中骏集团控股(01966) - 2025 - 中期业绩

Financial Highlights This section presents the key financial performance indicators for the six months ended June 30, 2025 H1 2025 Financial Highlights | Metric | Amount (RMB) | | :--- | :--- | | Contracted Sales Amount | 3,743,289,000 RMB | | Revenue | 18,520,559,000 RMB | | Gross Profit Margin | 20.8% (Increased) | | Loss Attributable to Owners of the Parent | 3,479,512,000 RMB (Decreased) | Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This statement details the company's revenue, gross profit, and net loss for the six months ended June 30, 2025 H1 2025 Consolidated Statement of Profit or Loss Key Data | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 18,520,559 | 24,816,532 | -25.4% | | Cost of sales | (14,670,816) | (20,356,550) | -27.9% | | Gross profit | 3,849,743 | 4,459,982 | -13.7% | | Net fair value change of investment properties | (2,280,862) | (3,088,113) | -26.1% | | Loss before tax | (3,015,052) | (2,727,689) | +10.5% | | Loss for the period | (3,938,384) | (3,424,126) | +15.0% | | Loss Attributable to Owners of the Parent | (3,479,512) | (3,682,268) | -5.5% | | Basic loss per share | (82.4) cents | (87.2) cents | -5.5% | Interim Condensed Consolidated Statement of Financial Position This statement presents the company's assets, liabilities, and equity as of June 30, 2025 H1 2025 Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 35,133,971 | 37,923,422 | | Total current assets | 74,376,047 | 90,361,804 | | Total current liabilities | 91,341,085 | 104,018,008 | | Total non-current liabilities | 11,171,787 | 13,697,345 | | Net assets | 6,997,146 | 10,569,873 | | Equity attributable to owners of the parent | (1,438,053) | 1,696,028 | | Non-controlling interests | 8,435,199 | 8,873,845 | Notes to the Interim Condensed Consolidated Financial Statements This section details the interim financial statements' basis, accounting policies, and key financial items 1. Basis of Preparation This section outlines the basis of preparation for the interim condensed consolidated financial statements Going Concern Basis The group faces significant going concern uncertainties but management has a restructuring plan in place - As of June 30, 2025, the Group recorded loss attributable to owners of the parent of approximately RMB34.80 billion[13] Debt and Cash Position as of June 30, 2025 | Metric | Amount (RMB) | | :--- | :--- | | Interest-bearing bank and other borrowings, senior notes and domestic bonds | 34.57 billion | | Cash and cash equivalents | 2.50 billion | | Principal in default or cross-default | 17.45 billion | - The Group signed a restructuring support agreement with the ad hoc group of creditors, which is a significant milestone for offshore debt restructuring[14] - Continued operation depends on successful offshore debt restructuring, refinancing or extension of bank loans, accelerated property sales collection, and successful disposal of investment properties and non-core businesses[16] - The Group has not early adopted any new standards, interpretations, or amendments that have been issued but are not yet effective[11] 2. Changes in Accounting Policies and Disclosures This section details changes in accounting policies and disclosures, with no significant impact on the financial statements - The application of HKAS 21 (Amendment) "Lack of Exchangeability" has no material impact on the Group's unaudited interim condensed consolidated financial statements[19] 3. Operating Segment Information The group primarily engages in property development and investment, with other segments consolidated due to size - The Group primarily engages in property development, property investment, property management, and project management businesses[20] - Property management and project management segments are consolidated with property development and investment segments as they account for less than 10% of the Group's consolidated revenue, loss, and assets[20] - The Group's revenue from external customers and the vast majority of its non-current assets are located in Mainland China[21] 4. Revenue, Other Income and Gains This section details the group's total revenue and other income and gains for the period H1 2025 Revenue Composition | Revenue Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Property sales | 17,482,222 | 23,925,857 | -26.9% | | Property management fees | 629,537 | 603,302 | +4.3% | | Project management income | 125,222 | 21,848 | +473.1% | | Rental income from operating leases of investment properties | 283,578 | 265,525 | +6.8% | | Total Revenue | 18,520,559 | 24,816,532 | -25.4% | H1 2025 Other Income and Gains | Other Income and Gains | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Bank interest income | 8,101 | 18,379 | -55.9% | | Consultancy service income | 19,713 | 15,673 | +25.8% | | Income from forfeiture of deposits | 4,282 | 708 | +504.8% | | Net gain on disposal of a joint venture | 4,910 | 972 | +405.1% | | Net exchange differences | – | 127,186 | -100.0% | | Government grants | 1,052 | 9,512 | -88.9% | | Total other income and gains | 67,855 | 201,550 | -66.3% | 5. Finance Costs This section outlines the group's finance costs, primarily from borrowings, for the six months ended June 30, 2025 H1 2025 Finance Costs | Finance Costs Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings, senior notes and domestic bonds | 1,193,868 | 1,350,657 | -11.6% | | Interest on lease liabilities | 221 | 482 | -54.1% | | Accretion of discount on provision for major overhaul due to passage of time | 2,464 | 2,211 | +11.4% | | Total interest on financial liabilities at FVTPL | 1,196,553 | 1,353,350 | -11.6% | | Less: Interest capitalised | (350,449) | (491,966) | -28.8% | | Total | 846,104 | 861,384 | -1.8% | 6. Loss Before Tax This section details the group's loss before tax, influenced by various cost and impairment factors H1 2025 Loss Before Tax Main Components | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of properties sold | 14,106,825 | 19,864,405 | | Cost of services provided | 563,908 | 492,062 | | Total employee benefit expenses | 366,562 | 280,238 | | Net fair value loss on financial assets at FVTPL | 2,740 | 35,617 | | Net exchange differences | 66,834 | (127,186) | | Impairment loss on investments in joint ventures | – | 521,294 | | Impairment loss on amounts due from related parties | – | 439,842 | 7. Income Tax This section details the group's income tax expense, which significantly increased due to higher gross profit margin H1 2025 Income Tax Expense | Tax Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | PRC corporate income tax | 607,854 | 532,338 | +14.2% | | PRC land appreciation tax | 468,409 | 279,035 | +67.9% | | Deferred tax | (152,931) | (190,268) | -19.6% | | Total tax expense for the period | 923,332 | 696,437 | +32.6% | 8. Dividends The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025[29] 9. Loss Per Share Attributable to Ordinary Equity Holders of the Parent This section details the basic loss per share attributable to ordinary equity holders of the parent for the period Loss Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic and diluted loss per share | RMB(82.4) cents | RMB(87.2) cents | - The weighted average number of ordinary shares outstanding during the period was 4,222,986,126 shares[30] - Unexercised share options had no dilutive effect on the basic loss per share[30] 10. Trade Receivables This section details the group's trade receivables, primarily from property sales and property management services - Trade receivables arise from property sales, leasing of investment properties, and provision of property management services[31] - Customers are diversified, with no significant concentration of credit risk, and no collateral is held[31] Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current to 90 days | 75,670 | 52,746 | | 91 to 180 days | 46,307 | 62,299 | | 181 to 365 days | 75,694 | 61,140 | | Over 365 days | 68,876 | 105,725 | | Total | 266,547 | 281,910 | 11. Trade Payables and Bills This section details the group's trade payables and bills, mostly short-term and unsecured Trade Payables and Bills Ageing Analysis | Ageing | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 13,552,866 | 13,487,076 | | Over 1 year | 500,520 | 506,201 | | Total | 14,053,386 | 13,993,277 | - Trade payables and bills are unsecured, interest-free, and generally settled according to construction progress[33] Management Discussion and Analysis This section reviews the H1 2025 market, business operations, financial performance, and future outlook Market Review The H1 2025 real estate market continued its adjustment, with varied performance across city tiers - The H1 2025 real estate market continued its adjustment, with sales stabilizing in first-tier and strong second-tier cities, but third- and fourth-tier cities faced greater pressure[34] H1 2025 New Commercial Property Sales Data | Metric | Amount/Area | | :--- | :--- | | Sales Amount | approximately RMB4,424.1 billion (YoY decreased 5.5%) | | Residential Sales Amount | YoY decreased 5.2% | | Sales Area | approximately 459 million sq m (YoY decreased 3.5%) | | Residential Sales Area | YoY decreased 3.7% | Business Review This section reviews the group's H1 2025 contracted sales, land bank, and investment properties Contracted Sales The group's H1 2025 contracted sales significantly decreased, with Hangzhou and the Yangtze River Delta performing well H1 2025 Contracted Sales Data | Metric | Amount/Area | | :--- | :--- | | Contracted Sales Amount | approximately RMB3.74 billion (YoY decreased 38.9%) | | Contracted Sales Area | approximately 0.46 million sq m (YoY decreased 32.1%) | | Average Property Selling Price | RMB8,120 per sq m | - The Group ranked 18th in the "H1 2025 China Typical Property Developers Delivery Ranking", demonstrating its commitment to "guaranteed delivery"[36] - The Group has over 80 projects on sale, primarily concentrated in second-tier cities and core areas of