Financial Performance - For the six months ended June 30, 2021, the Group recorded total revenue of approximately RMB4,859 million, representing a period-on-period increase of approximately 184%[24]. - Gross profit for the same period was approximately RMB1,139 million, reflecting a period-on-period increase of approximately 74%[36]. - Net profit increased by 41% period-on-period to approximately RMB453 million for the six months ended June 30, 2021[36]. - The cost of sales was approximately RMB3,720 million, representing a period-on-period increase of approximately 252%[39]. - Selling and marketing expenses increased by approximately 84% from approximately RMB161 million to approximately RMB296 million[47]. - General and administrative expenses rose by approximately 60% from approximately RMB178 million to approximately RMB285 million[47]. - Net finance costs increased by approximately 263% from approximately RMB35 million to approximately RMB127 million[47]. - Income tax expenses increased by 33% from RMB 184 million for the six months ended June 30, 2020, to RMB 245 million for the six months ended June 30, 2021[52]. - The Group's profit and total comprehensive income increased by approximately 41% from approximately RMB 321 million for the six months ended June 30, 2020, to approximately RMB 453 million for the six months ended June 30, 2021[52]. Sales and Market Performance - For the six months ended June 30, 2021, the Group's contracted sales were approximately RMB 17,853 million, representing an increase of 58% compared to the same period last year[14]. - The total gross floor area (GFA) sold during this period was approximately 1,488,418 sq.m., which is a 65% increase compared to the previous year[24]. - The average selling price (ASP) of properties recognized as sales was approximately RMB11,782 per sq.m., representing an increase of about 5% year-on-year[24]. - The real estate market showed strong resilience in the first half of 2021, with major industry indicators continuing to grow rapidly[14]. Land Bank and Development - As of June 30, 2021, the Group's land bank amounted to approximately 10,757,099 sq.m.[14]. - The Group aims to deepen its presence in the Yangtze River Delta region and has been actively replenishing its high-quality land bank[11]. - The total land reserve as of June 30, 2021, is 10,757,099 sq.m., with a completed area of 564,275 sq.m. and a planned GFA of 7,757,058 sq.m.[99]. - The Group acquired 7 new parcels of land, providing new land reserves of 918,548 sq.m. at a weighted average attributable land cost of approximately RMB4,504 per sq.m.[31]. - The Group's total land reserve includes completed GFA available for sale, GFA under development, and planned GFA for future development[71]. Strategic Direction and Management - The management model of the Group is characterized by "investment, financing, operation, and sales," ensuring sound cash flow and product quality[13]. - The Group's strategic direction is aligned with market cycles, allowing it to seize investment opportunities effectively[11]. - The Group plans to enhance its organizational efficiency and digital operations to better connect with market demands and improve operational costs[20]. - The Group will continue to adopt prudent financial policies and explore healthy financing channels to optimize its financing structure[20]. Financial Position and Ratios - The Group's contract liabilities as of June 30, 2021, were approximately RMB24,874 million, an increase of about 19% from RMB20,980 million as of December 31, 2020[24]. - The net gearing ratio decreased to 25% as of June 30, 2021, down 16 percentage points from 41% as of December 31, 2020[57]. - The liabilities to assets ratio, after excluding contract liabilities, was approximately 68% as of June 30, 2021, compared to 82% as of December 31, 2020[57]. - The cash to short-term debt ratio was 1.7 times as of June 30, 2021, compared to 1.1 times as of December 31, 2020[56]. - The Group's current ratio improved from approximately 1.13 times as of 31 December 2020 to approximately 1.30 times as of 30 June 2021[62]. Employee and Operational Insights - Employee benefit expenses for the six months ended June 30, 2021, amounted to approximately RMB228 million, an increase from RMB132 million for the same period in 2020[69]. - As of June 30, 2021, the Group had a total of 1,827 employees, up from 1,465 employees as of December 31, 2020[69]. - The Group considers the likelihood of default of payments by purchasers to be minimal, significantly mitigating credit risk[66]. Corporate Governance - The company has complied with the Corporate Governance Code provisions, except for the deviation regarding the Chairman and CEO being the same individual[189]. - The company continues to enhance its corporate governance practices to ensure compliance with the code provisions[189]. - The audit committee has reviewed the unaudited interim financial information for the six months ended June 30, 2021, with an unqualified review opinion issued by PricewaterhouseCoopers[196]. Future Outlook - The new Three-Child Population Policy is expected to drive demand for owner-occupied properties and housing improvements, supporting long-term industry stability[18]. - The Group plans to continue investing in property development projects and acquiring suitable land parcels, funded by internal resources and external borrowings[69].

