Company Overview - The Company was recognized as one of the "2022 Best 30 of China Real Estate Listed Companies with Comprehensive Strengths" and "2022 TOP 50 of China Real Estate Developers" in 2022[4]. - China SCE aims to deepen its strategic plan of "One Body Two Wings" to secure a leading regional position through proactive and prudent development strategies[5]. - The Company is headquartered in Shanghai and implements key strategies in several economic zones, including the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area[3]. - China SCE's mission is to "Create Smart Living to Help Seize Happiness," reflecting its commitment to innovation in property development[4]. Property Development and Sales - As of June 30, 2022, the Group owned a land bank with an aggregate planned gross floor area of approximately 36.65 million square meters, sufficient for development over the next two to three years[5]. - The Group's property projects are distributed across 63 cities, including major urban centers such as Beijing, Shanghai, and Chengdu[4]. - The Company focuses on various property types, including high-rise residential buildings, offices, shopping malls, and long-term rental apartments[4]. - The Group had over 120 projects for sale in over 40 cities, focusing on second-tier cities and high-potential third- and fourth-tier cities[32]. - Contracted sales amount for the first half of 2022 was approximately RMB 32.581 billion, representing a year-on-year decrease of 44.8%[31]. - The average selling price of properties during the period was RMB 12,600 per sq.m[31]. - The total contracted sales amount reached RMB 32.581 billion, with the Yangtze River Delta Economic Zone contributing RMB 11.854 billion, accounting for 36.4% of total contracted sales[40][43]. - The average selling price of properties was approximately RMB 9,408 per sq.m.[48]. - Contracted sales in second-tier cities amounted to RMB 16.335 billion, representing 50.1% of total contracted sales[43]. - The Group delivered property area of approximately 1.51 million sq.m., a decrease of 30.4% year-on-year[48]. Financial Performance - Revenue for the first half of 2022 decreased by 24.5% to RMB 15,385.4 million compared to RMB 20,386.6 million in the same period of 2021[22]. - Gross profit fell by 33.1% to RMB 3,418.2 million, down from RMB 5,109.8 million year-on-year[22]. - Profit for the period decreased by 43.1% to RMB 1,543.2 million, compared to RMB 2,710.9 million in the previous year[22]. - The Group recognized property sales income of approximately RMB 14.203 billion, representing a year-on-year decrease of 27.9%[48]. - The sales amount of national commodity housing in the first half of 2022 was approximately RMB 6,607.2 billion, a decrease of 28.9% year-on-year[27]. - The sales area of national commodity housing was approximately 689 million sq.m., down 22.2% compared to the same period last year[27]. - The Group's revenue decreased by 24.5% from approximately RMB20,386,569,000 in the first half of 2021 to approximately RMB15,385,385,000 in the first half of 2022, primarily due to a decrease in property sales income[90]. - Income from property sales decreased by 27.9% from approximately RMB19,708,037,000 in the first half of 2021 to approximately RMB14,203,127,000 in the first half of 2022, with delivered property area decreasing by 30.4%[90]. Cost and Expenses - Selling and marketing expenses decreased by 6.1% from approximately RMB 566,028,000 in the first half of 2021 to approximately RMB 531,629,000 in the first half of 2022, attributed to a decrease in the number of projects for sale[96]. - Administrative expenses decreased by 28.3% from approximately RMB 771,500,000 in the first half of 2021 to approximately RMB 553,489,000 in the first half of 2022, mainly due to stringent cost control measures[97]. - Finance costs increased significantly by 61.6% from approximately RMB 253,481,000 in the first half of 2021 to approximately RMB 409,751,000 in the first half of 2022, with total interest expense rising by 7.5% from approximately RMB 1,681,613,000 to approximately RMB 1,808,033,000[107]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 193,732.7 million, a decrease of 0.7% from RMB 195,013.0 million at the end of 2021[23]. - Total equity decreased by 6.4% to RMB 39,962.1 million from RMB 42,707.1 million[23]. - The net gearing ratio of the Group was 79.8% as of June 30, 2022, with a coverage ratio of unrestricted cash to short-term debt at 1.07 times and a liability to asset ratio of 68.3%[67]. - The Group's total assets pledged to secure borrowings increased to RMB 46,301,497 as of June 30, 2022, from RMB 36,023,305 as of December 31, 2021, a growth of approximately 28.6%[171]. - The Group's investment properties pledged to secure borrowings rose to RMB 14,936,748 as of June 30, 2022, compared to RMB 10,714,425 as of December 31, 2021, an increase of about 39.5%[171]. Future Outlook - The Group expects the domestic economy to bottom out in the second half of 2022, with anticipated improvements in property purchaser confidence and transaction volumes[80]. - The Group's future strategy will focus on "One Body Two Wings," emphasizing residential development in first-tier and core second-tier cities and enhancing commercial management through the "SCE Funworld" brand[82]. Employee and Operational Strategy - The total employment cost for the Group was approximately RMB 575,061,000 for the six months ended June 30, 2022, compared to approximately RMB 735,539,000 for the same period in 2021, indicating a reduction of about 21.8%[190]. - The Group employed a total of 8,614 employees as of June 30, 2022, down from 9,770 employees as of December 31, 2021, representing a decrease of approximately 11.8%[190]. - There were no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the period, indicating a stable operational strategy[191]. - The Group had not authorized any plans for material investments or additions of capital assets as of June 30, 2022, suggesting a cautious approach to future investments[192].
中骏集团控股(01966) - 2022 - 中期财报