflecting its commitment to innovation in property development[4]. Property Development and Sales - As of June 30, 2022, the Group owned a land bank with an aggregate planned gross floor area of approximately 36.65 million square meters, sufficient for development over the next two to three years[5]. - The Group's property projects are distributed across 63 cities, including major urban centers such as Beijing, Shanghai, and Chengdu[4]. - The Company focuses on various property types, including high-rise residential buildings, offices, shopping malls, and long-term rental apartments[4]. - The Group had over 120 projects for sale in over 40 cities, focusing on second-tier cities and high-potential third- and fourth-tier cities[32]. - Contracted sales amount for the first half of 2022 was approximately RMB 32.581 billion, representing a year-on-year decrease of 44.8%[31]. - The average selling price of properties during the period was RMB 12,600 per sq.m[31]. - The total contracted sales amount reached RMB 32.581 billion, with the Yangtze River Delta Economic Zone contributing RMB 11.854 billion, accounting for 36.4% of total contracted sales[40][43]. - The average selling price of properties was approximately RMB 9,408 per sq.m.[48]. - Contracted sales in second-tier cities amounted to RMB 16.335 billion, representing 50.1% of total contracted sales[43]. - The Group delivered property area of approximately 1.51 million sq.m., a decrease of 30.4% year-on-year[48]. Financial Performance - Revenue for the first half of 2022 decreased by 24.5% to RMB 15,385.4 million compared to RMB 20,386.6 million in the same period of 2021[22]. - Gross profit fell by 33.1% to RMB 3,418.2 million, down from RMB 5,109.8 million year-on-year[22]. - Profit for the period decreased by 43.1% to RMB 1,543.2 million, compared to RMB 2,710.9 million in the previous year[22]. - The Group recognized property sales income of approximately RMB 14.203 billion, representing a year-on-year decrease of 27.9%[48]. - The sales amount of national commodity housing in the first half of 2022 was approximately RMB 6,607.2 billion, a decrease of 28.9% year-on-year[27]. - The sales area of national commodity housing was approximately 689 million sq.m., down 22.2% compared to the same period last year[27]. - The Group's revenue decreased by 24.5% from approximately RMB20,386,569,000 in the first half of 2021 to approximately RMB15,385,385,000 in the first half of 2022, primarily due to a decrease in property sales income[90]. - Income from property sales decreased by 27.9% from approximately RMB19,708,037,000 in the first half of 2021 to approximately RMB14,203,127,000 in the first half of 2022, with delivered property area decreasing by 30.4%[90]. Cost and Expenses - Selling and marketing expenses decreased by 6.1% from approximately RMB 566,028,000 in the first half of 2021 to approximately RMB 531,629,000 in the first half of 2022, attributed to a decrease in the number of projects for sale[96]. - Administrative expenses decreased by 28.3% from approximately RMB 771,500,000 in the first half of 2021 to approximately RMB 553,489,000 in the first half of 2022, mainly due to stringent cost control measures[97]. - Finance costs increased significantly by 61.6% from approximately RMB 253,481,000 in the first half of 2021 to approximately RMB 409,751,000 in the first half of 2022, with total interest expense rising by 7.5% from approximately RMB 1,681,613,000 to approximately RMB 1,808,033,000[107]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 193,732.7 million, a decrease of 0.7% from RMB 195,013.0 million at the end of 2021[23]. - Total equity decreased by 6.4% to RMB 39,962.1 million from RMB 42,707.1 million[23]. - The net gearing ratio of the Group was 79.8% as of June 30, 2022, with a coverage ratio of unrestricted cash to short-term debt at 1.07 times and a liability to asset ratio of 68.3%[67]. - The Group's total assets pledged to secure borrowings increased to RMB 46,301,497 as of June 30, 2022, from RMB 36,023,305 as of December 31, 2021, a growth of approximately 28.6%[171]. - The Group's investment properties pledged to secure borrowings rose to RMB 14,936,748 as of June 30, 2022, compared to RMB 10,714,425 as of December 31, 2021, an increase of about 39.5%[171]. Future Outlook - The Group expects the domestic economy to bottom out in the second half of 2022, with anticipated improvements in property purchaser confidence and transaction volumes[80]. - The Group's future strategy will focus on "One Body Two Wings," emphasizing residential development in first-tier and core second-tier cities and enhancing commercial management through the "SCE Funworld" brand[82]. Employee and Operational Strategy - The total employment cost for the Group was approximately RMB 575,061,000 for the six months ended June 30, 2022, compared to approximately RMB 735,539,000 for the same period in 2021, indicating a reduction of about 21.8%[190]. - The Group employed a total of 8,614 employees as of June 30, 2022, down from 9,770 employees as of December 31, 2021, representing a decrease of approximately 11.8%[190]. - There were no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the period, indicating a stable operational strategy[191]. - The Group had not authorized any plans for material investments or additions of capital assets as of June 30, 2022, suggesting a cautious approach to future investments[192].

