Financial Performance - Contract sales amounted to approximately RMB 16,385.50 million, a decrease of about 71.69% compared to last year[3] - Revenue reached approximately RMB 44,285.27 million, an increase of about 47.33% year-on-year[3] - Gross profit was approximately RMB 1,587.42 million, recovering from a gross loss of RMB 6,119.57 million last year[3] - The net loss for the year was approximately RMB 6,847.25 million, a reduction of about 44.96% from last year's loss of RMB 12,439.95 million[3] - Loss attributable to the company's owners was approximately RMB 5,919.67 million, down about 47.31% from RMB 11,234.84 million last year[3] - The total comprehensive loss for the year was RMB 6,847.25 million, compared to RMB 12,439.95 million last year[5] - The company reported a net loss per share of RMB 6.67, compared to RMB 3.52 last year[4] - The basic loss per share for the year ended December 31, 2023, was RMB (3.52), an improvement from RMB (6.67) in 2022, indicating a reduction in losses per share[32] Debt and Liabilities - The debt-to-equity ratio increased from 1.07 as of December 31, 2022, to 1.52 as of December 31, 2023[3] - The company has outstanding borrowings totaling RMB 22,026,857,000 that are in default as of December 31, 2023[16] - Total liabilities decreased from RMB 158,597,833,000 in 2022 to RMB 124,523,650,000 in 2023, a reduction of about 21.5%[8] - The company recorded a significant decrease in equity from RMB 30,634,519,000 in 2022 to RMB 22,788,027,000 in 2023, a decline of approximately 25.6%[8] - The company faces significant uncertainty regarding its future ability to meet debt obligations due to prolonged adverse conditions in the real estate market[13] - The company has not made payments on certain notes totaling RMB 15,850,374,330, leading to defaults[14] - The company has failed to repay approximately RMB 18,249.2 million of borrowings by their due dates as of December 31, 2023[118] Assets and Cash Flow - Total assets decreased from RMB 189,232,352,000 in 2022 to RMB 147,311,677,000 in 2023, a decline of about 22.1%[8] - Current liabilities totaled RMB 110,851,163,000, down from RMB 134,686,816,000 in the previous year[8] - Cash and cash equivalents, excluding restricted cash, amounted to RMB 3,545,120,000[12] - The total current assets decreased by approximately 25.82% from RMB 168,757.10 million as of December 31, 2022, to RMB 125,189.87 million as of December 31, 2023[82] - Cash and bank balances decreased from approximately RMB 9,543.94 million as of December 31, 2022, to approximately RMB 6,217.73 million as of December 31, 2023[83] Operational Strategies - The company aims to improve operational efficiency and reduce costs in the upcoming fiscal year[3] - Future strategies include exploring new market expansions and potential mergers and acquisitions to enhance growth prospects[3] - The company has developed plans and measures to alleviate cash flow pressure and improve its financial situation, ensuring sufficient operating funds for the next 12 months starting from December 31, 2023[17] - The management acknowledges significant uncertainty regarding the realization of these plans due to volatility in the Chinese real estate market and ongoing support from banks and creditors[18] - The group is actively negotiating with multiple financial institutions for new financing sources and engaging with creditors to explore various feasible solutions[18] - The company will continue to implement measures to control administrative costs and unnecessary capital expenditures to maintain liquidity[18] Market Conditions - Recent policy relaxations regarding pre-sale regulations have stimulated buyer interest and demand, prompting the company to accelerate the pre-sale and sale of its developed properties[18] - The real estate market is expected to face challenges in 2024 due to stagnant income expectations, slower urbanization, and an aging population, with a focus on bottoming out and consolidation in the short term[48] - The government is expected to continue supporting the real estate sector, with policies aimed at stabilizing housing demand and promoting new development models[48] Project and Land Management - As of December 31, 2023, the group owned a total of 238 projects nationwide, with total land reserves of approximately 20.75 million square meters, of which 87% are