Financial Performance - The group's revenue for the six months ended June 30, 2020, was approximately RMB 951 million, a decrease of about 8.5% compared to the same period last year[8]. - The group's gross profit reached approximately RMB 403 million, an increase of about 88.8% year-on-year[8]. - The loss attributable to shareholders was approximately RMB 716 million, which is about ten times higher than the loss of RMB 65 million in the same period last year[11]. - The basic loss per share was approximately RMB 0.04, compared to RMB 0.003 in the first half of 2019[12]. - The group recorded property sales of approximately RMB 637 million, a decrease of about 12.8% compared to the same period last year[16]. - The group recorded property sales revenue of approximately RMB 63.7 million, a decrease of about RMB 9.4 million or 12.8% compared to the same period last year[23]. - The group reported a loss attributable to shareholders of approximately RMB 71.6 million, an increase of about 10 times compared to a loss of RMB 6.5 million in the same period last year[23]. - The company reported a net loss of RMB 78,991,000 for the period, compared to a loss of RMB 16,963,000 in the same period last year, reflecting a substantial increase in losses[107]. - Basic loss per share for the period was RMB (0.038), compared to RMB (0.003) in the previous year, indicating a worsening financial performance[105]. - Revenue for the six months ended June 30, 2020, was RMB 95,132,000, a decrease of 8% compared to RMB 103,936,000 for the same period in 2019[105]. Assets and Liabilities - As of June 30, 2020, the total assets of the group were approximately RMB 6,792.6 million, while total liabilities were approximately RMB 4,891.7 million[12]. - Total assets as of June 30, 2020, were approximately RMB 6,792.6 million, compared to RMB 6,743.5 million as of December 31, 2019[25]. - Total liabilities as of June 30, 2020, were approximately RMB 4,891.7 million, compared to RMB 4,763.5 million as of December 31, 2019[25]. - The total current liabilities amounted to approximately RMB 4,345.6 million, an increase of about RMB 111.6 million from RMB 4,234.0 million as of December 31, 2019, representing about 88.8% of total liabilities[52]. - The net current liabilities of the group were approximately RMB 969.4 million as of June 30, 2020, an increase of about RMB 56.8 million from RMB 912.6 million as of December 31, 2019[52]. - The total equity as of June 30, 2020, was RMB 1,900,963,000, down from RMB 1,979,954,000 at the end of 2019, reflecting a decline in shareholder value[110]. Market Conditions - The real estate market in key cities showed signs of recovery in the second quarter, but overall sales remained weak due to the impact of COVID-19[13]. - The real estate market in first-tier cities is expected to gradually recover in the second half of the year, while second-tier cities show resilience in market demand[19]. Dividends and Shareholder Information - The group does not recommend the payment of an interim dividend for the period ended June 30, 2020[8]. - The company did not declare any interim dividend for the six months ended June 30, 2020, maintaining a conservative approach amid financial losses[103]. - The major shareholder, Xinxing Company Limited, holds approximately 63.92% of the company's shares, totaling 1,200,900,000 shares[84]. - Central Huijin Investment Ltd. holds a guarantee interest in 940,000,000 shares, representing approximately 50.04% of the company's shares[84]. - Evermore Steel Industrial (Hong Kong) Limited is a beneficial owner of 134,400,000 shares, accounting for approximately 7.15% of the company's shares[84]. Operational Developments - The company plans to accelerate inventory reduction as a primary goal and adjust its existing children's themed real estate to include elements related to home building materials[19]. - The company aims to expedite the development progress of residential properties in Chongqing and Shandong, targeting to obtain pre-sale permits by the end of 2020[125]. - Measures have been implemented to expedite the development of residential properties in Chongqing and Shandong, with a target to obtain pre-sale permits by the end of 2020[70]. - The company has accelerated the pre-sale and sale of completed commercial properties, including remaining units and available parking spaces[125]. Financial Management and Governance - The audit committee has reviewed the interim results and confirmed compliance with applicable accounting standards, laws, and regulations[95]. - The company has adhered to the corporate governance code and has not identified any non-compliance during the reporting period, except for the combined roles of the chairman and CEO[90]. - The remuneration committee is responsible for reviewing and determining the remuneration structure for directors and senior management[98]. - The company has not made any significant changes to its employee benefits structure during the reporting period[98]. Cash Flow and Financing - The company’s cash and cash equivalents decreased significantly to RMB 8,754,000 from RMB 182,225,000, indicating liquidity challenges[109]. - The company is actively negotiating with multiple banks to renew and extend bank loans and credit facilities[125]. - The company is exploring debt restructuring options and potential issuance of corporate bonds to improve cash flow[125]. - The company reported a net cash flow from operating activities of negative RMB 9,618,000, significantly down from a positive RMB 508,821,000 in the prior year[116]. - Financing activities resulted in a net cash outflow of RMB 164,934,000, compared to RMB 333,529,000 in the previous year[117]. Employee and Management Changes - The total number of employees decreased to 108 as of June 30, 2020, from 146 a year earlier, primarily due to project completions and departmental consolidations[76]. - Total remuneration paid to key management personnel was RMB 665,000 for the six months ended June 30, 2020, down from RMB 1,402,000 in 2019, representing a decrease of 52.5%[173]. - The total short-term employee benefits decreased from RMB 1,243,000 in 2019 to RMB 622,000 in 2020, a decline of 50%[173]. Other Information - The group has not experienced any significant events after June 30, 2020[78]. - The company has not made any significant new product or technology developments or market expansions during this reporting period[119]. - The company has not made any significant acquisitions or disposals of subsidiaries or joint ventures during the reporting period[69]. - The company has not recognized any significant losses related to the guarantees provided for mortgage financing as of June 30, 2020[176]. - The company did not engage in any significant investment activities, with net cash flow from investing activities reported at RMB 62,000[117].

