金地集团(600383) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2024 was RMB 21.13 billion, a decrease of 42.67% compared to the same period last year[15] - Net profit attributable to shareholders was a loss of RMB 3.36 billion, a significant decline of 319.43% year-on-year[15] - Basic earnings per share (EPS) decreased by 317.65% to -0.74 RMB per share[16] - Weighted average return on equity (ROE) dropped by 7.63 percentage points to -5.30%[16] - Net profit after deducting non-recurring losses was -2.694 billion yuan, a significant decrease of 293.20% compared to the same period last year[141] - The EBITDA to total debt ratio dropped to -0.01 from 0.02, reflecting a 159.65% decline year-over-year[141] - The interest coverage ratio fell sharply to -1.58 from 1.81, a decrease of 187.11%, indicating reduced ability to cover interest expenses[141] - The cash interest coverage ratio improved by 87.84% to 3.63, driven by increased operating cash inflows[141] - The company maintained a 100% loan repayment rate and interest payment rate, consistent with the previous year[141] Cash Flow and Debt - Operating cash flow increased by 2,047.28% to RMB 4.59 billion compared to the same period last year[15] - Net cash flow from operating activities was RMB 4.59 billion, an increase of 2,047.28% year-on-year[35] - The company's interest-bearing liabilities total RMB 81.723 billion, with bank loans accounting for 88.91% and public market financing accounting for 11.09%[61] - Long-term debt accounts for 52.57% of the total interest-bearing liabilities, indicating a reasonable debt maturity structure[61] - The company has a total bank credit line of RMB 252.1 billion, with RMB 87.9 billion used and RMB 164.2 billion remaining[61] - Total interest-bearing debt amounted to 81.723 billion yuan, with bank loans accounting for 88.91% (72.663 billion yuan) and corporate credit bonds making up 11.09% (9.06 billion yuan)[135] - The company has no outstanding overseas bonds after fully repaying its USD bonds in August 2024[136] - Short-term borrowings decreased by 37.61% to 333 million yuan, and bonds payable dropped by 80.87% to 520 million yuan due to repayments[138] - The current ratio decreased slightly to 1.32 from 1.37, and the quick ratio fell to 0.63 from 0.65, indicating a minor decline in liquidity[140] - The debt-to-asset ratio slightly decreased to 68.34% from 68.73%, showing a minor improvement in financial leverage[140] Assets and Liabilities - Total assets decreased by 6.60% to RMB 349.16 billion compared to the end of the previous year[15] - Total assets decreased to RMB 349.16 billion from RMB 373.85 billion year-over-year[145] - Total liabilities decreased to RMB 238.61 billion from RMB 256.95 billion year-over-year[145] - Inventory decreased to RMB 120.36 billion from RMB 132.91 billion year-over-year[145] - Contract liabilities increased to RMB 66.49 billion from RMB 65.81 billion year-over-year[145] - Long-term loans decreased to RMB 42.44 billion from RMB 48.34 billion year-over-year[145] - Total equity decreased to RMB 110.54 billion from RMB 116.90 billion year-over-year[145] - Cash and cash equivalents decreased to RMB 23.12 billion from RMB 29.74 billion year-over-year[145] - Accounts receivable increased to RMB 1.96 billion from RMB 1.63 billion year-over-year[145] - Prepayments increased to RMB 1.69 billion from RMB 1.50 billion year-over-year[145] - Other receivables decreased to RMB 89.77 billion from RMB 94.06 billion year-over-year[145] - Total assets decreased to RMB 155.26 billion from RMB 172.97 billion year-over-year[146] - Current assets decreased to RMB 100.96 billion from RMB 114.80 billion year-over-year[146] - Total liabilities decreased to RMB 128.53 billion from RMB 145.88 billion year-over-year[146] - Current liabilities decreased to RMB 103.34 billion from RMB 106.43 billion year-over-year[146] - Long-term liabilities decreased to RMB 25.19 billion from RMB 39.45 billion year-over-year[146] - Shareholders' equity decreased to RMB 26.73 billion from RMB 27.08 billion year-over-year[146] - Cash and cash equivalents decreased to RMB 1.12 billion from RMB 2.09 billion year-over-year[146] - Accounts receivable increased to RMB 16.12 million from RMB 6.49 million year-over-year[146] - Long-term investments decreased to RMB 50.48 billion from RMB 54.48 billion year-over-year[146] - Total non-current assets decreased to RMB 54.30 billion from RMB 58.17 billion year-over-year[146] Real Estate Operations - The company operates in five major regions across China, with a product portfolio covering six series and multiple innovative housing solutions[21] - The company's commercial and industrial real estate operations are managed by its Hong Kong-listed subsidiary, Jindi Commercial, which oversees multiple projects across major cities[21] - The company's property management arm, Jindi Smart Service, operates in nearly 200 cities and serves over 500 institutions, focusing on residential, commercial, and urban services[23] - Total land reserves reached 35.89 million square meters, with 75% located in first- and second-tier cities[25] - Contracted sales area for the first half of 2024 was 2.403 million square meters, with contracted sales amounting to 36.11 billion RMB[31] - Revenue for the first half of 2024 was 21.129 billion RMB, a year-on-year decrease of 42.67%[31] - Net profit attributable to shareholders was -3.361 billion RMB, a year-on-year