Sales Performance - The Group achieved accumulated contracted sales of approximately RMB 31,318 million, representing a 20% year-on-year increase[11]. - The accumulated sales area reached approximately 2,427 thousand square meters, reflecting a 13% year-on-year growth[11]. - Recognized sales revenue amounted to approximately RMB 4,171 million, marking a significant increase of 111% year-on-year[11]. - The Group's contracted sales amounted to approximately RMB 31,318 million, reflecting a year-on-year increase of 20%, with a contracted gross floor area (GFA) sold of approximately 2,427,000 sq.m., an increase of 13%[39]. - The average selling price (ASP) of contracted sales for the year was approximately RMB 12,906 per sq.m., representing a year-on-year increase of approximately 6%[39]. Market Environment - The international political and economic environment was complicated, with the global economy under pressure due to the COVID-19 pandemic[12]. - The real estate policy in China shifted from loose to tight, maintaining the "three stabilities" goals of stabilizing land prices, housing prices, and expectations[12]. - The introduction of the "Three Red Lines" and regulations on real estate loan concentration aimed to promote stable and healthy development in the industry[12]. Strategic Focus and Development - Ganglong China Property aims to enhance living quality and brand reputation while increasing competitiveness in response to national policies and industry trends[12]. - The Group plans to continue expanding its presence in the Yangtze River Delta, Chengdu-Chongqing Economic Circle, and Guangdong-Hong Kong-Macao Greater Bay Area[25]. - The Group's strategic focus includes optimizing products and services to meet customer expectations and enhance shareholder value[25]. - The Group aims to implement a "high turnover" strategy and maintain enthusiasm for construction to achieve sustainable growth amid economic uncertainties[36]. - The Group's strategic land acquisitions are aimed at enhancing its influence in key markets, particularly in the Yangtze River Delta and Greater Bay Area[57]. Financial Performance - For the year ended December 31, 2020, the Group recorded total revenue of approximately RMB 4,171 million, representing a year-on-year increase of approximately 111%[38]. - The gross profit for the same period was approximately RMB 1,517 million, reflecting a year-on-year increase of approximately 80%[62]. - The net profit increased by 37% year-on-year to approximately RMB 642 million for the year ended December 31, 2020[62]. - Profit attributable to owners of the Company rose by approximately 44% year-on-year to approximately RMB 961 million[62]. - The gross profit margin for the year was approximately 36%, down from approximately 43% in 2019, primarily due to higher land costs[65]. Operational Efficiency - The Group has implemented a digital business system to improve operational efficiency and reduce management costs[18]. - The Group's organizational adjustments aim to streamline headquarters and enhance frontline staff efficiency[18]. - The Group aims to enhance operational and financial management systems to improve decision-making processes and operational efficiency[110]. Employee and Management - The total expenditure on employee salaries and welfare for the year ended 31 December 2020 was approximately RMB 407 million, which is a 95.7% increase compared to approximately RMB 208 million for the year ended 31 December 2019[100]. - The Group had a total of 1,465 employees as of 31 December 2020, representing a 45.0% increase from 1,012 employees as of 31 December 2019[100]. Land Reserves and Projects - As of December 31, 2020, the Group had 72 projects with land reserves amounting to 10,809,065 sq.m., with a significant focus on the Yangtze River Delta region[50]. - The total land reserve amounts to 10,809,065 sq.m., representing 100% of the total land reserve[116]. - The completed GFA available for sale or lease is 158,591 sq.m., while GFA under development is 6,535,142 sq.m.[115]. - The Group's total land reserve includes completed properties available for sale or lease, properties under development, and future development estimates, totaling a significant GFA[111]. Future Outlook - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by new project launches and market expansion strategies[191]. - The Group aims to improve its core corporate competitiveness and operational efficiency while adhering to a strategy of rational investment and stable expansion in 2021[106]. Acquisitions and Investments - The company has completed a strategic acquisition of a local competitor, enhancing its portfolio and expected to contribute an additional HKD 300 million in revenue annually[189]. - The Group plans to continue investing in property development projects and acquiring suitable land parcels, funded by internal resources and external borrowings[98].

