Financial Performance - For the six months ended June 30, 2023, the company's revenue was RMB 36,334.59 million, with a gross profit of RMB 4,792.27 million and a total profit and comprehensive income of RMB 1,665.50 million[2]. - The core net profit for the period was RMB 1,750.41 million, with the company's attributable core net profit amounting to RMB 855.74 million[2]. - The basic and diluted earnings per share attributable to the company were RMB 0.58[2]. - The operating profit for the period was RMB 2,609.93 million, down from RMB 3,897.52 million in the same period of 2022[5]. - The total comprehensive income for the period attributable to the company was RMB 782.10 million, compared to RMB 1,538.08 million in the same period of 2022[6]. - The company's profit attributable to shareholders for the six months ended June 30, 2023, was approximately RMB 782,097,000, a decrease of 49% compared to RMB 1,538,081,000 for the same period in 2022[33]. - The basic earnings per share for the six months ended June 30, 2023, was RMB 0.58, down from RMB 1.25 in the same period of 2022, reflecting a decline of 53.6%[33]. - The group's profit for the reporting period was RMB 1,665.50 million, a decrease of 36.1% from RMB 2,608.37 million in the same period of 2022[60]. Assets and Liabilities - As of June 30, 2023, the asset-liability ratio after deducting advance receipts was 67.9%, with a net debt ratio of 39.8% and a cash-to-short-term debt ratio of 1.49 times[2]. - Total assets as of June 30, 2023, amounted to RMB 231,466,821 thousand, a decrease of 8.2% from RMB 251,938,754 thousand as of December 31, 2022[7]. - Non-current assets decreased from RMB 214,283,295 thousand to RMB 193,538,145 thousand, reflecting a decline of approximately 9.6%[7]. - The company's equity attributable to shareholders decreased from RMB 24,864,820 thousand to RMB 24,659,239 thousand, a reduction of about 0.8%[8]. - Total liabilities decreased from RMB 201,624,905 thousand to RMB 181,380,619 thousand, representing a decline of approximately 10%[9]. - The company's cash and cash equivalents decreased from RMB 21,810,599 thousand to RMB 18,436,816 thousand, a drop of about 15.5%[7]. - The company's bank and other borrowings decreased from RMB 26,541,041 thousand to RMB 24,957,897 thousand, a reduction of about 5.9%[9]. - The total liabilities as of June 30, 2023, were RMB 59,411,539 thousand, slightly up from RMB 58,359,483 thousand at the end of 2022[46]. Revenue and Sales - The group's contracted sales amount, including joint ventures and associates, was approximately RMB 40.56 billion[2]. - The total revenue for the property development and sales segment reached RMB 35,466,736,000 in 2023, up from RMB 30,971,210,000 in 2022, representing an increase of approximately 14.4%[19]. - Revenue from property management services increased to RMB 724,887,000 in 2023, compared to RMB 557,575,000 in 2022, marking a growth of about 30%[19]. - The total income for the group as of June 30, 2023, was RMB 36,334,586,000, an increase from RMB 31,662,904,000 in the same period of 2022, reflecting a growth of approximately 14.4%[20]. - Recognized revenue from contract liabilities related to property development and sales amounted to RMB 29,944,116 thousand for the six months ended June 30, 2023, compared to RMB 25,937,984 thousand for the same period in 2022, representing an increase of approximately 11.6%[25]. Costs and Expenses - Total costs of property development and sales for the six months ended June 30, 2023, were RMB 33,480,135 thousand, compared to RMB 27,920,638 thousand in 2022, reflecting an increase of approximately 20%[26]. - The company reported a significant increase in construction costs, which amounted to RMB 29,105,275 thousand for the six months ended June 30, 2023, compared to RMB 24,989,490 thousand in 2022, an increase of approximately 16.5%[26]. - Selling and marketing expenses increased by 20.3% to RMB 1,170.62 million, up from RMB 973.13 million in the same period of 2022[68]. - Financial costs for the six months ended June 30, 2023, were RMB 1,085,149 thousand, a decrease from RMB 1,366,762 thousand in 2022, showing a reduction of approximately 20.6%[30]. Dividends and Shareholder Returns - The board of directors has resolved not to declare an interim dividend for the six months ended June 30, 2023[4]. - The proposed final dividend for the year ended December 31, 2022, is HKD 0.80 per share, down from HKD 1.60 per share in 2021, reflecting a 50% reduction[45]. - The company did not declare an interim dividend for the six months ended June 30, 2023, compared to zero for the same period in 2022[35]. Market and Strategic Focus - The group’s revenue is predominantly derived from the Chinese market, accounting for over 95% of total income and non-current assets[20]. - The company plans to continue its market expansion and product development strategies, although specific figures or timelines were not disclosed in the provided content[41]. - The company is strategically focusing on high-quality urban development, enhancing its asset structure to mitigate cyclical risks[53]. - The real estate market is shifting from quantity-driven growth to quality-driven development, with a strong consumer demand for higher living standards[49]. - The company aims to enhance living experiences and fulfill social responsibilities, aligning with the trend of returning to the essence of housing[59]. Governance and Compliance - The company has adhered to all provisions of the Corporate Governance Code as of June 30, 2023[88]. - The Chairman and CEO roles are currently held by the same individual, which deviates from the Corporate Governance Code, but the board believes this structure benefits long-term strategic goals[89]. - The Audit Committee has reviewed the unaudited interim results for the six months ended June 30, 2023, including accounting principles and practices[91]. - The company engages external consultants annually to conduct a top ten risk assessment to identify and mitigate potential operational risks[90].

