Financial Performance - For the six months ended June 30, 2024, revenue was approximately RMB 7.24 billion, a decrease of 10.3% compared to the same period in 2023[1] - Gross profit for the period was approximately RMB 684.31 million, down 35.2% from RMB 1.06 billion in the same period of 2023[1] - The gross profit margin was 9.4%, a decrease of 3.7 percentage points compared to the same period in 2023[1] - The loss attributable to equity shareholders for the period was approximately RMB 2.61 billion, compared to a loss of RMB 1.19 billion in the same period of 2023[4] - The total loss for the period was approximately RMB 2.83 billion, compared to a loss of RMB 1.17 billion in the same period of 2023[4] - Basic loss per share was RMB 88.45, compared to RMB 40.67 in the same period of 2023[4] - Other income for the period was RMB 5.38 million, significantly lower than RMB 183.91 million in the same period of 2023[3] - Net other losses for the period amounted to RMB 773.93 million, compared to RMB 50.27 million in the same period of 2023[3] - Total comprehensive loss for the period was RMB 2.99 billion, compared to RMB 1.56 billion in the same period of 2023[5] - The company reported a net loss of RMB 2.826 billion for the six months ended June 30, 2024[10] Debt and Liabilities - As of June 30, 2024, the company's current liabilities and net liabilities were RMB 17.878 billion and RMB 4.412 billion, respectively[10] - The total amount of bank and other loans and senior notes was RMB 23.621 billion, with RMB 5.657 billion and RMB 13.980 billion maturing within the next twelve months[10] - The company announced a comprehensive solution to address its offshore debt situation on July 20, 2023, and is actively seeking communication with offshore creditors[11] - The company is negotiating with existing lenders for the renewal or extension of certain borrowings and seeking additional financing to meet its financial obligations[11] - The total borrowings amounted to approximately RMB 23.621 billion as of June 30, 2024, with a net debt ratio of 499.7%[51] Real Estate Market Conditions - The real estate market in Henan Province is expected to take time to recover, impacting the company's real estate business in the short term[10] - The company anticipates that the real estate market will continue to face adjustment pressures in the second half of 2024, with new home sales expected to remain at a low level[59] - From January to June 2024, the sales area of new residential properties in China decreased by 22.2% year-on-year[55] - The sales amount of new residential properties fell by 27.1% year-on-year during the same period[55] - The real estate development investment in China dropped by 10.3% year-on-year, marking a continuous expansion of the decline[55] - The real estate market in Henan saw a sales area decrease of 19.4% year-on-year, with sales amount down by 22.6%[56] Property Development and Sales - Total property contract sales amounted to RMB 4.5 billion, a decrease of 55.1% year-on-year[45] - The total construction area of contract sales was 673,927 square meters, down 53.5% year-on-year[45] - Average selling price per square meter was RMB 6,676, a decrease of 3.4% year-on-year[45] - Revenue from property sales was RMB 168,750 thousand, down from RMB 172,831 thousand, while revenue from hotel operations increased to RMB 275,323 thousand from RMB 169,019 thousand[16] - The company reported a basic loss attributable to ordinary equity holders of RMB 2,609,388,000 for the six months ended June 30, 2024, compared to a loss of RMB 1,191,967,000 for the same period in 2023[30] Operational Strategies - The company plans to accelerate the pre-sale and sale of its properties under development and completed properties to improve cash flow[11] - The company will continue to control administrative costs and unnecessary capital expenditures to maintain liquidity[12] - The board believes that if all plans and measures are successfully implemented, the company will have sufficient operating funds for at least twelve months from June 30, 2024[13] - The company maintains a strategy of production based on sales to ensure inventory matches sales expectations, enhancing product competitiveness[63] - The company is focused on maintaining a safe and reasonable inventory structure to improve market performance amid declining sales figures[63] Project Development and Construction - The company commenced construction on three new projects during the reporting period, with a total new construction area of approximately 279,350 square meters[63][64] - As of June 30, 2024, the company had 143 ongoing projects, with a total construction area of approximately 18,114,000 square meters[65] - The largest ongoing project in Zhengzhou is the Zhengzhou Jianye Taihong International City, with a construction area of 1,204,319 square meters[66] - The company has a total of 54 projects delivered as of June 30, 2024, with a total construction area of approximately 3.18 million square meters[72] - The total area under construction across various cities amounts to 18,113,685 square meters[71] Hotel Management and Development - The company has established strategic partnerships with international hotel management groups such as Marriott, InterContinental, and Accor, managing 5 high-end hotel projects[75] - The total investment in hotel projects has reached RMB 4.97 billion, with 16 hotels constructed in Henan province[75] - The company is in the process of constructing several self-owned brand hotels, including Pingdingshan Jianye Triumph Hotel and Zhu Ma Dian Jianye Triumph Hotel[75] - The hotel management subsidiary is responsible for brand management, design management, engineering management, and operational management of all hotel projects[75] Cultural Tourism and Agricultural Development - The cultural tourism segment has developed projects like Jianye Huayi Brothers Film Town and "Only Henan: Drama Fantasy City," enhancing the company's influence in China's cultural tourism industry[87] - The Jianye Huayi Brothers Film Town spans approximately 600 acres and has become a popular tourist destination, receiving extensive media coverage and achieving a revenue of approximately RMB 117 million in the first half of 2024[88] - The company operates five green bases, contributing to modern agricultural development and sustainability efforts[90] - The Yichuan Green Base has a total investment of approximately RMB 2 billion and covers an area of about 6,725 acres, focusing on sustainable development and modern agriculture[93] Corporate Governance - The company emphasizes strong corporate governance and compliance with the listing rules, having adhered to all provisions of the Corporate Governance Code as of June 30, 2024[119] - The audit committee has reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2024[126] - There are no significant events expected to occur after June 30, 2024, that would severely impact the group's operational and financial performance as of the announcement date[125]
建业地产(00832) - 2024 - 中期业绩