Core Viewpoint - The article discusses the need for a balanced asset allocation strategy among stocks, bonds, and gold in the context of the 2025 global capital market, which is characterized by significant differentiation and changing dynamics [1] Group 1: Stock Investment - Investors are advised to focus on Hong Kong stocks with core competitive advantages, particularly in digital infrastructure, smart city solutions, and electric vehicle charging networks [1] - Specific companies highlighted include those with a 37% year-on-year revenue growth in smart city solutions and strategic breakthroughs in electric vehicle charging networks [1] - Other notable sectors include biopharmaceutical innovation and metaverse application development, which have established differentiated competitive advantages [1] Group 2: Bond Market - The bond market is experiencing a divergence between government bonds and corporate credit bonds, with the 10-year U.S. Treasury yield stabilizing around 3.8% and investment-grade corporate bond spreads narrowing to 150 basis points [1] - Green bonds issued by certain companies received oversubscription due to carbon neutrality certification, while convertible bonds are favored by hedge funds due to their conversion premium advantages [1] - A "barbell strategy" is recommended for bond portfolio allocation, focusing on high-rated short-duration bonds and inflation-protected securities (TIPS) [1] Group 3: Gold as an Asset - Gold is undergoing a repositioning as a traditional safe-haven asset, with physical gold ETF holdings reaching record highs, although digital currencies are increasingly seen as alternatives [1] - The current price of London gold is around $1,950 per ounce, reflecting a 12% decline from its 2024 peak [1] - Investment strategies include indirect exposure through gold mining stocks or structured products linked to gold prices to capture rebound opportunities while managing volatility risks [1] Group 4: Investment Portfolio Construction - The Morningstar Q2 2025 report suggests a "433" allocation strategy: 40% in stocks, 30% in bonds, and 30% in alternative assets, including gold ETFs and commodity funds [1] - This allocation considers the growth potential of certain growth stocks while providing yield protection through high-yield bonds and hedging tail risks with precious metal derivatives [1] - As the Federal Reserve's balance sheet reduction nears its end, investors are encouraged to monitor interest-sensitive assets, credit spread indices, and volatility indicators for dynamic asset allocation adjustments [1]

Market Position and Strategy - Shinsun Holdings has established a leading market position in Zhejiang Province after over 20 years of development[8]. - The Group has developed four series of residential properties targeting different customer segments, including first-time purchasers and high-net-worth customers[9]. - The "Shinsun Town" model has been developed to design residential and commercial properties based on the concept of being living-friendly, business-friendly, tourism-friendly, and retirement-friendly[9]. - The Group adopts a proactive and standardized approach to property development, with a three-tier organizational structure[14]. - The company will adjust its corporate development strategy in response to changes in the market environment[15]. - The Group is focusing on expanding its residential and commercial property portfolio despite the challenging market conditions[44]. - The company has implemented various strategies to navigate the current market environment, including adjusting its project timelines and financing approaches[44]. Financial Performance - The Group's financial highlights and performance metrics are detailed in the annual report, indicating growth and market expansion[5]. - The consolidated statement of profit or loss and other comprehensive income provides insights into the Group's financial performance[10]. - Contracted sales for the year ended December 31, 2022, amounted to approximately RMB 25,629.9 million, a decrease of approximately 68.1% compared to the previous year[31]. - Total revenue for the same period was approximately RMB 19,701.0 million, reflecting a decline of approximately 54.9% year-on-year[31]. - Total equity as of December 