Core views:

1. Sales have broken through the 100 billion mark, and the advantages of investment layout have been demonstrated

In 2020, Hejing Taifu achieved sales of 103.61 billion yuan and successfully advanced to the 100 billion housing enterprise camp. The year-on-year growth rate reached 20.3%, ranking at the top of the industry's growth rate. The Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta region are still the main performance contributors, and the advantages of investment strategy layout are evident.

2. The continuous ratio of soil storage is as high as 4 years, and urban renewal is advancing at an accelerated pace

In 2020, the investment strategy focusing on Tier 1 and 2 cities was further consolidated and the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta were further consolidated, but land acquisition efforts declined slightly. This was mainly based on Hejing Taifu's high survival ratio. Reasonably replenishing land reserves to avoid pressure from high inventories. At the same time, it can also mitigate the impact of future policy uncertainty and avoid the risks posed by enterprises holding land for long periods of time.

3. Leverage reduction has achieved remarkable results, and financing costs are advantageous

Hejing Taifu's interest-bearing debt grew negatively in 2020, and both the net debt ratio and the balance ratio excluding prepaid accounts improved markedly. In terms of financing, Hejing Taifu's financing costs fell 0.2 percentage points to 6.2% in 2020, lower than the 2019 E50 average of 6.5%. As Hejing Taifu, which has just entered the 100 billion housing enterprise camp, financing costs have a certain advantage. In the future, as the scale of the enterprise continues to expand, I believe financing costs will drop further.