Revenue and Sales Performance - Revenue for the six months ended June 30, 2024, was RMB 2,466.3 million, a decrease of 4.1% compared to RMB 2,570.6 million in the same period of 2023[7]. - Contracted sales value dropped to RMB 916.1 million, a decline of 62.8% from RMB 2,462.0 million in the same period of 2023[9]. - In the first half of 2024, Jingrui achieved a total contracted sales value of approximately RMB 916 million, representing a decrease of 62.8% compared to RMB 2.462 billion in the same period last year[23]. - For the six months ended June 30, 2024, the total contracted sales amount was approximately RMB 916 million, a decrease of 62.8% compared to RMB 2.462 billion in the same period last year[26]. - The contracted sales area fell to 57,130 square meters, down 57.9% from 135,565 square meters in the previous year[9]. - The average contracted selling price decreased by 11.7% to RMB 16,034 per square meter, down from RMB 18,161 per square meter[9]. - The total contracted sales area was approximately 57,130 square meters, with an average contracted sales price of RMB 16,034 per square meter[26]. - The contracted sales were primarily generated from Jiangsu Province (RMB 510.7 million, 55.7% of total sales) and municipalities directly under the Central Government (RMB 226.5 million, 24.7% of total sales) excluding car parks[46]. Profitability and Financial Performance - Gross profit increased significantly to RMB 140.2 million, representing a gross profit margin of 5.7%, up from 1.6% in the previous year[7][10]. - Core net loss attributable to equity holders was RMB 1,418.4 million, compared to RMB 1,363.9 million in the same period of 2023, reflecting an increase of 4.0%[7]. - The loss for the period was RMB 1,571.9 million for the six months ended June 30, 2024, compared to a loss of RMB 1,353.9 million in the corresponding period in 2023[94]. - The operating loss for the six months ended June 30, 2024, was RMB 1,157,186, compared to a loss of RMB 490,335 in the prior year, reflecting increased operational challenges[185]. - Total comprehensive loss for the period, net of tax, was RMB 1,594,446, compared to RMB 1,351,587 in the previous year, highlighting a significant increase in overall losses[186]. - The loss per share attributable to equity holders of the Company was RMB (0.96) for the six months ended June 30, 2024, compared to RMB (0.89) in the previous year[185]. Debt and Liquidity - The net debt-to-capital ratio increased to 677% as of June 30, 2024, compared to 386% at the end of 2023[10][12]. - The bondholders of RMB-denominated bonds due 2026 agreed to a gradual repayment plan starting from July 31, 2027, amid the company's liquidity challenges[25]. - As of June 30, 2024, the Group's borrowings amounted to RMB 16,937,916,000, with senior notes of RMB 9,754,293,000 overdue[194]. - The Group's cash at bank and on hand was only RMB 405,717,000, indicating significant liquidity concerns[181]. - The Group may face challenges in realizing cash from property sales and obtaining external financing due to a slowdown in the property market[194]. - The Group is actively negotiating with banks for the replacement and deferred repayment of certain borrowings[196]. - The Group has sufficient financial resources to support repayments of relevant loans under original repayment schedules, with ongoing discussions indicating lenders will not request immediate repayment[195]. Market Conditions and Strategic Focus - The company anticipates challenges in the second half of 2024 but remains focused on strategic adjustments to improve performance[14]. - The company is committed to enhancing its product offerings and exploring new market opportunities to drive future growth[14]. - The central government in 2024 aims to stabilize the real estate market and promote urban renewal, addressing risks prudently while supporting housing needs[19]. - The recovery of real estate sales data in the first half of 2024 was not as expected, indicating continued pressure on the operations of real estate enterprises[45]. - The Group's sales performance highlights the ongoing challenges in the real estate market, with significant year-on-year declines in both sales area and sales value[41]. Operational Adjustments and Cost Management - The company has focused on revitalizing inefficient and non-core assets to reduce debt and leverage, while enhancing product quality and core competitiveness[30][32]. - Employee costs for the six months ended June 30, 2024, amounted to RMB 128.1 million, down from RMB 184.1 million in the same period last year[67]. - Selling and marketing costs decreased by 22.9% to RMB 148.6 million for the six months ended June 30, 2024, down from RMB 192.8 million in the corresponding period last year[89]. - Administrative expenses increased by 30.7% to RMB 314.4 million for the six months ended June 30, 2024, compared to RMB 240.6 million in the same period of 2023[89]. - The company continues to focus on quality development and customer needs, aiming to enhance service offerings across various property types[64]. Corporate Governance and Shareholder Information - The Board has resolved not to declare any interim dividend for the six months ended 30 June 2024, consistent with the previous year[130]. - The Company has deviated from code provision C.2.1 of the Corporate Governance Code, as the roles of chairman and chief executive officer are held by the same individual, Mr. Yan Hao, since 30 March 2023[130]. - The Company has not appointed a new independent non-executive director at the AGMs held on 27 June 2023 and 18 June 2024, deviating from code provision B.2.4(b) of the Corporate Governance Code[132]. - The total number of shares issued as of June 30, 2024, is 1,538,813,213[175]. - Mr. Yan Hao holds 649,276,613 shares, representing 42.20% of the total shareholding[166]. Future Outlook and Strategic Plans - The company continues to focus on real estate development, property services, and asset management to navigate the current challenging market environment[37][40]. - The company plans to accelerate pre-sales and sales of properties under development and completed properties, responding to recent policy relaxations that stimulate demand[195]. - The company is monitoring its foreign currency exposure as it expands operations, although it currently does not have a foreign currency hedging policy[121].
景瑞控股(01862) - 2024 - 中期财报