Financial Performance - Revenue for the first half of 2023 was approximately RMB 1,136.9 million, representing a decrease of 4.7% compared to the same period in 2022[13]. - Gross profit decreased to approximately RMB 130.2 million, down 34.1% year-on-year[13]. - The company recognized a loss of approximately RMB 1,132.7 million during the reporting period[13]. - The Group's revenue decreased by 4.7% to RMB1,136.9 million from RMB1,193.0 million in the corresponding period of 2022, primarily due to a decline in property sales income[72]. - Income from property sales fell by 15.0% to RMB754.9 million from RMB888.5 million in the same period of 2022, attributed to a decrease in the unit price of delivered properties[73]. - The Group's gross profit decreased by 34.1% to RMB130.2 million from RMB197.7 million in the corresponding period of 2022, with the gross profit margin dropping to 11.5% from 16.6%[80]. - The Group's loss for the period increased by 35.2% to RMB1,132.7 million from RMB837.8 million in the corresponding period of 2022, primarily due to a decrease in gross profit from property delivery and increased financial expenses[93][99]. - The loss attributable to equity shareholders of the Company rose by 33.4% to RMB1,101.7 million from RMB825.7 million in the corresponding period of 2022[100][105]. Sales and Contracted Sales - Contract sales during the reporting period amounted to RMB 148.1 million, with a sales area of approximately 6,882 square meters[12]. - The Group's contracted sales amounted to RMB 148.1 million, a decrease of 78.1% compared to the same period in 2022, with a contracted sales area of 6,882 square meters, down 88.4% year-on-year[22]. - The average unit price for contracted sales was RMB 16,526 per square meter, with approximately 51.5% of sales generated from the Midwest region[22]. - Significant contributions to contracted sales came from Chongqing Sunshine 100 Arles and Xi'an Sunshine 100 Arles, accounting for RMB 35.1 million (23.7%) and RMB 22.4 million (15.1%) respectively[22]. - For the six months ended June 30, 2023, the total contracted sales area was 6,882 square metres, a decrease of 88.4% from 59,315 square metres in 2022[32]. - The contracted sales amount for the same period was RMB 148.3 million, down 78.1% from RMB 676.0 million in 2022[32]. - The unit selling price decreased to RMB 16,526 per square metre, down 82.6% from RMB 9,698 per square metre in 2022[32]. - Residential properties accounted for 80% of total contracted sales area, up from 59% in 2022, while commercial properties and car parks accounted for 20%, down from 41%[32]. Project Development and Construction - The total gross floor area completed was 556,498 square meters, an increase of 94.2% compared to the same period in 2022[14]. - The company did not commence any new construction during the reporting period, resulting in a 100% decrease in newly-started GFA[33]. - The total GFA under construction at the end of the period was 2,088,402 square metres, with no new projects initiated[40]. - The company has a total saleable GFA of 456,893 square meters, with 657,663 square meters under development and 607,816 square meters planned[47]. - The company expects the completion of the Chengde Sunshine 100 project in 2025, with a planned GFA of 98,073 square meters[47]. - The company is expanding its market presence with new projects in various cities, including Chengdu and Changsha, with significant saleable GFA[51]. - The company has multiple phases of development across various cities, indicating a strong market expansion strategy[47]. Market Conditions and Outlook - The real estate industry is expected to continue facing challenges due to slow economic recovery and declining public willingness to purchase homes[19]. - The company remains optimistic about market recovery and aims to maintain steady development[19]. - The company aims to ensure timely delivery of projects and safeguard the rights of home buyers in the second half of 2023[19]. - The company maintains an optimistic and proactive approach to market challenges, focusing on steady development[20]. Financial Position and Liquidity - The Group's cash and cash equivalents as of June 30, 2023, amounted to RMB746.8 million, an increase of RMB105.5 million compared to December 31, 2022[101][106]. - The current ratio as of June 30, 2023, was 84.1%, a decrease compared to December 31, 2022, with total current assets of RMB37,607.9 million and total current liabilities of RMB44,729.6 million[102][107]. - The gearing ratio increased to 52.5% from 51.2% as of December 31, 2022, while the net gearing ratio rose to 929.4% from 649.6% due to a decrease in total equity[103][107]. - The Group's total loans and borrowings as of June 30, 2023, amounted to RMB27,396.3 million, with RMB26,541.0 million repayable within one year[110][115]. - The Group's financing costs increased by 5.8% to RMB1,008.9 million from RMB953.4 million in the corresponding period of 2022, primarily due to an increase in total borrowings and interest expenses[97]. Legal and Regulatory Matters - The Group initiated legal proceedings for a total claim of RMB596.1 million against the Chenghua District Government for land clearance income and management fees[156]. - The Group's lawsuit against the Chenghua District Government has been accepted by the court, and both parties are negotiating a settlement[157]. - The Group is involved in legal action regarding a Notes Purchase Agreement, alleging failure to pay the Repurchase Price[180]. - The company is currently assessing the legal, financial, and operational impact of the winding-up petition against Joywise[185]. Employee and Corporate Governance - As of June 30, 2023, the Group employed 1,868 employees, a decrease from 2,425 employees in the corresponding period of 2022, with staff costs amounting to RMB138.0 million[179]. - The Group made contributions of approximately RMB9.6 million to the employee retirement scheme during the six months ended June 30, 2023[179]. - The Company has adopted and complied with all applicable code provisions under the Corporate Governance Code, except for the deviation regarding the roles of chairman and chief executive officer being held by the same individual since May 11, 2018[196].

