Financial Performance - For the six months ended June 30, 2024, revenue decreased by approximately 32.7% to approximately RMB 429.7 million, compared to RMB 638.5 million for the same period in 2023[1]. - Total sales for the same period decreased by approximately 50.9% to approximately RMB 276.1 million, down from RMB 562.7 million in 2023[1]. - The loss for the period was approximately RMB 507.7 million, compared to a loss of RMB 518.9 million in the same period of 2023, primarily due to gross losses in property sales and foreign exchange losses of approximately RMB 32.4 million[1]. - Basic and diluted loss per share for the period was RMB 0.312, compared to RMB 0.285 in the same period of 2023[3]. - The company reported a pre-tax loss of RMB (531,230,000) for the six months ended June 30, 2024, compared to RMB (484,860,000) in the same period of 2023[22]. - The net loss for the six months ended June 30, 2024, was approximately RMB 507.7 million, slightly improved from a net loss of approximately RMB 518.9 million in the same period of 2023[54]. Assets and Liabilities - As of June 30, 2024, total equity amounted to approximately RMB 460.1 million, down from RMB 966.8 million as of December 31, 2023, with a net asset value per share of approximately RMB 0.26[1]. - The group held cash and bank deposits totaling approximately RMB 339.7 million as of June 30, 2024, compared to RMB 586.3 million as of December 31, 2023[1]. - Total investment properties were approximately RMB 3,883.8 million as of June 30, 2024, down from RMB 4,181.9 million as of December 31, 2023[1]. - The company's current liabilities amounted to approximately RMB 3,550,264,000, including bank loans of about RMB 594,769,000 and preferred notes of approximately RMB 3,325,383,000[9]. - The company's total liabilities as of June 30, 2024, were approximately RMB 1,147,579,000, down from RMB 1,250,816,000 as of December 31, 2023[6]. - The company has a significant amount of cross-defaulted bank loans totaling approximately RMB 2,287,787,000, which are secured by assets valued at about RMB 460,265,000[10]. Cash Flow and Financing - The net cash and cash equivalents decreased to RMB 137.4 million as of June 30, 2024, from RMB 209.3 million as of December 31, 2023[5]. - The group recorded a net loss of approximately RMB 49.9 million in other income, expenses, gains, and losses, an improvement from a net loss of RMB 126.6 million in the same period last year[49]. - Financing costs decreased from approximately RMB 162.1 million for the six months ended June 30, 2023, to approximately RMB 138.2 million for the same period in 2024, attributed to reduced interest expenses on bank loans[52]. - The average borrowing cost for the six months ended June 30, 2024, was approximately 9.3%, compared to 9.7% for the same period in 2023[57]. - The net debt-to-equity ratio as of June 30, 2024, was approximately 840.8%, up from 387.3% as of December 31, 2023[58]. - The debt-to-asset ratio was approximately 91.2% as of June 30, 2024, compared to 86.0% as of December 31, 2023[58]. Revenue Breakdown - Revenue from property development was RMB 293,467,000, down from RMB 501,002,000 year-on-year[17]. - Revenue from hotel operations decreased to RMB 48,449,000 from RMB 54,002,000 in the previous year[17]. - Revenue from property leasing increased by approximately 5.2% to RMB 87.8 million for the six months ended June 30, 2024, compared to RMB 83.5 million for the same period in 2023[43]. - The group's sales cost decreased by approximately 50.9% to RMB 355.1 million for the six months ended June 30, 2024, due to a reduction in sales costs associated with property development[45]. Operational Challenges - The group is facing increasing difficulties due to volatility in the real estate industry, which may weaken its ability to generate sufficient cash flow to meet financing obligations[11]. - The group did not acquire any new land or invest in new joint ventures during the first half of 2024, maintaining a cautious approach due to economic downturn[35]. - The group plans to expand small-scale operations, increase agency projects, and seek suitable light asset management projects and hotel business expansions in response to economic challenges[40]. - The group aims to maintain competitiveness through careful financial management and timely delivery of properties amid ongoing market challenges[40]. Corporate Governance - The audit committee reviewed the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2024, and discussed risk management and internal controls with management[65]. - The company has established a Compensation Committee consisting of two independent non-executive directors and one executive director to oversee compensation policies and performance evaluations[66]. - The Nomination Committee is composed of two independent non-executive directors and one executive director, responsible for reviewing the board's structure and recommending candidates for directorship[67]. - The company has adopted the standard code for securities trading by directors as per the listing rules, confirming compliance by all directors during the review period[68].
金轮天地控股(01232) - 2024 - 中期业绩