Company Overview - As of June 30, 2021, the Group had a total land bank with a gross floor area (GFA) of approximately 65.8 million sq.m. across 494 property projects at various development stages[10]. - The Group operates in 155 cities across 25 provinces and municipalities in five strategic economic areas, including the Yangtze River Delta and the Pearl River Delta[10]. - The Group's headquarters is located in Shanghai, with a national footprint in the People's Republic of China[9]. - The Group has been ranked as a Top 20 Real Estate Developer in China for three consecutive years (2019, 2020, and 2021) by the China Real Estate Association[9]. - The Group aims to enhance its market presence and expand its operations in strategic economic regions[10]. Financial Performance - For the six months ended June 30, 2021, the Group's recognized revenue amounted to RMB 32,905.6 million, representing a year-on-year increase of 38.5%[39]. - The total net profit for the same period was RMB 2,581.4 million, reflecting a year-on-year growth of 16.8%[39]. - The core net profit attributable to the owners was RMB 1,497.4 million, which is a year-on-year increase of 14.5%[39]. - The interim dividend declared was HK$ 18.4 cents per share, amounting to approximately HK$ 659.0 million (approximately RMB 551.6 million) for the six months ended June 30, 2021[38]. - The Group's total revenue for the six months ended June 30, 2021, was RMB 32,905.6 million, representing a year-on-year increase of 38.5%[164]. - Revenue from property sales amounted to RMB 32,633.8 million, with a year-on-year growth of 38.0% and a total recognised Gross Floor Area (GFA) of 3,696,137 sq.m., up approximately 32.8%[173]. - The average selling price (ASP) of properties increased by approximately 3.9% to RMB 8,829 per sq.m. compared to RMB 8,501 per sq.m. in the previous year[171]. - Revenue from other services surged by 149.4% to RMB 265.1 million, compared to RMB 106.3 million in the previous year[164]. - Rental income increased by 16.9% to RMB 6.7 million from RMB 5.7 million in the previous year[164]. Sales and Market Activity - In the first half of 2021, Zhongliang Holdings achieved contracted sales of RMB 95.0 billion, representing a year-on-year increase of 40% and completing 53% of the annual sales target of RMB 180 billion[44]. - The total contracted sales area amounted to approximately 7.5 million sq.m., reflecting a year-on-year increase of 39%[44]. - The average contracted selling price remained stable at approximately RMB 12,600 per sq.m., with a new launch sell-through rate exceeding 70% and cash collection rate over 85%[44]. - The significant growth in contracted sales was attributed to a low base from the previous year due to the COVID-19 pandemic[60]. - The Group's performance was positively impacted by the recovery of the global economy and trade following the pandemic[40]. Land Acquisition and Development - The Group maintained a cautious approach in the land market, keeping annual land investment below 40% of contracted sales, resulting in positive operating cash flow[45]. - During the first half of 2021, the Group acquired 67 new land parcels with a total planned GFA of approximately 7.9 million sq.m., at an average cost of RMB 5,135 per sq.m.[111]. - The Group's land bank strategy focuses on acquiring properties in second-tier and third-tier cities, which accounted for a substantial portion of the new acquisitions[109]. - The total consideration for land acquisitions in various projects amounted to RMB 40,751,924 thousand[132]. - The largest land plot acquired was in Xiamen, with a total consideration of RMB 1,880,000 thousand for 59,900 sq.m.[132]. Corporate Governance and Sustainability - The Group's interim report indicates a commitment to sustainable development and corporate governance practices[12]. - The Group has established an ESG committee to enhance environmental protection, social responsibility, and governance standards, contributing to sustainable development[52]. - In May 2021, the Group successfully issued its first USD 300 million green senior notes, marking a significant step in sustainable green finance[52]. - The Group is committed to improving its operations and financing structure, focusing on enhancing sell-through and cash collection to strengthen cash flow management[60]. Operational Efficiency - The Group's management team includes experienced executives with a focus on strategic growth and operational efficiency[11]. - The Group's cost of sales increased year-on-year by approximately 41.7% to RMB 26,074.7 million for the six months ended 30 June 2021[181]. - The Group's gross profit increased year-on-year by approximately 27.4% to RMB 6,830.9 million for the six months ended 30 June 2021[181]. - The Group's gross profit margin decreased from 22.6% for the six months ended 30 June 2020 to 20.8% for the six months ended 30 June 2021[181]. - Selling and distribution expenses increased year-on-year by approximately 45.8% to RMB 1,377.8 million for the six months ended 30 June 2021[181].