目錄 CONTENTS Executive Directors Mr. Yi Xiaodi (Chairman) Mr. Fan Xiaochong (Vice Chairman) | 公司資料 | 2 | | --- | --- | | Corporate Information | | | 主席報告 | 5 | | Chairman's Statement | | | 財務摘要 | 9 | | Financial Summary | | | 管理層討論及分析 | 11 | | Management Discussion and Analysis | | | 董事及高級管理層 | 49 | | Directors and Senior Management | | | 董事會報告 | 58 | | Report of the Directors | | | 企業管治報告 | 90 | | Corporate Governance Report | | | 獨立核數師報告 | 117 | | Independent Auditor's Report | | | 綜合全面收益表 | 123 | | Consol ...

Sales Performance - Contracted sales for the first half of 2022 were approximately RMB676 million, representing a decrease of 68.0% compared to the same period in 2021[19]. - The contracted sales area was approximately 59,315 square meters, reflecting a decrease of 69.6% from the corresponding period of 2021[19]. - Revenue for the first half of 2022 was RMB1,193.0 million, a decrease of 64.9% compared to the same period in 2021[11]. - Gross profit for the first half of 2022 was RMB197.7 million, down 68.2% compared to the same period in 2021[11]. - The company recognized a loss of RMB837.8 million during the reporting period due to increased financing expenses and the impact of the COVID-19 epidemic[11]. - Approximately 42.5% of the contracted sales were generated from the Midwest region, with significant contributions from Jinan Sunshine 100 International New Town and Liuzhou Sunshine 100 Xinye Town[19]. - The average unit price for contracted sales was RMB9,698 per square meter[19]. - The Group achieved contracted sales amounting to RMB 676 million, a decrease of 68.0% compared to the same period in 2021[20]. - Contracted sales area totaled 59,315 square meters, down 69.6% year-on-year, with an average selling price of RMB 9,698 per square meter[20]. - Significant contributions to contracted sales came from Jinan Sunshine 100 International New Town and Liuzhou Sunshine 100 New Leaf City, accounting for RMB 175.3 million (25.9%) and RMB 86.2 million (12.8%) respectively[20]. Financial Performance - The Group's revenue decreased by 64.9% to RMB1,193 million from RMB3,395.3 million in the corresponding period of 2021, primarily due to a decline in property sales income[66]. - Income from the sale of properties fell by 70.7% to RMB888.5 million from RMB3,036.4 million in the same period last year, attributed to a decrease in property areas delivered[67]. - Rental income from investment properties increased by 21.3% to RMB83.8 million from RMB69.1 million in the corresponding period of 2021, driven by an increase in commercial operational area[72]. - Income from property management and hotel operations decreased by 29.2% to RMB193.2 million from RMB272.8 million in the corresponding period of 2021, mainly due to the impact of the COVID-19 pandemic[71]. - The cost of sales/services decreased by 64.1% to RMB995.4 million from RMB2,773.1 million in the corresponding period of 2021, with property sales costs down by 68.0% to RMB790.3 million[73]. - Gross profit decreased by 68.2% to RMB197.7 million from RMB622.2 million in the corresponding period of 2021, with the gross profit margin declining to 16.6% from 18.3%[74]. - Valuation losses on investment properties amounted to RMB 66.2 million, compared to valuation gains of RMB 16.0 million in the same period of 2021[80]. - Financial costs increased by 176.1% to RMB 953.4 million from RMB 345.3 million in the corresponding period of 2021[84]. - Loss for the period increased by 201.7% to RMB 837.8 million from RMB 277.7 million in the corresponding period