Financial Performance - Revenue reached approximately RMB 15,651 million, representing an increase of about 27.3% compared to the same period in 2023[1]. - The core loss attributable to the owners of the company was approximately RMB 1,937 million, a shift from profit to loss compared to the same period in 2023[1]. - For the six months ending June 30, 2024, the group reported a net loss of RMB 2,047 million[11]. - The company reported a net loss of RMB 2,046,712 for the six months ended June 30, 2024, compared to a profit of RMB 291,920 for the same period in 2023[16]. - Gross profit for the six months ended June 30, 2024, was approximately RMB 2,017 million, a decrease of about 43.2% compared to RMB 3,548 million for the same period in 2023[54]. - The company reported a loss attributable to owners of approximately RMB 2,623 million, compared to a profit of RMB 94 million in the same period of 2023[59]. Sales and Revenue - Contract sales amounted to approximately RMB 7,332 million, with a sales area of about 690,941 square meters[1]. - The group achieved contracted sales of approximately RMB 7,332 million for the six months ended June 30, 2024, down from RMB 17,610 million for the same period in 2023[40]. - Property sales revenue for the same period was approximately RMB 13,027 million, up about 32.6% from RMB 9,827 million in the previous year, primarily due to increased deliveries of residential and commercial properties[50]. - Total segment revenue for the six months ended June 30, 2024, was RMB 15,651,245, with property development contributing RMB 13,027,028[14]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 206,402 million, compared to RMB 214,806 million as of December 31, 2023[4]. - The total liabilities as of June 30, 2024, were RMB 153,703 million, down from RMB 159,487 million[4]. - The group's current and non-current borrowings were RMB 29,597 million and RMB 28,844 million, respectively[11]. - The total borrowings as of June 30, 2024, were RMB 58,440,551, compared to RMB 29,383,306 as of December 31, 2023[23][24]. Cash Flow and Financing - Cash and cash equivalents (excluding restricted cash) amounted to RMB 6,425 million as of June 30, 2024[11]. - The net finance cost was RMB 570 million, compared to RMB 1,561 million in the same period last year[5]. - The group aims to enhance liquidity management by accelerating the collection of sales proceeds and extending the debt maturity of certain loans[48]. - The group plans to optimize its financing structure to reduce financing costs and improve asset management to enhance rental rates and levels[48]. Market and Operational Strategy - The group continues to focus on property development as its main source of revenue despite the challenging operating environment in the real estate industry[39]. - The overall economic environment in China remains stable, with policies aimed at supporting housing demand and stabilizing the market[38]. - The group anticipates a focus on "stabilizing the market and reducing inventory" in the real estate sector for the second half of 2024, aiming to adapt to new market demands[45]. - The group plans to enhance its land reserve strategy under the "1+N" development model, concentrating on the Yangtze River Delta while exploring other quality regions[46]. Employee and Corporate Governance - The group employed a total of 8,488 full-time employees as of June 30, 2024, a decrease from 9,234 employees as of December 31, 2023[74]. - The total employee costs for the six months ended June 30, 2024, were approximately RMB 947 million[74]. - The board of directors is actively involved in overseeing the company's strategic direction and performance[81]. Restructuring and Debt Management - Approximately 88% of the creditors holding the group's internal debt signed the restructuring support agreement on July 18, 2024[12]. - The restructuring of internal debt is still pending effectiveness as of the announcement date[12]. - The group has appointed Haitong International Securities as its financial advisor for the restructuring of its offshore debt[11]. Investment and Development - The total land reserve held by the group is approximately 18.56 million square meters, with 15.17 million square meters currently under development[44]. - The company reported a decrease in total segment revenue from RMB 12,299,291 for the six months ended June 30, 2023, to RMB 15,651,245 for the same period in 2024[16]. Taxation and Compliance - Income tax expense increased by approximately 37.5% to RMB 1,088 million for the six months ended June 30, 2024, from RMB 791 million in the prior year, mainly due to increased corporate income tax and land value-added tax in China[58]. - The corporate income tax rate applicable to the group’s entities in China is 25%, as per the regulations effective from January 1, 2008[29].
宝龙地产(01238) - 2024 - 中期业绩