Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 13,809 million, with a profit attributable to equity holders of HKD 1,073 million[2]. - The basic and diluted earnings per share were HKD 0.283[2]. - The company's revenue for the six months ended June 30, 2024, was HKD 13,809.26 million, a decrease of 8.4% compared to HKD 15,079.85 million in the same period of 2023[8]. - Gross profit for the same period was HKD 3,761.44 million, down 30% from HKD 5,377.24 million year-on-year[8]. - The net profit attributable to equity holders for the six months was HKD 1,072.88 million, a decline of 72.5% from HKD 3,902.82 million in the previous year[8]. - The company reported a pre-tax profit of HKD 2,069.70 million, down 66.5% from HKD 6,187.85 million in the prior period[8]. - The total comprehensive income for the period was HKD 462.64 million, significantly lower than HKD 793.12 million in the same period last year[9]. - The net profit for the period was HKD 1,083,067, compared to HKD 4,475,232 for the six months ended June 30, 2023, indicating a significant decrease of about 75.8%[20]. - The company reported a financial cost net of HKD 596,086 for the six months ended June 30, 2024, compared to HKD 459,217 in the same period of 2023[29]. - The company reported a total tax expense of HKD 986,633 for the six months ended June 30, 2024, compared to HKD 1,712,613 in the same period of 2023[30]. Property Sales and Development - Contract sales and pre-sales of properties reached RMB 8,850 million in the first half of 2024, down from RMB 16,062 million in the same period of 2023[4]. - The total area of properties sold but not yet delivered was 1,025,092 square meters as of June 30, 2024, with expected revenue of HKD 39,577 million to be recognized upon delivery[5]. - The total area delivered in the first half of 2024 was 438,051 square meters, compared to 543,253 square meters in the same period of 2023[5]. - Property development revenue for the six months ended June 30, 2024, was HKD 9,889,808, a decrease of 12.6% from HKD 11,320,244 in the same period of 2023[25]. - The average selling price of delivered properties increased by 9% to RMB 20,119 per square meter in the first half of 2024, compared to RMB 18,479 per square meter in the same period last year[43]. - The average selling price for property contract sales decreased by approximately 24% to RMB 26,955 per square meter in the first half of 2024, down from RMB 35,576 per square meter in the same period last year[44]. - Property development contributed HKD 9,890 million in revenue, accounting for 72% of total sales, while commercial property investment generated HKD 2,252 million, representing 16%[52]. Market Conditions - The Chinese economy showed a GDP growth of 5.0% year-on-year in the first half of 2024, indicating resilience amid global economic challenges[3]. - The real estate market is experiencing a weak recovery, with ongoing challenges related to debt and buyer confidence[3]. - The real estate market is expected to enter a bottoming phase in the second half of the year, with a moderate recovery anticipated[6]. Financial Position - Total equity attributable to shareholders increased to HKD 95,847,477 thousand as of June 30, 2024, compared to HKD 95,358,213 thousand as of December 31, 2023, reflecting a growth of 0.51%[11]. - Total liabilities decreased slightly to HKD 186,939,900 thousand as of June 30, 2024, from HKD 187,709,286 thousand as of December 31, 2023, indicating a reduction of 0.41%[11]. - Total assets amounted to HKD 287,525,545 thousand as of June 30, 2024, down from HKD 288,694,135 thousand as of December 31, 2023, representing a decline of 0.41%[11]. - Current liabilities totaled HKD 111,876,664 thousand as of June 30, 2024, compared to HKD 120,838,785 thousand as of December 31, 2023, showing a decrease of 7.41%[11]. - The current ratio improved to 1.56 from 1.43 as of December 31, 2023, with net cash and bank balances reaching HKD 21,696 million[54]. - Total borrowings from banks and financial institutions increased by 7% to HKD 79,104 million, compared to HKD 74,199 million at the end of 2023[54]. Operational Strategy - The company is focusing on a dual-engine development model of light and heavy asset management to enhance operational efficiency[3]. - The company plans to enhance its operational standards by focusing on layout planning, brand resource accumulation, and market reputation recognition[6]. - The company aims to strengthen its core competitiveness while ensuring financial safety and improving profitability[6]. - The company will continue to adapt to market dynamics and seize opportunities from national policy implementation and urban high-quality development[6]. - The company plans to focus on market expansion and new product development to drive future growth[19]. Governance and Compliance - The company adhered to the corporate governance code as per the listing rules, except for the absence of the chairman at the annual general meeting[63]. - The audit committee, consisting of three independent non-executive directors, reviewed the group's accounting principles and discussed risk management and internal controls[65]. - The interim results for the six months ending June 30, 2024, were reviewed by the audit committee[65]. - The company confirmed that its public float met the required level as per the listing rules during the period[66]. - The board of directors consists of eight members, including five executive directors and three independent non-executive directors[66].
合生创展集团(00754) - 2024 - 中期业绩