Financial Performance - Revenue for the year was RMB 41.62 billion, a significant decrease from RMB 78.29 billion in the previous year[4] - The core profit attributable to the parent company was RMB 253 million, while the net loss for the year was RMB 8.87 billion[2] - The company reported a gross loss of RMB 4.78 billion compared to a gross profit of RMB 17.11 billion in the previous year[4] - The comprehensive loss for the year totaled RMB 10.97 billion, compared to a comprehensive income of RMB 10.81 billion in the previous year[5] - The reported loss for the segments was RMB (7,739,062) for 2022, compared to a profit of RMB 14,898,908 in 2021, indicating a significant shift in performance[17] - The revenue from property development for 2022 was RMB 38,353,128, down from RMB 66,970,095 in 2021, reflecting a decrease of about 43%[18] - The company reported a total of RMB 468,745 in other income and gains for 2022, a substantial decline from RMB 2,484,835 in 2021[19] - Financial costs for the year 2022 amounted to RMB 1,831,848, an increase from RMB 1,298,542 in 2021, indicating rising borrowing costs[22] - The total reported segment revenue for 2022 was RMB 48,654,923, down from RMB 91,906,078 in 2021, marking a decrease of approximately 47%[17] - The total tax expense for the year was RMB 1,181,677 thousand, down from RMB 4,457,473 thousand in the previous year, indicating a decrease of approximately 73.5%[25] - The group recorded a net foreign exchange gain of RMB 227,497 thousand in 2022, compared to a loss of RMB (38,256) thousand in 2021[23] - The group incurred a significant inventory impairment provision of RMB 9,230,000 thousand in 2022, with no such provision in 2021[23] - The group reported a net loss attributable to equity holders of the parent of RMB (8,524,081) thousand in 2022, compared to a profit of RMB 9,975,466 thousand in 2021[26] - The gross margin for 2022 was 10.7%, down from 21.9% in 2021[46] - The debt-to-asset ratio increased to 76.6% from 71.0% in the previous year[46] Assets and Liabilities - Total assets reached RMB 278.32 billion, with current assets at RMB 215.25 billion and a current ratio of 1.19[2] - Total liabilities increased to RMB 181.02 billion from RMB 155.13 billion in the previous year[6] - The company’s net assets decreased to RMB 51.87 billion from RMB 67.77 billion year-on-year[7] - The group's total liabilities amounted to RMB 226,451.9 million, an increase from RMB 218,133.3 million in the previous year[54] - The group's total current assets amounted to RMB 215,252 million, with cash and cash equivalents at RMB 14,102 million, while total current liabilities were RMB 181,018 million[10] - The group's total liabilities under cross-border guarantee arrangements were RMB 4,755,373 thousand in 2022, down from RMB 11,315,048 thousand in 2021[31] Cash Flow and Debt Management - The company is actively negotiating with financial institutions and debt holders regarding the extension of loans and senior notes to alleviate liquidity pressure[10] - Plans are in place to accelerate the pre-sale and sale of properties under development and completed properties to improve cash flow[10] - The company has appointed a Chief Debt Management Officer to guide the development of a feasible debt extension plan[10] - The board believes that, given the current plans and measures, the group will have sufficient operating funds to meet its operational needs and debt obligations in the foreseeable future[11] - The group has suspended interest payments on all offshore USD senior notes and HKD equity-linked securities since August 7, 2022[9] - The company has been in constructive dialogue with creditor groups to reach a debt restructuring agreement[10] - The group is actively communicating with creditors to manage debt and plans to announce an overseas debt extension scheme in the coming months[35] Sales and Development - Contract sales amounted to RMB 44.11 billion[2] - In 2022, the group achieved contract sales of approximately RMB 44.11 billion, with the Greater Bay Area contributing 36.4% of the total sales[40] - The group delivered 62,000 units in 2022, achieving a contract delivery rate of 100%[35] - The group has a total land reserve of approximately 28.62 million square meters, with the Greater Bay Area and Yangtze River Delta accounting for about 73% by value[44] - The group plans to launch key projects in 2023, including Shenzhen Longguang • Jinxiu Park No. 1 and Hong Kong Kaiyue[40] - The group has 135 projects under construction as of December 31, 2022, with a planned total construction area of approximately 21.79 million square meters[43] - The average selling price in the Greater Bay Area was RMB 17,860 per square meter, while the Yangtze River Delta region had an average selling price of RMB 27,143 per square meter[41] - The group has completed 42 projects with a total planned construction area of approximately 4.74 million square meters in 2022[42] Shareholder Information - The net loss per share attributable to ordinary shareholders was RMB (155.69), down from RMB 181.83 in the previous year[4] - The group did not recommend a final dividend for the years ended December 31, 2022, and 2021, compared to a dividend of HKD 0.49 per share in 2021[24] - The company confirmed compliance with the standards for securities trading by all directors during the year ended December 31, 2022[60] - The company plans to publish its annual report for 2022 on March 30, 2023, which will include all applicable information as per listing rules[64] Awards and Recognition - The group received 25 international design awards for its projects in 2022, highlighting its focus on differentiated quality products[36]