31, 2022, was approximately RMB 7,247.79 million, down 57.2% from the same period in 2021[32]. - Interest-bearing liabilities amounted to RMB 28,583.7 million, a decrease of approximately 16.9% compared to the end of the previous year[33]. - The gross profit for the year was approximately RMB 1,737.2 million, a decline of approximately 63.1% year-on-year, with a gross profit margin of 8.8% compared to 10.8% in 2021[51]. - The Group recorded a loss before tax of approximately RMB 3,257.1 million in 2022, compared to a profit of approximately RMB 1,639.9 million in 2021[142]. - The Group's revenue from property development and sales in 2022 amounted to approximately RMB 19,577.1 million, representing a year-on-year decrease of approximately 55.1%[101]. - The Group's total revenue for 2022 was approximately RMB 19,701.0 million, down 54.9% from RMB 43,719.0 million in 2021[93]. Market Challenges - The real estate market faced significant challenges in 2022, with a 26.7% year-on-year decline in commodity housing sales[44]. - The Group's strategy in 2022 was influenced by overall market sluggishness and a lack of confidence among real estate investors[68]. - The proportion of customers adopting a wait-and-see attitude significantly impacted the Group's sales performance[68]. - The outlook for 2023 indicates that the government will introduce policies to stabilize the real estate industry, with expectations for gradual recovery in customer sentiment towards home ownership[52]. Project Development - The company has several major property projects, including the Shanghai Xiangsheng Center, which is expected to be completed by December 31, 2026, with a total gross floor area of 284,173.56 square meters[37]. - The Zhuji Shinsun City Light project is set to be completed by August 31, 2024, with a total gross floor area of 330,010.21 square meters[39]. - The Hangzhou Shinsun Jiangshanyun Yuebei Mansion is expected to be completed by September 8, 2023, with a total gross floor area of 204,508.50 square meters[40]. - The Group successfully completed the delivery of 20 projects in 2022, with a total delivery area of approximately 2.08 million sq.m. and 13,291 units delivered[51]. - As of December 31, 2022, the Group had 65 property projects under development, with a total GFA of approximately 7.68 million sq.m., a decrease from approximately 13.10 million sq.m. as of December 31, 2021[89]. Land Bank and Future Plans - The total land bank attributable to the Group is 12,634,000 sq.m., representing 100% of the total land bank[77]. - The completed properties available for sale/lease and investment amount to 1,556,000 sq.m., which is 12.34% of the total land bank[78]. - The estimated gross floor area (GFA) under development for future projects is 1,200,000 sq.m., accounting for 9.50% of the total land bank[78]. - The Group's future development plans include an estimated GFA of 1,200,000 sq.m. across various provinces, indicating a strategic focus on expansion[78]. Financial Risks and Management - The Group's financial risks include interest rate risk, credit risk, foreign currency risk, and liquidity risk, with a strategy to minimize exposure to these risks[162]. - The Group has implemented policies to manage credit risk by ensuring credit is only extended to counterparties with appropriate credit histories[166]. - The Group continuously monitors its liquidity position, including expected cash inflows and outflows, to meet operational needs[176]. - The Group has not used any derivatives or other instruments for hedging purposes, maintaining a conservative approach to risk management[162]. Equity and Investments - The Group disposed of a 23.8095% equity interest in Zhejiang Sunflower Health Industry Development Co., Ltd. for RMB336,990,471.75 (approximately HK$410,963,989.939) on January 7, 2022[182]. - The Group sold a 51% equity interest in Hangzhou Bintuo Enterprise Management Co., Ltd. for RMB487,036,040.11 on January 17, 2022[184]. - The Group acquired a 7.3258% equity interest in Hangzhou Didang Investment Management Partnership for RMB160,000,000 and settled a debt of RMB398,868,517.15 on January 17, 2022[189]. - The Group sold a 58.5% equity interest in Linhai Ziyuan Yintong Property Co., Ltd. for RMB272,000,000 on March 18, 2022[188].

