Sales Performance - For the six months ended June 30, 2021, the Group's contracted sales amounted to RMB 3,218.4 million, a significant increase from RMB 1,754.8 million for the same period in 2020[16]. - Revenue from property sales reached approximately RMB 1,110.6 million, with a total sold and delivered area of about 74,336 square meters[18]. - The total contracted sales area for the Group and its joint ventures and associates was approximately 228,290 square meters, compared to 130,487 square meters in the same period of 2020[17]. - For the six months ended 30 June 2021, the Group recorded total contracted sales value of approximately RMB3,218.4 million, a 83.5% increase from RMB1,754.8 million for the same period in 2020[22]. - The Group's revenue from property sales amounted to approximately RMB1,110.6 million, with an average selling price of approximately RMB14,940 per sq.m. for a total GFA of approximately 74,336 sq.m. sold and delivered[23]. Occupancy Rates - The average occupancy rate for property leasing increased to 87% (June 30, 2020: 80%), while the hotel operation occupancy rate rose to 79% (June 30, 2020: 56%)[21]. - The overall occupancy rate of the Group's investment properties was over 85% for the six months ended 30 June 2021[31]. - The Group had four operational hotels as of 30 June 2021, with a total of 674 rooms and an average occupancy rate of 79% during the reporting period[40]. - The Group signed leasing and operational management contracts for 23 metro station shopping malls with a total leasable GFA of around 128,200 sq.m., achieving an overall occupancy rate of over 85%[38]. - The Group's first commercial project in Hong Kong achieved over 75% occupancy despite challenges posed by the COVID-19 pandemic[44]. Financial Performance - Revenue for the six months ended June 30, 2021, increased by 184.3% to RMB1,246.3 million from RMB438.3 million for the same period in 2020[68]. - Property development revenue rose by 229.8% to RMB1,110.6 million, driven by increased sales and delivery of developed properties[72]. - Rental income from property leasing increased by 17.3% to RMB104.9 million, reflecting a return to normal leasing activities[73]. - Hotel operation revenue surged by 154.6% to RMB30.8 million, attributed to the addition of two new hotels in China[76]. - The Group incurred a net loss of RMB77.2 million for the six months ended 30 June 2021, compared to a net loss of RMB139.9 million for the same period in 2020, indicating an improvement in performance[106][109]. Cost and Profitability - Cost of sales increased by 297.0% to RMB1,233.0 million, primarily due to higher sales costs associated with property development[81]. - Gross profit decreased by 89.6% to RMB13.3 million, resulting in a gross margin drop from 29.1% to 1.1%[82]. - The gross margin for property leasing slightly decreased from 87.6% to 84.6% due to overall rental rate reductions during the pandemic[82]. - The gross profit margin for hotel operations increased from 0.7% for the six months ended June 30, 2020, to 10.2% for the six months ended June 30, 2021, primarily due to the absence of hotel closures during the reporting period[88]. - The Group recorded a fair value gain on investment properties of RMB58.3 million for the six months ended June 30, 2021, compared to a fair value loss of RMB59.4 million for the same period last year[93]. Debt and Financial Stability - The Group's total borrowings decreased to RMB5,938.7 million as of 30 June 2021 from RMB6,116.4 million as of 31 December 2020, reflecting a reduction of RMB177.7 million[111]. - The net gearing ratio improved to 81.8% as of 30 June 2021, down from 95.6% as of 31 December 2020, indicating a stronger equity position[119]. - The Group's debt-to-asset ratio was approximately 58.3% as of 30 June 2021, down from 60.4% as of 31 December 2020, suggesting improved financial stability[119]. - The average cost of borrowings increased to approximately 11.8% for the six months ended 30 June 2021, up from 10.4% for the same period in 2020, resulting in a total borrowing cost of RMB337.8 million[115][118]. - Mortgage loan guarantees provided by the Group amounted to RMB165.7 million as of 30 June 2021, a decrease from RMB268.6 million as of 31 December 2020, reflecting a low default rate[122][126]. Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code provisions and most recommended best practices during the six months ended 30 June 2021[163]. - The Audit Committee has reviewed the unaudited interim condensed consolidated financial statements for the six months ended 30 June 2021[166]. - The Company maintains frequent contacts with shareholders and investors through various channels, ensuring effective communication and transparency[177]. - The primary focus of the Company is to ensure timely, fair, accurate, truthful, and complete information disclosure[178]. - The Company has established a Remuneration Committee to assess the performance of each executive Director and recommend remuneration packages[171]. Shareholder Information - As of June 30, 2021, the total number of issued shares of the Company was 1,799,020,000 shares[152]. - The aggregate number of shares held by Wong Yam Yin and his controlled corporation is 706,785,600, representing approximately 39.29% of the issued share capital[133]. - The total long positions in shares and underlying shares held by directors and chief executives amount to 736,469,600, which is approximately 40.94% of the issued share capital[133]. - The Company has not engaged in any purchase, sale, or redemption of listed securities during the six months ended June 30, 2021, apart from the disclosed transactions[188]. - No interim dividend was declared for the six months ended June 30, 2021[193].
金轮天地控股(01232) - 2021 - 中期财报