Core views:

1. The performance showed a sharp upward trend in volume and price. Deepening the region promoted steady sales growth in 2021H1, Agile achieved contract sales of 75.33 billion yuan, a year-on-year growth rate of 36.7%. The sales target was 50.2%, and the contract sales area increased 19.7% year-on-year, showing a sharp rise in volume and price. The East China and South China regions are Agile's two main performance contributors. The forward-looking layout of the deep-rooted regions has led to steady growth in the company's sales performance.

2. Continue to consolidate deep-cultivated areas and diversify to supplement land reserves

2021H1 added 3,043 million square meters of land reserves, continued to focus on the two major regions of East China and South China, and developed a new Shaoxing market to achieve further expansion in the East China region. Diversification supplements land reserves. 2021H1 obtained 29.8% of land reserves through tenders, the land acquisition cost is 7109 yuan/square meter, and the land to goods ratio is only 34%.

3. Diversified businesses developed collaboratively. The second growth curve gradually took shape in the 2021H1 revenue of 38.59 billion yuan, of which property sales revenue was 32.09 billion yuan and diversified revenue was 6.50 billion yuan, an increase of 54.0% over the previous year, accounting for an increase of 4.2 pcts to 16.8%. The operation model of “mainly real estate, collaborative development of diverse businesses” showed results, and a second growth curve gradually took shape.

4. Continuously optimize the debt structure and advance to the green housing enterprise camp

2021H1 Agile's net debt ratio, balance ratio excluding advance accounts, and short-term cash debt ratio were 45.3%, 68.4%, and 1.2 times respectively. All three red line indicators were met, and it was successfully promoted to a green housing enterprise.