GREATTOWN(SH:600094)2024-08-28 09:55Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,232,346,696, a decrease of 76.41% compared to CNY 5,224,200,869.93 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was CNY 145,472,382.95, down 48.77% from CNY 283,936,780.66 year-on-year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 143,691,761.12, a decrease of 50.68% compared to CNY 291,344,589.21 in the previous year[17]. - The net cash flow from operating activities was CNY -307,103,612.40, compared to CNY 1,243,299,118.32 in the same period last year, indicating a significant decline[17]. - Basic earnings per share decreased by 48.73% to CNY 0.0626 compared to the same period last year[19]. - Diluted earnings per share also decreased by 48.73% to CNY 0.0626 compared to the same period last year[19]. - The weighted average return on equity dropped by 1.13 percentage points to 1.15%[19]. - The company reported a significant decline in operating revenue, totaling RMB 1,232,346,696, representing a decrease of 76.41% compared to the previous year[35]. - Operating costs also decreased to RMB 983,307,586, down 76.90% year-on-year, primarily due to a reduction in the area delivered[35]. - The company achieved sales revenue of 827 million RMB during the reporting period, with a sales area of 53,700 square meters[43]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 24,093,064,423.97, a decrease of 4.87% from CNY 25,326,101,115.31 at the end of the previous year[18]. - The total liabilities were CNY 11,014,716,944.47, down from CNY 12,394,517,153.22, a reduction of about 11.1%[78]. - The company's equity attributable to shareholders increased to CNY 12,676,239,586.06 from CNY 12,529,103,704.31, reflecting an increase of approximately 1.2%[78]. - Short-term borrowings increased by 65.23% to CNY 76.11 million, reflecting new short-term loans taken out during the period[46]. - The company maintained a debt-to-asset ratio of 45.72% and a net debt ratio of 12.42%, indicating a cautious financial management approach amidst industry challenges[31]. Cash Flow Management - The company is actively managing cash flow and has implemented cost control measures to enhance financial flexibility during a challenging real estate market[28]. - The company reported a negative net cash flow from operating activities of 307 million yuan due to one-time land value-added tax payments[30]. - The cash received from sales of goods and services in the first half of 2024 was CNY 864,012,766.55, significantly lower than CNY 3,330,729,829.83 in the same period of 2023[88]. - The company reported a total cash outflow from operating activities of CNY 1,289,667,576.43 in the first half of 2024, compared to CNY 2,280,661,399.28 in the same period of 2023[88]. - Cash and cash equivalents decreased by 37.81% to approximately CNY 1.38 billion, primarily due to reduced sales collections[46]. Investment and Business Development - The company has invested in two new business segments: artificial intelligence computing power and low-altitude economy[22]. - The artificial intelligence computing power business includes services such as big data services and cloud computing equipment sales[22]. - The low-altitude economy business focuses on the construction and operation of smart intercity hubs and includes the manufacturing of intelligent unmanned aerial vehicles[22]. - The company has invested 200 million yuan in an artificial intelligence computing power platform, holding a 44% stake, as part of its strategic expansion into new productivity sectors[32]. - The first phase of the AI computing center in Fuzhou has been completed, equipped with Nvidia H800 servers providing approximately 2000P of computing power[33]. Risk Management and Compliance - The report includes a risk statement regarding industry and market risks, urging investors to be aware of potential uncertainties[5]. - The report has not been audited, and all board members have confirmed the accuracy and completeness of the financial report[3]. - The company has no significant litigation or arbitration matters during the reporting period[60]. - The company has no non-compliance issues regarding commitments made by its actual controllers or shareholders during the reporting period[60]. Shareholder and Capital Management - The company has approved a cash dividend plan for 2024, distributing CNY 0.30 per 10 shares, totaling CNY 69,748,501.35[4]. - The company has not proposed any profit distribution or capital reserve conversion plans for the reporting period[4]. - The employee stock ownership plan holds 31,875,600 shares of the company's A shares, accounting for 1.29% of the total share capital, with no changes in the number of shares held[57]. - The company’s major subsidiary, Shanghai Baishengshi Enterprise Management Co., Ltd., reported operating income of CNY 583.93 million and net profit of CNY 47.53 million[54]. - The company has not made any significant equity investments during the reporting period[50]. Accounting Policies and Financial Reporting - The financial report was approved by the board of directors on August 27, 2024[105]. - The accounting policies comply with the relevant enterprise accounting standards, ensuring a true and complete reflection of the company's financial status[108]. - The company recognizes revenue when control of the goods is transferred to the customer, indicating the fulfillment of performance obligations[168]. - The company assesses expected credit losses for commercial acceptance bills based on the credit risk of the acceptor, similar to accounts receivable[129]. - The company applies simplified accounting treatment for short-term leases and low-value asset leases, opting not to recognize right-of-use assets and lease liabilities, instead expensing lease payments on a straight-line basis over the lease term[176].