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，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Ronshine China Holdings Limited 融 信 中 國 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：3301） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 年 度 業 績 公 告 及 建 議 採 納 經 修 訂 及 重 列 組 織 章 程 大 綱 及 細 則 二零二二年財務摘要 (cid:129) 合約銷售額約達人民幣57,872.96百萬元，較去年減少約62.79%。 (cid:129) 收益約達人民幣30,059.30百萬元，較去年減少約9.69%。 (cid:129) 毛虧約達人民幣6,119.57百萬元，較去年的毛利轉盈為虧，去年為毛利約 人民幣3,628.24百萬元。 (cid:129) 年內虧損約達人民幣12,439.95百萬元，較去年的年內溢利轉盈為虧，去 年為溢利約人民幣1,726.73百萬元。 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 14,251,647, a decrease of 34.44% compared to RMB 21,739,463 in the same period of 2021[10]. - Gross profit dropped to RMB 203,106, reflecting a significant decline of 90.66% from RMB 2,175,405 year-on-year[10]. - The net loss for the period was RMB 4,570,465, a drastic increase of 539.30% compared to a profit of RMB 1,040,403 in the previous year[10]. - The pre-tax loss for the period was RMB (4,210,928), a decline of 358.54% from a profit of RMB 1,628,757 in the same period last year[10]. - The company reported a total comprehensive loss of RMB 4,429,232 thousand for the period[160]. - The company incurred a net loss of RMB 4,570,465 thousand for the six months ended June 30, 2022, compared to a profit of RMB 1,040,403 thousand in the same period of 2021, highlighting a substantial deterioration in financial performance[150]. - The financing costs increased dramatically to RMB 1,233,188 thousand in 2022 from RMB 98,487 thousand in 2021, indicating rising debt servicing challenges[146]. - The company reported a significant reduction in borrowings, with proceeds from borrowings at RMB 4,419,432,000 in the first half of 2022, down from RMB 17,824,813,000 in 2021[173]. Assets and Liabilities - The total assets as of June 30, 2022, amounted to RMB 218,641,824, down 10.92% from RMB 245,439,839 at the end of 2021[12]. - Total liabilities decreased to RMB 176,950,811, an 8.39% reduction from RMB 193,158,889[12]. - The company’s equity attributable to owners decreased by 24.83% to RMB 13,760,271 from RMB 18,304,598[12]. - The total liabilities increased from RMB 193,158,889 thousand to RMB 176,950,811 thousand, a decrease of about 8.4%[156]. - The company’s total equity decreased from RMB 52,280,950 thousand to RMB 41,691,013 thousand, a decline of about 20.2%[156]. - The company’s net current asset value was RMB 47,563 million as of June 30, 2022, with short-term borrowings amounting to RMB 15,004 million, raising concerns about liquidity[143]. - The company’s interest-bearing debt balance was RMB 45.2 billion, with a net debt ratio of 70% as of June 30, 2022[33]. Project Development and Sales - As of June 30, 2022, the group had a total of 242 property development projects under its subsidiaries, joint ventures, and associates[15]. - The company is actively managing its project timelines, with several projects expected to complete in 2023 and 2024, ensuring a steady flow of new properties to the market[19]. - The company reported a total of 37 projects with varying completion percentages, with the highest being 100% for the Shanghai Bayna Impression project[26]. - The company completed over 15,000 property deliveries in the first half of the year, enhancing user experience through streamlined processes[34]. - In the first half of 2022, the company's contracted sales amounted to RMB 38.7 billion, representing a 53% year-on-year decline[32]. - Property sales revenue amounted to RMB 13,102.80 million, down 37.18% from RMB 20,858.48 million in the previous year, with a total delivered area of 908,040 square meters, a decrease of 43.02%[75][77]. Market Conditions and Strategy - The GDP growth in China for the first half of 2022 was 2.5%, indicating a stable recovery despite economic pressures from the pandemic[31]. - From January to June 2022, the total sales of commercial housing in China were RMB 660.72 billion, a year-on-year decrease of 28.9%[31]. - The company aims to strengthen its presence in the Yangtze River Delta region while focusing on product and service quality to navigate market challenges[35]. - The company is actively pursuing new strategies for market expansion, as evidenced by the diverse locations of its projects across major cities[26]. - The company is focusing on expanding its construction services and rental income streams to mitigate the decline in property sales revenue[75]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions, except for the deviation regarding the separation of the roles of Chairman and CEO[31]. - The board believes that having the same individual serve as both Chairman and CEO enhances responsiveness and efficiency in business strategy formulation and implementation[31]. - The company has implemented measures to ensure compliance with listing rules and improve internal control procedures following a misunderstanding regarding the pledge of shares by the controlling shareholder[98]. Stock Options and Shareholder Information - The stock option plan allows the issuance of a maximum of 135,000,000 shares, which represents approximately 8.02% of the total shares issued as of June 30, 2022[118]. - The total number of stock options granted to any participant in any twelve-month period cannot exceed 1% of the company's issued share capital at that time[119]. - The company reported a total of 36,438,596 stock options granted, with no options exercised, canceled, or expired as of June 30, 2022[126]. - The beneficial owner, Mr. Ou Zonghong, holds 1,123,974,411 shares, representing 66.77% of the total shares[134]. - The company’s major shareholders include Dingxin Company Limited and Honesty Global Holdings Limited, both holding 66.77% of the shares[134].