Land Bank and Development - As of December 31, 2020, the Group has a total land bank with a gross floor area of approximately 65.1 million sq.m, with 480 property projects at various development stages[9]. - The Group operates in 153 cities across 23 provinces and municipalities within five strategic economic areas, including the Yangtze River Delta and the Pearl River Delta[9]. - The company increased its proportion of land reserves in second-tier cities by implementing urban upgrades while focusing on the Yangtze River Delta Region[19]. - In 2020, over 90% of the newly acquired land parcels by the Group were located in second- and third-tier cities, with second-tier cities accounting for 47% and third-tier cities for 45%[99]. - The Group's land bank is primarily located in economically vibrant second- and third-tier cities, providing resilience to economic cycles and policy risks[111]. - The Group acquired 117 land parcels during the year, with a total investment of approximately RMB71.2 billion, covering a total GFA of about 15 million square meters[97]. - The total land bank attributable to the Group is 51,840,571 sq.m., representing 100% of the total land bank[179]. - The total completed GFA available for sale/leasable is 7,439,481 sq.m.[179]. - The planned GFA under development amounts to 40,139,906 sq.m.[179]. - The estimated GFA for future development is 4,261,184 sq.m.[179]. Financial Performance - The Group's revenue for 2020 amounted to RMB65,940.6 million, reflecting a year-on-year growth of approximately 16.4% from RMB56,639.6 million in 2019[89]. - The core net profit attributable to owners decreased by approximately 3.8% to RMB3,754.1 million in 2020, down from RMB3,901.4 million in 2019[89]. - The total dividend per share for 2020 was HK48.8 cents, with a payout ratio of approximately 40% of the core net profit attributable to the owners[87]. - The Group's contracted sales for 2020 reached RMB168.8 billion, representing an approximately 11% year-on-year increase from RMB152.5 billion in 2019, exceeding the 2020 sales target[89]. - The average selling price (ASP) for contracted sales in 2020 increased by 21% to approximately RMB12,500 per square meter, indicating a successful strategy shift to second-tier and strong third-tier cities[96]. - The Group's total revenue from property sales reached RMB 65,500.8 million, representing a 16.2% increase from RMB 56,383.7 million in the previous year[191]. - Gross profit for 2020 amounted to RMB 13,182.3 million, reflecting a 5.1% increase from the previous year's gross profit[123]. - Total assets increased by 20.6% to RMB 270,833.3 million in 2020, up from RMB 224,520.0 million in 2019[124]. Market Position and Recognition - Zhongliang was ranked as a Top 20 Real Estate Developer in China by the China Real Estate Association and E-house China R&D Institute in both 2019 and 2020[8]. - Zhongliang Holdings ranked 1,211th in the Forbes Global 2000 list, being the 2nd among newly included enterprises from Mainland China[26]. - Zhongliang Holdings was awarded "Top 30 in Companies Comprehensive Strength" and "Top 5 in Operating Performance" in the 2020 China Real Estate Listed Companies Appraisal[28]. - Zhongliang Holdings was recognized as "Best Hong Kong Stock Connect Company" for its outstanding performance in various fields[19]. - The company was awarded "Outstanding Property Award" for its project "Xi An Zhongliang The One Mansion" in the architectural design category[23]. - Zhongliang Holdings was honored as the "2020 ESG Outstanding Enterprise," showcasing its active contributions to urban development and social responsibility[64]. Strategic Focus and Expansion - Zhongliang aims to continue its nationwide expansion strategies to become a leading comprehensive real estate developer in China[10]. - The Group's strategic focus includes the development of both residential and commercial properties to diversify its portfolio and increase revenue streams[5]. - The company emphasizes enhancing operational and product capabilities in response to market demand and competition[115]. - The Group plans to continue exploring new projects and potential acquisitions to further strengthen its market presence[158]. - The Group's strategy includes focusing on expanding in second and third-tier cities, which