Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 60.71 million, a decrease of 68% compared to RMB 188.35 million in the same period of 2023[1] - Gross loss for the period was RMB 63.78 million, improving by 50% from a gross loss of RMB 127.01 million in the previous year[1] - Loss before tax increased by 24% to RMB 332.42 million from RMB 268.87 million year-on-year[1] - Net loss for the period was RMB 312.01 million, a 12% increase from RMB 277.37 million in the same period last year[1] - Basic loss per share was RMB 21.29, a significant increase of 842% compared to RMB 2.26 in the previous year[1] - The total comprehensive loss for the period was RMB 317.20 million, compared to RMB 342.84 million in the same period last year[3] - The group recorded a net loss of approximately RMB 312 million for the period ending June 30, 2024, with total losses attributable to shareholders amounting to RMB 1.32 billion[7] - The group reported a net loss of RMB (302,399,000) for the six months ended June 30, 2024, compared to a net loss of RMB (256,813,000) for the same period in 2023[26] Assets and Liabilities - Non-current assets totaled RMB 619.60 million as of June 30, 2024, slightly down from RMB 620.90 million at the end of 2023[4] - Current assets decreased to RMB 5,775.36 million from RMB 6,023.99 million at the end of 2023[4] - Current liabilities increased to RMB 7,291.38 million from RMB 7,190.66 million at the end of 2023[5] - The company reported a net current liability of RMB (1,516.02) million, worsening from RMB (1,166.67) million in the previous year[5] - As of June 30, 2024, total assets amounted to RMB 6,644,890,000, with segment assets of RMB 3,830,384,000 in property development and RMB 593,528,000 in property investment[16] - The group incurred a total liability of RMB 7,457,926,000 as of June 30, 2024, with segment liabilities of RMB 924,917,000 in property development and RMB 248,000 in property investment[17] Borrowings and Financing - As of June 30, 2024, the group's total borrowings were approximately RMB 1.66 billion, with RMB 1.61 billion secured against various properties[7] - The group has defaulted on borrowings totaling approximately RMB 1.79 billion, which includes RMB 1.61 billion in principal and RMB 1.18 billion in related interest[7] - The group is in discussions with lenders regarding the restructuring of existing borrowings and obtaining new financing sources[8] - The company reported a loss of approximately RMB 4,315,000 from the sale of its subsidiary, Hunan Asia-Pacific, which was completed on May 23, 2024, for a cash consideration of RMB 500,000[38] - The company had total borrowings of RMB 1,658,187,000, consistent with the previous period[35] Cash Flow and Expenses - The group has implemented measures to control administrative costs and capital expenditures to improve cash flow[8] - As of June 30, 2024, the group had approximately RMB 50 million in unrestricted cash and cash equivalents[7] - Financing costs for the six months ended June 30, 2024, were RMB 185,365,000, a decrease from RMB 197,612,000 in the previous year[20] - The group recognized impairment losses of RMB 51,889,000 related to receivables from a former subsidiary and non-controlling interests[19] - The company reported a decrease in selling and distribution expenses to approximately RMB 2.8 million, down from RMB 13.0 million in the previous period, with a cost-to-revenue ratio of 4.55%[47] Revenue Sources - Total revenue for the six months ending June 30, 2024, was RMB 60.71 million, with RMB 60.30 million from the sale of completed properties[13] - Property sales revenue for the six months ended June 30, 2024, was approximately RMB 60.3 million, a significant decrease of 68.0% compared to RMB 188.4 million in the previous period[45] - Rental income during the same period was RMB 417,000, compared to zero in the previous period, primarily from commercial investment properties in Changsha[46] Market Outlook and Strategic Initiatives - The group is actively seeking potential investors for property development projects and investment properties to alleviate liquidity pressure[8] - The group plans to actively seek collaboration opportunities with Japanese companies to enhance profitability through mergers and acquisitions[50] - The group is optimistic about the recovery of the Chinese real estate market in 2024, driven by improving economic conditions and favorable policies[51] Other Financial Information - The group did not declare or recommend any dividends for the six months ended June 30, 2024[24] - The company did not declare an interim dividend for the period, consistent with the previous period[51] - The income tax credit for the period was approximately RMB 20.4 million, compared to an income tax expense of RMB 8.5 million in the previous period, mainly due to the recognition of excess provisions for land appreciation tax[49] - The average number of ordinary shares for basic loss per share calculation was 1,420,673,262 for the six months ended June 30, 2024[26] - The group held seven development and sale projects with a total construction area of approximately 418,909 square meters, of which the group's attributable area was about 285,672 square meters as of June 30, 2024[45] - The group has maintained the fair value of its investment property portfolio unchanged as of June 30, 2024[46]
福晟国际(00627) - 2024 - 中期业绩