Financial Performance - For the six months ended June 30, 2022, the Group recorded unaudited consolidated revenue of RMB137.0 million, a decrease of 23.5% from RMB179.0 million in the preceding period[7]. - Gross profit for the same period was RMB53.9 million, down 31.5% from RMB78.6 million, resulting in a gross profit margin of 39.4%, compared to 43.9% in the preceding period[18]. - A loss attributable to owners of the Company was recorded at RMB 87.7 million, contrasting with a profit of RMB 78.8 million in the preceding period, driven by reduced revenue and other factors[35]. - The net loss for the period was RMB 87,683,000, compared to a profit of RMB 78,778,000 in the previous year, indicating a significant decline[106]. - Total comprehensive loss for the period was RMB 87,587,000, compared to a comprehensive income of RMB 78,452,000 in 2021[108]. - The property development segment reported a loss of RMB 5,564,000, while the property investment segment incurred a loss of RMB 26,532,000, leading to a total segment loss of RMB 31,475,000 for the period[129]. - The group recorded a total loss for the period of RMB 87,683,000, compared to a profit of RMB 78,778,000 in the same period of the previous year[129]. Revenue Sources - Revenue from the delivery and sales of residential units and villas of Xintian Banshan was RMB114.2 million, a decline of 22.1% from RMB146.7 million in the preceding period, with a gross floor area of approximately 1,600 sqm[8]. - Subscription and contract sales for Xintian Banshan at Zone B totaled approximately RMB45 million, a significant drop of 83.6% from RMB274 million in the preceding period[10]. - Subscription and contract sales of commercial units in Yangzhou totaled approximately RMB 8 million, down from RMB 15 million in the preceding period, with a gross floor area of approximately 1,100 sqm compared to 2,000 sqm previously[27]. - Xuzhou's subscription and contract sales also decreased to approximately RMB 8 million from RMB 113 million, with a gross floor area of approximately 800 sqm, down from 11,500 sqm due to a lockdown during the reporting period[27]. - Rental income from Talent Shoes Trading Center decreased to RMB7.3 million, down from RMB7.8 million in the preceding period, while total rental income from other properties increased to RMB4.2 million from RMB3.7 million[17]. Cost Management - Distribution costs were reduced to RMB3.3 million from RMB6.5 million in the preceding period, demonstrating the Group's cautious approach to cost control[19]. - The cost of properties sold was RMB 75,246,000, compared to RMB 91,708,000 in the previous year, indicating a reduction in costs[147]. - Administrative and other operating expenses rose to RMB 37,452,000, up 80.9% from RMB 20,704,000 in 2021[106]. Asset and Liability Management - As of June 30, 2022, the Group's total assets were approximately RMB4,006.0 million, a decrease from RMB4,220.7 million as of December 31, 2021[55]. - The Group's total equity was approximately RMB1,621.0 million, down from RMB1,708.6 million as of December 31, 2021[55]. - The total liabilities amounted to approximately RMB2,385.0 million, compared to RMB2,512.1 million as of December 31, 2021[55]. - The Group's gearing ratio remained stable at approximately 59.5% as of June 30, 2022[57]. - Trade payables decreased to RMB 387,562,000 from RMB 456,049,000, a reduction of approximately 15.0%[112]. - Borrowings increased significantly to RMB 535,534,000 from RMB 562,732,000, reflecting a rise of about 12.5%[112]. Market Conditions - The overall economic environment remained uncertain, impacted by COVID resurgence, geopolitical conflicts, and weakened domestic economic activities[9]. - The Group anticipates weak domestic demand and investment in the second half of 2022, focusing on maintaining financial health, destocking, and stabilizing debts[36]. Impairments and Fair Value Adjustments - Impairment loss provision for logistic projects under development totaled RMB 34.1 million, an increase from RMB 25.0 million in the preceding period, reflecting ongoing market challenges[28]. - Fair value deficits of RMB30.4 million were recorded, primarily from Talent Shoes Trading Center, reflecting a decline from RMB12.0 million in the preceding period[25]. - Fair value loss recorded was RMB 30.4 million, compared to RMB 12.0 million in the preceding period, primarily from the Talent Shoes Trading Center due to a decline in the commercial property market[29]. Financing and Cash Flow - Finance costs reduced to RMB 22.6 million from RMB 33.8 million in the preceding period, attributed to lower average loan balances[33]. - Cash and cash equivalents decreased to RMB 131,832,000 from RMB 222,250,000, a decline of 40.6%[110]. - The company reported a net cash used in operating activities of RMB 95,224,000 for the six months ended June 30, 2022, compared to RMB 6,698,000 for the same period in 2021, indicating a substantial increase in cash outflow[113]. - The net cash used in financing activities was RMB 44,008,000 for the first half of 2022, a decrease from RMB 121,505,000 in the same period of 2021, showing improved cash management[115]. Corporate Governance - The company does not currently appoint a chief executive officer, believing the existing board structure provides strong leadership for decision-making[96]. - The Board does not recommend any interim dividend for the six months ended June 30, 2022[83]. - The company has adopted the Model Code for directors' securities transactions and confirmed compliance throughout the accounting period[85].
新天地产集团(00760) - 2022 - 中期财报