Financial Performance - In the first half of 2023, Poly Property Group's revenue was RMB 15.639 billion, a decrease of RMB 3.058 billion or 16.4% compared to RMB 18.697 billion in the same period last year[14]. - Shareholders' profit for the first half of 2023 was RMB 639 million, down RMB 630 million or 49.6% from RMB 1.269 billion in the previous year[14]. - Revenue for the six months ended June 30, 2023, was RMB 15,639,163 thousand, a decrease from RMB 18,696,880 thousand in the same period of 2022, representing a decline of approximately 16.3%[42]. - Net profit for the period was RMB 719,006 thousand, down from RMB 1,229,892 thousand in the previous year, reflecting a decrease of about 41.5%[43]. - Total comprehensive income for the period was RMB 1,012,895 thousand, down from RMB 1,553,492 thousand in the same period last year, a decrease of around 34.8%[43]. - Basic and diluted earnings per share were RMB 16.73, compared to RMB 34.16 in the prior year, indicating a decline of approximately 51.0%[42]. - The company reported a net profit attributable to owners for the six months ended June 30, 2023, was RMB 2,993,389 thousand, compared to RMB 2,927,218 thousand for the same period in 2022, reflecting a growth of 2.26%[47]. Sales and Contracts - The group achieved contract sales amounting to RMB 37.4 billion, representing a year-on-year increase of 127%[15]. - The average contract sales price increased by 32% year-on-year to RMB 25,231 per square meter[15]. - The contract sales area for the first half of 2023 was approximately 1.482 million square meters[17]. - Total revenue for the six months ended June 30, 2023, was RMB 15,712,559 thousand, an increase from RMB 15,550,825 thousand for the same period in 2022, representing a growth of 1.04%[47]. - Total revenue for the six months ended June 30, 2023, was RMB 18,696,880,000, a significant increase from RMB 17,858,200,000 in the same period of 2022[55]. Assets and Liabilities - The group's total assets were valued at RMB 38.21 billion, while total liabilities were RMB 38.09 billion as of June 30, 2023[39]. - The company's total assets as of June 30, 2023, were RMB 41,789,944 thousand, an increase from RMB 38,145,425 thousand as of June 30, 2022[47]. - The company's total liabilities as of June 30, 2023, were RMB 10,318,856 thousand, compared to RMB 10,318,856 thousand as of June 30, 2022[47]. - The group reported a total of 3,821,183,118 ordinary shares issued and fully paid as of June 30, 2023, valued at RMB 15,712,159,000[80]. - The group’s debt-to-asset ratio stood at 79.4%, unchanged from December 31, 2022[36]. Land and Project Development - The group acquired five new projects, adding a land reserve of 1.05 million square meters, with a focus on high-tier cities[15]. - The group plans to launch six new projects in the second half of 2023, including locations in Ningbo, Jinan, Shanghai, Kunshan, Nanning, and Guangzhou[19]. - In the first half of 2023, the company commenced 5 new projects with a total construction area of approximately 700,000 square meters[20]. - The company added 5 new land reserves in the first half of 2023, with a total planned construction area of approximately 1.05 million square meters[26]. - The group’s land reserve in the Yangtze River Delta and Greater Bay Area increased by 5 percentage points to 48%[15]. Debt and Financing - The total outstanding bank and other borrowings amounted to RMB 77.10 billion, with 23% due within one year[36]. - The total borrowing scale decreased by RMB 2.9 billion or 3.7%[16]. - The group provided guarantees to banks for mortgage loans to property buyers, with the maximum guarantee amount reaching RMB 26.99 billion[39]. - The group issued a total of USD 500 million (equivalent to RMB 3,588 million) in notes with a 4% annual interest rate, maturing in 2025[77]. - The group provided guarantees for credit financing of approximately RMB 7,930,343,000 for certain associates and joint ventures as of June 30, 2023[81]. Property Management - The property management company achieved a revenue of RMB 569 million in the first half of 2023, representing a 12.2% increase compared to the same period last year[35]. - The total number of managed properties reached 276, with a managed area of 49.64 million square meters, an increase of 3.4% year-on-year[35]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the listing rules during the review period[116]. - The audit committee has reviewed the accounting principles and practices adopted by the group and approved the unaudited interim financial statements for the six months ending June 30, 2023[116]. - The group has not adopted any new accounting standards that would significantly impact its financial policies or statements[51]. - The company is evaluating the impact of new accounting standards that will come into effect on January 1, 2024[51]. Stock Options and Shareholder Information - The company has a stock option plan in place to incentivize directors and employees, with a maximum of 364,463,704 options available[96]. - The total number of stock options available for grant as of June 30, 2023, was 254,713,704, representing approximately 6.67% of the company's issued shares[98]. - The total amount of equity-settled share-based payment expenses recognized as of June 30, 2023, was zero[105]. - As of June 30, 2023, China Poly Group Company Limited holds 253,788,246 shares, representing 48.09% of the company's issued shares[109]. - Poly Developments Holdings Group Co., Ltd. holds 1,583,738,058 shares, accounting for 41.45% of the total issued shares[109].
保利置业集团(00119) - 2023 - 中期财报