Financial Performance - Total revenue for 2021 reached RMB 2,243,158 thousand, representing a 23.7% increase from RMB 1,812,975 thousand in 2020[14]. - Profit before tax for 2021 was RMB 722,242 thousand, up 37.5% from RMB 524,934 thousand in 2020[14]. - Net profit attributable to shareholders for 2021 was RMB 565,224 thousand, an increase of 28.6% compared to RMB 439,325 thousand in 2020[14]. - The gross profit for the period was RMB 1,040.7 million, a 20.2% increase from RMB 865.8 million in 2020, with a gross margin of 46.4%[34]. - The company reported a net profit from continuing operations of RMB 570.7 million, a 40.0% increase from RMB 407.5 million in 2020, with net profit attributable to shareholders rising by 31.9% to RMB 565.2 million[40]. - Total comprehensive income for the year reached RMB 576,177 thousand, up from RMB 416,928 thousand in 2020, representing an increase of 38.2%[154]. Assets and Liabilities - Total assets as of December 31, 2021, amounted to RMB 5,244,163 thousand, a growth of 10.5% from RMB 4,747,544 thousand in 2020[14]. - Total liabilities increased to RMB 1,872,452 thousand in 2021, up 13.8% from RMB 1,645,335 thousand in 2020[14]. - The company's equity attributable to shareholders reached RMB 3,341,260 thousand, a rise of 8.7% from RMB 3,075,199 thousand in 2020[14]. - Trade and other receivables reached RMB 748.8 million, a 92.8% increase from RMB 388.3 million at the end of 2020[41]. - Current liabilities rose to RMB 1,843,887 thousand from RMB 1,619,491 thousand, reflecting an increase of 13.9%[155]. Construction and Project Management - As of December 31, 2021, the company operated 345 construction projects across 101 cities in 28 provinces and municipalities in China[5]. - The total construction area under management increased to 84.7 million square meters, up 11.3% from the previous year[22]. - The company expanded its new project construction area to 22.8 million square meters, a growth of approximately 21.9% year-on-year[24]. - The estimated total construction fee for new projects reached RMB 7.11 billion, reflecting a year-on-year increase of about 22.3%[24]. - Revenue from construction services recognized for the year ended December 31, 2021, was RMB 2,207,198,000, an increase from RMB 1,773,244,000 in 2020, representing a growth of approximately 24.4%[148]. Strategic Initiatives and Market Position - The company aims to enhance its brand and service quality through customized solutions and high-quality project management[5]. - Future strategies include expanding into new markets and continuing to innovate in construction management practices[5]. - The company has been recognized as a leading enterprise in the real estate construction management sector for six consecutive years from 2017 to 2022[5]. - The company plans to accelerate innovation and capability upgrades while expanding into government, state-owned enterprises, and financial institutions for new business opportunities[15]. - The company expanded its business model by collaborating with various institutions, entering government investment projects and urban renewal projects in the Greater Bay Area[28]. Governance and Management - The management team includes experienced professionals with backgrounds in urban construction and real estate management, enhancing strategic oversight[52]. - The company has established a governance framework that includes regular reviews and updates to ensure compliance with relevant laws and regulations[116]. - The board of directors is responsible for overseeing the group’s business strategies and performance, ensuring effective internal controls and risk management systems[109]. - The company has a strong emphasis on corporate governance, with independent directors providing oversight and strategic input[56]. - The company has complied with the corporate governance code since its listing, including maintaining communication with external auditors[124]. Financial Health and Cash Flow - The company reported a cash flow from operating activities of RMB 565.7 million, indicating sufficient cash flow with no debt[17]. - The company’s cash inflow from the sale of financial assets at fair value through profit or loss was RMB 1,615,420 thousand in 2021, compared to RMB 850,362 thousand in 2020, an increase of 90.0%[162]. - The company’s total cash and cash equivalents at the beginning of 2021 were RMB 2,397,335 thousand, compared