Financial Performance - Total revenue for 2022 was RMB 73,630.8 million, a slight decrease of 0.1% compared to RMB 73,703.1 million in 2021[11] - Gross profit decreased by 16.2% to RMB 11,306.4 million, with a gross margin of 15.4%, down from 18.3% in the previous year[11] - Net profit fell by 32.5% to RMB 3,576.8 million, resulting in a net profit margin of 4.9%, down from 7.2%[11] - Operating profit decreased by 14.8% to RMB 6,831.10 million from RMB 8,021.88 million in 2021[38] - Core net profit fell by 29.1% to RMB 3,870.19 million from RMB 5,457.54 million in 2021[38] Assets and Liabilities - The company’s total assets decreased by 12.7% to RMB 251,938.8 million, while total liabilities to total assets ratio improved to 80.0% from 83.4%[12] - The total equity increased by 5.2% to RMB 50,313.8 million, with a return on equity of 6.9%[12] - The company's net debt ratio stands at 43.9%, with a cash-to-short-term debt ratio of 1.60, indicating strong financial health[27] - The total interest-bearing debt amounts to 48.5 billion yuan, while cash holdings are approximately 26.4 billion yuan, with unused bank credit lines increasing to 108 billion yuan[27] Land and Property Development - The total land reserve reached 38.74 million square meters, covering 332 property development projects across five major economic regions[5] - The company participated in 332 property development projects with a total land reserve of 38.74 million square meters as of December 31, 2022[29] - The company’s land reserve equity ratio reached 70%, with 66% of the area located in first- and second-tier cities[29] - The company has a total land reserve area of 2,500,000 square meters across various projects, with 1,000,000 square meters available for sale and rental[78] Sales and Revenue Growth - The company achieved a contract sales amount of approximately RMB 79.24 billion, with a sold building area of about 6.316 million square meters during the reporting period[31] - The average sales price increased by 8% to RMB 12,546 per square meter compared to 2021, with sales from second-tier cities and above accounting for 82%[31] - The company’s revenue from smart home solutions grew by 33%, with 230 projects delivered and over 160,000 households served[33] - The company’s commercial operations saw a 19% increase in foot traffic and a 27% increase in sales revenue year-on-year[32] Strategic Partnerships and Financing - The company issued RMB 1.5 billion in medium-term notes, becoming the first real estate company to obtain such approval[15] - Strategic partnerships were established with major banks, securing RMB 390 billion for mergers and affordable rental housing loans[15] - The company has received over 150 billion yuan in credit support from major banks, including strategic agreements with state-owned banks[28] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules to enhance transparency and accountability to shareholders[103] - The board believes that good corporate governance will help maximize shareholder value[103] - The management team includes experienced professionals with diverse backgrounds in finance, accounting, and management, contributing to strategic decision-making[99][100][101] Risk Management - The company aims to enhance its risk resilience by continuously optimizing its financing structure and maintaining sufficient cash flow and credit lines[139] - The risk management system includes a clear structure with designated responsibilities, focusing on identifying and mitigating significant risks related to business strategies and objectives[139] - The company has established a comprehensive anti-fraud system, including clear guidelines on business ethics and anti-corruption measures[142] Employee and Workforce - The company employs 11,159 full-time employees, primarily located in China, with a comprehensive benefits plan and career development opportunities[61] - As of December 31, 2022, the company employed 11,159 full-time employees, with 4,433 females, representing approximately 40% of the workforce[111] - The proportion of women in senior management is about 8.1%[111] Sustainability and Innovation - The company is committed to sustainable development, managing environmental resources and fostering strong relationships with stakeholders[183] - The company has developed low-carbon new materials and space products, enhancing product upgrades and capabilities for the Greater Bay Area market[93] - The company aims to actively participate in industry standard upgrades to support high-quality development in building technology and achieve carbon neutrality goals[92] Shareholder Communication and Dividends - The company has adopted a shareholder communication policy to ensure shareholders receive unbiased and comprehensible information regarding financial performance, strategic goals, and significant developments[135] - The proposed final dividend for the year ending December 31, 2022, is HKD 0.80 per share, down from HKD 1.60 per share in 2021[150] - The company will send a circular detailing the scrip dividend plan to eligible shareholders around July 7, 2023[150]