Financial Performance - For the six months ended June 30, 2022, the company's revenue was RMB 12,629.4 million, a decrease of approximately 64.1% compared to the same period in 2021[9]. - The gross profit for the same period was RMB 1,757.9 million, with a reported loss of RMB 711 million[9]. - Total revenue for the six months ended June 30, 2022, was approximately RMB 12,629.4 million, a decrease of 64.1% compared to RMB 35,165.3 million in the same period of 2021[14]. - Property development revenue was approximately RMB 10,498.4 million, down 62.1% from RMB 27,667.2 million year-on-year[19]. - The total area of delivered properties was 562,741 square meters, a decrease of 69.1% from 1,823,474 square meters in the previous year[16]. - The average selling price of delivered properties was RMB 14,433 per square meter, down 4.5% from RMB 15,119 per square meter[14]. - Gross profit for the period was RMB 1,757.9 million, representing a decline of 81.4% compared to RMB 9,465.2 million in the previous year[14]. - The company reported a loss attributable to equity holders of RMB 540.6 million, compared to a profit of RMB 6,181.9 million in the same period last year[14]. - The total comprehensive loss for the period was RMB 1,624,821 thousand, significantly lower than the comprehensive income of RMB 6,824,845 thousand in the previous year[66]. - The company reported a net loss of RMB 711,188 thousand for the six months ended June 30, 2022, compared to a profit of RMB 6,500,428 thousand in the prior year[66]. Assets and Liabilities - The total assets as of June 30, 2022, were RMB 294,142.2 million, an increase of 2.9% from RMB 285,901.6 million at the end of 2021[14]. - Total liabilities amounted to approximately RMB 230,627.5 million, compared to RMB 218,133.3 million at the end of 2021[31]. - The company’s equity attributable to shareholders was approximately RMB 46,290.1 million, a decrease from RMB 47,894.6 million at the end of 2021[31]. - Cash and bank balances decreased by 62.5% to RMB 14,352.3 million from RMB 38,236.3 million[14]. - The net debt to equity ratio increased to 128.9% from 82.1% in the previous year[14]. - The company’s total equity as of June 30, 2022, was RMB 45.56 billion, down from RMB 70.78 billion a year earlier[72]. - The company’s retained earnings stood at RMB 43.58 billion, reflecting a decrease from RMB 45.08 billion in the previous year[72]. - The company’s total reserves decreased to RMB 43.48 billion from RMB 45.08 billion year-on-year[72]. Cash Flow and Financing - Operating cash flow for the period was negative RMB 5.63 billion, a significant decline from positive cash flow of RMB 1.67 billion in the previous year[74]. - The company recorded a cash outflow of RMB 10.13 billion from loans to joint ventures and associates, compared to RMB 8.98 billion in the previous year[74]. - The company reported a significant increase in bank and other loan proceeds, amounting to RMB 1,267,518 thousand, compared to RMB 11,584,832 thousand in the previous period[75]. - The total cash outflow from financing activities was RMB (13,752,286) thousand, compared to an inflow of RMB 4,692,980 thousand in the same period last year[75]. - The cash and cash equivalents decreased by RMB 14,898,592 thousand, with cash and cash equivalents at the beginning of the period being RMB 24,390,778 thousand, resulting in an ending balance of RMB 10,327,272 thousand[75]. Debt Management - The company has actively managed its debt, completing 12 domestic bond extensions and engaging in negotiations with overseas creditors[7]. - The company reported a total of $1.9 billion in outstanding principal for priority notes as of August 23, 2022, equivalent to approximately RMB 12.87 billion, with unpaid interest totaling about $53.1 million, or RMB 359.5 million[62]. - The company suspended interest payments on several priority notes to advance overall debt management, with a total principal balance of $1.6 billion (equivalent to RMB 10.81 billion) and unpaid interest totaling $41.8 million (equivalent to RMB 282.5 million)[199]. - The company anticipates an inability to pay the principal on the 7.5% priority notes due on August 25, 2022, which may lead creditors to demand accelerated repayment[199]. Shareholder Information - The company did not declare any interim dividend for the six months ended June 30, 2022, compared to 49 HK cents per share for the same period in 2021[42]. - A total of 4,000,000 shares were repurchased by the company during the six months ended June 30, 2022, with all repurchased shares being cancelled[42]. - The company reported a total of 25,156,000 shares held by employees as of June 30, 2022[53]. - The company’s major shareholder, Mr. Ji Haipeng, holds a family trust interest in 4,252,881,250 shares, which is about 74.80% of the issued share capital[39]. - The company’s board is committed to high standards of corporate governance, which is essential for protecting shareholder interests and enhancing corporate value[44]. Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code during the six months ended June 30, 2022[46]. - The audit committee reviewed the group’s accounting policies and internal controls, and there were no objections regarding the unaudited interim financial statements for the six months ended June 30, 2022[47]. Acquisitions and Investments - The company acquired Shenzhen Zhisheng Industrial Co., Ltd., becoming a wholly-owned subsidiary, with total identifiable net assets valued at RMB 30,100,000[155]. - The acquisition included assets such as inventory valued at RMB 6,278,623,000 and cash and bank balances of RMB 11,041,000[156]. - The company also acquired Guangxi Longguang Huida Expressway Investment Co., Ltd. and other entities, with a total acquisition cost of RMB 1,170,000,000[160]. - The identifiable net assets from the acquisitions included inventory of RMB 2,578,038,000 and total identifiable net assets of RMB 1,688,948,000[161]. Revenue Segments - Revenue from the property development segment was RMB 10,498,381 thousand, while the total revenue from all segments amounted to RMB 15,618,899 thousand for the six months ended June 30, 2022[84]. - The revenue from construction contracts with joint ventures was RMB 799,676,000 for the six months ended June 30, 2022, compared to RMB 2,953,284,000 for the same period in 2021[187]. - The group’s revenue from project management services with joint ventures was RMB 197,744,000 for the six months ended June 30, 2022[187]. Employee Compensation - The total compensation for key management personnel decreased to RMB 14,711,000 in 2022 from RMB 35,824,000 in 2021, representing a decline of approximately 59%[190]. - The company reported a decrease in discretionary performance bonuses to RMB 2,522,000 in 2022 from RMB 19,755,000 in 2021, a reduction of approximately 87%[190].