Financial Performance - The company reported a total revenue of 688 million USD for the year ended December 31, 2021, reflecting a year-on-year increase of 15%[18]. - The company achieved a net profit margin of 12%, with net profit amounting to 82 million USD, up from 70 million USD in the previous year[18]. - The company aims for a revenue growth target of 15% for the fiscal year 2022, supported by ongoing projects and new developments[18]. - The company reported a total revenue for the year of RMB 33,284.01 million, a decline of 31.09% from RMB 48,302.51 million in the previous year[52]. - The total contract sales for the year ended December 31, 2021, amounted to RMB 155,520.22 million, representing a growth of approximately 0.22% compared to RMB 155,172.88 million for the year ended December 31, 2020[52]. - The profit before tax for the year ended December 31, 2021, decreased by approximately 49.55% to about RMB 2,472.60 million from approximately RMB 4,901.37 million for the year ended December 31, 2020[102]. - The profit attributable to the owners of the company for the year ended December 31, 2021, was approximately RMB 1,295.05 million, a decrease of about 46.66% from approximately RMB 2,428.12 million for the year ended December 31, 2020[105]. Market Expansion and Strategy - User data indicated a 20% increase in active customers, reaching 1.2 million by the end of 2021[18]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% growth in that region over the next two years[18]. - A strategic acquisition of a local competitor is anticipated to be finalized by Q3 2022, expected to increase market share by 10%[18]. - The company is focused on enhancing its portfolio through strategic land acquisitions to ensure long-term growth and profitability[69]. - The company has been actively expanding its market presence through acquisitions, with notable projects in cities like Suzhou and Fuzhou[66]. Project Development and Land Reserves - The company has undertaken a total of 283 property development projects through its subsidiaries, joint ventures, and associates[35]. - The total land reserve of the group as of December 31, 2021, is approximately 28.7 million square meters, with about 5.5 million square meters completed for sale, 21.4 million square meters under construction, and 1.8 million square meters held for future development[70]. - The company added 42 land projects, increasing land reserves by approximately 4.57 million square meters, with a total value of about RMB 19.5 billion, accounting for 27% of equity sales[28]. - The total estimated construction area for the projects listed is approximately 2,200,000 square meters, with a significant portion being residential properties[44]. - The company has a total land reserve value of RMB 96,717 million, with a total construction area of 1,645,000 square meters[85]. Debt Management and Financial Health - The net debt ratio improved to 66%, with interest-bearing debt balance at RMB 56.8 billion as of December 31, 2021[28]. - The company actively managed debt, with all due debts repaid on time or in advance, demonstrating strong repayment capability and willingness[24]. - The company plans to continue optimizing its debt structure and reducing financial leverage in a controlled manner[28]. - The total borrowings as of December 31, 2021, were approximately RMB 56,777.92 million, a decrease from approximately RMB 71,859.73 million as of December 31, 2020[116]. - The debt ratio of the company as of December 31, 2021, was 0.66, down from 0.83 as of December 31, 2020, mainly due to a reduction in borrowings[135]. Corporate Governance and Management - The company has a strong management team with members holding advanced degrees in finance and economics, enhancing its strategic decision-making capabilities[160]. - The company is committed to maintaining high standards of corporate governance through its audit and remuneration committees[163]. - The company appointed KPMG as the new auditor after the resignation of PwC, effective March 18, 2022[144]. - The company has a commitment to independent oversight, with independent non-executive directors providing independent judgment and supervision[163]. - The company emphasizes the importance of financial analysis and oversight, as demonstrated by the qualifications of its independent directors[163]. Customer and Supplier Relations - The company emphasizes the importance of maintaining good relationships with customers and has established procedures for handling customer complaints and conducting satisfaction surveys[190]. - The company is committed to developing long-term relationships with suppliers to ensure stable material supply and timely delivery of construction projects[190]. - The top five customers accounted for 2.36% of the company's revenue, with the largest single customer contributing 1.73%[186]. - The top five suppliers represented 29.13% of the total procurement amount, with the largest supplier accounting for 18.27% of the total sales cost[187]. Sustainability and Corporate Social Responsibility - The company is focused on environmental, social, and governance (ESG) development, actively practicing corporate social responsibility[30]. - The company has established its first green finance framework, with an upgraded MSCI ESG rating to "BB," laying the groundwork for future green bond issuance[30]. - The company has 85 green projects certified with national green building one-star certification and 35 projects with two-star certification, contributing to sustainable development[30]. Employee Development and Training - The company recognizes the importance of human capital and is dedicated to creating an environment for employees to realize their full potential[190]. - The company focuses on employee training and development resources to keep pace with market and industry developments[190]. - The company provides competitive compensation and benefits based on employee performance and offers career development opportunities[190].

Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 21,739,463, representing a 3.20% increase from RMB 21,066,011 in 2020[8]. - Gross profit decreased by 30.73% to RMB 2,175,405 from RMB 3,140,410 in the previous year[8]. - Profit attributable to owners of the company was RMB 684,511, down 24.65% from RMB 908,431 in 2020[8]. - The net profit before tax was RMB 1,628,757, a decrease of 34.34% from RMB 2,480,674 in the previous year[8]. - Other income and gains were RMB 417,681, down 2.70% from RMB 429,280 in 2020[8]. - The company's gross profit decreased by 30.73% from RMB 3,140.41 million for the six months ended June 30, 2020, to RMB 2,175.41 million for the six months ended June 30, 2021, with a gross margin decline from 14.91% to 10.01%[66]. - The company's attributable profit decreased by 24.65% from RMB 908.43 million to RMB 684.51 million[76]. - The company reported a significant increase in user data, with a 32.56% occupancy rate for Nanjing 2019G87, indicating strong demand in the residential sector[16]. Assets and Liabilities - Total assets as of June 30, 2021, increased by 5.73% to RMB 246,609,711 compared to RMB 233,248,787 at the end of 2020[8]. - Total liabilities rose by 6.21% to RMB 193,920,557 from RMB 182,589,784 at the end of 2020[8]. - The company's equity totaled RMB 52,689,154 as of June 30, 2021, compared to RMB 50,659,003 at the end of 2020, marking an increase of 4.0%[145]. - The company's current liabilities rose by 8.63% to RMB 145.28538 billion as of June 30, 2021, compared to RMB 133.73771 billion on December 31, 2020[92]. - The company's debt ratio was 0.75, a decrease from 0.83 on December 31, 2020, due to an increase in total equity and cash balances[99]. Project Development - The company had a total of 282 property development projects as of June 30, 2021[10]. - The total estimated construction area across major properties is approximately 5,000,000 square meters, with a significant portion still available for sale[11]. - The company has ongoing projects in multiple cities, including Fuzhou, Shanghai, and Nanjing, with completion dates ranging from 2020 to 2022[11]. - The average completion rate for residential projects is approximately 90%, showcasing effective project management and execution[11]. - The company is focusing on expanding its residential projects across multiple cities with varying ownership interests[14]. - The company plans to complete several key projects by 2022, including Nanjing 2019G87 and Zhengzhou Aotai Century-2, contributing to future revenue growth[16]. Market Strategy - The company is focusing on expanding its market presence in key urban areas, which is expected to drive future growth[11]. - Future guidance indicates a positive outlook for revenue growth, driven by ongoing sales and project completions[11]. - The company is exploring strategic acquisitions to enhance its portfolio and market share in the competitive landscape[11]. - The company is actively expanding its market presence, with multiple projects in cities like Hangzhou, Chengdu, and Suzhou, indicating a strategic focus on urban areas[19]. - The company is focusing on new product development, particularly in residential properties, with a total of 20 new projects planned for the upcoming year[16]. Financial Management - The company maintained a net debt ratio of 75% and a cash to short-term debt ratio of 1.09 as of June 30, 2021[26]. - The company successfully issued multiple credit bonds during the period, including USD 300 million senior notes due in 2025 and RMB 1 billion corporate bonds in February and July[26]. - The company reported a total of 42,669,606 stock options granted as of January 1, 2021, with 1,207,186 options exercised during the six months ending June 30, 2021[120]. - The company has not engaged in any foreign exchange risk hedging activities and will continue to monitor currency fluctuations to protect cash value[101]. - The company has adopted a share option scheme to incentivize selected participants, with a maximum of 135,000,000 shares available for issuance, representing about 8.02% of the total shares issued as of June 30, 2021[111]. Operational Efficiency - The company is implementing new strategies to enhance operational efficiency and reduce costs, aiming for a 10% reduction in overhead expenses[16]. - The company has implemented systematic training programs for employees to enhance work efficiency[104]. - The company reported a decrease in cash flow from financing activities, with a net cash inflow of RMB 2,356,835 thousand for the first half of 2021, compared to RMB 767,292 thousand in the same period of 2020[154]. Awards and Recognition - The company received several awards, including being ranked 3rd in the "2021 China Real Estate Development Enterprises Comprehensive Strength" and 5th in the "2020 China Real Estate Developer Product Strength" awards[27]. - The company is focused on sustainable development and was awarded the "Best ESG" award at the 5th Golden Hong Kong Stock Awards[28].

