Sales Performance - In the first half of 2021, Landsea recorded contracted sales of approximately RMB23.40 billion, representing a year-on-year increase of approximately 81.6%[18]. - The contracted gross floor area (GFA) was approximately 1.48 million sq.m., with a year-on-year increase of approximately 101.1%[18]. - The net core profit for the period was approximately RMB132 million, reflecting a year-on-year increase of approximately 29.5%[18]. - The overall national real estate market in China maintained rapid growth, with sales area and value hitting record highs over the same period in previous years[16]. - The total contracted sales of property projects in which the Group held equity interests amounted to approximately RMB12.52 billion, with a contracted sales area of 706,907 sq.m.[75]. - The average selling price for contracted sales was RMB17,716 per sq.m.[75]. - The average selling price in China was approximately RMB25,009 per sq.m., significantly up from RMB13,103 per sq.m. in the first half of 2020[113]. - The average contracted sales price for various projects varied, with some reaching as high as RMB106,117 per sq.m.[80]. Project Development - As of June 30, 2021, Landsea had built 141 green residential projects in 36 cities across China, with a green residential development area exceeding 25 million sq.m.[19]. - The Group secured 17 projects during the period, with 8 located in China and 9 in the United States[18]. - The Group acquired 8 new projects in cities such as Tianjin, Chongqing, and Wuhan, with a saleable value of approximately RMB 17.35 billion and a saleable area of 850,000 sq.m.[27]. - The new project saleable area was 1,438,009 sq.m. with an expected saleable value of approximately RMB26.73 billion[71]. - The Group's project reserves indicate a strong potential for future revenue generation, with significant expected saleable values across various projects[89]. - The total GFA for future development is 1,000,000 sq.m. across various projects[92]. - The company is focusing on expanding its market presence in key cities such as Nanjing and Suzhou[92]. Financial Performance - For the half year ended June 30, 2021, the Group's revenue was approximately RMB3.54 billion, representing an increase of approximately 24.0% compared to RMB2.85 billion in the first half of 2020[113]. - The Group recognized sales revenue from subsidiaries of approximately RMB3.13 billion, with a total sales area of 168,535 sq.m., primarily from projects in Shanghai and Tianjin in China, and various locations in the United States[113]. - The Group recorded property development and management services income of approximately RMB405 million, with a gross profit margin maintained at 57%[115]. - The gross profit margin for the Group was approximately 22.6%, an increase of 4.9 percentage points compared to 17.7% in the first half of 2020[111]. - The net core profit for the half year ended June 30, 2021, was approximately RMB 132 million, representing an increase of about 29.5% compared to RMB 102 million in the first half of 2020[140]. - The Group's loss for the period amounted to approximately RMB 442 million for the half year ended June 30, 2021, compared to a net profit of approximately RMB 188 million in the first half of 2020[140]. Market Expansion - Landsea Homes secured a saleable area of approximately 588,000 sq.m. and a saleable value of approximately RMB 9.39 billion for new projects in California, Arizona, Texas, and Florida, representing a year-on-year increase of 129%[37]. - The Group has been expanding its market presence in Texas and Florida, connecting five major metropolitan areas on the East and West Coasts[75]. - The Group's strategic focus includes product differentiation, asset-light transformation, and revenue diversification to achieve green property product capabilities[60]. - The Group's asset-light model has built a solid financial foundation and strong operational capabilities, enhancing its resilience against market risks[56]. Environmental and Governance Initiatives - The establishment of the ESG committee under the board aims to integrate ESG governance into corporate business strategies and decision-making processes[44]. - The Green Chain Action's green procurement program expanded from 4 to 13 categories, with the number of compliant companies increasing to 3,874[38]. - The national carbon emissions trading market was officially opened on July 16, 2021, promoting green and low-carbon development in the real estate sector[46]. Debt and Financial Health - As of June 30, 2021, the Group's cash and cash equivalents amounted to approximately RMB3.94 billion, down from RMB5.25 billion as of December 31, 2020[143]. - The total indebtedness of the Group as of June 30, 2021, was approximately RMB7.07 billion, an increase from RMB6.55 billion as of December 31, 2020[148]. - The proportion of short-term debts as of June 30, 2021, was approximately 20.3%, up from 13.1% as of December 31, 2020[150]. - The net debts of the Group as of June 30, 2021, were approximately RMB3.21 billion, compared to RMB1.42 billion as of December 31, 2020[150]. - The Group's net debts to equity ratio was approximately 52.8% as of June 30, 2021, significantly higher than 25.9% as of December 31, 2020[150]. Employee and Corporate Governance - The Group employed 1,940 employees as of June 30, 2021, an increase from 1,614 employees as of December 31, 2020, reflecting a growth in workforce[164]. - Employee remuneration adjustments are based on duties, performance, and professional experience, ensuring competitive compensation practices[167]. - The Group had no material contingent liabilities as of June 30, 2021, indicating a stable financial position[163].
朗诗绿色管理(00106) - 2021 - 中期财报