Financial Performance - In 2022, the company's annual revenue was approximately RMB2,357.6 million, with a net loss of approximately RMB3,317.0 million[18]. - Revenue for the year ended December 31, 2022, was RMB 2,358 million, a decrease of 56.4% from RMB 5,399 million in 2021[29]. - Gross profit for 2022 was RMB 456 million, down 39.7% from RMB 755 million in 2021[29]. - The company reported a profit before taxation of RMB (3,286) million, compared to RMB (3,794) million in 2021, indicating a slight improvement[29]. - The Group's revenue decreased by 56.3% to RMB2,357.6 million in 2022 from RMB5,399.2 million in 2021[90]. - Revenue from property sales fell by 63.4% to RMB1,682.5 million in 2022 from RMB4,597.2 million in 2021, primarily due to a decrease in delivery areas[92]. - Gross profit decreased by 39.6% to RMB455.9 million in 2022 from RMB755.1 million in 2021, while the gross profit margin increased by 5.3 percentage points to 19.3%[98]. - Rental income for the reporting period was RMB 162.3 million, representing a decrease of 15.9% compared to 2021[77]. - The Group's loss for the year decreased by 11.1% to RMB3,317.0 million in 2022 from RMB3,730.0 million in 2021[119]. - The loss attributable to equity shareholders decreased by 13.9% to RMB3,163.6 million in 2022 from RMB3,672.7 million in 2021[120]. Operational Challenges - The year 2022 was marked as the most difficult and uncertain year for Sunshine 100, following a cash flow crisis due to debt defaults in 2021[16]. - The company faced unprecedented challenges including project suspensions, debt disputes, and employee turnover, but management actively sought solutions to stabilize operations[16]. - The company noted that the fundamentals of real estate developers had not significantly improved, indicating ongoing challenges in the industry[12]. - The company expects losses to continue in the next one or two years but hopes to narrow the loss gradually[19]. - The company remains optimistic about future development despite current challenges[24]. Market Conditions - The real estate market in China showed signs of stabilization, although sales continued to decline and the land market remained cautious[12]. - Consumption improved significantly after the end of epidemic control, leading to a partial rebound in commercial real estate, particularly in the leasing sector[12]. - The macroeconomic recovery and restoration of public purchasing confidence are crucial for the industry's future[12]. - The company emphasized the need for greater support from banks and credit policies for a real improvement in the real estate industry[12]. Sales and Contracted Areas - Contracted sales for the year fell significantly, completing approximately RMB1,205 million, with 106,454 square meters of contracted sales areas[18]. - Contracted sales during the reporting period amounted to RMB 1,205 million, representing a decrease of 62.6% from 2021[40]. - The total contracted sales area was 106,454 square metres, a decrease of 63.9% from 294,872 square metres in 2021[48]. - The unit selling price for residential properties decreased to RMB 8,269 per square metre in 2022, compared to RMB 13,318 per square metre in 2021, reflecting a decline of 37.7%[48]. - Significant contributions to contracted sales came from Jinan Sunshine 100 International New Town and Liuzhou Sunshine 100 Xinye Town, with sales of RMB 219.5 million and RMB 238.5 million, respectively[40]. Project Development and Management - The company is focused on paving the way for recovery and development after a year of dedicated efforts[16]. - The company plans to revitalize existing projects and inventory to gradually reduce interest-bearing debt[22]. - The company aims to stabilize relationships with external creditors and local governments to obtain preferential policies[22]. - The company is focused on operational management to maintain project value and brand image[28]. - The company holds nearly 700,000 square meters of commercial properties, aiming to enhance operations and increase rental income[28]. Financial Position and Liabilities - Total assets as of December 31, 2022, were RMB 52,383 million, a decrease from RMB 56,356 million in 2021[29]. - Total liabilities as of December 31, 2022, were RMB 48,397 million, slightly down from RMB 49,021 million in 2021[29]. - Net assets decreased to RMB 3,986 million in 2022 from RMB 7,335 million in 2021[29]. - The Group's current ratio decreased to 87.1% from 111.7% as of December 31, 2021, with current assets decreasing to RMB37,638.2 million[128]. - The gearing ratio increased to 51.2% from 47.5% as of December 31, 2021, while the net gearing ratio increased by approximately 306.5 percentage points to 649.5%[129]. Employee and Management - The Group's total staff costs for the reporting period were RMB403.9 million, down from RMB500.7 million in 2021, reflecting a reduction in employee numbers from 3,229 to 2,216[175]. - The Group made contributions of approximately RMB29.3 million to the employee retirement scheme during the reporting period, compared to RMB33.2 million in 2021[177]. - As of December 31, 2022, the group employed 2,216 employees, a decrease from 3,229 employees as of December 31, 2021[179]. - The Group has adopted a performance-based incentive system to motivate its staff, which includes year-end bonuses for outstanding performance[175]. Legal and Regulatory Matters - A winding up reorganization petition was filed against Wenzhou Shihe Eco-city Development Co., Ltd., a wholly-owned subsidiary, which was later approved by the Wenzhou People's Court[191]. - The reorganization plan for Wenzhou Shihe was endorsed by the court on February 24, 2023, terminating the winding up process[192]. - Legal action was initiated against the company regarding a failure to pay the repurchase price under a Notes Purchase Agreement dated September 27, 2021[194].

