景业名邦集团(02231) - 2025 - 中期财报

Company Profile Agile Group Holdings Limited, listed on December 5, 2019, operates in property development, hotel, property management, and commercial property investment - Agile Group Holdings Limited was listed on the Stock Exchange on December 5, 2019[6] - The company primarily operates four businesses: property development and sales, hotel operations, property management, and commercial property investment[6] - As of June 30, 2025, the Group's total land bank had a gross floor area of approximately 3.51 million square meters[6] Company Information This section provides essential company information, including board members, committee compositions, and auditor details - Board members include non-executive, executive, and independent non-executive directors, with Mr. Shi Liqian appointed as Chairman on June 6, 2025[8] - The composition of the company's audit, remuneration, and nomination committees is specified[8] - The company's auditor is Deloitte Touche Tohmatsu Certified Public Accountants LLP[11] - The company's ordinary shares (stock code: 2231) are listed on the Main Board of The Stock Exchange of Hong Kong Limited[11] Chairman's Report The Chairman's Report details the Group's H1 2025 strategy and performance amidst a challenging real estate market - In the first half of 2025, global economic slowdown, a persistent downturn in China's real estate market, and weakened policy transmission effects were observed[16][17] - The Group's primary objectives are to 'ensure operations, guarantee delivery, and mitigate risks,' actively responding to challenges[17] Key Financial and Operating Indicators for H1 2025 (YoY) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Contracted Sales Amount | RMB 210.4 million | RMB 323.6 million | Down 35% | | Contracted Sales GFA (square meters) | Approx. 52,000 square meters | Approx. 35,000 square meters | Growth 48.6% | | Recognized Revenue | RMB 425.2 million | RMB 2,304.0 million | Down 81.5% | | Loss for the Period | RMB 190.6 million | RMB 182.4 million | Loss widened | | Loss Attributable to Owners of the Company | RMB 142.6 million | RMB 262.9 million | Loss narrowed | - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[18] - The Group enhanced capital liquidity and improved its debt structure through bundled property sales, disposal of non-core assets, extension of financing debts, and reduction of operating and management costs[18] - Looking ahead to the second half of 2025, China's real estate market is expected to continue its recovery, with macro policies remaining actively accommodative, though market expectations for improvement are not significant, maintaining a slow recovery[21] Management Discussion and Analysis This chapter analyzes the Group's operating strategies, financial performance, liquidity, and risk management in a complex market environment Business and Financial Review This section details the Group's H1 2025 business and financial performance, noting an 81.5% revenue decrease and liquidity challenges with a net gearing ratio rising to 332.5% - Overall contracted sales decreased by 35.0% year-on-year, with contracted GFA increasing by 48.6%, but average selling price significantly declined[24] - Recognized revenue decreased by 81.5% year-on-year to RMB 425.2 million[24][25] Key Financial Indicators for H1 2025 (YoY) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Recognized Revenue | 425,200 | 2,304,000 | -81.5% | | Operating Loss | (117,800) | (174,100) | Loss narrowed | | Loss for the Period | (190,600) | (182,400) | Loss widened | | Loss Attributable to Owners of the Company | (142,600) | (262,900) | Loss narrowed | | Basic and Diluted Loss Per Share (RMB) | (0.09) | (0.16) | Loss narrowed | Revenue by Business Segment (H1 2025 vs H1 2024) | Business Segment | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Property Development and Sales | 384,300 | 2,250,400 | -82.9% | | Hotel Operations | 17,300 | 33,600 | -48.5% | | Property Management | 23,100 | 17,100 | +35.1% | | Commercial Property Investment | 500 | 2,900 | -82.8% | - The decrease in property development and sales revenue was primarily due to a decline in recognized average selling price from RMB 13,831 per square meter to RMB 4,918 per square meter[26] - The decline in hotel operations revenue was mainly due to the closure of Zhuosidao Hotel in November 2024[28] - Property management revenue growth was primarily driven by the stable increase in total gross floor area under management[29] Changes in Costs and Expenses (H1 2025 vs H1 2024) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Cost of Sales | 394,700 | 2,090,300 | -81.1% | | Gross Profit Before Impairment | 30,500 | 213,700 | -85.7% | | Gross Profit Margin Before Impairment | 7.2% | 9.3% | -2.1 percentage points | | Net Impairment Loss on Completed Properties Held for Sale and Properties Under Development | 73,700 | 165,800 | -55.6% | | Selling and Marketing Expenses | 29,400 | 110,100 | -73.3% | | Administrative Expenses | 20,600 | 36,700 | -43.9% | | Net Other Income/(Loss) | 31,600 (income) | (10,800) (loss) | Turned to income | | Net Finance Costs | 45,500 | 17,000 | +167.7% | - The decline in gross profit margin for property development and sales was mainly due to weak sales in China's real estate sector, leading to lower average selling prices to accelerate sales[32] - Net other income turned into income, primarily due to the reversal of legal expenses related to the forced auction of a building and an increase of RMB 33.2 million in gains from disposal of investment properties and property, plant and equipment[36] Cash Position and Borrowings (As of June 30, 2025 vs December 31, 2024) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Cash and Bank Balances | 128,400 | 154,900 | | Restricted Cash | 87,400 | 133,800 | | Unutilized Bank Facilities | 302,500 | 340,500 | | Total Interest-Bearing Borrowings and Senior Notes | 3,296,500 | 3,252,500 | | Of which included in current liabilities | 3,296,500 | 2,672,500 | - As of June 30, 2025, borrowings with a principal amount of RMB 604.2 million were overdue, leading to RMB 1,037.8 million in borrowings being deemed cross-defaulted, totaling **RMB 1,774.0