GREATTOWN(SH:900940)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 for the first half of 2024 was CNY 145,472,382.95, down 48.77% from CNY 283,936,780.66 in the previous 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 same period last year[17]. - The net cash flow from operating activities was negative CNY 307,103,612.40, compared to positive CNY 1,243,299,118.32 in the previous year[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 by 76.90%, amounting to RMB 983,307,586, primarily due to a reduction in the area delivered during the reporting period[35]. - The company’s total comprehensive income for the first half of 2024 was CNY 147,135,881.75, compared to CNY 284,811,053.70 in the same period of 2023, reflecting a decrease of 48.3%[85]. 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 a growth of approximately 1.2%[78]. - The company's debt-to-asset ratio stood at 45.72%, with a net debt ratio of 12.42%, indicating a relatively low level of financial risk[31]. - The company's total liabilities to equity ratio improved to approximately 0.87 from 0.96, indicating a strengthening of the capital structure[78]. Cash Flow Management - The company maintains a cash flow management strategy, resulting in a negative net cash flow from operating activities of 307 million yuan, but a positive net cash flow of 109 million yuan after excluding one-time land value-added tax payments[30]. - Cash and cash equivalents decreased by 37.81% to approximately 1.38 billion yuan, primarily due to reduced sales collections[46]. - The company reported a cash outflow of ¥1,046,356,303.00 from financing activities, a decrease from ¥2,330,236,136.96 in the same period last year[90]. - The company’s cash flow from operating activities was significantly impacted by a decrease in cash received from sales, which fell to ¥64,513,062.39 from ¥94,822,017.02 in the previous year, a decline of 31.9%[91]. 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 is collaborating with two partners to establish a joint venture with a registered capital of RMB 100 million, where the company will hold 56% equity[34]. - The joint venture aims to develop a "Low-altitude Intercity Smart Hub Airport" project in Fuzhou New District, focusing on intercity express delivery and eVTOL integration[34]. Shareholder and Dividend Information - The company has no profit distribution plan or capital reserve transfer plan for the reporting period[4]. - The company is implementing a cash dividend plan, distributing CNY 0.30 per 10 shares, totaling CNY 69,748,501.35[4]. - The employee stock ownership plan holds 31,875,600 shares of the company, representing 1.29% of the total share capital, with no changes in the number of shares held[57]. - The controlling shareholder, Mingcheng Holdings Group, completed its plan to increase holdings by acquiring 49,004,000 A-shares, amounting to CNY 134,467,439.77[70]. Risk Management and Compliance - The company has disclosed potential industry and market risks in the "Management Discussion and Analysis" section of the report[6]. - 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 shareholders or related parties during the reporting period[60]. - The company has established a unified green construction standard across the group, focusing on dust management, soil protection, and waste control[57]. Accounting Policies and Financial Reporting - 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 related goods is transferred to the customer, indicating the fulfillment of performance obligations[168]. - The company applies a materiality threshold for bad debt provisions, with significant individual provisions set at amounts greater than RMB 40 million[112]. - The company recognizes expected credit losses based on the difference between all contractual cash flows and expected cash flows discounted at the original effective interest rate[127]. Real Estate and Project Development - The company has ongoing projects in various regions, including 14,110.50 square meters in East China and 68,774.70 square meters in Northwest China, with total investments amounting to 23.33 million RMB and 28.58 million RMB respectively[41]. - The company has a cooperative development project in the Greater Bay Area, covering an area of 23,434 square meters, with an equity stake of 51%[40]. - The company has completed construction on several projects, including 72,114.81 square meters in Northwest China, with a total investment of 377.66 million RMB[41]. - The company has ongoing investments in various residential projects, with total planned construction areas exceeding 1 million square meters across multiple regions[41].