港股内房股拉升，融创中国(01918.HK)涨超11%，富力地产(02777.HK)涨7.6%，世茂集团(00813.HK)涨 超7%，万科企业(02202.HK)涨超6%，碧桂园(02007.HK)涨超5%。 ...

2024年，世茂在"一体两翼"的发展模式下，促进各业务板块的协同发展。地产保持竞争力，聚焦客户需 求，专心做好产品;物业服务专注品质提升，抢占细分赛道;商业酒店提高经营品质，做好资产运营和客 户体验，加力轻资产输出。全集团不断夯实基本功，打造新的增长点，寻求突破与创变，聚力打造新形 势下以客户为中心的核心竞争力。 为应对市场行情下滑及资源压力，该集团对项目进行分级分类管控，精准、有效铺排资源需求。截至 2024年末，集团在建面积约2,328万平方米，当年竣工面积约为458万平方米。截至2024年12月31日，该 集团旗下拥有约246个项目，共约4,361万平方米(权益前)的土地储备，为集团的未来销售发展提供必要 支持。2024年，世茂继续聚焦保障交付工作，全年实现49座城市、73个项目、136个批次的交付，用行 动兑付企业责任。展望2025年，集团计划在建面积约2,089万平方米，计划竣工面积约239万平方米。在 综合评估土地市场供给和集团现有土储情况后，该集团于本年度未补充任何土储。 智通财经APP讯，世茂集团(00813)公布2024年业绩，营业额约为人民币599.75亿元，较去年微增约 0.9%。年内物 ...

Financial Performance - The group's revenue for the year was approximately RMB 59.975 billion, reflecting a slight increase of about 0.9% year-on-year [3]. - The hotel operations, commercial operations, property management, and other income totaled approximately RMB 12.064 billion, representing a year-on-year decline of 3.3% [3]. - The group reported a gross loss of approximately RMB 5.869 billion, resulting in a gross margin of -9.8% [3]. - The annual loss attributable to equity holders of the company was approximately RMB 35.905 billion [3]. - The total revenue for the year ended December 31, 2024, was RMB 59.98 billion, compared to RMB 59.46 billion for the year ended December 31, 2023 [44]. - The group reported a total operating loss of RMB 29,328,187 thousand for 2024, compared to a loss of RMB 13,249,715 thousand in 2023, indicating a significant increase in losses [66]. - The group recorded a net loss of RMB 43,685,648 thousand for the year ended December 31, 2024, compared to a net loss of RMB 23,599,417 thousand in 2023, indicating a worsening financial position [66]. - The total comprehensive loss for the year 2024 amounted to RMB 43,674,965, compared to RMB 24,800,704 in 2023, representing an increase of approximately 76% [46]. Revenue Breakdown - The group achieved property sales revenue of RMB 47.911 billion, accounting for 79.9% of total revenue, with a recognized sales area of 3.579 million square meters [5]. - Property sales accounted for 79.9% of total revenue, while hotel operations, commercial operations, property management, and other businesses contributed 20.1% [17]. - In 2024, the group launched new hotel projects, including Baoji Ruyi Yinxiang Hotel and Dali Xinhong Hotel, enhancing its market presence [12]. - Property sales revenue reached RMB 47,911,418 thousand in 2024, compared to RMB 46,985,856 thousand in 2023, indicating an increase of about 2.0% [65]. Costs and Expenses - Sales costs increased by 22.8% to approximately RMB 65,844 million in 2024 from RMB 53,616 million in 2023, primarily due to increased property impairment provisions [25]. - The gross margin for 2024 is approximately -9.8%, a significant decline from 9.8% in 2023, attributed to rising land and construction costs and increased property impairment provisions [26]. - The group’s total expenses for the year ended December 31, 2024, were RMB 72,881,471,000, compared to RMB 62,986,350,000 in 2023 [86]. - The group recognized impairment losses on properties held for sale amounting to RMB 9,653,825,000 during the year ended December 31, 2024 [88]. Assets and Liabilities - As of December 31, 2024, the group's total assets amounted to RMB 436,428,997,000, a decrease from RMB 543,250,395,000 in 2023 [72][73]. - The company's total liabilities decreased from RMB 491,999,365 in 2023 to RMB 433,083,061 in 2024, a reduction of about 11.9% [51]. - The asset-liability ratio was approximately 57.8% as of December 31, 2024, compared to 48.6% as of December 31, 2023 [36]. - The group had capital and property development commitments of RMB 27.61 billion as of December 31, 2024 [41]. Cash Flow and Financing - As of December 31, 2024, the group's cash and bank balances totaled approximately RMB 15.75 billion, a decrease of approximately RMB 5.68 billion from RMB 21.43 billion as of December 31, 2023 [36]. - The total borrowings amounted to approximately RMB 252.05 billion as of December 31, 2024, down from approximately RMB 263.96 billion as of December 31, 2023 [36]. - The group anticipates that its operating cash flow will be sufficient to meet its financial obligations due within the next 12 months [58]. - The group is actively seeking alternative financing and loans to meet its existing financial obligations and future capital expenditures [57]. Debt Restructuring - The group has proposed a debt restructuring plan that received approval from approximately 98.75% of participating creditors and is expected to be completed by 2025 [57]. - The group has significant uncertainty regarding its ability to continue as a going concern due to liquidity pressures and the need for successful debt restructuring [106]. - Management has indicated that plans for debt restructuring and alternative financing are at various stages, with most not yet finalized with creditors [107]. Market Conditions - The overall contracted sales of the group continue to decline amid a shrinking real estate market in mainland China [58]. - The average room rate for luxury hotels in China dropped by 6% year-on-year, while RevPAR for high-end hotels fell by 7% [11]. - The overall occupancy rate for managed commercial projects was close to 90%, remaining stable compared to the previous year [14]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has confirmed compliance for the fiscal year ending December 31, 2024 [113]. - The board of directors consists of three executive directors, two non-executive directors, and three independent non-executive directors, ensuring sufficient power balance [115]. - The chairman and CEO roles are held by the same individual, which the company believes enhances operational efficiency [115].