Financial Performance - The group's contract sales attributable to the parent company amounted to RMB 25,629.9 million, a decrease of approximately 68.1% compared to the same period last year[6]. - Total revenue was approximately RMB 19,701.0 million, representing a decrease of about 54.9% year-on-year[6]. - The loss for the year was approximately RMB 3,926.6 million, a shift from a profit of RMB 480.7 million in the same period last year[6]. - Gross profit totaled approximately RMB 1,737.2 million, down about 63.1% compared to the previous year[6]. - Core net loss was approximately RMB 2,130.6 million, compared to a core net profit of RMB 479.9 million in the same period last year, with a core net loss margin of 10.8%, a decrease of 11.9 percentage points year-on-year[6]. - The group's property sales revenue for 2022 was RMB 19,577,073, a decrease of 55.1% compared to RMB 43,560,590 in 2021[50]. - The gross profit margin decreased to 8.8% from 10.8% in the previous year[100]. - The group reported a loss attributable to equity holders of the parent of RMB 3,878,628 for 2022, compared to a loss of RMB 215,363 in 2021[59]. - The total tax expense for 2022 was RMB 669,470, a decrease of 42.3% from RMB 1,159,246 in 2021[56]. - The group recorded a net loss of RMB 3,926,577,000 for the year ended December 31, 2022, compared to a profit of RMB 480,675,000 in the previous year, representing a decline of 916.9%[90]. Debt and Liabilities - The net asset liability ratio increased from 1.5 as of December 31, 2021, to 3.3 as of December 31, 2022[6]. - Interest-bearing debt was approximately RMB 28,583.7 million, a reduction of about 16.9% from the previous year-end[6]. - The group reported a total of RMB 12,454,465,000 and RMB 13,172,070,000 in defaults or cross-defaults related to bank loans and other borrowings as of December 31, 2022[23]. - The total liabilities decreased by 16.9% to RMB 28.6 billion from RMB 34.4 billion[75]. - The total value of current liabilities decreased by approximately 11.2% from RMB 111,406.2 million on December 31, 2021, to RMB 98,982.9 million on December 31, 2022[166]. - The company's debt-to-asset ratio was approximately 93.8%, an increase from 88.4% in 2021, primarily due to losses leading to a decrease in net assets[200]. Cash Flow and Liquidity - Cash and bank balances were approximately RMB 4,645.2 million, down about 45.0% from the previous year-end[6]. - The group has actively negotiated with financial institutions for the renewal, extension, and replacement of bank loans and other borrowings[12]. - The board believes that the group will have sufficient working capital to meet its financial obligations due within the next 18 months[13]. - The group has successfully negotiated extensions or deferments of repayments with existing lenders, which is crucial for maintaining liquidity[24]. - The group plans to seek alternative financing and loans to meet its financial obligations and future operational and capital expenditures[45]. - The group aims to sell equity in certain project development companies to generate additional cash flow[46]. - The group has taken measures to improve liquidity and financial conditions, including seeking alternative financing and expediting the collection of outstanding sales revenue[92]. Revenue Sources and Growth - The group achieved a total revenue of RMB 579,668,000 in 2022, an increase from RMB 436,408,000 in 2021, representing a growth of approximately 32.8%[28]. - Subsidy income increased significantly to RMB 140,498,000 in 2022 from RMB 41,364,000 in 2021, marking a growth of 239.5%[28]. - Other income and gains increased by 32.8% to RMB 579.7 million for the year ended December 31, 2022, compared to RMB 436.4 million in the previous year, mainly due to increased revenue from joint ventures[141]. - The group's property management service revenue increased by 19.8% to approximately RMB 20.8 million, primarily due to growth in Tian Tai Commercial's property management income[118]. Operational Performance - The company successfully delivered 20 projects, with a total delivery area of approximately 2.08 million square meters and 13,291 units delivered[71]. - The average number of ordinary shares issued during 2022 was 3,043,403,000, with a basic and diluted loss per share of RMB 1.27[59]. - The total completed properties available for sale amounted to 3,685,312.19 square meters, with a total estimated construction area of 7,681,735.16 square meters[136]. - The group has ongoing construction projects with a planned building area of 7,265,904.73 square meters, indicating future development potential[132]. - The group has 188 projects in total, with 53 projects located in the Yangtze River Delta region, accounting for 22.67% of the total land reserve[136]. Market Conditions and Risks - The group faces significant uncertainties regarding its ability to continue as a going concern, which may impact its financial statements[42]. - The group has identified future development areas with an estimated building area of 1,142,317.31 square meters, indicating growth opportunities[132]. - The group faced significant risks including interest rate risk, credit risk, foreign currency risk, and liquidity risk, and has adopted conservative strategies for risk management[163]. - The outlook suggests that the government will continue to promote stable economic growth and support the real estate sector, which may improve the external environment[72]. Asset Management - The total assets decreased by 19.9% to RMB 116.7 billion from RMB 145.7 billion