located in first and second-tier cities[44] - The company did not acquire any new land parcels during the year, focusing instead on optimizing existing land reserves[56] - The company is committed to maintaining a robust land bank to support future sales and operational strategies[56] - The management emphasizes the importance of land quality in driving sales performance and sustaining cash flow[56] Revenue Sources - The company's revenue increased by approximately 47.33%, from RMB 30,059.29 million for the year ended December 31, 2022, to about RMB 44,285.27 million for the year ending December 31, 2023[68] - Revenue primarily derived from property sales in China, construction services agreements with local governments, and rental income from investment properties[68] - The total revenue from construction services, hotel operations, and other income for the year ended December 31, 2023, was RMB 1,410,008, compared to RMB 1,243,279 in 2022, reflecting an increase of approximately 13.4%[24] Employee and Operational Costs - The total employee cost for the group was approximately RMB 201.33 million for the year ended December 31, 2023, down from RMB 293.17 million for the year ended December 31, 2022[100] - The group employed a total of 814 full-time employees as of December 31, 2023, a decrease from 1,215 full-time employees as of December 31, 2022[100] - Selling and marketing costs decreased by approximately 40.6% to RMB 577.15 million for the year ended December 31, 2023, down from RMB 971.65 million[73] - Administrative expenses reduced by approximately 33.63% to RMB 670.05 million for the year ended December 31, 2023, compared to RMB 1,009.60 million[73] Future Outlook - The company aims to deepen its presence in the Yangtze River Delta and the Taiwan Strait West Coast regions, focusing on product and service quality to address market opportunities and challenges[48] - The company is focusing on new product development and technology advancements to enhance its market competitiveness[68] - The company is committed to maintaining quality delivery and improving living environments as part of its vision for 2024[49] Corporate Governance - The company did not recommend the payment of a final dividend for the year ended December 31, 2023, consistent with the previous year[34] - The company will hold its annual general meeting on June 13, 2024[104] - The audit committee has reviewed the annual results for the year ended December 31, 2023[116] - The independent auditor's report confirmed that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2023[117] - The company plans to propose the reappointment of its auditor at the upcoming annual general meeting[120] - The company will publish its annual report for the year ending December 31, 2023, in due course to shareholders[121]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 13,329,117, a decrease of 6.47% compared to RMB 14,251,647 in 2022[7]. - Gross loss for the period was RMB 74,417, compared to a gross profit of RMB 203,106 in the same period last year, representing a decline of 136.64%[7]. - Loss before tax decreased by 51.22% to RMB 2,053,918 from RMB 4,210,928 in 2022[7]. - The company reported a net loss of RMB 2,466,807 for the period, a reduction of 46.03% compared to RMB 4,570,465 in 2022[7]. - The company recorded a gross loss of RMB 74,417 thousand, compared to a gross profit of RMB 203,106 thousand in the previous year, indicating a significant decline in profitability[95]. - The net loss attributable to the company's owners was RMB 1,992,410 thousand, compared to RMB 4,429,232 thousand in the prior year, reflecting a reduction in losses[96]. - The company reported a loss of RMB 1,992,410 thousand for the six months ended June 30, 2023, compared to a loss of RMB 4,429,232 thousand for the same period in 2022[99][100]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 176,287,543, down 6.84% from RMB 189,232,352 at the end of 2022[7]. - Total liabilities decreased by 6.21% to RMB 148,750,363 from RMB 158,597,833[7]. - Total equity decreased by 10.11% to RMB 27,537,180 from RMB 30,634,519[7]. - The company's equity attributable to owners decreased from RMB 6,186,962 thousand to RMB 4,198,079 thousand, a decline of approximately 32.1%[99]. - The company's borrowings increased significantly from RMB 19,785,112 thousand to RMB 32,161,017 thousand, an