Sales Performance - In the first half of 2024, Shimao Group achieved a contract sales amount of RMB 17.09 billion, with a total sales area of 1.313 million square meters[5]. - The company delivered approximately 25,000 housing units across 41 projects in 34 cities during the first half of 2024[6]. - Property sales revenue amounted to RMB 23.17 billion, accounting for 79.4% of total revenue, down 5.0% year-on-year; the sales area was 1.508 million square meters, a decline of 25.4%[11]. - The total area sold in the first half of 2024 was 1,508,249 square meters, compared to 2,021,593 square meters in the same period of 2023[21]. - Total revenue for the first half of 2024 reached RMB 29.19 billion, a decrease of 3.9% compared to the same period in 2023[11]. Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 29,194,689 thousand, a decrease of 3.9% from RMB 30,393,587 thousand in the same period of 2023[72]. - Gross profit for the period was RMB 14,859 thousand, significantly down from RMB 3,124,334 thousand in the previous year, indicating a drastic decline in profitability[72]. - Operating loss increased to RMB 14,232,355 thousand from RMB 1,787,968 thousand year-on-year, reflecting a worsening operational performance[72]. - The company's total assets decreased to RMB 485,584,590 thousand as of June 30, 2024, down from RMB 543,250,395 thousand at the end of 2023[75]. - The net loss attributable to equity holders of the company was RMB 22,667,515 thousand, compared to RMB 12,057,786 thousand in the prior year, indicating a significant increase in losses[73]. Debt and Restructuring - Shimao Group is actively advancing debt restructuring efforts, particularly for its overseas debts, with a detailed restructuring plan launched on March 25, 2024[6]. - The company is actively pursuing a proposed restructuring of its offshore debt, which includes approximately USD 6.8 billion in senior notes and various loans totaling approximately USD 2.1 billion and HKD 20.4 billion[84]. - The company has applied for loans totaling approximately RMB 504 million, of which RMB 139 million has been approved, as part of efforts to secure financing for ongoing projects[84]. - As of June 30, 2024, total borrowings were approximately RMB 256.603 billion, a decrease from RMB 263.963 billion as of December 31, 2023[35]. - The asset-to-liability ratio increased to approximately 52.8% as of June 30, 2024, compared to 48.6% as of December 31, 2023[35]. Operational Strategy - The group is focusing on internal asset revitalization and maximizing asset value by halting land acquisitions and enhancing existing projects[5]. - The company emphasizes risk prevention and management to ensure stable operations amid ongoing market challenges[5]. - Shimao Group aims to enhance operational efficiency and product quality to meet its annual business targets[6]. - The company plans to focus on enhancing customer-centric core competitiveness and improving operational agility in the second half of 2024[9]. - The company will continue to pause land acquisitions while optimizing existing asset management to maximize asset value[14]. Property Management and Hotel Operations - Shimao Services reported revenue of RMB 4.032 billion in the first half of 2024, with a gross profit of RMB 812 million, and a net profit of RMB 211 million, marking a 5.7% year-on-year increase in property management service revenue[7]. - The hotel segment generated total revenue of RMB 1.07 billion in the first half of 2024, reflecting a 1.4% year-on-year growth, with RevPAR increasing by 2.1%[7]. - The overall occupancy rate for managed commercial projects was close to 90%, remaining stable compared to the end of the previous year[17]. - The overall occupancy rate for managed office buildings was below 75%, a decrease of 5-6 percentage points compared to the end of the previous year[17]. - Hotel operating revenue increased by 1.4% to approximately RMB 1.074 billion in the first half of 2024, compared to RMB 1.059 billion in the same period of 2023[22]. Employee and Shareholder Information - As of June 30, 2024, the group employed 49,993 employees, with a total salary expenditure of approximately RMB 2.557 billion[39]. - The group has adopted three share incentive plans to recognize and encourage contributions from selected employees, with a maximum number of shares granted under the 2011 plan being 69,319,016 shares, representing 2% of the issued shares at the adoption date[44]. - The company’s major shareholder, Xu Rongmao, holds 2,422,840,586 shares, representing approximately 63.795% of the issued share capital[54]. - The company did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous year[70]. - The company has a dedicated remuneration committee to evaluate the performance and compensation of directors and senior management[65]. Legal and Compliance Matters - The company is in communication with auditors regarding uncertainties related to going concern, primarily influenced by the current state of the Chinese real estate market and the progress of overseas debt restructuring[42]. - The company has ongoing legal proceedings related to comprehensive borrowing or financial guarantees, but management believes these will not have a significant adverse impact on the company's operations or financial condition[145]. - The company has reached preliminary agreement with auditors on accounting treatment for financing arrangements with third-party trust companies, which is expected to eliminate the non-standard audit opinion for the year ending December 31, 2024[41]. - The group has communicated recent operational conditions and debt restructuring progress to auditors, who are currently unable to provide a definitive opinion[42]. - The company has provided mortgage financing guarantees amounting to RMB 36,479,599 thousand as of June 30, 2024, down from RMB 39,635,718 thousand as of December 31, 2023, indicating a decrease of approximately 5.5%[144].

