Financial Performance - The company reported revenue of RMB 3,429,871,000 for the six months ended June 30, 2024, a decrease of 52.81% compared to RMB 7,268,886,000 in the same period last year[2]. - Operating loss for the period was RMB 355,699,000, a decline of 147.10% from a profit of RMB 755,275,000 in the previous year[2]. - Loss attributable to ordinary shareholders was RMB 769,580,000, a reduction of RMB 902,546,000 compared to the previous year's loss[2]. - Core operating performance (excluding fair value changes) recorded a loss of RMB 586,427,000, a decrease of RMB 696,127,000 year-on-year[1]. - The total adjusted profit before tax for the group was a loss of RMB 637,535,000 for the six months ended June 30, 2024, compared to a profit of RMB 342,020,000 in the same period of 2023[12]. - The company reported a loss before tax of RMB (706,872) thousand for the six months ended June 30, 2024, compared to a profit of RMB 379,984 thousand for the same period in 2023, indicating a significant decline in performance[18]. - Basic and diluted loss per share attributable to ordinary shareholders was RMB 22.86, compared to earnings of RMB 3.95 in the same period last year[2]. Asset and Liability Management - Total assets decreased to RMB 61,526,823,000 as of June 30, 2024, down from RMB 65,155,827,000 at the end of 2023[4]. - Non-current liabilities, including long-term borrowings, amounted to RMB 12,593,114,000, down from RMB 14,984,857,000[5]. - Current liabilities totaled RMB 20,294,861,000, compared to RMB 20,058,286,000 in the previous period[5]. - The company's net assets decreased to RMB 21,060,930,000 from RMB 22,227,860,000[5]. - Total liabilities also decreased to RMB 40,465,893 thousand as of June 30, 2024, compared to RMB 42,927,967 thousand as of December 31, 2023[20]. - The company's equity attributable to ordinary shareholders decreased by 5.62% as of June 30, 2024, primarily due to a loss attributable to ordinary shareholders of RMB 769.58 million during the period[75]. Revenue by Segment - For the six months ended June 30, 2024, the real estate development segment generated revenue of RMB 2,079,049,000, compared to RMB 5,992,742,000 for the same period in 2023, reflecting a significant decrease[8]. - The exhibition (including hotels) and commercial properties segment reported revenue of RMB 1,248,098,000 for the six months ended June 30, 2024, up from RMB 1,191,616,000 in the previous year, indicating a growth of approximately 4.7%[8]. - The group’s other segments generated revenue of RMB 102,724,000 for the six months ended June 30, 2024, compared to RMB 84,528,000 in the same period of 2023, representing an increase of about 21.5%[8]. Market Conditions - The real estate market saw a significant decline, with national residential sales area down 21.9% year-on-year to 40,114.18 million square meters, and sales revenue down 26.9% to RMB 41,269.74 billion in the first half of 2024[37]. - The overall real estate market activity remained weak, with transaction volumes at historically low levels across various cities[37]. - The company is facing market risks due to overall downward pressure in the national real estate market, influenced by declining resident income and housing price expectations[72]. Strategic Initiatives - The company is focusing on integrating exhibition resources and expanding its exhibition industry, aiming to become China's leading exhibition brand[33]. - The company is actively pursuing new strategies to mitigate risks and adapt to the changing market environment, focusing on high-quality development[35]. - The company is enhancing its asset management model and property management standards to support its "exhibition + real estate" operational strategy[33]. - The company is committed to developing a diversified operation model to enhance industry competitiveness[69]. Operational Highlights - The company hosted 674 exhibitions in the first half of 2024, a year-on-year increase of approximately 18%, with a total attendance of 1.4225 million people, up about 9%[42]. - The company signed 2 new management contracts and 4 consulting projects, expanding its management business to 29 cities across key strategic development areas[43]. - The company has a total managed venue area of 4.7 million square meters, maintaining a leading position in the industry[43]. Future Outlook - The company expects to achieve a construction area of 1.7462 million square meters and a completion area of 586,500 square meters in the second half of 2024, aiming for a sales area of 639,200 square meters with a contract amount (including parking spaces) of RMB 8.506 billion[70]. - The company plans to invest RMB 123 million in fixed assets in the second half of 2024, with funding sourced from its own capital[71]. - The company aims to increase its market share through strategic investments and new project launches in key regions[60].
北京北辰实业股份(00588) - 2024 - 中期业绩