Financial Performance - Revenue for the year ended December 31, 2021, was RMB 78,293 million, representing a 10% increase from RMB 71,080 million in 2020[10]. - Gross profit decreased by 20% to RMB 17,111 million, with a gross margin of 21.9%, down 8.1 percentage points from 30.0% in the previous year[10]. - Core profit fell by 20% to RMB 9,942 million, with a core profit margin of 12.7%, down 4.7 percentage points from 17.4% in 2020[10]. - Net profit decreased by 23% to RMB 10,332 million, while profit attributable to equity shareholders was RMB 9,975 million, also down 23%[10]. - Basic earnings per share were RMB 181.83, a decrease of 22% from RMB 234.13 in 2020[10]. - Total revenue for the year ended December 31, 2021, was RMB 78,292,624, representing a year-on-year increase of 10.2% from RMB 71,079,729 in 2020[32]. - Gross profit decreased to RMB 17,111.2 million, down 19.8% from RMB 21,331.9 million in 2020[52]. - Net profit attributable to equity shareholders was RMB 9,975.5 million, a decrease of 23.4% from RMB 13,016.6 million in 2020[52]. - The total comprehensive income for the year was RMB 10,811,319 thousand, down from RMB 14,239,337 thousand in 2020, a decrease of 24.5%[196]. Revenue Sources - Revenue from delivered properties amounted to RMB 66,677,321, a significant increase of 21.5% compared to RMB 54,858,387 in the previous year[32]. - Property development revenue for 2021 was RMB 66,677.3 million, up approximately 21.5% from RMB 54,858.4 million in 2020[55]. - The Greater Bay Area accounted for 56.5% of total contract sales, with sales amounting to RMB 79.2 billion[40]. - The company achieved significant recognition, ranking 15th in the "Top 100 Product Power of Chinese Real Estate Enterprises" by Yihan Think Tank[26]. Assets and Liabilities - The total assets of the company increased by 17.4% to RMB 285,901,557, compared to RMB 243,513,648 in 2020[32]. - Total liabilities increased to RMB 155,125,799 thousand in 2021, up from RMB 120,771,336 thousand in 2020, reflecting a growth of 28.4%[199]. - The net debt-to-equity ratio increased to 82.1% from 61.4% in 2020[52]. - The company has a total outstanding term loan financing of HKD 880,000,000 as of the report date[143]. Dividends and Shareholder Returns - Total dividend per share was HKD 0.49, a reduction of 51% from HKD 1.01 in the previous year[10]. - The company did not recommend a final dividend for the year ended December 31, 2021, compared to a final dividend of HKD 0.58 per share in 2020[127]. - The board has a dividend policy that allows for the declaration of dividends based on the company's financial performance and cash flow situation[107]. Corporate Governance - The company has adopted and complied with the corporate governance code effective during the year ending December 31, 2021[82]. - The board consists of five executive directors and three independent non-executive directors, with independent directors accounting for over one-third of the board[84]. - The company has a strong focus on high standards of corporate governance to protect shareholder interests and enhance corporate value[82]. - The independent non-executive directors have confirmed their independence according to the guidelines set out in the listing rules[87]. Risk Management - The company has established a risk management and internal control system aligned with the COSO 2013 framework to ensure operational efficiency and compliance[110]. - The audit committee has reviewed the effectiveness of the risk management and internal control systems for the year ending December 31, 2021[111]. - The independent auditor noted significant uncertainty regarding the group's ability to continue as a going concern due to potential early repayment triggers on bank loans[178]. Employee and Management - The group has approximately 2,897 employees as of December 31, 2021, a decrease from 2,999 employees in 2020[71]. - The executive team includes experienced professionals with over 20 years in property development and management[73][74][75]. - The company encourages continuous professional development for all directors to enhance their knowledge and skills regarding corporate governance[89]. Shareholder Structure - As of December 31, 2021, Mr. Ji Haipeng holds 4,252,881,250 shares, representing approximately 74.75% of the issued share capital[166]. - The company has a total of 5,689,407,450 shares issued as of December 31, 2021, which is the basis for calculating ownership percentages[160]. - The company's top five customers accounted for less than 30% of total sales for the year ending December 31, 2021, indicating a diversified customer base[169]. Future Plans and Development - The company plans to accelerate the pre-sale and sale of properties under development and completed properties in the Greater Bay Area and Yangtze River Delta regions[29]. - The company plans to launch key projects in 2022, including Shenzhen Jinxiu Park No. 1 and Nanjing Jiuhua Mansion[39]. - The company aims to expand its market presence and enhance its operational strategies through ongoing investments and development initiatives[76].

Financial Performance - Contract sales amounted to RMB 140.2 billion, representing a year-on-year growth of 16.2%[2] - Revenue reached RMB 78.29 billion, an increase of 10.2% compared to the previous year[2] - Core profit was RMB 9.987 billion, with a core profit margin of 12.8%[2] - The company reported a net profit of RMB 10.38 billion for the year, down from RMB 13.37 billion in the previous year[5] - The total comprehensive income for the year was RMB 10.86 billion, compared to RMB 14.24 billion in the prior year[6] - The reported segment profit for the property development division was RMB 10,180,876,000, compared to RMB 11,812,363,000 in 2020, reflecting a decrease of approximately 13.8%[14] - The company reported a pre-tax profit of RMB 10,021,297 for the year ended December 31, 2021, compared to RMB 13,016,635 in 2020, reflecting a decrease of approximately 22.9%[28] - The company reported a net profit attributable to equity shareholders of RMB 10.0 billion, a decrease of 23.0% year-on-year[45] Assets and Liabilities - Total assets increased to RMB 285.95 billion, reflecting a year-on-year rise of 17.4%[2] - The net debt-to-equity ratio stood at 82.1% as of December 31, 2021[2] - Current assets amounted to RMB 223.38 billion, an increase from RMB 193.13 billion in the previous year[7] - The company's equity attributable to owners of the parent increased to RMB 67.81 billion from RMB 60.67 billion year-on-year[8] - The total liabilities amounted to approximately RMB 218,133.3 million, with current liabilities at RMB 63,007.4 million[59] Revenue Breakdown - The revenue from property development was RMB 66,677,321,000, up from RMB 54,858,387,000 in the previous year, indicating a growth of about 21.5%[18] - Total revenue from customer contracts for the year ended December 31, 2021, was RMB 78,080,237, an increase from RMB 70,970,644 in 2020, representing a growth of approximately 10.5%[21] - The revenue breakdown by region for property development in 2021 was as follows: Greater Bay Area (66.5%), Southwest Region (17.9%), Yangtze River