Occupancy and Rental Performance - In the first half of 2021, SOHO China's average occupancy rate for stable investment properties increased to 90%, up from 78% in the same period of 2020[6] - The rental income from the leasing portfolio showed significant recovery, with key projects like Wangjing SOHO achieving a rental rate of 95% compared to 73% in the previous year[9] - The total leasable area of Wangjing SOHO is approximately 510,000 square meters, with a current rental area of about 133,766 square meters[11] - The total leasable area of Lize SOHO is approximately 135,637 square meters, with a current occupancy rate of 74%[14] - The total leasable area of the SOHO Tianshan Plaza is approximately 97,681 square meters, with office space of about 74,428 square meters[17] - The total leasable area of the Bund SOHO is approximately 72,006 square meters, with office space of about 50,347 square meters[16] - The group achieved rental income of approximately RMB 805 million, a year-on-year increase of about 3% compared to RMB 782 million in the same period of 2020[19] - The group's rental income for the six months ended June 30, 2021, was RMB 804,992,000, an increase from RMB 781,568,000 for the same period in 2020, representing a growth of approximately 2.3%[74] Financial Performance - Gross profit for the period was approximately RMB 659 million, a decrease of about 18% from RMB 799 million in the same period of 2020[20] - Net profit for the period was approximately RMB 343 million, an increase of about 67% compared to RMB 205 million in the same period of 2020[20] - Total revenue for the six months ended June 30, 2021, was RMB 804,992,000, an increase from RMB 781,568,000 in the same period of 2020, representing a growth of 2.0%[50] - Operating profit for the period was RMB 914,968,000, compared to RMB 769,095,000 in the previous year, reflecting an increase of 18.9%[50] - Net profit attributable to shareholders for the period was RMB 340,300,000, up from RMB 203,872,000 in 2020, marking a significant increase of 67.0%[50] - Basic earnings per share for the period was RMB 0.07, compared to RMB 0.04 in the same period last year, indicating a 75.0% increase[50] - The company reported a total comprehensive income of RMB 316,578,000 for the period, compared to RMB 199,793,000 in the previous year, an increase of 58.7%[51] Assets and Liabilities - Total assets as of June 30, 2021, amounted to RMB 71,109,770,000, compared to RMB 70,704,235,000 at the end of 2020, showing a slight increase of 0.6%[52] - Total liabilities were RMB 33,246,179,000, a marginal increase from RMB 33,157,222,000 at the end of 2020, reflecting a growth of 0.3%[53] - Cash and cash equivalents increased to RMB 1,492,098,000 from RMB 396,804,000, representing a substantial growth of 275.0%[52] - The total amount of mortgage guarantees provided by the company as of June 30, 2021, was RMB 49,065,000, down from RMB 72,462,000 as of December 31, 2020[93] - The total accounts payable as of June 30, 2021, was RMB 2,824,700,000, down from RMB 3,100,204,000 as of December 31, 2020[90] Corporate Governance and Compliance - The board confirms compliance with the Corporate Governance Code during the reporting period[41] - The board of directors includes two executive directors and three independent non-executive directors, ensuring a balanced core competency structure[43] - The independent non-executive directors constitute at least one-third of the board, ensuring adequate oversight[43] - The audit committee has reviewed the interim financial results and confirmed compliance with applicable accounting standards and disclosure requirements[44] - The company has purchased liability insurance for directors and senior executives to cover potential legal liabilities arising from their duties[43] Shareholder Structure and Dividends - The company has a significant shareholder structure, with Pan Shiyi and Pan Zhangxin collectively holding 3,324,100,000 shares, representing 63.93% of the total equity[32] - Boyce Limited and Capevale BVI each hold 1,662,050,000 shares, accounting for 31.97% of the company's equity[33] - The company did not declare an interim dividend for the period, compared to zero in the same period of 2020[29] - The company’s total issued and paid-up ordinary shares remained at 5,199,524,031 shares as of June 30, 2021, unchanged from the previous year[86] Investment and Financial Assets - The total fair value of investment properties as of June 30, 2021, was RMB 63,656,000,000, compared to RMB 63,367,000,000 as of December 31, 2020, indicating a slight increase[67][69] - The total fair value of financial assets measured at fair value was RMB 65,399,624,000 as of June 30, 2021, up from RMB 66,182,967,000 as of December 31, 2020[67][69] - The group’s financial assets include structured deposits valued at RMB 1,218,731,000 and investments in private equity funds valued at RMB 89,194,000 as of June 30, 2021[67] - The group’s investment properties and office properties are valued at RMB 63,656,000,000 and RMB 435,699,000, respectively, as of June 30, 2021[67] Cash Flow and Financing Activities - For the six months ended June 30, 2021, cash generated from operating activities was RMB 68,193 thousand, a decrease of 84.0% compared to RMB 427,284 thousand for the same period in 2020[57] - The company’s cash flow from financing activities generated RMB 58,756 thousand for the six months ended June 30, 2021, a significant decrease from RMB 1,041,793 thousand in the same period of 2020[57] - New loans raised in the first half of 2021 were RMB 500,000,000, a significant decrease from RMB 2,304,588,000 in the same period of 2020[89] Employee and Operational Metrics - The group had approximately 1,711 employees as of June 30, 2021, including 1,547 in property management[28] - Short-term employee benefits for the first half of 2021 were RMB 7,763,000, a decrease from RMB 9,383,000 in the same period of 2020[95]
SOHO中国(00410) - 2021 - 中期财报