collectively accounted for 89.8% of total contracted sales[148]. Social Responsibility and Community Engagement - The company emphasizes its commitment to social responsibility through various charitable activities, including donations to schools and infrastructure improvements in rural areas[44][45]. - Zhongliang Holdings received the title of "Advanced Unit in Hubei's Real Estate Industry for Combating COVID-19" for its outstanding performance during the pandemic[30]. - The Group has committed to corporate social responsibilities, including charity projects that support education and disaster relief efforts[104]. - Zhongliang Holdings was awarded the "Most Socially Responsible" award at the "Gelonghui Greater China Area Best Listed Companies 2020" ceremony, recognizing its contributions to social responsibilities[66]. Product Development and Innovation - The company upgraded its product portfolio to three new series: "Star and Sea, Mansion, and Metropolis" to enhance competitiveness in the residential market[26]. - The Group officially launched its latest generation of residence product, "Zhongliang Product 4.0", in October 2020, completing 113 product feature upgrades to enhance customer experience[101]. - The Group's quality system is based on "three chains + three drivers", linking production, supply, and customer chains to address customer needs during production[101]. Debt and Financing - Zhongliang Holdings successfully issued US$250 million senior notes due in June 2021 with an annual coupon rate of 8.75%[32]. - The company actively expanded its financing channels, obtaining a US$20 million term loan from Hang Seng Bank[21]. - The Group's total interest-bearing indebtedness was approximately RMB54.1 billion, with a net gearing ratio of approximately 65.8% and weighted average financing costs falling to 8.5%[99].

Land Reserves and Acquisitions - As of June 30, 2020, Zhongliang Holdings Group has a total land reserve of approximately 63.1 million square meters[4]. - The company acquired land totaling RMB 39.4 billion, with over 90% of investments in second and third-tier cities, indicating a strategic focus on these markets[28]. - The company acquired 56 new land parcels during the six months ending June 30, 2020, with a planned total construction area of approximately 7.4 million square meters[64]. - The total land reserve of the group as of June 30, 2020, is approximately 50.7 million square meters, with 5.3 million square meters of completed properties available for sale or lease[73]. - The total land reserve includes 45.4 million square meters of properties under construction or for further development[73]. - The average land cost per square meter (excluding parking) for the acquired land ranged from RMB 1,720 to RMB 22,843, with an overall average of RMB 5,567[66]. - The largest land acquisition was in Hangzhou, covering an area of 97,535 square meters with a total cost of RMB 4,901 million, resulting in an average cost of RMB 22,843 per square meter[65]. - The land acquisition strategy indicates a strong focus on expanding the group's footprint in key urban markets across China[66]. Financial Performance - For the six months ended June 30, 2020, the company recorded contract sales of RMB 67.7 billion, a year-on-year increase of 6.3% compared to RMB 63.7 billion in the same period of 2019[24]. - Revenue for the same period was RMB 23,766.6 million, reflecting a 15.6% year-on-year growth from RMB 20,556.6 million in 2019[24]. - Net profit increased by 16.4% to RMB 2,210.2 million, up from RMB 1,898.7 million in the previous year[24]. - The company reported a total contract sales amount of RMB 236,815 thousand in Jiangyou, which is 0.3% of total sales, with an average price of RMB 5,036 per square meter[51]. - The company achieved a contract sales average price of approximately RMB 12,500 per square meter, reflecting an 18% year-on-year increase[27]. - The average contract sales price increased by 18.4% to RMB 12,513 per square meter, up from RMB 10,565 per square meter in the previous year[41]. - Property sales revenue for the six months ended June 30, 2020, was RMB 23,654.6 million, an increase of 15.9% compared to RMB 20,413.5 million in the same period last year[91]. - Gross profit increased by approximately 6.5% to RMB 5,362.1 