Company Performance and Financials - The company achieved contract sales of RMB 155,172.88 million for the year ended December 31, 2020, representing a growth of approximately 9.81% compared to RMB 141,316.54 million in 2019[57]. - Revenue for the year was RMB 48,302.51 million, a decrease of 6.14% from RMB 51,462.50 million in 2019[57]. - The gross profit margin decreased to 11.00%, down 54.63% from 24.24% in the previous year[57]. - The net profit for the year was RMB 3,494.50 million, a decline of 40.71% compared to RMB 5,893.79 million in 2019[57]. - The total assets increased to RMB 233,248.79 million, an 8.89% increase from RMB 214,208.04 million in the previous year[57]. - The company reported a significant portion of its projects, such as the Chongqing Kaizhou project, with an area of 57,275.27 square meters, representing 46.03% ownership[45]. - The company's revenue decreased by approximately 6.14% from RMB 51,462.50 million in 2019 to RMB 48,302.51 million in 2020[79]. - Property sales contributed RMB 46,577.90 million, a decline of 7.31% from the previous year's RMB 50,253.13 million[80]. - The total land reserve value across various projects amounts to RMB 83,001 million, covering a total building area of 1,456,000 square meters[78]. Debt and Financing - The company issued $250,000,000 7.35% preferred notes due in December 2023, with interest payable semi-annually[100]. - The company also issued an additional $160,000,000 7.35% preferred notes, which will merge with the original notes, also maturing in December 2023[103]. - A total of $200,000,000 preferred notes with a 6.75% interest rate were issued, maturing in 2024, with interest payments starting from February 2021[104]. - Total borrowings amounted to RMB 71,859.73 million as of December 31, 2020, compared to RMB 63,177.81 million in 2019[112]. - The weighted average effective interest rate on outstanding borrowings was approximately 6.55% as of December 31, 2020, down from 6.85% in 2019[112]. - The company has utilized most of the net proceeds from the issuance of the preferred notes for refinancing existing debts[110]. - The debt ratio as of December 31, 2020, was 0.83, up from 0.70 in 2019, mainly due to an increase in borrowings[121]. Projects and Land Reserves - The total land reserve increased by approximately 8.72 million square meters, with a total of 247 projects nationwide, of which the Yangtze River Delta region accounted for 50% of the new land reserves[28]. - The company has a total of 247 property development projects as of December 31, 2020[35]. - The company has ongoing projects with substantial building areas, such as the Qingdao Kexin Center project with a total building area of 298,697 square meters[64]. - The company is focusing on expanding its market presence through strategic acquisitions, with significant projects in cities like Hangzhou, Fuzhou, and Suzhou[64][66]. - The company has identified significant land reserves in Wenzhou, with the Wenzhou Leqing Baiyue Bay project valued at RMB 129 million, covering 2,000 square meters at an average cost of RMB 8,216 per square meter[71]. Awards and Recognition - The company ranked 21st in the "Top 500 Real Estate Development Enterprises in China" for 2020[12]. - The company received the "Best ESG" award at the 5th "Golden Hong Kong Stock" event on January 6, 2021[15]. - The company has received multiple awards for its projects, including the "Outstanding Property Award" at the World Architecture Festival[15]. - The group has been recognized with multiple awards, including "Top 21 Real Estate Development Enterprises in China" and "Best ESG Award," reflecting its commitment to environmental protection and social responsibility[30]. Management and Governance - 欧宗洪先生自2014年起担任董事及首席执行官，拥有超过20年的房地产开发及建筑行业经验[37]. - 余丽娟女士于2019年被任命为执行董事，拥有超过15年的房地产开发及管理经验[40]. - 曾飞燕女士自2015年起担任执行董事，拥有超过10年的财务相关经验[45]. - 阮友直先生于2018年被任命为执行董事，负责公司的投资及公共关系[49]. - 张立新先生自2018年起担任首席财务官，拥有丰富的财务管理经验[53]. Future Outlook and Strategy - The company plans to expand its market presence and enhance product offerings in the coming years[19]. - The company aims to improve its investor relations and transparency as part of its new strategies[15]. - The company is committed to enhancing its product offerings and technological advancements to meet market demands and drive growth[68]. - The company anticipates continued growth in its land reserves and project completions, positioning itself for future market opportunities[68]. - The company has no specific future investment plans but will continue to focus on property development and acquiring quality land in first and second-tier cities in China[122].

