Financial Performance - In the first half of 2023, the company achieved property sales amounting to RMB 15.687 billion and toll revenue from highway projects of RMB 1.979 billion, totaling approximately RMB 17.666 billion, representing a 6% increase compared to the same period last year[24]. - The company recorded a loss of HKD 8.81 billion in the first half of 2023, with a loss attributable to shareholders of HKD 12.20 billion, resulting in a loss per share of HKD 1.63[24]. - The group reported a total revenue of RMB 6.277 billion for the first half of 2023, up from RMB 4.973 billion in the same period of 2022, marking a 26% increase[38]. - The net loss attributable to the company’s owners for the first half of 2023 was RMB 1.220 billion, compared to a profit of RMB 85 million in the same period of 2022[38]. - The company reported a total comprehensive income of HKD (1,073,614) for the period, reflecting a significant decrease compared to previous periods[157]. - The total comprehensive loss for the period amounted to HKD 1,073,614 thousand, compared to a loss of HKD 155,213 thousand in the same period last year[169]. - The company reported a loss of HKD 881,368 thousand for the period, compared to a profit of HKD 468,932 thousand in the previous year[169]. Real Estate Performance - The average selling price of properties in the real estate segment was RMB 20,800 per square meter, with the Yangtze River Delta and Bohai Bay regions accounting for approximately 53% and 36% of total sales, respectively[6]. - The gross profit margin for the real estate segment decreased to 12% due to declining property prices amid a continuing downturn in the real estate market[9]. - In the first half of 2023, the real estate division achieved property sales of RMB 15.187 billion, a 5.9% increase from RMB 14.340 billion in the same period of 2022[26]. - The total area sold in the first half of 2023 was 729,000 square meters, compared to 631,000 square meters in the first half of 2022, reflecting a 15.5% increase[29]. - The revenue contribution from the real estate projects in the Yangtze River Delta region was 54% of total sales, while the Greater Bay Area contributed 24%[38]. - The company signed sales contracts worth RMB 3.7 billion for the Zhu Lin No. 1 project, with an average residential price of approximately RMB 24,000 per square meter in the first half of 2023[2]. - The company plans to deliver approximately 23,000 square meters of the Zhu Lin No. 1 project in the second half of 2023[2]. Land Reserves and Acquisitions - As of June 30, 2023, the company's land reserves totaled approximately 4.3 million square meters, with 1.26 million square meters sold but not yet delivered[25]. - The total land reserve of the company is approximately 4.29 million square meters, with 89% designated for sale and 11% for investment purposes[64]. - The company acquired two residential land parcels in mainland China with a total floor area of approximately 89,000 square meters during the first half of 2023, in collaboration with strong enterprises to mitigate financial burdens[10]. - The land reserve in the Yangtze River Delta region accounts for 50% of the total land area, highlighting the company's focus on this key economic area[64]. Financial Position - The total assets of the group as of June 30, 2023, were RMB 82.089 billion, down from RMB 102.255 billion at the end of 2022[38]. - The group’s cash and cash equivalents stood at RMB 7.137 billion as of June 30, 2023, compared to RMB 10.370 billion at the end of 2022[38]. - The company’s equity attributable to owners decreased to RMB 18.856 billion as of June 30, 2023, from RMB 21.758 billion at the end of 2022[38]. - The company’s total liabilities as of June 30, 2023, were reported at HKD 30,959,767, reflecting ongoing financial obligations[157]. - The company’s equity attributable to owners decreased to HKD 5,141,120 as of June 30, 2023, from HKD 6,169,521 previously reported[157]. Project Development - The company aims to complete 40% of its projects by 2023, with significant developments in Jiangsu Province and the Yangtze River Delta region[51][53]. - The company has a target completion date for several projects in 2024, including residential developments in Jiangsu Province[74][76]. - The company has successfully entered the Southeast Asian market, being the first to invest in and manage highways in Indonesia since 2019[55]. - The company holds a 93.75% interest in the "Lujing Yuyuan" project, which has a development area of 28,000 square meters[66]. - The company has a total development area of 15,000 square meters for the project "Jinhuan" with a 50% attributable interest, targeted for completion by 2024[104]. Market Outlook - The company anticipates that the real estate market in mainland China will continue to stabilize, with expectations for increased land supply in the second half of 2023[14]. - The management indicated that the real estate market is expected to stabilize in the second half of 2023, supported by government policies aimed at boosting buyer confidence[26]. Financial Management - The company maintains a robust financial policy, focusing on managing liquidity risks and ensuring sufficient cash flow[147]. - The company is actively monitoring interest rate risks associated with its borrowings in RMB and USD[149]. - The company has adopted the corporate governance code for securities transactions as per the listing rules[150].
路劲(01098) - 2023 - 中期财报