third- and fourth-tier cities[37] H1 2025 Contracted Sales City and Regional Distribution | City/Region | Contracted Sales Amount (RMB million) | Proportion (%) | | :--- | :--- | :--- | | Hangzhou | 448 | 12.0% | | Yangtze River Delta Economic Zone | 1,120 | 29.9% | | Second-tier cities | 1,527 | 40.8% | | Third- and fourth-tier cities | 1,925 | 51.4% | Land Bank The group holds a substantial land bank across 56 cities, primarily in the Yangtze River Delta and second-tier cities - As of June 30, 2025, the Group and its joint ventures and associates held a total planned GFA of approximately 23.34 million square meters (Group's attributable share: approximately 19.52 million square meters) in 56 cities[40] Land Bank Cost Distribution by Region and City Tier | Distribution Type | Proportion (%) | | :--- | :--- | | Yangtze River Delta Economic Zone | 38.1% | | Bohai Rim Economic Zone | 20.8% | | Central and Western Regions | 19.0% | | West Coast Economic Zone of the Straits | 11.2% | | Guangdong-Hong Kong-Macao Greater Bay Area | 10.9% | | First-tier cities | 11.6% | | Second-tier cities | 51.8% | | Third- and fourth-tier cities | 36.6% | Investment Properties The group holds 46 investment properties across 26 cities, with 28 already operational - As of June 30, 2025, the Group and its joint ventures and associates held 46 investment properties with a total GFA of approximately 3.6 million square meters (attributable share: approximately 3.28 million square meters), of which 28 have commenced operations[41] - Investment properties are located in 26 cities, covering formats such as shopping malls, long-term rental apartments, office buildings, commercial streets, and retail shops[41] Outlook The group anticipates increased policy support for the real estate market and will focus on pricing and cost control - The central government is expected to intensify efforts in H2 to introduce a "policy package" for real estate, aiming to stabilize the market and halt the decline[42] - In H2, the Group will focus on "price" as its operational guide, intensifying inventory reduction through precise pricing strategies and strictly controlling engineering costs through refined bidding and procurement to stabilize gross profit margin[43] - The "Two Wings" businesses (SCE World City shopping malls and long-term rental apartments) will focus on in-depth operations and proactive adjustments, continuously optimizing business layout to enhance corporate operating efficiency and brand value[43] Financial Review This section reviews the group's H1 2025 financial performance, including revenue, gross profit, and net loss Revenue Group revenue decreased in H1 2025, primarily due to reduced property sales income Revenue Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 18,520,559,000 | 24,816,532,000 | -25.4% | Property Sales Revenue Property sales revenue declined due to decreased delivery area and lower average selling prices Property Sales Revenue Change | Metric | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Property Sales Revenue | 17,482,222,000 RMB | 23,925,857,000 RMB | -26.9% | | Delivery Area | 1,461,452 sq m | 1,513,368 sq m | -3.4% | | Average Selling Price | 11,962 RMB/sq m | 15,810 RMB/sq m | -24.3% | Property Management Fees Property management fees increased due to a rise in the number and area of managed properties Property Management Fees Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Property Management Fees | 629,537,000 | 603,302,000 | +4.3% | Rental Income Rental income increased, primarily driven by new shopping malls opened in late 2024 Rental Income Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Rental Income | 283,578,000 | 265,525,000 | +6.8% | Gross Profit Gross profit decreased, but the gross profit margin improved due to higher-margin projects delivered Gross Profit and Gross Profit Margin Change | Metric | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Gross Profit | 3,849,743,000 RMB | 4,459,982,000 RMB | -13.7% | | Gross Profit Margin | 20.8% | 18.0% | +2.8 percentage points | Net Fair Value Change of Investment Properties Fair value loss on investment properties decreased, mainly due to impairment of certain commercial properties Fair Value Loss on Investment Properties Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Fair Value Loss | 2,280,862,000 | 3,088,113,000 | -26.1% | Selling and Marketing Expenses Selling and marketing expenses decreased due to a reduction in the number of projects on sale Selling and Marketing Expenses Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 353,722,000 | 395,676,000 | -10.6% | Administrative Expenses Administrative expenses slightly increased in H1 2025 Administrative Expenses Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Administrative Expenses | 629,726,000 | 627,537,000 | +0.3% | Finance Costs Finance costs slightly decreased in H1 2025 Finance Costs Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Finance Costs | 846,104,000 | 861,384,000 | -1.8% | Tax