中梁控股(02772) - 2025 - 中期财报

Company Profile About Zhongliang Zhongliang Holdings Group Company Limited (Stock Code: 2772.HK) primarily engages in real estate development in China, headquartered in Shanghai, rooted in the Yangtze River Delta and with a nationwide presence, its land reserves cover China's five core economic regions. - Zhongliang Holdings Group Company Limited (Stock Code: 2772.HK) primarily engages in real estate development in China[3][4] - The company is headquartered in Shanghai, rooted in the Yangtze River Delta, and has a nationwide presence[3][4] - The Group's land reserves cover China's five core economic regions: Yangtze River Delta, Central and Western China, Bohai Rim, West Coast of Taiwan Strait, and Pearl River Delta[3][5] Company Information Board of Directors The company's Board of Directors comprises five executive directors and three independent non-executive directors, with Mr. Yang Jian serving as Chairman. - Board members include executive directors Yang Jian (Chairman), Chen Hongliang (Co-President), He Jian (Co-President), Yang Deye, Hu Hui, and independent non-executive directors Wang Kaiguo, Wu Xiaobo, Ouyang Baofeng[7] Committees The company has an Audit Committee, Remuneration Committee, Nomination Committee, and Environmental, Social and Governance Committee, each with a clear chairman and members. - The Audit Committee is chaired by Mr. Ouyang Baofeng[8] - The Remuneration Committee is chaired by Mr. Wu Xiaobo[8] - The Nomination Committee is chaired by Mr. Yang Jian[8] - The Environmental, Social and Governance Committee is chaired by Mr. Chen Hongliang[9] Key Contact Information The company disclosed key contact and registration information including company secretary, authorized representatives, auditor, legal counsel, registered office, China headquarters, principal place of business in Hong Kong, share registrar, major banks, website, and stock code. - The Company Secretary is Mr. Zhang Siqin, and the authorized representatives are Mr. Yang Deye and Mr. Zhang Siqin[10] - The auditor is ZHONGHUI ANDA CPA Limited[10] - The company's registered office is in the Cayman Islands, its China headquarters is in Shanghai, and its principal place of business in Hong Kong is in Sheung Wan[11] - The Hong Kong share registrar is Computershare Hong Kong Investor Services Limited[14] - Major banks include Agricultural Bank of China, China Everbright Bank, Bank of China (Hong Kong), and other domestic and international banks[14] - The company's stock code is 2772, and its official website is www.zldcgroup.com[15](index=15&type=chunk) Glossary and Definitions Definitions of Key Terms This section defines key terms used in the report, including contracted sales, Corporate Governance Code, gross profit margin, net gearing ratio, share option scheme, share incentive scheme, and total debt, to ensure a clear understanding of the report's content. - “Contracted Sales” refers to the total value of properties contracted for pre-sale and sale during a specified period, which is unaudited and should not be regarded as an indicator of future revenue[17] - “Gross Profit Margin” refers to gross profit for the year/period divided by revenue and multiplied by 100%[17] - “Net Gearing Ratio” refers to total debt at period-end less cash and bank balances divided by total equity and multiplied by 100%[19] - “Total Debt” refers to the aggregate of interest-bearing bank and other borrowings, senior notes, and convertible bonds[24] - “Share Option Scheme” and “Share Incentive Scheme” are plans adopted by the company to incentivize employees[23] Chairman's Report Interim Dividend The Board resolved not to declare an interim dividend for the six months ended June 30, 2025. - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[28][31] Interim Results For the six months ended June 30, 2025, the Group's revenue significantly decreased by 77.4% to RMB 5.13 billion, and recorded a loss attributable to owners of the company of approximately RMB 0.78 billion, narrowing the loss compared to the same period last year. 2025 H1 Interim Results Overview | Indicator | 2025 H1 (RMB) | 2024 H1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 5.13 billion | 22.701 billion | -77.4% | | Loss attributable to owners of the company | 0.78 billion | 1.71 billion | -54.3% (loss narrowed) | - The loss was primarily affected by asset impairment losses, fair value losses on investment properties, and exchange losses[29][33] H1 2025 Review In H1 2025, the global economic environment was complex, China's economy maintained growth but the real estate market recovery was slow. The Group took decisive measures to stabilize cash flow, strengthen operational control, with contracted sales decreasing by 34% year-on-year, while property deliveries ranked among the top 10 Chinese real estate developers, and debt management continued. Market Review In H1 2025, the global economic environment was complex, China's GDP grew by 5.3%, and the government introduced multiple real estate support policies, but market confidence remained insufficient, private real estate enterprises faced financing and sales difficulties, and the industry's recovery is expected to be slow and long-term. - The global political and economic environment is complex, with US trade negotiations and high interest rates increasing recession risks, and geopolitical conflicts exacerbating uncertainty[34][35] - China's economy continued to grow, with GDP increasing by 5.3% in H1 2025, and the government actively promoting stable growth policies to boost market confidence[34][35] - The real estate policy tone was elevated to 'continuously consolidate stability', the central bank cut interest rates and reserve requirements, and the State Council deployed four major tasks: 'stabilizing expectations, stimulating demand, optimizing supply, and resolving risks', but market confidence remained insufficient, and private real estate enterprises faced financing and sales difficulties[37][40] Operating Performance Under a severe industry environment, the Group achieved contracted sales of RMB 6.38 billion in H1, a 34% decrease year-on-year. Property deliveries amounted to approximately 15,000 units, ranking among the top 10 Chinese real estate developers. 2025 H1 Contracted Sales and Delivery Overview | Indicator | 2025 H1 | YoY Change | | :--- | :--- | :--- | | Contracted Sales | RMB 6.38 billion | -34% | | Number of Property Deliveries | Approximately 15,000 units | Not applicable | | Delivery Ranking | Top 10 Chinese real estate developers | Not applicable | - The Group strengthened construction and contractor management, strictly controlled delivery processes, reduced delivery risks, and ensured smooth property deliveries[39][43] Land Bank Due to market uncertainties, the Group did not acquire new land in H1 2025. As of June 30, total land reserves were approximately 20.1 million square meters, covering five major economic regions nationwide. - In H1 2025, the Group did not acquire any new land[45][48] Land Reserves as of June 30, 2025 | Indicator | Value | | :--- | :--- | | Total GFA | Approximately 20.1 million square meters | | Covered Regions | Five major economic regions nationwide | Debt Management Since mid-2021, the Group has actively managed its debt, with total interest-bearing debt reduced to RMB 18.38 billion as of June 30, 2025. Domestic debt renewal risk is controllable, and offshore debt maturity was effectively extended through scheme of arrangement and consent solicitation, improving financial position. - The Group implemented measures to accelerate sales collection, save costs, suspend land acquisitions, and control interest-bearing debt to stabilize its financial fundamentals[49] Interest-Bearing Debt as of June 30, 2025 | Indicator | Amount (RMB) | | :--- | :--- | | Total interest-bearing debt | Approximately 18.38 billion | | Domestic interest-bearing debt | Approximately 10.10 billion | | Offshore interest-bearing debt | Approximately 8.28 billion | | Cash and bank balances | Approximately 4.29 billion | - The vast majority of cash is subject to pre-sale cash supervision to ensure the completion of properties under construction[50] - Most domestic interest-bearing debt consists of project-backed mortgage loans, and the Group actively negotiated extensions with banks, with controllable renewal risk[51