Financial Performance - For the year ended December 31, 2020, the group's revenue was RMB 5,153.2 million, representing a year-on-year increase of 42.9%[18]. - Gross profit for the same period was RMB 1,784.3 million, with a gross margin of 34.6%[18]. - Net profit for the year was RMB 740.5 million, reflecting a year-on-year growth of 19.4%[18]. - The company achieved a net profit margin of 14.4% for the year ended December 31, 2020[18]. - Total comprehensive income for the year amounted to RMB 709.9 million, an increase from RMB 618.4 million in the previous year[12]. - The income tax expense for the year was RMB 588.7 million, slightly lower than RMB 606.8 million in 2019[12]. - The gross profit margin decreased to approximately 34.6%, down approximately 11.0 percentage points year-on-year[99]. - Profit for the year increased by approximately 19.4% to approximately RMB 740.5 million, while profit attributable to owners of the parent decreased by approximately 16.1% to approximately RMB 516.4 million[99]. - The increase in net profit was primarily due to a revenue increase of 42.9% for the year ended 31 December 2020, attributed to an increase in properties delivered[116]. Assets and Liabilities - Non-current assets increased to RMB 2,401.1 million, up from RMB 2,000.0 million in 2019[13]. - Current assets rose significantly to RMB 10,337.9 million, compared to RMB 6,619.0 million in 2019[13]. - Total equity attributable to owners of the parent reached RMB 3,244.8 million, up from RMB 1,585.9 million in 2019[13]. - As of December 31, 2020, the total assets of the Group were RMB 12,739.0 million, which grew by 47.8% compared to the previous year, with a net gearing ratio of 18.0%[30]. - The Group's net current assets increased to approximately RMB2,614.8 million as at 31 December 2020, compared to RMB493.4 million as at 31 December 2019, driven by increases in cash and cash equivalents, prepayments, and land held for development[116]. - The Group's net gearing ratio decreased to approximately 18.0% as at 31 December 2020, down from 82.6% as at 31 December 2019, due to increases in cash and total equity[118]. - The Group's borrowings as at 31 December 2020 amounted to RMB931.9 million, a decrease from RMB2,059.0 million in 2019, all of which were floating interest rate borrowings[116]. Sales and Market Performance - The Group achieved contracted sales of approximately RMB 7,705.9 million, marking a significant year-on-year increase of 75.5%[28]. - Revenue from property sales increased by approximately 43.0% to approximately RMB5,150.0 million, accounting for approximately 99.9% of total revenue, with an average selling price of approximately RMB8,898 per sq.m., down approximately 20.0% year-on-year[43]. - Contracted sales, including joint ventures, amounted to approximately RMB7,705.9 million, an increase of approximately 75.5% compared to the previous year, with a contracted gross floor area sold of approximately 757,828 sq.m., up approximately 124.0%[43]. - The total recognised sales area across all cities was 578,747 sq.m., contributing to a total recognised revenue of RMB 5,149,966,000[56]. - Dongguan accounted for 20.4% of the total recognised sales area with 118,008 sq.m. sold, generating revenue of RMB 1,721,575,000, which is 33.4% of total revenue[56]. - The project "Huijing City Centre" in Dongguan had a sold area of 120,224 sq.m. and a total consideration of RMB 231,031,000, with a land cost of RMB 1,359.1 per sq.m.[56]. Strategic Focus and Future Plans - The Group aims to position itself as a leader in city value upgrades, focusing on residential development while emphasizing urban renewal projects and cultural tourism[35]. - The Group plans to continue acquiring strategically located land parcels and optimizing urban renewal project layouts to enhance its market presence in the Greater Bay Area[29][36]. - The Group's strategy for the future includes integrating business, city, and residents to promote high-quality development and generate more city values[36]. - The Group aims to ensure sufficient and quality land reserves through active participation in urban redevelopment, focusing on the Guangdong-Hong Kong-Macau Greater Bay Area and expanding into high-growth potential regions[148]. - The Group's strategic positioning for 2021 emphasizes a new brand image and corporate vision of "Inspiring Growth Together" to drive future growth[41]. - The Group anticipates steady growth in the PRC economy, with real estate being a significant component, although macro control and liquidity requirements will pose operational challenges[143]. Management and Governance - The management team has over 16 years of experience in residential and commercial property development[162]. - The Group's Chief Financial Officer, Mr. Chen Yu, has over 20 years of experience in corporate financial management, having served in various multinational companies[174]. - The Group has adopted the Corporate Governance Code to enhance corporate value and accountability, ensuring high governance standards[183]. - The board includes independent non-executive directors who contribute to audit, remuneration, and nomination committees, enhancing corporate governance[171]. - The Company has established written guidelines for employees likely to possess unpublished inside information, with no incidents of noncompliance noted[186]. - The Company encourages all Directors to participate in relevant training courses to enhance their knowledge and skills[197]. Employee and Compensation - The total employee compensation expenses for the year ended December 31, 2020, were approximately RMB 242.4 million, an increase of 61.5% from RMB 149.9 million in 2019, reflecting the Group's commitment to competitive employee remuneration[140]. - The total salary and welfare expenditure reflects the Group's commitment to providing competitive remuneration packages and systematic training for employees[142]. - The Group's employee count stood at 642 as of December 31, 2020, indicating stable workforce management amidst operational changes[140]. Market Conditions and Economic Outlook - The impact of COVID-19 on the economy is greater than during the SARS outbreak in 2003, with significant revenue declines in service industries such as catering, retail, transportation, and tourism[144]. - The PRC government plans to adopt more proactive monetary and fiscal policies to increase investment, promote consumption, and stabilize foreign demand to achieve 2021 economic goals[144]. - The Group will adopt a more aggressive sales strategy and enhance marketing efforts while maintaining a healthy capital structure and cash flow management[148].