Financial Performance - Total revenue for the first half of 2024 decreased by 3.9% to RMB 29.195 billion, compared to RMB 30.394 billion in the same period of 2023[2]. - Property sales revenue accounted for 79.4% of total revenue, amounting to RMB 23.17 billion, which is a 5.0% decrease year-on-year[2]. - The gross profit for the first half of 2024 was approximately RMB 0.15 billion, resulting in a gross margin of about 0.1%[1]. - The company reported a revenue of RMB 29,194,689 thousand for the six months ending June 30, 2024, a decrease from RMB 30,393,587 thousand in the same period of 2023, representing a decline of approximately 3.9%[33]. - The gross profit for the same period was RMB 14,859 thousand, significantly lower than RMB 3,124,334 thousand in the previous year, indicating a substantial drop in profitability[33]. - The net loss for the period was RMB 24,214,684 thousand, up from RMB 11,623,979 thousand in the same period last year, marking an increase of approximately 108.5%[34]. - The total operating loss for the group was RMB 14,232,355, compared to a loss of RMB 24,214,684 in the previous period[47]. - The company reported a basic loss per share of RMB (5.98), compared to RMB (3.18) in the same period last year, indicating a worsening loss per share[34]. Property Sales and Management - For the first half of 2024, the company reported contract sales of RMB 17.09 billion, with a sales area of 1.313 million square meters[3]. - The company delivered approximately 25,000 housing units across 41 projects in 34 cities during the first half of 2024[4]. - The property management segment generated revenue of RMB 4.032 billion, with a gross profit of RMB 0.812 billion and a net profit of RMB 0.211 billion[6]. - The property management services revenue increased by 5.7% year-on-year to RMB 2.761 billion[6]. - Property sales accounted for RMB 23,174,321, down from RMB 24,393,824, representing a decline of 5.00% year-over-year[45]. Assets and Liabilities - Total assets decreased to RMB 485,584,590 thousand as of June 30, 2024, down from RMB 543,250,395 thousand at the end of 2023, a reduction of about 10.6%[35]. - The company's total liabilities were RMB 461,042,137 thousand, a decrease from RMB 491,999,365 thousand in the previous year, indicating a reduction of approximately 6.3%[37]. - The group's asset-liability ratio was approximately 52.8% as of June 30, 2024, compared to 48.6% as of December 31, 2023[25]. - The group had capital and property development commitments of RMB 28.050 billion as of June 30, 2024[28]. Cash Flow and Financing - As of June 30, 2024, the group's cash and bank balances totaled approximately RMB 18.677 billion, down from RMB 21.432 billion as of December 31, 2023[25]. - The net financing cost for the six months ended June 30, 2024, was approximately RMB 8.633 billion, showing no significant change from RMB 8.465 billion in the same period of 2023[21]. - The group is actively pursuing a restructuring of its offshore debt, including approximately USD 6.8 billion in principal amount of senior notes[41]. - The group is seeking alternative financing and loans to address its existing financial obligations and future operational and capital expenditures[41]. Operational Challenges - The company has suspended land acquisitions and is focusing on optimizing existing project management[5]. - The group is facing significant uncertainty regarding its ability to continue as a going concern due to various legal and financial challenges[40]. - The group has outstanding borrowings totaling RMB 172.8 billion that are not repaid as scheduled[40]. - A petition for winding up was filed against the company involving financial obligations of approximately HKD 1.5795 billion, with the hearing further postponed to December 16, 2024[71]. Strategic Initiatives - The company plans to enhance merchant confidence through various strategies, focusing on cash flow management and optimizing operational efficiency[8]. - The group aims to enhance market expansion and product development strategies in the upcoming quarters[49]. - The company continues to focus on market expansion and new product development as part of its strategic initiatives moving forward[51]. Corporate Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange, with one exception regarding the insurance arrangements for directors[72]. - The board of directors includes four executive directors and three independent non-executive directors[75].

