Financial Performance - For the six months ended June 30, 2024, the contract sales amount reached RMB 2,121.0 million[2]. - The revenue for the same period was RMB 4,558.0 million, a decrease from RMB 7,025.0 million in 2023, representing a decline of approximately 35%[3]. - Gross profit for the six months was RMB 533.9 million, down from RMB 983.2 million in 2023, indicating a decrease of about 45.5%[3]. - The loss attributable to owners of the company was RMB 817.0 million, compared to a loss of RMB 250.4 million in the same period last year, reflecting a significant increase in losses[3]. - The company reported a net loss per share of RMB 0.80 for the period, compared to RMB 0.24 in the previous year[3]. - The group recorded a net loss of RMB 756,417,000 for the six months ended June 30, 2024[9]. - The total tax expense for the six months ended June 30, 2024, was RMB 320.1 million, compared to RMB 210.1 million for the same period in 2023[25]. - The company recorded a loss of approximately RMB 756.4 million for the six months ended June 30, 2024, compared to a loss of RMB 93.6 million for the same period in 2023[62]. Assets and Liabilities - Cash and bank balances as of June 30, 2024, amounted to RMB 1,803.3 million[2]. - Total current liabilities increased to RMB 25,043.4 million from RMB 28,809.3 million in the previous year[6]. - Non-current assets decreased to RMB 4,702.8 million from RMB 5,167.1 million as of December 31, 2023[5]. - The net assets attributable to the owners of the parent company decreased to RMB 1,494.0 million from RMB 2,269.1 million[6]. - Total assets as of June 30, 2024, amounted to RMB 29,142,584 thousand, a decrease from RMB 34,046,771 thousand as of December 31, 2023[17]. - The total liabilities as of June 30, 2024, were RMB 27,415,778 thousand, compared to RMB 31,411,888 thousand at the end of 2023, reflecting a reduction of 12.5%[17]. - Total debt as of June 30, 2024, was approximately RMB 5,485.0 million, a decrease from RMB 7,097.6 million as of December 31, 2023[66]. - The net capital debt ratio increased to approximately 2.13 times as of June 30, 2024, compared to 1.93 times as of December 31, 2023, primarily due to a decrease in net assets[69]. - As of June 30, 2024, the group's bank borrowings secured by assets amounted to approximately RMB 8,235.4 million, a decrease from RMB 12,349.9 million as of December 31, 2023[72]. - The total guarantees provided by the group for loans amounted to RMB 12,673.5 million as of June 30, 2024, down from RMB 16,723.5 million[74]. Revenue Breakdown - The property development segment generated revenue of RMB 4,494,114 thousand, down from RMB 6,943,802 thousand, reflecting a decline of 35.3%[15]. - The hotel operations segment reported a profit of RMB 19,527 thousand, compared to a profit of RMB 19,807 thousand in the previous year, indicating a slight decrease of 1.4%[15]. - The company recognized impairment losses of RMB 103,868 thousand for completed properties held for sale and development properties during the period[21]. - The company's recognized property sales revenue decreased by 35.3% to approximately RMB 4,486.7 million for the six months ended June 30, 2024, accounting for 98.4% of total revenue[34]. - The average confirmed selling price per square meter for the six months ending June 30, 2024, was RMB 7,385, down from RMB 7,427 in 2023, reflecting a decrease of 0.6%[37]. - Revenue from commercial property operations for the six months ending June 30, 2024, was approximately RMB 39.6 million, a decrease of 29.4% from RMB 56 million in the same period of 2023, mainly due to economic downturn impacts[39]. - The company's revenue decreased by 35.1% from approximately RMB 7,025.0 million for the six months ended June 30, 2023, to approximately RMB 4,558.0 million for the six months ended June 30, 2024, primarily due to a downturn in the real estate market[48]. Cost and Expenses - The cost of sales for the six months ended June 30, 2024, was RMB 4,105,741 thousand, down from RMB 6,025,046 thousand, representing a decrease of 31.9%[21]. - The company's cost of sales decreased by 33.4% from approximately RMB 6,041.8 million to approximately RMB 4,024.1 million, reflecting reduced revenue due to market downturn[53]. - Sales and promotion expenses decreased by 55.1% to approximately RMB 212.2 million for the six months ended June 30, 2024, down from RMB 472.9 million for the same period in 2023, primarily due to reduced sales[56]. - Administrative expenses decreased by 26.2% to approximately RMB 136.9 million for the six months ended June 30, 2024, compared to RMB 185.6 million for the same period in 2023, attributed to a reduction in staff from 490 to 340[57]. - Financing costs decreased by 32.7% to approximately RMB 97.6 million for the six months ended June 30, 2024, down from RMB 145.1 million for the same period in 2023, due to a reduction in financing balance[59]. Strategic Initiatives - The group plans to appoint financial advisors to assist in the overall restructuring of preferred notes to reach a consensus solution with stakeholders[10]. - The group is actively negotiating with existing lenders to seek extensions or defer repayments of bank and other borrowings[10]. - A business strategy plan has been developed to accelerate property sales[10]. - The group aims to recover outstanding sales proceeds more quickly and effectively control costs and expenses[10]. - The management believes that, considering the plans and measures, the group will have sufficient working capital to meet its financial obligations within the next twelve months[10]. - The company plans to focus on market expansion and new product development to improve future performance[15]. - The company is actively pursuing new projects and expansions to strengthen its market position and increase its land portfolio[42][43]. Corporate Governance - The board did not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with no dividend declared for the same period in 2023[82]. - The audit committee reviewed the group's unaudited interim results for the six months ended June 30, 2024, and agreed with the management on the financial reporting matters[85]. - The group has complied with the corporate governance code, except for the deviation regarding the separation of the roles of chairman and CEO[83]. - The interim report for the six months ending June 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website[86].
领地控股(06999) - 2024 - 中期业绩