Financial Performance - Total operating revenue for the six months ended June 30, 2024, was approximately RMB 6,212 million, representing a year-on-year increase of 19.44%[2] - Net profit attributable to equity holders of the company was approximately RMB 959 million, while core profit was approximately RMB 1,050 million[2] - The company's profit for the six months ended June 30, 2024, was RMB 1,390,502 thousand, a decrease of 39.7% compared to RMB 2,304,373 thousand for the same period in 2023[8] - Total comprehensive income for the period was RMB 1,386,973 thousand, down 21.8% from RMB 1,773,450 thousand in the previous year[8] - The company's equity holders' share of total comprehensive income was RMB 956,870 thousand, compared to RMB 1,075,665 thousand in the same period last year, reflecting a decline of 11.0%[8] - The company reported a basic earnings per share of RMB 0.14 for the six months ended June 30, 2024, compared to RMB 0.20 for the same period in 2023[6] - The company reported a profit attributable to equity holders of RMB 959,244 thousand for the six months ended June 30, 2024, compared to RMB 1,431,155 thousand in 2023, reflecting a decline of 32.9%[36] - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 0.14, down from RMB 0.20 in the same period of 2023[36] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 358,493 million, a decrease from RMB 377,088 million as of December 31, 2023[5] - Current assets totaled RMB 200,717 million, down from RMB 218,982 million at the end of 2023[5] - The company's total liabilities decreased to RMB 269,141 million from RMB 286,579 million as of December 31, 2023[5] - Total assets as of June 30, 2024, amounted to RMB 358,493,549 thousand, a decrease of 2.4% compared to December 31, 2023[17] - Total liabilities as of June 30, 2024, were RMB 269,140,905 thousand, down by 2.4% from the previous period[17] - The net debt to equity ratio stood at 50.5%[2] - The net debt to equity ratio as of June 30, 2024, was 50.5%, an increase from 47.7% as of December 31, 2023[59] Revenue and Sales - Total revenue for the six months ended June 30, 2024, was RMB 34,003,339 thousand, showing a decrease of 0.03% compared to the previous period[16] - Revenue for the six months ended June 30, 2024, was RMB 34,003,339 thousand, down 20.1% from RMB 42,532,349 thousand for the same period in 2023[26] - The total revenue from property development for the first half of 2024 was approximately RMB 27,550 million, with a total delivered area of 3,186,784 square meters and an average selling price of RMB 8,645 per square meter[49] - The property sales revenue for the first half of 2024 was RMB 27,550 million, while commercial property management service income was RMB 3,181.1 million, up from RMB 2,134.7 million in 2023[52] Expenses and Costs - Total expenses for the six months ended June 30, 2024, amounted to RMB 30,510,968 thousand, a decrease of 21.5% compared to RMB 38,857,096 thousand for the same period in 2023[27] - Construction costs decreased to RMB 12,636,184 thousand from RMB 16,655,266 thousand, representing a reduction of 24.3%[27] - Employee costs fell to RMB 1,354,897 thousand, down 24.5% from RMB 1,795,599 thousand in the previous year[27] - Sales and marketing costs decreased by 2.0% to approximately RMB 1,646.1 million compared to RMB 1,680.0 million in the same period of 2023[54] - Administrative expenses decreased by 18.0% to approximately RMB 1,688.4 million from RMB 2,060.2 million in the same period of 2023[55] - The total income tax expense for the six months ended June 30, 2024, was RMB 944,044 thousand, a decrease of 34.9% from RMB 1,449,101 thousand in 2023[29] Financing and Debt - Average interest rate on bank loans, preferred notes, and corporate bonds was 6.02%[2] - The company reported total borrowings of RMB 47,768,951 thousand as of June 30, 2024, an increase of 6.5% from RMB 44,880,119 thousand as of December 31, 2023[23] - The company’s short-term borrowings with collateral were RMB 1,783,920 thousand as of June 30, 2024, a decrease of 22.5% from RMB 2,299,755 thousand as of December 31, 2023[23] - The company’s non-collateralized borrowings from banks and non-bank financial institutions were RMB 2,007,716 thousand as of June 30, 2024, a decrease of 9.1% from RMB 2,208,817 thousand as of December 31, 2023[23] Operational Highlights - In the first half of 2024, the company achieved contract sales of approximately RMB 23,554 million, with a total sales area of about 3.26 million square meters, resulting in an average contract sales price of approximately RMB 9,214 per square meter[41] - The company successfully delivered over 57,000 residential units in the first half of 2024 and ranked among the top six in terms of signed construction projects[38] - The commercial operation revenue for the first half of 2024 reached approximately RMB 6,212 million, with an occupancy rate of 97.24% across 201 operational and under-construction urban complexes[38] - As of June 30, 2024, the company had pre-sold but not delivered properties valued at approximately RMB 140,297 million, with a total construction area of about 19.16 million square meters[43] - The company has approximately 33.49 million square meters of land resources available for future residential sales as of June 30, 2024[44] Corporate Governance and Compliance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[10] - The company has not adopted any new accounting standards that would significantly impact its financial performance for the six months ended June 30, 2024[12] - The company has adopted the corporate governance code as per the listing rules and has complied with the governance standards as of June 30, 2024[70] - The audit committee, composed entirely of independent non-executive directors, reviewed the group's accounting principles and policies for the six-month period ending June 30, 2024[72] Employee and Workforce - As of June 30, 2024, the group employed 20,602 full-time employees in China and Hong Kong[66] - The group has established an annual review system to evaluate employee performance and determine salary increases or promotions[66]
新城发展(01030) - 2024 - 中期业绩