Sales and Revenue Performance - In the first half of 2023, the company's contracted sales decreased by an average of 5.3% compared to the same period in 2022, reflecting a significant decline in the real estate sector due to economic uncertainties[9]. - In the first half of 2023, the group achieved total contracted sales of approximately RMB 13.54 billion, with a sales area of about 903,600 square meters and an average selling price of RMB 15,000 per square meter[15]. - The top ten provinces and regions contributed approximately RMB 11.23 billion, accounting for about 83% of total contracted sales, with Guangdong province leading at RMB 4.22 billion[16]. - The group's revenue from property development decreased by 19% to RMB 12.305 billion, down from RMB 15.149 billion in the same period last year, due to a continued downturn in the Chinese real estate market[25]. - The company's revenue for the six months ended June 30, 2023, was RMB 16,416,162 thousand, a decrease of 7.7% compared to RMB 17,782,073 thousand in the same period of 2022[59]. - The total revenue for the six months ended June 30, 2023, was RMB 16,778,909,000, compared to RMB 18,260,478,000 for the same period in 2022, indicating a decrease of approximately 8.1%[86]. Hotel Operations - The hotel investment portfolio showed a significant improvement, with an average occupancy rate of 60%, and over 60 hotels achieving occupancy rates exceeding 90% during peak periods[11]. - Operating net profit from hotel operations reached RMB 681 million in the first half of 2023, a notable improvement compared to losses in the same period of 2022[11]. - Hotel operations revenue increased significantly from RMB 1.781 billion to RMB 2.983 billion, attributed to the rapid recovery of tourism and business activities post-COVID[25]. Financial Management and Liquidity - The company is focusing on liquidity management and has implemented cost control measures, including streamlining staff and halting further land reserve expansions[10]. - The company is actively selling non-core hotel and investment assets to generate liquidity for debt repayment and operational funding[11]. - The company has extended the maturity of its USD-denominated senior notes and RMB-denominated bonds by over 12 months as part of its debt restructuring efforts[10]. - The company is exploring opportunities to sell equity stakes in project development companies to generate additional cash inflow[70]. - The company is actively negotiating with lenders to extend certain borrowings, which is seen as constructive despite market uncertainties[70]. - The company aims to reduce administrative costs and avoid unnecessary capital expenditures to maintain liquidity[70]. Debt and Financial Ratios - The debt-to-equity ratio increased to 191.8% as of June 30, 2023, compared to 170.8% at the end of 2022[34]. - The total amount of guarantees provided for mortgage loans related to residential properties was RMB 81.355 billion, a decrease of 12% from RMB 92.129 billion as of December 31, 2022[36]. - The company reported a basic and diluted loss per share of RMB 1.3614, an improvement from RMB 1.8441 in the previous year[59]. - The net debt to equity ratio increased to 192% as of June 30, 2023, compared to 171% as of December 31, 2022[81]. - The company’s total liabilities stood at RMB 300,078,395 thousand, slightly down from RMB 301,979,915 thousand at the end of 2022[62]. Asset Management - As of June 30, 2023, the group had a total construction area of approximately 16,440,000 square meters and a total saleable area of about 11,655,000 square meters[18]. - The investment property portfolio totaled approximately 3,552,000 square meters, with operational properties covering about 1,973,000 square meters[20]. - The group owns 91 operational hotels with a total construction area of 4,051,260 square meters and a total of 28,164 rooms[21]. - The group has added approximately 173,000 square meters of saleable land during the period, with total land reserves amounting to approximately 59,612,000 square meters[23]. Profitability and Losses - The overall gross profit for the period was RMB 3.234 billion, with a gross margin of 17.2%, down from 18.9% in the first half of 2022[28]. - The net loss for the period was RMB 4,977,775 thousand, an improvement from a net loss of RMB 6,899,463 thousand in the same period last year[60]. - The company reported a loss attributable to owners of RMB 5.109 billion for the six months ended June 30, 2023[69]. - The company recorded a loss of RMB 362,858 thousand from joint ventures for the first half of 2023, compared to a profit of RMB 657,462 thousand in the same period last year[94]. Corporate Governance and Shareholder Information - The company has established various committees, including the Audit Committee, which is responsible for reviewing accounting policies and internal controls[50]. - The company has adopted the Corporate Governance Code and has been compliant with its provisions as of June 30, 2023[49]. - The board of directors consists of nine members, including four executive directors and three independent non-executive directors, ensuring a diverse leadership structure[46]. - The board of directors decided not to declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[39]. - The company's major shareholders, Dr. Li Silian and Mr. Zhang Li, held 28.97% and 27.77% of the company’s shares, respectively, as of June 30, 2023, highlighting concentrated ownership[130]. Market Outlook and Future Plans - The company anticipates more policies targeting the real estate sector to be introduced in the second half of 2023, although the effectiveness of these measures will take time to assess[9]. - The company plans to focus on market expansion and new product development to drive future growth[59]. - The group plans to complete the large-scale development project "One Nine Elms" in London by the end of this year, providing approximately 49,000 square meters of completed residential and serviced apartments for sale[12].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 二零二三年中期業績公告 廣州富力地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司（「本集團」）截 至二零二三年六月三十日止六個月之未經審核簡明綜合業績。附錄於本公告後面部份的簡明綜合中 期財務資料為本公告不可分割部份。中期業績已由本公司審核委員會審閱。 1 業務回顧 在經歷多年新冠疫情的影響後，二零二三年標誌著我們開始將病毒置之腦後，展望未來。新冠疫情 大流行期間，封鎖、疫苗接種、社交距離措施和旅遊限制對日常生活和商業運營造成了嚴重干擾， 影響經濟增長。隨著群體免疫成為新常態，焦點轉向恢復生產力和重啟商業活動。全球旅遊限制逐 漸放寬並最終解禁，各國政府面臨刺激經濟復甦的挑戰。隨著新冠疫情終結，社會憂慮初步緩解 後，新的挑戰是控制生產力低下、供需失衡和勞動力短缺導致的高通脹等負面影響。二零二三年上 半年，經濟不確 ...

