Property Development and Projects - As of June 30, 2024, the Group had 67 completed property projects and 36 ongoing complex property projects, with a total of 90 land parcels under development and planning, covering an aggregate site area of approximately 6.3 million square meters and an estimated gross floor area of approximately 13.5 million square meters[12][13]. - The estimated saleable/leasable gross floor area under development is approximately 4.1 million square meters, with an estimated gross floor area under planning of approximately 2.4 million square meters[12][13]. - The Group's land reserves are expected to significantly contribute to future revenue generation through property sales and leasing activities[12][13]. - Zensun Enterprises Limited has completed several residential projects, including Zhengzhou Zensun River Home Phase I with a total site area of approximately 289,951 sqm[17]. - The company reported a total completed saleable area of approximately 305,118 sqm for the Xuchang Zensun Scholar Martian project, which is expected to be completed by the 4th quarter of 2022[21]. - The estimated saleable area under development for the Zhongshou Zersun project is approximately 96,549 sqm, with completion expected in the 3rd quarter of 2020[21]. - Zensun Enterprises Limited has a total site area of approximately 115,449 sqm for the Xuchang Zensun Scholar Martian project, indicating significant land utilization[21]. - The company is focusing on expanding its residential and commercial projects, with a notable project being the Dengleng Zensun City, which includes multiple residential and commercial developments[17]. - The estimated gross floor area (GFA) under planning for various projects is approximately 1.27 million sqm, showcasing the company's growth strategy[17]. - The Zhengzhou Zensun Prosperity Court project is expected to have a total site area of approximately 26,476 sqm, emphasizing the company's commitment to residential development[17]. - Zensun Enterprises Limited is targeting a completion timeline for several projects, with the Dengleng Zensun City expected to be completed by the 3rd quarter of 2020[17]. - The estimated saleable area for the Dengleng Zensun City projects is approximately 81,327 sqm, reflecting the company's robust project pipeline[17]. - The company has completed a total of 8,000 square meters of residential projects in the second quarter of 2021[24]. - The estimated saleable area under development is approximately 1,000 square meters for the project in Zhengzhou, expected to complete by the fourth quarter of 2022[27]. - The total site area for the Xuchang Zersun Golden Mile House project is approximately 60,948 square meters, with a completed saleable area of 144,381 square meters[24]. - The company anticipates the completion of the Zhongshou Zensun Princess Lake Phase II project by the fourth quarter of 2027, with an estimated saleable area of 154,901 square meters[27]. - The estimated gross floor area (GFA) under planning for the Zhengzhou Zensun Voyage Garden is approximately 130,135 square meters[24]. - The company reported a total of 35,702 square meters for the completed residential project in Zhengzhou, with an aggregated GEA of 108,928 square meters[27]. - The estimated saleable area for the Wuhan Zersun Scholar Martian project is 45,888 square meters, with a GEA of 164,108 square meters[27]. - The company has a total of 100% residential projects in various locations, indicating a strong focus on residential development[24]. - The estimated completion time for the Xiniang Zensun Golden Mic House (Phase II) is the third quarter of 2021, with a total site area of 10,701 square meters[24]. - The company is expanding its commercial projects, with the Zhanghou Zersun Voyage International Plaza (Phase II) having a total site area of 10,701 square meters[27]. - The company has completed several residential projects, including Zhengthou Zensun Ecological City with a total site area of 34,214 sqm and completed saleable GEA of 185,563 sqm[30]. - The estimated saleable GEA under development includes Zhengthou Zensun Fenghuashangjing with 77,118 sqm and Zhengthou Zersun Xn Harbour Home with 212,465 sqm[30]. - The company plans to expand its residential and commercial projects, with Loke Court Phase I having a total site area of 52,148 sqm and an estimated completion time from Q2 2025 to Q4 2027[31]. - The total aggregated GEA for the completed projects is approximately 100,179 sqm, with a significant portion being residential[31]. - The company is focusing on new developments, with projects like Nanyang Zensun Scholar Court estimated to have a saleable GEA of 88,460 sqm under development[30]. - The company reported a 100% residential classification for several projects, indicating a strong focus on residential market demand[30]. - The estimated GFA under planning includes various projects, with significant areas planned for future development[31]. - The company aims to enhance its market presence through strategic expansions in key urban areas[30]. - The ongoing projects are expected to contribute positively to the company's revenue in the upcoming quarters[31]. - The company is committed to maintaining a diversified portfolio with both residential and commercial properties to mitigate market risks[31]. - The company has completed several property projects with a total site area of approximately 51,847 sqm for the Guangshor Itensun project, expected to be fully completed by Q4 2026[34]. - The Xinyang Israun Golden Mile House project has a total site area of 46,435 sqm, with an estimated completion time from Q3 2023 to Q4 2026[34]. - The Walhui Zensun Galden Mic Court project