of 2021[92]. Operational Challenges - The overall economic environment continues to impact the real estate sector, with the Group navigating through a downward trend in the market[20]. - The Group is focusing on strategic adjustments and exploring new opportunities for market expansion amidst ongoing challenges[20]. - The company faced liquidity issues but managed to complete more GFA than in the same period of 2021 despite not starting new projects[30]. - The company did not commence any new construction due to the impact of COVID-19, which affected sales and operations[30]. - The company is focusing on ensuring property delivery while managing liquidity challenges[30]. Project Development - The total gross floor area (GFA) completed during the reporting period was 286,594 square metres, representing an increase of 66.6% from the same period in 2021[30]. - The total GFA under construction at the end of the period was 3,573,422 square metres, with no new construction commenced during the reporting period[36]. - The company is actively expanding its market presence with multiple projects across various cities, focusing on increasing saleable and planned GFA[42]. - The company has a total of 102,295 square meters of unsold saleable GFA in Wuhan Sunshine 100 Lakeside Residence[43]. - The company is developing multiple phases in various projects, with significant GFA planned for completion in 2022 and 2023[43][44]. Debt and Financial Obligations - Total loans and borrowings amounted to RMB 27,079.4 million as of June 30, 2022[104]. - As of June 30, 2022, the total loans and borrowings of the Group amounted to RMB 27,079.4 million, with RMB 21,919.6 million due within one year[109]. - The Group's capital commitments for properties under development and investment properties amounted to RMB 6,820.6 million as of June 30, 2022, an increase from RMB 6,639.9 million as of December 31, 2021[110]. - The Group has received a total of RMB 4,466.4 million in cash from the disposal of 100% equity interest in Eminent Star, with the total consideration being approximately RMB 4,661.2 million[115]. - The Group's pledged properties and restricted deposits amounted to RMB 12,919.8 million as of June 30, 2022[109]. Legal and Regulatory Matters - The company has not initiated any legal proceedings regarding the overdue loan to Zhongyin Jining Property Development Co., Ltd.[172]. - The company has engaged in negotiations with the Chenghua District government to reach a settlement regarding the overdue land premium[145]. - The company has not reached a settlement agreement with the Chenghua District government as of the interim report date[145]. - The Group has filed a lawsuit against Baijiarui for the repayment of the loan principal of RMB250.0 million, with an annual interest rate of 12%[154]. - The company has applied for interim measures against the property of the defendant worth RMB250.0 million, resulting in a court ruling to freeze 30% equity interest in China Create City Renewal[151]. Employee and Management - The Group's employee count decreased to 2,425 as of June 30, 2022, down from 3,614 in the corresponding period of 2021[165]. - Employee costs for the Group were RMB173.1 million during the reporting period, compared to RMB201.1 million in the same period of 2021[165]. - The Group made contributions of approximately RMB12.9 million to the employee retirement scheme for the six months ended June 30, 2022[168]. - The company appointed Mazars CPA Limited as its auditor on May 7, 2022, after KPMG's resignation[197].