Financial Performance - Guangzhou R&F Properties reported a revenue of RMB 35,192,599, a decrease of 54% compared to RMB 76,230,335 in the previous year[22]. - The company achieved a gross profit of RMB 3,826,936, a significant improvement from a gross loss of RMB 2,167,205 in the previous year, marking a 277% change[22]. - The company reported a net loss attributable to shareholders of RMB 15,736,650, a slight improvement of 4% from RMB 16,469,189 in the previous year[22]. - The company recorded a net loss in 2022 due to a challenging operating environment and decreased sales recognition[31]. - The company reported a significant increase in contract assets from RMB 1,229,970 thousand in 2021 to RMB 2,035,644 thousand in 2022, an increase of about 65.5%[147]. - The total revenue for the year ended December 31, 2022, was RMB 35,192,599, a decrease of 53.8% compared to RMB 76,230,335 in 2021[150]. - The annual loss for 2022 was RMB 15,779,273, slightly improved from a loss of RMB 16,353,282 in 2021[152]. - The company reported a net loss attributable to owners of the company of RMB 15,736,650 for 2022, compared to RMB 16,469,189 in 2021[154]. Assets and Liabilities - The total assets of the company decreased by 7% to RMB 368,920,936 from RMB 398,542,334 year-on-year[22]. - The total liabilities also decreased by 4% to RMB 301,979,915 from RMB 315,683,693[22]. - Cash reserves fell by 42% to RMB 12,301,227 from RMB 21,103,818[22]. - The net asset value per share decreased to RMB 14.5 from RMB 18.7[23]. - The net debt to equity ratio increased to 170.8% from 130.0%[23]. - Total debt decreased from RMB 197.1 billion in 2019 to RMB 126.7 billion by the end of 2022, marking the lowest debt level in the past ten fiscal periods[28]. - The total borrowings amounted to RMB 126.66 billion, with a debt-to-equity ratio of 170.8% as of December 31, 2022, compared to 130.0% in the previous year[59]. - As of December 31, 2022, the total bank borrowings and other debts amounted to RMB 135.11 billion, with RMB 51.334 billion due within the next twelve months[98]. Cash Flow and Financing - The cash flow from operating activities showed a significant decline, with a net cash outflow of RMB 12.564 billion compared to a net inflow of RMB 132.351 billion in the previous year[57]. - The net financing cost increased by 134% to RMB 9.727 billion due to reduced capitalization of development costs and foreign exchange losses of RMB 3.894 billion[54]. - The company plans to mitigate liquidity pressure and improve financial conditions through various measures, including discussions with lenders and accelerating property sales[98]. - The company successfully restructured USD 4.944 billion (approximately RMB 33,103,000,000) of its priority notes, extending their maturity to 2025, 2027, and 2028[161]. - The company plans to accelerate the pre-sale and sale of developed and under-development properties, responding to relaxed pre-sale regulations that have increased buyer interest and stimulated demand[162]. Market and Sales Performance - Contract sales totaled RMB 38.43 billion in 2022, with an average selling price of RMB 13,480 per square meter for 2.85 million square meters[31]. - The top ten provinces contributed approximately RMB 28.11 billion, accounting for about 73% of total contracted sales, with Guangdong, Beijing, and Tianjin being the highest contributors[37]. - The group expects a stable start in 2023, with improved pre-sales and significant recovery in transaction volume following the Chinese New Year[32]. - The company anticipates a positive outlook for residential property demand as the market stabilizes and government policies support economic recovery[29]. Corporate Governance - The board consists of nine members, including four executive directors, ensuring a diverse composition in terms of gender, industry experience, professional knowledge, and educational background[64]. - The audit committee convened four times during the year, with no disagreements regarding the reappointment of external auditors[67]. - The remuneration committee reviewed the company's remuneration policy and approved amendments according to new listing rules, holding one meeting during the year[69]. - The board consists of three independent non-executive directors, ensuring that at least one-third of the board members are independent[65]. - The company has established a comprehensive internal control and risk management system to safeguard assets and shareholder interests, with no significant errors or fraud detected during the year[83]. Risk Management and Future Outlook - The group faces significant uncertainties regarding its ability to continue as a going concern due to its financial position and ongoing litigation[138]. - The board believes that the company will have sufficient operating funds to meet financial obligations due within the next eighteen months, despite uncertainties in the mainland property market[163]. - The company is committed to continuous improvement in risk control and business management standards in response to policy changes[93]. - The management expects to generate sufficient taxable profits in the future to offset unused tax losses and deductible temporary differences[96]. Employee and Management Information - The total employee cost for the fiscal year ending December 31, 2022, was approximately RMB 2.212 billion, with the company employing around 27,162 formal employees, down from 35,207 the previous year[63]. - The company has a strong management team with various members holding significant positions in related organizations[120][121]. - CFO Zhu Ling has been with the company since 1995 and has held various financial management roles, becoming CFO in October 2005[126]. Tax and Deferred Tax Assets - The group reported a deferred tax asset of RMB 2.247 billion as of December 31, 2022, due to unused tax losses and deductible temporary differences[136]. - The independent auditor's report indicates a reservation of opinion regarding the appropriateness of the deferred tax asset and corresponding deferred tax credit[135]. - The management has developed plans to utilize the unused tax losses and deductible temporary differences, expecting to generate sufficient taxable profits in the future[136].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 二零二二年經審核年度業績公告 廣州富力地產股份有限公司（「本公司」或「富力」，連同其附屬公司「本集團」）的董事會（「董事會」）欣然 宣佈本集團截至二零二二年十二月三十一日止年度之經審核綜合年度業績。年度業績已由本公司的 審核委員會審閱。 1 主席報告 在二零二二財政年度，全球經濟環境及中國房地產業仍然充滿挑戰。放眼全球，發達國家努力在 新冠肺炎疫情（「新冠肺炎疫情」）後出現的通脹壓力與寬鬆的貨幣政策之間取得平衡，以避免經濟衰 退。即使於二零二二年尚未感受到通脹的影響，全球供應的短缺無法滿足新冠肺炎疫情後的復甦需 求變得顯而易見，長期也將推動通脹上升，不利於長遠發展。通脹壓力、經濟生產力放緩及市場不 確定性導致許多公司的收入及利潤下降，使員工薪酬及個人財富增長放緩。隨著通脹率超過收入增 長率，許多國家陷入經濟衰退的可能性越來越大。反覆出現的 ...

