Sales Performance - The Group achieved contracted sales of RMB21.829 billion, with an aggregate contracted sales area of 1.5673 million square meters and an average selling price of RMB13,927 per square meter[25]. - Recognised sales revenue amounted to RMB19,794.7 million, representing a decrease of approximately 1.1% compared to the previous year[25]. - The Group achieved a contract sales amount of RMB 21.829 billion, with a cumulative contract sales area of 1.5673 million square meters and an average selling price of RMB 13,927 per square meter[30]. - The recognized sales revenue was RMB 19,794.7 million, a decrease of approximately 1.1% compared to the previous year, with a gross loss of RMB 669.7 million and a net loss of RMB 7,739.7 million[30]. - Revenue from the property business was RMB 19,198.94 million, while sales revenue from commercial operations was approximately RMB 560.07 million, and from hotel operations was approximately RMB 35.69 million[67][68][69]. - The Group's total revenue for the reporting period was approximately RMB19,794.7 million, a decrease of 1.1% from RMB20,013.4 million in the same period last year[136]. - Property sales accounted for 97.0% of the total recognized revenue, amounting to approximately RMB 19,198.9 million, a decrease of 0.7% year-on-year[142]. Financial Performance - The gross loss was RMB669.7 million, while the net loss reached RMB7,739.7 million[25]. - The Group's net loss for the reporting period was RMB 7,739.7 million, an increase of 96.5% compared to the previous year[163]. - The Group's pre-tax loss increased by 108.1% to approximately RMB6.94 billion for the reporting period, compared to RMB3.34 billion in the same period last year[166]. - As of December 31, 2023, the Group's cash and bank balances were approximately RMB 2.75 billion, down from approximately RMB 4.86 billion at the end of 2022[164]. - As of December 31, 2023, the Group's total borrowings amounted to approximately RMB21.44 billion, a decrease of 11.5% from RMB24.29 billion as of December 31, 2022[168]. - The Group's net gearing ratio was approximately 126.1%, compared to 81.7% as of December 31, 2022[176]. - The debt to asset ratio was approximately 80.2% as of December 31, 2023, an increase from 76.6% in the previous year[176]. - The cash to short-term debt ratio was approximately 0.16 times as of December 31, 2023, down from 0.29 times in the previous year[177]. - The Group's capital and property development expenditure commitments not provided for were approximately RMB5.32 billion as of December 31, 2023, compared to RMB6.08 billion in the previous year[178]. Market Conditions - The real estate industry faced continuous deep adjustments, with market sales continuing to shrink and weak investor confidence[17]. - The policy environment for the real estate market has entered a stage of easing, with various supportive policies introduced by local governments[60]. - The real estate market in China is expected to remain in a period of deep adjustment and low-level consolidation in 2024[185]. Operational Strategies - The Company implemented prudent financial strategies, reducing financing costs through cost reduction, cycle adjustment, and structure optimization[27]. - The Group focused on refining headquarters operations and strengthening frontline efficiency through organizational reform[27]. - The Group's management emphasized quality delivery and stable operations as top priorities during challenging times[21]. - The Group plans to continue its entrepreneurial spirit and mission in 2024, focusing on collaboration and innovation to drive future growth[33]. - The financial strategy emphasizes cash flow management, reducing leverage costs, and ensuring asset liquidity while stabilizing value appreciation[193]. - The business strategy is centered on ensuring delivery, protecting assets, and orderly risk resolution to successfully complete delivery tasks this year[196]. - The Group plans to adapt to rapidly changing consumer preferences and enhance industry competitiveness through innovation and upgrading services[191]. - The personnel strategy focuses on retaining outstanding talents and increasing internal talent training to maintain organizational vitality[193]. Project Development - During the Reporting Period, the Group delivered more than 40,000 new housing units to customers, aiming to boost home buyer confidence and stabilize market expectations[26]. - The total gross floor area under construction across various projects amounts to 1,800,000 sq.m., with significant projects including Huai'an Fengdeng Road Jinyuefu at 129,626 sq.m. (32% interest) and Nanjing Hong Yang Plaza at 491,888 sq.m. (100% interest)[41]. - The Group's ongoing projects include Anqing Hong Yang Upper City with a total gross floor area of 114,928 square meters, currently under construction[36]. - The total gross area of properties held for investment is 633,158 sq.m. in the Weifang Kuiwen North District Project, which is fully owned by the group[47]. - The total gross area of properties under development is 1,200,000 sq.m., indicating ongoing expansion efforts by the group[41]. - The Group's land bank includes properties with varying ownership interests, such as Anqing Hong Yang Upper City with a 95% interest[85]. - The Group's strategy includes expanding its land bank and enhancing its property portfolio through ongoing developments and investments[82]. Future Outlook - The Group's future outlook remains optimistic, emphasizing a down-to-earth approach for stable long-term development[195]. - The "three dares and three cooperations" entrepreneurial spirit will guide the Group's efforts in achieving its mission[194]. - The Group is committed to a "stable yet progressive" development approach, emphasizing sustainable growth and quality[191].

