Financial Performance - The company's unaudited consolidated revenue for the six months ended June 30, 2024, decreased by approximately 30.8% to RMB 3,815.4 million, compared to RMB 5,511.2 million for the same period in 2023[7]. - The profit attributable to equity holders of the company for the six months ended June 30, 2024, was approximately RMB 6.7 million, a decrease of about 98.1% from RMB 343.8 million in the same period of 2023[8]. - The basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 0.1, down 98.2% from RMB 5.6 in the same period of 2023[8]. - The group's revenue for the six months ended June 30, 2024, was approximately RMB 3.8154 billion, a decrease of about 30.8% compared to RMB 5.5112 billion for the same period in 2023[57]. - Operating profit for the same period was RMB 384,373 thousand, down 52.5% from RMB 809,213 thousand in the previous year[83]. - Net profit for the period was RMB 34,978 thousand, a significant decline of 88.7% compared to RMB 308,361 thousand in the prior year[84]. - Total comprehensive income for the period was RMB 42,796 thousand, down from RMB 312,285 thousand in the same period last year[84]. - The operating profit margin decreased to 10.1% for the six months ended June 30, 2024, from 14.7% for the same period in 2023[59]. - The net profit margin fell to 0.9% for the six months ended June 30, 2024, compared to 5.6% for the same period in 2023[59]. Sales and Marketing - The group achieved a contracted sales amount of approximately RMB 1.7188 billion for the six months ended June 30, 2024, down 57.3% from RMB 4.008 billion in the same period of 2023[12]. - The average selling price per square meter for confirmed sales decreased by 1.9% to RMB 6,146.1 compared to RMB 6,267.1 in the same period of 2023[11]. - The average selling price for contracted sales during the review period decreased by 9.2% to RMB 6,385.0 per square meter from RMB 7,030.0 per square meter in the same period of 2023[12]. Property Development - The total gross floor area delivered to buyers decreased from 805,529.7 square meters in the six months ended June 30, 2023, to 551,939.1 square meters in the same period of 2024[10]. - The total area of presold properties not yet delivered to buyers was 806,053 square meters as of June 30, 2024, down from 1,063,351 square meters as of December 31, 2023[13]. - The group's land reserves decreased by 2.8% to approximately 17.2 million square meters as of June 30, 2024, compared to 17.7 million square meters as of December 31, 2023[14]. - The group has a total of 132 projects in its land reserve, with 49 completed projects covering 3.5 million square meters, 64 projects under development covering 11.0 million square meters, and 19 future development projects covering 2.7 million square meters[15]. Financial Position - As of June 30, 2024, the group's cash and cash equivalents (excluding restricted cash) totaled approximately RMB 1.2185 billion, down from RMB 1.7792 billion as of December 31, 2023[58]. - The group's total liabilities to total assets ratio increased to 72.1% as of June 30, 2024, compared to 71.5% as of June 30, 2023[59]. - The group's capital commitments amounted to approximately RMB 17.345 billion as of June 30, 2024, down from RMB 18.2466 billion as of December 31, 2023[61]. - Contingent liabilities were approximately RMB 4.8973 billion as of June 30, 2024, compared to RMB 6.9627 billion as of December 31, 2023[62]. - The total assets amounted to RMB 66,946,009 thousand, down from RMB 70,667,754 thousand at the end of 2023[86]. - The company's equity attributable to shareholders was RMB 18,661,333 thousand, down from RMB 19,015,437 thousand at the end of 2023[86]. Expenses and Costs - Sales and marketing costs for the six months ended June 30, 2024, were approximately RMB 226.6 million, a decrease of 28.8% from RMB 318.5 million in the same period of 2023[10]. - General and administrative expenses for the six months ended June 30, 2024, were approximately RMB 308.5 million, a slight decrease of 1.1% from RMB 305.3 million in the same period of 2023[10]. - The total unaudited employee costs for the six months ended June 30, 2024, amounted to approximately RMB 151.9 million, a decrease of 12.9% compared to RMB 174.4 million in the same period of 2023[72]. - The company reported a significant decrease in the property management fee income, which was RMB 99,511 thousand compared to RMB 84,509 thousand in the previous year[103]. Dividends and Shareholder Returns - The board of directors does not recommend the payment of any interim dividend for the six months ended June 30, 2024[8]. - The board considers various factors, including financial performance and future capital needs, when deciding on dividend declarations[74]. - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[127]. Project Completion and Future Developments - The company has ongoing projects with 90% completion in various locations, including a commercial project in Huai'an with a saleable area of 169,569 square meters[30]. - The company is focusing on residential and commercial developments, with a total of 1,200,000 square meters planned for future projects[30]. - The company has new projects planned for completion by December 2025, including a residential/commercial project in Jiangsu with a land area of 292,487 square meters[30]. - The company is actively pursuing new strategies for market expansion and product development, aiming for a diversified portfolio in the real estate sector[30]. Compliance and Governance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange listing rules throughout the six months ended June 30, 2024[78]. - The board approved and authorized the publication of the condensed consolidated interim financial statements on August 30, 2024[135].
明发集团(00846) - 2024 - 中期财报