Financial Performance - For the six months ended June 30, 2020, the Group recorded total revenue of approximately RMB2,277.3 million, representing a period-on-period increase of approximately 73.0%[18]. - Revenue from property sales increased by approximately 73.1% to approximately RMB2,275.8 million, accounting for approximately 99.9% of the Group's total revenue[21]. - Gross profit increased to approximately RMB876.9 million, a year-on-year increase of approximately 28.4%, with a gross profit margin of approximately 38.5%, down 13.4 percentage points year-on-year[155]. - Profit for the period increased by approximately 43.4% to approximately RMB305.9 million, while profit attributable to owners of the parent increased by approximately 41.7% to approximately RMB303.1 million[155]. - Net profit increased from approximately RMB213.3 million to approximately RMB305.9 million, while net profit margin decreased from approximately 16.2% to approximately 13.4%[172]. - Adjusted net profit, after excluding listing-related expenses, was approximately RMB311.5 million, with a net profit margin of approximately 13.7%[170]. - Other income and gains decreased from approximately RMB15.2 million to approximately RMB11.7 million, mainly due to reduced interest income from a loan to a joint venture[163]. - Fair value loss on investment properties was approximately RMB13.6 million, a turnaround from a gain of approximately RMB8.4 million in the same period last year[164]. Sales and Contracted Performance - Contracted sales amounted to approximately RMB2,447.1 million, representing an increase of approximately 53.1% compared to the six months ended June 30, 2019[18]. - Contracted GFA sold was approximately 205,650.2 sq.m., which is an increase of approximately 69.6% compared to the same period in 2019[18]. - Total recognised sales area reached 238,917 sq.m., accounting for 100% of the recognised gross floor area (GFA) in the first half of 2020[24]. - Average selling price (ASP) for recognised GFA was RMB 9,526 per sq.m., contributing to total revenue of RMB 2,275,847,000[24]. - Average selling price (ASP) decreased from RMB10,077 per sq.m. to RMB9,526 per sq.m., primarily due to an increase in lower-priced properties delivered in Heyuan city[157]. Operational Strategy and Market Presence - The Group's business strategy focuses on maintaining a foothold in the Greater Bay Area and expanding into Southern, Central, and Eastern China[18]. - The Group aims to enhance its operational strategies in response to the increasingly fierce competition in the real estate industry[18]. - The company plans to expand its market presence through new developments and projects in various cities[30]. - Future developments include multiple projects in Dongguan, with significant areas under development and investment considerations[30]. Land Reserves and Development Projects - The Group's land reserves amounted to approximately 2,626,730 sq.m., including 17 projects and 5 parcels of land located in 5 cities within the Greater Bay Area, the Yangtze River Delta Urban Cluster, and the Mid-Stream Urban Cluster[137]. - The total attributable consideration for land costs across various projects is estimated at RMB 5,341,298,000[30]. - The total site area for the Zhangmutou Baoshan Area project is 171,330 sq.m., with an expected plot ratio accountable GFA of 385,000 sq.m., but the completion timeline is delayed to the end of 2020 due to COVID-19[140]. - The Humen Xinwan Area project has a total site area of 14,910 sq.m. and an expected plot ratio accountable GFA of 44,730 sq.m., with completion also delayed to the end of 2020 due to COVID-19[141]. - The Company is working on eight additional projects in Dongguan city, with a total site area of 379,423 sq.m., aiming to change land use for one parcel of approximately 77,688 sq.m. to emerging industry use by the end of 2020[149]. Financial Position and Assets - Cash and bank balance increased to approximately RMB1,114.7 million as of 30 June 2020, up from approximately RMB728.8 million as of 31 December 2019[176]. - Net current assets increased from approximately RMB493.4 million to approximately RMB2,059.9 million, primarily due to increases in prepayments and a decrease in contract liabilities[176]. - The net gearing ratio decreased from approximately 82.6% to approximately 26.5% as of 30 June 2020, indicating an improved capital structure[184]. - The current ratio improved from 1.1 times to 1.4 times between 31 December 2019 and 30 June 2020[185]. - Total financial guarantees as of 30 June 2020 were reported, indicating the company's commitments in financial obligations[190]. Employee and Training Initiatives - Total employee salary and welfare expenditure for the six months ended June 30, 2020, was approximately RMB106.7 million, up 96% from approximately RMB54.5 million in 2019[200]. - As of June 30, 2020, the Group had a total of 535 employees, with no significant investments or acquisitions reported during the period[200]. - The Group has adopted a competitive remuneration package system based on employee qualifications, experience, position, and seniority[200]. - The Group provides systematic training to enhance employees' expertise in real estate and related fields[200]. - The Company has implemented pre-IPO and post-IPO share option schemes to incentivize selected participants[200].