Delta (6.3%), and Other Regions (9.3%)[47] Costs and Expenses - The company’s financial costs decreased to RMB 1,277,711,000 from RMB 2,051,424,000, showing a reduction of approximately 37.6%[16] - The company incurred total tax expenses of RMB 4,457,473 for the year ended December 31, 2021, down from RMB 6,123,692 in 2020, representing a decrease of approximately 27.2%[26] - The cost of sales increased by approximately RMB 11,408.6 million (or about 22.9%) to RMB 61,156.5 million, primarily due to increased costs in property development[53] Market and Development - The company has a land reserve of 34.31 million square meters, with 71% located in first- and second-tier cities, ensuring future performance[34] - The company launched two major projects in Singapore, achieving strong sales, with one project selling all 1,260 units and another project having over 90% sold[34] - The company plans to continue focusing on the Greater Bay Area and Yangtze River Delta for future growth and market penetration[36] - The company has 57 new projects under development with a total planned construction area of approximately 9.24 million square meters as of December 31, 2021[40] Shareholder and Governance - The company repurchased a total of 3,790,000 shares during the year, all of which were canceled[63] - The company has adopted and complied with the corporate governance code effective in 2021 as per the Hong Kong Stock Exchange listing rules[65] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited performance for the year ended December 31, 2021[67] ESG and Awards - The company received multiple awards for product design and was ranked 15th in the "Top 100 Chinese Real Estate Enterprises Product Power" by Yihan Think Tank in 2021[34] - The company’s ESG rating was upgraded to "BBB" by MSCI, reflecting its commitment to sustainable development and social responsibility[35]

Financial Performance - For the six months ended June 30, 2021, the group achieved contract sales of approximately RMB 73.64 billion, an increase of about 58.9% year-on-year[7]. - Revenue for the same period was approximately RMB 35.17 billion, representing a year-on-year growth of about 13.3%[7]. - The gross profit was approximately RMB 9.47 billion, with a gross margin of 26.9%[7]. - Core profit attributable to the owners of the company was approximately RMB 5.58 billion, maintaining stable profitability[7]. - The net profit attributable to the parent company was RMB 6,181.9 million, reflecting a growth of about 0.4% year-on-year[15]. - Total revenue for the six months ended June 30, 2021, was approximately RMB 35,165.3 million, an increase of 13.3% compared to RMB 31,034.9 million in the same period of 2020[27]. - Operating profit decreased by RMB 1,638.3 million to approximately RMB 9,554.7 million, compared to RMB 11,193.0 million in the same period of 2020[34]. - The profit before tax was RMB 9,172,505, compared to RMB 10,249,216 in the previous year, a decrease of about 10.5%[73]. - The total comprehensive income for the six months ended June 30, 2021, was RMB 6,824,845, an increase from RMB 6,468,838 in the same period last year, representing a growth of approximately 5.5%[74]. Sales and Revenue Breakdown - The sales from the Greater Bay Area accounted for 64.3% of total contract sales, with an average selling price of RMB 24,719 per square meter[17]. - Property development revenue was approximately RMB 27,667.2 million, representing a growth of 34.2% from RMB 20,616.8 million year-on-year[24]. - Revenue from property development was RMB 27,667,193,000, up from RMB 20,616,843,000, indicating a growth of 34.9% year-over-year[97]. - The property development segment generated revenue of RMB 27,667,193 thousand, which accounted for approximately 78.5% of the total revenue from external customers[90]. - The urban renewal segment's revenue was RMB 2,904,631 thousand, a decrease from RMB 6,000,000 thousand in the same period last year, reflecting a decline of approximately 51.7%[90]. Assets and Liabilities - Total assets increased by 19.0% to RMB 289,795.3 million from RMB 243,513.6 million[22]. - The company’s total liabilities as of June 30, 2021, were approximately RMB 219,019.7 million, compared to RMB 182,842.2 million as of December 31, 2020[39]. - The total liabilities increased to RMB 151,983,868 from RMB 120,771,336, which is an increase of about 25.8%[75]. - The total equity attributable to shareholders increased by 7.4% to RMB 45,556.1 million from RMB 42,403.2 million[22]. - The cash and bank balances slightly decreased by 1.9% to RMB 42,059.1 million from RMB 42,869.2 million[22]. Debt and Financing - The group maintained a net debt-to-equity ratio of 60.8% and an average financing cost of 4.60% for new borrowings[7]. - The company issued two batches of senior notes totaling USD 600 million, with interest rates of 4.5% and 4.25%[40]. - The company has issued a total of $2.3 billion in preferred notes with varying interest rates, including $200 million at 5.80% and $450 million at 5.42%[138]. - The company has a total of $1.98 billion in preferred notes maturing in 2021, with an interest rate of 8.05%[138]. - The company has a current liability of RMB 9,918 million due within one year, compared to RMB 4,372 million in the previous year[145]. Shareholder Information - The board declared an interim cash dividend of HKD 0.49 per share for the six months ended June 30, 2021, compared to HKD 0.43 for the same period in 2020[53]. - As of June 30, 2021, Mr. Ji Haipeng holds 3,401,600,000 shares as a family trust beneficiary, representing 61.61% of the issued share capital[43]. - Major shareholders with 5% or more interests include Mr. Ji Haipeng with a total of 4,252,881,250 shares, representing 77.03% of the issued share capital[50]. - The total number of issued shares as of June 30, 2021, is 5,521,078,450[51]. Corporate Governance - The board of directors confirmed compliance with the corporate governance code during the six months ended June 30, 2021[56]. - The company’s governance practices are based on the principles and code provisions of the corporate governance code as per the listing rules[55]. - The company confirmed that all directors complied with the standards set out in the standard code during the six months ended June 30, 2021[56]. Acquisitions and Investments - The company acquired Guangxi Longguang Huida Expressway Investment Co., Ltd. and Xinming Paper (Shenzhen) Co., Ltd. for a total consideration of RMB 1,170,000,000[166]. - The identifiable net assets acquired amounted to RMB 1,688,948,000, with non-controlling interests of RMB (148,418,000)[167]. - The acquired subsidiaries contributed RMB 7,598,943,000 in revenue and RMB 555,849,000 in profit to the group since acquisition[186]. Cash Flow and Investments - Operating cash flow for the first half of 2021 was RMB 1,672,401,000, down 69% from RMB 5,412,333,000 in the previous year[82]. - The company incurred a net cash outflow from investing activities of RMB 6,529,629,000, compared to RMB 16,038,781,000 in the same period of 2020[83]. - The cash flow from investing activities showed a net inflow of RMB 8,161,823,000 from the acquisitions[186].