in the previous year[75]. - The total land reserve amounted to 12,643,524.47 square meters, representing 100% of the group's land reserves[136]. - The group has a significant land reserve in Zhejiang, accounting for 50.64% of the total land reserves, with 6,402,618.43 square meters[132]. - The group has a land reserve in Jiangsu province of 1,138,767.31 square meters, representing 9.01% of the total land reserves[132]. - The group has a land reserve in Anhui province of 1,310,701.43 square meters, which is 10.37% of the total land reserves[132]. Investment Activities - The company sold a 23.8095% stake in Zhejiang Sunflower Health Industry Development Co., Ltd. for a cash price of RMB 487,036,040.11 on January 17, 2022[174]. - The company sold a 58.5% stake in Linhai Ziyuan Yintong Real Estate Co., Ltd. for a cash price of RMB 272,000,000 on March 18, 2022[177]. - The company sold a 51% stake in Hangzhou Bintuo Enterprise Management Co., Ltd. for a cash price of RMB 160,000,000 on January 17, 2022[179]. - The company sold a 50% stake in Huzhou Jiaotou Xiangsheng Real Estate Development Co., Ltd. for a cash price of RMB 92,500,000 on June 3, 2022[190]. - The company sold 100% of the stake in Shaoxing Xiangsheng Hongxing Real Estate Development Co., Ltd. on July 12, 2022[183]. - The company sold a 55% stake in Chun Yuan Health Care Service Co., Ltd. for a cash price of RMB 13,432,224.02 on November 17, 2022[186]. - The company sold a 50% stake in Anji Santian Tianye Muge Tourism Development Co., Ltd. for a cash price of RMB 22,963,110.45 on November 17, 2022[192]. - The company transferred accounts receivable valued at RMB 78,198,700 to Hangzhou Jinglu for a cash price of RMB 69,486,283.54 on November 17, 2022[192].

Economic Overview - In the first half of 2022, China's GDP was approximately RMB 56,264.2 billion, representing a year-on-year increase of 2.5%[10][13]. - Nationwide property development investment decreased by 5.4% year-on-year from January to June 2022[11][14]. - Newly constructed gross floor area (GFA) and completed GFA decreased by 34.4% and 21.5% year-on-year, respectively, marking the largest decrease in absolute values on record[11][14]. Company Performance - In the first half of 2022, the Group achieved revenue of RMB8,461.7 million and total contracted sales of approximately RMB15,400.0 million, with an average contracted selling price of RMB13,841 per sq.m.[19] - Contracted sales attributable to the Group's interests decreased by 69.0% to RMB 15,399,961,000 compared to RMB 49,681,119,000 in the previous year[38]. - Revenue dropped by 46.8% to RMB 8,461,663,000 from RMB 15,893,961,000 year-on-year[38]. - Gross profit fell by 68.6% to RMB 900,378,000 compared to RMB 2,864,956,000 in the previous year[38]. - The Group reported a core net loss of RMB 622,130,000, a decline of 163.9% from a profit of RMB 973,114,000 in the previous year[38]. Operational Efficiency - The Group's operational efficiency score was 9.77, ranking it among the TOP3 in the 2022 Overall Strength Ranking of Listed Companies in Real Estate[21]. - The Group implemented nearly 19 batches of project deliveries in the first half of the year, aiming to enhance customer satisfaction[19]. - The Group's new management model of "7+2" aims to improve operational efficiency through organizational structure adjustments[19]. Financial Position - Total assets decreased by 9.5% to RMB 131,854,279,000 from RMB 145,743,132,000[38]. - Cash and bank balances were down by 40.0% to RMB 5,067,423,000 from RMB 8,448,078,000[38]. - Total liabilities decreased by 8.7% to RMB 117,600,111,000 from RMB 128,790,777,000[38]. - The net gearing ratio increased to 168.0% from 153.0%[38]. - The Group's cash position includes restricted cash and proceeds from pre-sale of properties, which are critical for meeting operational needs[96]. Land Bank and Development - The Group has an attributable land reserve of approximately 16.9 million sq.m., with operations in 43 cities across 11 provinces in China[19]. - As of June 30, 2022, the total land bank attributable to the Group was approximately 16.9 million sq.m., with approximately 3.9 million sq.m. from completed properties available for sale/for lease and for investment purposes[52]. - Approximately 10.5 million sq.m. of the land bank was under development, and approximately 2.5 million sq.m. was reserved for future development[52]. Corporate Governance - The Group is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[159]. - The Company appointed Mr. Hung Yuk Miu as an independent non-executive Director and chairman of the Audit Committee on 1 March 2022, ensuring compliance with the Listing Rules[153]. - The Company has adopted the Model Code for Securities Transactions by Directors, confirming compliance by all Directors during the reporting period[159]. Public Welfare and Community Engagement - The Group's employee volunteer activities involved 212 participants, with a total donation exceeding RMB15.25 million across 10 public welfare projects[24]. - The Group actively participates in public welfare initiatives, including poverty alleviation and disaster relief, while maintaining sound operations[21]. Challenges and Outlook - The Group remains cautiously optimistic about the outlook of property development in China, anticipating a new development mode in the real estate industry[28]. - The overall performance was significantly impacted by systemic risks in the real estate sector, leading to discounted sales in third-tier and fourth-tier cities to improve liquidity[88].