Business Overview - The Group's major businesses include property development, commercial management, property management, and long-term rental apartments, with projects distributed across 63 cities[7]. - The Group's product offerings include high-rise residential buildings, offices, shopping malls, and long-term rental apartments[7]. - The Group's headquarters is located in Shanghai, implementing a regionally focused development strategy in key economic zones[7]. - China SCE aims to deepen its strategic plan of "One Body Two Wings" to secure a regional leading position through proactive and prudent development strategies[7]. - The Company reported a focus on creating smart living solutions to enhance customer happiness as part of its mission[7]. Financial Performance - For the year ended December 31, 2021, the Group recorded a revenue of approximately RMB 37.737 billion, representing an increase of approximately 15.9% compared to the previous year[36]. - Profit attributable to owners of the parent amounted to approximately RMB 3.070 billion, reflecting a decrease of approximately 19.3% year-over-year[36]. - The Group's contracted sales amounts reached approximately RMB 104.531 billion, with a contracted sales area of approximately 7.47 million sq.m., representing increases of approximately 2.9% and 1.4% respectively compared to last year[37]. - The final dividend declared was HK 6 cents per ordinary share, totaling approximately HK$ 253 million, with a full-year dividend payout ratio of 20.2% of the core profit attributable to owners of the parent[37]. - Total assets as of December 31, 2021, were RMB 195.013 billion, an increase from RMB 170.614 billion in 2020[28]. - Total liabilities increased to RMB 152.306 billion in 2021 from RMB 131.462 billion in 2020[28]. - Cash and bank balances were RMB 20.006 billion, while total debts amounted to RMB 50.198 billion[28]. Sales and Market Performance - The Group launched 37 new projects during the year, with over 150 projects available for sales across 61 cities[45]. - The top six cities with the highest contracted sales accounted for approximately 52.3% of the Group's total contracted sales[45]. - The Group's sales strategy focused on cash flow management and enhancing the return rate through improved customer qualification and timely mortgage processing[38]. - The Group's contracted sales in Xiamen, Fuzhou, Suzhou, and Kunming reached approximately RMB 18.232 billion, RMB 7.808 billion, RMB 6.940 billion, and RMB 7.689 billion respectively, contributing significantly to overall sales performance[103]. - Contracted sales in Beijing and Quanzhou amounted to approximately RMB 6.900 billion and RMB 7.157 billion, accounting for about 6.6% and 6.8% of total contracted sales respectively[103]. - The total contracted sales area reached approximately 7.47 million sq.m., with a year-on-year increase of 1.4%[86]. Investment and Land Bank - As of December 31, 2021, the Group owned a land bank with an aggregate planned gross floor area of approximately 38.23 million square meters, sufficient for development over the next two to three years[7]. - The average land cost for new acquisitions was approximately RMB 5,331 per sq.m., with attributable land costs amounting to approximately RMB 23.035 billion[46]. - The Group's investment properties included 51 properties with a total gross floor area of 3.61 million sq.m.