Financial Performance - Revenue for the six months ended June 30, 2020, was RMB 21,066,011 thousand, a decrease of 20.85% compared to RMB 26,616,331 thousand in 2019[10]. - Gross profit decreased by 50.63% to RMB 3,140,410 thousand from RMB 6,361,400 thousand in the previous year[10]. - Profit attributable to owners of the company was RMB 908,431 thousand, down 54.09% from RMB 1,978,627 thousand in 2019[10]. - Profit before tax decreased by 58.41% to RMB 2,480,674 thousand from RMB 5,964,372 thousand in the previous year[10]. - The gross profit margin decreased to 14.9%, down 37.66% from 23.9% in the previous year[40]. - The net profit margin was 7.8%, a decline of 40.91% from 13.2% in the previous year[40]. - Operating profit decreased to RMB 2,289,468 thousand, a decline of 56.1% from RMB 5,221,549 thousand in the previous year[129]. - Net profit for the period was RMB 1,645,496 thousand, representing a 53.1% decrease from RMB 3,509,880 thousand in 2019[131]. - Basic earnings per share for the company owners was RMB 0.53, down from RMB 1.19 in the same period last year[129]. Assets and Liabilities - Total assets as of June 30, 2020, increased by 3.05% to RMB 220,740,541 thousand from RMB 214,208,038 thousand at the end of 2019[10]. - Total liabilities rose by 3.78% to RMB 179,448,629 thousand compared to RMB 172,919,808 thousand at the end of 2019[10]. - The company's equity attributable to owners decreased slightly by 0.77% to RMB 16,279,451 thousand from RMB 16,405,865 thousand[10]. - The debt-to-equity ratio increased to 0.91 as of June 30, 2020, from 0.70 as of December 31, 2019, primarily due to the increase in borrowings[87]. - The group's total borrowings as of June 30, 2020, were RMB 68,937.00 million, up from RMB 63,177.81 million as of December 31, 2019[82]. Project Development - The company had a total of 219 property development projects as of June 30, 2020[12]. - The company reported a total construction area of 1,200,000 square meters across various projects, with an estimated total saleable area of 500,000 square meters remaining[13]. - The project in Zhengzhou, Jiangwan City, has a completion rate of 87% and an estimated completion date of January 26, 2025[13]. - The company is expanding its market presence with new residential projects in cities like Chengdu and Fuzhou, indicating a strategic focus on urban development[13]. - The company is focusing on residential properties, with all listed projects categorized under this segment, reflecting market demand[13]. Sales and Revenue - The group achieved a contract sales amount of RMB 60.4 billion and a contracted building area of approximately 2.57 million square meters, with an average contract selling price of RMB 23,457 per square meter[26]. - The total contracted sales amounted to RMB 60,357.85 million, representing a growth of approximately 6.49% compared to RMB 56,677.99 million for the same period last year[40]. - Property sales generated revenue of RMB 20,571.78 million, with a total delivered area of 1,271,770 square meters and an average selling price of RMB 16,176 per square meter[62]. - The revenue from construction services increased by 10.68% to RMB 263.05 million compared to RMB 237.67 million in the previous year[61]. Cost Management - The group's sales cost decreased by 11.50% from RMB 20,254.93 million for the six months ended June 30, 2019, to RMB 17,925.60 million for the six months ended June 30, 2020[63]. - Employee costs, including director remuneration, were RMB 623,275,000, down 22.7% from RMB 806,312,000 in the previous year[170]. - Selling and marketing costs decreased by 10.39% from RMB 549.62 million to RMB 492.51 million[67]. - Administrative expenses reduced by 7.22% from RMB 743.92 million to RMB 690.22 million[68]. Financing Activities - The group issued RMB 12.90 billion and RMB 11.06 billion of asset-backed securities in March and April 2020, respectively, at an interest rate of 5.9%[29]. - The group issued USD 250 million of 7.35% senior notes due in 2023 in June 2020, achieving the lowest long-term debt interest rate in the company's history[29]. - The company reported a significant increase in cash advances from related parties, totaling RMB 1,896,630 thousand compared to RMB 1,008,169 thousand in the previous year[142]. Shareholder Information - The company did not declare any interim dividend for the six months ended June 30, 2020, consistent with the previous year[122]. - The company repurchased a total of 15,896,500 shares at a total cost of HKD 125,370,340 during the period[123]. - The company’s major shareholder, Dingxin Company Limited, holds 1,123,974,411 shares, representing 65.90% of the total shares issued[119]. Market Conditions - The company faced challenges due to the COVID-19 pandemic, impacting financial performance and operations, including delays in property construction and delivery[144]. - In the first half of 2020, the total sales area of commercial housing in China was 69.404 million square meters, a year-on-year decrease of 8.4%, while the sales amount was RMB 668.95 billion, down 5.4% year-on-year[25].