Market Position and Strategy - The Group has established a leading market position in Zhejiang Province after over 20 years of development[16]. - The "1+1+X" expansion strategy focuses on deepening penetration in the Pan-Yangtze River Delta Region and expanding into high-growth potential cities such as Jingmen, Hengyang, and Hohhot[21]. - The Group aims to enhance its market presence through strategic property development initiatives[45]. - The Group's strategy focuses on long-term deep cultivation and selective expansion, particularly in the Zhejiang and Pan-Yangtze River Delta regions[64][70]. - The Group's land acquisition strategy focuses on high-potential areas, ensuring sustainable development and profitability[170]. Property Development and Portfolio - The Group has developed four series of residential properties targeting different customer segments, including Arbor series for first-time purchasers and Top series for high-net-worth customers[17]. - The Group has built a diversified portfolio of commercial properties, including office buildings, shopping centers, and hotels[17]. - The Group delivered over 40,000 new homes during the year, focusing on ensuring construction progress and product delivery[76]. - The Group has a diverse project portfolio across multiple cities, enhancing its market presence and growth potential[165]. - The ongoing projects and future developments are expected to contribute positively to the Group's financial performance in the coming years[173]. Financial Performance - Contracted sales for the year ended December 31, 2021, amounted to approximately RMB 80,331 million, representing a decrease of approximately 6.3% compared to the previous year[37]. - Total revenue for the same period was approximately RMB 43,719 million, which increased by approximately 2.8% compared to the corresponding period in the previous year[37]. - In 2021, the Group achieved revenue of RMB 43.7 billion, a decrease of 6.3% compared to 2020, and net profit of approximately RMB 0.5 billion, down 84.3% year-on-year[67][69]. - The gross profit margin decreased to 10.5%, compared to 18.1% in the previous year[100]. - Revenue from property development and sales for the year was RMB 43,560.6 million, a decrease of 6.3% from RMB 46,487.3 million in the previous year[196]. Land Bank and Projects - By the end of 2021, the Group's attributable total land bank was 20.81 million square meters, with 7.74 million square meters in the Pan-Yangtze River Delta region and 10.46 million square meters in Zhejiang Province, accounting for 37.2% and 50.3% of the total land bank respectively[71]. - The total land bank is strategically allocated to maximize investment returns and support the Group's long-term growth objectives[168]. - The total land bank attributable to the Group is 18,971,682.37 square meters, representing 100.0% of the total[176]. - The Group has 198 projects across various cities, indicating a significant market presence[176]. - The total land cost attributable to the Group was RMB 18,073 million, averaging RMB 6,202 per sq.m. based on the total gross floor area (GFA) of 2,913,783 sq.m.[153]. Regulatory Environment and Risk Management - The tightening of regulation and control policies in the second half of 2021 has set more specific directions for the long-term healthy development of the industry[72]. - The Group aims to enhance risk prevention awareness and response capabilities amid tightening industry regulations[91]. - The company aims to achieve long-term, healthy, and sustainable development by actively responding to regulatory requirements and embracing industry changes[60]. Awards and Recognition - The company received multiple awards in 2021, including recognition as an outstanding brand value enterprise in the real estate sector[30][35]. - The Group received multiple honors in 2021 for product quality, including Top 20 Super Product Power of China Real Estate Enterprises and Top 15 Benchmark Projects[78].

