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].