Sales Performance - For the six months ended June 30, 2022, the group achieved contracted sales of approximately RMB 23,241 million, a decrease of 56.2% compared to RMB 53,039 million for the same period in 2021[10]. - The total contracted sales area for the same period was approximately 1,532,058 square meters, down 54.7% from 3,385,793 square meters in the previous year[10]. - The property sales revenue for the six months ended June 30, 2022, was approximately RMB 14,547 million, down about 21.0% from RMB 18,421 million for the same period in 2021, primarily due to a reduction in property deliveries[19]. Revenue and Profitability - As of June 30, 2022, the total revenue recorded by the company was approximately RMB 16,897 million, a decrease of about 18.5% compared to RMB 20,730 million for the same period in 2021[18]. - The company's gross profit decreased by approximately 28.2% to RMB 5,233 million for the six months ended June 30, 2022, compared to RMB 7,292 million in the same period of 2021[24]. - The company's net profit attributable to shareholders was approximately RMB 698 million for the six months ended June 30, 2022, a decrease of about 82.1% from RMB 3,908 million in the same period of 2021[29]. Financial Position - Cash and cash equivalents totaled approximately RMB 19,364 million as of June 30, 2022, a decrease of about 22.8% from RMB 25,068 million as of December 31, 2021[30]. - Total borrowings amounted to approximately RMB 66,568 million as of June 30, 2022, a decrease of about 9.4% from RMB 72,958 million as of December 31, 2021[31]. - The company's net debt ratio was approximately 75.4% as of June 30, 2022, compared to 76.7% as of December 31, 2021[32]. Investment Properties and Assets - The company held investment properties with a total construction area of approximately 7,622,378 square meters as of June 30, 2022, an increase of about 4.6% from 7,286,508 square meters as of December 31, 2021[12]. - The total amount of secured bank and other borrowings, as well as commercial mortgage-backed securities, was approximately RMB 44,621 million as of June 30, 2022, compared to RMB 46,043 million as of December 31, 2021[34]. - The total assets as of June 30, 2022, amounted to RMB 238,619,834 thousand, down from RMB 245,056,453 thousand at the end of 2021, representing a decrease of 2.0%[65]. Corporate Governance and Management - The company emphasizes high levels of corporate governance to enhance performance and ensure transparency and accountability to shareholders[54]. - The company has complied with all applicable provisions of the corporate governance code as of June 30, 2022[55]. - The company established an audit committee in compliance with Listing Rule 3.21, consisting of three independent non-executive directors[57]. Market Strategy and Development - The group continues to focus on property development as its main source of revenue despite the challenging operating environment in the real estate sector[9]. - The company plans to focus on the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area while optimizing its "1+1+N" development strategy[15]. - The company aims to create more value for enterprises, society, and the country through its ongoing development initiatives[6]. Cash Flow and Financing - The cash flow from operating activities generated RMB 6,889,094 thousand for the six months ended June 30, 2022, compared to RMB 5,296,966 thousand for the same period in 2021[72]. - Cash used in investing activities was RMB 2,859,526 thousand for the six months ended June 30, 2022, down from RMB 6,883,180 thousand for the same period in 2021[72]. - The company is actively negotiating with several financial institutions to extend existing loans and secure new loans at reasonable costs[77]. Employee and Management Costs - The total employee cost for the six months ended June 30, 2022, was approximately RMB 1,540 million, with a total of 11,450 full-time employees[40]. - The total remuneration for key management personnel was RMB 8,177,000 for the six months ended June 30, 2022, down from RMB 10,808,000 for the same period in 2021, representing a decrease of approximately 24%[150]. Dividends and Shareholder Information - The board decided not to declare an interim dividend for the six months ended June 30, 2022[41]. - As of June 30, 2022, the total shareholding of the directors amounted to 1,836,902,000 shares, representing approximately 44.37% of the issued share capital[44]. - The company reported a basic and diluted earnings per share of RMB 16.9 for the first half of 2022, compared to RMB 94.3 in the same period of 2021[67].
宝龙地产(01238) - 2022 - 中期财报