Financial Performance - Contracted sales reached RMB 13.025 billion, with an aggregated sales area of 926,042 square meters and an average selling price of RMB 14,066 per square meter[15]. - Revenue decreased by 51.6% to RMB 6,098.7 million compared to the same period in 2022, while revenue from commercial and hotel operations increased by 13.4% to RMB 365.1 million[15]. - Gross profit was RMB 86.3 million with a gross profit margin of 1.4%, and after deducting impairment losses, gross profit was RMB 906.6 million with a margin of 14.9%[15]. - The net loss amounted to RMB 2,843.6 million, compared to a net loss of RMB 405.5 million in the same period of 2022[15]. - For the six months ended June 30, 2023, the Group's revenue was approximately RMB 6,098.7 million, a decrease of 51.6% from RMB 12,609.3 million in the same period last year[96]. - Revenue from property sales decreased by 53.3% to approximately RMB 5,733.7 million, accounting for 94.0% of total recognized revenue[104]. - Revenue from commercial operations increased by 12.1% to approximately RMB 347.5 million[96]. - Revenue from hotel operations increased by 46.3% to approximately RMB 17.5 million, attributed to higher occupancy rates following the end of the COVID-19 pandemic[99]. - The Group's gross profit for the six months ended June 30, 2023, was approximately RMB 86.3 million, a decrease of 95.3% from RMB 1,824.7 million in the same period last year[109]. - The gross profit margin decreased to 1.4% from 14.5% year-on-year[109]. Market Conditions - In the first half of 2023, China's GDP was RMB 59,303.4 billion, representing a year-on-year increase of 5.5%[16]. - The sales area of commodity housing across the country was 600 million square meters, representing a year-on-year decrease of 5.3%[17]. - The overall transaction scale of new housing is expected to stabilize, but purchasing power and confidence remain insufficient[17]. - The market is experiencing a shift from an incremental era to a flatlined era, forcing companies to adjust their operating models[18]. - The outlook for the second half of 2023 indicates that the real estate industry will continue to face significant challenges, with a weak recovery expected overall[37]. Strategic Initiatives - The Group plans to adjust its sales strategy and actively expand sales while promoting cash flow through multiple channels[43]. - The Group aims to enhance product strength, service capability, and creativity to continually create value for its customers[41]. - The Group will maintain a customer-oriented development direction and implement the spirit of "three dares and three cooperations" to face challenges[41]. - The Group is focused on enhancing internal competitiveness and creating value for customers in response to significant changes in the supply and demand relationship[40]. - The Group will adjust its sales strategy to actively expand sales while ensuring asset preservation and cash flow stability[45]. - The Group aims to control three major expenses to ensure the safety and stability of cash flow, while also adjusting the financing structure to further reduce financing costs[47]. Land Bank and Project Development - As of June 30, 2023, the Group's total gross floor area of land bank was approximately 12,711,764 sq.m., including completed properties totaling 1,968,212 sq.m., rentable area held for investment totaling 966,596 sq.m., and properties under development totaling 9,776,956 sq.m.[59]. - The total gross floor area held for sale is 1,200,000 sq.m., with a rentable area of 600,000 sq.m., representing a 50% utilization rate[63]. - The land bank includes 15 projects across various regions, with a total land area of 1,500,000 sq.m.[64]. - The company reported a 20% increase in attributable area to 1,200,000 sq.m. compared to the previous year[64]. - New project developments are expected to contribute an additional 300,000 sq.m. of gross floor area by the end of 2024[64]. - The company plans to launch three new residential projects in Q3 2023, with a projected sales value of $150 million[64]. - The Group's land bank includes projects in Nanjing, Nantong, Ningbo, Pengzhou, and Qingdao, with a total gross floor area of 1,200,000 sq.m. across various developments[78]. Financial Position and Liabilities - As of June 30, 2023, the Group's cash and bank balances were approximately RMB 3.98 billion, down from approximately RMB 4.86 billion as of December 31, 2022[128]. - Total borrowings as of June 30, 2023, were approximately RMB 22.50 billion, a decrease from approximately RMB 24.29 billion as of December 31, 2022[129]. - The Group's