Financial Performance - For the six months ended June 30, 2022, the revenue was RMB 5,023 million, a decrease of RMB 8,426 million compared to RMB 13,449 million in 2021[13]. - Gross profit for the same period was RMB 930 million, down from RMB 4,128 million in 2021, representing a decline of RMB 3,198 million[13]. - Net profit was RMB 12 million, significantly lower than RMB 1,434 million in the previous year, indicating a decrease of RMB 1,422 million[13]. - Total revenue for the period was approximately RMB 5,023 million, representing a decrease of approximately 63% compared to the same period last year[33]. - Profit attributable to owners of the Company was approximately RMB 106 million, reflecting a year-on-year decrease of approximately 93%[33]. - The average selling price was approximately RMB 11,187 per sq.m., with property sales revenue of approximately RMB 4,650 million, down approximately 64% from RMB 13,061 million in the same period last year[36]. - Basic earnings per share of RMB 0.04, down from RMB 0.52 in the previous year, a decrease of RMB 0.48[13]. - Total comprehensive income for the period was RMB 98,823, a decrease from RMB 1,443,849 in the previous year[168]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 164,346 million, down from RMB 168,746 million at the end of 2021, a reduction of RMB 4,400 million[16]. - Total liabilities decreased to RMB 141,610 million from RMB 145,142 million, a decline of RMB 3,532 million[16]. - As of June 30, 2022, total equity was approximately RMB 22,736 million, total assets amounted to approximately RMB 164,346 million, and total liabilities were approximately RMB 141,610 million[81]. - Net gearing ratio was approximately 44% as of June 30, 2022, compared to approximately 39% at the end of 2021[85]. - Total non-current liabilities decreased from RMB 12,658,954,000 as of December 31, 2021, to RMB 9,714,719,000 as of June 30, 2022, representing a reduction of approximately 23.0%[172]. - Current liabilities slightly decreased from RMB 132,483,394,000 as of December 31, 2021, to RMB 131,895,070,000 as of June 30, 2022, a decrease of about 0.4%[172]. Sales and Market Performance - Sales of properties and construction management services accounted for RMB 4,650 million, down from RMB 13,061 million, a decline of RMB 8,411 million[21]. - In the first half of 2022, contracted sales amounted to approximately RMB 8,183 million, with a contracted gross floor area (GFA) sold of 821,535 sq.m.[33]. - The contracted sales were primarily derived from key regions: Guangdong (37%), Jiangsu (28%), Yunnan (10%), and Guangxi (9%) of total contracted sales[47]. - Revenue from property sales generated approximately RMB 4,650 million, accounting for about 93% of total revenue, reflecting a year-on-year decrease of approximately 64%[64]. - The recognized GFA of properties delivered decreased by approximately 58%, from 971,743 sq.m. in the first half of 2021 to 405,350 sq.m. in the first half of 2022[65]. Operational Strategies - The Group focused on destocking and innovative sales strategies, enhancing its sales and operating capability through new media platform integration and online advertising[42]. - The Group implemented differentiated sales strategies for existing projects by updating product positioning and promoting product quality[44]. - The Group aims to focus on first- and new first-tier cities for its "Elite Home" brand, enhancing its apartment leasing and life services platform[51]. - The Group plans to optimize its land bank structure and deepen regional development, focusing on major city clusters and key cities[60]. Human Resources and Governance - The Group employed a total of 3,250 employees as of June 30, 2022, down from 4,007 employees as of December 31, 2021, with a performance-based rewarding system in place[102]. - The company complied with the corporate governance code provisions except for C.2.1 and F.2.2 during the six-month period ended June 30, 2022[141]. - The roles of chairman and chief executive officer were combined under Mr. Chen Jun from January 1, 2022, to June 30, 2022, which the company believes aids in efficient strategy formulation[142]. Financial Management and Risks - The Group will continue to strengthen cash flow management and maintain a healthy financial position while seeking high-quality development opportunities[62]. - The Group's financial management policies include monitoring foreign exchange risks and implementing appropriate hedging measures, particularly concerning RMB to USD exchange rates[91]. - The Group's business performance is influenced by economic conditions and property market performance in the regions of its developments, which may not be fully mitigated by investment strategies[104]. - The Group's financial condition may be affected by government policies and regulations, necessitating close monitoring of changes in the regulatory environment[109].
绿地香港(00337) - 2022 - 中期财报