increase of approximately 62.5%[98]. - The group's total borrowings amounted to RMB 44.66 billion, with RMB 33.65 billion due within one year[120]. Project Development - The company had 239 property development projects under its subsidiaries, joint ventures, and associates as of June 30, 2023[9]. - The total estimated gross floor area for the projects listed is approximately 8,000,000 square meters, with a remaining unsold area of about 4,000,000 square meters[10]. - The company is actively expanding its project portfolio across various cities, including Fuzhou, Zhengzhou, and Suzhou, to enhance market reach and revenue potential[12]. - The company is focusing on residential properties, with all listed projects categorized under this type, reflecting a strategic alignment with market demand[15]. - The company is actively managing its project pipeline to optimize future sales and revenue generation[34]. Sales and Revenue - In the first half of 2023, the company's contracted sales amounted to approximately RMB 9.88 billion, a decrease of 74.73% compared to RMB 38.74 billion in the same period of 2022[21]. - The average contracted selling price per square meter was approximately RMB 14,372, representing a decline of 35.70% from RMB 22,353[21]. - Property sales revenue amounted to approximately RMB 13,038 million, down 0.49% from RMB 13,102.80 million in the previous year[44]. - The total area delivered decreased by approximately 15.88%, from 908,040 square meters to 763,879 square meters[43]. - Construction service revenue dropped significantly by 80.86%, from approximately RMB 552.12 million to RMB 105.68 million[43]. Cost Management - The company reported a significant decrease in sales costs, which fell by approximately 4.59% to RMB 13,403.53 million from RMB 14,048.54 million in the previous year[44]. - Sales and marketing costs decreased by approximately 51.89% from RMB 732.91 million to RMB 352.61 million for the six months ended June 30, 2023[48]. - Administrative expenses decreased by approximately 52.03% from RMB 751.47 million to RMB 360.49 million for the six months ended June 30, 2023[49]. Financing and Debt - As of June 30, 2023, the company's interest-bearing debt stood at approximately RMB 42 billion, with total liabilities decreasing by 6.21% to RMB 148.75 billion[18][21]. - The debt-to-equity ratio increased to 1.23 as of June 30, 2023, compared to 1.07 as of December 31, 2022, mainly due to a decrease in total equity and cash balances[65]. - The group has maintained a cash and bank balance to ensure sufficient liquidity, supported by pre-sale proceeds and available financing[118]. Market Conditions and Outlook - The government is expected to continue supporting the real estate market, which may boost market confidence and accelerate recovery in the industry[20]. - The group faces significant uncertainty regarding the realization of its plans due to the volatility of the Chinese real estate industry[111]. - The group aims to maintain optimal capital structure to lower funding costs while ensuring returns to shareholders and benefits to other stakeholders[123]. Employee and Management - The group employed a total of 973 full-time employees as of June 30, 2023, down from 1,786 employees a year earlier, with employee costs recognized for the six months amounting to approximately RMB 124.40 million[70]. - The total compensation for key management decreased to RMB 7,322 thousand in the first half of 2023 from RMB 12,898 thousand in the same period of 2022, representing a decline of approximately 43%[189]. Related Party Transactions - The company continues to engage in significant related party transactions with various joint ventures, indicating ongoing strategic partnerships in the real estate sector[185]. - The total amount of receivables from related parties was RMB 5,411,956 thousand as of June 30, 2023, down from RMB 8,340,903 thousand as of December 31, 2022, a decrease of approximately 35%[194].

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 三 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 及 執 行 董 事 退 任 及 首 席 財 務 官 變 更 財務摘要 (cid:129) 合約銷售額達約人民幣9,788.85百萬元，較截至二零二二年六月三十日 止六個月減少約74.73%。 (cid:129) 總收益達約人民幣13,329.12百萬元，較截至二零二二年六月三十日止六 個月減少約6.47%。 (cid:129) 毛虧達約人民幣74.42百萬元，較截至二零二二年六月三十日止六個月 的毛利約人民幣203.11百萬元轉盈為虧。 (cid:129) 期內虧損達約人民幣2,446.81百萬元，截至二零二二年六月三十日止六 個月則錄得期內虧損約人民幣4 ...