net gearing ratio increased to approximately 92.8% as of June 30, 2023, compared to approximately 81.7% as of December 31, 2022[140]. - The debt to asset ratio was approximately 78.7% as of June 30, 2023, compared to approximately 76.6% as of December 31, 2022[140]. - The Group had capital and property development expenditure commitments of approximately RMB 5.88 billion as of June 30, 2023, down from approximately RMB 6.08 billion as of December 31, 2022[142]. Corporate Governance and Compliance - The Group has complied with all applicable code provisions of the Corporate Governance Code during the Reporting Period[162]. - The Board currently comprises only one gender, which does not comply with the Listing Rules, and the Company plans to appoint a director of a different gender[162]. - The Group's corporate governance practices are aligned with the standards set out in the Listing Rules[161]. Employee and Social Responsibility - The Group has provided employees with career development opportunities and performance-based remuneration adjustments[151]. - The Group is committed to fulfilling its social responsibility to enhance the comprehensive strength of its brand[51].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 Redsun Properties Group Limited 弘 陽 地 產 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1996） 截至2023年6月30日止六個月的未經審核中期業績公告 2023年中期業績摘要 • 合約銷售金額達人民幣130.25億元，累計銷售面積為926,042平方米，平均銷售價 格為每平方米人民幣14,066元； • 收入為人民幣6,098.7百萬元，較2022年同期減少51.6%。商業經營及酒店經營收入 上升13.4%至人民幣365.1百萬元（2022年同期：人民幣322.1百萬元）； • 毛利和毛利率分別為人民幣86.3百萬元及1.4%，扣除本期計提的開發中物業及持 作出售的已完工物業減值虧損後毛利和毛利率分別為906.6百萬元及14.9%； • 淨虧損為人民幣2,843.6百萬元（2022年同期：淨虧損人民幣405.5百萬元）；及 • 董事會不建議 ...

ANNUAL REPORT 年報 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 Redsun Properties Group Limited 弘 陽 地 產 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1996） 截至2022年12月31日止年度業績公告 2022年業績公告財務摘要 • 合約銷售金額達人民幣352.02億元，累計銷售面積為2,598,417平方米，平均銷售價 格為每平方米人民幣13,548元； • 收入為人民幣20,013.4百萬元，較2021年減少25.0%。商業經營及酒店經營收入上 升8.0%至人民幣675.5百萬元（2021年：人民幣625.7百萬元）； • 毛利和毛利率分別為人民幣1,665.6百萬元及8.3%； • 淨虧損為人民幣3,937.8百萬元（2021年：淨利潤人民幣1,865.7百萬元）。 ...

Financial Performance - Contracted sales reached RMB19.61 billion, representing a year-on-year decrease of 60.1%[22] - Revenue decreased by 2.7% to RMB12,609.3 million compared to the corresponding period of 2021, with revenue from commercial and hotel operations increasing by 2.4% to RMB322.1 million[22] - Gross profit was RMB1,824.7 million, with a gross profit margin of 14.5%[22] - Net loss was RMB405.5 million, compared to a net profit of RMB990.0 million for the corresponding period of last year[23] - Net loss attributable to the parent was RMB691.0 million, compared to a net profit of RMB739.3 million for the corresponding period of last year[24] - The Group's revenue for the same period was RMB 12.61 billion, reflecting a year-on-year decrease of 2.7%[35] - The net loss for the Group during the reporting period was RMB 405.5 million[35] - Revenue from property sales decreased by 2.9% to approximately RMB 12,287.3 million, accounting for 97.4% of total recognized revenue[144] - Income from commercial operations increased by 6.3% to approximately RMB 310.1 million, primarily due to increased rental income from Jinan Hong Yang Plaza[137] - Income from hotel operations decreased by 47.0% to approximately RMB 12.0 million, mainly due to lower occupancy rates affected by the COVID-19 pandemic[138] - The Group reported a profit before tax of RMB80.8 million, a decrease of 95.3% from approximately RMB1,725.6 million in the same period last year, with a net loss of approximately RMB405.5 million compared to a net profit of RMB990.0 million last year[10][171][175] - Core net loss for the six months ended June 30, 2022, was approximately RMB467.7 million, compared to a core net profit of approximately RMB904.9 million for the same period last year[10][172][176] Cash Flow and Debt Management - As of June 30, 2022, cash and bank balances were approximately RMB9,502.4 million[24] - As of June 30, 2022, the net gearing ratio was 59.4%, with a cash to short-term debt ratio of 0.7 times[24] - Total borrowings as of June 30, 2022, amounted to approximately RMB27.61 billion, a decrease from approximately RMB34.14 billion as of December 31, 2021[12][174][180] - The Group repaid principal and interest on debt amounting to US$1,522.7 million during the six months ended June 30, 2022, including US$450 million in senior notes due in April 2022[13][187] - Assets with an aggregate value of approximately RMB37,155.0 million were pledged to secure credit facilities granted to the Group and its joint