Company Overview - As of June 30, 2021, the Group had a total land bank with a gross floor area (GFA) of approximately 65.8 million sq.m. across 494 property projects at various development stages[10]. - The Group operates in 155 cities across 25 provinces and municipalities in five strategic economic areas, including the Yangtze River Delta and the Pearl River Delta[10]. - The Group's headquarters is located in Shanghai, with a national footprint in the People's Republic of China[9]. - The Group has been ranked as a Top 20 Real Estate Developer in China for three consecutive years (2019, 2020, and 2021) by the China Real Estate Association[9]. - The Group aims to enhance its market presence and expand its operations in strategic economic regions[10]. Financial Performance - For the six months ended June 30, 2021, the Group's recognized revenue amounted to RMB 32,905.6 million, representing a year-on-year increase of 38.5%[39]. - The total net profit for the same period was RMB 2,581.4 million, reflecting a year-on-year growth of 16.8%[39]. - The core net profit attributable to the owners was RMB 1,497.4 million, which is a year-on-year increase of 14.5%[39]. - The interim dividend declared was HK$ 18.4 cents per share, amounting to approximately HK$ 659.0 million (approximately RMB 551.6 million) for the six months ended June 30, 2021[38]. - The Group's total revenue for the six months ended June 30, 2021, was RMB 32,905.6 million, representing a year-on-year increase of 38.5%[164]. - Revenue from property sales amounted to RMB 32,633.8 million, with a year-on-year growth of 38.0% and a total recognised Gross Floor Area (GFA) of 3,696,137 sq.m., up approximately 32.8%[173]. - The average selling price (ASP) of properties increased by approximately 3.9% to RMB 8,829 per sq.m. compared to RMB 8,501 per sq.m. in the previous year[171]. - Revenue from other services surged by 149.4% to RMB 265.1 million, compared to RMB 106.3 million in the previous year[164]. - Rental income increased by 16.9% to RMB 6.7 million from RMB 5.7 million in the previous year[164]. Sales and Market Activity - In the first half of 2021, Zhongliang Holdings achieved contracted sales of RMB 95.0 billion, representing a year-on-year increase of 40% and completing 53% of the annual sales target of RMB 180 billion[44]. - The total contracted sales area amounted to approximately 7.5 million sq.m., reflecting a year-on-year increase of 39%[44]. - The average contracted selling price remained stable at approximately RMB 12,600 per sq.m., with a new launch sell-through rate exceeding 70% and cash collection rate over 85%[44]. - The significant growth in contracted sales was attributed to a low base from the previous year due to the COVID-19 pandemic[60]. - The Group's performance was positively impacted by the recovery of the global economy and trade following the pandemic[40]. Land Acquisition and Development - The Group maintained a cautious approach in the land market, keeping annual land investment below 40% of contracted sales, resulting in positive operating cash flow[45]. - During the first half of 2021, the Group acquired 67 new land parcels with a total planned GFA of approximately 7.9 million sq.m., at an average cost of RMB 5,135 per sq.m.[111]. - The Group's land bank strategy focuses on acquiring properties in second-tier and third-tier cities, which accounted for a substantial portion of the new acquisitions[109]. - The total consideration for land acquisitions in various projects amounted to RMB 40,751,924 thousand[132]. - The largest land plot acquired was in Xiamen, with a total consideration of RMB 1,880,000 thousand for 59,900 sq.m.[132]. Corporate Governance and Sustainability - The Group's interim report indicates a commitment to sustainable development and corporate governance practices[12]. - The Group has established an ESG committee to enhance environmental protection, social responsibility, and governance standards, contributing to sustainable development[52]. - In May 2021, the Group successfully issued its first USD 300 million green senior notes, marking a significant step in sustainable green finance[52]. - The Group is committed to improving its operations and financing structure, focusing on enhancing sell-through and cash collection to strengthen cash flow management[60]. Operational Efficiency - The Group's management team includes experienced executives with a focus on strategic growth and operational efficiency[11]. - The Group's cost of sales increased year-on-year by approximately 41.7% to RMB 26,074.7 million for the six months ended 30 June 2021[181]. - The Group's gross profit increased year-on-year by approximately 27.4% to RMB 6,830.9 million for the six months ended 30 June 2021[181]. - The Group's gross profit margin decreased from 22.6% for the six months ended 30 June 2020 to 20.8% for the six months ended 30 June 2021[181]. - Selling and distribution expenses increased year-on-year by approximately 45.8% to RMB 1,377.8 million for the six months ended 30 June 2021[181].
中梁控股(02772) - 2021 - 中期财报