智通财经APP讯，世茂集团(00813)公布2023年业绩，营业额约为人民币594.64亿元，毛利约为人民币58.48亿元，同比增加约10.7%。2023年合约销售额为人民币428.22亿元，合约销售面积为294.7万平方米。于2023年12月31日，该集团的土地储备约为5105万平方米(权益前)。 2023年，世茂服务坚定信心，奋勇拼搏，全年收入实现人民币82.03亿元，毛利润实现人民币16.46亿元，权益持有人应占核心净利润为人民币6.48亿元。实现在管建筑面积2.51亿平方米，合约建筑面积3.32亿平方米。毛利率为20.1%，权益持有人应占核心净利润率为7.9%，保持行业较高水平。经营活动所得现金净额高达人民币10.3亿元，大幅超过净利润，实现高质量发展。 截至2023年12月31日，该集团自持酒店已开业的有24家。2023年，随着社会经济全面恢复常态化运营，旅行需求进一步释放，国家政策持续利好。世茂酒店板块全年总收入达人民币23.0亿元，同比2022年增长31.4%;衡量酒店盈利能力的核心指标之一平均每房收益(RevPAR)，同比提升39.8%，均创历史新高。 2023年，世茂聚焦保障交付工作，成立以 ...

Financial Performance - The group's revenue for the year was approximately RMB 59.464 billion, representing a decrease of about 5.7% compared to the previous year[17]. - The group's gross profit was approximately RMB 5.848 billion, an increase of about 10.7% year-on-year, with a gross margin of 9.8%[17]. - The core business loss attributable to shareholders was approximately RMB 14.508 billion[17]. - The overall revenue for the group was approximately RMB 59.464 billion in 2023, a decrease of 5.7% from RMB 63.040 billion in 2022, primarily due to slower completion progress[39]. - The annual loss attributable to equity holders was RMB 21,030,181 thousand, compared to RMB 21,492,478 thousand in the previous year[81]. - The group reported a net loss of RMB 23,599,417 thousand for the year, compared to a loss of RMB 22,244,179 thousand in the previous year[112]. - The company reported a net loss attributable to equity holders of RMB 21,030,181 thousand for the year ended December 31, 2023, compared to a loss of RMB 21,492,478 thousand in 2022, showing a slight improvement[148]. Asset and Liability Management - As of December 31, 2023, the group holds investment properties with a book value of approximately RMB 13.4 billion and inventory valued at approximately RMB 10.6 billion[2]. - Total assets decreased to RMB 543,250,395 thousand from RMB 616,210,939 thousand in 2022, indicating a reduction of approximately 11.8%[84]. - Total liabilities decreased to RMB 491,999,365 thousand from RMB 536,705,854 thousand in 2022, reflecting a decrease of about 8.3%[87]. - The net debt ratio as of December 31, 2023, was approximately 473.2%, up from 302.2% as of December 31, 2022[70]. - The asset-liability ratio, excluding prepayments, was approximately 88.7% as of December 31, 2023, compared to 83.8% as of December 31, 2022[70]. - The group has ongoing litigation and arbitration cases that may impact its ability to continue as a going concern[94]. - The group has entered into agreements to sell 51% of a project company for RMB 3.91 billion, with conditions to be met before completion[126]. Investment and Financing Activities - The company repurchased 31,750,000 shares at an average price of RMB 1.58 per share during the year[9]. - The company increased its stake in Shanghai Shimao by acquiring 52,168,138 shares at an average price of RMB 1.16 per share[9]. - The group has ongoing litigation and arbitration cases that may impact its ability to continue as a going concern[94]. - The board has implemented plans to alleviate liquidity pressure, including restructuring approximately USD 6.8 billion of offshore debt and extending RMB 18.9 billion of long-term bonds[96]. - The group is actively seeking alternative financing and loans to meet its financial obligations and future operational and capital expenditures[96]. - The group reported a net financial asset impairment provision of RMB 2,031,610 thousand, compared to RMB 318,703 thousand in the previous year[80]. Operational Highlights - In 2023, the company's contract sales amounted to RMB 42.822 billion, with a total sales area of 2.947 million square meters[17]. - The property sales revenue for the year was RMB 46.986 billion, accounting for 79.0% of total revenue, with a recognized sales area of 3.641 million square meters[22]. - The average selling price for the year was RMB 14,532 per square meter[23]. - The hotel segment generated total revenue of RMB 2.295 billion in 2023, representing a year-on-year increase of 31.4%, with RevPAR increasing by 39.8%[34]. - The overall occupancy rate of commercial projects reached 91%, an increase of 1 percentage point year-on-year[29]. - The leasing market for office buildings continued to face challenges, with an overall occupancy rate of 77%, a decrease of about 1 percentage point year-on-year[29]. Corporate Governance and Compliance - The company has complied with all corporate governance codes as per the listing rules for the year ended December 31, 2023[8]. - The company did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[12]. - The company has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, without significant changes to its accounting policies or financial statement presentation[99]. Market Conditions and Challenges - The fair value loss of investment properties for the year ended December 31, 2023, is approximately RMB 1.1 billion, while the impairment loss for inventory is approximately RMB 300 million[2]. - The fair value of investment properties and inventory may not be free from material misstatement due to insufficient audit evidence[3]. - Fair value losses on investment properties totaled approximately RMB 5.878 billion in 2023, significantly higher than RMB 0.631 billion in 2022, due to a continued downturn in the commercial property market[53]. - Other net losses amounted to approximately RMB 3.849 billion in 2023, compared to net income of RMB 3.562 billion in 2022, largely due to losses from subsidiaries undergoing bankruptcy proceedings[54]. - The company faces significant uncertainties that may impact its ability to continue as a going concern[157].