decrease of 319.39%[31] - Gross profit margin for real estate business was 9.24%[31] - The company held 23.12 billion RMB in cash at the end of the reporting period[31] - Interest-bearing liabilities stood at 81.7 billion RMB, with a net debt ratio of 53.0%[31] - Commercial properties saw a 14% year-on-year increase in foot traffic and a 3% increase in sales[32] - Office properties achieved a 2.7% increase in occupancy rate compared to the end of 2023[32] - Long-term rental apartments maintained an average occupancy rate of 94% and a customer satisfaction rate of over 95%[32] - Contracted management area of Jindi Smart Service reached 388 million square meters, with managed area of 241 million square meters[33] - Real estate development revenue was RMB 14.10 billion, a decrease of 54.72% year-on-year[36] - Property management revenue was RMB 3.71 billion, an increase of 2.58% year-on-year[36] - Real estate development costs decreased by 51.73% year-on-year to RMB 12.80 billion[37] - The company's top five customers accounted for 7.50% of total revenue, amounting to RMB 1.59 billion[36] - The company's top five suppliers accounted for 7.99% of total procurement, amounting to RMB 77.37 million[38] - Jindi Management has expanded to over 60 cities, managing more than 215 projects with a total contracted management area of 3.328 million square meters[33] - The company was ranked 8th in the "2024 China Real Estate Top 100 Enterprises" and 13th in the "2024 Real Estate Listed Companies Comprehensive Strength Top 50"[34] - Sales expenses decreased by 28.53% to 692.17 million yuan, primarily due to reduced sales promotion service fees[39] - Management expenses decreased by 23.83% to 1.32 billion yuan, mainly due to reduced employee compensation[39] - Financial expenses increased by 87.70% to 1.01 billion yuan, primarily due to decreased interest income[39] - Total R&D expenditure was 31.45 million yuan, accounting for 0.05% of net assets and 0.15% of operating revenue[40] - Short-term loans decreased by 37.61% to 333.18 million yuan, accounting for 0.10% of total assets[41] - Bonds payable decreased by 80.87% to 519.69 million yuan, accounting for 0.15% of total assets[41] - Restricted assets totaled 39.45 billion yuan, including 1.23 billion yuan in cash, 23.62 billion yuan in investment properties, and 14.60 billion yuan in inventory[42] - The company started construction on 590,000 square meters and completed 4.69 million square meters during the reporting period[44] - Adjusted annual construction plan includes 950,000 square meters of new construction and 10.71 million square meters of completion[44] - Dongguan Songhu Lingfeng Garden project completed with a total investment of 355,500 million and actual investment of 5,858 million[46] - Dongguan Yijingwan Garden project completed with a total investment of 318,988 million and actual investment of 577 million[46] - Dongguan Zhihui Port project completed with a total investment of 109,522 million and actual investment of 799 million[46] - Foshan Fengrui Mansion project completed with a total investment of 70,557 million and actual investment of 852 million[46] - Foshan Fengxiangwan No. 1 project under construction with a total investment of 346,371 million and actual investment of 7,377 million[46] - Foshan Jindi Xincui Garden project completed with a total investment of 147,603 million and actual investment of 1,966 million[46] - Foshan Lecong project under construction with a total investment of 386,556 million and actual investment of 4,703 million[46] - Foshan Longyue project completed with a total investment of 256,472 million and actual investment of 140 million[46] - Foshan Shunde Zizai City project completed with a total investment of 235,643 million and actual investment of 3,551 million[46] - Foshan Xihai Avenue project under construction with a total investment of 170,700 million and actual investment of 4,791 million[46] - The total contracted area for the Kunming Qinglongshan project is 114,349 square meters, with a contracted amount of 434,524 thousand RMB[47] - The Nanning Jindi Meiyu International project has a total contracted area of 35,889 square meters, with a contracted amount of 115,709 thousand RMB[47] - The Qingyuan Yingde Green Mansion project has a total contracted area of 43,336 square meters, with a contracted amount of 219,614 thousand RMB[47] - The Zhanjin Jinzhonghai Jincheng (East Plot) project has a total contracted area of 34,281 square meters, with a contracted amount of 116,914 thousand RMB[47] - The Zhanjin Jinzhonghai Jincheng (West Plot) project has a total contracted area of 21,688 square meters, with a contracted amount of 65,484 thousand RMB[47] - The Zhanjin Zhonghai Jindi Urban Garden (North Area) project has a total contracted area of 30,104 square meters, with a contracted amount of 90,311 thousand RMB[47] - The Zhanjin Zhonghai Jindi Urban Garden (South Area) project has a total contracted area of 36,339 square meters, with a contracted amount of 109,200 thousand RMB[47] - The Zhanjin Zizai City project has a total contracted area of 245,753 square meters, with a contracted amount of 463,456 thousand RMB[47] - The Zhuhai Puman Garden project has a total contracted area of 264,920 square meters, with a contracted amount of 264,920 thousand RMB[47] - The Beijing Huacui Xishan Home project has a total contracted area of 82,459 square meters, with a contracted amount