Financial Performance - For the year ended December 31, 2022, the group's revenue was RMB 73,630.85 million, with a gross profit of RMB 11,306.44 million and total profit and comprehensive income of RMB 3,576.77 million[2]. - The core net profit for the year was RMB 3,870.19 million, a decrease of 29.1% compared to RMB 5,457.54 million in 2021. The profit attributable to the company's owners was RMB 1,968.99 million, down 49.5% from RMB 3,898.29 million in 2021[2]. - The group's operating profit for the year was RMB 6,831.10 million, down from RMB 8,021.88 million in 2021[6]. - The total comprehensive income for the year attributable to the company's owners was RMB 1,726.36 million, compared to RMB 3,743.56 million in 2021[7]. - The company's profit before tax for the year ended December 31, 2022, was RMB 6,888,005 thousand, a decrease of 21% compared to RMB 8,719,520 thousand in 2021[30]. - The net profit attributable to shareholders for the year ended December 31, 2022, was RMB 1,726,363 thousand, down 54% from RMB 3,743,557 thousand in 2021[33]. - Basic earnings per share for the year ended December 31, 2022, was RMB 1.34, a decline of 56% from RMB 3.04 in 2021[34]. - The income tax expense for the year ended December 31, 2022, was RMB 4,598,470,000, compared to RMB 4,399,885,000 in 2021, showing an increase in tax obligations[28]. Assets and Liabilities - As of December 31, 2022, the group's asset-liability ratio after deducting advance receipts was 68.2%, with a net debt ratio of 43.9% and a cash short-term debt ratio of 1.60 times[2]. - Total assets decreased from RMB 288.52 billion in 2021 to RMB 251.94 billion in 2022, a decline of approximately 12.67%[8]. - Total liabilities decreased from RMB 240.71 billion in 2021 to RMB 201.62 billion in 2022, a reduction of about 16.24%[9]. - The company's equity attributable to owners decreased from RMB 23.51 billion in 2021 to RMB 24.86 billion in 2022, an increase of approximately 5.75%[9]. - Cash and cash equivalents decreased from RMB 26.29 billion in 2021 to RMB 21.81 billion in 2022, a decline of about 17.00%[8]. - The company's bank and other borrowings decreased from RMB 35.35 billion in 2021 to RMB 26.54 billion in 2022, a decrease of about 25.00%[9]. - The total liabilities as of December 31, 2022, were RMB 58,359,483,000, down from RMB 68,959,924,000 in 2021, reflecting a decrease of 15.3%[45]. Revenue Sources - The group's total revenue for the year ended December 31, 2022, was RMB 73,630,848,000, a slight decrease from RMB 73,703,098,000 in 2021, representing a decline of approximately 0.1%[17]. - Revenue from property development and sales for 2022 was RMB 72,192,121,000, down from RMB 72,518,121,000 in 2021, indicating a decrease of about 0.4%[17]. - The group generated RMB 1,142,112,000 from property management services in 2022, an increase of 25.6% compared to RMB 908,690,000 in 2021[17]. - The group's property development and sales recognized revenue was RMB 72,192.12 million, remaining stable compared to RMB 72,518.12 million in 2021[64]. Cost and Expenses - The cost of sales, including construction costs and land costs, amounted to RMB 59,246,511,000 for the year ended December 31, 2022, up from RMB 58,015,823,000 in 2021[25]. - Other income for the year ended December 31, 2022, was RMB 498,049,000, a decrease from RMB 707,676,000 in 2021[26]. - The financial costs for the year ended December 31, 2022, were RMB (2,589,986,000), compared to RMB (2,914,306,000) in 2021, indicating a reduction in financial expenses[28]. - Selling and marketing expenses decreased by 11.1% to RMB 2,367.28 million from RMB 2,662.87 million in 2021 due to strict cost control[69]. - Administrative expenses decreased by 36.4% to RMB 2,150.28 million from RMB 3,382.19 million in 2021, attributed to cost control measures[70]. Investments and Projects - The total land reserve of the group reached 38.74 million square meters, involving 332 property development projects, with 99 projects participated in through joint ventures and associates[4]. - The company participated in 332 property development projects, with total land reserves reaching 38.74 million square meters as of December 31, 2022[52]. - The company acquired 9 projects through equity purchases, increasing equity value by 6.3 billion yuan, primarily in second-tier cities[53]. - The group expanded its project portfolio by adding 49 new projects, including 17 industrial parks and 10 campus projects, with a 67% year-on-year increase in construction area for agency projects[55]. Market and Customer Base - The group's revenue is predominantly derived from the Chinese market, accounting for over 95% of total revenue and non-current assets[18]. - The group has no single customer contributing 10% or more to its total revenue, indicating a diversified customer base[19]. - The average sales price increased by 8% year-on-year to RMB 12,546 per square meter, with sales from tier 2 cities and above accounting for 82% of total sales, indicating a focus on high-level cities[54]. - The group’s focus on high-level cities resulted in 65% of contract sales coming from the Yangtze River Delta and Greater Bay Area, further enhancing sales concentration[54]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with all provisions as of December 31, 2022[89]. - The company has established an audit committee to assist the board in independent reviews of financial statements and internal controls since September 12, 2018[91]. - The company engages external consultants annually to assess major risks that could impact its operations[90]. - The board consists of nine experienced members, including three independent non-executive directors, to maintain a balance of power and authority[90]. Future Outlook - The company anticipates that the newly adopted accounting standards will not have a significant impact on its future transactions[14]. - The company is focusing on optimizing land reserve structure and enhancing risk resistance by concentrating resources in key economic zones such as the Yangtze River Delta and the Greater Bay Area[52]. - The company is committed to maintaining financial safety and stability, positioning itself as a core force for healthy industry development[51].