million from RMB 5,034.5 million year-on-year, while gross margin decreased to 22.6% from 24.5%[100]. Debt and Financing - The average interest cost decreased to 8.9% as of June 30, 2020, benefiting from new financing channels and improved liquidity[29]. - The total debt rose by 31.4% to RMB 52,809.4 million, up from RMB 40,181.2 million in the previous year[42]. - The group's financing costs decreased by approximately 21.7% from RMB 250.9 million for the six months ended June 30, 2019, to RMB 196.5 million for the six months ended June 30, 2020[106]. - The average cost of debt for the group was approximately 8.9% as of June 30, 2020, down from approximately 9.4% as of December 31, 2019[107]. - The total outstanding debt increased from RMB 40,181.2 million as of December 31, 2019, to RMB 52,809.4 million as of June 30, 2020[117]. Shareholder Information - As of June 30, 2020, the company had issued a total of 3,581,791,500 shares, with Mr. Yang holding 2,822,167,839 shares, representing 78.79% of the total[164]. - The company has a share option plan that allows for the issuance of up to 10% of the total shares issued at the time of listing, equating to 353,000,000 shares, which is approximately 9.86% of the total shares as of the report date[154]. - The interim dividend declared on August 24, 2020, is HKD 0.163 per share, equivalent to RMB 0.146, expected to be paid on November 24, 2020[171]. - The major shareholders include Liang Zhong with 2,822,167,839 shares (78.79%) and Liang Yi with 89,121,090 shares (2.49%) as of June 30, 2020[168]. Operational Highlights - The company focuses on developing quality residential properties targeted at first-time homebuyers and those seeking to upgrade their living conditions[4]. - The company employs a high asset turnover development model, standardizing processes in third- and fourth-tier cities[4]. - The company actively participated in social responsibility initiatives, including donations to support COVID-19 relief efforts and educational projects[33]. - The company plans to maintain a stable dividend policy while managing cash flow and improving debt structure[41]. - The company aims to achieve a contract sales target of RMB 168 billion for the year, supported by a sufficient supply of saleable value[41]. Market Presence - The company operates in 149 cities across 23 provinces and municipalities in China, establishing a nationwide business layout[4]. - Zhongliang Holdings aims to continue expanding nationally and aspires to become a leading comprehensive real estate developer in China[5]. - The company launched new product series to enhance brand influence, including the upgraded "Star Sea," "Light of Time," and "Golden Flow" series[33]. - The company has 100 completed property projects held for sale, with a total area of 7,284.0 million square meters[60]. - The company has 504 projects, with 166 in second-tier cities, 261 in third-tier cities, and 77 in fourth-tier cities[80].

Financial Performance - Zhongliang Holdings Group successfully listed on the Hong Kong Stock Exchange on July 16, 2019, raising approximately HKD 2.8 billion, with a market capitalization of around HKD 21 billion[10]. - In the first half of 2019, the company achieved a total contracted sales amount of RMB 63.673 billion, representing a year-on-year growth of 26.8%[16]. - The company reported a revenue of RMB 20.557 billion for the same period, which is a year-on-year increase of 111.2%[16]. - The core net profit attributable to the company's owners reached RMB 1.232 billion, reflecting a year-on-year growth of 88.4%[16]. - The company's revenue for 2019 was RMB 56,639.6 million, representing a year-on-year growth of approximately 87.5% from RMB 30,214.7 million in 2018[58]. - The core net profit attributable to equity holders increased significantly by approximately 102.3% to RMB 39,014 million from RMB 19,287 million in 2018[58]. - The company reported a total revenue of RMB 29,992,092 thousand for the year, with a total confirmed construction area of 2,696,799 square meters[132]. - The net profit attributable to the company's owners increased by approximately 98.5% from RMB 1,931.3 million for the year ended December 31, 2018, to RMB 3,833.7 million for the year ended December 31, 2019[150]. Sales and Market Expansion - In 