ventures and associates[14][186] - The Group's net gearing ratio was approximately 59.4%, an increase from 57.0% as of December 31, 2021[188][193] - The Group's debt to asset ratio was approximately 74.6% as of June 30, 2022, down from 76.1% as of December 31, 2021[188][193] - The current ratio was approximately 1.3 times as of June 30, 2022, compared to 1.38 times as of December 31, 2021[188][193] - The cash to short-term debt ratio was approximately 0.7 times as of June 30, 2022, a decrease from 1.41 times as of December 31, 2021[189][194] - The Group had capital and property development expenditure commitments of approximately RMB6.80 billion as of June 30, 2022, down from approximately RMB10.13 billion as of December 31, 2021[190][195] - The Group provided guarantees of approximately RMB12.09 billion for mortgage loans to purchasers as of June 30, 2022, an increase from RMB11.44 billion as of December 31, 2021[199] - Guarantees provided to joint ventures and associates amounted to approximately RMB5.57 billion as of June 30, 2022, down from RMB6.61 billion as of December 31, 2021[199] Market Conditions and Strategic Focus - The economic environment remains challenging, with limited effects from current policies and private property enterprises facing significant liquidity pressure[30] - The Group anticipates a decline in sales, investment, new starts, and land purchases due to economic downturns and low buyer confidence, with a continued focus on core cities for inventory replenishment[56] - The industry is returning to rationality, and the Group will continue to refine its product and service competitiveness to achieve steady and orderly development[63] - The second half of 2022 is expected to see continued efforts in macro-adjustment policies to stabilize market confidence and support housing demand[52] - The Group is focusing on premium areas in the Greater Jiangsu Region and the Yangtze River Delta Region to strengthen its market position[44] - The Group's operational strategies focus on guaranteeing delivery, safeguarding people's livelihood, and maintaining stability, with a commitment to delivering properties to owners in good quality[60] - The Group adopted robust financial strategies to ensure cash flow safety and improve operational efficiency during challenging market conditions[46] - Looking ahead, the Group aims to enhance product and service quality while stabilizing operations and optimizing cooperation[54] Property Development and Land Bank - As of June 30, 2022, the Group's total gross floor area of land bank was approximately 16,794,966 sq.m., including completed properties totaling 1,987,598 sq.m., rentable area held for investment totaling 1,003,361 sq.m., and properties under development totaling 13,804,007 sq.m.[77] - The total area of land bank held by the Group is approximately 16,794,966 sq.m., with significant projects in Xuzhou and Weifang[134] - The total area of land bank held for investment is approximately 1,200,000 sq.m., indicating a strong pipeline for future developments[128] - The company holds a total land bank area of 1,200,000 sq.m., indicating strong potential for future projects[107] - The company is actively expanding its market presence with new projects in cities like Chengdu and Zhengzhou, indicating a strategic focus on growth[112] - The company has several projects with significant land reserves, such as the project in Xiangyang with a total land bank of 260,002 sq.m.[112] Customer Satisfaction and Operational Efficiency - A total of 54 batches of properties were delivered, serving 27,078 households, with an overall delivery rate of 87.1%, an increase of 4.4% year-on-year[36] - The Group's overall customer satisfaction exceeded the industry average, with higher scores at every stage compared to similarly sized companies[37] - The customer satisfaction of the Group's shopping malls has been higher than the industry average, with steady increases in business revenue[45] - The Group's strategy includes expanding commercial operations and enhancing property management to improve rental income and occupancy rates[137] - The Group will continue to emphasize cash flow safety in its financial strategies, ensuring the safety of cash flow while enhancing internal competitiveness and improving quality[61]

