C&D INTL GROUP(01908)2024-08-22 11:50Financial Performance - For the six months ended June 30, 2024, the group reported cumulative contract sales amounting to approximately RMB 50.87 billion, a decrease of about 31.9% compared to the same period last year[3]. - The group's revenue for the period was approximately RMB 32,753.30 million, representing an increase of about 34.5% year-on-year[3]. - The property development segment generated revenue of approximately RMB 31,010.85 million, reflecting a growth of approximately 36.4% compared to the previous year[3]. - The profit attributable to equity holders of the company was approximately RMB 817.07 million, a decrease of about 36.4% year-on-year[3]. - Basic earnings per share for the period were RMB 0.4730, with the board deciding not to declare an interim dividend[3]. - The group achieved cash collections from property development of approximately RMB 64.7 billion during the period[3]. - Other income for the period was approximately RMB 409.13 million, compared to RMB 641.89 million in the previous year[5]. - The group recorded a loss of RMB 1.369 million from changes in the fair value of investment properties[5]. - Administrative expenses increased to RMB 926.75 million from RMB 512.52 million in the previous year[5]. - The total revenue for the six months ended June 30, 2023, was CNY 1,408,741,000, an increase from CNY 1,378,623,000 for the same period in 2022, representing a growth of approximately 2.2%[7]. - Net profit attributable to equity holders for the six months ended June 30, 2023, was CNY 817,068,000, compared to CNY 1,284,140,000 for the same period in 2022, indicating a decrease of about 36.4%[7]. - Basic earnings per share for the six months ended June 30, 2023, was CNY 47.30, down from CNY 80.09 in the same period of 2022, reflecting a decline of approximately 41.0%[7]. - Diluted earnings per share for the six months ended June 30, 2023, was CNY 42.95, compared to CNY 74.40 for the same period in 2022, a decrease of around 42.4%[7]. Assets and Liabilities - Total assets increased to 459.18 billion RMB from 427.28 billion RMB, representing a growth of approximately 7.46% year-over-year[9]. - Non-current assets, including property, plant, and equipment, rose to 409.07 billion RMB, up from 390.97 billion RMB, indicating a growth of about 4.66%[9]. - Current assets totaled 422.42 billion RMB, compared to 391.26 billion RMB, reflecting an increase of approximately 7.97%[9]. - The company's cash and cash equivalents increased to 54.16 billion RMB from 49.22 billion RMB, marking a growth of around 10.00%[9]. - The total liabilities decreased slightly to 36.76 billion RMB from 36.76 billion RMB, showing stability in the company's financial structure[9]. - The company's equity attributable to owners of the parent company was 18.98 billion RMB, down from 19.15 billion RMB, a decrease of about 0.89%[9]. - The investment properties remained stable at 1.67 billion RMB, showing no significant change compared to the previous year[9]. - The company reported a deferred tax asset of 7.05 billion RMB, down from 7.65 billion RMB, indicating a decrease of approximately 7.84%[9]. - The total financial assets increased to 41.83 billion RMB from 46.86 billion RMB, reflecting a decrease of about 10.73%[9]. - The company has a total of 6.71 billion RMB in land purchase deposits, down from 9.07 billion RMB, indicating a decrease of approximately 26.00%[9]. Market Conditions - The real estate market demand remains weak, with national new commodity housing sales amounting to RMB 471.33 billion in the first half of 2024, a year-on-year decline of 25.0%[77]. - The industry is experiencing structural changes, with demand shifting from "just need" to "improvement" and a focus on "residential attributes" rather than "financial attributes"[77]. - The market concentration is expected to continue to increase, with resources further aggregating towards leading real estate companies[77]. - The company anticipates a prolonged recovery process in the industry due to various uncertainties in the market environment[77]. Future Outlook - The company is focused on maintaining a strong balance sheet while exploring potential market expansions and new product developments[12]. - Future outlook includes strategic initiatives aimed at enhancing operational efficiency and exploring mergers and acquisitions opportunities[12]. - The company plans to expand its market presence and enhance its land reserves in key cities, focusing on areas with high demand[86]. - The company is actively pursuing new strategies for market expansion and product development to improve future performance[86]. Investment Properties - The carrying value of investment properties is RMB 1,668,273,000, compared to RMB 1,308,134,000 on December 31, 2023, reflecting an increase of approximately 27.6%[42]. - The fair value of investment properties as of June 30, 2024, is RMB 627,000,000, down from RMB 630,000,000 on December 31, 2023[42]. - The valuation technique for investment properties involves direct capitalization of rental income, with market monthly rents and capitalization rates being key factors[46]. - The capitalization rate for investment properties in the Nanning area ranges from 3.5% to 7.0% as of June 30, 2024, consistent with the previous period[47]. - The valuation of investment properties is conducted semi-annually by independent qualified valuers, ensuring accuracy and compliance with market conditions[44]. Shareholder Information - The company did not declare an interim dividend for this period, consistent with the previous year[35]. - The group plans to issue 121,493,505 ordinary shares under the scrip dividend scheme, reflecting ongoing shareholder engagement and capital management strategies[75]. - The issued share capital of the company as of June 30, 2024, is HKD 189,568,412.6, comprising 1,895,684,126 shares[115]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance corporate value and transparency[147]. - The audit committee has reviewed the unaudited consolidated financial statements for the period, finding them in compliance with applicable accounting standards and requirements[148].