Financial Performance - Revenue for the first half of 2021 reached approximately RMB 9,130.9 million, representing a 36.2% increase compared to the same period in 2020[6]. - Gross profit for the period was RMB 2,264.7 million, reflecting a 61.6% increase year-on-year[6]. - Profit attributable to owners of the Company was approximately RMB 1,312.5 million, marking a 78.1% increase from the previous year[6]. - Profit before income tax was RMB 1,987.3 million, representing a 76.1% increase year-on-year[6]. - Earnings per share attributable to owners of the Company increased to RMB 15.02, a 19.9% rise from the previous period[6]. - Profit for the six months ended June 30, 2021 increased by 78.1% to RMB 1,312.5 million from RMB 736.7 million for the same period in 2020[70]. - Total comprehensive income for the period reached RMB 1,516,385, compared to RMB 595,661 in the same period last year, marking a 154.0% increase[131]. - Operating profit increased by 80.1% to RMB 1,971.4 million for the six months ended June 30, 2021, up from RMB 1,094.8 million for the same period in 2020[66]. Assets and Liabilities - Total assets as of June 30, 2021, amounted to RMB 94,474.1 million, a 9.9% increase from December 31, 2020[6]. - Total liabilities increased to RMB 79,630,355, a rise of 9.5% from RMB 73,026,503[133]. - Total equity increased to RMB 14,843,731, reflecting a growth of 14.7% from RMB 12,947,675[132]. - Cash and cash equivalents increased to RMB 11,294.5 million, a 17.0% rise compared to the end of 2020[6]. - Total borrowings as of June 30, 2021 were approximately RMB 22,962.9 million, an increase from RMB 20,111.4 million as at December 31, 2020[72]. - The Group's net debt to equity ratio was 51.1% as at June 30, 2021, compared to 48.7% as at December 31, 2020[77]. Land and Development - The Group's total land bank reached approximately 23.67 million sq.m. as of June 30, 2021, supporting future development[16]. - The Group acquired 16 new parcels of land during the first half of 2021 as part of its proactive expansion strategy[16]. - Contracted sales for the first half of 2021 amounted to approximately RMB 23,510.0 million, with a total contracted floor area of about 2,677,400 square meters, marking increases of 80.6% and 58.3% respectively compared to the previous period[22]. - The total GFA under various stages of development remaining unsold amounted to 23,665,984.4 sq.m[45]. Market Presence and Strategy - The Group's diversified investment segment includes healthcare, commerce, technology, property management, cultural tourism, and education, enhancing its value chain[27]. - The Group's ongoing projects span various cities in the PRC, indicating a broad market presence and development strategy[35]. - The Group plans to continue purchasing land in strategically selected cities, with sufficient internal resources and bank borrowings to meet funding requirements[90]. - Future outlook remains positive with ongoing projects expected to enhance revenue streams in the coming periods[45]. Awards and Recognition - The Group has received multiple awards, including "China's 100 Best Real Estate Enterprises" and "2021 China's Best Real Estate Enterprises with Greatest Growing Potential," enhancing its brand recognition significantly[31]. - Royal Redco in Xianyang was awarded "Best Pre-sale Property of the Year" at the 16th Kinpan Award, showcasing the Group's competitive edge in the market[31]. - UG Property Management, a subsidiary of the Group, ranked 40th in the "Top 100 Property Management Service Enterprises in the PRC in 2021," indicating strong performance in property management[31]. Financial Risks and Compliance - The Group's activities expose it to various financial risks, including market risk, liquidity risk, and credit risk[149]. - The Group is required to comply with covenants under major borrowing facilities, which have been adhered to throughout the reporting period[149]. - The Company has complied with all provisions of the Corporate Governance Code during the six months ended June 30, 2021[114]. Shareholding and Corporate Governance - As of June 30, 2021, Mr. Wong holds a long position of 1,387,258,000 shares, representing 39.06% of the company's issued share capital[99]. - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2021, consistent with the previous year where no dividend was paid[113]. - The Company has maintained management control and beneficial shareholding interest of 51% or more as of the reporting date[118].
力高集团(01622) - 2021 - 中期财报