VANKE(02202)2024-04-29 12:09Revenue Performance - Revenue for Q1 2024 decreased by 10.05% to RMB 61.59 billion compared to RMB 68.47 billion in Q1 2023[4] - Revenue for the group was RMB 61.59 billion, a decrease of 10.0% year-on-year[10] - The company's total revenue for Q1 2024 was RMB 61.594 billion, compared to RMB 68.474 billion in the same period last year[19] Net Profit and Earnings - Net profit attributable to shareholders in Q1 2024 was a loss of RMB 361.97 million, a significant decline of 125.04% from a profit of RMB 1.45 billion in Q1 2023[4] - Net profit attributable to shareholders was RMB -360 million, a decrease of 125.0% year-on-year[10] - The company's net profit attributable to shareholders for Q1 2024 was a loss of RMB 361.968 million, compared to a profit of RMB 1.445 billion in Q1 2023[19] - Basic and diluted earnings per share in Q1 2024 were both negative RMB 0.0305, a 124.40% decrease from RMB 0.1251 in Q1 2023[4] Cash Flow and Financial Position - Operating cash flow in Q1 2024 was negative RMB 9.42 billion, a 234.57% decrease from positive RMB 7.00 billion in Q1 2023[4] - Net cash used in operating activities was RMB 9,421,419 thousand for the three months ended March 31, 2024, compared to net cash generated from operating activities of RMB 7,001,301 thousand for the same period in 2023[23] - Net cash generated from investing activities was RMB 2,219,883 thousand for the three months ended March 31, 2024, compared to net cash used in investing activities of RMB 337,014 thousand for the same period in 2023[23] - Net cash used in financing activities was RMB 8,944,583 thousand for the three months ended March 31, 2024, compared to RMB 3,749,993 thousand for the same period in 2023[23] - Cash and cash equivalents decreased by 16.6% from RMB 96,942,577 thousand as of December 31, 2023, to RMB 80,822,675 thousand as of March 31, 2024[21] Assets and Liabilities - Total assets as of March 31, 2024 decreased by 2.72% to RMB 1.46 trillion compared to RMB 1.50 trillion as of December 31, 2023[4] - Total assets decreased from RMB 1,150,282,054 thousand as of December 31, 2023, to RMB 1,111,088,892 thousand as of March 31, 2024, reflecting a decline in current assets[21] - Short-term bank loans and financial institution borrowings increased by 33.44% to RMB 58.14 billion as of March 31, 2024, mainly due to growth in long-term borrowings due within one year[5] - Non-current liabilities decreased from RMB 280,153,375 thousand as of December 31, 2023, to RMB 261,979,524 thousand as of March 31, 2024[22] - Inventory and other contract costs decreased by 4.1% from RMB 706,998,914 thousand as of December 31, 2023, to RMB 677,744,790 thousand as of March 31, 2024[21] - Trade and other receivables increased by 2.2% from RMB 329,777,411 thousand as of December 31, 2023, to RMB 336,972,064 thousand as of March 31, 2024[21] Shareholders' Equity and Ownership - Shareholders' equity attributable to listed company owners decreased slightly by 0.06% to RMB 250.63 billion as of March 31, 2024[4] - Total equity decreased slightly from RMB 402,933,531 thousand as of December 31, 2023, to RMB 399,533,386 thousand as of March 31, 2024[22] - The company's net asset value decreased slightly from RMB 402,933,531 thousand as of December 31, 2023, to RMB 399,533,386 thousand as of March 31, 2024[22] - Shenzhen Metro Group remains the largest shareholder with a 27.18% stake, holding 3.24 billion shares as of March 31, 2024[7] Business Segment Performance - Real estate development business contributed RMB 46.67 billion in revenue, a decrease of 13.8% year-on-year[10] - Operating service business contributed RMB 10.95 billion in revenue, an increase of 12.0% year-on-year[10] - The rental housing business achieved revenue of RMB 833 million in Q1, a year-on-year increase of 7.3%[13] - The logistics and warehousing business generated revenue of RMB 970 million in Q1, with high-standard warehouse revenue at RMB 530 million (down 5.4% YoY) and cold chain revenue at RMB 430 million (up 10.1% YoY)[14] - The commercial development and operation business recorded revenue of RMB 2.38 billion in Q1, a year-on-year increase of 2.3%, with Yingli-managed projects contributing RMB 1.43 billion, up 4.8% YoY[16] Contract Sales and Settlements - Contract sales area was 3.911 million square meters, a decrease of 37.5% year-on-year[11] - Contract sales amount was RMB 57.98 billion, a decrease of 42.8% year-on-year[11] - Settled area was 3.182 million square meters, a decrease of 26.7% year-on-year[11] - Settled amount was RMB 46.67 billion, a decrease of 13.8% year-on-year[11] Gross Margin and Debt Ratio - Gross margin for the development business was 10.5%, a decrease of 6.7 percentage points year-on-year[10] - The company's gross profit for Q1 2024 was RMB 6.661 billion, down from RMB 10.565 billion in Q1 2023[19] - The group's debt ratio after deducting prepayments was 64.9%, a decrease of 0.6 percentage points compared to the end of 2023[10] Other Income and Asset Transactions - Other income net increased by 56.87% to RMB 2.26 billion in Q1 2024, primarily due to the impact of disposing of some investments[6] - The company completed large-scale asset transactions worth RMB 4.2 billion in Q1, including a 50% stake sale in Shanghai Qibao Vanke Plaza for RMB 2.384 billion[17] Rental Housing Business - The rental housing business added 7,121 new units and opened 3,006 units in cities like Shenzhen and Guangzhou, with a total of 238,000 units under management and an occupancy rate of 93.9%[13] Logistics and Warehousing Business - The logistics and warehousing business added 85,000 square meters of leasable area, bringing the total to 10.202 million square meters, with high-standard warehouse occupancy at 83.9% and cold chain utilization at 76.0%[14]