Financial Performance - Revenue for the year ended December 31, 2020, was RMB 71,080 million, representing a 23.7% increase from RMB 57,480 million in 2019[29] - Gross profit was RMB 21,332 million, with a gross margin of 30.0%, down from 31.5% in 2019[29] - Core profit increased by 20.2% to RMB 12,394 million, with a core profit margin of 17.4%[29] - Net profit for the year was RMB 13,374 million, a 15.7% increase from RMB 11,563 million in 2019[29] - Basic earnings per share rose to RMB 234.13, up 15.8% from RMB 202.24 in 2019[29] - The total dividend per share increased by 21.7% to HKD 1.01, with a final dividend of HKD 0.58, up 28.9% from the previous year[29] - The company achieved a contract sales amount of approximately RMB 120.69 billion for the year ended December 31, 2020, representing a year-on-year growth of approximately 31.9%[53] - Property sales revenue reached approximately RMB 54,858.4 million, a growth of about 34.1% from RMB 40,920.8 million in 2019, accounting for approximately 77.2% of total revenue[95] - The core profit for 2020 was RMB 13,374,094, reflecting a growth of 15.7% from RMB 11,563,258 in 2019[68] - The company’s total land reserve reached 72 million square meters, with 85% located in the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, ensuring sustained sales growth[56] Assets and Liabilities - As of December 31, 2020, the total assets amounted to RMB 243,513,648, an increase of 18.2% from RMB 206,010,125 in 2019[68] - The total liabilities were approximately RMB 182,842.2 million as of December 31, 2020, compared to RMB 163,016.1 million in 2019, representing an increase of about 12.2%[115] - The total equity attributable to equity shareholders increased by 24.0% to RMB 42,403.2 million from RMB 34,194.4 million in 2019[94] - The company’s net debt-to-equity ratio at year-end was 61.4%, indicating a strong capital structure and financial stability[53] - The net debt-to-equity ratio improved to 61.4% from 67.4% in the previous year[70] Corporate Governance - The board is committed to high standards of corporate governance, which is crucial for protecting shareholder interests and enhancing corporate value[134] - The company has adhered to the principles of the Corporate Governance Code as per the Hong Kong Stock Exchange, ensuring compliance with relevant provisions[134] - The board of directors consists of four executive directors, one non-executive director, and three independent non-executive directors, with independent non-executive directors holding more than one-third of the board seats[136] - Each director is required to undergo formal and comprehensive training upon appointment to ensure understanding of the company's operations and responsibilities[146] - The audit committee reviewed the company's corporate governance policies and compliance with legal and regulatory requirements in 2020[169] Strategic Initiatives - The company plans to actively pursue land acquisition opportunities and seek more merger and acquisition targets to increase high-quality land reserves at the lowest cost[62] - The company has a city renewal business layout in 11 cities with a total value exceeding RMB 710 billion, 95% of which is located in core cities of the Guangdong-Hong Kong-Macao Greater Bay Area[56] - The company plans to launch a saleable value of approximately RMB 240 billion in 2021, with a target for contracted sales growth of 20.0%[88] Employee and Stakeholder Relations - The company emphasizes the importance of maintaining strong relationships with employees, customers, and business partners to support sustainable development[195] - The company is focused on providing a safe and reasonable working environment for employees, promoting diversity and offering competitive compensation and career development opportunities[195] - The company has established procedures to handle customer complaints promptly, ensuring effective communication to adapt to changing market demands[197] Risk Management - The company has established a risk management and internal control system aligned with the COSO 2013 framework, ensuring operational efficiency and compliance with applicable laws[173] - The board has confirmed the effectiveness and adequacy of the risk management and internal control systems for the fiscal year ending December 31, 2020[175] Environmental and Social Responsibility - The company is committed to complying with environmental laws and regulations, ensuring adherence to air and noise pollution controls, as well as waste and wastewater discharge regulations[194] - The company was rated "BB" by MSCI for its ESG performance, reflecting its commitment to sustainable development and social responsibility[59]

Financial Performance - For the six months ended June 30, 2020, the company achieved equity contract sales of approximately RMB 46.35 billion, an increase of about 12.1% year-on-year, completing 42% of the 2020 sales target[8]. - The company reported revenue of approximately RMB 31.034 billion, a year-on-year increase of about 14.9%, with a gross profit of approximately RMB 10.934 billion and a gross profit margin of 35.2%[8]. - Net profit attributable to the owners of the parent company was approximately RMB 6.157 billion, an increase of 20.1% compared to the same period last year, with a core profit of approximately RMB 5.334 billion, up about 18.3%[8]. - The company's revenue for the six months ended June 30, 2020, was RMB 31,035.0 million, an increase of approximately 14.9% compared to the same period in 2019[11]. - Gross profit for the same period was RMB 10,934.4 million, reflecting a growth of about 16.4% year-on-year[11]. - Net profit attributable to shareholders was RMB 6,157.5 million, up approximately 20.1% from the previous year[11]. - Total revenue for the first half of 2020 was approximately RMB 31,034.97 million, an increase of 14.9% compared to RMB 27,021.71 million in 2019[24]. - Property sales revenue reached approximately RMB 20,616.84 million, up 27.1% from RMB 16,226.13 million in the same period of 2019[24]. - The area of delivered properties was 1,265,658 square meters, representing a 41.8% increase from 892,623 square meters in 2019[24]. - The average selling price of delivered properties decreased by 12.8% to RMB 17,137 per square meter from RMB 19,655 in 2019[24]. Assets and Liabilities - As of June 30, 2020, the company had a total land reserve of approximately 39,200,198 square meters, with an average land reserve cost of RMB 4,518 per square meter[18]. - Total assets increased by 16.6% to RMB 240,217.30 million from RMB 206,010.13 million in December 2019[22]. - The total liabilities as of June 30, 2020, were approximately RMB 187,993.9 million, compared to RMB 163,016.1 million as of December 31, 2019, with non-current liabilities of approximately RMB 50,456.8 million[36]. - The debt-to-equity ratio improved to 68.3% from 67.4% in December 2019[22]. - The total equity as of June 30, 2020, was approximately RMB 52,223.4 million, an increase from RMB 42,994.0 million as of December 31, 2019[36]. Cash Flow and Financing - The company has a cash and bank balance of approximately RMB 41.9 billion as of June 30, 2020, with a net debt-to-equity ratio of approximately 68.3%[8]. - The average borrowing cost for the period was 5.93%, with new borrowing costs at an annual rate of 