Deluxe Family(SH:600503)2024-08-29 07:35Financial Performance - The company's operating revenue for the first half of 2024 reached ¥156,364,607.20, a significant increase of 262% compared to ¥43,194,180.73 in the same period last year[10]. - The net profit attributable to shareholders of the listed company was ¥3,084,449.82, recovering from a loss of ¥19,435,556.12 in the previous year[10]. - Basic earnings per share for the first half of 2024 were ¥0.0019, compared to a loss of ¥0.0121 per share in the same period last year[12]. - The company achieved a turnaround from loss to profit primarily due to an increase in the sales area of real estate projects recognized by subsidiaries[12]. - The net profit for the first half of 2024 was ¥3,529,957.68, a recovery from a net loss of ¥20,831,937.42 in the same period of 2023[57]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥-356,784,441.62, worsening from ¥-87,060,611.59 in the same period last year[10]. - Cash and cash equivalents decreased by 39.04% to ¥532,259,825.20, accounting for 13.09% of total assets, primarily due to tax payments during the reporting period[24]. - The company raised 163,265,550.00 RMB through financing activities, indicating ongoing efforts to secure liquidity amidst operational challenges[62]. - The total cash inflow from operating activities was ¥538,911,478.58, while cash outflow was ¥539,677,065.49, resulting in a net cash flow of -¥765,586.91[64]. Assets and Liabilities - The total assets of the company decreased by 3.70% to ¥4,066,977,476.11 from ¥4,223,037,446.68 at the end of the previous year[10]. - The total liabilities decreased to ¥378,018,441.20 from ¥592,770,159.45, a reduction of about 36.3%[52]. - Inventory increased by 21.24% to ¥2,192,947,406.54, representing 53.92% of total assets, mainly due to the addition of new projects[24]. - The company's total equity increased slightly to ¥3,688,959,034.91 from ¥3,630,267,287.23, an increase of approximately 1.6%[52]. Market Conditions - In the first half of 2024, the national new residential sales area decreased by 19.0% year-on-year, totaling 47,916 million square meters[16]. - The total sales amount of new residential properties in the first half of 2024 was 47,133 billion yuan, down 25.0% year-on-year, with a reduction in decline compared to previous months[16]. - In Shanghai, the average transaction price for new homes in the first half of 2024 was 79,481 yuan per square meter, an increase of 24% year-on-year[17]. - The land market in Shanghai saw a significant decrease in supply, with the total area of residential land sold being 122.46 million square meters, down 38% year-on-year[17]. Investment and Development - The company is actively pursuing investment opportunities in Shanghai, Suzhou, Hangzhou, and Chengdu to enhance its land reserves for long-term development[18]. - The company has a land reserve of approximately 72,900 square meters, including 23,200 square meters in Suzhou and 45,300 square meters in Zunyi[18]. - The company is collaborating with Poly Real Estate on a project in Yangpu District, Shanghai, with a planned construction area of 5,983.4 square meters[18]. - The company is actively promoting the renovation of commercial complexes and independent villas to accelerate inventory clearance[21]. Shareholder and Governance - The company has not proposed any profit distribution or capital reserve increase for the half-year period[37]. - The controlling shareholder, Nanjing Group, pledged not to interfere with the company's management or seek undue advantages from related transactions[42]. - The company confirmed that there were no non-operational fund occupations by controlling shareholders or related parties during the reporting period[43]. - The company is committed to fulfilling its obligations and responsibilities to shareholders, ensuring compliance with regulatory requirements[43]. Accounting and Compliance - The company adheres to the enterprise accounting standards, ensuring the financial statements reflect a true and complete picture of its financial status[78]. - The company has established specific accounting policies and estimates based on its operational characteristics[77]. - The company recognizes revenue when customers obtain control of goods, which includes conditions such as contract approval and payment terms being clear[141]. - The company recognizes deferred tax assets and liabilities based on the difference between the carrying amount of assets and liabilities and their tax bases, using applicable tax rates[147]. Risk Management - The company emphasizes the importance of cash flow management to mitigate financial risks associated with long project development cycles[33]. - The company recognizes provisions for expected liabilities related to guarantees, litigation, and product quality assurance when the obligation is measurable and likely to result in an outflow of economic benefits[139]. - The company assesses the recoverability of deferred tax assets based on the likelihood of generating sufficient taxable income in future periods[147]. Other Financial Metrics - The company's operating costs increased to CNY 80.73 million, a rise of 606.14% from CNY 11.43 million in the previous year[23]. - The company’s research and development expenses decreased by 22.32% to CNY 387,224.27 from CNY 498,490.99[23]. - The total comprehensive income for the period was -15,848,031.71 RMB, compared to -6,411,609.00 RMB in the same period last year, indicating a significant decline[59].