Economic Overview - In 2019, the total sales of commercial housing in China reached RMB 15,972.5 billion, representing a year-on-year growth of 6.5%[18] - The sales area of commercial housing was approximately 1,715.58 million square meters, remaining nearly flat compared to the previous year[18] - The Chinese economy maintained a growth rate of 6.1% in 2019, positioning itself as a key driver of global economic growth[17] Company Performance - The company achieved a revenue of RMB 51.5 billion for the year ended December 31, 2019, representing a year-on-year growth of 49.75%[22] - Gross profit reached RMB 12.5 billion, an increase of approximately 54.68% compared to the previous year[22] - Net profit was approximately RMB 5.9 billion, reflecting a year-on-year growth of 69.78%[22] - Contracted sales amounted to RMB 141.3 billion, a year-on-year increase of 15.94%, successfully meeting the annual target of RMB 140 billion[22] - The average contracted selling price was RMB 21,583 per square meter, positioning the company as an industry leader[22] Debt and Financial Management - The company reduced its net debt ratio from 105% in 2018 to 70% by the end of 2019, while maintaining stable overall debt levels[24] - The company received upgrades from three major international credit rating agencies, with S&P raising the long-term issuer credit rating from 'B' to 'B+'[26] - The company's total assets increased by 5.29% to RMB 214.21 billion from RMB 203.44 billion[43] - The total liabilities rose by 3.04% to RMB 172.92 billion from RMB 167.83 billion[43] - The interest coverage ratio improved to 3.17 times, up 35.47% from 2.34 times[43] Land Acquisition and Development - The company added 46 new land projects, increasing land reserves by approximately 7.3 million square meters, with an equity cost of about RMB 16.3 billion[24] - The group has undertaken a total of 200 property development projects as of December 31, 2019[32] - The total estimated construction area for the projects is approximately 4,000,000 square meters[33] - The group aims to continue focusing on high-quality real estate projects to enhance living environments and build a better life[28] - The company is expanding its market presence with multiple residential projects across various cities, including Fuyang, Suzhou, and Zhengzhou[37] Project Details - The project in Chongqing, "Chongqing Lanwan," has a total land area of 117,541 square meters and an estimated total construction area of 332,507 square meters, with a completion date of March 30, 2020[35] - The "Zhengzhou City Window" project has a total land area of 64,876 square meters and an estimated total construction area of 252,987 square meters, with a completion date of March 30, 2021[35] - The "Hangzhou Century" project has a total land area of 47,326 square meters and an estimated total construction area of 177,964 square meters, with a completion date of July 1, 2020[35] Revenue and Sales - Property sales generated revenue of RMB 50,253.13 million in 2019, a 50.43% increase from RMB 33,406.51 million in 2018[79] - The total confirmed construction area delivered increased by about 79.63% from 2,302,275 square meters in 2018 to 4,135,483 square meters in 2019[81] - The average selling price of delivered properties decreased by 16.25% to RMB 12,152 per square meter from RMB 14,510[43] Corporate Governance and Management - The company’s senior management team includes five executive directors as disclosed in the report[169] - The board of directors includes both executive and non-executive members, with specific terms for re-election and service contracts[196][198] - The company is focused on developing long-term relationships with stakeholders, emphasizing employee development and customer satisfaction[190] Awards and Recognition - The company was ranked 5th in the "Top 10 Growth Companies in China's Real Estate Industry" in 2019[9] - The company received the "Best Investor Relations Team - High Yield Bonds" award from an international financial magazine, reflecting high recognition in the capital market[12] - The company was awarded the "Global Cultural Landmark Award" for its project in Fuzhou at the International Cultural Real Estate Awards in 2019[12] Future Outlook - The company aims to maintain stable land prices and housing prices in line with national policies[18] - The company plans to continue expanding its market presence and product offerings in the coming years[16] - The group plans to maintain a steady development pace in the real estate sector amidst a stable market environment[28]