5.45%[8]. - Operating cash flow for the six months ended June 30, 2020, was RMB 5,412,333,000, down from RMB 9,011,410,000 in the same period of 2019, a decrease of about 40%[72]. - The net cash flow from financing activities for the six months ended June 30, 2020, was RMB 12,695,428 thousand, compared to a net cash outflow of RMB 6,615,934 thousand in the same period of 2019[73]. - The total amount of bank and other loan proceeds received was RMB 16,277,690 thousand, significantly increasing from RMB 5,809,253 thousand in 2019[73]. Shareholder Information - The company declared an interim cash dividend of HKD 0.43 per share for the six months ended June 30, 2020, compared to HKD 0.38 per share for the same period in 2019, representing a 13.16% increase[46]. - The company repurchased a total of 3,746,000 shares, all of which have been cancelled[48]. - The major shareholders include Mr. Ji Haipeng with a 77.05% stake and Ms. Ji Kaiti with a 77.03% stake, indicating significant family control over the company[44]. - The company has a total issued share capital of 5,519,534,450 shares as of June 30, 2020[45]. Market Position and Recognition - The company ranked 18th in the "Top 200 Chinese Real Estate Enterprises" and 3rd in the "Top 10 Profitability of Chinese Real Estate Enterprises" for 2020[9]. - The company received a "BB" rating from MSCI in its latest ESG rating report and was recognized as a "2020 Excellent Enterprise in ESG Development" in China[9]. - The company is included in several major indices, including the Hang Seng Composite Large Cap Index and the MSCI China All Shares Index[9]. Operational Highlights - The company has 38 projects under development with a planned total construction area of approximately 5.8 million square meters as of June 30, 2020[15]. - The company plans to focus on urban comprehensive services, including residential development, urban renewal, commercial operations, and industrial operations[20]. - The company aims to actively seize land acquisition opportunities and seek more merger and acquisition targets to diversify and increase quality land reserves[20]. - The company plans to continue expanding its market presence and developing new products to enhance revenue streams[27]. Financial Costs and Expenses - The total sales cost increased by approximately RMB 2,471.3 million (or about 14.0%) compared to the same period in 2019, with property sales costs rising by 29.4% to RMB 14,817,221,000[29][30]. - Administrative expenses rose by approximately 29.7% to RMB 813.1 million, primarily due to increased labor costs[31]. - The group's net financial costs increased to approximately RMB 943.8 million for the six months ended June 30, 2020, compared to RMB 826.3 million in the same period of 2019, primarily due to an increase in bank and other borrowings[33]. Investment and Acquisitions - The company acquired several subsidiaries for a total consideration of RMB 1,880,000,000, which included Dongguan Longguang Junyu Real Estate Development Co., Ltd. and Zhuhai Hengqin Haojing Real Estate Co., Ltd.[156]. - The cash paid for the acquisitions amounted to RMB 1,488,293,000, while the cash and cash equivalents received from the acquired companies totaled RMB 5,303,905,000[160]. - The identifiable net assets of the acquired subsidiaries totaled RMB 3,084,588,000[157]. Risk Management - The company has no significant credit concentration risk in its trade receivables, as they involve a diverse customer base[121]. - The company has not recorded any collateral or other credit enhancements for its trade receivables, which are all non-interest bearing[121]. - The group has no collateral or other credit enhancement measures for the financial guarantees provided[180].

Financial Performance - Revenue for the year ended December 31, 2019, was RMB 57,480 million, representing a 30.2% increase from RMB 44,137 million in 2018[15]. - Core profit increased by 34.7% to RMB 10,314 million, with a core profit margin of 17.9%, up from 17.3% in the previous year[15]. - Net profit rose by 28.5% to RMB 11,563 million, with profit attributable to equity shareholders increasing by 36.0% to RMB 11,269 million[15]. - Basic earnings per share increased by 36.7% to RMB 202.24, while diluted earnings per share rose by 36.8% to RMB 199.36[15]. - The total comprehensive income for the year was RMB 11,586,709 thousand, compared to RMB 8,712,123 thousand in 2018, reflecting an increase of 32.5%[180]. - Operating profit for 2019 was approximately RMB 18,818.5 million, reflecting a growth of 21.9% from RMB 15,436.0 million in 2018[68]. - The total revenue for the year ended December 31, 2019, increased by approximately RMB 13,343.5 million (or about 30.2%) to RMB 57,480.4 million compared to 2018[56]. - The total property sales revenue for 2019 was approximately RMB 40,920.8 million, an increase from RMB 38,804.4 million in 2018, representing a growth of about 5.4%[61]. Assets and Liabilities - As of December 31, 2019, total assets reached RMB 206,010,125 thousand, reflecting a 21.1% increase from RMB 170,094,677 thousand[43]. - The group's total liabilities amounted to approximately RMB 163,016.1 million as of December 31, 2019, compared to RMB 133,348.9 million as of December 31, 2018, reflecting a rise of 22.3%[72]. - The net debt-to-equity ratio improved to 67.4%, compared to 63.2% in the previous year[44]. - The company held cash and bank balances of approximately RMB 40.7 billion as of December 31, 2019, with a net debt-to-capital ratio of 67.4%[39]. - The total equity attributable to owners of the parent company was RMB 34,194,417,000 in 2019, up from RMB 29,248,806,000 in 2018, which is an increase of approximately 16.9%[184]. Dividends and Shareholder Returns - The company declared a total dividend of HKD 0.83 per share, a 10.7% increase from HKD 0.75 in the previous year[15]. - The proposed final dividend for the year ended December 31, 2019, is HKD 0.45 per share, up from HKD 0.40 per share in 2018[126]. - The board has established a dividend policy to provide returns to shareholders while retaining sufficient reserves for future development[108]. Market Position and Recognition - The company was ranked 22nd in the 2020 China Real Estate Top 100 Enterprises, improving from 23rd in 2019, and was recognized as the 3rd in profitability among the top 10[14]. - The company received multiple awards, including being named one of the Top 10 Investment Value Real Estate Companies in Mainland China listed in Hong Kong in 2019[25]. - International rating agencies reaffirmed the company's ratings, with S&P and Fitch upgrading the rating from "BB-" to "BB" and Moody's changing the outlook to positive[14]. Land and Development - The total land resources of the company amount to RMB 832 billion, with over 80% located in the Guangdong-Hong Kong-Macao Greater Bay Area, ensuring stable future sales and profit growth[14]. - The company plans to actively pursue land acquisition opportunities and seek more merger and acquisition targets to diversify and increase quality land reserves[40]. - The average land reserve cost was RMB 4,081 per square meter, with approximately 71% of the land reserves located in the Guangdong-Hong Kong-Macao Greater Bay Area[53]. Corporate Governance - The company has complied with the corporate governance code throughout the year ending December 31, 