越秀地产(00123) - 2024 - 中期业绩

Financial Performance - Revenue for the period was approximately RMB 35.34 billion, an increase of 10.1% year-on-year[4] - Gross margin was approximately 13.7%, a decrease of 4.1 percentage points year-on-year[4] - Profit attributable to equity holders was approximately RMB 1.83 billion, a decrease of 15.9% year-on-year[4] - Core net profit was approximately RMB 1.74 billion, a decrease of 18.8% year-on-year[4] - Cumulative contract sales amounted to approximately RMB 55.4 billion, a decrease of 33.8% year-on-year[4] - Revenue for the six months ended June 30, 2024, reached RMB 35,340,264 thousand, an increase of 10.5% compared to RMB 32,095,187 thousand for the same period in 2023[37] - Real estate development revenue was RMB 32,796,336 thousand, up 10.3% from RMB 29,773,778 thousand year-on-year[37] - The company reported segment performance of RMB 3,103,540 thousand for the six months ended June 30, 2024, a decrease of 27.4% from RMB 4,270,545 thousand in the same period of 2023[35] - The company’s operating profit for the six months ended June 30, 2024, was RMB 3,267,968 thousand, down from RMB 4,346,803 thousand in the previous year[35] - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.4550, down from RMB 0.6345 in the previous year, indicating a decline of about 28.3%[56] Assets and Liabilities - Total assets increased by 5.6% year-on-year to approximately RMB 423.54 billion[6] - Total liabilities increased to RMB 317,480,428 thousand from RMB 298,969,948 thousand, reflecting a rise of approximately 6.2%[16] - The total equity increased to RMB 106,061,519 thousand as of June 30, 2024, from RMB 102,208,780 thousand, marking a growth of about 3.6%[16] - The company’s borrowings rose to RMB 110,239,318 thousand, up from RMB 105,370,898 thousand, indicating an increase of approximately 4.0%[16] - The net gearing ratio was 58.6%, an increase of 1.6 percentage points[6] - The company’s cash and cash equivalents decreased to RMB 25,582,007 thousand from RMB 30,278,611 thousand, a decline of approximately 15.5%[20] - The company reported a net cash outflow from financing activities of RMB 4,147,345 thousand, contrasting with a net inflow of RMB 3,295,947 thousand in the previous year[20] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.189 per share, amounting to approximately 40% of core net profit[5] - The company declared an interim dividend of RMB 0.173 per share for the six months ended June 30, 2024, compared to RMB 0.213 per share in the same period of 2023, representing a decrease of approximately 18.8%[53] Land and Development - Total land reserves reached approximately 25.03 million square meters, with 94% located in first-tier and key second-tier cities[4] - The company acquired 12 new land parcels with a total construction area of approximately 1.72 million square meters in key cities[90] - The total land reserve in the Greater Bay Area amounts to 10,317,700 square meters, with 6,344,300 square meters under construction and 3,973,400 square meters undeveloped[136] Market and Economic Conditions - The real estate market showed a significant rebound in June 2024, but overall, the market remained in a phase of stabilization and adjustment[82] - The group expects the real estate market to stabilize amid continued supportive policies from the government, with a gradual improvement in key economic indicators[102] Operational Efficiency and Strategy - The group plans to focus on "precise investment" and "sales-driven investment" strategies in the second half of the year, targeting core cities and high-quality projects[105] - The group aims to enhance operational efficiency and reduce costs through lean management, with a focus on improving seven key capabilities: customer research, investment, product, marketing, service, cost, and large-scale operations[104] Employee and Governance - The company employed approximately 18,800 employees as of June 30, 2024, down from 19,300 employees as of December 31, 2023[171] - The company has complied with the Corporate Governance Code during the six months ending June 30, 2024[172]