Financial Performance - For the six months ended June 30, 2024, the Group recorded unaudited consolidated revenue of RMB170.4 million, a decrease of 58.8% compared to RMB413.2 million in the preceding period[2]. - Gross profit for the same period was RMB36.4 million, down 57.9% from RMB86.5 million, while the overall gross profit margin improved slightly to 21.3% from 20.9%[5]. - Loss attributable to owners of the Company increased to RMB 49.8 million from RMB 39.0 million in the preceding period[21]. - Loss for the period was RMB 49,845,000, compared to a loss of RMB 38,992,000 in the previous year, representing a 27.5% increase in losses[72]. - Total comprehensive loss for the period was RMB 49,623,000, an increase from RMB 39,414,000 in the same period last year[72]. - Basic and diluted loss per share for the period was 9.69 cents, compared to 7.58 cents in 2023[74]. - The reportable segment profit for property development was RMB 11,555,000, while property investment incurred a loss of RMB 15,718,000, resulting in a total reportable segment loss of RMB 2,579,000 for the period[93][94]. Revenue Sources - Subscription and contract sales for the Xintian Banshan project totaled approximately RMB85 million, a decline from RMB192 million in the preceding period, with a gross floor area of approximately 1,300 sqm[4]. - New subscription and contract sales for two projects totaled RMB18 million, down from RMB38 million in the preceding period[4]. - Rental income from the Talent Shoes Trading Center decreased to RMB6.8 million from RMB8.2 million in the preceding period, while property management fee income fell to RMB4.0 million from RMB4.9 million[5]. - The property management segment generated external revenue of RMB 6,622,000, while property investment generated RMB 4,193,000 in rental income[93][94]. Impairment and Losses - An impairment loss on interests in an associate of RMB22.3 million was recorded after finalizing various costs attributable to different parties[13]. - The Group recorded an impairment loss of RMB 22.3 million on interests in associates[14]. - A fair value deficit on investment properties of RMB 18.8 million was recorded, down from RMB 27.1 million in the preceding period[15]. - Provision for impairment losses of RMB 5.7 million was recorded for the logistics commercial project in Xuzhou, compared to RMB 32.8 million for the previous period[16]. - The impairment loss of interests in an associate was RMB 22,284,000, with no comparable figure in the previous year[104]. Assets and Liabilities - As of June 30, 2024, the Group's total assets were approximately RMB2,922.3 million, down from RMB3,148.7 million as of December 31, 2023[39]. - The Group's total liabilities were approximately RMB1,336.2 million, resulting in a gearing ratio of approximately 45.7% as of June 30, 2024, compared to 48.1% as of December 31, 2023[39]. - Bank borrowings amounted to RMB73.3 million as of June 30, 2024, a decrease from RMB123.3 million as of December 31, 2023[39]. - Current assets totaled RMB 2,291,941,000 as of June 30, 2024, down from RMB 2,395,552,000 at the end of 2023, reflecting a decrease of 4.33%[76]. - Total equity as of June 30, 2024, was RMB 1,586,038,000, a decrease of 3.02% from RMB 1,635,661,000 as of December 31, 2023[78]. Cash Flow and Financing - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 10,942,000, a significant decline of 95% compared to RMB 219,432,000 for the same period in 2023[80]. - The company reported a net cash generated from investing activities of RMB 49,528,000 for the first half of 2024, contrasting with a net cash used of RMB 30,336,000 in the same period of 2023[80]. - Finance costs decreased significantly to RMB 3.0 million from RMB 20.4 million in the preceding period due to early repayment of bank borrowings[17]. - The effective interest rate on the Group's bank loans as of June 30, 2024, is 4.5%, down from 4.75% as of December 31, 2023[129]. Share Capital and Dividends - The Board does not recommend any interim dividend for the six months ended June 30, 2024[52]. - The company underwent a capital reorganization on June 18, 2024, reducing the par value per issued share from HK$0.08 to HK$0.01 and subdividing unissued shares accordingly[132]. - As of June 30, 2024, the total number of issued and fully paid ordinary shares is 50,000,000,000, with a par value of HK$0.01 each[131]. Management and Governance - Talent Trend Holdings Limited holds 62.90% of the Company's issued share capital, with Mr. Zhang Gao Bin being the sole owner[50]. - The Group has maintained the prescribed public float under the Listing Rules as of the date of the report[58]. - The audit committee reviewed the unaudited condensed consolidated accounts for the six months ended June 30, 2024[68]. Market Conditions - The financing environment in Guangzhou remains challenging, with high inventory levels and declining property prices, particularly in second and third-tier cities[4]. - The Group continues to cautiously control costs and monitor market sentiment to promote destocking and seize cash return opportunities[22].
新天地产集团(00760) - 2024 - 中期财报