2018, contract sales in the Yangtze River Delta region accounted for 59.4% of the company's total sales, demonstrating strong sales execution and cash collection capabilities[11]. - The company aims to continue its expansion strategy nationwide, aspiring to become a leading comprehensive real estate developer in China[6]. - The company set a contract sales target of RMB 168 billion for 2020, representing an increase of approximately 10% compared to 2019[67]. - The company entered 20 new cities in 2019, expanding its national land reserves and enhancing its urban capabilities[60]. - The Yangtze River Delta region accounted for 59.0% of total contract sales, amounting to RMB 89.99 billion, with an average selling price of RMB 13,527 per square meter[83]. - The company is focusing on strategic acquisitions to bolster its market position and increase overall sales volume[80]. - The total contract sales amount for the year reached RMB 152.51 billion, with a total construction area of 14.85 million square meters and an average selling price of RMB 10,270 per square meter[83]. Land Acquisition and Development - As of December 31, 2019, the group had a total land bank of approximately 5.7 million square meters across 458 real estate projects at various development stages[5]. - The company invested RMB 76.4 billion in land acquisition in 2019, acquiring 139 plots, with over 50% of the investment focused on second-tier cities[60]. - The total land reserve of the group as of December 31, 2019, was 45.7 million square meters, with 2.8 million square meters completed and available for sale or lease[113]. - The company acquired 139 land parcels during the year, with a total planned construction area of 16.6 million square meters and an average land cost of RMB 4,607 per square meter[90]. - The average land cost for the projects listed ranges from 1,100 RMB/square meter to 20,016 RMB/square meter, indicating significant variability in land acquisition costs across different regions[111][113]. Financial Health and Liquidity - As of the end of 2018, the company's cash balance was RMB 23.1 billion, which was 1.6 times its short-term debt, indicating strong liquidity[11]. - The company's net asset liability ratio improved to 43.5%[16]. - The company's total outstanding debt increased from RMB 27,004.9 million as of December 31, 2018, to RMB 40,181.2 million as of December 31, 2019[154]. - The group's net current assets as of December 31, 2019, were RMB 26,112.3 million, an increase of approximately 118.5% from RMB 11,945.2 million as of December 31, 2018[152]. - Cash and cash equivalents, including pledged deposits and restricted cash, increased by approximately 14.8% from RMB 23,080.4 million as of December 31, 2018, to RMB 26,495.3 million as of December 31, 2019[153]. Corporate Governance and Management - The board consists of five executive directors and three independent non-executive directors, ensuring compliance with listing rules regarding independence[197]. - The company has adhered to the corporate governance code since its listing, maintaining high standards to protect shareholder interests[196]. - The independent non-executive directors represent over one-third of the board, fulfilling the requirement for independence under listing rules[198]. - The company has purchased liability insurance for directors and senior management to provide appropriate protection against legal liabilities incurred during the performance of their duties[200]. - The company emphasizes the importance of corporate governance as outlined in the corporate governance code in the listing rules[40]. Social Responsibility and Community Engagement - The company plans to continue its corporate social responsibility initiatives, including the "Book Love" project to establish reading rooms in underprivileged areas[63]. - Zhongliang Holdings is committed to creating greater value for society and its investors through leveraging capital market strengths[10]. Impact of COVID-19 - The COVID-19 pandemic has impacted the group's business and economic activities, potentially affecting contract sales, rental income, and project construction progress in 2020[177]. - The overall financial impact of COVID-19 on the group's confirmed sales revenue for 2020 cannot be reliably estimated at this time[177].