Financial Performance - In 2021, the company faced unprecedented difficulties, defaulting on its debts for the first time on August 11, 2021, due to tightened credit and a significant market contraction in the real estate industry [12]. - Contracted sales for the year amounted to RMB3,221 million, achieving only approximately one-third of the planned target, with a contracted sales area of 294,872 square meters [12]. - Revenue decreased to RMB5,399.2 million compared to 2020, while gross profit fell by 50.6% to RMB755.1 million, resulting in a gross profit margin decline of 12.6 percentage points to 14.0% [13]. - The company reported an annual loss of RMB3,730 million during the reporting period, attributed to increased impairment losses on loans and assets due to the ongoing COVID-19 pandemic and a downward trend in the real estate market [13]. - The company's revenue for the year ended December 31, 2021, was RMB 5,399 million, a decrease from RMB 5,760 million in 2020 [36]. - Gross profit for 2021 was RMB 755 million, down from RMB 1,530 million in 2020, indicating a significant decline in profitability [36]. - The company reported a loss before taxation of RMB (3,794) million in 2021, compared to a profit of RMB 1,831 million in 2020 [36]. - The Group's revenue decreased by 6.3% to RMB5,399.2 million in 2021 from RMB5,759.7 million in 2020, primarily due to a decrease in property sales income [97]. - Revenue from property sales decreased by 10.5% to RMB4,597.2 million in 2021 from RMB5,138.0 million in 2020, attributed to a reduction in delivery areas [98]. - The Group recorded a loss of RMB3,730.0 million in 2021, compared to a profit of RMB1,284.0 million in 2020 [127]. Sales and Market Trends - The Group realized contracted sales of RMB3,221 million, representing a decrease of 69.4% from 2020, with a contracted sales area of 294,872 square meters, down 66.9% from 2020 [47]. - The average unit price for contracted sales was RMB10,227 per square meter, reflecting a decrease of 9.6% from 2020 [47]. - Approximately 83.4% of the contracted sales amount was generated from the Bohai Rim and Midwest regions, with significant contributions from Jinan Sunshine 100 International New Town (RMB437.9 million) and Wuhan Sunshine 100 Phoenix Street (RMB369.2 million), accounting for 13.6% and 11.5% of total contracted sales, respectively [47]. - The Group's contracted sales area in the Yangtze River Delta was 39,541 square meters, with a contracted sales amount of RMB501.8 million [51]. - In the Pearl River Delta, the contracted sales area was 4,575 square meters, generating a sales amount of RMB32.2 million [51]. - The Group's performance in Shenyang showed a contracted sales area of 11,326 square meters, with a sales amount of RMB125 million [50]. - Residential properties accounted for 59% of total contracted sales area in 2021, down from 83% in 2020, while commercial properties and car parks increased to 41% from 17% [55]. Operational Developments - The company secured the delivery of over 6,000 residential units across several projects in Wuxi and Wenzhou, despite financial difficulties [18]. - The commercial street of the Changsha Sunshine 100 Phoenix Street project, covering over 100,000 square meters, was successfully put into operation and received positive responses, being rated as a national 3A-level tourist attraction [18]. - The Group commenced construction on a total GFA of 338,518 square meters, representing a decrease of 52.5% from 2020 [56]. - The completed GFA for the year was 804,009 square meters, a decrease of 9.2% from the previous year [56]. - The total GFA under construction at the end of the reporting period was 3,952,296 square meters, down 6.6% from 2020 [56]. - The company is focusing on expanding its presence in the Bohai Rim economic area, with significant projects in Jinan and Shenyang [65]. - The overall completion progress of properties under development is a key indicator of the company's operational efficiency and market responsiveness [66]. Financial Position and Liabilities - The company experienced a fund gap of USD52.39 million after defaulting on its convertible bonds, leading to a significant cash flow shortage [17]. - Total assets as of December 31, 2021, were RMB 56,356 million, down from RMB 