华润置地(01109) - 2024 - 中期业绩

Financial Performance - The consolidated revenue for the first half of 2024 was RMB 79.13 billion, representing an 8.4% year-over-year increase[3]. - The gross profit margin for the first half of 2024 was 22.3%, with the operating property business margin at 71.5%, up 0.2 percentage points year-over-year[3]. - The net profit attributable to shareholders for the first half of 2024 was RMB 10.25 billion, with core net profit at RMB 10.74 billion, of which regular core net profit was RMB 5.52 billion[3]. - The company reported a decrease in cash and cash equivalents to CNY 116,604,075 from CNY 112,675,092, a decline of 3.9%[9]. - The company’s total assets reached CNY 802,734,455, an increase from CNY 784,360,847 at the end of 2023, indicating a growth of 2.5%[10]. - The company’s total liabilities were CNY 586,904,882 as of June 30, 2024, compared to CNY 584,205,857 at the end of 2023, reflecting a marginal increase[10]. - The company’s equity attributable to shareholders was CNY 266,515,648, up from CNY 264,867,183 at the end of 2023, representing a growth of 0.6%[10]. - The company’s financial liabilities measured at fair value through profit or loss decreased from RMB 221,131 thousand to RMB 195,944 thousand, a reduction of approximately 11.4%[11]. - The company’s total current liabilities are not detailed in the provided documents, but the overall financial position reflects a stable trend in managing liabilities[11]. Dividends - The company declared an interim dividend of RMB 0.20 per share, a 1.0% increase from RMB 0.198 per share in the same period last year[4]. - The company declared an interim dividend of RMB 0.200 per share for the six months ended June 30, 2024, totaling RMB 1,426,188,000, compared to RMB 1,413,713,000 for the same period in 2023[23]. - The interim dividend for 2023 was HKD 0.216 per share, indicating a slight increase of approximately 1.4% year-over-year[77]. - Shareholders can choose to receive the interim dividend in RMB, with the payment set at RMB 0.20 per share[78]. - The exchange rate for the dividend payment is set at RMB 1.0 to HKD 1.0932[77]. - If shareholders do not submit the currency choice form by October 7, 2024, they will automatically receive the dividend in HKD[79]. Sales and Contracts - The contracted sales amount for the first half of 2024 was RMB 124.70 billion, with a contracted area of 5.21 million square meters[5]. - The company reported a signed amount of RMB 124.7 billion in the first half of 2024, maintaining its fourth position in the industry, with a focus on core cities and strategic projects[36]. - The company expects approximately RMB 166.12 billion of the unrecognized contracted sales of RMB 321.45 billion to be recognized in the second half of 2024[5]. - The recognized development business revenue for the first half of 2024 was RMB 59.1 billion, an increase of 8.3% year-on-year, with a recognized area of 3.45 million square meters, down 9.6% year-on-year[55]. Assets and Liabilities - As of June 30, 2024, the total land bank was approximately 56.99 million square meters, with an increase of 2.02 million square meters in the first half of 2024[5]. - The total borrowings as of June 30, 2024, were RMB 251.13 billion, with cash and bank balances of RMB 118.33 billion, resulting in a net gearing ratio of 33.6%[5]. - Non-current assets amounted to CNY 263,697,975 as of June 30, 2024, showing a slight increase from CNY 262,808,194 at the end of 2023[9]. - The company’s deferred tax assets were CNY 12,773,951, a decrease from CNY 13,979,382, reflecting a decline of 8.6%[9]. - The company’s total liabilities were CNY 586,904,882 as of June 30, 2024, compared to CNY 584,205,857 at the end of 2023, reflecting a marginal increase[10]. Operational Highlights - The operating revenue from light asset management business was RMB 5.89 billion, showing a significant year-over-year growth of 17.6%[3]. - The company managed 108 shopping centers during the period, including 13 luxury shopping centers, maintaining its leading position in the industry[32]. - The company’s shopping centers recorded retail sales of RMB 91.62 billion, marking a 21.9% year-on-year increase[31]. - The rental income from shopping centers reached RMB 9.48 billion, reflecting a 9.7% year-on-year growth[31]. - The overall rental rate for office buildings was 75.0%, with tenants primarily from finance, insurance, and IT sectors[31]. Taxation - The income tax expense for the six months ended June 30, 2024, was RMB 8,135,103 thousand, compared to RMB 6,993,573 thousand for the same period in 2023, representing an increase of approximately 16.3%[19]. - The corporate income tax rate for most subsidiaries in mainland China is 25% as of January 1, 2008[20]. - The company’s total income tax expense, including deferred tax, was RMB 8,135,103 thousand for the six months ended June 30, 2024, compared to RMB 6,993,573 thousand for the same period in 2023, indicating a growth of approximately 16.3%[19]. Corporate Governance - The company has adhered to corporate governance codes, with a noted deviation regarding the separation of the roles of Chairman and CEO[72]. - The company did not conduct any significant acquisitions or disposals of subsidiaries, joint ventures, or associates in the first half of 2024[75]. - There are no major investment or capital asset plans as of June 30, 2024[75]. - The audit committee has reviewed the interim financial report for the six months ended June 30, 2024, with no objections raised[76]. - The independent auditor's review report is included in the interim report to be sent to shareholders[76]. Future Outlook - The group plans to focus on cash flow creation, improving gross margin and ROIC, cost reduction, and inventory de-stocking as key management themes for the second half of the year[38]. - The group aims to transform into a "city operation business" and explore new development models in the real estate sector[39]. - The group is committed to advancing technology innovation to enhance business development and meet market demands[39].