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 31,662.9 million, a decrease of 4.2% compared to RMB 33,038.6 million in the same period of 2021[11]. - Gross profit for the same period was RMB 5,668.6 million, down 17.1% from RMB 6,838.1 million in 2021[11]. - Core net profit was RMB 2,735.5 million, representing an 11.8% decline from RMB 3,100.7 million in the previous year[11]. - Profit attributable to equity holders of the company was RMB 1,655.7 million, a decrease of 26.5% compared to RMB 2,253.3 million in 2021[11]. - Basic earnings per share were RMB 1.25, down 28.6% from RMB 1.75 in the same period last year[7]. - Operating profit decreased by 5.5% to RMB 3,897.52 million from RMB 4,125.32 million year-on-year[34]. - Net profit for the reporting period was RMB 2,608.37 million, down 13.1% from RMB 3,002.34 million in the previous year[34]. - The company’s gross profit decreased by 17.1% to RMB 5,668.62 million from RMB 6,838.11 million in the same period of 2021, primarily due to a decline in sales revenue[70]. - The company reported property development and sales revenue of RMB 30,971.21 million, a decrease of 4.6% compared to RMB 32,480.41 million in the same period of 2021, due to a reduction in sales area and unit price[65]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 286,167.4 million, slightly down from RMB 288,519.9 million at the end of 2021[8]. - Total liabilities amounted to RMB 235,730,459 thousand, down from RMB 240,710,232 thousand at the end of 2021[128]. - The company’s total borrowings as of June 30, 2022, amounted to RMB 53,139.83 million, with a net debt ratio of 44.9%, down from 46.3% at the end of 2021[77]. - The company’s cash and cash equivalents were RMB 23,218,305 thousand, a decrease from RMB 26,288,551 thousand at the end of 2021[127]. - The company’s total liabilities as of June 30, 2022, were RMB 123,891,611, with bank and other borrowings accounting for RMB 46,655,282[147]. Cash Flow and Financing - The company’s operating cash flow for the six months ended June 30, 2022, was a net outflow of RMB 1,750,418,000, compared to an outflow of RMB 7,515,305,000 in the same period of 2021, indicating a significant improvement[132]. - The financing activities resulted in a net cash outflow of RMB 7,574,523,000, contrasting with a net inflow of RMB 1,088,211,000 in the same period of 2021[132]. - The company has secured financing agreements totaling HKD 1,050 million and USD 80 million for a three-year term[120]. - The company continues to monitor the impact of COVID-19 on its financial performance and has not experienced any significant adverse effects as of the date of the report[133]. Market Presence and Strategy - The company has laid out 337 projects across five major economic regions in China, focusing on strategic upgrades and deepening its market presence[2]. - Midea Real Estate aims to lead industry development through innovation and technology, emphasizing smart and healthy living solutions[2]. - The company is focusing on high-quality and sustainable development, aiming to enhance management efficiency and risk avoidance[24]. - The company is actively pursuing new strategies for market expansion and product development to enhance its competitive edge[48]. - The company plans to optimize its business layout and enhance its risk resistance capabilities by focusing on high-potential cities and improving land reserve structure[25]. Innovation and Development - The company has established six product research platforms and applied for over 500 patents and software copyrights, focusing on smart and green building standards[21]. - The company launched the REMAC HOME OS, a smart home operating system, enhancing user interaction and smart living solutions[21]. - The company has developed innovative smart space solutions, including a full-home smart cabinet and smart integrated kitchen, to meet customer needs[60]. - The company established a prefabricated research institute to focus on low-carbon building core technologies and is transitioning from a PC prefabricated component manufacturer to a modular building supplier[64]. Shareholder and Governance - The controlling shareholder holds approximately 80.12% of the company's issued share capital through various entities[88]. - The company has adopted the Corporate Governance Code and has complied with its provisions for the six months ending June 30, 2022, with some deviations noted[91]. - The board consists of nine members, including three independent non-executive directors, ensuring compliance with listing rules regarding board composition[93]. - The company has issued stock options and restricted shares to incentivize eligible participants[89]. Employee and Community Engagement - The company provided comprehensive employee benefits, including social insurance and training opportunities, to enhance employee development[89]. - The company has achieved ISO certifications for various management systems, indicating its capability to provide high-standard services consistently[58]. - The property management services business expanded steadily, successfully acquiring several high-quality projects, including the Wuhan Economic and Technological Development Zone and the Guizhou Silver Mountain Lake Kindergarten[58].