Financial Performance - The group recorded a net loss of RMB 68.99 billion for the period, compared to a net profit of RMB 31.81 billion in the same period last year, attributed to challenging market conditions in the real estate sector[34]. - The company reported a total revenue of RMB 17,782,073 thousand for the six months ended June 30, 2022, a decrease from RMB 39,493,138 thousand in the same period of 2021, representing a decline of approximately 55.0%[59]. - The gross profit for the first half of 2022 was RMB 2,797,162 thousand, down from RMB 8,569,969 thousand in the previous year, indicating a decrease of about 67.4%[59]. - The net loss attributable to the company’s owners for the period was RMB 6,919,602 thousand, compared to a profit of RMB 3,080,198 thousand in the same period of 2021[59]. - The company reported a basic and diluted loss per share of RMB 1.8441 for the first half of 2022, compared to earnings of RMB 0.8209 per share in the same period of 2021[59]. - The company reported a net loss attributable to owners of RMB 6.92 billion for the six months ended June 30, 2022[66]. - The company reported a loss of RMB 6,806,800,000 for the six months ended June 30, 2022, compared to a profit of RMB 3,532,824,000 in the same period of 2021[153]. Revenue Sources - The property development segment generated revenue of RMB 15,153,910,000, while the property investment segment contributed RMB 459,251,000, and hotel operations generated RMB 1,859,877,000[87]. - The company recognized rental income of RMB 459,251,000 from other revenue sources during the reporting period[87]. - The company’s revenue from joint ventures for the six months ended June 30, 2022, was RMB 429,739,000, compared to RMB 92,652,000 in the same period of 2021, representing a significant increase of 363%[144]. - The revenue from associates for the same period was RMB 553,000, up from RMB 10,635,000 in 2021, indicating a growth of 95%[144]. - The total revenue from joint ventures and associates reached RMB 430,292,000, compared to RMB 103,287,000 in 2021, marking an increase of 317%[144]. Asset Management - The total land reserve as of June 30, 2022, is 62,924,000 square meters, with a total saleable area of 48,585,000 square meters across 92 cities and regions[23]. - The company operates in over 145 cities and regions, with significant assets in prime locations and a large land reserve in first- and second-tier cities in China[11]. - The company completed a saleable area of 1,012,000 square meters in the first half of 2022, with an expected completion of approximately 4,821,000 square meters in the second half of 2022[15]. - The company plans to focus on developing its quality land reserves to maximize asset value and create contract sales[11]. - The company expects to continue its asset monetization strategy to attract long-term investors[8]. Debt and Financing - The company extended or refinanced approximately US$4.9 billion in offshore senior notes and RMB 3.35 billion in domestic bonds, reflecting proactive risk management[9]. - The restructuring of ten batches of offshore senior notes was completed, with new notes maturing in 2025, 2027, and 2028, and a reduced average cash interest rate of 6.5%[9]. - The total borrowings of the group were RMB 1,262.45 billion, with new bank borrowings of RMB 9.71 billion and repayments of RMB 35.41 billion during the period[35]. - The group provided guarantees totaling RMB 977.23 billion for bank mortgage loans to buyers of its properties, a decrease of 5% from RMB 1,029.35 billion at the end of the previous year[37]. - The company is actively engaging with creditors to negotiate solutions for upcoming debt maturities amid a tight financing market[9]. Cost Management - Sales and marketing expenses decreased by 44% to RMB 8.32 billion, while administrative expenses reduced from RMB 27.27 billion to RMB 19.34 billion, reflecting strict cost control measures[30]. - Significant adjustments have been made to control administrative costs and avoid unnecessary capital expenditures, ensuring liquidity[67]. - The company plans to maintain a disciplined capital expenditure plan to ensure sufficient liquidity amid current market challenges[11]. Market Conditions - The overall credit environment remains challenging, with significant liquidity risks affecting the real estate sector[7]. - The company anticipates further government intervention in the second half of 2022 to stabilize the economic outlook and improve operating conditions[7]. - Recent policy relaxations regarding pre-sale regulations have increased buyer interest and stimulated demand for the company's properties[67]. - The company expects a recovery in the Chinese economy and key overseas markets in the long term, which will offset current impacts[10]. Shareholder Information - Major shareholders include Dr. Li Silian and Mr. Zhang Li, holding 28.97% and 27.77% of the company's shares, respectively, as of June 30, 2022[143]. - The board decided not to declare an interim dividend for the six months ended June 30, 2022, compared to a dividend of RMB 0.10 per share in the same period last year[40]. Employee and Operational Metrics - The group has approximately 32,362 employees, with total employee costs around RMB 10.92 billion for the six-month period[38]. - The company has established various communication channels with shareholders, including regular updates on its website and timely press conferences[56].

