Cosmos(SZ:002133)2014-08-25 16:00Financial Performance - The company's operating revenue for the first half of 2014 was ¥262,308,370.10, a decrease of 69.08% compared to ¥848,393,305.68 in the same period last year[19]. - The net profit attributable to shareholders was ¥13,913,160.21, down 89.47% from ¥132,084,306.61 year-on-year[19]. - The net cash flow from operating activities improved to -¥43,709,286.75, a 94.14% increase compared to -¥745,646,554.90 in the previous year[19]. - The company's weighted average return on equity decreased to 0.70%, down 6.36% from 7.06% in the same period last year[19]. - The company achieved operating revenue of 262.31 million yuan, a decrease of 69.08% year-on-year, primarily due to a reduction in project area recognized during the reporting period[30]. - Operating costs amounted to 159.87 million yuan, down 70.08% year-on-year, also attributed to the decrease in project area recognized[31]. - The company reported a net profit attributable to shareholders of 13.91 million yuan, a decline of 89.47% year-on-year, with no projects completed for delivery in the first half of the year[35]. - The projected net profit for the period from January to September 2014 is expected to be between ¥22.45 million and ¥59.86 million, representing a decrease of 60% to 85% compared to ¥149.65 million in the same period of 2013[56]. - The net profit for the first half of 2014 was CNY 18,636,573.97, a decline of 87.9% compared to CNY 142,630,736.07 in the previous year[118]. - The net profit for the first half of 2014 was CNY 130,513,148.19, a decrease of 70% compared to CNY 435,052,526.52 in the same period of 2013[121]. Market Conditions - The real estate market showed signs of adjustment, with a 6.0% year-on-year decline in the sales area of commercial housing to 48,365 million square meters[27]. - The new construction area of residential buildings fell by 19.8% year-on-year to 56,674 million square meters in the first half of 2014[27]. - The company is facing significant risks due to macroeconomic policies and real estate market adjustments, which may impact project development and financial performance[8][9]. - The company anticipates a gradual recovery in housing demand following recent policy adjustments by local governments[28]. Project Development - New construction area initiated was 128,500 square meters, achieving 28.93% of the annual plan, with key projects located in Hangzhou and Zhoushan[35]. - The company has a total of 8 ongoing projects, with no new land reserves added during the reporting period[36]. - The company plans to expand into the environmental protection and health industries as a second business sector to reduce reliance on real estate development[29]. Financial Management - The company plans to not distribute cash dividends or issue bonus shares for the reporting period[7]. - Sales expenses increased by 16.46% year-on-year to 11.51 million yuan, driven by higher marketing investments for ongoing projects[31]. - Financial expenses rose by 33.78% year-on-year to 11.83 million yuan, mainly due to reduced interest income from financial support from joint ventures[31]. - The company’s cash and cash equivalents decreased by 14.20% to -305.58 million yuan, reflecting increased bank loan repayments compared to the previous year[32]. - The company reported a significant decrease in external investment, with an investment amount of ¥100 million in the current period, down 77.27% from ¥440 million in the same period last year[45]. Shareholder Information - The company approved a cash dividend of 0.8 yuan per 10 shares for the 2013 fiscal year, based on a total share capital of 598,320,000 shares[57]. - The company plans not to distribute cash dividends or issue bonus shares for the first half of 2014[59]. - The total number of common shareholders at the end of the reporting period is 42,130[98]. - The largest shareholder, Hangzhou Pinghai Investment Co., Ltd., holds 22.52% of shares, totaling 43,598,000 shares[98]. - The second-largest shareholder, Wang Heping, holds 12.25% of shares, totaling 73,280,152 shares[98]. Assets and Liabilities - The total assets at the end of the reporting period were ¥8,090,289,894.61, reflecting a slight increase of 0.95% from ¥8,014,440,268.80 at the end of the previous year[19]. - The company's total current assets at the end of the reporting period amount to ¥7,605,337,124.85, an increase from ¥7,536,669,864.44 at the beginning of the period[110]. - The total liabilities rose to CNY 1,867,184,479.35, an increase of 12.6% from CNY 1,657,998,662.47 at the start of the year[116]. - The equity attributable to shareholders decreased to CNY 1,728,848,214.37 from CNY 1,646,200,666.18, indicating a decline of 5.0%[116]. Corporate Governance - The company has not engaged in any major litigation or arbitration during the reporting period[64]. - There were no significant asset acquisitions or sales during the reporting period[67]. - The company has not implemented any stock incentive plans during the reporting period[71]. - The company has not conducted any related party transactions during the reporting period[72]. - The company has a non-operating related party debt with its controlling shareholder, totaling 80 million yuan at the end of the period[75]. Accounting Policies - The company prepares financial statements based on the going concern principle, adhering to the accounting standards issued by the Ministry of Finance and relevant regulations[143]. - The financial statements reflect the company's financial position, operating results, and cash flows accurately and completely[144]. - The company uses Renminbi as its functional currency for accounting[146]. - The company classifies financial instruments based on the purpose of acquiring financial assets and incurring financial liabilities, including trading financial assets or liabilities, held-to-maturity investments, receivables, available-for-sale financial assets, and other financial liabilities[159].