Financial Performance - Total revenue for 2021 reached RMB 73,703.1 million, a 40.4% increase from RMB 52,483.6 million in 2020[12] - Gross profit for 2021 was RMB 13,495.5 million, reflecting a 15.8% increase from RMB 11,658.0 million in the previous year[12] - Net profit attributable to the company’s owners decreased by 13.5% to RMB 3,743.6 million, down from RMB 4,326.5 million in 2020[12] - The total assets as of December 31, 2021, were RMB 288,519.9 million, a 1.7% increase from RMB 283,754.5 million in 2020[13] - The company’s total cash and bank deposits increased by 27.7% to RMB 34,196.5 million from RMB 26,787.6 million in 2020[13] - The company’s equity return rate decreased to 15.9% from 19.6% in the previous year[13] - The company’s revenue for the year was RMB 73,703.10 million, a 40.4% increase from RMB 52,483.61 million in 2020[56] - Operating profit rose to RMB 8,021.88 million, reflecting a 22.8% increase compared to RMB 6,531.72 million in the previous year[56] - The net profit attributable to the company's owners was RMB 3,743.56 million, down from RMB 4,326.48 million in 2020[56] - Other income and gains netted RMB 894.12 million, up 36.6% from RMB 654.74 million in 2020, mainly from management and consulting service fees[67] Land and Development - The total land reserve amounted to 49.52 million square meters across 354 property development projects in 61 cities[4] - The company has a land reserve totaling 49.52 million square meters, with over 90% of new land acquisitions focused on second-tier cities and above[39] - The company's land reserve totaled 49.52 million square meters as of December 31, 2021, covering 354 property development projects across 61 cities[102] - The company maintains a diversified land reserve across six major economic regions, including the Pearl River Delta and the Yangtze River Delta[107] - The land reserve distribution includes 5.7% in the Yangtze River Delta region and 27.3% in the northern region, showcasing a balanced geographical strategy[105] Sales and Marketing - The group achieved a contract sales amount of approximately RMB 137.14 billion, with a sold area of about 11.764 million square meters, representing a year-on-year increase of 8.7% and 5.8% respectively, surpassing the industry average[40] - The average selling price increased by 2.7% to RMB 11,657 per square meter, with sales from high-tier cities contributing 78% of total sales[40] - Sales in second-tier cities and above accounted for 78% of total sales, with around 40% of sales coming from cities with sales exceeding RMB 5 billion[99] - The historical contract sales figures show a significant increase from RMB 101.23 billion in 2020 to RMB 137.14 billion in 2021, representing a growth of approximately 35.5%[100] Operational Efficiency - The administrative expense ratio decreased by 2.1% compared to the previous year, reflecting improved operational efficiency[47] - The group’s cash collection rate reached 78%, indicating a strong focus on cash flow management amidst a challenging market environment[40] - The weighted average financing cost was reduced to 4.82%, with the total interest-bearing debt amounting to RMB 56.32 billion, a decrease of 4.0% compared to the previous year[42] - The net debt ratio significantly decreased to 46.3%, while the cash to short-term debt ratio improved to 1.71[42] Strategic Initiatives - The company launched the "5M Smart Health Community" product strategy, focusing on five dimensions: M-Smart, M-Health, M-Quality, M-Service, and M-Life[2] - The company introduced the "Smart Living Solution and Service Alliance" to enhance its smart living offerings[24] - The company has been actively adjusting its development strategy to adapt to the rapidly changing market environment[36] - The company aims to create value for customers and shareholders while maintaining a cautious approach to leverage and scale[36] - Future strategies include improving community services and operations by focusing on "smart health" initiatives[50] Recognition and Awards - The company ranked 1,063rd in the 2021 Forbes Global 2000 list, a significant improvement of 201 places from 2020[27] - In 2021, the company was recognized as one of the top 5 in capital operations among Chinese real estate listed companies[28] - The company achieved a ranking of 13th in the comprehensive strength of real estate listed companies in the 2021 mid-year report[28] - The company was awarded the 2021 National Top Ten Quality Works for its Nanjing project, indicating strong product quality[31] - The company received multiple certifications, including ISO9001 for quality management and ISO14001 for environmental management, showcasing its commitment to quality and sustainability[31] Risk Management - The company has established a clear framework for risk management and internal control, with designated responsibilities across business units for daily risk management and internal monitoring[197] - The company has implemented a three-tier matrix risk management system to identify significant risks related to corporate strategy and objectives, enhancing its risk resilience through continuous policy and market assessments[197] - The company emphasizes a culture of accountability, integrity, and reliability in managing operational and market risks[197] - The company will conduct at least annual internal assessments and training to ensure employees are well-informed about relevant policies and guidelines[197] Corporate Governance - The company has adopted the Corporate Governance Code as per the Hong Kong Stock Exchange rules, ensuring high levels of corporate governance[150] - The board consists of nine directors, including executive, non-executive, and independent non-executive members[153] - The independent non-executive directors provide independent opinions on the group's operations and management, enhancing transparency and accountability[150] - The company has a structured approach to evaluating its performance and approving significant matters through the board[152] - The company has established three board committees: the audit committee, remuneration committee, and nomination committee, each with specific written terms of reference[170]