Economic Performance - In the first half of 2021, China's GDP reached approximately RMB 53,216.7 billion, representing a year-on-year increase of about 12.7%[25] - The total sales area of commercial housing from January to June 2021 was approximately 890 million square meters, a year-on-year increase of approximately 27.7%[25] - The sales amount of commercial housing during the same period was approximately RMB 9.3 trillion, reflecting a year-on-year growth of 38.9%[25] Company Financials - In the first half of 2021, the Group achieved revenue of approximately RMB15,894.0 million, a year-on-year increase of approximately 19.6%[33] - The net profit for the same period was approximately RMB973.1 million, representing a year-on-year increase of 135.6%[33] - Core net profit attributable to owners of the Company was approximately RMB533.9 million, an increase of approximately 54.8% compared to the same period last year[33] - Revenue for the period was RMB 15,893,961, up 19.6% from RMB 13,291,758 in 2020[50] - Gross profit increased to RMB 2,864,956, reflecting a 19.3% rise from RMB 2,401,455 in 2020[50] - Profit for the period surged to RMB 973,114, marking a 135.6% increase from RMB 413,122 in 2020[50] Sales and Contracts - The sales amount for equity contracts from January to June 2021 was RMB49,681.1 million, with a GFA for equity contracts of 3,763.6 thousand sq.m.[33] - The Group achieved contracted sales attributable to the Group of approximately RMB49,681.1 million, an increase of approximately 30.4% from RMB38,112.3 million for the six months ended June 30, 2020[56] - The contracted sales in GFA attributable to the Group amounted to approximately 3,763,636 sq.m., representing an increase of approximately 28.3% from approximately 2,933,744 sq.m. for the six months ended June 30, 2020[56] - The Group's average contracted selling price (ASP) for the six months ended June 30, 2021 was RMB13,200/sq.m., an increase of approximately 1.6% from RMB12,991/sq.m. for the six months ended June 30, 2020[56] Land Acquisition and Development - The Group obtained 18 new land banks in the first half of 2021, with a total land area of 1,872.6 thousand sq.m.[33] - The Group's land acquisition strategy includes a focus on residential and commercial land use, with significant projects in cities like Hangzhou and Shaoxing[66] - As of June 30, 2021, the total land bank attributable to the Group was 22.9 million sq.m., with 3.7 million sq.m. completed properties available for sale/leasable, 14.0 million sq.m. under development, and 5.2 million sq.m. for future development[78] Revenue Streams - Revenue from property development and sales was RMB15,774.5 million, a 19.7% increase compared to RMB13,175.4 million in the previous year[111] - Revenue from property leasing increased by 69.7% to RMB35.4 million from RMB20.9 million[111] - Revenue from management consulting services decreased by approximately 1.1% to approximately RMB75.8 million, primarily due to changes in project content[120] Financial Position - Total assets as of June 30, 2021, were RMB 172,656,419, an 8.1% increase from RMB 159,739,582 at the end of 2020[54] - Cash and bank balances amounted to RMB 27,319,044, up 12.4% from RMB 24,304,747 at the end of 2020[54] - Total liabilities increased to RMB 153,092,828, a 6.5% rise from RMB 143,702,546 at the end of 2020[54] - Total equity attributable to owners of the Company was RMB 19,563,591, reflecting a 22.0% increase from RMB 16,037,036 at the end of 2020[54] Operational Efficiency - The Group's administrative expenses decreased by approximately 10.5% from approximately RMB525.7 million for the six months ended 30 June 2020 to approximately RMB470.4 million for the six months ended 30 June 2021[142] - Selling and distribution expenses increased by approximately 1.3% to approximately RMB616.4 million[140] Market Trends and Strategies - Digital marketing efforts have accelerated in the real estate industry due to the pandemic, with companies increasingly utilizing online platforms for sales[25] - The company aims to align with the "three stability" goals of stabilizing land prices, housing prices, and expectations in the market[25] - The market is gradually moving towards a stable development framework, balancing short-term and long-term policies[25] Corporate Governance and Compliance - The mid-year report for 2021 was released by the Group, indicating ongoing compliance with corporate governance standards[198] - The report includes corporate governance and other information relevant to stakeholders[199] Employee and Operational Updates - The Group employed a total of 3,339 full-time employees as of June 30, 2021, down from 3,488 employees as of December 31, 2020[193] - The Group's staff cost recognized as expenses for the six months ended June 30, 2021, amounted to RMB397 million, compared to RMB393 million for the same period in 2020[193]