2019[84]. - The independent non-executive directors have relevant professional qualifications or financial management expertise, ensuring compliance with listing rules[89]. - The board regularly reviews the contributions of directors to ensure they dedicate sufficient time to their responsibilities[86]. - The company has a strong focus on corporate governance standards to protect shareholder interests and enhance corporate value[84]. Risk Management and Compliance - The company has implemented a risk management and internal control system aligned with the COSO 2013 framework to ensure operational efficiency and compliance[109]. - The internal audit function is responsible for reviewing the adequacy and effectiveness of the risk management and internal control systems[109]. - The audit committee has reviewed the company's corporate governance policies and practices in 2019[108]. Employee and Talent Management - The total number of employees increased to approximately 3,315 as of December 31, 2019, compared to 3,219 in 2018, indicating a growth of 3%[75]. - The company aims to attract and retain top talent through its compensation policy, which includes basic salary, bonuses, and long-term incentives[75]. - The management team has extensive experience in the real estate development industry, with key executives holding significant positions since 2013[76][77][78]. Environmental and Social Responsibility - The company is committed to environmental sustainability and complies with various environmental laws and regulations in China, ensuring adherence to relevant legal requirements[123]. - The company emphasizes the importance of maintaining strong relationships with employees, customers, and business partners for sustainable development[124]. - The company is committed to providing quality services to customers and addressing complaints promptly to strengthen customer relationships[124]. Financial Reporting and Audit - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, reflecting the company's commitment to transparency and compliance[197]. - The auditor has issued an unqualified opinion on the group's financial statements for the year ended December 31, 2019, confirming compliance with relevant regulations[167]. - The financial statements reflect the group's financial position and performance accurately as of December 31, 2019[168].

Financial Performance - For the six months ended June 30, 2019, the company achieved contracted sales of approximately RMB 45.31 billion, an increase of about 27.7% year-on-year, completing 53.3% of the 2019 sales target[9] - Revenue for the same period was approximately RMB 27.022 billion, representing a year-on-year growth of about 78.3%[9] - The company's gross profit was approximately RMB 9.392 billion, with a gross profit margin of 34.8%[9] - Core profit increased by approximately 59.0% year-on-year to RMB 4.672 billion, with a core profit margin of 17.3%[9] - The group's revenue for the six months ended June 30, 2019, was approximately RMB 27,021.7 million, an increase of about RMB 11,868.2 million (or approximately 78.3%) compared to the same period in 2018, primarily due to growth in property sales, construction and decoration contracts, and primary land development revenue[31] - Property sales revenue for the first half of 2019 was RMB 16,226.1 million, representing a growth of approximately 24.1% from RMB 13,074.2 million in the same period of 2018[22] - The company reported a total revenue of RMB 30,605,000 for the six months ended June 30, 2019, compared to RMB 32,066,000 for the same period in 2018, representing a decrease of approximately 4.55%[167] Land Reserves and Development - The company holds land reserves in Shenzhen valued at over RMB 180 billion, benefiting from the economic growth and policy advantages in the region[8] - The company has a land reserve value exceeding RMB 150 billion in Huizhou and Dongguan, continuing to benefit from the spillover effect of housing demand from Shenzhen[8] - The company has a total land reserve value of approximately RMB 75,200 million, with about 81% located in the Greater Bay Area, ensuring sustained sales and profit growth[14] - The total land reserve area as of June 30, 2019, was approximately 35,917,534 square meters, with an average land reserve cost of RMB 4,304 per square meter[27] - The company has sufficient urban renewal projects in cities like Shenzhen and Huizhou, with an estimated saleable value of approximately RMB 260 billion[12] - The company has 38 new projects under development as of June 30, 2019, with a total planned construction area of approximately 8.7 million square meters[24] Market Position and Recognition - The company has been recognized as one of the top 100 real estate companies in China, improving its ranking from 26th in 2018 to 23rd in 2019[10] - The company is included in major indices such as the Hang Seng Composite Large/Mid Cap Index and MSCI China All Shares Index, reflecting its strong market position[10] - The company aims to enhance its market competitiveness and brand image while expanding its market share in key cities within the Greater Bay Area[14] Financial Strategy and Debt Management - The company successfully issued USD 350 million in senior notes and RMB 1.51 billion in domestic bonds with a coupon rate of 5.5% during the first half of 2019[12] - The net debt ratio as of June 30, 2019, was 65.4%, up from 63.2% at the end of 2018[16] - Approximately 58.8% of the group's total borrowings are denominated in RMB, while 41.2% are in foreign currencies, with no significant foreign exchange hedging contracts in place[45] - The company has a family trust structure where significant shareholders hold approximately 77.57% and 77.56% of the shares through family trusts[52][53] - The company has established cross-border guarantee arrangements with several financial institutions, with an annual net cost of less than 1% of the total advances[122] Shareholder Actions and Dividends - The company declared an interim cash dividend of HKD 0.38 per share for the six months ended June 30, 2019, compared to HKD 0.20 per share in the same period last year[55] - The company repurchased a total of 19,130,000 shares from the market during the six months ended June 30, 2019, which have been cancelled[57] - The company has a stock option plan that allows for the issuance of up to 10% of the total issued shares post-global offering[139] Cash Flow and Investments - The net cash flow from operating activities for the six months ended June 30, 2019, was RMB 9,011,410 thousand, an increase of 187.5% compared to RMB 3,124,547 thousand in the same period of 2018[76] - The net cash flow from investing activities was RMB 3,382,867 thousand, a significant improvement from a net outflow of RMB 9,107,630 thousand in the same period of 2018[77] - The company made a significant investment in acquiring subsidiaries, with cash outflow amounting to RMB 1,452,099 thousand, compared to RMB 245,087 thousand in the previous year[76] Compliance and Governance - The company has maintained compliance with corporate governance standards as per the applicable codes[59] - The company has adopted the standard code of conduct as per the listing rules, confirming compliance by all directors as of June 30, 2019[69] - There were no reported incidents of non-compliance with