Financial Performance - For the six months ended June 30, 2020, the total contract sales amount was approximately RMB 7,811 million, representing a 132% increase year-on-year [8]. - The total revenue for the same period was approximately RMB 1,713 million, an increase of about 190% compared to the previous year [13]. - Gross profit for the same period was approximately RMB 656 million, reflecting a significant increase of about 159% [29]. - Net profit increased by 361% to approximately RMB 321 million for the six months ended June 30, 2020 [39]. - Revenue from customer contracts for the six months ended June 30, 2020, was RMB 1,713,089,000, a significant increase from RMB 590,520,000 in the same period of 2019, representing a growth of approximately 189% [128]. - Operating profit increased to RMB 328,821,000 from RMB 173,508,000 year-on-year, reflecting a growth of approximately 89% [128]. - Net profit attributable to the owners of the company for the period was RMB 472,309,000, up from RMB 94,057,000 in 2019, marking an increase of around 403% [128]. - Basic and diluted earnings per share for the period were RMB 0.39, compared to RMB 0.08 in the previous year, representing a growth of 387.5% [128]. - The company reported a total comprehensive income of RMB 321,060 thousand for the first half of 2020, compared to RMB 69,659 thousand in the same period of 2019, representing an increase of about 360% [137]. Sales and Contractual Obligations - The average selling price of contract sales was approximately RMB 11,918 per square meter, reflecting a 1% increase year-on-year [14]. - The total area sold under contract was approximately 655,000 square meters, which is a 130% increase year-on-year [14]. - The company reported unfulfilled property sales of approximately RMB 17,218 million as of June 30, 2020, a 48% increase from RMB 11,619 million as of December 31, 2019 [14]. - Contract liabilities related to property sales increased to RMB 13,992,561,000 as of June 30, 2020, compared to RMB 8,416,172,000 as of December 31, 2019, indicating a rise of about 66% [179]. - Recognized revenue from contract liabilities for property sales was RMB 1,699,871,000 for the six months ended June 30, 2020, up from RMB 572,729,000 in 2019, reflecting an increase of approximately 196% [181]. Land and Development - The total land reserve of the group as of June 30, 2020, was 5,403,607 square meters, with Jiangsu accounting for 68% of the total [19]. - The group acquired five new quality land parcels, adding 847,812 square meters of new land reserve at an average cost of RMB 3,225 per square meter [23]. - The company confirmed a total construction area of approximately 152,309 square meters for property sales, an increase of about 134% year-on-year [15]. - The total land reserve attributed to the group is 4,554,383 square meters, with 85% of it under development [60]. - The group has ongoing projects with a total area of 4,554,383 square meters [89]. - The group is actively expanding its land reserves and project portfolio across various regions in China [89]. Financial Position and Liabilities - As of June 30, 2020, the company's contract liabilities amounted to approximately RMB 13,993 million, a growth of about 66% from RMB 8,416 million as of December 31, 2019 [14]. - The total borrowings from banks and other sources increased to approximately RMB 6,936 million, representing a 143% increase compared to RMB 2,853 million as of December 31, 2019 [41]. - The net debt ratio increased to 69% as of June 30, 2020, up 48 percentage points from 21% as of December 31, 2019, primarily due to increased borrowings for operational financing [43]. - The total liabilities reached RMB 28,949,909 thousand, a substantial increase from RMB 21,239,398 thousand, reflecting a growth of approximately 36% [133]. - The company reported a total of RMB 15,381,679 thousand in financial liabilities as of June 30, 2020, compared to RMB 12,780,854 thousand as of December 31, 2019, indicating an increase of approximately 20.5% [165]. Cash Flow and Financing - Cash and cash equivalents totaled approximately RMB 5,400 million as of June 30, 2020, up from RMB 2,513 million as of December 31, 2019 [40]. - The company's cash flow from operating activities showed a positive net amount of RMB 601,214 thousand for the first half of 2020, a significant recovery from a negative cash flow of RMB 2,488,942 thousand in the same period of 2019 [139]. - Financing activities generated a net cash inflow of RMB 1,594,930 thousand, compared to RMB 1,980,043 thousand in the previous year, indicating a decrease of about 19% [142]. - The total new borrowings obtained from banks and other trust financing arrangements amounted to approximately RMB 5,403 million, while repayments reached about RMB 1,320 million for the six months ended June 30, 2020 [41]. Employee and Operational Metrics - Employee benefits expenses for the six months ended June 30, 2020, were approximately RMB 132 million, an increase from RMB 56 million for the same period in 2019 [56]. - As of June 30, 2020, the group had a total of 1,421 employees, an increase from 1,012 employees as of December 31, 2019 [56]. - Selling and marketing expenses increased by approximately 215% to about RMB 161 million due to rapid growth in contract sales and sales personnel [32]. Shareholder and Capital Management - As of June 30, 2020, the company has issued a total of 1,630,618,000 shares [106]. - Major shareholders include Huaxing Development Limited with 504,000,000 shares (30.91%), Hualian Development Limited with 396,000,000 shares (24.29%), and Hualong Development Limited with 300,000,000 shares (18.40%) [108]. - The net proceeds from the IPO, after deducting underwriting fees and other expenses, amounted to HKD 1,611.7 million [112]. - The company is committed to using the raised funds according to its development strategy and market conditions [112]. Risk Management and Future Outlook - The group faces various financial risks, including market risk, credit risk, and liquidity risk, and aims to minimize potential adverse effects on financial performance [157]. - The management intends to maintain sufficient cash and cash equivalents to ensure financial flexibility, supported by pre-sale proceeds and available financing [159]. - The company has alternative plans to mitigate potential impacts from adverse economic changes, including reducing land acquisitions and adjusting project development timelines [159].