Market Trends and Economic Performance - In 2021, the real estate market in China transitioned from robust activity in the first half to a significant downturn in the second half, with market trading volume decreasing sharply[26]. - The tightening of financing policies and ongoing regulations had a profound impact on the industry and the company's development[26]. - The industry is shifting from "land is king" to "cash is king," emphasizing quality development and sustainable growth[45]. - In 2021, China's GDP increased by 8.1% year-on-year, with an average growth rate of 5.1% over the past two years, marking a strong economic performance[110]. - The aggregate sales area of nationwide commodity housing totaled 1,794.33 million square meters in 2021, representing a 1.9% increase from 2020[114]. - The sales amount of commodity housing reached RMB 18,193 billion in 2021, an increase of 4.8% from 2020[114]. - The regulatory environment for real estate tightened in the first three quarters of 2021 but showed signs of moderation in the latter part of the year[114]. Company Performance and Financials - The Group achieved contracted sales of RMB 87.22 billion, a slight increase compared to last year, with an average unit price of RMB 16,887 per sq.m., representing a year-on-year increase of 15.5%[32]. - Recognized sales revenue was RMB 26.67 billion, reflecting a year-on-year increase of 32.3%[32]. - The net profit for the year was RMB 1.87 billion, with a core net profit of RMB 1.47 billion, a gross profit margin of 19.1%, and a net profit margin of 7%[33]. - The Group maintained a stable growth in asset scale and continuous optimization in debt structures, achieving a green tier in the "Three Red Lines" assessment[33]. - The gross profit was RMB 5.08 billion, with a year-on-year increase of 12.7%[119]. - The total contracted sales amount reached RMB 87,219,740, with a total gross floor area of 5,164,934 sq.m. sold[140]. - The total area of land bank held by the group across various projects is significant, indicating strong market positioning and future growth potential[156]. Strategic Focus and Development Plans - Despite the challenges, the company maintained stable and orderly operations, focusing on sustainable development[27]. - The company emphasizes a dual-driven strategy in property development and commercial real estate, aiming to strengthen its presence in major metropolitan areas[5]. - The company is committed to the investment strategy of penetrating the Greater Jiangsu Region and expanding into core cities[5]. - The company aims to achieve sustainable development through steady operations and strategic planning[27]. - The company is actively pursuing new strategies for market expansion and product development to adapt to changing market conditions[27]. - The Company focused on regional integration and organizational efficiency, enhancing talent recruitment and evaluation criteria to energize the team[38]. - The Group's investment strategy emphasized penetrating the Greater Jiangsu Region and expanding into core cities, focusing on first-tier and premium second-tier cities[36]. Project Development and Construction - The company is focused on developing four major product lines to enhance its market offerings[23]. - The company has established a comprehensive presence in the Yangtze River Delta region, focusing on residential and commercial property[5]. - The Nanjing Hong Yang Plaza's position as a commercial benchmark property was consolidated, with new projects launched and progress made in commercial light asset expansion[37]. - The company has several ongoing construction projects, including Changzhou Hong Yang 1936 with a total gross floor area of 120,580 sq.m. and a 70% interest[91]. - The total area under development includes 223,314 sq.m. for Yao Lake Times Sky Shade and 181,820 sq.m. for Huai'an Eco-City Grand One, indicating ongoing expansion efforts[177]. - The total gross floor area for sale across various projects is significant, with notable projects including Yao Lake Times Sky Shade at 102,269 sq.m. and New Power Hong Yang Residence at 43,410 sq.m.[177]. Customer Engagement and Satisfaction - The Company aims to improve product and service quality under the annual theme of "Customer Value Year" to create continuous value for customers[54]. - The company achieved a high level of customer satisfaction and industry ranking, with total annual delivery and delivery rate showing steady growth[129]. - The increase in rental income was primarily due to the performance of Nanjing Hong Yang Plaza and newly opened plazas in Hefei, Yanjiao, and Hengyang[192]. - The occupancy rate in hotel operations improved as the industry gradually recovered from the effects of the COVID-19 pandemic[197]. Corporate Social Responsibility - The Company announced the Charity 3.0 Strategic Plan, focusing on educational initiatives for underprivileged children[43].