the employee written guidelines regarding securities trading as of June 30, 2019[69] Segment Performance - Total revenue from external customers for the property development segment was RMB 16,381,860,000, with a net income of RMB 16,226,129,000[93] - The total revenue from external customers for the leasing segment was RMB 70,985,000, with a net income of RMB 70,679,000[93] - The construction and decoration contracts segment generated total revenue of RMB 5,843,261,000, with a net income of RMB 5,824,900,000[93] - The first-level land development segment reported total revenue of RMB 4,900,000,000, contributing significantly to the overall income[96] Acquisitions and Subsidiaries - The company acquired the remaining 28.6% equity interest in Shenzhen Longguang Junjing Real Estate Development Co., Ltd. for RMB 2,821,778,000, making it a wholly-owned subsidiary[143] - The company completed acquisitions of Shantou Weida Packaging Co., Ltd. and Runjing Printing (Shenzhen) Co., Ltd., resulting in both becoming wholly-owned subsidiaries[145] - The identifiable net assets acquired from Shenzhen Kaifeng Industrial Co., Ltd. and Nanning Longguang Century Real Estate Co., Ltd. were valued at RMB 699,203,000[150]

Financial Performance - The company reported a revenue of RMB 44,137 million for the year ended December 31, 2018, representing a 59.4% increase from RMB 27,690 million in 2017[7]. - Gross profit for the same period was RMB 14,887 million, up 56.4% from RMB 9,517 million, with a gross margin of 33.7%[7]. - Core profit increased by 65.7% to RMB 7,655 million, with a core profit margin of 17.3%[7]. - Net profit reached RMB 8,996 million, a 28.4% increase from RMB 7,008 million in the previous year[7]. - The company declared a total dividend of 75 HKD cents per share, an increase of 82.9% compared to 41 HKD cents in 2017[7]. - Revenue for the year was RMB 44,136.9 million, an increase of approximately 59.4% compared to the previous year[33]. - The gross profit was RMB 14,886.9 million, with a gross profit margin of 33.7%[33]. - Core profit increased by approximately 65.7% to RMB 7,654.7 million, with a core profit margin of 17.3%[33]. - Property sales revenue for the year ended December 31, 2018, was approximately RMB 38,804.4 million, an increase of about 45.7% compared to RMB 26,642.1 million in 2017, accounting for approximately 87.9% of the total group revenue[47]. - The company's profit attributable to shareholders for the year ended December 31, 2018, was RMB 8,288,398,000, an increase of 27% from RMB 6,527,400,000 in 2017[128]. Land and Development - The total land resources held by the company amounted to RMB 652 billion, with over 80% located in the Guangdong-Hong Kong-Macao Greater Bay Area[6]. - The company successfully increased land reserves by approximately 747,000 square meters through public market bidding[35]. - The total land reserve value of the group is approximately RMB 652 billion, with 82% located in the Greater Bay Area, ensuring sustained sales and profit growth in the future[36]. - The total area delivered (excluding parking spaces) in 2018 was 1,862,470 square meters, a decrease of about 18.8% from 2,293,611 square meters in 2017[47]. - The group had 58 new projects or phases under development as of December 31, 2018, with a total planned construction area of approximately 10.04 million square meters[49]. - The group acquired 32 new projects through public market bidding in 2018, with a total construction area of 7,473,900 square meters[50]. Market Position and Recognition - The company was ranked 23rd among large property developers in China in 2019, according to the China Index Academy[6]. - The company received multiple awards in 2018, including recognition as one of the top 30 real estate companies in China[19][20]. - The company ranked 23rd in the China Real Estate Top 100 Enterprises, improving from 26th the previous year[33]. - The company’s projects in Shenzhen achieved the highest sales volume and area in the local market, with "Longguang • Jiu Zuan" winning the national sales amount runner-up[35]. Financial Stability and Debt Management - The company holds cash and bank balances of approximately RMB 35,717.2 million, with a net debt-to-equity ratio of about 63.2%[35]. - The net debt-to-equity ratio decreased to 63.2% from 67.9% in the previous year, indicating improved financial stability[41]. - The group had cash and bank balances of approximately RMB 35,717.2 million as of December 31, 2018, compared to RMB 22,408.0 million in 2017, with total borrowings of approximately RMB 58,941.2 million[67]. - The group achieved contract sales of approximately RMB 71.803 billion in 2018, a significant increase of 65.4% compared to 2017, with key contributions from the Shenzhen area and other regions in the Greater Bay Area[45]. Corporate Governance - The company has maintained a strong focus on corporate governance with a mix of executive and independent non-executive directors[78]. - The board consists of four executive directors, one non-executive director, and three independent non-executive directors, with independent directors accounting for over one-third of the board[86]. - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[83]. - The company has adopted a board diversity policy to enhance competitive advantage and maintain a balanced and diverse board composition[106]. - The company is committed to maintaining high standards of corporate governance and financial transparency, which is essential for investor confidence[79]. Employee and Stakeholder Relations - The company emphasizes the importance of maintaining strong relationships with employees, customers, and business partners to ensure sustainable development[126]. - The company provides above-market compensation to attract and retain top talent, with a clear salary management policy[189]. - Employee benefits include medical, pension, unemployment, and work injury insurance, ensuring compliance with labor laws[190]. - The company promotes equal opportunity and has strict selection criteria for recruitment and promotion, ensuring no discrimination based on non-job-related factors[191]. Environmental and Social Responsibility - The company has committed to complying with environmental laws and regulations, ensuring adherence to air and noise pollution standards, and waste discharge regulations[125]. - The company aims to become a leading green real estate enterprise in China, actively applying the latest environmental technologies to reduce operational impact[199]. - The company has established a Sustainable Development Committee to oversee the company's sustainability management[174]. - The company engages with stakeholders to understand the impact of its operations and their expectations regarding environmental, social, and governance matters[175]. Risk Management - The company has established risk management and internal control systems, which were confirmed effective as of December 31, 2018, covering financial, operational, and legal compliance[110]. - The audit committee is responsible for overseeing the effectiveness of the company's risk management and internal control systems[110]. - The group faces significant business risks related to the performance of the Chinese property market, which could adversely affect its operations and financial condition[72].