Economic Performance - In 2022, the total sales of commercial housing in China reached RMB 1,333.08 billion, a year-on-year decrease of 26.7%[13] - The sales area of commercial housing was 1,358.37 million square meters, down 24.3% year-on-year[13] - China's GDP grew by 3.0% in 2022, reflecting effective coordination of pandemic control and economic development[11] - The outlook for 2023 indicates a moderate recovery in the Chinese economy, supported by loose stimulus policies, despite ongoing global economic challenges[17] Company Financials - The company achieved a total contract sales amount of approximately RMB 57.9 billion in 2022, with a contract area of about 2.51 million square meters and an average selling price of RMB 23,061 per square meter[14] - The company reported a net loss of approximately RMB 12.44 billion for the year, compared to a profit of RMB 1.73 billion in 2021, representing a decline of 820.43%[31] - The total assets of the company decreased by 13.45% to RMB 189.23 billion in 2022 from RMB 245.44 billion in 2021[31] - The total liabilities of the company decreased by 10.37% to RMB 158.60 billion in 2022 from RMB 193.16 billion in 2021[31] - The company's land reserve totaled approximately 24.9 million square meters as of December 31, 2022, with an average cost per square meter decreasing to RMB 8,022 from RMB 8,202 in 2021[36] - The company reported a loss attributable to owners of the company of approximately RMB 11,234.84 million for the year ended December 31, 2022, compared to a profit of RMB 1,295.05 million in 2021[61] Debt Management - The company's interest-bearing debt stood at approximately RMB 42.4 billion as of December 31, 2022, reflecting a proactive debt management strategy[15] - The group faced significant operational pressure due to changes in the real estate industry environment and COVID-19 outbreaks, leading to delays in cash realization from property sales[68] - The group has taken multiple measures to alleviate liquidity pressure and improve its financial condition amid ongoing uncertainties regarding debt repayment capabilities[69] - The current ratio as of December 31, 2022, was 1.25, down from 1.39 as of December 31, 2021, primarily due to a decrease in development properties and completed properties held for sale[75] Market Strategy - The company is actively implementing strategies to stimulate market confidence, including reducing down payment ratios and mortgage rates[11] - The company aims to expand its market presence through various financing measures to support quality real estate enterprises[11] - The company plans to continue focusing on the Yangtze River Delta and the West Coast of the Taiwan Strait, enhancing its competitive advantages in these regions[18] - The company is expanding its market presence with multiple projects across various cities, including Fuzhou, Lanzhou, and Zhengzhou, indicating a strategic focus on residential properties[24] Project Development - As of December 31, 2022, the company had a total land reserve of approximately 24.92 million square meters across 242 projects, with 83% located in first- and second-tier cities[14] - The company is actively pursuing new developments, with several projects scheduled for completion in 2024, indicating a long-term growth strategy[26] - The company has a diverse portfolio of residential properties, with significant saleable areas across various projects, reflecting its strong market position[26] Governance and Management - The company has a strong governance structure with a diverse board of directors and various committees overseeing operations[2] - The management team is committed to ensuring independent judgment and oversight within the board[90] - The company has a focus on technology investment, as indicated by Mr. Ren Yunan's role as an independent non-executive director and chairman of the remuneration committee[90] - The board has confirmed the independence of all independent non-executive directors in accordance with the listing rules[123] Environmental and Social Responsibility - The company emphasizes its commitment to environmental, social, and governance (ESG) initiatives, receiving recognition for its corporate social responsibility efforts[16] - The group has complied with all necessary environmental impact assessments for its development projects as of December 31, 2022[179] - The group incurred compliance costs related to environmental regulations of RMB 0.81 million for the year ended December 31, 2022, compared to RMB 0.84 million for the previous year[179] Employee and Operational Management - The group employed a total of 1,215 full-time employees, a decrease from 2,449 full-time employees as of December 31, 2021[174] - Employee costs for the year ended December 31, 2022, amounted to approximately RMB 293.17 million, down from approximately RMB 883.49 million for the year ended December 31, 2021[174] - The group has established a systematic and specialized training program for employees to enhance work efficiency[174] Related Party Transactions - The independent auditor confirmed that the related party transactions were conducted in the ordinary course of business and on normal commercial terms[141] - The company anticipates continued procurement of property management services from related parties[140] - The total transaction amount under the 2020 property management agreement was RMB 147,785,000 for the year ended December 31, 2022[139]

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].