Financial Performance - Contracted sales reached RMB49.15 billion, representing a year-on-year increase of 55.7%[12] - Revenue increased by 34.7% to RMB12,964.5 million as compared to the corresponding period of 2020[14] - Net profit increased by 10.6% to RMB990.0 million, with a net profit margin of 7.6%[16] - Core net profit was RMB904.9 million, compared to RMB874.2 million in the first half of 2020[17] - Revenue from commercial operations and hotel operations increased by 39.4% to RMB314.4 million[14] - Gross profit reached RMB2,730.2 million, representing a 12.1% increase compared to the same period last year[40] - The Group's revenue reached RMB 12,964.5 million, an increase of approximately 34.7% year-on-year[42] - Net profit was RMB 990.0 million, up approximately 10.6% compared to the same period last year[42] Sales and Pricing - Contracted average selling price increased from RMB14,642 per sq.m. in the corresponding period of 2020 to RMB16,920 per sq.m. in the first half of 2021, representing a year-on-year increase of 15.6%[13] - The contracted sales area was 2,904,796 sq.m., with an average selling price of RMB16,920 per sq.m.[31] - Contracted sales for the first half of 2021 were approximately RMB 49.15 billion, representing a significant increase of 55.7% from RMB 31.57 billion in the same period last year[58] - The average contracted selling price increased to RMB 16,920 per sq.m., a rise of 15.6% from RMB 14,642 per sq.m. in the previous year[58] Financial Structure - As at 30 June 2021, cash and bank balances were approximately RMB17.58 billion[18] - As at 30 June 2021, net gearing ratio was 53.9%[20] - As at 30 June 2021, cash to short-term debt ratio was 1.69 times[21] - The Group maintained a healthy financial structure, meeting all requirements under the "Three Red Lines" assessment[41] - The Group's long-term credit ratings were stable, with Fitch rating at "B+" and Moody's at "B2" with a positive outlook[42] Investment and Development - The Group's land bank totaled approximately 21,005,050 sq.m., with 67% located in first-tier, new first-tier, and second-tier cities[32] - The Group plans to focus on sustainable and stable development strategies, emphasizing profit-oriented and high-quality growth[46] - The investment strategy includes penetrating the Greater Jiangsu Region and strengthening footholds in major metropolitan areas[51] - The company is actively expanding its land bank, with several projects under development in Nanjing and other key cities[69] Costs and Expenses - The cost of sales for the Group was approximately RMB10,234.3 million, an increase of 42.4% compared to RMB7,189.4 million for the same period last year[161] - Selling and distribution expenses increased by 30.3% to approximately RMB 416.7 million from RMB 319.7 million, driven by higher marketing expenses from launching more new property projects[167] - Administrative expenses decreased by 25.7% to approximately RMB 403.7 million from RMB 543.1 million, attributed to strengthened cost control and focus on major metropolitan areas[168] Borrowings and Debt - As of June 30, 2021, the Group's total borrowings amounted to approximately RMB 33.87 billion, an increase from RMB 32.31 billion as of December 31, 2020[187] - The net gearing ratio was approximately 53.9% as of June 30, 2021, compared to 50.3% as of December 31, 2020[200] - The debt to asset ratio was approximately 76.7% as of June 30, 2021, slightly down from 77.0% as of December 31, 2020[200] - The Group issued US$350 million in senior notes at a 7.3% interest rate on January 13, 2021, and US$210 million in senior notes at the same interest rate on May 21, 2021[198] Market Recognition - The credit ratings from Fitch, Moody's, and Lianhe Ratings Global remained stable or were upgraded, indicating strong market recognition[41] - Lianhe Ratings Global Limited upgraded the Group's long-term issuer credit rating to "BB" with a stable outlook[199]

Rsun翡ၻ 弘陽地產集團有限公司 Redsun Properties Group Limited (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號: 1996 ＡＮＮＵＡＬ ＲＥＰＯＲＴ ２０２０ 年 報 milliam minus 新 मूं N TANTARIAL PROPERTY OF AND ABOUT US 關 於 我 們 Redsun Properties is a comprehensive property enterprise with established presence in the Yangtze River Delta region and keen on national expansion. We focus on residential property development, commercial property investment and operations as well as hotel operating managem ...