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 ...

Sales Performance - The company achieved contract sales of approximately RMB 2.11 billion, with a contract sales area of 195,291 square meters, representing a decline compared to the same period in 2020[11] - The group achieved contract sales of RMB 2,109.0 million, a decrease of 12.4% compared to the same period in 2020[22] - The total contract sales area was 195,291 square meters, down 6.7% year-on-year, with an average contract sales price of RMB 10,343 per square meter[22] - Approximately 56.9% of contract sales came from the central and western regions, with significant contributions from Chongqing and Wuhan, amounting to RMB 300.3 million and RMB 275.8 million respectively[22] - Residential properties accounted for 78% of total contract sales, while commercial properties and garages made up 22%[39] - The contract sales amount for residential properties was RMB 1,551.7 million, down from RMB 1,826.0 million in the previous year[39] - The average sales price for residential properties was RMB 10,241 per square meter, compared to RMB 10,413 per square meter in 2020[39] - The group reported a total contract sales area of 151,523 square meters for residential properties, down from 175,356 square meters in the previous year[39] - The group plans to focus on expanding its market presence in the central and western regions to drive future growth[22] Inventory and Land Reserves - The company has approximately RMB 110 billion worth of inventory and is actively working on inventory reduction while upgrading product positioning[15] - The company’s land reserve totals approximately 9.73 million square meters, focusing on key cities in the Bohai Rim, Yangtze River Delta, and Pearl River Delta regions[16] - The total area of land reserves at the end of the reporting period was 9,730,654 square meters, with 58% in the central and western regions[76] Project Development and Construction - The total new construction area for the group during the reporting period was 202,511 square meters, and the total completed construction area was 172,042 square meters, representing a decrease of 69.6% and 70.4% respectively compared to the same period in 2020[42] - The total area under construction at the end of the period was 3,955,290 square meters, with significant contributions from various cities including Jinan (99,160 sqm) and Shenyang (89,603 sqm)[43] - The group has ongoing projects with a total planned construction area of 571,015 square meters, with 860,954 square meters currently under construction[50] - The group anticipates completion of several projects in 2022 and 2023, including the Tianjin Sunshine 100 project with a construction area of 38,597 square meters[50] - The company has completed projects with a total area of 420,421 square meters and has ongoing projects covering 1,062,481 square meters[60] Financial Performance - The company's revenue decreased by 5.6% to RMB 3,395.3 million from RMB 3,598.4 million in the same period last year, primarily due to a decline in property sales revenue[83] - Property sales revenue fell by 9.2% to RMB 3,036.4 million from RMB 3,343.1 million, attributed to a decrease in delivered property area and unit price[84] - The gross profit dropped by 47.2% to RMB 622.2 million from RMB 1,179.1 million, with the gross profit margin declining to 18.3% from 32.8%[93] - The investment property valuation gain was RMB 16.0 million, a significant recovery from a loss of RMB 101.3 million in the same period last year[94] - The group reported a loss of RMB 277.7 million, compared to a profit of RMB 259.9 million in the same period last year[102] Financing and Debt - The group has capital commitments of RMB 7,355.9 million for development properties and construction projects as of June 30, 2021, down from RMB 8,385.0 million[111] - The group issued USD 219.6 million of 13% senior green notes due in 2022, with proceeds intended for refinancing existing debt[129] - The company anticipates difficulty in repaying USD 50.92 million in principal and USD 1.48 million in interest for the 2016 convertible bonds by the maturity date, resulting in a default event[139] - The default event will trigger cross-default clauses on other debt instruments, including USD 219.6 million in 13.0% senior green notes due in 2022 and USD 170 million in 10.50% senior notes due in 2021[140] Corporate Governance - The company has complied with the corporate governance code, except for the deviation regarding the roles of the chairman and CEO being held by the same individual[143] - The company aims to maintain high standards of corporate governance to protect shareholder interests and enhance corporate value[143] - The company established a Compensation Committee, which includes executive director Fan Xiaochong and two independent non-executive directors, Gu Yunchang and Wang Bo, with Wang Bo serving as the chairman[148] - The Compensation Committee's responsibilities include reviewing and approving management compensation based on corporate policies and objectives, ensuring fairness and reasonableness in compensation arrangements[148] Employee and Operational Changes - As of June 30, 2021, the group employed 3,614 employees, a decrease from 4,005 employees in the same period of 2020[128] - The employee costs for the reporting period amounted to RMB 201.1 million, compared to RMB 205.0 million in the same period of 2020[128] - The company has established a performance-linked reward system to incentivize employees, alongside various training programs[128] Market Strategy and Future Outlook - The company is seeking strategic partnerships to ensure sustainable and effective development amidst tightening financing channels[17] - The company is committed to transforming its main product lines to capture future market opportunities despite uncertainties in the real estate market[17] - New product developments and technology advancements are expected to enhance the group's competitive edge in the market[22] - The company is exploring market expansion opportunities and new strategies to enhance its competitive position in the real estate sector[50]

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].