to RMB 1,139,162 thousand at the beginning of 2020, an increase of 110.0%[163]. - The company’s cash and cash equivalents decreased to RMB 2,137,648 thousand from RMB 2,397,335 thousand, a decline of 10.8%[155]. - The company maintained goodwill at RMB 769,241 thousand, unchanged from the previous year[155]. Shareholder Returns and Dividends - The company maintained a dividend payout ratio exceeding 65%, providing good economic returns to shareholders[15]. - The company proposed a final dividend of RMB 0.20 per share, equivalent to HKD 0.25, subject to shareholder approval at the upcoming annual general meeting[68]. - The company’s dividend policy is determined at the discretion of the board, based on future operations and financial conditions[96]. Risks and Challenges - The group faces intense competition in the construction management market, which may affect its ability to secure new contracts[99]. - The COVID-19 pandemic has significantly impacted global economic conditions, affecting the group’s business and financial performance, with ongoing monitoring and response measures in place[101]. - The group’s core business relies heavily on the performance of the Chinese real estate market, which has been affected by ongoing regulatory policies since 2021[98]. Audit and Compliance - The financial statements for the year ended December 31, 2021, were audited by Deloitte[105]. - The audit opinion confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2021, in accordance with International Financial Reporting Standards[144]. - The company has established channels for effective communication with investors, promoting transparency and fairness in investor relations[142].

Financial Performance - Total revenue for 2020 was RMB 1,812,975,000, a decrease of 9.06% from RMB 1,993,892,000 in 2019[12] - Profit before tax for 2020 was RMB 524,934,000, slightly down from RMB 538,204,000 in 2019, representing a decrease of 2.5%[12] - Net profit attributable to shareholders for 2020 was RMB 439,325,000, an increase of 35.4% compared to RMB 324,769,000 in 2019[12] - The company's operating revenue for the reporting period was RMB 1,813.0 million, a decrease of 9.1% from RMB 1,993.9 million in the previous year[21] - The gross profit reached RMB 865.8 million, down 1.8% from RMB 881.6 million year-on-year, but the overall gross margin improved to 47.8%, up 3.6 percentage points from 44.2%[21] - The net profit for the period was RMB 412.3 million, an increase of 11.2% from RMB 370.7 million in 2019, with adjusted net profit of RMB 469.0 million compared to RMB 336.4 million in 2019[32] - The profit for the year was RMB 439,325 thousand, a significant increase from a loss of RMB 27,071 thousand in 2019[97] - The total comprehensive income for the year was RMB 416,928 thousand, up from RMB 381,714 thousand in 2019, representing a growth of 9.2%[92] Assets and Liabilities - Total assets as of December 31, 2020, reached RMB 4,747,544,000, up 26.3% from RMB 3,759,707,000 in 2019[12] - Total liabilities decreased to RMB 1,645,335,000 in 2020 from RMB 2,078,518,000 in 2019, a reduction of 20.9%[12] - Net asset value increased to RMB 3,102,209,000 in 2020, up 84.5% from RMB 1,681,189,000 in 2019[12] - As of December 31, 2020, total equity was approximately RMB 3,102.2 million, an increase of about RMB 1,421.0 million from the beginning of the year[33] - Trade and other receivables increased by 24.1% to RMB 388.3 million from RMB 312.8 million in 2019, mainly due to increased receivables from the Asian Games media village project[32] Revenue Breakdown - Revenue from commercial construction was RMB 1,312.5 million, accounting for 72.4% of total revenue, down 10.8% from RMB 1,470.8 million in 2019[26] - Government construction revenue was RMB 309.8 million, representing 17.1% of total revenue, a decline of 13.6% from RMB 358.4 million in 2019[27] - The total construction area of newly contracted projects was 18.7 million square meters, representing a growth of approximately 16.8% year-on-year[21] - The estimated construction fees for newly contracted projects amounted to RMB 5.81 billion, reflecting a year-on-year increase of approximately 22.3%[21] Cash Flow and Financing - The net cash flow from operating activities was RMB 903.3 million, a significant increase of 645.9% compared to RMB 121.1 million in the previous year[22] - The total cash and cash equivalents at the end of 2020 