Financial Performance - Total revenue for 2020 reached RMB 52,483.6 million, an increase of 27.6% compared to RMB 41,138.6 million in 2019[9] - Gross profit for 2020 was RMB 11,658.0 million, down 10.4% from RMB 13,007.5 million in 2019, resulting in a gross margin of 22.2%[9] - Net profit for 2020 increased by 11.5% to RMB 4,825.5 million, with a net profit margin of 9.2%[9] - The core net profit recorded was RMB 4,804.69 million, which is a 15.0% increase compared to the previous year[33] - The company's net profit attributable to owners was RMB 4,326.48 million, a slight increase of 0.5% from RMB 4,305.16 million in 2019[62] - The company's property development and sales revenue for the year was RMB 51,516.19 million, an increase of 27.4% compared to RMB 40,430.58 million in 2019, driven by a 33.2% increase in recognized sales area to 6.076 million square meters[53] - Property management service revenue rose to RMB 776.29 million, up 59.9% from RMB 485.42 million in 2019, attributed to an increase in contracted management property area[54] Assets and Liabilities - Total assets as of December 31, 2020, amounted to RMB 283,754.5 million, reflecting a growth of 13.6% from RMB 249,713.8 million in 2019[10] - The company’s equity total reached RMB 40,219.4 million, a 29.2% increase from RMB 31,138.3 million in 2019[10] - The company’s short-term borrowings increased by 34.1% to RMB 12,254.8 million in 2020[10] - The net debt ratio decreased to 79% as of December 31, 2020, down approximately 10 percentage points from the end of 2019, marking four consecutive years of decline[36] - Total borrowings amounted to RMB 58,640.25 million, with a net debt ratio of 79%, down from 89% in 2019[64] - The total borrowing cost for the year was RMB 3,095.95 million, a decrease from RMB 3,527.82 million in 2019, due to an increase in low-cost financing[65] Market and Sales Performance - The group achieved a contract sales amount of approximately RMB 126.16 billion, representing a year-on-year growth of 24.6%, with a continuous sales performance exceeding RMB 10 billion for eight consecutive months[35] - The average sales price increased by 12.4% year-on-year to RMB 11,351 per square meter, benefiting from the upgrade of city levels[35] - The group’s contract sales in the Yangtze River Delta region reached approximately RMB 58.71 billion, a year-on-year increase of 61.7%, while the Pearl River Delta region saw contract sales of approximately RMB 22.72 billion, up 21.5%[35] - The company’s contract sales increased from RMB 101.23 billion in 2019 to RMB 126.16 billion in 2020, representing a growth of approximately 24.5%[104] Strategic Initiatives - The company aims to enhance service capabilities and customer experience through digital transformation initiatives[7] - The company upgraded its product strategy by integrating AI smart technology and health community features to enhance core competitiveness[33] - The "One Main Two Wings" strategy has been upgraded to a "Four Major Main Channels" competitive strategy[33] - The company is focusing on diversifying land acquisition methods and asset restructuring to adapt to the changing market environment[34] - The company plans to focus on operational quality, product quality, and financial quality in 2021, with a strategic emphasis on residential development, large services, industrial development, and commercial operations[40] Corporate Governance - The board consists of nine directors, including three independent non-executive directors, ensuring compliance with corporate governance standards[160] - The company has adopted the Corporate Governance Code and has been compliant with its provisions for the year ended December 31, 2020, with some minor deviations[157] - The company is committed to high levels of corporate governance to enhance transparency and accountability to shareholders[157] - The board is responsible for setting the future development direction and overall strategy of the group, as well as evaluating its performance[159] - The company has established three board committees: the audit committee, the remuneration committee, and the nomination committee, each with specific written terms of reference[172] Risk Management - The company is responsible for maintaining an effective risk management and internal control system, which is regularly reviewed for effectiveness[189] - The company has established a three-tier risk management system to identify and mitigate significant risks related to business strategies and objectives[190] - The internal audit function provides independent and objective opinions on the effectiveness of the risk management and internal control systems[192] - The company conducts monthly financial risk analysis and prepares financial risk reports for management review[190] - The company ensures compliance and enhances internal control measures based on recommendations from external consultants[191] Technological Advancements - The company launched the AI community brain in Foshan, integrating ten AI technologies, marking a significant advancement in smart community solutions[141] - The company achieved a total of 93 patent authorizations in the prefabricated construction sector, establishing industry-leading standards[143] - The company developed over 20 patented technologies, including products like hidden bathroom faucets and antibacterial wall panels, enhancing its industry reputation[147] Future Development Plans - The company is actively pursuing new developments, with several projects scheduled for completion in 2024, reflecting a robust pipeline[121] - Future development plans include an additional 1,000,000 square meters of planned construction area, with a focus on expanding in the Hebei and Liaoning regions[127] - The company is focusing on strategic locations, with projects in high-demand areas such as Taizhou and Hangzhou, which are expected to drive future sales[126]