Expansion Strategy - Shinsun Holdings has adopted a "1+1+X" expansion strategy, focusing on deepening its presence in the Pan-Yangtze River Delta Region and expanding into high-growth potential cities outside this area, such as Jingmen, Hengyang, and Hohhot[9][10]. - The Group aims to accelerate the scale of its property development business, leveraging nearly 20 years of experience in project development and extensive connections with suppliers and business partners[10][11]. - Shinsun Holdings continues to implement its expansion strategy to enhance its competitiveness and achieve long-term growth[11]. Product Development - Shinsun Holdings has developed four series of residential properties targeting different customer segments, including first-time purchasers, first-time upgraders, subsequent upgraders, and high-net-worth individuals[6]. - The "Shinsun Town" model has been developed to design residential and commercial properties based on the principles of livability, business-friendliness, tourism-friendliness, and retirement-friendliness[6]. - The Group launched four upgraded product lines in 2020, achieving coverage of "all-cycle, all-territory, all-age" to adapt to different regional and customer needs[53]. Financial Performance - Contracted sales amounted to approximately RMB 78,168.1 million, an increase of approximately 25.1% compared to the previous year[25]. - Total revenue amounted to approximately RMB 46,638.4 million, increasing by approximately 31.3% compared to the previous year[25]. - Profit for the year amounted to approximately RMB 3,053.4 million, a decrease of approximately 4.8% compared to the previous year[25]. - Gross profit amounted to approximately RMB 8,434.8 million, decreasing by approximately 0.5% compared to the previous year[27]. - Profit attributable to owners of the Company amounted to approximately RMB 2,646.0 million, an increase of approximately 14.4% compared to the previous year[29]. Cash and Assets - Cash and bank balances amounted to approximately RMB 24,304.7 million, increasing by approximately 249.1% compared to the previous year[29]. - Total assets increased by 22.3% to RMB159,739,582,000 from RMB130,627,692,000[79]. - The Group's net current assets increased to RMB34,120.8 million as of December 31, 2020, up from RMB17,670.3 million as of December 31, 2019, marking a significant growth[185]. Land Acquisition and Development - The Group obtained 46 new land bank in 2020, with a total land area of 2,740,232 sq.m. and total attributable GFA of 6,962,402 sq.m., further deepening its national layout[53]. - The total land bank attributable to the Group as of December 31, 2020, was 23.3 million sq.m., including 3.0 million sq.m. of completed properties available for sale/lease, 16.2 million sq.m. under development, and 4.1 million sq.m. for future development[113]. - The average land cost for the projects listed is RMB 5,194 per sq.m., with a total land cost of RMB 33,675 million[110]. Market Position and Strategy - The Group's diversified commercial property portfolio includes office buildings, shopping centers, community businesses, and hotels, enhancing its market position[6]. - The company emphasizes the importance of its historical operating history and capabilities in driving future sustainable growth[10]. - The Group's strategy includes a focus on regionalization and deep cultivation, particularly in core urban clusters, to enhance competitiveness and risk resistance[53]. Operational Efficiency - The company has established a three-tier organizational structure to standardize its property development processes, covering site selection, land acquisition, property delivery, and after-sales services[6]. - The Group's proactive and standardized operational protocols have contributed to its rapid expansion and competitive edge in the market[10]. - The Group is focusing on enhancing management efficiency and optimizing its organizational structure to adapt to the weakening dividends from land, population, and finance[56]. Social Responsibility - The Group has established the Zhejiang Shinsun Charity Foundation to engage in public welfare and support social needs through various charity projects[59]. - The company’s social welfare undertakings reached a new level during the year[50]. Financial Risk Management - The Group has adopted conservative strategies for managing financial risks, including interest rate risk, credit risk, foreign currency risk, and liquidity risk[191]. - The Group expects no significant credit risk associated with cash deposits at banks, primarily held in state-owned and large listed banks[195].