Financial Performance - In 2021, Guangzhou R&F Properties achieved total sales of approximately RMB 120.2 billion, a decrease of 11% compared to 2020[24]. - The company reported a gross loss of RMB 2.17 billion in 2021, a significant decline from a gross profit of RMB 20.39 billion in 2020, representing a 111% change[24]. - The net loss attributable to shareholders was RMB 16.47 billion, a 283% decrease from a profit of RMB 9.00 billion in the previous year[24]. - Cash reserves fell by 47% to RMB 21.10 billion from RMB 39.95 billion in 2020[25]. - Total liabilities decreased by 10% to RMB 315.68 billion, down from RMB 350.18 billion in 2020[25]. - The company reduced its total borrowings by 19% to RMB 128.8 billion, down from RMB 159.7 billion in 2020[30]. - The total revenue for the company in 2021 was approximately RMB 120,198.7 million, representing a decrease of 20% compared to 2020[41]. - The total sold area was approximately 9,414.6 thousand square meters, reflecting a decline of 23% year-on-year[41]. - The group’s revenue from property development decreased by 12% to RMB 69.001 billion, down from RMB 78.568 billion in the previous year[198]. - Rental income from investment properties decreased by 8% to RMB 1.067 billion from RMB 1.158 billion[198]. - Hotel operating revenue increased to RMB 5.070 billion from RMB 4.463 billion, showing improvement as the COVID-19 pandemic stabilized[198]. Sales and Market Strategy - In 2021, the total contracted sales amounted to RMB 120.2 billion, with a sales area of approximately 9.41 million square meters and an average selling price of RMB 12,800 per square meter[39]. - The company expects to generate RMB 220 billion in saleable resources from over 200 presale projects in 2022, focusing on property presales to maintain stable operating cash flow[33]. - The company plans to continue exploring the sale of non-core assets to maximize value in the upcoming year[31]. - The company plans to continue its strategy of selling non-core assets to support liquidity needs and reduce debt, with expectations of more asset sales in 2022 as market conditions stabilize[34]. - The company aims to maintain a strong financial position by focusing on cash flow generation rather than profitability in the short term due to the challenging operating environment[32]. Asset Management and Development - The company executed a significant asset sale, divesting 30% of its stake in Guangzhou R&F International Airport Comprehensive Logistics Park for RMB 7.3 billion, which provided substantial liquidity[31]. - Capital expenditure for new land acquisition in 2021 was only RMB 3 billion, a decrease of 80% compared to 2020, while the total saleable land reserve is 49.97 million square meters[32]. - The company anticipates that its rich land reserve can generate RMB 713.1 billion in saleable resources over the coming years[32]. - The company completed a total construction area of 8,574,000 square meters during the year, with a total saleable area of 6,470,000 square meters[42]. - As of the end of 2021, the company had a total land reserve of approximately 64,719,000 square meters, with a saleable area of about 49,967,000 square meters[44]. Operational Efficiency and Cost Management - The company recorded a net loss in 2021 due to high operating expenses and a one-time write-down of asset values amounting to approximately RMB 15 billion[32]. - The company achieved all safety targets in 2021, including a project work-related death rate and annual injury rate not exceeding 24‰[67]. - The group avoided losses amounting to approximately RMB 66 million through systematic monitoring and management of construction costs and quality[85]. - The company has implemented a comprehensive performance evaluation mechanism linking employee compensation to performance assessments[157]. Sustainability and Environmental Impact - The group aims to maintain 100% compliance with environmental protection laws and regulations in 2022, with no significant violations expected[103]. - The group established a comprehensive environmental management system aligned with ISO14001 standards to minimize environmental impact during construction[103]. - The total greenhouse gas emissions for the group were 510,867 tons of CO2 equivalent, with a density of 0.01 tons of CO2 equivalent per square meter[104]. - The company has established a pollution control program to actively manage emissions of waste gases, wastewater, and solid waste[121]. - The company has implemented measures to combat poverty and respond to the COVID-19 pandemic, contributing to urban renewal efforts[75]. Employee Development and Corporate Culture - The total number of full-time employees at the company reached 35,207 by the end of 2021, with approximately 21% located in Guangzhou[167]. - The employee turnover rate for the year was 10%[167]. - The company provided training to 100% of its employees, with an average training duration of 40 hours per employee[162]. - The company has a zero-tolerance policy towards child labor and forced labor, ensuring compliance with employment age regulations[167]. - The company has established a talent development program, including campus recruitment and a management trainee program for outstanding graduates[155]. Community Engagement and Social Responsibility - Cumulative charitable donations by the company exceeded RMB 700 million, focusing on poverty alleviation, rural revitalization, and support for vulnerable groups[173]. - R&F Group has assisted 34,746 impoverished children in completing their education, with total funding exceeding RMB 53 million[175]. - The company is actively transforming abandoned land into high-standard farmland in Jiangdong Avenue, aiming to create a multifunctional agricultural project[174]. - R&F Group is expanding its agricultural industry projects to create more local job opportunities for villagers[174]. - The company has maintained compliance with various environmental laws and regulations without any significant violations reported in 2021[178].

