Financial Performance - The Group's revenue for the six months ended June 30, 2024, was RMB 9,282.9 million, an increase of approximately 127.6% compared to the same period in 2023[5]. - Gross profit for the same period was approximately RMB 1,830.0 million, representing an increase of approximately 161.7% year-on-year[5]. - The unaudited profit was RMB 117.9 million, a decrease of approximately 24.5% compared to the corresponding period of 2023[5]. - Revenue from property sales amounted to approximately RMB 8,920.8 million, an increase of approximately 145.9% from RMB 3,627.8 million in the corresponding period of 2023[36]. - The profit for the period was approximately RMB 117.9 million, a decrease of approximately 24.5% from RMB 156.1 million in the corresponding period of 2023[30]. - Total comprehensive income for the period was RMB 142,611, down from RMB 221,063 in the same period last year[99]. - The profit attributable to owners of the Company was approximately RMB 62.5 million, down approximately 68.2% from RMB 196.6 million in 2023[53]. - Basic and diluted earnings per share attributable to equity holders of the parent decreased to RMB 1.11 cents from RMB 3.49 cents in 2023[97]. Sales and Contracted Projects - Contracted sales during the period were approximately RMB 2,875.0 million, a decrease of approximately 61.4% year-on-year, while recognized sales were approximately RMB 8,920.8 million, an increase of approximately 145.9%[10]. - The average sales price per square meter was approximately RMB 21,528.0, reflecting an increase of approximately 3.9% compared to the same period last year[10]. - The Group's recognized GFA sold during the review period was approximately 414,373 sq.m., with a total amount of approximately RMB 8,920.8 million[63]. - The total recognized sales from the Group's projects during the period included significant contributions from various projects, reflecting strong market demand[63]. Financial Position - As of June 30, 2024, the Group had total cash of approximately RMB 1,913.6 million and a net gearing ratio of approximately 44.8%[13]. - The Group's total assets as of June 30, 2024, were approximately RMB 42,393.9 million, a decrease from approximately RMB 48,569.8 million as of December 31, 2023[68]. - The Group's current liabilities were approximately RMB 24,390.6 million as of June 30, 2024, down from approximately RMB 28,732.8 million as of December 31, 2023[68]. - The Group's interest-bearing bank and other borrowings amounted to approximately RMB 7,786.8 million as of June 30, 2024, compared to approximately RMB 8,486.2 million as of December 31, 2023[68]. - The net debt ratio of the Group was 0.45 as of June 30, 2024, compared to 0.43 as of December 31, 2023[76]. Operational Highlights - The Group had more than 40 projects on sale, primarily located in several cities in the Yangtze River Delta region[10]. - China New City Group demonstrated strong resilience in its commercial property operations, with hotel, shopping malls, and leasing segments showing varying degrees of development[15]. - The Group plans to deepen its cultivation in the Yangtze River Delta region and maintain competitiveness in the market[25]. - The Group aims to leverage digitalization to empower operations, reduce costs, and enhance corporate operational effectiveness[26]. Cost and Expenses - The cost of sales rose to approximately RMB 7,452.9 million, an increase of approximately 120.6% from RMB 3,378.9 million in the previous year[40]. - Administrative expenses decreased by approximately 25.7% to RMB 253.6 million from RMB 341.2 million in 2023[49]. - Selling and distribution expenses decreased to approximately RMB 117.1 million, a reduction of approximately 25.9% from RMB 158.1 million in 2023[43]. Market Outlook - The outlook for the real estate industry emphasizes the need for innovative and high-quality products to drive sustainable development[22]. - The real estate industry in China is expected to achieve steady and healthy development in the second half of 2024, driven by government policies and market dynamics[87]. - The Group's future outlook remains positive, supported by ongoing project developments and a robust sales pipeline[63]. Corporate Governance - The Group does not recommend the payment of any interim dividend for the period under review[5]. - The Board does not recommend the payment of an interim dividend for the period under review, consistent with the corresponding period in 2023, which also had no dividend[86]. - The interim financial information has been reviewed and is prepared in accordance with IAS 34, with no significant issues identified[95]. Shareholder Information - As of June 30, 2024, Mr. Shi Zhongan held 3,262,411,200 shares, representing approximately 57.89% of the total shares issued[189]. - The total number of shares issued by the company as of June 30, 2024, was 5,635,809,800[189]. - The total number of shares available for grant under the company's share option scheme is 581,039,080, which is 10% of the shares in issue as of the 2019 AGM[199][200].
众安集团(00672) - 2024 - 中期财报