Financial Performance - For the six months ended June 30, 2019, the group achieved contract sales amounting to RMB 63,673.0 million, representing a growth of 26.8% compared to RMB 50,233.0 million in the same period of 2018[18]. - The recognized revenue for the period was RMB 20,556.6 million, an increase of 111.2% year-on-year[18]. - The net profit attributable to the owners of the company rose by 81.8% to RMB 1,204.1 million, up from RMB 662.5 million in the same period last year[18]. - The core net profit attributable to the owners increased by 88.4% to RMB 1,232.2 million, compared to RMB 654.2 million in the previous year[18]. - The gross profit margin for the period decreased by 2.8 percentage points to 24.5%[18]. - The total revenue for the first half of 2019 was RMB 20.56 billion, a significant increase of 111.2% from RMB 9.73 billion in the first half of 2018[39]. - The gross profit for the first half of 2019 reached RMB 5.03 billion, up 89.2% from RMB 2.66 billion in the previous year[39]. - The company's net profit attributable to shareholders for the first half of 2019 was RMB 1.20 billion, an increase of 81.8% compared to RMB 662.46 million in the same period of 2018[39]. - The group's profit before tax increased by approximately 97.1% from RMB 1,620.0 million for the six months ended June 30, 2018, to RMB 3,193.3 million for the six months ended June 30, 2019[108]. - The net profit attributable to the company's owners increased by approximately 81.8% from RMB 662.5 million for the six months ended June 30, 2018, to RMB 1,204.1 million for the six months ended June 30, 2019[110]. Land Acquisition and Development - As of June 30, 2019, the group had a land bank of approximately 42.0 million square meters, with 36.9 million square meters allocated for projects developed by its subsidiaries[7]. - The company acquired 70 new land parcels with a total planned construction area of approximately 8.1 million square meters during the six months ended June 30, 2019[63]. - The average cost of acquired land parcels (excluding parking spaces) was approximately RMB 3,934 per square meter[63]. - The total land cost for the acquired parcels amounted to RMB 1,800,000,000, with specific costs for individual projects detailed in the report[63]. - The company has a diverse portfolio of land acquisitions across various cities, including Weifang, Jinhua, Mianyang, Quanzhou, and Nanning, among others[63]. - The company’s land acquisition strategy reflects a commitment to expanding its market presence in key urban areas[63]. - The total land reserve attributable to the group as of June 30, 2019, is approximately 42.0 million square meters, with about 1.5 million square meters of completed properties available for sale or lease and approximately 40.5 million square meters under construction[68]. - The group has developed a total of 3,814,277 square meters of land, with a total value of approximately RMB 32.00 billion[68]. - The company has a diverse portfolio of land reserves across various geographic locations, enhancing its market presence and expansion capabilities[70]. Market Strategy and Expansion - The group is committed to expanding its operations nationwide and aims to become a leading comprehensive real estate developer in China[8]. - The company adopted a high turnover development model, focusing on standardization in the development of real estate projects in lower-tier cities[6]. - The company is focused on expanding its market presence and enhancing its product offerings through strategic initiatives[46]. - The management discussion highlighted the importance of contract sales as a key performance indicator, although it should not be viewed as a direct indicator of future revenue recognition[46]. - The company is actively monitoring market trends to adapt its strategies for future growth and expansion[46]. - The company aims to leverage its land reserves to maximize shareholder value through effective project execution and market positioning[70]. Financial Position and Risk Management - The total assets of the company as of June 30, 2019, amounted to RMB 197.69 billion, reflecting a 17.6% increase from RMB 168.07 billion at the end of 2018[39]. - The company’s total equity increased by 39.0% to RMB 9.39 billion as of June 30, 2019, compared to RMB 6.75 billion at the end of 2018[39]. - The net debt-to-equity ratio improved from 58.1% at the end of 2018 to 43.5% as of June 30, 2019, indicating a stronger financial position[39]. - The group has maintained a conservative approach to financial risk management, with no use of derivatives or other instruments for hedging purposes during the reporting period[124]. - The group's liquidity and flexibility are monitored closely through the use of interest-bearing bank and other borrowings[130]. Shareholder Information - The company issued 530,000,000 new ordinary shares at a price of HKD 5.55 per share, resulting in a total cash consideration of HKD 2,941.5 million before deducting underwriting fees, commissions, and related expenses[149]. - Mr. Yang directly owns 2,822,167,839 shares, representing 78.79% of the company[2]. - The total beneficial ownership of major shareholders and related parties amounts to 2,911,288,929 shares, which is 81.28% of the company[4]. - The company has not granted, agreed to grant, exercised, or canceled any options under the share option plan as of the date of this interim report[167]. - The company maintains compliance with the Securities and Futures Ordinance regarding the registration of shareholdings[4].