世茂集团(00813) - 2023 - 中期财报

Financial Performance - In the first half of 2023, the company achieved a contract sales amount of RMB 28.07 billion, with a total sales area of 1.868 million square meters[11]. - The group's total revenue for the first half of 2023 was approximately RMB 30.39 billion, a decrease of 11.5% compared to RMB 34.36 billion in the same period of 2022[35]. - The group reported a loss attributable to shareholders of RMB 12.06 billion for the first half of 2023, compared to a loss of RMB 9.79 billion in the same period of 2022[48]. - In the first half of 2023, the total revenue was approximately RMB 24,394 million, a decrease of 13.2% compared to RMB 28,234 million in the first half of 2022[50]. - The core business loss attributable to shareholders increased to approximately RMB 7.325 billion in the first half of 2023, compared to RMB 5.529 billion in the same period of 2022, with a core business loss rate of 33.7%[179]. Real Estate and Property Management - Property sales accounted for 80.3% of total revenue, while hotel operations, commercial operations, property management, and other businesses contributed 19.7%[35]. - The group delivered approximately 32,000 housing units in cities such as Guangzhou, Chongqing, Wuhan, Hefei, and Shaoxing during the first half of 2023[24]. - The total area under management for property services reached 260.7 million square meters, with a contracted area of 346.2 million square meters[25]. - The total area sold during the period was 2.022 million square meters, representing a decline of 21.5% compared to the same period last year[167]. - The company is implementing refined management measures for its projects to enhance sales performance amid a challenging real estate market[167]. Hotel Operations - The hotel segment reported total revenue of RMB 1.06 billion in the first half of 2023, representing a year-on-year growth of 43.5%[19]. - Hotel operating revenue increased by approximately 43.5% to RMB 1,059 million in the first half of 2023, compared to RMB 738 million in the same period of 2022[38]. - The average revenue per available room (RevPAR) for hotels improved by 46% year-on-year, reflecting a recovery in the hotel industry[46]. - The revenue from newly opened hotels in the first half of 2023 was RMB 1,059 million, an increase from RMB 738 million in the first half of 2022[52]. - The company plans to open several new hotels, including Qingdao and Chongqing locations, to strengthen its brand presence[19]. Market Conditions and Strategy - The real estate market is expected to see a moderate recovery due to the implementation of supportive policies aimed at stabilizing the market[10]. - The overall retail consumption market is showing signs of recovery, although consumer confidence remains relatively weak[14]. - The company has paused acquiring new land and is focusing on optimizing existing projects to ensure sales performance[11]. - The company emphasizes a strategy of "returning to fundamentals" and prioritizing risk management in its operations[17]. - The company plans to continue its cautious operational strategy and suspend land acquisitions[158]. Financial Management and Costs - The cost of sales decreased by 13.1% to approximately RMB 27.27 billion for the six months ended June 30, 2023, compared to RMB 31.39 billion for the same period in 2022, consistent with the revenue decline[77]. - Financing costs decreased by 12.0% to approximately RMB 8.47 billion from RMB 9.62 billion in the first half of 2022, mainly due to a reduction in exchange losses from RMB depreciation[80]. - Administrative expenses decreased by 13.3% from approximately RMB 2.645 billion in the first half of 2022 to approximately RMB 2.293 billion in the first half of 2023[56]. - Marketing and promotional costs decreased by 55.8% to approximately RMB 694 million from RMB 1.57 billion in the same period of 2022, aligning with the decline in contract sales[79]. - The group is focused on cash flow management and profitability upgrades to achieve strategic and management goals amid market challenges[44]. Share Incentive Plans - The company has adopted three share incentive plans to motivate and retain key employees[66]. - The total number of shares granted under the 2021 Shimao Group Share Incentive Plan is capped at 0.3% of the issued shares, equating to 7,091,919 shares[72]. - A total of 6,865,821 shares of Shimao Services were granted under the 2021 Shimao Group Share Incentive Plan, accounting for approximately 0.29% of the total shares issued as of the adoption date II[103]. - The total number of shares granted under the Shimao Services Share Award Scheme is capped at 3% of the issued shares as of the adoption date, amounting to 70,919,190 shares[130]. - The total number of shares that became invalid or were canceled during the reporting period was 595,610 shares[106]. Debt and Liquidity - The total amount of secured borrowings was approximately RMB 238.49 billion, secured by properties and cash equivalents totaling RMB 185.03 billion[88]. - The net debt ratio increased to approximately 372.5% as of June 30, 2023, compared to 302.2% as of December 31, 2022[85]. - The group has established a trust to manage a share incentive plan, purchasing a total of 47,006,000 shares for approximately HKD 756.63 million (equivalent to RMB 665.074 million) as of June 30, 2023[182]. - The company issued long-term bonds totaling RMB 2 billion with a fixed interest rate of 3.60%, maturing on March 5, 2023, and has extended the maturity dates of various bonds totaling approximately RMB 4.06 billion to dates between December 2024 and December 2026[193]. - As of June 30, 2023, the group's cash to short-term debt ratio was 0.03, unchanged from December 31, 2022[175].