Revenue Performance - The company's revenue for the first half of 2022 was approximately RMB 8,469.5 million, a decrease of 34.7% compared to RMB 12,973.8 million in the same period of 2021[9]. - Revenue from property development, property investment, and hotel operations for the first half of 2022 was approximately RMB 7,724.6 million, RMB 471.2 million, and RMB 273.7 million respectively[9]. - The equity consolidated revenue for the first half of 2022 was approximately RMB 14,075.9 million, down 36.7% from RMB 22,222.1 million in the same period of 2021[10]. - Property development revenue decreased by 36.6% to approximately RMB 7,724.6 million, primarily due to a reduction in the total delivered gross floor area from 770,971 square meters in 2021 to 514,285 square meters in 2022[11]. - The average selling price per square meter decreased from RMB 15,810 in 2021 to RMB 15,020 in 2022[11]. - Property investment revenue increased by 5.9% to approximately RMB 471.2 million, attributed to an increase in leased investment properties[12]. - Hotel operations revenue decreased by 19.5% to approximately RMB 273.7 million, mainly due to a decline in occupancy rates caused by recurring COVID-19 cases[13]. Cost and Profitability - The cost of sales for the first half of 2022 was approximately RMB 7,000.5 million, a decrease of 22.9% from RMB 9,074.1 million in the same period of 2021[14]. - The group's gross profit for the six months ended June 30, 2022, was approximately RMB 1,469.0 million, a decrease of 62.3% compared to RMB 3,899.7 million in the same period of 2021, with a gross profit margin of 17.3% (2021: 30.1%) [16]. - The group's core gross profit attributable to equity holders for the six months ended June 30, 2022, was approximately RMB 2,645.6 million, down 63.7% from RMB 7,283.1 million in 2021, with a core gross profit margin of 18.8% (2021: 32.8%) [16]. Expenses and Losses - Administrative expenses for the six months ended June 30, 2022, were approximately RMB 740.0 million, a decrease of 16.7% from RMB 888.2 million in 2021[17]. - The group recorded a net loss of approximately RMB 260.0 million in fair value of investment properties for the six months ended June 30, 2022, compared to a loss of approximately RMB 60.1 million in 2021[17]. - Financing costs for the six months ended June 30, 2022, were approximately RMB 107.8 million, significantly lower than RMB 762.7 million in 2021[18]. - Income tax expenses for the six months ended June 30, 2022, were approximately RMB 244.4 million, a decrease of 74.0% from RMB 939.8 million in 2021, mainly due to a decline in pre-tax profit[19]. Cash Flow and Financial Position - The group's cash and bank balances as of June 30, 2022, were approximately RMB 22,197.2 million, down from RMB 29,447.5 million as of December 31, 2021[20]. - The debt ratio as of June 30, 2022, was 93.2%, an increase from 79.2% as of December 31, 2021[24]. - The group achieved a total pre-sale amount of RMB 26.2 billion with a pre-sale area of 1.35 million square meters and an average pre-sale price of RMB 19,400 per square meter in the first half of the year[29]. - The group plans to actively negotiate with financial institutions to extend existing bank loans and seek new financing sources[132]. - The group aims to accelerate the pre-sale and sale of properties under development and completed properties to improve cash flow[134]. Market and Strategic Initiatives - The real estate market is facing significant challenges due to economic downturns and the impact of the pandemic, with a need for time to restore market confidence[47]. - The central government's "guarantee delivery" policy aims to stabilize the real estate market and improve buyer confidence, which is expected to benefit the overall market stability in the second half of the year[47]. - The group emphasizes risk management and aims to leverage new opportunities arising from industry adjustments while maintaining a focus on quality and delivery[48]. - The group is committed to sustainable development and enhancing brand value through diversified business operations, including real estate development and shopping centers[49]. Project Development and Expansion - As of June 30, 2022, the group owned 177 projects across 44 cities in mainland China and Hong Kong, with a total land reserve of approximately 14.94 million square meters of attributable gross floor area[31]. - The group plans to continue diversifying its land acquisition strategies, including bidding, cooperative development, mergers and acquisitions, and urban renewal projects, focusing on key cities in the Greater Bay Area and Yangtze River Delta[32]. - The group has opened 45 investment properties, including 11 shopping malls, 10 office buildings, and 24 hotels, successfully establishing a commercial presence in key urban areas[33]. - The shopping centers reported a 25% year-on-year increase in rental income, demonstrating strong operational capabilities despite the pandemic's impact[34]. Employee and Shareholder Information - As of June 30, 2022, the total number of employees was approximately 4,200, with total employee costs amounting to RMB 538.3 million for the six months ended June 30, 2022[73]. - The company has a total of 3,183,506,445 issued ordinary shares as of June 30, 2022, with major shareholders holding significant stakes, including Kong Jianmin with 62.63%[79]. - The company has adopted a share incentive plan and stock option plan to reward and motivate eligible participants, contributing to talent retention for sustainable development[73]. Financial Instruments and Debt Management - The company has issued priority notes totaling USD 250 million at an interest rate of 6.00%, which were redeemed on January 11, 2022[169]. - The company has secured loans against assets valued at approximately RMB 48.52 billion as of June 30, 2022, compared to RMB 41.25 billion at the end of 2021[166]. - The total amount of priority notes and domestic corporate bonds as of June 30, 2022, was RMB 22.61 billion, up from RMB 20.33 billion, reflecting an increase of approximately 11.2%[169].
合景泰富集团(01813) - 2022 - 中期财报