Financial Performance - In the first half of 2023, the company achieved a contract sales amount of RMB 28.07 billion, with a total sales area of 1.868 million square meters[11]. - The group's total revenue for the first half of 2023 was approximately RMB 30.39 billion, a decrease of 11.5% compared to RMB 34.36 billion in the same period of 2022[35]. - The group reported a loss attributable to shareholders of RMB 12.06 billion for the first half of 2023, compared to a loss of RMB 9.79 billion in the same period of 2022[48]. - In the first half of 2023, the total revenue was approximately RMB 24,394 million, a decrease of 13.2% compared to RMB 28,234 million in the first half of 2022[50]. - The core business loss attributable to shareholders increased to approximately RMB 7.325 billion in the first half of 2023, compared to RMB 5.529 billion in the same period of 2022, with a core business loss rate of 33.7%[179]. Real Estate and Property Management - Property sales accounted for 80.3% of total revenue, while hotel operations, commercial operations, property management, and other businesses contributed 19.7%[35]. - The group delivered approximately 32,000 housing units in cities such as Guangzhou, Chongqing, Wuhan, Hefei, and Shaoxing during the first half of 2023[24]. - The total area under management for property services reached 260.7 million square meters, with a contracted area of 346.2 million square meters[25]. - The total area sold during the period was 2.022 million square meters, representing a decline of 21.5% compared to the same period last year[167]. - The company is implementing refined management measures for its projects to enhance sales performance amid a challenging real estate market[167]. Hotel Operations - The hotel segment reported total revenue of RMB 1.06 billion in the first half of 2023, representing a year-on-year growth of 43.5%[19]. - Hotel operating revenue increased by approximately 43.5% to RMB 1,059 million in the first half of 2023, compared to RMB 738 million in the same period of 2022[38]. - The average revenue per available room (RevPAR) for hotels improved by 46% year-on-year, reflecting a recovery in the hotel industry[46]. - The revenue from newly opened hotels in the first half of 2023 was RMB 1,059 million, an increase from RMB 738 million in the first half of 2022[52]. - The company plans to open several new hotels, including Qingdao and Chongqing locations, to strengthen its brand presence[19]. Market Conditions and Strategy - The real estate market is expected to see a moderate recovery due to the implementation of supportive policies aimed at stabilizing the market[10]. - The overall retail consumption market is showing signs of recovery, although consumer confidence remains relatively weak[14]. - The company has paused acquiring new land and is focusing on optimizing existing projects to ensure sales performance[11]. - The company emphasizes a strategy of "returning to fundamentals" and prioritizing risk management in its operations[17]. - The company plans to continue its cautious operational strategy and suspend land acquisitions[158]. Financial Management and Costs - The cost of sales decreased by 13.1% to approximately RMB 27.27 billion for the six months ended June 30, 2023, compared to RMB 31.39 billion for the same period in 2022, consistent with the revenue decline[77]. - Financing costs decreased by 12.0% to approximately RMB 8.47 billion from RMB 9.62 billion in the first half of 2022, mainly due to a reduction in exchange losses from RMB depreciation[80]. - Administrative expenses decreased by 13.3% from approximately RMB 2.645 billion in the first half of 2022 to approximately RMB 2.293 billion in the first half of 2023[56]. - Marketing and promotional costs decreased by 55.8% to approximately RMB 694 million from RMB 1.57 billion in the same period of 2022, aligning with the decline in contract sales[79]. - The group is focused on cash flow management and profitability upgrades to achieve strategic and management goals amid market challenges[44]. Share Incentive Plans - The company has adopted three share incentive plans to motivate and retain key employees[66]. - The total number of shares granted under the 2021 Shimao Group Share Incentive Plan is capped at 0.3% of the issued shares, equating to 7,091,919 shares[72]. - A total of 6,865,821 shares of Shimao Services were granted under the 2021 Shimao Group Share Incentive Plan, accounting for approximately 0.29% of the total shares issued as of the adoption date II[103]. - The total number of shares granted under the Shimao Services Share Award Scheme is capped at 3% of the issued shares as of the adoption date, amounting