碧桂园(02007) - 2023 - 中期财报

Financial Performance - The company's revenue for the first half of 2023 was approximately RMB 226.31 billion, representing a year-on-year increase of 39.4%[23]. - The company reported a core net loss attributable to shareholders of approximately RMB 45.35 billion for the six months ended June 30, 2023[23]. - The group recorded a pre-tax loss of approximately RMB 46,148 million in the first half of 2023, compared to a pre-tax profit of approximately RMB 5,358 million in the same period of 2022[81]. - The net loss attributable to shareholders was RMB 48,932 million, compared to a profit of RMB 612 million in the previous year[161]. - The company reported a significant reduction in retained earnings, which fell to RMB 80,371 million from RMB 129,257 million[158]. - The company incurred a financial asset impairment loss of RMB 6,662 million, up from RMB 302 million in 2022[160]. - The company reported a gross loss of RMB 24,263 million compared to a gross profit of RMB 17,210 million in the same period last year[160]. - The company reported a net profit margin of 12% for the last fiscal year, with a target to increase it to 15% in the next year[52]. Sales and Market Performance - The company achieved a contract sales amount attributable to shareholders of approximately RMB 128.76 billion in the first half of 2023, reflecting a challenging sales performance due to weakened market expectations and soft demand[24]. - The overall market expansion strategy includes targeting emerging cities and regions with high growth potential[43]. - The company's contract sales in regions outside Guangdong accounted for 79% of total sales, indicating efforts in regional diversification[34]. - Approximately 63% of the contract sales were from third- and fourth-tier cities, while 25% came from second-tier cities, highlighting the company's focus on lower-tier markets[34]. - The group faced significant challenges in pre-sale performance, particularly since April 2023, with no signs of recovery as of the report date[172]. Project Development and Operations - The company has 3,134 projects at various development stages, with 3,103 located in mainland China[38]. - The total land reserve in mainland China amounted to approximately 171.0 million square meters, with 79% located outside Guangdong province[36]. - The company is focusing on expanding its market presence with multiple projects across various cities, including Xi'an, Ningbo, and Sanya[47]. - The company is committed to delivering properties to buyers on time, prioritizing the use of available funds for the construction of pre-sold properties[173]. - The company has ongoing projects with a total saleable area of 1,026,325 square meters expected to be completed in the fourth quarter of 2025[50]. Financial Position and Debt Management - As of June 30, 2023, the total interest-bearing debt decreased to RMB 257.91 billion, with a net debt ratio of 50.1%, maintaining a relatively low level in the industry[27]. - The net gearing ratio increased from approximately 40.0% as of December 31, 2022, to approximately 50.1% as of June 30, 2023[87]. - The group faced significant liquidity pressure and is implementing various plans to alleviate this pressure and improve financial conditions[93]. - The total amount of the group's priority notes, convertible bonds, corporate bonds, and bank and other borrowings was RMB 257,905 million, with RMB 108,703 million due within 12 months[106]. - The company is negotiating with bondholders to extend the maturity of certain domestic corporate bonds due within 12 months[173]. Technology and Innovation - The company is actively involved in the development of construction robots and modern agriculture to enhance operational efficiency and product quality[5][7]. - The company has established a technology construction group to promote smart construction systems[5]. - New product developments and technologies are being explored to enhance project offerings and customer satisfaction[43]. - The company is investing in new technology development, with a budget allocation of $200 million for innovative construction methods[55]. Corporate Social Responsibility - The company has contributed over RMB 10 billion in charitable donations and has assisted 490,000 people in poverty alleviation efforts[8]. - The company acknowledges the significant changes in the external environment since 2021 and is focused on addressing liquidity pressures while fulfilling its social responsibilities[27]. Shareholder Information - As of June 30, 2023, the total number of issued shares was 27,637,858,596 shares[122]. - Beston Limited holds 14,539,618,535 shares, representing 52.60% of the total issued shares[121]. - The total number of options available for grant under the share option plans as of June 30, 2023, is 2,048,830,798 shares[128]. - The company issued 350,649,350 shares at a subscription price of HKD 0.77 per share, totaling HKD 270 million, to offset a debt of HKD 318.78 million[142].