Financial Performance - For the six months ended June 30, 2021, the Group recorded unaudited consolidated revenue of RMB 179.0 million, a 57.0% increase from RMB 114.0 million in the preceding period[6]. - Gross profit for the same period was RMB 78.6 million, representing a gross profit margin of 43.9%, down from 57.1% in the preceding period[14]. - Profit attributable to owners of the Company was RMB 78.8 million, a significant turnaround from a loss of RMB 97.7 million in the preceding period[34]. - Total comprehensive income for the period reached RMB 78,452,000, a significant recovery from a loss of RMB 161,728,000 in the same period last year[119]. - Profit before tax for the period was RMB 116,995,000, compared to a loss of RMB 147,296,000 in the previous year, marking a significant turnaround[117]. - The company reported a profit attributable to owners of approximately RMB 78,778,000 for the six months ended 30 June 2021, compared to a loss of approximately RMB 97,703,000 for the same period in 2020[174]. Revenue Sources - Revenue from the delivery and sales of residential units and villas of Xintian Banshan was RMB 146.7 million, significantly up from RMB 35.2 million in the preceding period[7]. - Subscription and contract sales for Xintian Banshan Villa totaled approximately RMB 274 million, with a gross floor area of approximately 3,800 sqm, compared to RMB 130 million and 1,700 sqm in the preceding period[8]. - Subscription and contract sales for the Yangzhou Intelligent Life City totaled approximately RMB 15 million, up from RMB 14 million in the preceding period, with a gross floor area of approximately 2,000 sqm[29]. - Subscription and contract sales for the Xuzhou Intelligent Industrial Town amounted to approximately RMB 113 million, compared to RMB 111 million in the preceding period, with a gross floor area of approximately 11,500 sqm[30]. - The property development segment generated revenue of RMB 167,447,000, while the property investment and management segments contributed RMB 6,359,000 and RMB 5,177,000 respectively[146]. Expenses and Costs - Distribution costs increased slightly to RMB 6.5 million, while administrative and other expenses decreased to RMB 20.7 million from RMB 24.5 million in the preceding period[15]. - Finance costs decreased to RMB 33.8 million from RMB 51.3 million in the preceding period due to the repayment of various loans[32]. - Income tax expenses increased to RMB 38.2 million from RMB 14.4 million in the preceding period, primarily due to increased revenue from sales of Xintian Banshan[33]. - The company reported finance costs of RMB 20,139,000 and income tax expenses of RMB 38,217,000 for the period[146]. - The total income tax expense for the six months ended June 30, 2021, was RMB 38,217,000, significantly higher than RMB 14,415,000 in the same period of 2020, indicating an increase of approximately 165%[167]. Asset and Liability Management - As of June 30, 2021, the Group's total assets were approximately RMB4,090.8 million, a decrease from RMB4,266.7 million as of December 31, 2020[56]. - The Group's total liabilities were approximately RMB2,467.4 million, down from RMB2,669.1 million as of December 31, 2020[56]. - The gearing ratio as of June 30, 2021, was approximately 60.3%, compared to 62.6% as of December 31, 2020[58]. - The company reported a net current asset value of RMB 1,174,398,000, down from RMB 1,425,187,000 at the end of 2020[122]. - The company’s investment properties and completed properties held for sale were mortgaged for general bank financing, with values of approximately RMB 552 million and RMB 205 million as of June 30, 2021[68]. Corporate Governance and Structure - The company has committed to high standards of corporate governance, complying with the Code on Corporate Governance Practices, with some deviations noted[95][96]. - The company has not appointed a chief executive officer, believing the current board structure provides strong leadership for decision-making[96]. - The company has not granted any new share options during the six months ended June 30, 2021, and the number of shares available for issue under the share option scheme is 1,029,313,655, representing 10% of the issued shares[80][81]. - The board does not recommend payment of any interim dividend for the six months ended June 30, 2021[85]. Market and Strategic Outlook - The Group adopted price adjusting strategies to enhance sales and cash return amid regulatory changes in the real estate market[8]. - The management anticipates increasingly stringent regulatory policies in the second half of the year, impacting the property market unevenly across different city tiers[39]. - The Group aims to broaden financing channels to secure resources for existing projects while prudently selecting new opportunities[40]. - The Group plans to launch a mega villa in zone E of Xintian Banshan during the year while controlling marketing progress to destock[40]. Employee and Operational Metrics - The Group had approximately 214 employees as of June 30, 2021, a slight decrease from 216 employees as of December 31, 2020[65]. - The company continues to apply the same accounting policies as in the preparation of the annual financial statements for the year ended December 31, 2020[134].
新天地产集团(00760) - 2021 - 中期财报