to 70,919,190 shares[130]. - The total number of shares that became invalid or were canceled during the reporting period was 595,610 shares[106]. Debt and Liquidity - The total amount of secured borrowings was approximately RMB 238.49 billion, secured by properties and cash equivalents totaling RMB 185.03 billion[88]. - The net debt ratio increased to approximately 372.5% as of June 30, 2023, compared to 302.2% as of December 31, 2022[85]. - The group has established a trust to manage a share incentive plan, purchasing a total of 47,006,000 shares for approximately HKD 756.63 million (equivalent to RMB 665.074 million) as of June 30, 2023[182]. - The company issued long-term bonds totaling RMB 2 billion with a fixed interest rate of 3.60%, maturing on March 5, 2023, and has extended the maturity dates of various bonds totaling approximately RMB 4.06 billion to dates between December 2024 and December 2026[193]. - As of June 30, 2023, the group's cash to short-term debt ratio was 0.03, unchanged from December 31, 2022[175].

Financial Performance - For the year ended December 31, 2022, the total revenue of Shimao Group was RMB 63,040.148 million, a significant decrease from RMB 107,797.269 million in 2021, representing a decline of approximately 41.5%[13] - The group reported a gross profit of RMB 5,281.374 million, compared to RMB 39,667.267 million in 2021, indicating a substantial drop in profitability[13] - The net loss attributable to equity holders of the company was RMB 21,492.478 million, compared to a loss of RMB 27,092.790 million in 2021[13] - The operating loss for the year was RMB 2,300.012 million, a notable improvement from a loss of RMB 18,515.859 million in the previous year[13] - The group's hotel revenue for 2022 was RMB 1.75 billion, down 17.5% from RMB 2.12 billion in 2021[53] - The company's operating revenue decreased by approximately 7.1% from RMB 2.033 billion in 2021 to RMB 1.889 billion in 2022, primarily due to a sluggish consumer market and overall lack of confidence among market participants[90] - The core business loss attributable to shareholders decreased to approximately RMB 12.825 billion in 2022 from RMB 23.251 billion in 2021, resulting in a core business loss rate of 32.3%[118] - The gross profit margin for the year ended December 31, 2022, was approximately 8.4%, up from 2.4% in 2021, attributed to discounts on property sales and high material and labor costs[92] - The group achieved a gross profit margin of 22.5% in 2022, maintaining a leading position in the industry[79] Sales and Contracted Areas - The total contracted sales for 2022 amounted to RMB 86.52 billion, with a total contracted sales area of 5.374 million square meters[17] - Property sales accounted for 79.7% of total revenue, while hotel operations, commercial operations, property management, and other businesses contributed 20.3%[56] Assets and Liabilities - The total assets of the group as of December 31, 2022, were RMB 616,210.939 million, a decrease from RMB 628,104.069 million in 2021[13] - The group's asset-liability ratio, excluding advance receipts, was approximately 83.8% as of December 31, 2022, compared to 77.4% in 2021[31] - The net debt ratio increased to approximately 302.2% as of December 31, 2022, compared to 156.0% as of December 31, 2021[98] - Total borrowings increased by 18.2% from approximately RMB 231.76 billion on December 31, 2021, to approximately RMB 274.01 billion on December 31, 2022, primarily due to the real estate industry's continued decline and the impact of COVID-19[120] Operational Strategy and Future Outlook - The group plans to focus on cash flow management, profitability enhancement, and market development in 2023[4] - The outlook for 2023 suggests a moderate recovery in the real estate sector, although consumer confidence remains fragile[16] - The group aims to transition towards a light-asset model and enhance its commercial management capabilities[2] - The group plans to focus on a dual-driven development model of "real estate development and sales + commercial operation and management" to enhance its business management capabilities[78] - The group aims to anchor its "Big Airplane" development strategy and prepare for strategic transformation with a focus on quality improvement and value chain reshaping[83] Construction and Development - The total area under construction as of the end of 2022 was approximately 38.14 million square meters, with a planned completion area of about 6 million square meters for 2023[48] - The total area under management increased to 261.6 million square meters, up 8.8% year-on-year, while the contracted area reached 341.3 million square meters, up 10.8% year-on-year[79] Financial Adjustments and Provisions - The group recorded a total fair value loss of approximately RMB 631 million in 2022, compared to RMB 602 million in 2021, primarily due to the decline in fair value of the Hangzhou Jianqiao investment property project[64] - The group made an additional provision for expected credit losses of approximately RMB 319 million due to various adverse factors in the macroeconomic, industry, and financing environment[66] - The loss