Financial Performance - Revenue for the six months ended June 30, 2019, was RMB 26,616,331 thousand, an increase of 86.29% compared to RMB 14,287,533 thousand in the same period of 2018[8] - Gross profit for the same period was RMB 6,361,400 thousand, reflecting a 51.97% increase from RMB 4,185,893 thousand[8] - Profit attributable to owners of the company was RMB 1,978,627 thousand, up 29.84% from RMB 1,523,912 thousand in the previous year[8] - The company reported a pre-tax profit of RMB 5,964,372 thousand, representing a 50.96% increase from RMB 3,951,066 thousand[8] - The company’s net profit for the period was RMB 3,509,880 thousand, a 55.75% increase from RMB 2,253,594 thousand in the previous year[8] - Other income and gains amounted to RMB 74,998 thousand, up 42.48% from RMB 52,638 thousand[8] - For the first half of 2019, the company recorded revenue of RMB 26.62 billion, representing an annual growth of 86.29%[22] - Gross profit for the same period was RMB 6.36 billion, an increase of 51.97% year-on-year[22] - Net profit reached RMB 3.51 billion, reflecting a year-on-year growth of 55.75%[22] - The net profit attributable to the company's owners increased by 29.84% to RMB 1.98 billion, compared to RMB 1.52 billion in the same period last year[31] Assets and Liabilities - Total assets as of June 30, 2019, amounted to RMB 200,980,678 thousand, a slight decrease of 1.21% from RMB 203,443,878 thousand at the end of 2018[8] - Total liabilities decreased by 3.95% to RMB 161,199,468 thousand from RMB 167,825,520 thousand[8] - The total equity attributable to owners of the company increased by 19.72% to RMB 15,270,368 thousand from RMB 12,754,828 thousand[8] - The debt-to-equity ratio improved to 0.77, down from 1.05, indicating a reduction in leverage[31] - The company's total assets amounted to RMB 200.98 billion, a slight decrease of 1.21% from RMB 203.44 billion at the end of 2018[31] - The total current liabilities decreased by approximately 9.28% from RMB 127,670.43 million as of December 31, 2018 to RMB 115,819.99 million as of June 30, 2019[87] Land and Development Projects - The group undertook a total of 177 property development projects as of June 30, 2019[10] - The total land area for the projects listed is approximately 3,000,000 square meters, with a significant portion being residential developments[11] - The estimated total construction area across all projects is approximately 5,000,000 square meters, indicating substantial growth potential in the residential sector[11] - The remaining unsold available saleable area is approximately 2,000,000 square meters, suggesting opportunities for future sales and revenue generation[11] - The company is actively expanding its market presence in cities like Fuzhou, Hangzhou, and Shanghai, which are key growth areas[11] - The company has identified strategic locations for future developments, which are expected to drive growth and profitability[11] - The total land reserve area reached 26.54 million square meters, with 177 projects across 43 cities as of June 30, 2019[25] - The company added 23 new land projects in the first half of 2019, increasing the construction area by 4.21 million square meters[25] Sales and Marketing - Contracted sales amounted to RMB 56.7 billion, with a contracted building area of 2.82 million square meters and an average contracted selling price of RMB 20,100 per square meter[22] - The company maintained a leading sales position in Fuzhou and ranked second in equity sales in Hangzhou during the first half of 2019[22] - The average contracted sales price decreased by 6.49% to RMB 20,100 per square meter, compared to RMB 21,494 in the previous year[31] - The contract sales in Hangzhou accounted for 35.80% of the total contract sales, with a sales amount of RMB 20,288 million[39] Financial Management and Capital Structure - The company plans to issue domestic corporate bonds totaling up to RMB 4 billion, pending approval from the Shanghai Stock Exchange[79] - The company raised a net amount of HKD 1,171,460,000 from the placement of 108,000,000 shares at a price of HKD 10.95 per share for development and general operational purposes[81] - The company issued additional notes totaling $235,000,000, which will be consolidated with the original 2019 third tranche senior notes, with a maturity date of October 25, 2022[83] - The company has utilized most of the net proceeds from the issuance of the 2019 first tranche senior notes for purposes disclosed in the offering memorandum[77] Employee and Corporate Governance - As of June 30, 2019, the company employed a total of 3,475 full-time employees, an increase from 3,451 employees as of June 30, 2018[98] - Employee costs for the six months ended June 30, 2019, amounted to RMB 806.31 million[98] - The company has implemented systematic and specialized training programs for employees to enhance work efficiency[99] - The company has adhered to all applicable corporate governance codes during the reporting period, except for a deviation regarding the separation of the roles of Chairman and CEO[104] Market Trends and Strategic Focus - The company is focusing on urban renewal and transit-oriented development (TOD) as key growth strategies, leveraging nearly a decade of experience in urban renewal projects[23] - The real estate market in China saw a total of 251 new regulatory policies in the first half of 2019, a 31% increase compared to the same period last year[19] - The total sales area of commercial housing in China from January to May 2019 was 55.518 million square meters, a year-on-year decrease of 1.6%[19] Miscellaneous - The company did not declare any interim dividend for the six months ended June 30, 2019, consistent with the previous year[126] - The company has a stock option plan that allows for the issuance of up to 10% of the total shares in circulation, which equates to 135,000,000 shares as of June 30, 2019[109] - The company’s stock options plan was adopted on December 28, 2015, and is effective for ten years[114]