is 90% commercial with a total site area of 48,964 sqm, expected to be completed by Q4 2024[34]. - The Dengahau Zensun Xinyu Chy project has a total site area of 41,127 sqm, with 51% designated for residential use, expected to be completed by Q4 2023[34]. - The Baijing Zensun Xinghai Cout project has a total site area of 4,152 sqm, expected to be completed by Q4 2023[34]. - The Yichuan Zensun Vine Horizons project has a total site area of 202,883 sqm, with an estimated completion time from Q3 2029 to Q4 2027[38]. - The Zhongshou Zersun Orchids Mansion project has a total site area of 91,487 sqm, expected to be completed by Q4 2027[38]. - The Mansian Phase I project has a total site area of 40,105 sqm, with an estimated completion time by Q3 2023[38]. - The Uushan Zensun Galden Mile House project has a total site area of 32,622 sqm, expected to be completed by Q4 2027[38]. - The Horizons project has a total site area of 42,841 sqm, with an estimated completion time from Q1 2004 to Q4 2026[38]. - The company has several ongoing property projects with a total site area of approximately 238,138 sqm and an estimated saleable area of 142,413 sqm under development[41]. - The Zhengshou Zensun River Home Lane project is expected to be completed by Q4 2038, with a total site area of 14,647 sqm and a saleable area of 22,223 sqm[41]. - The Xinxiang Zersun Smart City project has a total site area of 202,905 sqm and is projected to be completed between Q3 2004 and Q4 2028, with an estimated saleable area of 367,163 sqm[45]. - The Zhonghou Zersun Zhengshang Commercial Centre has a total site area of 93,643 sqm and is expected to be completed by Q4 2038, with a saleable area of 180,227 sqm[45]. - The company is focusing on residential and commercial developments, with 100% of the projects categorized as either residential or commercial[45]. - The Dengleng Zensun City projects are set to be completed by Q3 2034, with a total site area of 40,773 sqm and a saleable area of 73,190 sqm[41]. - The company is expanding its market presence with multiple projects in Zhengzhou and surrounding areas, indicating a strategic focus on urban development[41]. - The estimated completion time for several projects spans from 2024 to 2038, reflecting a long-term growth strategy[45]. - The company has a significant number of projects under planning, with a total estimated GFA of approximately 1,000,000 sqm across various developments[45]. - The company aims to enhance its portfolio through strategic acquisitions and new developments in key urban areas[45]. - The company has several property projects under development, with a total site area of approximately 57,015 sq.m. for the Zhangshou Zersun Zucon project, expected to be completed between Q3 2024 and Q4 2026[49]. - The Zhongshou Zersun Ximui Scholar Mansion project has a total site area of 13,734 sq.m. and is projected to be completed between Q3 2024 and Q4 2027[49]. - The Hukian Zensun Scholar Mansion project, with a total site area of 37,065 sq.m., is expected to be completed by Q4 2027[49]. - The Zhouliau Zensun Golden Mile House project has a total site area of 52,941 sq.m. and is projected to be completed between Q4 2024 and Q4 2027[49]. - The Yuanyang Zensun Golden Mile House project has a total site area of 51,233 sq.m. and is expected to be completed between Q4 2024 and Q4 2029[49]. - The company is focusing on residential and commercial developments, with 100% residential and commercial classification for several projects[49]. - The Dengleng Zensun Yinghe Mansion project has a total site area of 30,727 sq.m. and is expected to be completed by Q3 2034[48]. - The Dengleng Zensun Yingbin House Phase I project has a total site area of 41,543 sq.m. and is projected to be completed between Q4 2034 and Q4 2036[48]. - The Dengleng Zensun Songyue Harizons project has a total site area of 146,873 sq.m. and is expected to be completed by Q4 2027[48]. - The company is actively expanding its property portfolio with multiple projects in various stages of development, indicating a strong growth strategy[49]. Financial Performance - The Group recorded revenue of approximately RMB183.9 million, a decrease of approximately 96.9% compared to RMB5,914.1 million in the corresponding period of 2023[52]. - Gross profit for the period was approximately RMB13.5 million, down approximately 97.5% from RMB538.6 million in the same period of 2023[52]. - Other income remained stable at approximately RMB4.2 million, compared to RMB4.1 million for the corresponding period of 2023[52]. - Net other losses increased to approximately RMB1,439.3 million, compared to RMB509.9 million in the corresponding period of 2023[52]. - The write-down of completed properties and properties under development to net realizable value was approximately RMB1,241.5 million, up from RMB358.4 million in 2023[52]. - Sales and marketing expenses decreased by approximately 52.0% to approximately RMB26.4 million from RMB55.1 million in the corresponding period of 2023[54]. - Administrative expenses decreased by approximately 17.0% to approximately RMB66.2 million from RMB79.8 million in the corresponding period of 2023[54]. - Finance costs increased by approximately 13.8% to approximately RMB86.8 million from RMB76.3 million in the corresponding period of 2023[56]. - The decrease in revenue was primarily due to less delivery of saleable/leasable gross floor area from completed property development projects[52]. - The Group's performance was impacted by unexpected higher construction costs and suppressed selling prices due to a macroeconomic downturn[52]. - The Group's loss attributable to owners for the Period amounted to approximately RMB1,597.1 