reached RMB 2,397,335,000, compared to RMB 1,139,162,000 at the end of 2019, marking an increase of 110.5%[103] - The financing activities generated a net cash inflow of RMB 485,889,000, down from RMB 727,140,000 in 2019[103] Corporate Governance - The board of directors consists of 7 members, including 2 executive directors, 2 non-executive directors, and 3 independent non-executive directors[67] - The company has complied with the corporate governance code, ensuring high ethical standards, transparency, and accountability[67] - Independent non-executive directors account for one-third of the board, ensuring a balance of power and independent oversight[68] - The company has established a corporate governance committee to assist in developing good governance practices[68] Strategic Initiatives - The company aims to enhance its brand and service quality through customized solutions and high-quality service[7] - The company plans to propose a final dividend of RMB 0.17 per share, subject to approval at the upcoming annual general meeting[18] - The company plans to increase acquisitions of upstream and downstream companies in the industry chain to enhance its business model and revenue streams[24] - The company aims to capture market trends and opportunities to create higher value for shareholders[21] Employee and Management - The total number of employees decreased by 15.5% to 1,531 as of December 31, 2020, primarily due to certain design institutes no longer being included in the reporting scope[61] - The total remuneration for the five highest-paid individuals ranges from HKD 3,000,001 to HKD 13,000,000, with a total of 5 individuals in this category as of December 31, 2020[74] - The total remuneration for directors and the CEO was RMB 19,814 thousand in 2020, an increase from RMB 9,090 thousand in 2019, reflecting a rise of 118.5%[186] Risk Management - The company faces various business risks, including competition and market dynamics, which could impact its financial performance[60] - The company has established a robust internal control and risk management system to monitor operational and financial performance[67] - The board is responsible for maintaining an effective internal control and risk management system to protect the group's assets and shareholders' interests[80] Accounting Policies - The company follows the International Financial Reporting Standards (IFRS) for financial asset classification and measurement, including fair value through profit or loss[148] - The company recognizes revenue when control of goods or services is transferred to customers, either at a point in time or over time based on specific criteria[124] - The company assesses expected credit losses based on historical experience and current economic conditions, updating the expected credit loss amounts at each reporting date[150]

Financial Performance - Total revenue for the first half of 2020 was RMB 814.8 million, a decrease of 21.3% compared to RMB 1,035.6 million in the same period last year[17]. - Gross profit decreased by 26.6% to RMB 339.8 million from RMB 462.9 million year-on-year[17]. - Net profit attributable to shareholders, excluding listing expenses, increased by 4.1% to RMB 163.3 million from RMB 156.9 million in the previous year[17]. - Revenue for the first half of 2020 was RMB 814.8 million, a 21.3% decrease from RMB 1,035.6 million in the same period of 2019, primarily due to delays in commercial construction projects caused by the pandemic[28]. - Net profit for the period was RMB 134.5 million, a decrease of 30.3% from RMB 193.0 million in 2019, while adjusted net profit attributable to shareholders increased by 4.1% to RMB 163.3 million[35]. - Total comprehensive income for the period was RMB 128,765 thousand, down 32.8% from RMB 191,378 thousand in 2019[82]. - The group reported a profit of RMB 153,063 thousand for the period, compared to RMB 214,357 thousand in the same period of 2019, reflecting a decrease of 28.6%[105]. Project Management and Operations - The number of managed projects increased from 245 to 268, with commercial projects accounting for 57.8% and government projects for 42.2%[16]. - The total contracted construction area reached 73.31 million square meters, a growth of 6.9% from 68.59 million square meters year-on-year[16]. - The area under construction increased by 26.2% to 38.82 million square meters from 30.77 million square meters