Financial Performance - The total revenue for 2021 decreased to RMB 76.4 billion, down from RMB 85.9 billion in 2020, reflecting a decline of approximately 11.5%[12]. - The gross profit for 2021 was RMB 4.96 billion, significantly lower than RMB 20.39 billion in 2020, indicating a sharp decline in profitability[12]. - The company recorded a net loss of RMB 8.74 billion in 2021, compared to a profit of RMB 9.15 billion in 2020[13]. - The group reported a total loss of RMB 8,738,521 for the year, with property development segment losses amounting to RMB 7,982,215 and hotel operations losses of RMB 855,136[25]. - The group's total revenue from external customers was RMB 76,400,881, reflecting a decline from RMB 85,891,778 in the previous year[27]. - The company recorded a net loss of RMB 8.739 billion for the year ended December 31, 2021, compared to a net profit of approximately RMB 9.146 billion for the year ended December 31, 2020[66]. Debt and Liquidity - The total borrowings of the company decreased to RMB 132.7 billion as of December 31, 2021, representing a reduction of 33% from RMB 197.1 billion at the end of 2019[3]. - The net debt ratio improved to 123% in 2021, down from 199% in 2019, indicating a significant reduction in financial leverage[3]. - Major shareholders committed to providing approximately HKD 8 billion in interest-free financial support to help meet liquidity needs and repay maturing debts[5]. - The company executed a major asset sale, selling a 30% stake in the Guangzhou R&F International Airport Logistics Park for RMB 7.3 billion, contributing to increased liquidity[4]. - The company plans to continue exploring the sale of non-core assets in the next twelve months to maximize liquidity[4]. - The company plans to continue its strategy of selling non-core assets to support liquidity needs, with expectations of more asset sales in 2022 as market conditions stabilize[10]. Asset Management - The total capital expenditure for new land acquisition was only RMB 3 billion in 2021, an 80% decrease compared to 2020, reflecting a conservative approach to land purchases[6]. - The company has a substantial land reserve of 49.97 million square meters, projected to generate RMB 713.1 billion in saleable resources over the coming years[6]. - The company expects to generate RMB 220 billion in saleable resources from over 200 presale projects in 2022[9]. - By the end of 2021, the total land reserve amounted to approximately 64,719,000 square meters, with a total saleable area of about 49,967,000 square meters across 94 cities and regions[52]. - The investment property portfolio totaled approximately 3,857,300 square meters, with operational properties covering about 1,879,300 square meters[54]. Operational Challenges - The company faced unprecedented challenges in 2021 due to the ongoing COVID-19 pandemic and macroeconomic policies, impacting overall financial performance[2]. - The overall operating environment in 2021 was severely affected by credit defaults among private and public enterprises, leading to increased caution from banks and investors[2]. - The strategy for 2021 focused on seeking alternative funding sources and accelerating asset sales to mitigate financial risks[2]. Revenue Breakdown - In 2021, the total contracted sales amounted to RMB 120.2 billion, with a total sales area of 9.41 million square meters[7]. - The total agreement sales for the year 2021 amounted to approximately RMB 120.2 billion, with a sales area of about 9,414,600 square meters, and an average selling price of approximately RMB 12,800 per square meter[47]. - The total revenue for the property development segment was RMB 69,166,739, while the total revenue for the property investment segment was RMB 1,240,571, and hotel operations generated RMB 77,367,028 in total revenue[25]. - The group's revenue from property development decreased by 12% to RMB 69.105 billion, with 8,307,000 square meters delivered, down 9% from the previous year[58]. Financial Ratios and Costs - The financing costs increased to RMB 3.91 billion in 2021, compared to RMB 2.41 billion in 2020, reflecting higher financial burdens[12]. - Interest expenses totaled RMB 13.11 billion in 2021, down from RMB 14.43 billion in 2020, representing a decrease of approximately 9.2%[33]. - The total income tax expense decreased significantly from RMB 6.77 billion in 2020 to RMB 2.81 billion in 2021, a decline of about 58.5%[34]. - The debt-to-equity ratio was 123.3% as of December 31, 2021, compared to 130.2% as of December 31, 2020[67]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with its provisions during the fiscal year ending December 31, 2021[75]. - The Audit Committee has reviewed the company's unaudited annual performance for the year ending December 31, 2021[76]. - The company emphasizes high transparency and accountability to enhance shareholder interests through good corporate governance practices[75].