million, a significant increase from RMB374.5 million in 2023[58]. - Basic loss per share for the Period was RMB83.5 cents, compared to RMB19.6 cents in 2023, reflecting the increased loss attributable to owners[58]. - Revenue from property development in the PRC was approximately RMB131.3 million, a drastic decrease from RMB5,864.8 million in 2023, with a segment loss of approximately RMB1,370.7 million[58]. - Approximately 25,000 sq.m. GFA was delivered during the Period at an average selling price of RMB5,300 per sq.m., compared to 476,200 sq.m. at RMB10,980 per sq.m. in 2023[60]. - A write-down of properties under development and completed properties held for sale amounted to approximately RMB1,241.5 million, up from RMB358.4 million in 2023[61]. - Revenue from project management services in the PRC was approximately RMB9.7 million, down from RMB12.2 million in 2023, with a segment profit decrease from RMB8.6 million to RMB3.6 million[63]. - Hotel operations generated revenue of approximately RMB17.3 million during the Period, an increase from RMB13.7 million in 2023, with segment profit rising to approximately RMB5.7 million[67]. - Revenue from property investment and/or management in the USA on AHR was approximately RMB5.7 million, down from RMB7.6 million in 2023, with segment profit decreasing to RMB4.0 million[68]. - Property investment in regions other than AHR contributed approximately RMB10.5 million in revenue, up from RMB6.4 million in 2023, with segment profit increasing to RMB7.7 million[69]. - The Group's securities business recorded segment revenue of approximately RMB9.4 million but incurred a segment loss of approximately RMB45.0 million, compared to a profit of RMB0.2 million in 2023 due to increased fair value losses[70]. - As of June 30, 2024, the total cash and bank balances of the Group were approximately RMB 1,212.9 million, a decrease from RMB 1,843.4 million as of December 31, 2023, representing a decline of about 34.2%[74]. - The Group's net debt as of June 30, 2024, was approximately RMB 12,957.1 million, down from RMB 13,332.1 million as of December 31, 2023, indicating a reduction of about 2.8%[74]. - Total borrowings amounted to approximately RMB 14,170.0 million as of June 30, 2024, compared to RMB 15,175.5 million as of December 31, 2023, reflecting a decrease of approximately 6.6%[74]. - The Group's pledged deposits were approximately RMB 101.4 million as of June 30, 2024, down from RMB 130.9 million as of December 31, 2023, a decline of about 22.5%[74]. - The total carrying value of secured investment properties and properties under development was approximately RMB 8,914.9 million as of June 30, 2024, compared to RMB 10,386.5 million as of December 31, 2023, a decrease of about 14.2%[78]. - The Group's bank and other borrowings carried fixed interest rates ranging from 2.80% to 10.50% per annum as of June 30, 2024[76]. - Approximately RMB 13,570.6 million of the Group's borrowings were repayable within one year or on demand as of June 30, 2024[74]. - The Group did not use any financial instruments for hedging purposes during the reporting period[78]. - Loans from related companies and amounts due to related companies were unsecured and interest-free as of June 30, 2024[78]. - The Group continues to seek external financing sources to support its expansion strategy[78]. - As of June 30, 2024, the Group recorded a current ratio of approximately 1.01 and a gearing ratio of approximately 29.5%[79]. - The Group's capital commitments for property development expenditures amounted to approximately RMB 5,641.3 million as of June 30, 2024, down from RMB 6,799.7 million as of December 31, 2023[79]. - Contingent liabilities related to guarantees amounted to approximately RMB 17,463.2 million as of June 30, 2024, a decrease from RMB 19,614.5 million as of December 31, 2023[79]. - Total staff costs, including Directors' emoluments, during the period amounted to approximately RMB 21.8 million, significantly lower than RMB 68.7 million for the same period in 2023[82]. - The Group had 434 employees as of June 30, 2024[83]. - The Group plans to focus on developing existing and new property projects from its strong land reserves in Henan Province over the next three years[89]. - The Group expects the Chinese government to continue introducing policies to support the real estate market and stabilize macroeconomic growth[87]. - Future funding needs for property development and land acquisition will be satisfied through pre-sale proceeds, internally generated cash flows, and borrowings from banks[88]. - The Group will maintain an open mindset in identifying new property development projects and bidding for land use rights in selective cities in the PRC[89]. - The Group aims to improve operational efficiency and achieve business objectives despite ongoing demand and financing pressures in the real estate industry[87]. - The Group continues to focus on enhancing operational efficiency and achieving business goals despite ongoing pressures in the real estate sector in China[90]. - The Group aims to maintain a solid land reserve for property development in China over the next three years, particularly in Henan Province[91]. Corporate Governance and Compliance - The Company has suspended trading on the Stock Exchange due to delays in publishing financial results for the year ended December 31, 2023[102]. - The Company received guidance from the Stock Exchange for the resumption of trading, which includes publishing outstanding financial results and demonstrating compliance with listing rules[102]. - The Board announced that the Company has fulfilled the Resumption Guidance and
正商实业(00185) - 2024 - 中期财报