景瑞控股(01862) - 2025 - 中期财报

Corporate Information Company Details Jingrui Holdings Limited is an investment holding company registered in the Cayman Islands, primarily engaged in property development in China, with Mr. Yan Hao serving as Chairman and CEO - Company Name: Jingrui Holdings Limited[7][8] - Executive Directors: Mr. Yan Hao (Chairman and CEO), Mr. Xu Haifeng, Mr. Chen Chao[7][8] - Company Website: **www.jingruis.com**[7](index=7&type=chunk)[8] Registered and Business Offices The company's registered office is in the Cayman Islands, with its principal place of business in Shanghai, China, and a main office in Wan Chai, Hong Kong - Registered Office: One Nexus Way, Camana Bay, Grand Cayman KY1-9005, Cayman Islands[10][11] - Principal Place of Business and Head Office in China: 8th Floor, Building B, BenQ Business Plaza, No. 207 Songhong Road, Shanghai, China[10][11] - Principal Place of Business in Hong Kong: Room 1222, 12th Floor, China Resources Building, 26 Harbour Road, Wan Chai, Hong Kong[10][11] Advisers and Stock Information Company legal advisers include Sidley Austin (Hong Kong law) and Grandall Law Firm (PRC law), with Zhongzheng Tianheng CPAs as auditor and stock code 01862 - Legal Advisers: Sidley Austin (Hong Kong law), Grandall Law Firm (PRC law), Walkers (Cayman Islands law)[10][11][12] - Auditor: Zhongzheng Tianheng CPAs Co., Ltd.[11][12] - Stock Code: 01862[11][12] - Principal Bankers: Industrial and Commercial Bank of China (Asia) Limited, The Bank of East Asia, Limited, Bank of China (Hong Kong) Limited, Agricultural Bank of China (Shanghai Branch), China Construction Bank (Shanghai Branch), Bank of China (Shanghai Branch), Bank of Shanghai (Shanghai Branch)[13][14] Financial Highlights Key Financial Indicators For the six months ended June 30, 2025, revenue significantly decreased by 76.2% to RMB 586.8 million, resulting in a gross loss of RMB 70.2 million and an expanded loss attributable to shareholders of RMB 2,005.8 million Key Financial Indicators for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 586.8 | 2,466.3 | (76.2) | | Gross (Loss)/Profit | (70.2) | 140.2 | (150.1) | | Loss for the Period (including non-controlling interests) | (2,112.1) | (1,571.9) | 34.4 | | Loss Attributable to Equity Holders | (2,005.8) | (1,483.2) | 35.2 | | Core Net Loss (including non-controlling interests) | (2,112.8) | (1,442.2) | 46.5 | | Core Net Loss Attributable to Equity Holders | (2,005.0) | (1,418.4) | 41.4 | Key Operation Indicators For the six months ended June 30, 2025, contracted sales amount decreased by 48.5% to RMB 472.0 million, contracted sales area decreased by 42.6%, and average contracted sales price decreased by 10.2% Key Operation Indicators for the Six Months Ended June 30, 2025 | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Contracted Sales Amount (RMB million) | 472.0 | 916.1 | (48.5) | | Contracted Sales Area (square meters) | 32,775 | 57,130 | (42.6) | | Average Contracted Sales Price (RMB per square meter) | 14,401 | 16,034 | (10.2) | Key Ratio Indicators As of June 30, 2025, the gross profit margin turned negative 12.0%, and the net debt-to-capital ratio significantly decreased from 2,281% at the end of 2024 to negative 1,097%, primarily due to total equity turning into a deficit Key Ratio Indicators as of June 30, 2025 | Indicator | 2025 (%) | 2024 (%) | | :--- | :--- | :--- | | Gross (Loss)/Profit Margin | (12.0) | 5.7 | | Net Debt-to-Capital Ratio(1) | (1,097) | 2,281 | - The net debt-to-capital ratio is calculated as net debt at period-end divided by total (deficit)/equity, multiplied by 100%[22] Net debt is calculated as total borrowings less cash and cash equivalents and restricted cash[22] Chairman's Statement Market Review H1 2025 China's GDP grew 5.3% with policy support; the property market faced deep adjustment, declining sales and new starts, with policies focused on stability and risk prevention - In H1 2025, China's GDP reached RMB 66,053.6 billion, growing 5.3% year-on-year, with the economy continuing its recovery but highly dependent on policy support[24][28] - The real estate market was in a phase of deep adjustment and differentiation, with the new home market stable in core cities but cooling in Q2, and the second-hand market seeing "price-for-volume" transactions[25][29] China Real Estate Market Data for H1 2025 | Indicator | Data | Year-on-Year Change (%) | | :--- | :--- | :--- | | Commercial Property Sales Area | 350 million square meters | (2.9) | | Residential Sales Area | - | (2.6) | | Commercial Property Sales Amount | RMB 3.4 trillion | (3.8) | | Residential Sales Amount | - | (2.8) | | New Housing Starts Area | 332 million square meters | (22.8) | | New Residential Starts Area | 171 million square meters | (21.4) | | Housing Completion Area | 183.85 million square meters | (17.3) | - Real estate policies centered on "stabilizing the market, promoting demand, optimizing supply, and preventing risks," with central government initiatives on urban renewal, high-quality housing, and inventory optimization, and local policies on provident funds, purchase subsidies, and "trade-in" programs[26][30] Operational Performance In H1 2025, Jingrui's contracted sales fell short of expectations, decreasing by 48.5% to RMB 472 million; the company focused on property development, real estate, and property services, actively pursuing domestic and international debt restructuring, and suspending payments on all offshore USD senior notes principal and interest Contracted Sales Data for H1 2025 | Indicator | H1 2025 | H1 2024 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Contracted Sales Amount | Approximately RMB 472 million | RMB 916 million | (48.5) | | Contracted Sales Area | Approximately 32,775 square meters | - | - | | Average Contracted Sales Price | RMB 14,401 per square meter | - | - | - As of June 30, 2025, the Group's land reserve was approximately 1,291,272 square meters, with no new land projects acquired in H1, focusing on existing project development and delivery[32][35] - The company remains focused on three business segments: property development, real estate, and property services, aiming to recover funds by revitalizing existing assets and selling less efficient self-held projects[33][35] - Offshore USD senior notes debt restructuring has been initiated, with payments of all offshore USD senior notes principal and interest suspended to ensure fair treatment of all creditors[34][36] [Exploring Business Strategies Under the New Model with Practicality and Innovation](index=9&type=section&id=Exploring%20Business%20Strategies%20