60,958 million in 2020 [36]. - Total liabilities increased slightly to RMB 49,021 million in 2021 from RMB 48,788 million in 2020 [36]. - The Group's current ratio decreased to 111.7% as of December 31, 2021, down from 141.6% as of December 31, 2020 [136]. - Total loans and borrowings amounted to RMB26,749.7 million as of December 31, 2021, with RMB18,363.2 million due within one year [142]. - The Group's gearing ratio increased to 47.5% as of December 31, 2021, up from 43.6% as of December 31, 2020 [137]. - The Group provided guarantees for mortgage loans amounting to RMB4,196.6 million as of December 31, 2021, down from RMB4,738.9 million in 2020 [138]. Employee and Operational Management - The Group employed a total of 3,229 employees as of December 31, 2021, down from 3,949 employees in 2020 [178]. - Staff costs for the Group during the reporting period were RMB500.7 million, a decrease from RMB521.5 million in 2020 [178]. - The Group has adopted a performance-based incentive system to motivate staff, including year-end bonuses for outstanding performance [178]. - The Group has implemented a performance-linked reward system to incentivize employees, including year-end bonuses for outstanding performers [182]. Investment and Future Plans - The company aims to focus on developing Himalaya apartments and commercial streets as its main products to enhance competitiveness [25]. - The company plans to strengthen its operations and enhance rental income through experienced teams in commercial project management [36]. - The Group plans to focus on market expansion and new project developments in key regions to enhance future growth prospects [47]. - The company is actively managing its unsold inventory, with various phases of projects at different completion percentages [68][69]. - The company is committed to enhancing its market presence through ongoing projects and strategic partnerships in key economic areas [76].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概 不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的 任何損失承擔任何責任。 Sunshine 100 China Holdings Ltd 陽光100中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2608） 截 至2023年6月30日 止 六 個 月 中 期 業 績 公 告 中 期 業 績 摘 要 ‧ 收入為人民幣1,136.9百萬元；毛利潤為人民幣130.2百萬元，毛利率 為11.5%；期間虧損為人民幣1,132.7百萬元 ‧ 資 產 總 值 為 人 民 幣52,154.7百 萬 元；本 公 司 權 益 股 東 應 佔 權 益 總 額 為人民幣1,460.6百萬元 ‧ 合約銷售金額為人民幣148.1百萬元，合約銷售面積為6,882平方米 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Sunshine 100 China Holdings Ltd 陽光100中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2608） 截 至2022年12月31日 止 年 度 之 初 步 全 年 業 績 公 告 2022年 度 全 年 業 績 摘 要 • 收 入 為 人 民 幣2,357.6百 萬 元，毛 利 潤 為 人 民 幣455.9百 萬 元，較 2021年 分 別 減 少56.3%及39.6%。毛 利 率 為19.3%，較2021年 增 長5.3 個百分點。 • 年 度 虧 損 為 人 民 幣3,317.0百 萬 元。年 度 虧 損 較2021年 減 少11.1%， 主 要 是 由 於 公 司 持 續 加 強 成 本 控 制，銷 售 費 用 及 管 理 費 用 較 去 年 大 幅 下 降，以 及 無 形 資 產 減 值、應 收 和 其 他 應 收 款 信 用 跌 價 損 失計提較 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Sunshine 100 China Holdings Ltd 陽光100中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2608） 截 至2022年6月30日 止 六 個 月 中 期 業 績 公 告 中 期 業 績 摘 要 • 收 入 為 人 民 幣1,193.0百 萬 元；毛 利 潤 為 人 民 幣197.7百 萬 元，毛 利 率為16.6%；期間虧損為人民幣837.8百萬元 • 資 產 總 值 為 人 民 幣56,463.0百 萬 元；本 公 司 權 益 股 東 應 佔 權 益 總 額為人民幣4,917.9百萬元 • 合約銷售金額為人民幣676百萬元，合約銷售面積為59,315平方米 • 截 至2022年6月30日，本 集 團 土 地 儲 備 總 建 築 面 積 約 為9.32百 萬 平 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Sunshine 100 China Holdings Ltd 陽光100中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2608） 截 至 二 零 二 一 年 十 二 月 三 十 一 日 止 年 度 之 初 步 全 年 業 績 公 告 二 零 二 一 年 度 全 年 業 績 摘 要 • 收 入 為 人 民 幣5,399.2百 萬 元，毛 利 潤 為 人 民 幣755.1百 萬 元，較 二 零 二 零 年 分 別 減 少6.3%及50.6%。毛 利 率 為14.0%，較 二 零 二 零 年 降低12.6個百分點。 • 年度虧損為人民幣3,730.0百萬元，淨利率為-69.1%。年度溢利較二 零 二 零 年 減 少390.5%，主 要 是 由 於本 報 告 期 出 售 收 益 減 少 且 交 房 毛 利 較 去 年 有 所 下 降，同 時 由 於 受 到 新 型 冠 狀 病 毒 肺 炎 疫 ...

SS 100 | --- | --- | |-------------------------|-------| | | | | 陽光100中國控股有限公司 | | 目錄 公司資料 2 業務回顧與展望 4 管理層討論及分析 6 企業管治 29 披露權益資料 31 其他資料 37 綜合全面收益表 41 綜合財務狀況表 43 綜合權益變動表 45 簡明綜合現金流量表 48 未經審計中期財務報告附註 49 公司資料 | --- | --- | |--------------------------------|--------------------------------| | | | | 董事會 | 提名委員會 | | 執行董事 | 易小迪先生 （主席） | | 易小迪先生 （主席） | 顧雲昌先生 | | 范小冲先生 （副主席） | 王 波先生 | | 非執行董事 | 公司秘書 | | 范曉華女士 | 曾浩賢先生 | | 王功權先生 | 賀 杰先生 | | 獨立非執行董事 | （於二零二一年六月十五日辭任） | | 顧雲昌先生 | 公司網站 | | | | | 黃博愛先生 波先生 | www.ss100.co ...

