Financial Performance - For the six months ended June 30, 2024, revenue decreased to RMB 6,331 million, down 23.1% from RMB 8,233 million in 2023[5] - Gross profit for the same period was RMB 858 million, a decline of 45.9% compared to RMB 1,584 million in 2023[5] - The company reported a loss for the period of RMB 500 million, compared to a profit of RMB 33 million in the previous year, marking a significant change of RMB 533 million[5] - Total revenue recorded was approximately RMB 6,331,000,000, which is a decrease of approximately 23% from the same period last year[12] - Loss attributable to owners of the Company for the period was approximately RMB 483,000,000, representing a year-on-year increase of approximately 689%[12] - Basic loss per share was RMB (0.17) for the six months ended June 30, 2024, compared to earnings of RMB 0.03 in 2023[83] - The company reported a loss for the period of RMB 500,366 for the first half of 2024, compared to a profit of RMB 33,498 in 2023[96] Revenue Breakdown - Revenue from property sales, the core business, was approximately RMB 5,806 million in 1H2024, accounting for about 92% of total revenue, representing a year-on-year decrease of approximately 25%[36] - Property sales amounted to RMB 5,805,610 thousand, down 25.5% from RMB 7,790,022 thousand in 2023[7] - Revenue from hotel and related services was RMB 38,454 for the first half of 2024, compared to RMB 20,631 in the same period of 2023[95] - The property management and other services segment generated RMB 358,577 in the first half of 2024, down from RMB 323,935 in the prior year[95] - Lease of properties revenue rose to RMB 127,952 thousand, up 30.3% from RMB 98,194 thousand in 2023[7] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 124,030 million, down from RMB 128,236 million at the end of 2023, a decrease of 3.3%[6] - Total liabilities decreased to RMB 105,159 million from RMB 108,178 million, reflecting a reduction of 2.0%[6] - The Group's total equity was approximately RMB 18,871 million, down from RMB 20,058 million as of December 31, 2023, representing a decrease of about 5.9%[45] - The net gearing ratio was approximately 66% as of June 30, 2024, compared to 58% as of December 31, 2023, indicating an increase in financial leverage[45] - Total cash and cash equivalents, including restricted cash, were approximately RMB 1,883 million, while total borrowings amounted to approximately RMB 14,355 million[45] Market Outlook - The real estate market in China is expected to stabilize and recover due to relaxed policies and increased support for affordable housing construction[9] - The real estate market is expected to stabilize with the implementation of favorable policies, despite short-term uncertainties[10] Operational Strategies - The Company focused on optimizing supply chain collaboration and enhancing market confidence to ensure construction progress and high-quality delivery[18] - Greenland HK has adopted a dual driving force strategy of "real estate + commerce," focusing on creating benchmark commercial projects in various regions[25] - The Group's strategy includes a "2+2" innovative service model to enhance brand influence and market competitiveness[32] - The Group plans to adjust sales and pre-sale activities to better respond to market needs and achieve budgeted sales volumes[90] Employee and Governance - The Group employed a total of 2,543 employees as of June 30, 2024, with 1,029 employees in the property development business[53] - The company complied with the corporate governance code provisions except for C.2.1 and F.2.2 during the six-month period ended June 30, 2024[66] - All directors confirmed compliance with the Model Code for securities transactions during the six months ended June 30, 2024[66] Financial Management - The Group's treasury policy aims to enhance control over treasury functions and lower capital costs, with a focus on monitoring interest rate risks[45] - The Group is actively negotiating with banks to extend the repayment schedule of interest-bearing loans and secure new financing sources[90] - The Group has adopted several plans to alleviate liquidity pressures, including continuous communication with key contractors and suppliers for payment arrangements[90] Shareholder Information - The total issued share capital of the Company as of June 30, 2024, is 2,791,884,683 Shares[58] - Mr. WANG Weixian is deemed to be interested in 38,804,571 Shares held by Prestige Glory Enterprises Limited, which he beneficially owns[58] - As of June 30, 2024, Gluon Xima International Limited holds 1,650,244,409 shares, representing approximately 59.11% of the company's issued shares[63] Cash Flow and Financing - Net cash used in operating activities for the six months ended June 30, 2024, was RMB (960,173) thousand, compared to RMB (203,910) thousand in 2023, indicating a significant increase in cash outflow[88] - The Group's net cash used in financing activities was RMB (510,777) thousand for the six months ended June 30, 2024, a decrease from RMB (962,016) thousand in 2023[88] - The Group's cash and cash equivalents decreased by RMB 740,894 thousand for the six months ended June 30, 2024, compared to a decrease of RMB 1,273,478 thousand in 2023[88]
绿地香港(00337) - 2024 - 中期财报