Financial Performance - Ronshine China Holdings reported a revenue of approximately RMB 30 billion for the year ended December 31, 2018, representing a year-on-year increase of 15%[14]. - The company reported a total estimated construction area of 2,200,000 square meters across various projects, with a significant portion still available for sale[33]. - The total contract sales amounted to RMB 121,883.81 million, representing a growth of approximately 73.35% compared to RMB 70,311.00 million in the previous year[62]. - The total revenue recorded was approximately RMB 34.367 billion, an increase of about 13.27% compared to the previous year[21]. - The company achieved a net profit of approximately RMB 4.5 billion, with a net profit margin of 15%[14]. - The net profit for the year was approximately RMB 3.472 billion, which is a year-on-year increase of about 31.19%[21]. - The gross profit reached approximately RMB 8.065 billion, reflecting a year-on-year growth of about 60.50%[21]. - The company's attributable profit increased by approximately 27.99% from RMB 1,679.52 million in 2017 to RMB 2,149.66 million in 2018[108]. Market Position and Strategy - Ronshine ranked 22nd in the "Top 30 Real Estate Development Enterprises in China" for 2018, indicating strong market positioning[9]. - The company plans to expand its market presence in tier-1 and tier-2 cities, aiming for a 20% increase in project launches in 2019[14]. - Ronshine is focusing on the development of new luxury residential projects, with a target of launching 10 new projects in 2019[14]. - The company aims to enhance its brand value, having been recognized as one of the "Top 10 Real Estate Development Enterprises by Brand Value" in 2018[10]. - The company plans to explore potential mergers and acquisitions to further strengthen its market position and diversify its portfolio[14]. - The company is focusing on high-end residential properties and has entered eight major urban clusters, anticipating increased demand for quality housing in first and second-tier cities[24]. Corporate Social Responsibility - Ronshine is committed to corporate social responsibility, receiving the "Annual Innovation Enterprise Award for Precision Poverty Alleviation" in 2018[10]. - The company invested over RMB 200 million in public welfare and poverty alleviation projects during the year, receiving multiple awards for its contributions[24]. - The company aims to continue fulfilling its corporate social responsibilities while focusing on quality real estate development[24]. Asset Management and Development - Ronshine's total assets reached RMB 100 billion, showcasing significant growth in asset accumulation[14]. - The company expanded its land reserves by acquiring 24 new land projects, totaling approximately 4,775,121 square meters, with an equity cost of about RMB 7.134 billion[21]. - The total land reserve of the group and its joint ventures as of December 31, 2018, is approximately 25.4 million square meters, with about 3.9 million square meters of completed properties held for sale, approximately 17.6 million square meters under construction, and around 3.9 million square meters held for future development[72]. - The average cost per square meter of the land reserve is RMB 6,356, with approximately 75% of the land located in prime locations in first and second-tier cities in China[73]. Operational Efficiency - The company maintained a leading position in Hangzhou and Fuzhou, ranking second in sales amount in Hangzhou and fourth in Fuzhou[21]. - The company implemented a prudent land acquisition strategy, focusing on high-potential land reserves[21]. - The company is actively managing its unsold inventory, with specific projects like "Xizhun Country" having a remaining saleable area of 49,887.50 square meters[33]. - The company has a diverse portfolio with properties located in major cities such as Shanghai, Hangzhou, and Nanjing, enhancing its market presence[33]. Financial Health and Liabilities - The total liabilities increased by 20.36% to RMB 167,825.52 million from RMB 139,435.22 million[62]. - The current ratio decreased by 16.57% to 1.41 times from 1.69 times[62]. - The net debt ratio improved to 1.05 from 1.59, indicating a 33.96% reduction[62]. - The group's total current liabilities rose by approximately 43.80% to RMB 127,670.43 million from RMB 88,783.83 million in 2017[124]. Governance and Management - Zhang Lixin appointed as CFO in November 2018, responsible for financial matters[158]. - Yu Lijuan has 15 years of experience in real estate development and management, currently serving as Vice President[159]. - The board includes members with backgrounds in real estate, finance, and legal expertise, ensuring diverse perspectives[164]. - The company emphasizes the importance of independent judgment in decision-making processes[165]. Future Outlook - Future outlook includes continued investment in high-value land acquisitions to support growth and market expansion strategies[83]. - The company plans to enhance market expansion through potential mergers and acquisitions[162]. - The company will closely monitor real estate policies and market changes to ensure healthy development in the sector[24].