Financial Performance - For the six months ended June 30, 2021, the group's total revenue increased by 18% to RMB 39.49 billion, while net profit decreased to RMB 3.18 billion[6]. - The overall gross profit and net profit for the first half of the year decreased to RMB 8.57 billion and RMB 3.18 billion respectively, impacted by changes in product mix and higher financing costs[9]. - The net profit decreased from RMB 3.917 billion to RMB 3.181 billion, representing a decline of approximately 19% year-on-year[23]. - The company reported a net profit margin of 8.1%, stable compared to 11.7% in the same period last year[28]. - The group reported a net profit of RMB 3,181,021,000 for the six months ended June 30, 2021, compared to a profit of RMB 3,916,988,000 for the same period in 2020, indicating a decrease of 18.8%[81]. - Total revenue for the six months ended June 30, 2021, was RMB 40,236,467,000, an increase of 17.3% compared to RMB 34,257,217,000 for the same period in 2020[80]. Revenue Sources - The revenue from property development rose by 17% to RMB 35.95 billion, with net profit declining by 15% to RMB 2.96 billion, driven by a 22% increase in delivered area to 4.1 million square meters[6]. - The property development segment generated revenue of RMB 35,946,375,000, accounting for 89.4% of total revenue, while the hotel operations segment reported a loss of RMB 547,172,000[80]. - The hotel operations generated revenue of RMB 2.500 billion, up from RMB 1.396 billion, indicating a recovery as the pandemic situation stabilizes[23]. Sales and Contracts - The group's agreement sales amounted to RMB 65.08 billion, with a sales area of approximately 4.852 million square meters, representing growth of 18% and 6% respectively[8]. - The total contracted sales for the first half of 2021 reached RMB 65.08 billion, representing an 18% year-on-year increase, with a sales area of approximately 4,852,000 square meters, up 6% year-on-year[15]. - The company delivered a saleable area of 1,848,000 square meters in the first half of 2021, accounting for about 20% of the annual target of 9,377,000 square meters[13]. Land and Development - The total land reserve available for sale was approximately 55.52 million square meters, with 53% located in first- and second-tier cities[8]. - The total land reserve of the company as of June 30, 2021, is approximately 69,173,000 square meters, with a saleable area of about 55,520,000 square meters[12]. - The company aims to convert approximately 8 million square meters of land reserves from urban renewal projects in the near term[8]. - The total area of properties under development amounted to approximately 30,882,000 square meters, with a saleable area of 22,107,000 square meters[18]. Costs and Expenses - The average cost of land reserves was approximately RMB 2,700 per square meter, with a focus on maintaining a reasonable low level to achieve higher gross margins[8]. - The average selling price during the first half of 2021 was approximately RMB 13,400 per square meter[15]. - The average selling price per square meter decreased by 4% to RMB 8,800, influenced by marketing strategies aimed at stimulating sales[23]. - The company’s sales and administrative expenses rose by 5% to RMB 3.204 billion, accounting for 8.9% of total revenue[27]. Financing and Debt Management - The total borrowings decreased by RMB 16.4 billion, while RMB 25.7 billion in financing was secured to manage existing debt refinancing and increase available liquidity[9]. - The company’s total borrowings amounted to RMB 143.35 billion, a decrease from RMB 159.73 billion at the end of the previous year[29]. - The company’s net debt to total equity ratio improved to 123% from 130% at the end of the previous year[29]. - The company has pledged assets with a total book value of RMB 122.3 billion to secure bank loans and other borrowings of RMB 86.93 billion[30]. Shareholder Information - The interim dividend declared for the six months ended June 30, 2021, is RMB 0.10 per share, to be distributed on November 15, 2021[34]. - The company’s total share capital as of June 30, 2021, was 3,752,367,344 H shares, representing 100% of the equity structure[38]. - The group’s major shareholders, Dr. Li Siliang and Mr. Zhang Li, hold 28.97% and 27.50% of the company's shares, respectively, indicating significant ownership concentration[137]. Corporate Governance - The audit committee reviewed the unaudited interim results for the six months ended June 30, 2021, in accordance with the relevant auditing standards[37]. - The company maintains compliance with all applicable regulations and corporate governance standards[46]. - The company has established a business policy and strategy framework, including dividend and risk management policies[45]. Asset Management - The company's total assets as of June 30, 2021, were RMB 424,552,471 thousand, a decrease from RMB 442,185,215 thousand as of December 31, 2020, representing a decline of approximately 4%[53][54]. - The total liabilities of the group as of June 30, 2021, were RMB 154,718,605, with property development liabilities at RMB 151,106,824[83]. - The group’s equity in joint ventures was RMB 11,274,830, while equity in associates was RMB 2,604,070 as of June 30, 2021[83]. Market Conditions and Strategies - The company plans to continue cash flow management and improve overall credit conditions amid market uncertainties[10]. - The group has implemented cost control measures and flexible pricing strategies to accelerate property sales in response to changing market conditions[68]. - The company aims to achieve higher profitability potential with sufficient quality land reserves in a more stable market environment[10].