of 99,309 thousand RMB[47] - Beijing Linxiu Jiayuan project has a total construction area of 729,180 square meters and a reported investment of 20,608 units[48] - Beijing Mentougou Sidiaoqiao project has a total construction area of 225,153 square meters and a reported investment of 5,642 units[48] - Beijing Shunyi Mapo 5053 project has a total construction area of 261,886 square meters and a reported investment of 10,392 units[48] - Beijing Shunyi Mapo project has a total construction area of 312,641 square meters and a reported investment of 7,566 units[48] - Beijing Xishan Yijing project has a total construction area of 795,813 square meters and a reported investment of 0 units[48] - Beijing Xingyun Yayuan project has a total construction area of 648,471 square meters and a reported investment of 2,138 units[48] - Dalian Huguang Shanyu B plot has a total construction area of 60,904 square meters and a reported investment of 3,230 units[48] - Dalian Jindi City project has a total construction area of 539,344 square meters and a reported investment of 16,137 units[48] - Dalian Xingguang Zhaolan project has a total construction area of 290,695 square meters and a reported investment of 7,742 units[48] - Dalian Youjia 141 project - AB plot has a total construction area of 728,753 square meters and a reported investment of 15,084 units[48] - Jinan Borui Jiayuan (B2) project is in the pre-construction phase with a planned total investment of 78,161 million RMB and an actual investment of 5,146 million RMB[49] - Jinan Borui Jiayuan (B3) project is under construction with a planned total investment of 60,951 million RMB and no actual investment reported[49] - Jinzhong Shuimu Fanghua project is under construction with a planned total investment of 88,208 million RMB and an actual investment of 9,547 million RMB[49] - Langfang Jindi Brownstone Yayuan project is under construction with a planned total investment of 207,547 million RMB and an actual investment of 10,820 million RMB[49] - Langfang project is under construction with a planned total investment of 433,200 million RMB and an actual investment of 1,471 million RMB[49] - Qingdao Health City project has a planned total investment of 163,062 million RMB and an actual investment of 1,739 million RMB[49] - Shenyang Banshanlu project is completed with a planned total investment of 288,546 million RMB and an actual investment of 3,181 million RMB[49] - Shenyang Fengshang project is under construction with a planned total investment of 131,385 million RMB and an actual investment of 9,668 million RMB[49] - Shijiazhuang Shengshi Yucheng Sanqu project is under construction with a planned total investment of 378,295 million RMB and an actual investment of 18,353 million RMB[49] - Taiyuan Jindi Yingze Shangpin project is under construction with a planned total investment of 148,599 million RMB and an actual investment of 3,173 million RMB[49] - The total planned investment for the Taiyuan Jinyue Qianfeng project is 117,466 million yuan, with an actual investment of 5,976 million yuan during the reporting period[51] - The Taiyuan Jinyang Lake project has a total planned investment of 379,100 million yuan, with an actual investment of 11,104 million yuan during the reporting period[51] - The Tangshan Fengnan project has a total planned investment of 225,071 million yuan, with an actual investment of 10,824 million yuan during the reporting period[51] - The Tianjin Dabi Village project has a total planned investment of 349,900 million yuan, with an actual investment of 1,706 million yuan during the reporting period[51] - The Tianjin Haozeyuan project has a total planned investment of 168,213 million yuan, with an actual investment of 6,347 million yuan during the reporting period[51] - The Tianjin Jinze Garden project has a total planned investment of 461,107 million yuan, with an actual investment of 2,542 million yuan during the reporting period[51] - The Tianjin Rui Xu Garden project has a total planned investment of 156,880 million yuan, with an actual investment of 8,138 million yuan during the reporting period[51] - The Tianjin Shibei Xinyuan project has a total planned investment of 724,202 million yuan, with an actual investment of 9,787 million yuan during the reporting period[51] - The Weihai Jindi Fengfan project has a total planned investment of 127,328 million yuan, with an actual investment of 6,858 million yuan during the reporting period[51] - The Changchun Chaoyang Chunxiao project has a total planned investment of 157,934 million yuan, with an actual investment of 2,376 million yuan during the reporting period[51] - The total contracted area for the Zibo Jimei Garden project is 45,014 square meters, with a contracted amount of 112,535 units[52] - The Fuzhou Mawei Jinxiang Mansion project has a total contracted area of 20,062 square meters and a contracted amount of 48,149 units[52] - The Fuzhou Jindi Yunjing Community project achieved a contracted area of 18,362 square meters and a contracted amount of 33,050 units[52] - The Hangzhou 58 project has a total contracted area of 46,487 square meters and a contracted amount of 147,862 units[52] - The Hangzhou Binjiang District Puyang Jiangnan Unit Jiangnan Wenyuan South Plot project has a total contracted area of 25,704 square meters and a contracted amount of 59,117 units[52] - The Hangzhou Dayun Qiaoxi Mansion project has a total contracted area of