[105]. - The Group's recognized property sales income by region showed that the West Taiwan Strait Economic Zone accounted for 43.1% of total sales income[118]. Financing and Debt Management - The average cost of financing in 2021 was 6.4%, showing a slight decrease compared to the previous year[62]. - The Group maintained a coverage ratio of unrestricted cash to short-term debt at 1.0 time, indicating strong liquidity, while the gearing ratio was 67.3%[62]. - The financing environment in 2021 was complex, with some real estate enterprises defaulting on overseas senior notes, but the Company maintained a "Stable" outlook from major rating agencies[50]. - The net gearing ratio was approximately 70.7%, an increase from 59.2% on December 31, 2020[199]. Operational Efficiency and Future Plans - The company plans to enhance operational efficiency and competitiveness through investments in big data, the Internet, and customer relationship management systems[65]. - The company aims to build a resilient talent system by concentrating on the training of core management staff and optimizing the management incentive mechanism[71]. - The Group's strategy focuses on resilient growth through the "One Body Two Wings" approach, emphasizing investments in first- and second-tier cities[64].

Company Overview - The Company has been listed on the Hong Kong Stock Exchange since February 2010, under stock code 1966[3]. - The Group's headquarters is located in Shanghai, which serves as the operational hub for its business activities[3]. - The Group's mission is to "Create Smart Living to Help Seize Happiness," emphasizing its commitment to innovative property solutions[5]. - The Company aims to deepen its strategic plan of "One Body Two Wings" to secure a leading regional position through proactive and prudent development strategies[6]. Property Development and Strategy - The Group's property projects are distributed across 67 cities, including major locations such as Beijing, Shanghai, and Shenzhen[5]. - The Company focuses on key economic zones including the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area for its development strategy[3]. - The Group aims to optimize its land bank structure while focusing on first-tier and second-tier core cities[67]. - The strategy of "One Body Two Wings" focuses on property development, SCE Funworld shopping malls, and Funlive long-term rental apartments[67]. - The group is adapting to the "Centralised Land Supply" policy, which has increased land supply quality and prices in key cities[67]. Financial Performance - For the six months ended June 30, 2021, the company achieved a revenue of approximately RMB20,386.6 million, representing a year-on-year increase of 34.7% compared to RMB15,135.2 million in the same period of 2020[22]. - The gross profit for the same period was RMB5,109.8 million, reflecting a growth of 20.9% from RMB4,224.9 million in the prior year[22]. - The profit attributable to owners of the parent was RMB2,710.9 million, which is a 7.7% increase from RMB2,516.6 million year-on-year[22]. - The contracted sales amount reached approximately RMB59.051 billion, marking a significant year-on-year growth of 47.3%[35]. - The average selling price of properties during the period was RMB15,931 per sq.m., an increase of 8.5% compared to the same period last year[35]. Assets and Liabilities - The total assets as of June 30, 2021, were RMB178,209.4 million, a 4.5% increase from RMB170,614.4 million at the end of 2020[23]. - The total debts increased to RMB50,554.0 million, up 8.6% from RMB46,562.9 million at the end of 2020[23]. - The Group maintained a liability to asset ratio (excluding contract liabilities) of 69.5%, which is considered healthy within the industry[79]. - As of June 30, 2021, the net gearing ratio was 77.9%, an increase from 59.2% as of December 31, 2020[145][147]. Sales and Market Performance - The Group recognized property sales income of approximately RMB 19.708 billion, representing a year-on-year increase of 34.2%[57]. - The total contracted sales area reached 3,706,741 sq.m., with a total contracted sales amount of RMB 59,051 million[44]. - Xiamen, Fuzhou, and Suzhou were the top-performing second-tier cities, contributing RMB 15.412 billion, RMB 3.447 billion, and RMB 3.617 billion in contracted sales, respectively[52]. - The Yangtze River Delta Economic Zone accounted for 