Financial Performance - The group's revenue for the six months ended June 30, 2020, was approximately RMB 951 million, a decrease of about 8.5% compared to the same period last year[8]. - The group's gross profit reached approximately RMB 403 million, an increase of about 88.8% year-on-year[8]. - The loss attributable to shareholders was approximately RMB 716 million, which is about ten times higher than the loss of RMB 65 million in the same period last year[11]. - The basic loss per share was approximately RMB 0.04, compared to a loss of RMB 0.003 per share in the first half of 2019[12]. - The group recorded property sales of approximately RMB 637 million, a decrease of about 12.8% compared to the same period last year[16]. - The group reported a loss attributable to shareholders of approximately RMB 71.6 million, an increase of about tenfold compared to a loss of RMB 6.5 million in the same period last year[23]. - Revenue for the six months ended June 30, 2020, was RMB 95,132,000, a decrease of 8% compared to RMB 103,936,000 for the same period in 2019[105]. - The company reported a net loss of RMB 78,991,000 for the period, compared to a loss of RMB 16,963,000 in the same period last year, reflecting a year-over-year increase in losses of 365%[107]. - The company experienced a decrease in cash and cash equivalents, ending the period with RMB 8,754,000, down from RMB 210,938,000 at the end of June 2019[117]. Assets and Liabilities - As of June 30, 2020, the total asset value of the group was approximately RMB 6,792.6 million, with total liabilities of approximately RMB 4,891.7 million[12]. - Total assets as of June 30, 2020, were approximately RMB 6,792.6 million, compared to RMB 6,743.5 million as of December 31, 2019[25]. - Total liabilities were approximately RMB 4,891.7 million, compared to RMB 4,763.5 million as of December 31, 2019[25]. - The current ratio remained stable at 0.78:1 as of June 30, 2020, unchanged from December 31, 2019[53]. - The debt-to-equity ratio increased to 53.1% as of June 30, 2020, compared to 50.0% as of December 31, 2019[55]. - The total borrowings amounted to approximately RMB 1,885.5 million as of June 30, 2020, a slight decrease of about RMB 4.8 million from RMB 1,890.3 million as of December 31, 2019[61]. - Trade receivables, prepayments, deposits, and other receivables totaled approximately RMB 339.8 million, an increase of about RMB 126.5 million compared to RMB 213.3 million as of December 31, 2019[49]. - The company's outstanding borrowings as of June 30, 2020, were RMB 1,115,497,000, with overdue interest of RMB 102,631,000, indicating significant liquidity concerns[122]. Market Conditions - The real estate market in key cities showed signs of recovery in the second quarter, but overall sales remained weak due to the impact of COVID-19[13]. - The market demand in first-tier cities is expected to gradually recover in the second half of the year, while second-tier cities show resilience in market demand[19]. Dividends and Shareholder Information - The group does not recommend the payment of an interim dividend for the period ended June 30, 2020[8]. - Major shareholder Xinxing Company Limited holds approximately 63.92% of the company's shares, totaling 1,200,900,000 shares[84]. - The company did not declare any interim dividend for the six months ended June 30, 2020[103]. Operational Strategies - The company aims to accelerate inventory reduction and adjust its real estate offerings to meet consumer needs, focusing on integrated living and home-related elements[19]. - The group aims to accelerate the sales of completed commercial properties, including remaining units and available parking spaces[70]. - Measures have been implemented to expedite the development of residential properties in Chongqing and Shandong, with a goal to obtain pre-sale permits by the end of 2020[70]. - The company is exploring debt restructuring options and potential issuance of corporate bonds to improve cash flow and operational funding[125]. Cost Management - Distribution and administrative expenses decreased to approximately RMB 37.0 million, down about RMB 16.0 million or 30.2% year-on-year, due to reduced advertising and sales commission expenses[34]. - The company is implementing measures to control administrative costs, including workforce adjustments and reducing capital expenditures[125]. - The total number of employees decreased to 108 as of June 30, 2020, from 146 a year earlier, primarily due to project completions and departmental consolidations[76]. Corporate Governance - The board consists of eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors[91]. - The audit committee has reviewed the interim results and confirmed compliance with applicable accounting standards, laws, and regulations[95]. - The company has adhered to the corporate governance code and has not identified any non-compliance during the reporting period, except for the combined roles of the chairman and CEO[90]. Financial Reporting - The audit committee is composed of three independent non-executive directors, ensuring appropriate professional and accounting qualifications[95]. - The board approved and authorized the publication of the unaudited interim financial information on August 31, 2020[185]. - The interim financial report for 2020 was released by New Ming China Holdings Limited[186].