Financial Performance - For the year ended December 31, 2019, the company's revenue was RMB 3,605.6 million, representing a year-on-year increase of 61.1%[10] - Gross profit for the same period was RMB 1,644.9 million, with a gross margin of 45.6%[10] - Net profit reached RMB 620.0 million, reflecting a year-on-year growth of 54.6%[10] - The company maintained a net profit margin of 17.2%[10] - The group achieved a contract sales amount of approximately RMB 4,391.7 million for the year ended December 31, 2019, representing a year-on-year growth of 71.4%[25] - Total revenue for the group was approximately RMB 3,605.6 million for the year ended December 31, 2019, reflecting a year-on-year increase of about 61.1%[24] - Property sales revenue recorded a year-on-year growth of approximately 60.9% to about RMB 3,601.0 million, accounting for approximately 99.9% of total revenue[26] - The average selling price of properties confirmed for sale was approximately RMB 11,121 per square meter, representing a year-on-year increase of about 5.0%[26] - The group's total assets were RMB 8,617.3 million, with total liabilities of RMB 6,994.6 million, resulting in a debt ratio decrease from 243.2% in 2018 to 82.6% in 2019[14] - The total confirmed sales area for 2019 was 323,795 square meters, generating total revenue of RMB 3,601,049 thousand, with Dongguan contributing 61.0% of the total revenue[29] - The average selling price across confirmed sales was RMB 11,121 per square meter, with Dongguan's average price at RMB 15,012 per square meter[29] Land and Development - As of December 31, 2019, the total land reserve area was 2,438,050 square meters, with a total construction area of 2,941,518 square meters[12] - The company added 121,584 square meters to its land reserve during the year[12] - The company has a land reserve of approximately 2,941,518 square meters, including 17 projects and 4 land parcels located in key urban areas[37] - The company strategically targets land acquisitions in the Greater Bay Area, Yangtze River Delta, and Central Yangtze River urban clusters to enhance its market presence[37] - The company has identified significant future development potential in its land reserves, with ongoing projects expected to enhance overall profitability[37] - The total land reserve amounted to 5,077,705 square meters, with 1,520,383 square meters already sold[86] Strategic Focus and Expansion - The company focused on expanding its operations in the Greater Bay Area and targeted high-growth potential cities in the Yangtze River Delta and Central Yangtze regions[12] - The group plans to focus on urban renewal projects and expand into cultural tourism and technology innovation industry towns as part of its development strategy[18] - The company plans to continue expanding into Central China and major hub cities, leveraging its existing projects[29] - The company aims to maintain a robust investment strategy, actively participating in urban renewal projects to ensure sufficient and high-quality land reserves[85] - The company will continue to deepen its presence in the Guangdong-Hong Kong-Macao Greater Bay Area and expand into high-growth potential regions such as the Yangtze River Delta and Chengdu-Chongqing areas[85] Financial Management and Strategy - The group has committed to a stable financial strategy, focusing on controlling debt levels and optimizing capital structure[19] - The company will focus on enhancing operational efficiency and improving business structure while adhering to a balanced development strategy[85] - The company will continue to strengthen cash flow management and accelerate receivables collection to improve capital turnover[82] - The company anticipates stable economic growth in China, with a focus on targeted policies to ensure the real estate sector's overall stability[81] - The company plans to adopt more aggressive sales strategies and increase marketing investments to manage cash flow effectively[82] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring compliance since its listing date on January 16, 2020[116] - The board consists of three independent non-executive directors, meeting the requirement that one has appropriate professional qualifications or accounting expertise[123] - The company has established written guidelines for employees regarding securities trading, ensuring compliance with the standard code[117] - The chairman and CEO roles are separated, with the chairman responsible for board leadership and the CEO managing daily operations[122] - The board is collectively responsible for the company's success and strategic decisions, ensuring that all decisions reflect the company's best interests[126] Risk Management - The company has established a risk management process that includes risk identification, assessment, management measures, and monitoring[160] - The board believes that the risk management and internal control systems are effective and robust[164] Shareholding Structure - The company has a significant shareholding structure, with Mr. Lun Rui Xiang controlling 4,421,241,000 shares, representing 84.15% of the total shares[199] - The company’s shareholding structure indicates a concentrated ownership, primarily held by a few individuals[199] - The total number of shares held by directors and senior executives reflects their significant stake in the company[199]