Expense Tax expense significantly increased due to higher land appreciation tax and corporate income tax from improved gross margin Tax Expense Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Tax Expense | 923,332,000 | 696,437,000 | +32.6% | Loss Attributable to Owners of the Parent Loss attributable to owners of the parent decreased, primarily due to fewer property deliveries and fair value losses Loss Attributable to Owners of the Parent Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Parent | 3,479,512,000 | 3,682,268,000 | -5.5% | Liquidity, Financial and Capital Resources This section details the group's cash position, borrowings, gearing ratio, and foreign exchange risk management Cash Position The group's cash and bank balances decreased, with a portion restricted for property development guarantees Cash and Bank Balances | Currency | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | RMB | 3,411,746 | 3,975,285 | | HKD | 17,099 | 17,429 | | USD | 26,939 | 52,303 | | Total | 3,455,784 | 4,045,017 | Restricted Cash | Metric | June 30, 2025 (RMB) | Dec 31, 2024 (RMB) | | :--- | :--- | :--- | | Restricted Cash | 959,753,000 | 1,124,479,000 | Borrowings The group's total borrowings slightly decreased, with a significant portion due within one year or on demand Borrowings Repayment Schedule | Borrowing Type | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Bank and Other Borrowings | 19,145,456 | 19,804,099 | | Total Senior Notes and Domestic Bonds | 15,424,747 | 15,614,467 | | Total Borrowings | 34,570,203 | 35,418,566 | Borrowings Denominated by Currency | Currency | Bank and Other Borrowings (RMB thousand) | Senior Notes and Domestic Bonds (RMB thousand) | | :--- | :--- | :--- | | RMB | 14,704,054 | 2,706,019 | | HKD | 1,155,842 | – | | USD | 3,285,560 | 12,718,728 | Gearing Ratio The net gearing ratio significantly increased as of June 30, 2025 Net Gearing Ratio | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Net Gearing Ratio | 444.7% | 296.8% | Exchange Rate Fluctuation Risk The group monitors exchange rate fluctuation risk, with most operations in RMB and no foreign currency hedging arrangements - The majority of the Group's revenue, operating expenses, assets, and liabilities are denominated in RMB[58] - As of June 30, 2025, the Group has not entered into any foreign currency hedging arrangements and will continue to closely monitor foreign currency exchange rate fluctuation risk[58] Corporate Governance and Other Information This section outlines the company's corporate governance practices, audit committee review, and other relevant information Corporate Governance The company complies with corporate governance code provisions, with the Chairman and CEO roles combined for efficiency - The Company and its Board have consistently complied with the code provisions of the Corporate Governance Code, although the roles of Chairman and Chief Executive Officer are combined and held by Mr. Huang Chaoyang[59] - The Board believes that combining the roles of Chairman and Chief Executive Officer facilitates efficiency and consistency in the execution of the Company's business plans and decisions[59] Audit Committee and Review of Interim Results The Audit Committee, comprising independent non-executive directors, reviewed the interim financial statements and results - The Audit Committee comprises three independent non-executive directors, with Mr. Ding Lianghui as Chairman and Mr. Dai Yiyi and Mr. Mao Zhenhua as members[60] - The Chairman of the Audit Committee, Mr. Ding Lianghui, possesses expertise in accounting and financial management, meeting the Listing Rules requirements[60] - The Audit Committee has reviewed the Group's accounting policies, interim condensed consolidated financial statements, and this interim results announcement[60] Model Code for Securities Transactions by Directors All directors confirmed strict compliance with the Model Code for Securities Transactions by Directors during the review period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as the standard for directors' securities transactions[61] - All directors confirmed strict compliance with the Model Code during the review period[61] Purchase, Redemption or Sale of the Company's Listed Securities Neither the company nor its subsidiaries purchased, redeemed, or sold any listed securities during the six months ended June 30, 2025 - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[62] Interim Dividend The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025[63] Publication of Interim Results and Interim Report The interim results announcement is published on the company and HKEX websites, with the full interim report to follow - This interim results announcement has been published on the Company's website (www.sce-re.com) and the HKEX website (**www.hkexnews.hk**)[64](index=64&type=chunk) - All relevant information regarding the 2025 Interim Report will be published on the Company's and HKEX websites in due course[64]