Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 63,934,000, an increase of 242.5% compared to RMB 18,696,000 for the same period in 2023[3]. - Gross profit for the same period was RMB 8,176,000, up from RMB 6,212,000, reflecting a gross margin improvement[3]. - The company recorded a net loss of RMB 3,814,000 for the six months ended June 30, 2024, compared to a net loss of RMB 3,396,000 in the prior year[3]. - The basic and diluted loss per share for the period was RMB 0.07, compared to RMB 0.06 in the previous year[5]. - The total comprehensive income for the period was RMB 784,189,000, a decrease from RMB 793,055,000 in the previous year, representing a decline of approximately 1%[12]. - The company reported a cash and cash equivalents balance of RMB 119,100,000 at the end of June 30, 2024, down from RMB 156,584,000 at the end of June 30, 2023, indicating a decrease of 24%[15]. - The company reported other income of RMB 1,796,000, an increase from RMB 1,440,000 in the same period last year[3]. - The total loss for the period attributable to owners of the company was RMB 3,830,000, compared to RMB 3,348,000 in 2023, reflecting an increase in losses of 14.39%[33]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,038,401,000, a slight decrease from RMB 1,109,829,000 as of December 31, 2023[8]. - The company's total liabilities decreased to RMB 332,253,000 from RMB 378,523,000, indicating improved financial stability[8]. - The total equity attributable to the owners of the company was RMB 784,189,000, down from RMB 788,061,000 at the end of 2023[9]. - The company’s total liabilities decreased to RMB 233,449,000 as of June 30, 2024, compared to RMB 237,474,000 in the previous year, showing a reduction of approximately 1%[12]. - The total amount of properties under development, in development, and for sale is RMB 843,068,000 as of June 30, 2024, compared to RMB 880,792,000 as of December 31, 2023[42]. - The total receivables, deposits, and prepayments amount to RMB 14,836,000 as of June 30, 2024, down from RMB 15,382,000 as of December 31, 2023[43]. - Trade payables increased to RMB 3,278,000 as of June 30, 2024, compared to RMB 2,242,000 as of June 30, 2023[46]. - Contract liabilities from pre-sale proceeds amount to RMB 81,757,000 as of June 30, 2024, down from RMB 110,770,000 as of December 31, 2023[49]. Market and Business Strategy - The company is focused on property development, with revenue derived from the sale of properties, highlighting its core business strategy[20]. - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[12]. - The company continues to explore strategic acquisitions to enhance its market position and operational capabilities[12]. - The company plans to continue focusing on high-quality property development in urban areas with strong housing demand amid ongoing urbanization in China[66]. - The company expects the real estate industry to remain challenging in the second half of 2024, but anticipates supportive government policies to stabilize the property market[66]. Investment Properties - The fair value loss on investment properties was RMB 1,838,000, compared to a loss of RMB 1,420,000 in the previous year[3]. - The fair value of investment properties as of June 30, 2024, was RMB 81,089,000, down from RMB 87,065,000 at the end of 2023, a decrease of 6.78%[36]. - The fair value of investment properties located in Quanzhou, Fujian, is RMB 11,100,000, reflecting a slight increase in the capitalization rate from 4.8% in 2023 to 5.0% in 2024[40]. - The fair value of investment properties in Jiangsu Province is RMB 5,760,000, with recent market transaction prices for parking spaces ranging from RMB 40,000 to RMB 100,000[40]. Cash Flow and Expenses - The net cash used in operating activities for the six months ended June 30, 2024, was RMB 7,679,000, compared to RMB 23,175,000 used in the same period in 2023, indicating improved cash flow management[15]. - Employee costs for the six months ended June 30, 2024, amounted to RMB 4,079,000, up from RMB 3,884,000 in the previous year[74]. - The current tax expense for corporate income tax was RMB 1,021,000, down from RMB 1,656,000 in the previous year, a decrease of 38.49%[25]. Share Capital and Dividends - As of June 30, 2024, the company has issued 100,000,000 shares with a total share capital of HKD 500,000 (approximately RMB 435,951,000)[54]. - The company did not declare or propose any dividends for the six months ended June 30, 2024, consistent with the previous year[32]. - The company’s total issued share capital as of June 30, 2024, reflects a stable capital structure with no preferential rights attached to the shares[54]. Related Party Transactions - The company recorded a related party transaction with Fujian Detai Property Management Co., Ltd., paying RMB 245,000 for property management services in the first half of 2024, down from RMB 366,000 in the same period of 2023[56]. - The company has a non-trade payable to Shishi Qixin Trading Co., Ltd. of RMB 122,354,000 as of June 30, 2024, slightly up from RMB 122,274,000 as of December 31, 2023[59]. Audit and Compliance - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024[85]. - The company has not recognized or disclosed deferred tax assets and liabilities related to pillar two income tax due to the application of temporary exceptions under Hong Kong accounting standards[28]. - The company has not engaged in any significant acquisitions or disposals of subsidiaries, joint ventures, or associated companies during the reporting period[72].
建德国际控股(00865) - 2024 - 中期财报