Financial Performance - Revenue for the year was RMB 19,794.7 million, a decrease of 1.1% compared to 2022[3] - Gross loss was RMB 669.7 million, with a gross loss margin of 3.4%[3] - Net loss for the year was RMB 7,739.7 million, compared to a net loss of RMB 3,937.8 million in 2022[3] - The group recorded a net loss of RMB 7,739,675,000 for the year ending December 31, 2023[14] - The adjusted pre-tax loss for the group was RMB 6,942,880,000, with significant losses reported in property development (RMB 3,141,514,000) and commercial property investment (RMB 1,960,017,000)[30] - Total revenue for the year ended December 31, 2023, was RMB 19,794,695,000, with property development contributing RMB 19,198,937,000[30] - Total other income and gains decreased significantly from RMB 809,815 thousand in 2022 to RMB 39,185 thousand in 2023, a decline of approximately 95.2%[42] - The pre-tax loss from continuing operations increased from RMB 3,881,520 thousand in 2022 to RMB 7,214,511 thousand in 2023, representing an increase of approximately 85.0%[51] Assets and Liabilities - Total non-current assets decreased to RMB 22,669.5 million from RMB 28,126.4 million in 2022[8] - Current assets decreased to RMB 52,236.9 million from RMB 73,606.5 million in 2022[10] - Total current liabilities decreased to RMB 53,220.3 million from RMB 66,603.5 million in 2022[10] - Total assets decreased to RMB 14,823.8 million from RMB 23,798.5 million in 2022[10] - Current liabilities exceeded current assets by RMB 983,365,000 as of December 31, 2023[14] - Total interest-bearing bank and other borrowings amounted to RMB 21,444,517,000, with RMB 17,204,952,000 due within the next twelve months[14] - The net debt ratio increased to 126.1% as of December 31, 2023, compared to 81.7% in the previous year[124] - The debt-to-asset ratio rose to 80.2% as of December 31, 2023, from 76.6% in 2022[124] Cash Flow and Financing - The group has no cash and cash equivalents of RMB 1,074,049,000 against upcoming financial obligations[14] - The group is seeking alternative financing and loans to meet existing financial responsibilities and future operational and capital expenditures[15] - The cash-to-short-term debt ratio was approximately 0.16 times as of December 31, 2023, down from 0.29 times in the previous year[124] - As of December 31, 2023, the group had cash and bank balances of approximately RMB 2.75 billion, down from RMB 4.86 billion as of December 31, 2022[120] - Total borrowings as of December 31, 2023, amounted to RMB 21.44 billion, a decrease of approximately 11.5% from RMB 24.29 billion as of December 31, 2022[121] - The group has outstanding commitments for capital and property development expenditures of approximately RMB 5.32 billion as of December 31, 2023, down from RMB 6.08 billion in 2022[125] Business Strategy and Operations - A business strategy plan has been prepared, focusing on accelerating property sales[15] - The group aims to recover outstanding sales proceeds more quickly and effectively control costs and expenses[20] - The company delivered over 40,000 new homes to customers, aiming to boost buyer confidence and stabilize market expectations[61] - The company is focusing on expanding its market presence in Hefei and Nanchang, with multiple ongoing projects in these regions[82] - The company plans to focus on quality development and customer-centric strategies in 2024, emphasizing sustainable growth and service quality[128] Market Conditions - The real estate market in China saw a total sales area of 111,735 million square meters in 2023, a year-on-year decrease of 8.5%[64] - The real estate market is expected to remain in a deep adjustment phase in 2024, with policies aimed at stabilizing the sector and promoting housing construction[127] Impairment and Losses - The group recognized impairment losses of RMB 2,626,487,000 on properties under development and held for sale[30] - The company recognized impairment losses of RMB 977,301 thousand related to properties under development and held for sale[31] - The fair value loss on financial assets recognized in profit or loss was RMB 161,705 thousand for the year ended December 31, 2022[31] - The fair value loss on investment properties was approximately RMB 2,083.8 million, primarily due to a decline in overall capital value[111] Corporate Governance - The independent auditor, Ernst & Young, did not express an opinion on the consolidated financial statements due to uncertainties regarding the company's ability to continue as a going concern[150] - The audit committee has confirmed compliance with applicable accounting principles and standards during the reporting period[149] Employee and Operational Metrics - As of December 31, 2023, the group has a total of 1,497 employees, with 997 in real estate development, 414 in commercial property management, and 86 in hotel operations[133]

智通财经APP讯，弘阳地产(01996)发布公告，纽约梅隆银行伦敦分行向香港特别行政区高等法院提呈针对公司日期为2024年2月14日的清盘呈请，涉及金额不少于2.29亿美元的财务义务，即公司所发行于2023年到期的2亿美元9.50%有担保票据项下的付款金额。公司正就有关对该呈请的适当回应寻求法律意见。 于公告日期，有关该呈请尚未进行聆讯，且高等法院尚未对公司发出清盘令。公司已与持有大量优先票据的若干持有人保持持续沟通，并始终认为，基于各方一致意见的重组乃为所有持份者保存价值的最佳方法，因此符合所有持份者的最佳利益。公司仍致力于与其债权人沟通，以探索所有可行的选择，从而寻求针对当前情况的全面解决方案，并确保公司的长期未来，保障所有持份者的利益。 根据《公司(清盘及杂项条文)条例》(香港法例第32章)第182条，倘公司最终因该呈请而清盘，公司于开始清盘之日开始后就公司直接拥有的财产作出的任何产权处置、公司的任何股份转让或公司股东地位的任何变更将属无效，惟获高等法院授出认可令则作别论。倘该呈请其后被撤销、驳回或永久搁置，则于起始日或之后作出的任何有关产权处置、转让或变更均不受影响。 鉴于公司清盘条例第182条的影响 ...

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]