Sales Performance - The company achieved a total contracted sales amount of RMB 10,529.8 million, with a contracted sales area of 891,247 square meters, successfully meeting the annual sales target of over RMB 10 billion[23]. - The company achieved contract sales of RMB 10,529.8 million for the year ended December 31, representing a growth of 1.9% compared to 2019, with a sales area of 891,247 square meters, an increase of 13.2%[60]. - Residential sales significantly increased, totaling RMB 7,634.8 million, a growth of 46.7% year-over-year, accounting for approximately 53.6% of total contract sales[60]. - Major contributions to contract sales came from projects in the central and western regions, with Xi'an Sunshine 100 Arles, Wenzhou Sunshine 100 Arles, and Wuhan Sunshine 100 Phoenix Street contributing RMB 1,836.4 million, RMB 1,181.2 million, and RMB 984.4 million respectively[60]. - The total contract sales area for the company was 891,247 square meters, with residential properties making up 83% of the total sales[73]. - The total contracted sales amount for residential properties reached 7,634.9 million yuan in 2020, compared to 5,204.1 million yuan in 2019, marking a growth of 46.8%[74]. - The total sales area for residential properties was 354,219 square meters in 2020, down from 544,890 square meters in 2019, with sales revenue of RMB 3,655.3 million[123]. Financial Performance - Revenue for the year was RMB 5,759.7 million, a decrease compared to the previous year, while gross profit decreased by 27.2% to RMB 1,529.7 million, with a slight increase in gross margin to 26.6%[23]. - The company's revenue for 2020 was RMB 5,760 million, a decrease of 30.6% compared to RMB 8,289 million in 2019[49]. - Gross profit for 2020 was RMB 1,530 million, down 27.1% from RMB 2,100 million in 2019[49]. - The pre-tax profit for 2020 was RMB 1,831 million, a decline of 54.5% from RMB 4,018 million in 2019[49]. - Annual profit decreased by 60.1% from RMB 3,215.1 million in 2019 to RMB 1,284.0 million in 2020[140]. - Profit attributable to equity shareholders dropped by 75.7% from RMB 1,804.8 million in 2019 to RMB 438.0 million in 2020[141]. - The group's total revenue decreased by 30.5% from RMB 8,288.6 million in 2019 to RMB 5,759.7 million in 2020, primarily due to a decline in property sales revenue[121]. Inventory and Construction - Inventory reached RMB 19 billion by the end of the year, with over 50% consisting of non-residential products[25]. - The total new construction area in 2020 was 712,468 square meters, a decrease of 45.6% compared to 2019[75]. - The total completed construction area in 2020 was 885,153 square meters, down 12.4% from 2019[75]. - The total area under construction at the end of 2020 was 4,231,513 square meters, a reduction of 7.8% from the previous year[75]. - The total construction area of completed investment properties is approximately 567,617 square meters, which is not included in the current report[105]. Market Strategy and Future Plans - The company adjusted its supply structure to increase the proportion of residential projects, focusing on investments in cities like Wenzhou and Xionglong to prepare for better sales in the following year[27]. - The company plans to focus on developing suburban large-scale projects in cities like Xinglong, Wenzhou, and Guilin, leveraging its scale and pricing power[33]. - The company is actively expanding its market presence with multiple projects in the Yangtze River Delta and Pearl River Delta regions[103]. - The company plans to continue expanding its residential sales development ratio in response to market conditions[60]. - The company is preparing for the release of significant value from its land reserves in Wenzhou and Xionglong, which are expected to mature as market conditions improve[25]. Challenges and Financial Management - The company faced significant challenges in sales due to the pandemic, particularly in non-residential products, but increased promotional efforts in the second half of the year to ensure sales recovery[25]. - The company is facing challenges in financing for non-residential projects due to tightened bank support, necessitating the exploration of new financing channels[34]. - The company engaged in various financing collaborations to navigate the financial pressures of the year[25]. - Financing costs rose by 31.1% from RMB 585.6 million in 2019 to RMB 767.7 million in 2020, mainly due to increased interest expenses from completed projects[137]. Recognition and Awards - The company was recognized in multiple awards, including being ranked 87th in the "Top 100 Real Estate Development Enterprises in China" for 2020[13]. Employee and Operational Metrics - Total employee count as of December 31, 2020, was 3,949, down from 4,090 in 2019, with employee costs amounting to RMB 521.5 million, a decrease from RMB 570.9 million in 2019[157].