Financial Performance - For the first half of 2020, the company achieved contract sales of RMB 2,408.3 million, a decrease of 36.4% year-on-year, with a sales area of 209,304 square meters, down 33.0% compared to the same period in 2019[11]. - Revenue remained stable at RMB 3,598.4 million, while gross profit increased by 45.4% to RMB 1,179.1 million, resulting in a gross margin rise of 10.2 percentage points to 32.8%[11]. - Core profit after tax increased to RMB 397.9 million despite a decline in overall profit to RMB 259.9 million due to the impact of the COVID-19 pandemic[11]. - The group’s profit decreased by 67.2% from RMB 793.1 million in the same period of 2019 to RMB 259.9 million[175]. - The loss attributable to equity shareholders was RMB 6.7 million, compared to a profit of RMB 329.8 million in the same period of 2019[176]. - Property sales revenue increased by 1.4% to RMB 3,343.1 million, up from RMB 3,296.2 million in the same period last year, primarily due to an increase in average property delivery prices[160]. - Rental income from investment properties decreased by 22.6% to RMB 55.1 million, down from RMB 71.2 million in the previous year, mainly due to rental reduction policies during the pandemic[163]. Strategic Adjustments - The company adjusted its development strategy by increasing the proportion of residential projects to counteract the sales decline in non-residential properties caused by the pandemic[12]. - The company aims to exceed RMB 10 billion in sales for the full year by accelerating the development of existing residential projects and launching the Himalaya apartments[18]. - The company plans to significantly increase revenue related to first-tier land market development in the second half of the year[18]. - The company is preparing for cultural tourism and commercial street projects to seize potential market opportunities next year[18]. - The company aims to enhance operational capabilities to improve product competitiveness and create strategic opportunities for collaboration with state-owned enterprises and local governments[16]. Land and Property Development - The company holds a leading land reserve with a total construction area of approximately 11.93 million square meters, with significant appreciation in land value in Wenzhou of nearly 30%[15]. - The group’s land reserve at the end of the reporting period totaled 2,737,904 square meters, representing 23% of the total land area[153]. - The total construction area commenced during the period was 666,664 square meters, an increase of 30.3% compared to the same period in 2019, while the total completed area was 581,398 square meters, up 26.7%[43]. - The total area of properties under development is 1,580,211 square meters, with a total area of 4,489,629 square meters planned for completion[144]. - The total area for the Wenzhou Sunshine 100 project is 393,731 square meters, with a completion progress of 51%[112]. Market Presence and Sales - The company plans to continue expanding its market presence, particularly in the Bohai Rim and Yangtze River Delta regions, with significant ongoing projects[51]. - The company reported that approximately 41.1% and 33.4% of contract sales came from the Midwest and Yangtze River Delta regions, respectively[19]. - Significant contributions to contract sales came from Wuxi Sunshine 100 Arles and Wenzhou Sunshine 100 Arles, with sales amounts of RMB 415.8 million and RMB 343.6 million, accounting for 17.3% and 14.3% of total contract sales[19]. - The proportion of residential properties in total contract sales increased to 84% from 68% in 2019, while commercial properties dropped to 16% from 32%[42]. Operational Efficiency - Selling expenses decreased by 28.6% to RMB 159.4 million, attributed to enhanced cost control measures[170]. - Administrative expenses fell by 21.0% to RMB 207.4 million, also due to cost control initiatives[171]. - The group incurred a valuation loss of RMB 101.3 million on investment properties, compared to a valuation gain of RMB 341.9 million in the previous year, due to adverse impacts from the global pandemic[167]. - The group has implemented a performance-based reward system to incentivize employees, alongside various training programs[199]. Employee and Corporate Governance - As of June 30, 2020, the group employed 4,005 employees, a decrease from 4,446 employees in the same period of 2019, with employee costs amounting to RMB 205 million[199]. - The group has received shareholder approval for the sale of a 70% stake in Chongqing Sunshine 100 Real Estate Development Co., Ltd. for approximately RMB 1.334 billion[200]. - The group has not planned any significant investments or acquisitions authorized by the board as of the mid-report date[198].