Financial Performance - For the first half of 2024, the company reported revenue of RMB 21.852 billion, a decrease of 19.6% year-on-year[10]. - Profit attributable to the company's owners was RMB 885 million, down 48.5% compared to the previous year[10]. - Basic earnings per share were RMB 0.249[10]. - Gross profit for the first half of 2024 decreased by 52.5% to RMB 2.108 billion, compared to RMB 4.435 billion in the same period of 2023, resulting in a gross margin of approximately 9.6%[25]. - Operating profit for the first half of 2024 was RMB 1.319 billion, a decline of 59.7% from RMB 3.273 billion in the same period of 2023[26]. - The company's net profit attributable to shareholders for the first half of 2024 was RMB 0.885 billion, down 48.5% from RMB 1.719 billion in the same period of 2023[28]. - The total comprehensive income for the period was RMB 623.83 million, compared to RMB 1.45 billion in the previous year, a decrease of approximately 56.9%[58]. - The income tax expense for the six months ended June 30, 2024, was RMB 495,263,000, a decrease of 60.2% from RMB 1,243,561,000 in the same period of 2023[84]. - The basic earnings per share for the period was RMB 24.9, down from RMB 48.3 in the same period of 2023, reflecting a decline of approximately 48.7%[56]. Sales and Market Conditions - The overall sales amount of residential properties in 100 major cities in China was RMB 2.09 trillion, a year-on-year decline of 38.7%[11]. - The sales area for residential properties was 101 million square meters, down 39.9% year-on-year[11]. - The average selling price of residential properties was RMB 20,600 per square meter, an increase of 3.5% compared to the end of last year[11]. - In the first half of 2024, the company's contracted sales amounted to RMB 19.017 billion, a year-on-year decrease of 26.7%, with a contracted sales area of 1,656,200 square meters, down 22.8%[15]. - The average selling price of residential properties was approximately RMB 12,500 per square meter, reflecting a year-on-year decline of 3.8%[15]. - The company continues to focus on developing properties in second and third-tier cities in mainland China to meet varying housing demands[31]. Operational Highlights - The company achieved a sales collection of RMB 17.216 billion during the review period, with cash reserves reaching RMB 25.209 billion, and the net debt ratio decreased from 46.0% to 44.5%[18]. - The company delivered approximately 3,224,500 square meters of properties, with a customer satisfaction rate of 91%[16]. - The company acquired three quality projects, adding a total of 246,900 square meters of land reserve at a cost of RMB 1.385 billion[16]. - The company’s commercial property rental rate reached 90% for key projects, with a record foot traffic of nearly 100,000 in just two days of operation[15]. - The company ranked 20th in the industry according to CRIC data, improving by 11 positions compared to the first half of 2023[15]. Financial Position and Debt Management - The company maintained a strict control over expenses, with selling and distribution expenses reduced to RMB 0.602 billion from RMB 0.829 billion in the same period of 2023[26]. - The company’s weighted average financing cost was maintained at a low level of 4.3% during the first half of 2024[18]. - The net debt-to-equity ratio was recorded at 44.5%, down from 46.0% at the end of 2023, indicating a healthy financial position[49]. - The total borrowings, including guaranteed notes and corporate bonds, amounted to RMB 42.126 billion, a reduction of RMB 1.438 billion from the end of last year[47]. - The company maintained a current ratio of 1.9 as of June 30, 2024, compared to 1.8 at the end of 2023, reflecting strong liquidity[49]. - The company has not engaged in any hedging or speculative financial instruments during the period[50]. Investment and Capital Expenditure - The group’s capital expenditure for the period amounted to approximately RMB 0.35 billion, an increase from RMB 0.17 billion in the same period of 2023[53]. - The company has launched five major products under its digital carbon management system, promoting low-carbon development in the industry[19]. - The company has completed approximately 3,224,500 square meters of construction projects, with about 74% sold before the end of the reporting period[35]. Shareholder and Governance Matters - The company declared an interim dividend of HKD 0.03 per share for the six months ended June 30, 2024[10]. - The interim dividend declared for the six months ended June 30, 2024, is HKD 0.03 per share, down from HKD 0.05 per share in 2023, indicating a decrease of 40%[123]. - The company has adhered to the corporate governance principles outlined in the listing rules and has maintained transparency and accountability to shareholders[141]. - The audit committee has reviewed the unaudited interim report for the six months ending June 30, 2024, discussing key audit and internal control matters with management[146].
中国海外宏洋集团(00081) - 2024 - 中期财报