54.7% of the total sales income, with 855,193 sq.m. sold and RMB 10,779 million in income[62]. Investment and Financing - The group added 19 projects across 16 cities in the first half of 2021, with a total land cost of approximately RMB 31.425 billion, of which RMB 26.251 billion is attributable to the group[67]. - The average financing cost was 6.3%, a slight decrease compared to the same period last year[79]. - The Group successfully issued offshore senior notes totaling US$650 million with coupon rates of 6% and 5.95% in February and March 2021 respectively[78]. - The Group's capital commitments for properties under development in Mainland China amounted to RMB22,385,546,000 as of June 30, 2021, compared to RMB19,423,718,000 as of December 31, 2020, reflecting an increase of approximately 15.1%[159]. Shareholder Information - Mr. Wong Chiu Yeung holds 2,113,000,000 shares, representing 50.05% of the Company's issued share capital, indicating significant ownership concentration[176]. - Mr. Chen Yuanlai holds a total of 250,230,000 shares, which is 5.93% of the Company's issued share capital, reflecting a notable stake in the Company[176]. - The company adopted a share option scheme on April 23, 2018, aimed at providing incentives to eligible participants contributing to the group's success[195]. - The 2018 share option scheme will remain in force for a period of 10 years, expiring on April 22, 2028[196].

Company Overview - The Company was recognized as one of the "2020 Best 40 China Real Estate Listed Companies with Strongest Comprehensive Strengths" and "2020 Best 50 of China Real Estate Developers"[8]. - China SCE aims to deepen its strategic plan of "One Body Two Wings" to secure a regional leading position through proactive and prudent development strategies[8]. - The Group's major businesses include property development, commercial management, property management, and long-term rental apartments[7]. - The Company operates in 62 cities, including major locations such as Beijing, Shanghai, and Shenzhen, covering various property types like high-rise residential buildings and shopping malls[8]. - The Company’s mission is "Creating Smart Living to Help Seize Happiness," emphasizing its commitment to innovative property solutions[8]. - China SCE was listed on the Hong Kong Stock Exchange in February 2010, with stock code 1966.HK[7]. - The Group's headquarters is located in Shanghai, focusing on regional development strategies in key economic zones[8]. - The Company has been awarded "Fortune China 500" in 2020, highlighting its significant market presence[8]. Financial Performance - For the year ended December 31, 2020, the Group recorded a revenue of approximately RMB32.573 billion, representing an increase of approximately 52.4% over last year[38]. - Profit attributable to owners of the parent amounted to approximately RMB3.803 billion, representing a growth of approximately 8.4% compared to last year[39]. - Basic earnings per share was approximately RMB90.6 cents, representing an increase of approximately 6.7% over last year[39]. - The Group's contracted sales amount reached approximately RMB101.537 billion, representing an increase of approximately 26.1% compared to last year[40]. - The contracted sales area was approximately 7.37 million sq.m., representing an increase of approximately 16.5% compared to last year[40]. - The total dividend payout ratio amounted to 30.8% of the core profit attributable to owners of the parent[39]. - Total assets increased to approximately RMB170.614 billion from RMB149.382 billion, reflecting a growth in the asset base[29]. - Total equity rose to approximately RMB39.153 billion, up from RMB30.286 billion, indicating improved financial stability[29]. Sales and Market Strategy - The Group's proactive strategies aim to enhance its competitiveness in the People's Republic of China real estate market[8]. - The