Financial Performance - Contracted sales reached RMB31.57 billion, representing an increase of 4.4%[42] - Revenue increased by 146.3% to RMB9,623.8 million as compared to the corresponding period of 2019[42] - Net profit increased by 23.5% to RMB895.1 million, with a net profit margin of 9.3%[43] - Core net profit increased by 80.7% to RMB874.2 million as compared to the corresponding period of 2019[43] - Core net profit attributable to owners of the parent increased by 30.7% to RMB656.6 million compared to the corresponding period of 2019[44] - Revenue reached RMB 9,623.8 million, an increase of approximately 146.3% compared to the same period last year[52] - Property sales reached approximately RMB9.40 billion, accounting for 97.7% of recognized revenue, with a year-on-year increase of 153.8%[150] - The Group's profit for the reporting period increased by 23.5% from approximately RMB724.5 million to approximately RMB895.1 million for the six months ended 30 June 2020[175] Profitability and Margins - Gross profit and gross profit margin were RMB2,434.4 million and 25.3%, respectively[43] - Gross profit for the same period was approximately RMB2.43 billion, an increase of 115.0% from approximately RMB1.13 billion, with a gross profit margin of 25.3%, down from 29.0%[154] - Income from commercial operations amounted to approximately RMB 212.8 million during the reporting period[58] - Income from hotel operations was approximately RMB 12.8 million, with two hotels operated by the Group[65] Debt and Financial Ratios - As of June 30, 2020, the net gearing ratio stood at 68.7%, a decrease of 1.7 percentage points from 70.4% as of December 31, 2019[44] - Total borrowings amounted to approximately RMB32.13 billion as of 30 June 2020, up from approximately RMB29.54 billion as of 31 December 2019[185] - The debt to asset ratio was approximately 80.2% as of 30 June 2020, down from approximately 81.1% as of 31 December 2019[192] - The current ratio improved to approximately 1.38 times as of 30 June 2020, compared to approximately 1.31 times as of 31 December 2019[192] - Cash to short-term debt ratio was approximately 1.54 times as of 30 June 2020, compared to approximately 1.36 times as of 31 December 2019[193] Land Bank and Development Projects - The total gross floor area of the land bank increased by 8.5% to approximately 18,374,029 square meters compared to 16,931,996 square meters as of December 31, 2019[57] - The total area of land bank held by the Group is approximately 18,374,029 sq.m.[143] - The total gross floor area under development is approximately 16,782,765 sq.m.[143] - The total gross floor area under development is 2,200,000 sq.m. across various projects[133] - The company holds a total land bank area of 1,500,000 sq.m., with 48% interest in the Benevolence Lake Project and 95% interest in the Yingzhou Hong Yang Residence[115] Market Outlook and Strategy - The overall commodity housing sales market is expected to remain stable, with prices expected to hold steady throughout the year[67] - The commercial real estate industry is expected to continue facing a difficult market environment throughout the year, with no significant rebound in customer flow and sales[72] - The Group plans to maintain a balance between scale and profit, focusing on sustainable quality growth in its operations[73] - The strategic focus includes penetrating the Greater Jiangsu Region and strengthening footholds in major metropolitan areas, particularly in the Yangtze River Delta and Greater Bay Area[73] Operational Efficiency and Costs - Selling and distribution expenses increased by 21.4% to approximately RMB319.7 million, up from RMB263.3 million, due to the launch of new property projects[156] - Administrative expenses rose by 50.3% to approximately RMB543.1 million, compared to RMB361.3 million for the same period last year, mainly due to business expansion[162] - Finance costs increased by 131.3% to approximately RMB425.2 million, up from RMB183.8 million, due to increased borrowings for land acquisitions and property development[164] - Income tax expense for the period was approximately RMB670.3 million, a 110.3% increase from RMB318.7 million, including provisions for corporate income tax and land appreciation tax[165] Cash Flow and Liquidity - The Group had sufficient cash on hand of approximately RMB18.28 billion[44] - As of 30 June 2020, the Group's cash and bank balances were approximately RMB18.28 billion, an increase from approximately RMB16.84 billion as of 31 December 2019[175] - The Group issued US$300 million 9.7% senior notes on 14 January 2020[190] Joint Ventures and Partnerships - The share of profits and losses from joint ventures and associates was approximately RMB232.9 million, reflecting a 10.3% increase from RMB211.2 million, due to profit recognition from several cooperation projects[163] - The company is exploring strategic partnerships for future acquisitions to enhance its market position[119]

