Land Bank and Development Strategy - As of June 30, 2021, CIFI Holdings had a total land bank of approximately 58.7 million sq.m. and an attributable GFA of approximately 32.4 million sq.m.[44] - CIFI operates in 85 cities across four regions in China: the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region, and the South China Region[44] - The company focuses on developing high-quality properties aimed at end-users in first-, second-, and third-tier cities in China[43] - CIFI aims to maintain rapid growth and develop into a leading nationwide property developer in China[43] - The company is committed to creating value for customers and building a better life as part of its mission[44] - CIFI's development projects include various property types such as residential, office, and commercial complexes[43] - The company has established a strong presence in major first-, second-, and third-tier cities in China[44] - CIFI's effective business model and strong execution capabilities are key drivers for its future growth[43] - The company is focused on expanding its market presence and enhancing its brand reputation in the real estate sector[42] - The Group strategically entered 8 new cities to enhance regional penetration, including Yancheng, Lu'an, and Xuancheng in East China[83] - The company aims to acquire high-quality land resources at reasonable prices while adhering to value investment principles[82] - The company plans to continue expanding its market presence and developing new products to sustain growth in the competitive real estate sector[137] Financial Performance - Contracted sales for the six months ended June 30, 2021, amounted to RMB 136,150 million, representing a year-on-year increase of 68.6% from RMB 80,730 million in 2020[68] - Recognized revenue for the same period was RMB 36,373 million, up 58.0% compared to RMB 23,022 million in 2020[68] - The average contracted selling price (ASP) increased to RMB 17,100 per square meter, a rise of 3.6% from RMB 16,500 per square meter in 2020[68] - Total assets as of June 30, 2021, reached RMB 439,991 million, compared to RMB 379,299 million at the end of 2020[69] - Total indebtedness increased to RMB 110,747 million from RMB 104,715 million at the end of 2020[69] - The net debt-to-equity ratio improved to 60.4% from 64.0% at the end of 2020[69] - Core net profit attributable to equity owners was RMB 3,346 million, reflecting a 4.8% increase from RMB 3,194 million in 2020[68] - The gross profit margin decreased to 20.7% from 25.6% in the previous year[68] - Earnings per share (basic) for the period was RMB 0.44, slightly up from RMB 0.43 in 2020[68] - The Group's net profit increased by 13.2% to RMB5,363.4 million for the six months ended June 30, 2021, from RMB4,736.5 million in the corresponding period in 2020[72]. - The Group achieved a cash collection ratio of over 90% from contracted sales during the same period, indicating stable cash flow amidst a challenging market environment[73] - The gross profit margin for the six months ended June 30, 2021, was 20.7%, down from 25.6% in the same period last year[78] - The core net profit margin for the same period was 9.2%, compared to 13.9% in the prior year[80] Sales and Market Performance - For the six months ended June 30, 2021, the Group achieved contracted sales of RMB136.15 billion, representing a year-on-year increase of 68.6% from RMB80.73 billion in the corresponding period in 2020[72]. - The total contracted gross floor area (GFA) sold was approximately 7,973,300 sq.m., representing a 62.9% increase compared to the same period last year[112][115] - The Yangtze River Delta, Pan Bohai Rim, Central Western Region, and South China Region contributed approximately 44.7%, 16.2%, 26.0%, and 13.1% to total contracted sales, respectively[116] - First- and second-tier cities accounted for approximately 71.1% of total contracted sales, while third-tier cities contributed 28.9%[116] - Residential projects made up approximately 93.5% of total contracted sales, with office/commercial projects accounting for the remaining 6.5%[116] - The Group's sales performance was supported by over 380 projects across more than 70 cities[76] - The total sales area of commodity properties sold in China during the first half of 2021 was 886.35 million sq.m., representing a year-on-year increase of 27.7%[73] - The sales of commodity properties in China reached RMB9,293.1 billion in the first half of 2021, marking a 38.9% increase year-on-year[73] Property Management and Services - CIFI Ever Sunshine Services provided property management services in 114 cities with a total contracted GFA of 219.1 million sq.m., managing approximately 130.0 million sq.m.[85] - Community value-added services increased by 99.6% in the first half of 2021, accounting for 25.2% of total income[85] - The property management services income from residential and non-residential properties accounted for 60% and 40%, respectively[85] - The Group's property management and other services income increased by 55.2% year-on-year[150] Debt and Financing - The company issued US$419 million senior notes with a 4.375% coupon rate, maturing in April 2027, in January 2021[92] - CIFI PRC issued RMB1,448 million onshore corporate bonds with a final interest rate of 4.40%, maturing in March 2026, in March 2021[93] - In May 2021, CIFI issued two tranches of green US dollar senior notes totaling US$500 million, with interest rates of 4.45% and 4.8%[93] - Cash-on-hand level reached RMB52,406 million as of June 30, 2021, up from RMB51,154 million at the end of 2020[97] - The weighted average cost of indebtedness decreased to 5.1% as of June 30, 2021, from 5.4% at the end of 2020[97] - CIFI maintained a comfortable debt position with unpaid committed acquisitions of approximately RMB8,658 million against cash-on-hand of RMB52,406 million as of June 30, 2021[97] - CIFI's credit ratings were maintained at "BB" by S&P and Fitch, and "Ba2" by Moody's, with stable outlooks[96] Corporate Social Responsibility - CIFI Foundation donated RMB100 million to Xiamen University in April 2021 to support education, and RMB10 million for disaster relief in Zhengzhou in July 2021[100] - CIFI was included in the Hang Seng ESG 50 Index for the first time in August 2021, reflecting its commitment to green business practices[101] Future Outlook - The Group expects saleable resources in the second half of the year to be approximately RMB260 billion, with management confident in completing the 2021 contracted sales target[107] - The market performance of cities is expected to diverge, with first- and second-tier cities stabilizing while third- and fourth-tier cities may face additional regulation[106] - The Group aims to balance growth, profitability, and financial safety while maintaining its leading position in the real estate industry[109] - Future outlook includes continued focus on expanding property development in first-tier and second-tier cities to capitalize on market demand[131]
旭辉控股集团(00884) - 2021 - 中期财报