Financial Performance - Revenue for the first half of 2021 reached RMB 33,038.6 million, representing a 57.8% increase compared to RMB 20,936.6 million in the same period of 2020[15]. - Gross profit for the same period was RMB 6,838.1 million, up 23.8% from RMB 5,523.8 million in 2020[15]. - Core net profit attributable to the company’s shareholders was RMB 2,253.3 million, an increase of 11.2% from RMB 2,026.8 million in 2020[15]. - Operating profit rose to RMB 4,125.32 million, reflecting a 21.6% increase from RMB 3,393.63 million in 2020[34]. - The net profit attributable to the company's owners increased by 6.5% to RMB 2,154.94 million, compared to RMB 2,024.10 million in the previous year[34]. - The company reported a net profit of RMB 3,002,338 thousand, a 27.5% increase from RMB 2,354,235 thousand in the previous year[116]. - The company's property development and sales revenue for the reporting period was RMB 32,480.41 million, an increase of 58.2% compared to RMB 20,533.53 million in the same period of 2020[63]. - The company reported a significant increase in share-based payment expenses to RMB 35,373 thousand for the six months ended June 30, 2021, compared to no such expenses in the same period of 2020[198]. Assets and Liabilities - Total assets as of June 30, 2021, amounted to RMB 289,817.6 million, compared to RMB 283,754.5 million at the end of 2020[16]. - Total liabilities amounted to RMB 246,744,438 thousand, up from RMB 243,535,086 thousand, reflecting an increase of about 0.9%[118]. - The company's total liabilities increased to RMB 106,888,492,000 as of June 30, 2021, from RMB 92,334,084,000 as of December 31, 2020[192]. - The group reported contract assets related to property development and sales of RMB 659,939 thousand as of June 30, 2021, down from RMB 887,881 thousand at the end of 2020[139]. - The company’s total cash inflow from bank and other borrowings was RMB 15,781,227 thousand, down from RMB 17,004,567 thousand in 2020[122]. Cash Flow and Financial Management - Total cash and bank deposits increased to RMB 32,063.8 million from RMB 26,787.6 million[16]. - The company’s cash and cash equivalents increased to RMB 23,358,212 thousand from RMB 18,595,105 thousand, a growth of approximately 25.5%[118]. - The company reported a financial income of RMB 371,946 thousand, significantly up from RMB 160,183 thousand in the previous year[116]. - The company experienced a net impairment loss on financial assets of RMB 49,542 thousand, compared to RMB 20,850 thousand in 2020[116]. - The company’s interest payable decreased to RMB 518,457,000 as of June 30, 2021, compared to RMB 557,513,000 as of December 31, 2020[189]. Market Strategy and Development - The company is focusing on the development of smart and healthy living communities, leveraging its manufacturing and technological strengths[3]. - Midea Real Estate is expanding its project portfolio with 339 projects across six major economic regions in China as of June 30, 2021[3]. - The company aims to enhance its operational efficiency and financial stability in response to the evolving real estate market dynamics[18]. - The group anticipates new opportunities in urban renewal, rail transit projects, and integrated commercial residential developments as part of its future strategy[27]. - The company is exploring strategic partnerships and potential acquisitions to bolster its land bank and project portfolio[54]. Shareholder and Governance - The company has adhered to the Corporate Governance Code and the Standard Code for Securities Transactions by Directors throughout the reporting period[86][87]. - The board consists of nine directors, including five executive directors and four non-executive directors, ensuring compliance with listing rules regarding independent directors[88]. - The company has approved a stock option plan allowing for a maximum of 10% of the total issued shares (i.e., 123,056,700 shares) to be granted under the plan[96]. - A total of 66,660,000 stock options were granted to 193 eligible participants, with a fair value of approximately RMB 170.47 million at the grant date[101]. - The company aims to attract and retain key personnel through these incentive plans, ensuring long-term contributions to growth and development[96]. Project and Land Development - The group achieved contract sales of approximately RMB 82.59 billion, representing a 71.3% increase compared to the same period in 2020, and has met 55% of its annual target[20]. - The company maintained a prudent approach, allocating 40% of cash returns for land acquisition, with over 90% of resources invested in second-tier cities and above, resulting in a total new land reserve of 3.18 million square meters[42]. - As of June 30, 2021, the company had a total of 339 property development projects, covering 62 cities, with a total land reserve of 52.77 million square meters[46]. - The company has ongoing projects in 51 cities, with a significant focus on urban areas such as Guangzhou and Shanghai[51]. - The total area under development across all regions amounts to approximately 20 million square meters, indicating a strong pipeline for future growth[53].
美的置业(03990) - 2021 - 中期财报