Financial Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 69.56 billion, an increase of 22.1% compared to the same period last year[2] - Profit attributable to shareholders was approximately RMB 2.04 billion, while core net profit was approximately RMB 4.95 billion, representing a growth of 27.5% year-on-year[2] - The net profit for the period was RMB 3.32 billion, down from RMB 4.64 billion in the previous year[4] - The total comprehensive income for the period was RMB 3.39 billion, compared to RMB 4.47 billion in the previous year[4] - Basic earnings per share attributable to ordinary shareholders was RMB 0.81, down from RMB 0.99 in the previous year[4] - The profit for the period was RMB 4,641,130 thousand, reflecting the company's operational performance[14] - The company reported a profit attributable to shareholders of RMB 2,044,902,000 for the six months ended June 30, 2024, down from RMB 2,545,111,000 in the same period of 2023, representing a decline of about 19.7%[26] - The core profit, excluding foreign exchange losses and asset impairment, was RMB 4.949 billion, an increase of RMB 1.068 billion or 27.5% compared to RMB 3.881 billion in the same period of 2023[33] Revenue Breakdown - Total contract sales reached approximately RMB 126.5 billion, with self-invested project sales of approximately RMB 85.4 billion and equity sales of approximately RMB 60.8 billion[2] - The total revenue from customer contracts for the first half of 2024 was RMB 63,757,038 thousand, contributing significantly to the overall segment revenue of RMB 72,106,324 thousand[12] - Customer contract revenue for the same period was RMB 69,423,201 thousand, up from RMB 56,866,293 thousand, indicating a growth of about 22.1%[15] - Property sales revenue reached RMB 63.757 billion, up 22.0% from RMB 52.278 billion in the same period of 2023, with a total area of 2,645,512 square meters recognized, a 16.7% increase from 2,267,037 square meters in 2023[49] Assets and Liabilities - As of June 30, 2024, bank deposits and cash (including pledged bank deposits) amounted to approximately RMB 75.13 billion, which is 2.1 times the amount of short-term borrowings[2] - Non-current assets totaled RMB 72.08 billion as of June 30, 2024, compared to RMB 71.81 billion as of December 31, 2023[5] - The total current liabilities amounted to RMB 310,560,471 thousand, an increase from RMB 303,248,079 thousand as of December 31, 2023, representing a growth of approximately 0.43%[6] - The total non-current liabilities were reported at RMB 116,845,881 thousand, a decrease from RMB 118,353,787 thousand as of December 31, 2023, indicating a reduction of about 1.27%[7] - The total assets as of June 30, 2024, amounted to RMB 536,268,259 thousand, compared to RMB 535,536,974 thousand as of December 31, 2023, showing a slight increase[14] - Total liabilities as of June 30, 2024, were RMB 427,406,352 thousand, up from RMB 421,601,866 thousand at the end of 2023, indicating an increase of about 1.9%[14] Project Development - The company added 15 new projects with a total construction area of approximately 1.31 million square meters, expected to have a saleable value of approximately RMB 33.3 billion, with a core second-tier city ratio of 94% and an equity ratio increased to 84%[2] - The total contract sales area for the company reached approximately 5.91 million square meters, with total contract sales amounting to approximately RMB 126.5 billion[34] - The company’s self-invested projects achieved a contract sales area of approximately 2.8 million square meters, with a contract sales amount of approximately RMB 85.4 billion[34] - The company delivered approximately 65,000 units, ranking fifth nationally, with a total delivery area of about 6.77 million square meters[39] Cost and Expenses - The total interest expense amounted to RMB 3,698,148,000, a decrease from RMB 3,939,761,000 for the same period in 2023, reflecting a reduction of approximately 6.1%[20] - The total tax expense for the period was RMB 1,348,888,000, significantly lower than RMB 2,510,546,000 for the same period in 2023, indicating a decrease of approximately 46.1%[22] - Administrative expenses amounted to RMB 1.690 billion, a decrease of 7.3% from RMB 1.824 billion in the same period of 2023, mainly due to improved organizational efficiency[54] - Sales expenses increased to RMB 1.126 billion, up 33.4% from RMB 0.844 billion in the same period of 2023, driven by higher marketing activity costs[55] Market Position and Recognition - The company has been recognized as a top 10 comprehensive strength enterprise in China's real estate sector for 20 consecutive years[32] - The company maintained a market share of over 20% in the property management sector for eight consecutive years[43] - The company received 39 domestic and international design awards, reflecting its commitment to product innovation and quality[39] Future Outlook and Strategy - The group plans to complete approximately 12.02 million square meters of projects in 2024, indicating a strong project pipeline[48] - The group aims to enhance cash flow safety through effective budget management and cost control measures[49] - The company is focusing on product innovation and improving supplier system management to maintain its competitive edge in the market[49]
绿城中国(03900) - 2024 - 中期业绩