Financial Performance - In 2020, Guangzhou R&F Properties achieved a revenue of approximately RMB 138.8 billion, a decrease of 5% compared to RMB 90.8 billion in 2019[8]. - The gross profit for 2020 was RMB 20.4 billion, down 32% from RMB 29.8 billion in 2019[8]. - The net profit attributable to owners of the company was RMB 9.0 billion, reflecting a 7% decline from RMB 9.7 billion in the previous year[8]. - The basic earnings per share decreased by 16% to RMB 2.53, compared to RMB 3.00 in 2019[8]. - The company maintained a dividend of RMB 1.00 per share, a reduction of 22% from RMB 1.28 in the previous year[8]. - The group’s annual profit decreased from RMB 10.093 billion to RMB 9.146 billion[182]. - Property development revenue for 2020 was RMB 78.568 billion, down from RMB 79.689 billion in 2019, representing a decline of approximately 1.4%[183]. - Rental income from property investment decreased by 5%, with segment profit at RMB 480 million compared to RMB 506 million in 2019[182]. - Hotel operations revenue dropped from RMB 7.022 billion to RMB 4.463 billion, primarily due to the adverse impact of COVID-19 in the first half of 2020[182]. - The group reported a net profit margin of approximately 10.6% for the year[183]. Debt Management - The company’s debt-to-equity ratio improved significantly to 130.2%, down 35% from 198.9% in 2019[10]. - The company reduced its total debt by RMB 37.4 billion in 2020, including RMB 23.6 billion in domestic bonds and RMB 11.9 billion in trust and domestic bank loans[19]. - The net asset liability ratio improved from 199% at the end of 2019 to 130% in 2020 due to significant debt reduction and capital replenishment[19]. - The total liabilities decreased by 29% for long-term borrowings, amounting to RMB 95,848,642, indicating effective debt management[192]. - The total amount of bank loans repaid during the year was RMB 40.23 billion, while new bank loans amounted to RMB 25.05 billion[198]. Cash Flow and Liquidity - The total cash balance increased by 4% to RMB 39.9 billion, compared to RMB 38.4 billion in 2019[9]. - The company achieved a positive operating cash flow in 2020, recovering from negative cash flow in 2019, with a cash collection rate of 78% compared to below 70% in 2019[19]. - The company reported a net cash inflow from operating activities of RMB 19,324,332, a significant recovery from a cash outflow of RMB 24,145,456 in the previous year[195]. - Cash and cash equivalents rose by 12% to RMB 25,672,822, reflecting improved cash flow from operations[195]. Sales and Development - In 2020, the company achieved contracted sales of RMB 138.8 billion, with a sales area of 11.53 million square meters and an average selling price of approximately RMB 12,000 per square meter[33]. - The company delivered 9.17 million square meters in 2020, an 11% increase from 8.3 million square meters in 2019[24]. - The company plans to achieve a total sales target of RMB 150 billion for 2021, with over 230 projects available for sale[43]. - The company plans to continue seeking opportunities for asset monetization to generate positive cash flow and reduce total debt levels[26]. Market Expansion and Strategy - The company plans to expand its market presence by entering three new cities in 2021, aiming for a 25% increase in market share[178]. - R&F Properties is investing HKD 1 billion in new technology for smart home solutions, expected to enhance customer satisfaction and operational efficiency[179]. - The company is exploring potential mergers and acquisitions to diversify its portfolio, with a focus on acquiring companies in the logistics sector[177]. Corporate Social Responsibility - The company donated a total of RMB 25 million to support areas severely affected by the COVID-19 pandemic, including Wuhan, and has contributed over RMB 600 million to various charitable causes[70]. - The company has made charitable donations exceeding RMB 600 million, focusing on poverty alleviation, elderly care, and disaster relief[154]. - The company has actively participated in various social organizations to fulfill its corporate social responsibility[162]. Sustainability and Environmental Impact - The company has integrated green building design requirements into 161 projects, covering a total construction area of nearly 20 million square meters, with 138 projects awarded green building certification[68]. - The company has implemented a comprehensive environmental management system, achieving ISO14001 certification for its construction and property management services[101]. - The total greenhouse gas emissions for the year amounted to 714,028 tons of CO2 equivalent, with indirect emissions from purchased electricity and heat accounting for 607,776 tons, representing approximately 85% of total emissions[119]. - The company has set pollution discharge targets and implemented an environmental responsibility system to ensure compliance with environmental management requirements[102]. Employee Engagement and Training - The company has a total of 38,824 employees, with a turnover rate of 8% for the year[148]. - 100% of employees received training, averaging 37 hours per employee, covering various topics including professional knowledge and management skills[147]. - The total training hours for employees reached 1,849,993 in 2020, an increase from 1,456,338 hours in 2019[172]. Governance and Compliance - The company emphasizes a low fraud risk index, indicating that fraud does not pose a critical risk to its operations[86]. - The company has updated its integrity self-discipline code to strengthen anti-corruption efforts, outlining specific requirements for employees in various roles[85]. - The company has established a whistleblower protection policy to safeguard the rights and safety of individuals reporting misconduct[88].