in the previous year[16]. - The company’s project management capabilities improved, leading to a notable increase in the quality of new projects compared to the previous year[16]. - The company is focusing on expanding into higher-tier cities, with a significant adjustment in client structure towards corporate and government clients[16]. - The group resumed all construction projects on February 17, 2020, after the COVID-19 outbreak impacted operations[99]. Revenue Sources - Government construction revenue increased by 20.1% to RMB 187.0 million, accounting for 23.0% of total revenue, compared to RMB 155.7 million in the same period of 2019[29]. - The company has signed 29 new commercial construction projects in the first half of 2020, with a total sales amount of RMB 81.1 billion, a 33.0% increase from RMB 61.0 billion in the same period of 2019[21]. - The company achieved a contract sales amount of approximately RMB 25.1 billion from equity projects, remaining stable compared to RMB 24.9 billion in the same period of 2019, while the sales area decreased by 19.4% to approximately 1.66 million square meters[22]. - Commercial construction revenue was RMB 610,010 thousand, down 23.4% from RMB 796,817 thousand year-on-year[104]. - The group recognized a total of RMB 5,150 thousand in other income, compared to RMB 4,426 thousand in the previous year, marking an increase of 16.4%[109]. Financial Position and Cash Flow - Cash and cash equivalents amounted to RMB 1,207.8 million, up from RMB 1,139.2 million at the end of 2019, with a current ratio of 1.34[41]. - The company had no significant borrowings during the reporting period, indicating a strong cash flow position[42]. - The company reported a net cash inflow from investing activities of RMB 118,983,000 for the first half of 2020, contrasting with a net cash outflow of RMB 13,380,000 in the same period of 2019[94]. - The net cash used in operating activities for the first half of 2020 was RMB 48,982,000, compared to a net cash inflow of RMB 169,177,000 in 2019, reflecting a significant decline[92]. - The company’s total assets as of June 30, 2020, were RMB 2,767,515 thousand, an increase from RMB 2,520,997 thousand at the end of 2019[85]. - The company’s total liabilities increased to RMB 901,124,000 as of June 30, 2020, compared to RMB 830,489,000 as of December 31, 2019[133]. Strategic Initiatives - The company is exploring financial services and cost control measures to stabilize overall performance amid declining construction revenue[17]. - The company anticipates a recovery in operational performance in the second half of 2020, aiming to achieve the same level as in 2019[23]. - The company has adjusted its regional and client structure, focusing on strategic areas such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta[23]. - The company aims to maintain its industry-leading position and stable growth in business scale while optimizing project and client structures[26]. - The company launched financial matchmaking services, generating RMB 4.9 million in revenue in the first half of 2020, which is expected to become a future profit growth point[25]. Shareholder and Equity Information - Major shareholder Greentown China holds 1,432,660,000 shares, representing approximately 73.17% of the company's equity[63]. - The company reported no interim dividend for the six months ending June 30, 2020[72]. - The company’s total equity attributable to owners increased to RMB 1,723,495,000 as of June 30, 2020, from RMB 1,004,241,000 at the end of June 2019, indicating a growth of approximately 71.5%[88]. - The company successfully raised approximately HKD 1,213.1 million from the issuance of 525,316,000 new shares after the full exercise of the over-allotment option[66]. Related Party Transactions - Related party transactions for the six months ended June 30, 2020, totaled RMB 38,586,000, a decrease from RMB 49,227,000 in the same period of 2019, reflecting a decline of approximately 21.6%[147]. - The group’s receivables from related parties aged within 180 days were RMB 3,828 thousand as of June 30, 2020, down from RMB 20,183 thousand as of December 31, 2019, showing a significant decrease of approximately 81.0%[155]. - The group’s revenue from related party construction management services was RMB 72,625 thousand for the six months ended June 30, 2020, with no revenue reported for the same period in 2019[151].