Financial Performance - The aggregated contracted sales of the Group reached RMB 65.15 billion, representing a year-on-year growth of 37.6%[38]. - Recognized sales revenue amounted to RMB 15.170 billion, reflecting a substantial year-on-year increase of 64.2%[38]. - The net profit for the year was RMB 1.636 billion, which is a year-on-year increase of 23.6%[39]. - The core net profit attributable to owners of the parent was RMB 1.247 billion, with a core net profit per share of RMB 0.37[39]. - The Group's turnover for the period was RMB 15.170 billion, marking a year-on-year increase of approximately 64.2%[127]. - The net profit attributable to owners of the parent was approximately RMB 1,467.6 million, representing an increase of approximately 3.9% compared to the previous year[127]. - For the year ended December 31, 2019, the Group's revenue amounted to approximately RMB 15,169.5 million, representing an increase of 64.2% from approximately RMB 9,238.7 million for the corresponding period last year[188]. - Revenue from property sales amounted to approximately RMB 14,718.4 million, representing an increase of 66.4% compared to the previous year, contributing 97.0% of the total revenue recognized[188]. - The Group's cost of sales for the year was approximately RMB 11,356.2 million, reflecting an increase due to a higher number of projects delivered during the year[197]. - Gross profit for the year was approximately RMB 3,813.3 million, representing a 32.1% increase from RMB 2,887.1 million in 2018, with a gross profit margin of 25.1%[197]. Sales and Market Expansion - The total sales area increased to 4.905 million sq.m., marking a significant year-on-year increase of 39.0%[38]. - The Group expanded into several metropolitan core cities in China and transitioned from a regional real estate company to a nationwide one[45]. - The Group achieved contracted sales of approximately RMB 65.15 billion, representing a year-on-year growth of 37.6% compared to RMB 47.34 billion in the previous year[137]. - The contracted sales area was approximately 4.905 million sq.m., reflecting a 39.0% increase from 3.528 million sq.m. in the corresponding period last year[137]. - The Group's land bank increased to approximately 9,254,340 sq.m., a 29.4% rise from 13,084,376 sq.m. as of December 31, 2018[132]. - The total area of land bank held by the Group was approximately 16,931,996 sq.m.[184]. - The total gross floor area under development amounted to approximately 15,707,915 sq.m. across various projects[184]. - The total gross floor area under development includes 195,411 sq.m. for Garden in the East and 113,289 sq.m. for Lukou Project[167]. Construction Projects - The company has multiple ongoing construction projects, including the Bozhou Land Lot with a total gross floor area of 423,305 sq.m. and a completion rate of 40%[65]. - The Changzhou Commercial and Trading Peak project is under construction with a total gross floor area of 155,768 sq.m. and a completion rate of 60%[65]. - The Phoenix East Project in Changzhou has a total gross floor area of 290,813 sq.m. and is currently 49% complete[65]. - The company has completed the Changzhou Hong Yang Plaza, which has a rentable area of 89,866 sq.m. and a completion rate of 100%[65]. - The company has a diverse portfolio of properties under construction, with varying completion rates ranging from 25% to 100% across different projects[72]. - The total gross floor area of all projects combined is 15,076,999 sq.m.[119]. - The total gross floor area under development across various projects is significant, indicating strong market expansion efforts[92]. - The Group had completed properties totaling 521,579 sq.m., with a rentable area held for investment of 702,502 sq.m., and properties under development totaling 15,707,915 sq.m.[147]. Financial Ratings and Corporate Actions - Fitch Ratings upgraded the Group's corporate rating from "B" to "B+" with a stable outlook, while Moody's assigned a "B2" corporate rating for the first time with a positive outlook[52]. - In January 2020, the Group issued senior notes amounting to US$300 million at a coupon rate of 9.7%, which was highly oversubscribed[53]. - The Board recommended a final dividend of RMB 11.1 cents (equivalent to HK 12.4 cents) per share[39]. Community Engagement and Corporate Social Responsibility - The Group's charitable initiatives, such as the "Sunflower Scheme," reflect its commitment to community engagement and education sponsorship[60].