Financial Performance - The company reported revenue of RMB 170,367,000 for the six months ended June 30, 2024, a decrease of 58.8% compared to RMB 413,234,000 for the same period in 2023[1]. - Gross profit for the same period was RMB 36,362,000, down 58.2% from RMB 86,519,000 in 2023[1]. - The company incurred a net loss of RMB 49,845,000 for the six months ended June 30, 2024, compared to a net loss of RMB 38,992,000 in the prior year, representing a 27.5% increase in losses[2]. - Total comprehensive loss for the period was RMB 50,067,000, compared to RMB 39,414,000 in 2023, indicating a 27% increase in comprehensive losses[2]. - The company reported a basic and diluted loss per share of 9.69 cents for the six months ended June 30, 2024, compared to 7.58 cents in the same period of 2023[2]. - The loss attributable to the company's owners increased to RMB 49.8 million from RMB 39.0 million in the previous period, driven by reduced revenue and a one-time impairment loss[41]. Assets and Liabilities - Non-current assets decreased to RMB 630,309,000 as of June 30, 2024, from RMB 753,158,000 as of December 31, 2023, reflecting a decline of 16.3%[3]. - Current assets totaled RMB 2,291,941,000 as of June 30, 2024, down from RMB 2,395,552,000 at the end of 2023, a decrease of 4.3%[3]. - The company’s equity attributable to owners decreased to RMB 1,585,838,000 as of June 30, 2024, from RMB 1,635,461,000 at the end of 2023, a decline of 3.0%[4]. - The total liabilities of the group as of June 30, 2024, were RMB 1,336,212 thousand, indicating the company's financial obligations[14]. - Total borrowings amounted to RMB 73,256,000 as of June 30, 2024, a decrease from RMB 123,256,000 as of December 31, 2023[27]. - The debt ratio was approximately 45.7% as of June 30, 2024, compared to 48.1% as of December 31, 2023[45]. Revenue Segmentation - For the six months ended June 30, 2024, the reported segment revenue was RMB 170,367 thousand, with property development contributing RMB 159,552 thousand, property investment RMB 4,193 thousand, and property management RMB 6,622 thousand[10]. - The total recognized revenue from property sales for Guangzhou New Tian Banshan, Xuzhou Lin'an Smart Industrial Park, and Yangzhou Smart Living City was RMB 81.9 million, RMB 43.9 million, and RMB 15.9 million respectively, with total building area sold of approximately 1,300 square meters, 4,300 square meters, and 2,500 square meters[33]. - The total income from external customers for the six months ended June 30, 2024, was entirely derived from mainland China, emphasizing the company's focus on this market[12]. Cost Management - The company incurred a cost of RMB 125,338 thousand for sold properties during the six months ended June 30, 2024, compared to RMB 312,797 thousand in the same period of 2023, indicating a reduction in costs[16]. - Distribution costs decreased from RMB 6.9 million in the previous period to RMB 3.7 million due to a significant reduction in sales activities[36]. - The company continues to implement cost control measures, maintaining administrative and other operating expenses at RMB 19.3 million, similar to RMB 19.2 million in the previous period[36]. Tax and Financing - The income tax expense for the six months ended June 30, 2024, was RMB 17,234 thousand, down from RMB 21,126 thousand in the same period of 2023, reflecting improved tax efficiency[17]. - The company reported a financing cost of RMB 3,022 thousand for the six months ended June 30, 2024, compared to RMB 20,388 thousand for the same period in 2023, reflecting a decrease in financing expenses[15]. - Financing costs decreased to RMB 3.0 million from RMB 20.4 million in the previous period[39]. Corporate Governance - The company has not applied any new accounting standards that would have a significant impact on its operations or financial statements[8]. - The board is responsible for defining and reviewing corporate governance policies and performance[53]. - There is currently no CEO appointed, with the board believing its structure provides strong leadership for effective decision-making[54]. - The group does not recommend the payment of any interim dividend for the six months ended June 30, 2024[51]. Employee and Operational Metrics - The group employed approximately 172 employees as of June 30, 2024, a slight decrease from 173 employees as of December 31, 2023[48]. - The company has adopted a 5% withholding tax rate for the current and the following two calendar years regarding withholding tax on dividends from Chinese resident enterprises[18].
新天地产集团(00760) - 2024 - 中期业绩