Revenue and Profitability - Revenue for the six months ended June 30, 2020, was RMB 20,936.6 million, representing a 47.5% increase compared to RMB 14,194.9 million in the same period of 2019[14] - Gross profit for the same period was RMB 5,523.8 million, an 8.5% increase from RMB 5,093.3 million year-on-year[14] - Core net profit reached RMB 2,357.0 million, up 24.7% from RMB 1,889.4 million in the previous year[14] - Operating profit for the period was RMB 3,393.63 million, up 3.9% from RMB 3,265.69 million in the previous year[28] - Net profit for the reporting period increased by 24.6% to RMB 2,354.24 million, compared to RMB 1,888.76 million in the same period last year[28] - The company's gross profit increased by 8.5% to RMB 5,523.79 million from RMB 5,093.34 million in the same period of 2019, driven by higher sales revenue[57] - The total profit for the six months ended June 30, 2020, was RMB 2,024,099 thousand, an increase from RMB 1,769,384 thousand for the same period in 2019, reflecting a growth of approximately 14.4%[100] Sales and Contracted Sales - Contracted sales amounted to approximately RMB 48.2 billion, a 2.1% increase compared to the same period in 2019, with a sales area of about 4.379 million square meters[19] - The average selling price increased by 5.6% to RMB 11,008 per square meter compared to the same period in 2019[19] - The group achieved a total contract sales amount of approximately RMB 48.2 billion, with a total construction area of about 4.379 million square meters during the reporting period[29] - The Yangtze River Delta accounted for 46.5% of the total contract sales, while the Pearl River Delta contributed 14.6%, and other regions made up 38.9%[32] Assets and Liabilities - The total assets as of June 30, 2020, were RMB 256,037.2 million, a 2.5% increase from RMB 249,713.8 million at the end of 2019[15] - Total liabilities increased to RMB 221,348,230 thousand from RMB 218,575,551 thousand, reflecting a slight increase of 0.4%[98] - The company's equity attributable to owners was RMB 19,885,760 thousand, compared to RMB 19,649,639 thousand at the end of 2019, showing a marginal increase[98] - The company's total assets increased to RMB 34,688,991 thousand as of June 30, 2020, compared to RMB 31,138,293 thousand at the beginning of the year, indicating a growth of approximately 11.5%[100] Debt and Financial Ratios - The net debt ratio decreased to 86.8%, down 2.2 percentage points from the end of 2019[15] - The group's net debt ratio as of June 30, 2020, was 86.8%, a decrease of approximately 2.2 percentage points from the end of 2019[21] - Total borrowings were RMB 56,112.50 million, with a net debt ratio of 86.8%, down from 89.0% at the end of 2019[64] - The average effective interest rate on borrowings decreased from 5.95% in the same period of 2019 to 5.52%[65] Land Reserves and Development Projects - The proportion of newly acquired land reserves in second-tier cities and above reached 85% during the reporting period, reinforcing the city's upgrade achievements[22] - The newly added land reserve totaled 3.99 million square meters, focusing on core first and second-tier cities, including new markets in Wenzhou and Luoyang[33] - The group has a total land reserve of 54.31 million square meters across 295 property development projects, covering 61 cities in 18 provinces[36] - The company has a total land reserve of 12,820,112 square meters, with 4,136,099 square meters available for sale and lease[41] Research and Development - The company has obtained over 200 patents related to prefabricated buildings as of the first half of 2020, reflecting its commitment to R&D innovation[48] - The company launched its first AI community in Foshan, featuring ten advanced technologies, enhancing the smart community experience for residents[50] - The company has established a digital architecture innovation center to integrate BIM design technology, enhancing its capabilities in prefabricated construction[48] Corporate Governance - The board consists of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors, meeting the requirement of at least one-third independent directors[79] - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes this structure benefits the execution of long-term strategic goals[80] - The audit committee, established in September 2018, comprises three members, including two independent non-executive directors, ensuring oversight of financial reporting and risk management[81] Cash Flow and Financial Management - The net cash used in operating activities for the six months ended June 30, 2020, was RMB 6,695,322 thousand, compared to RMB 8,266,206 thousand for the same period in 2019, indicating a reduction of about 19%[101] - The net cash generated from investing activities was RMB 3,547,505 thousand for the six months ended June 30, 2020, down from RMB 4,831,785 thousand in 2019, representing a decline of approximately 26.5%[101] - The net cash generated from financing activities was RMB 3,939,879 thousand for the six months ended June 30, 2020, compared to RMB 7,214,679 thousand in 2019, showing a decrease of around 45.5%[101] Market and Economic Outlook - The company anticipates a rebound in the core city real estate market in the second half of 2020, with potential investments estimated at RMB 1,534.42 million[75] - The company maintained a flexible funding strategy, including reducing land acquisitions and adjusting project development timelines to adapt to local real estate market conditions[108] - The company continues to face various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since December 31, 2019[107]

www.mideadc.com 2019 年度報告 企業簡介 美的置業控股有限公司（「本公司」及其附屬公司「本集團」 「美的置業」）（股份代號：3990.HK）於2018年10月11日在香 港聯合交易所有限公司（「聯交所」）主板上市，是中國上市 房地產企業（「房企」）30強、廣東省百強民營企業、領先的 智慧地產製造商。本集團成立於2004年，以「智慧生活， 美的人生」為品牌理念，憑藉深厚的製造業根基和科技化 基因，通過智能化、工業化、數字化的高品質建造和服 務，打造「5M智慧健康社區」，營造美好生活方式。 美的置業圍繞「聚焦深耕、戰略升級」路徑，在珠江三角洲 經濟區（「珠三角」「珠三角經濟區」）、長江三角洲經濟區 （「長三角」「長三角經濟區」）、長江中游經濟區（「長中游」 「長中游經濟區」）、華北地區和西南經濟區5大核心經濟區 的59個城市，佈局278個精品項目（數據截至2019年12月 31日），已進駐上海、廣州、武漢、天津、鄭州、重慶、成 都等國家中心城市。2019年，美的置業全年合同銷售金額 突破人民幣千億元，發展駛入新賽道。 美的置業堅持房地產開發為核心主業，形成了「一主兩翼」 業務格局：主業涉及精品 ...