attributable to joint ventures and associates was approximately RMB 132 million, a decrease of about RMB 301 million compared to the previous year, mainly due to a reduction in property impairment provisions[67] Share Incentive Plans - The total number of shares granted under the 2011 Shimao Group Share Incentive Plan was 8,709,353 shares, with 60% vesting after 12 months and 40% after 24 months from the grant date[138] - The maximum number of shares that can be granted under the 2021 Shimao Group Share Incentive Plan is 0.3% of the issued Shimao Service Shares, totaling 7,091,919 shares[146] - A total of 6,865,821 shares of Shimao Services were granted under the 2021 Shimao Group Share Incentive Plan[149] - The total number of shares granted to the top five highest-paid individuals, excluding directors, was 3,630,319 shares[152] - The total number of shares granted to directors on November 16, 2022, was 386,786 shares[152] Shareholder Information - The largest shareholder, Xu Rongmao, holds 2,422,840,586 shares, representing approximately 63.795% of the issued share capital[178] - As of the report date, the total number of shares held by Xu Rongmao under controlled entities is 1,593,276,680, representing approximately 64.553% of the issued share capital[181] Compliance and Governance - The company appointed Zhonghui Anda CPA Limited as the new auditor on March 24, 2022, following the resignation of PwC[194] - The company has confirmed compliance with the non-competition agreement as of December 31, 2022, involving the group and its close associates[191]

Debt Restructuring and Financial Obligations - The group is actively pursuing a proposed restructuring of its offshore debt, which includes approximately $6.8 billion in US dollar-denominated senior notes and various loans totaling about $2.1 billion and HK$20.9 billion from offshore banks and financial institutions[1]. - The board is confident in obtaining creditor support to complete the proposed restructuring[1]. - The group is seeking alternative financing to meet existing financial obligations and future operational and capital expenditures[2]. - The group has successfully negotiated extensions for long-term bonds and medium-term notes totaling approximately RMB 12.1 billion and RMB 5.4 billion, originally due in 2023 and 2024, respectively[2]. - The company issued a total of USD 450,000,000 in senior notes due on July 3, 2022, with a fixed interest rate of 4.75%[100]. - The total amount of medium-term notes issued by the company was RMB 1,000,000,000, due on October 21, 2022, with a fixed interest rate of 4.24%[102]. - The company issued USD 1 billion senior notes with a fixed interest rate of 6.125%, maturing on February 21, 2024[105]. - The company issued a total of RMB 2.8 billion long-term bonds with a fixed interest rate of 3.90%, maturing on March 25, 2025[112]. - The company issued HKD 3.11 billion (approximately RMB 2.54 billion) convertible bonds with a fixed interest rate of 2.25%, maturing on October 31, 2022[113]. - The company extended the maturity date of the third phase long-term bonds to May 22, 2023, with a fixed interest rate of 4.15%[104]. - The company redeemed RMB 50 million of the second phase private placement notes and agreed to extend the notes[112]. - The company has issued a total of RMB 970 million medium-term notes with a fixed interest rate of 5.15%, maturing on March 16, 2023[107]. - The company had outstanding principal amounts of USD 399,000,000 and HKD 2,486,050,000 under a multi-currency loan agreement as of June 30, 2022, with portions overdue[96]. Financial Performance - The group reported a loss attributable to equity holders of approximately RMB 9.8 billion for the six months ended June 30, 2022[20]. - For the six months ended June 30, 2022, the total revenue was RMB 34,355,924 thousand, a decrease from RMB 73,401,274 thousand for the same period in 2021, representing a decline of approximately 53%[43]. - Property sales accounted for RMB 28,233,677 thousand, significantly down from RMB 66,521,433 thousand in the previous year, indicating a decrease of about 57%[43]. - The company reported a total loss of RMB 9,268,158 for the six months ended June 30, 2022, compared to a profit of RMB 9,477,850 for the same period in 2021[52]. - The operating profit for the six months ended June 30, 2022, was RMB 1,991,643, compared to RMB 15,828,356 for the same period in 2021, indicating a decline in profitability[52]. - The company reported a net loss attributable to equity holders of RMB (9,792,344) thousand for the six months ended June 30, 2022, compared to a profit of RMB 6,282,755 thousand in the same period of 2021, representing a decline of approximately 255%[147]. - Basic loss per share for the six months ended June 30, 2022, was RMB (258.5) compared to earnings of RMB 178.0 per share in the same period of 2021[147]. - Total financing costs for the six months ended June 30, 2022, amounted to RMB 9,781,107 thousand, a substantial increase from RMB 919,254 thousand in the same period of 2021[135]. - The company did not declare any interim dividend for the six months ended June 30, 2022, compared to RMB 