Financial Performance - For the six months ended June 30, 2020, the group's total revenue decreased by 4% to RMB 33.591 billion, and net profit decreased by 6% to RMB 3.917 billion[9]. - The group's net profit decreased from RMB 4.17 billion in the same period last year to RMB 3.92 billion, representing a decline of approximately 6%[29]. - The company's revenue for the six months ended June 30, 2020, was RMB 33,591,036 thousand, a decrease from RMB 35,053,257 thousand in the same period of 2019, representing a decline of approximately 4.2%[61]. - Gross profit for the same period was RMB 9,926,574 thousand, down from RMB 12,963,921 thousand in 2019, indicating a decrease of about 23.5%[61]. - The net profit attributable to the owners of the company for the six months was RMB 3,792,275 thousand, down from RMB 4,027,584 thousand in 2019, a decrease of about 5.8%[61]. - The company's net profit for the six months ended June 30, 2020, was RMB 2,514,315,000, down 39.73% from RMB 4,170,295,000 in 2019[167]. Revenue Breakdown - The main business segment of property development generated revenue and net profit of RMB 30.831 billion and RMB 3.465 billion, respectively, with a 17% increase in delivered area to 3.35 million square meters compared to the same period last year[9]. - Revenue from property development accounted for 92% of total revenue, reaching RMB 30.83 billion, an increase of 3% compared to RMB 29.98 billion in the same period last year[29]. - The revenue from hotel operations decreased significantly from RMB 3.34 billion to RMB 1.396 billion due to the negative impact of the COVID-19 pandemic[29]. - The total revenue for the group reached RMB 34,257,217,000, with property development contributing RMB 30,831,124,000, property investment RMB 551,954,000, and hotel operations RMB 1,428,337,000 for the six months ended June 30, 2020[92]. Sales and Contracts - The group's contracted sales for the first half of 2020 reached RMB 51.06 billion, accounting for 34% of the annual sales target, with an average selling price of RMB 11,970 per square meter[10]. - The total area sold increased by 17% to 3,350,000 square meters, while the average selling price per square meter decreased by 12% to RMB 9,200[29]. - The company recorded a contractual sales amount of RMB 51.06 billion, with a saleable area delivered of 3.299 million square meters, representing 32% of the annual target[17]. Impact of COVID-19 - The group successfully implemented preventive measures against COVID-19, ensuring no major outbreaks or infection reports in the workplace[10]. - The group's performance in the first half of 2020 was affected by the pandemic, but the domestic GDP in China showed a recovery with a positive growth of 3.2% in the second quarter[10]. - The real estate industry experienced a 25% decline in contracted sales in the first quarter of 2020 compared to the same period in 2019, while the group's contracted sales also decreased[10]. - The impact of COVID-19 on the company's hotel operations was significant, with revenue and performance affected by quarantine measures[165]. Financial Stability and Debt Management - The company maintained financial stability in the first half of the year, purchasing land with a saleable area of approximately 2.43 million square meters for a contract amount of RMB 6 billion[11]. - The company processed RMB 10.8 billion of domestic bonds in the first half of the year, reducing overall debt levels[11]. - The total borrowings amounted to RMB 187.74 billion, a decrease from RMB 197.14 billion at the end of 2019, with net debt decreasing from RMB 158.7 billion to RMB 151.74 billion[34]. - The debt-to-equity ratio improved from 198.9% at the end of 2019 to 176.7% as of June 30, 2020[34]. - The company reported interest expenses of RMB 1,497,264,000 for the six months ended June 30, 2020, compared to RMB 1,123,456,000 for the same period in 2019[134]. Investment and Development - The company aims to convert 900,000 square meters of land reserves into RMB 200 billion of potential saleable resources over the next 18 months[11]. - The company added new investment properties worth approximately RMB 2.7 billion, covering over 107,000 square meters, primarily in Beijing, Nanjing, and Chongqing[13]. - The company plans to launch 16 new projects with saleable resources of RMB 230 billion in the second half of the year[14]. - The company currently has a land reserve of approximately 56.83 million square meters, with a saleable area of about 70.39 million square meters[17]. Shareholder Information - The company declared an interim dividend of RMB 0.38 per share, to be paid on October 30, 2020[39]. - The company has a total issued share capital of 3,495,367,344 shares, with 2,207,108,944 shares held by domestic investors (63.14%) and 1,288,258,400 shares held by H-share investors (36.86%)[43]. - Major shareholders include Dr. Li Silian and Mr. Zhang Li, holding 31.10% and 29.52% of the company's shares respectively[153]. Operational Efficiency - The company is implementing flexible pricing strategies to balance profitability and cash flow amid market volatility[14]. - The total employee count was approximately 39,244, down from 59,021 in the same period last year, with total employee costs around RMB 1.46 billion[37]. - Sales and administrative expenses decreased by 9% to RMB 3.047 billion, representing 9.9% of total revenue[32]. Tax and Expenses - The total tax expenses for the period reached RMB 2.555 billion, with land appreciation tax at RMB 1.374 billion and corporate income tax at RMB 1.181 billion[33]. - The financing cost increased by 41% to RMB 3.392 billion, including total interest expenses of RMB 7.076 billion, early redemption premium of RMB 56 million, and net exchange loss of RMB 1.125 billion[33]. Asset Management - The total assets as of June 30, 2020, amounted to RMB 437,655,068 thousand, an increase from RMB 427,326,318 thousand at the end of 2019, representing a growth of approximately 2.9%[60]. - The total equity increased to RMB 85,895,518 thousand from RMB 79,799,125 thousand, marking an increase of about 7.5%[60]. - The total liabilities as of June 30, 2020, were RMB 351,759,550 thousand, slightly up from RMB 347,527,193 thousand, indicating a marginal increase of about 1.3%[60].