明发集团(00846) - 2025 - 中期业绩

Company Information Board of Directors This section lists the Board of Directors of Mingfa Group (International) Company Limited, including executive, non-executive (and Chairman), and independent non-executive directors - Executive Directors include Mr. Wu Wen Feng and Ms. Shang Xuan[10] - Dr. Lam Ka Lai serves as the Non-executive Director and Chairman of the Board[10] - Independent Non-executive Directors include Mr. Liu Jian Han, Mr. Zhu Jian Hong, and Mr. Chen Cheng Li[10] Committees This section details the composition of the company's key committees, including the Audit, Nomination, Remuneration, and Risk Management Committees, along with their members and chairpersons - The Audit Committee is chaired by Mr. Zhu Jian Hong, with members Mr. Liu Jian Han and Mr. Chen Cheng Li[10] - The Nomination Committee is chaired by Mr. Chen Cheng Li, with Ms. Shang Xuan appointed as a member and Mr. Liu Jian Han resigning, both effective June 24, 2025[10] - The Remuneration Committee is chaired by Mr. Liu Jian Han, with members Mr. Zhu Jian Hong and Mr. Chen Cheng Li[10] - The Risk Management Committee is chaired by Mr. Chen Cheng Li, with members Mr. Liu Jian Han and Mr. Zhu Jian Hong[10] Contact and Professional Advisors This section provides the company's main contact information and professional advisor details, including the company secretary, registered office, principal place of business, stock code, principal bankers, and auditors - The Company Secretary is Mr. Poon Wing Chuen[10] - The Company's website is http://www.ming-fa.com, and its stock code on The Stock Exchange of Hong Kong Limited (Main Board) is 846[11] - The auditors are BDO Limited, Hong Kong[12] Financial Highlights The Group's revenue for the six months ended June 30, 2025, decreased by 28.6% year-on-year, turning from profit to a loss attributable to owners of the Company of approximately RMB 273.1 million, with basic and diluted loss per share of RMB 4.5 cents Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB million) | 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,725.7 | 3,815.4 | (28.6)% | | Loss/Profit attributable to owners of the Company | (273.1) | 6.7 | (4,196.8)% | | Basic and diluted loss/earnings per share (RMB cents) | (4.5) | 0.1 | (4,600.0)% | Management Discussion and Analysis The Group faced severe market challenges in the first half of 2025, experiencing significant declines in revenue and profitability primarily due to reduced property delivery area and lower gross profit margins; while initial signs of recovery emerged in China's residential property market, developer debt and oversupply issues persist, the Group continues to implement prudent financial principles and focus its business on the Yangtze River Delta region Performance Overview The Group's revenue for the first half of 2025 decreased by 28.6% year-on-year, turning from profit to a loss attributable to owners of the Company of approximately RMB 273.1 million, with basic and diluted loss per share of RMB 4.5 cents, and the Board does not recommend an interim dividend Performance Overview for the First Half of 2025 | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 2,725.7 | 3,815.4 | decreased 28.6% | | Loss/Profit attributable to owners of the Company | (273.1) | 6.7 | decreased by approximately 4.2 times | | Basic and diluted loss/earnings per share (RMB cents) | (4.5) | 0.1 | decreased by 4.6 times | - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[16] Industry Review In the first half of 2025, China's residential property market showed initial signs of recovery after a sharp decline in 2024, with a 30% increase in new home sales volume, but prices fell by approximately 5% year-on-year, and developer debt and oversupply issues remain - China's residential property market showed initial signs of recovery in the first half of 2025, driven by lower mortgage rates and government incentives, with new home sales volume increasing by 30%[17] - Property prices fell by approximately 5% year-on-year, affecting both luxury and mass-market segments; rental yields increased by 5%, attracting investors amid ongoing market uncertainty[17] - Despite persistent developer debt issues and housing oversupply, policy support and stabilizing interest rates are helping to restore some market confidence, laying the groundwork for a gradual recovery in the second half of the year[17] Business Review The Group's revenue and gross profit significantly declined in the first half of 2025, primarily due to reduced total gross floor area delivered and a decrease in gross profit margin; fair value losses on investment properties increased, but net other income turned positive due to higher gains from disposal of investment properties, while selling and marketing costs and general and administrative expenses both decreased Sales and Profitability Overview for the First Half of 2025 | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 2,725.7 | 3,815.4 | (28.6)% | | Attributable GFA delivered (square meters) | 418,551.9 | 551,939.1 | decreased | | Gross profit margin | 23.6% | 31.9% | decreased | | Consolidated Gross Profit | 642.2 | 1,219.0 | (47.3)% | | Fair value loss on investment properties | 396.6 | 259.1 | increased | | Net other income | 149.2 | (39.3) | turned positive | | Selling and marketing costs | 199.2 | 226.6 | (12.1)% | | General and administrative expenses | 254.0 | 308.5 | (17.7)% | | Interest expense on borrowings (including capitalized interest) | 43.7 | 58.9 | (25.8)% | | Consolidated loss attributable to owners of the Company | 273.1 | 6.7 (profit) | decreased 4.2 times | | Average selling price per square meter (RMB) | 5,493.6 | 6,146.1 | (10.6)% | Contracted Sales The Group's contracted sales value for the first half of 2025 decreased by 17.2% year-on-year, and the average selling price also declined Contracted Sales Data for the First Half of 2025 | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Contracted sales value (RMB million) | 1,423.0 | 1,718.8 | (17.2)% | | Average contracted selling price (RMB/square meter) | 6,223.0 | 6,385.0 | (2.5)% | Properties Pre-sold As at June 30, 2025, the Group's total attributable gross floor area of properties pre-sold but not yet delivered was 652,928 square meters, a decrease from the end of 2024 - As at June 30, 2025, the total attributable gross floor area of properties pre-sold but not yet delivered to buyers was 652,928 square meters, a decrease from 823,507 square meters as at December 31, 2024[24] - Pre-sold properties are primarily located in Shenyang, Changsha, Jinzhai, Zhangzhou, Wujiang, Quanzhou, Nanjing, Hefei, Nan'an, Xiamen, and other cities[24] Land Bank Summary As at June 30, 2025, the Group's total attributable land bank decreased by 7.4% to approximately