华润置地(01109) - 2024 - 中期财报

Financial Performance - For the first half of 2024, the Group achieved a revenue of RMB 79.13 billion, representing a year-on-year growth of 8.4%[6] - The core net profit reached RMB 10.74 billion, a slight decrease of 4.7% compared to the previous year[6] - Recurring business revenue increased by 9.0% year-on-year, accounting for 25.3% of total revenue, an increase of 0.2 percentage points[6] - The core net profit from recurring business grew by 14.4% year-on-year, contributing 51.4% to total core profit, an increase of 8.6 percentage points[6] - The interim dividend per share is RMB 0.2, reflecting a year-on-year increase of 1.0%[6] - In 1H2024, the Group achieved total comprehensive revenue of RMB79.13 billion, a YoY increase of 8.4%[26] - The core net profit for the same period was RMB10.74 billion, reflecting a YoY decrease of 4.7%[26] - Recurring revenue increased by 9.0% YoY, accounting for 25.3% of total revenue, up by 0.2 percentage points YoY[26] - The core net profit of the recurring business rose by 14.4% YoY, with its profit contribution increasing by 8.6 percentage points YoY to 51.4%[26] Market and Economic Context - The national GDP of the PRC reached RMB 61.7 trillion in the first half of 2024, with a year-on-year growth of 5.0%[6] - National sales of residential properties amounted to RMB 4.7 trillion, showing a year-on-year decrease of 25.0%[6] - The total retail sales of consumer goods increased by 3.7% year-on-year, with service sales growing by 7.5%[6] - The overall performance of the Group outpaced the industry trend[6] Property and Rental Performance - In 1H2024, the Group's shopping mall rental income reached RMB 9.48 billion, a YoY increase of 9.7%[8] - The Group's 82 operating shopping malls achieved retail sales of RMB 91.62 billion, reflecting a YoY increase of 21.9%, with 69 malls ranking among the top three in their local markets[8] - The overall occupancy rate for the Group's office buildings was 75.0%, serving 120 Fortune 500 clients[8] - Revenue from the investment property business reached RMB 11.47 billion, up by 7.0% YoY[31] - Revenue from shopping malls was RMB 9.48 billion, representing a 9.7% YoY increase, with an occupancy rate of 97.3%, up by 1.1 percentage points YoY[31] Business Segments and Operations - CR Mixc Lifestyle achieved revenue of RMB 7.96 billion, a YoY increase of 17.1%, and core net profit of RMB 1.77 billion, a YoY increase of 24.2%[10] - The commercial management business maintained its industry-leading position, managing a total of 108 operating shopping malls[10] - The property management business expanded its managed area to 398 million square meters and contracted area to 446 million square meters[10] - The total number of MIXC STAR members exceeded 52.20 million, an increase of 13% compared to the end of last year[10] - The total amount of MIXC STAR points issued increased by 19% YoY to RMB 500 million, while the total amount of points redeemed increased by 21% YoY to RMB 340 million[10] Sales and Contracted Performance - In 1H2024, the Group achieved contracted sales of RMB124.70 billion, maintaining its industry ranking at fourth and top 5 market share in 20 cities[15] - Contracted sales in 1H2024 amounted to RMB124.70 billion, a decrease of 26.7% year-on-year, with contracted GFA down by 25.7% to 5.21 million square meters[41] - The Group's total contracted sales in the Shenzhen region were RMB16.02 billion, accounting for 12.8% of total contracted sales[42] - The East China region contributed RMB37.93 billion to contracted sales, representing 30.4% of the total[42] Financial Management and Costs - The Group's comprehensive financing cost was 3.24%, a decrease of 32 basis points from the beginning of the year, marking a historical low[17] - The Group's share of profits from investments in associates and joint ventures totaled RMB1.42 billion, a decrease of RMB0.53 billion YoY[30] - Income tax expenses increased by 16.3% YoY to RMB8.14 billion, with enterprise income tax expenses rising by 10.3% to RMB6.19 billion[30] - The Group's net interest-bearing debt-to-equity ratio was 33.6% as of June 30, 2024, an increase of 1.0 percentage point from 32.6% at the end of 2023[50] - The Group maintained a weighted average financing cost of approximately 3.24% as of June 30, 2024, down 32 basis points from 3.56% at the end of 2023[54] Corporate Governance and Compliance - The Company is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code as its own[115] - The Company deviated from Code Provision C.2.1 of the Corporate Governance Code, as the roles of chairman and chief executive were not separated following the resignation of the President on September 28, 2023[115] - The Company has complied with the Corporate Governance Code provisions in force for the first half of 2024, except for the noted deviation[115] Dividend and Shareholder Information - The Company declared an interim dividend of RMB0.20 per share for the six months ended June 30, 2024, equivalent to HKD0.219 per share, compared to HKD0.216 per share in 2023[116] - The interim dividend will be payable on October 25, 2024, to shareholders listed on the register as of September 11, 2024[116] - Shareholders must submit completed dividend currency election forms by October 7, 2024, to receive dividends in RMB[118] Audit and Financial Reporting - The Company’s independent auditor, KPMG, reviewed the unaudited condensed consolidated financial information for the six months ended June 30, 2024, with no disagreements noted[116] - The interim financial report for China Resources Land Limited as of June 30, 2024, has been reviewed and found to comply with Hong Kong Accounting Standard 34[125] - The review was conducted by KPMG, ensuring the integrity of the financial reporting process[128] Investment Properties and Assets - The total carrying value of the Group's offices was RMB36.43 billion, accounting for 3.0% of total assets, with a total GFA of 1.36 million square meters, an increase of 7.7% YoY[31] - The total value of completed investment properties was RMB 195,889,424, while investment properties under construction amounted to RMB 58,786,868[177] - The Group measures its investment properties at fair value, with valuations conducted by independent and professionally qualified valuers at least every six months[179] Employee and Management Information - The Group had a total of 61,826 employees in mainland China and Hong Kong as of 30 June 2024[60] - Performance bonuses are granted on a discretionary basis, alongside other employee benefits including provident funds, insurance, and medical plans[60]