Financial Performance - For the six months ended June 30, 2019, the company reported revenue of RMB 14,194.9 million, a 33% increase from RMB 10,637.4 million in the same period of 2018[16]. - Gross profit for the same period was RMB 5,093.3 million, reflecting a 35% increase compared to RMB 3,779.6 million in 2018, with a gross margin of 35.9%[16]. - Net profit attributable to shareholders was RMB 1,769.4 million, up 20% from RMB 1,473.2 million in the previous year[16]. - Operating profit rose to RMB 3,265.69 million, up 28% from RMB 2,549.69 million year-on-year[30]. - The net profit for the period was RMB 1,888.76 million, reflecting a 27% increase from RMB 1,481.85 million in the previous year[30]. - The company's property development and sales revenue for the reporting period was RMB 13,884.15 million, an increase of 34% compared to RMB 10,396.45 million in the same period of 2018[87]. - The company's gross profit for the reporting period was RMB 5,093.34 million, an increase of 35% compared to RMB 3,779.62 million in the same period of 2018, with a gross profit margin of 35.9%, up 0.4 percentage points from 35.5% in 2018[91]. - The company's financial performance reflects a robust growth trajectory, with total comprehensive income for the six months ended June 30, 2019, reaching RMB 1,888,759 thousand, compared to RMB 1,481,846 thousand in the previous year, marking an increase of approximately 27.5%[134]. Sales and Contracted Sales - The company achieved contracted sales of approximately RMB 47,200 million, a 17% increase year-on-year, with a total contracted sales area of about 4.526 million square meters, up 14%[22]. - The average contracted sales price increased by approximately 2% to RMB 10,428.6 per square meter compared to the previous year[22]. - The total confirmed sales area was 1,550,000 square meters, up 18% from 1,311,200 square meters in the same period of 2018[87]. - The company confirmed revenue of RMB 9,519,625,000 related to contract liabilities for property development and sales during the period, compared to RMB 6,440,563,000 in the previous year[169]. Assets and Liabilities - As of June 30, 2019, total assets amounted to RMB 213,735.5 million, a 21% increase from RMB 177,319.1 million at the end of 2018[17]. - Non-current liabilities increased to RMB 44,298,851 thousand from RMB 34,468,930 thousand, indicating a 28.5% rise[132]. - Current liabilities rose to RMB 141,867,547 thousand, up from RMB 119,265,744 thousand, which is a 19.0% increase[132]. - The total amount of properties under construction classified as current assets was RMB 131,437,041,000 as of June 30, 2019, compared to RMB 103,913,613,000 at the end of 2018, an increase of 26.5%[185]. Cash and Financing - The company held total cash and bank deposits of RMB 27,826.49 million and unused bank credit facilities of RMB 62,086.00 million at the end of the reporting period[25]. - The weighted average actual interest rate for total borrowings during the reporting period was 5.95%, with new borrowings at 5.84%, both lower than the industry average[25]. - Total borrowings amounted to RMB 54,185.21 million, with a net debt-to-equity ratio of 95.6%, down from 97.4% at the end of 2018[98]. - The total borrowing cost for the reporting period was RMB 1,688.10 million, an increase of RMB 514.15 million from RMB 1,173.95 million in 2018, mainly due to increased principal borrowings[99]. - The company raised approximately RMB 2,786.87 million from its initial public offering, net of underwriting commissions and other expenses[108]. Land Reserves and Development - The company’s land reserve totaled approximately 52.51 million square meters, with 210 projects and participation in 39 projects through joint ventures and associates[23]. - The company strategically supplemented land reserves, adding a total construction area of 9.66 million square meters during the reporting period[35]. - The company is focusing on high-potential cities and optimizing its land reserve structure, with new entries in first-tier and new first-tier cities like Shanghai and Hangzhou[23]. - The company is expanding into new markets, including Tianjin, Hangzhou, Wuhan, Hengyang, Taizhou, and Huizhou[35]. Corporate Governance - The company is committed to high levels of corporate governance, having adhered to the Corporate Governance Code during the reporting period[111]. - The board consists of nine members, including three independent non-executive directors, ensuring compliance with listing rules[113]. - The audit committee, established in September 2018, is responsible for reviewing the effectiveness of the group's financial reporting and internal controls[115]. Expenses and Costs - Sales and marketing expenses rose to RMB 1,045.47 million, a 34% increase from RMB 779.57 million in 2018, driven by the expansion of the group's sales scale[93]. - Administrative expenses increased by 52% to RMB 1,030.66 million from RMB 678.46 million in 2018, attributed to the expansion of the real estate development business and rising employee costs[94]. - The company's sales cost was RMB 9,101.51 million, a 33% increase from RMB 6,857.75 million in the same period of 2018, primarily due to the increase in confirmed sales area[90]. Investment and Joint Ventures - The company's investment in joint ventures increased to RMB 1,725,992 thousand from RMB 1,023,571 thousand, showing a significant growth of 68.6%[131]. - The investment in associates rose to RMB 2,005,416,000 as of June 30, 2019, compared to RMB 607,289,000 in 2018, representing a significant increase of 230.5%[180]. Dividends - The company did not declare an interim dividend for the six months ended June 30, 2019, compared to no dividend declared in the same period of 2018[125]. - The company paid dividends to shareholders amounting to RMB 1,282,003 thousand during the six months ended June 30, 2019, which was a new financial commitment compared to the previous period[135].