5,253,306 thousand in dividends declared for the same period in 2021[142][144]. Asset and Liability Management - As of June 30, 2022, the group's total borrowings amounted to approximately RMB 256 billion, with about RMB 160.3 billion due within the next 12 months[20]. - The total cash (including cash and cash equivalents and restricted cash) was approximately RMB 47.8 billion as of June 30, 2022[20]. - The group had approximately RMB 39 billion of borrowings that were not repaid by the scheduled repayment dates as of June 30, 2022[20]. - As of the report date, the group had approximately RMB 102.4 billion of borrowings that were not repaid by the scheduled repayment dates[20]. - The total assets as of June 30, 2022, were RMB 624,255,200, while total liabilities were RMB 529,178,540[54]. - The company’s total equity attributable to shareholders was not explicitly stated but can be inferred from total assets and liabilities[58]. - The company’s cash and cash equivalents included in current assets were RMB 85,606,940,000 as of June 30, 2022, compared to RMB 66,056,509,000 as of December 31, 2021[67]. - The company provided mortgage financing guarantees amounting to RMB 38,602,678 thousand as of June 30, 2022, an increase from RMB 29,373,762 thousand as of December 31, 2021[150]. - The company reported a net exchange loss of RMB 4,661,444 thousand for the six months ended June 30, 2022, with no exchange loss reported in the same period of 2021[135]. Operational Strategy and Market Conditions - The group aims to accelerate property sales as part of its business strategy plan[2]. - The real estate market continued its downward trend in the first half of 2022, with significant declines in real estate development investment and commodity housing sales, posing substantial challenges to the company's stable development and normal operations[168]. - The company aims to enhance quality and efficiency, focusing on value chain restructuring as a core objective to prepare for strategic transformation[168]. - The company adjusted its supply strategy in response to market fluctuations, postponing or canceling the supply of certain homogeneous products[182]. - The company is actively pursuing debt restructuring and communication with creditors to mitigate financial risks and ensure smooth transitions in domestic and foreign financing[1]. - The company aims to enhance operational capabilities and improve business quality through strategic, operational, organizational, and talent development initiatives[172]. - The company is committed to social responsibility, contributing to pandemic control efforts and promoting sustainable development through green building initiatives[175]. Legal and Compliance Matters - The group is involved in multiple litigation and arbitration cases, indicating significant uncertainty that may affect its ability to continue as a going concern[20]. - The group is confident in reaching solutions for ongoing litigation that currently lacks clear outcomes[2]. - The company is actively seeking various ways to resolve ongoing legal disputes related to comprehensive borrowing or financial guarantees, believing these will not significantly impact current operating performance, cash flow, or financial condition[152]. Revenue and Sales Performance - In the first half of 2022, the company achieved a contract sales amount of RMB 43.77 billion, with a total contracted sales area of 2.709 million square meters[181]. - The company's revenue for the first half of 2022 reached RMB 34.36 billion, with property sales revenue accounting for 82.2% at RMB 28.23 billion, and the recognized sales area was 2.574 million square meters[180]. - The property management segment, Shimao Services, reported revenue of RMB 426.57 million, a year-on-year increase of 12.9%, with managed construction area up 46.2% to 255.9 million square meters[172]. - The property services segment achieved revenue of RMB 4,265.7 million, representing a year-on-year increase of 12.9%, with managed building area up 46.2% to 255.9 million square meters[186]. Asset Disposals and Acquisitions - The group disposed of several assets, including land in Huangpu Road, Shanghai, and the Guangzhou Asian Games City project, to alleviate financial difficulties, generating a net cash inflow of approximately RMB 4.94 billion from these sales[190]. - The total consideration for the assets sold amounted to RMB 5,391,180,000, with a net gain from the sale of assets of RMB 3,402,931,000[160]. - The identifiable net assets sold amounted to RMB 1,988,249,000, with non-controlling interests valued at RMB 567,348,000[160]. - The group completed acquisitions of subsidiary interests totaling approximately RMB 7.997 billion, with non-controlling interests decreasing by about RMB 8.280 billion during the period[192]. - The company agreed to sell all equity interests in two non-wholly owned subsidiaries and two joint ventures for a net consideration of approximately RMB 3,316 million, completed in September 2022[200]. - The company sold all equity interests in another non-wholly owned subsidiary for a total consideration of RMB 1,750 million, completed in October 2022[200].