Financial Performance - For the six months ended June 30, 2019, the company reported revenue of RMB 14,194.9 million, a 33% increase from RMB 10,637.4 million in the same period of 2018[16]. - Gross profit for the same period was RMB 5,093.3 million, reflecting a 35% increase compared to RMB 3,779.6 million in 2018, with a gross margin of 35.9%[16]. - Net profit attributable to shareholders was RMB 1,769.4 million, up 20% from RMB 1,473.2 million in the previous year[16]. - Operating profit rose to RMB 3,265.69 million, up 28% from RMB 2,549.69 million year-on-year[30]. - The net profit for the period was RMB 1,888.76 million, reflecting a 27% increase from RMB 1,481.85 million in the previous year[30]. - The company's property development and sales revenue for the reporting period was RMB 13,884.15 million, an increase of 34% compared to RMB 10,396.45 million in the same period of 2018[87]. - The company's gross profit for the reporting period was RMB 5,093.34 million, an increase of 35% compared to RMB 3,779.62 million in the same period of 2018, with a gross profit margin of 35.9%, up 0.4 percentage points from 35.5% in 2018[91]. - The company's financial performance reflects a robust growth trajectory, with total comprehensive income for the six months ended June 30, 2019, reaching RMB 1,888,759 thousand, compared to RMB 1,481,846 thousand in the previous year, marking an increase of approximately 27.5%[134]. Sales and Contracted Sales - The company achieved contracted sales of approximately RMB 47,200 million, a 17% increase year-on-year, with a total contracted sales area of about 4.526 million square meters, up 14%[22]. - The average contracted sales price increased by approximately 2% to RMB 10,428.6 per square meter compared to the previous year[22]. - The total confirmed sales area was 1,550,000 square meters, up 18% from 1,311,200 square meters in the same period of 2018[87]. - The company confirmed revenue of RMB 9,519,625,000 related to contract liabilities for property development and sales during the period, compared to RMB 6,440,563,000 in the previous year[169]. Assets and Liabilities - As of June 30, 2019, total assets amounted to RMB 213,735.5 million, a 21% increase from RMB 177,319.1 million at the end of 2018[17]. - Non-current liabilities increased to RMB 44,298,851 thousand from RMB 34,468,930 thousand, indicating a 28.5% rise[132]. - Current liabilities rose to RMB 141,867,547 thousand, up from RMB 119,265,744 thousand, which is a 19.0% increase[132]. - The total amount of properties under construction classified as current assets was RMB 131,437,041,000 as of June 30, 2019, compared to RMB 103,913,613,000 at the end of 2018, an increase of 26.5%[185]. Cash and Financing - The company held total cash and bank deposits of RMB 27,826.49 million and unused bank credit facilities of RMB 62,086.00 million at the end of the reporting period[25]. - The weighted average actual interest rate for total borrowings during the reporting period was 5.95%, with new borrowings at 5.84%, both lower than the industry average[25]. - Total borrowings amounted to RMB 54,185.21 million, with a net debt-to-equity ratio of 95.6%, down from 97.4% at the end of 2018[98]. - The total borrowing cost for the reporting period was RMB 1,688.10 million, an increase of RMB 514.15 million from RMB 1,173.95 million in 2018, mainly due to increased principal borrowings[99]. - The company raised approximately RMB 2,786.87 million from its initial public offering, net of underwriting commissions and other expenses[108]. Land Reserves and Development - The company’s land reserve totaled approximately 52.51 million square meters, with 210 projects and participation in 39 projects through joint ventures and associates[23]. - The company strategically supplemented land reserves, adding a total construction area of 9.66 million square meters during the reporting period[35]. - The company is focusing on high-potential cities and optimizing its land reserve structure, with new entries in first-tier and new first-tier cities like Shanghai and Hangzhou[23]. - The company is expanding into new markets, including Tianjin, Hangzhou, Wuhan, Hengyang, Taizhou, and Huizhou[35]. Corporate Governance - The company is committed to high levels of corporate governance, having adhered to the Corporate Governance Code during the reporting period[111]. - The board consists of nine members, including three independent non-executive directors, ensuring compliance with listing rules[113]. - The audit committee, established in September 2018, is responsible for reviewing the effectiveness of the group's financial reporting and internal controls[115]. Expenses and Costs - Sales and marketing expenses rose to RMB 1,045.47 million, a 34% increase from RMB 779.57 million in 2018, driven by the expansion of the group's sales scale[93]. - Administrative expenses increased by 52% to RMB 1,030.66 million from RMB 678.46 million in 2018, attributed to the expansion of the real estate development business and rising employee costs[94]. - The company's sales cost was RMB 9,101.51 million, a 33% increase from RMB 6,857.75 million in the same period of 2018, primarily due to the increase in confirmed sales area[90]. Investment and Joint Ventures - The company's investment in joint ventures increased to RMB 1,725,992 thousand from RMB 1,023,571 thousand, showing a significant growth of 68.6%[131]. - The investment in associates rose to RMB 2,005,416,000 as of June 30, 2019, compared to RMB 607,289,000 in 2018, representing a significant increase of 230.5%[180]. Dividends - The company did not declare an interim dividend for the six months ended June 30, 2019, compared to no dividend declared in the same period of 2018[125]. - The company paid dividends to shareholders amounting to RMB 1,282,003 thousand during the six months ended June 30, 2019, which was a new financial commitment compared to the previous period[135].
美的置业(03990) - 2019 - 中期财报