Group adopted a flexible marketing strategy to mitigate the impact of Covid-19, with over 150 projects for sale across 54 cities, and 37 new projects launched during the year[46]. - The top six cities with the highest contracted sales accounted for approximately 45.6% of the Group's total contracted sales, with Beijing, Chongqing, Nanjing, Xiamen, Kunming, and Quanzhou leading[46]. - In 2020, the Group added 38 projects in cities including Shanghai, Chongqing, and Suzhou, with a total above-ground GFA of approximately 10.75 million sq.m. and aggregate land costs of approximately RMB 40.550 billion[51]. - The average land cost for new projects was approximately RMB 3,772 per sq.m., with the attributable land cost amounting to approximately RMB 32.281 billion[51]. - The Group focused on acquiring land at low prices in first-tier and second-tier cities, ensuring sales of residential units before land acquisition[51]. - The Group's strategy emphasizes investing in projects with certain profitability, avoiding risks associated with blindly pursuing high profits[51]. Debt and Financing - The Group utilized multiple financing sources to optimize its debt structure, achieving a long-term foreign-currency issuer default rating of "BB–" with a "Stable" outlook from Fitch[56]. - In January 2020, the Group issued additional offshore senior notes with an aggregate principal amount of US$150 million at a yield of 6.5%, consolidating with existing notes due in April 2024[56]. - The regulatory authorities introduced the "Three Red Lines" policy to control borrowing scales, which the Group believes will ensure the steady development of the real estate industry[47]. - The Group issued US$500 million senior notes due in May 2025 at a coupon rate of 7% and US$350 million senior notes due in February 2026 at a coupon rate of 6%[58]. - The Group's domestic corporate bonds issued in July 2020 amounted to RMB1.46 billion at a coupon rate of 5.5%, maturing in July 2024[58]. - The Group's bank and other borrowings amounted to RMB 46,562,876,000 as of December 31, 2020, compared to RMB 42,077,082,000 in 2019[182]. - The maturity profile of borrowings indicates a significant increase in third to fifth-year borrowings, rising to approximately RMB 10,177,554,000 in 2020 from RMB 4,761,871,000 in 2019[171]. Project Development and Sales - The Group launched 37 new projects across 54 cities, primarily in second-tier, third-tier, and fourth-tier cities in China[83]. - Contracted sales in second-tier cities reached approximately RMB 57.306 billion, contributing about 56.4% of total contracted sales[108]. - Contracted sales in third- and fourth-tier cities amounted to approximately RMB 34.913 billion, accounting for approximately 34.4% of total contracted sales[108]. - The total recognized property sales area was 3,248,928 sq.m., with total sales income of RMB 31.554 billion, indicating a diversified sales strategy across various city tiers[111]. - The Group achieved recognized property sales income of approximately RMB 31.554 billion, with a delivery area of approximately 3.25 million sq.m., representing year-on-year increases of approximately 54.3% and 77.0% respectively[107]. Operational Efficiency and Future Outlook - The Group is focused on optimizing human resources allocation and reforming the incentive mechanism to enhance project management and marketing capabilities[40]. - The Group will continue to explore five major regions, focusing on operational results and cash flow to enhance project operation efficiency[64]. - The management is optimistic about future growth, driven by strategic market expansions and new product developments in residential and commercial sectors[125]. - The Group plans to spin off its commercial management and residential property management businesses for listing in 2021, aiming for sustainable development in these segments[66].

Financial Performance - The total revenue for the first half of 2020 reached RMB 15,135,207 thousand, representing a 45.2% increase compared to RMB 10,422,829 thousand in the same period of 2019[13]. - Gross profit for the same period was RMB 4,224,949 thousand, up 40.3% from RMB 3,010,580 thousand year-on-year[13]. - The net profit attributable to shareholders was RMB 2,114,397 thousand, reflecting a 10.3% increase from RMB 1,916,809 thousand in the previous year[13]. - The company’s revenue increased by 45.2% from approximately RMB 10.42 billion in the first half of 2019 to approximately RMB 15.14 billion in the first half of 2020, primarily due to increased property sales revenue[52]. - Property sales revenue rose by 45.9% from approximately RMB 10.07 billion in the first half of 2019 to approximately RMB 14.69 billion in the first half of 2020, with a significant increase in the area sold, which grew by 109.3% to 1,974,545 square meters[53]. - Profit before tax increased to RMB 3,559,836 thousand, compared to RMB 3,241,636 thousand in the previous year, representing a 9.8% growth[123]. - Net profit for the period was RMB 2,516,639 thousand, an increase of 14.7% from RMB 2,194,020 thousand in 2019[125]. - Basic earnings per share rose to RMB 50.6 cents, compared to RMB 46.5 cents in the prior year, indicating a 6.6% increase[125]. Assets and Liabilities - The total assets as of June 30, 2020, amounted to RMB 161,582,295 thousand, an 8.2% increase from RMB 149,382,054 thousand at the end of 2019[14]. - The total debt increased to RMB 45,507,848 thousand, up 8.2% from RMB 42,077,082 thousand in the previous year[14]. - As of June 30, 2020, the net debt ratio was 68.3%, an increase from 60.0% on December 31, 2019[77]. - The total liabilities for the group were RMB 22,265,100,000 as of June 30, 2020, compared to RMB 20,816,826,000 as of December 31, 2019[188]. - The total capital commitments for properties under development in mainland China amounted to RMB 22,076,070,000, up from RMB 18,951,500,000 on December 31, 2019[82]. Cash Flow and Financing - The cash and bank deposits balance as of June 30, 2020, was RMB 24,981,810 thousand, a 4.5% increase from RMB 23,898,660 thousand at the end of 2019[14]. - The cash flow from operating activities for the period was RMB 1,286,932,000, showing a significant increase compared to the previous period[135]. - The net cash flow from financing activities was RMB 6,420,933 thousand, compared to RMB 11,376,237 thousand in the same period last year[140]. - The company reported a significant increase in cash generated from financing activities, primarily due to new bank loans totaling RMB 10,482,779 thousand[140]. - The company secured a total of HKD 3,172,100,000 and USD 9,000,000 in term loan financing under the March 2018 financing agreement to repay existing debts and for general corporate funding needs[107]. Sales and Market Performance - The group achieved contract sales amounting to approximately RMB 40.076 billion for the six months ended June 30, 2020, with a year-on-year increase of about 8.2%[20]. - The average property sales price during the period was RMB 14,680 per square meter, representing a year-on-year increase of 17.6%[20]. - The total area of contract sales was approximately 2.73 million square meters, with a decrease of 8.0% year-on-year[20]. - The sales revenue from tier-2 cities contributed approximately 60.7% of total sales, with a year-on-year increase of 56.6% to RMB 24.326 billion[31]. - The group launched 15 new projects during the first half of 2020, with over 100 projects on sale across 45 cities[24]. Corporate Governance - The company emphasizes high standards of corporate governance to enhance operational efficiency and protect shareholder interests[104]. - The Audit Committee, consisting of three independent non-executive directors, oversees the financial reporting system and risk management[105]. - The company has adhered to the Corporate Governance Code during the reporting period, ensuring compliance with listing rules[104]. - The Chairman and CEO roles are held by the same individual, which the board believes is beneficial during rapid business development[104]. Employee and Operational Metrics - The total employee count increased to 8,238 as of June 30, 2020, compared to 7,592 on December 31, 2019, with total employee costs approximately RMB 823,958,000[83]. - Employee benefits expenses rose significantly to RMB 728,600, compared to RMB 389,591 in the previous year[161]. Investment and Development - The company added a total of 10 new land projects across 8 cities in the first half of 2020, with a total land cost of approximately RMB 19.43 billion, of which the company's share was approximately RMB 15.35 billion[44]. - The company plans to launch a significant number of new projects in the second half of 2020, focusing on improving housing, with a sales target of RMB 93 billion for the year[47]. - The company plans to expand its market presence and invest in new product development to drive future growth[135].