Workflow
祥生控股集团(02599) - 2022 - 中期财报

Economic Overview - In the first half of 2022, China's GDP was approximately RMB 56,264.2 billion, representing a year-on-year increase of 2.5%[10][13]. - Nationwide property development investment decreased by 5.4% year-on-year from January to June 2022[11][14]. - Newly constructed gross floor area (GFA) and completed GFA decreased by 34.4% and 21.5% year-on-year, respectively, marking the largest decrease in absolute values on record[11][14]. Company Performance - In the first half of 2022, the Group achieved revenue of RMB8,461.7 million and total contracted sales of approximately RMB15,400.0 million, with an average contracted selling price of RMB13,841 per sq.m.[19] - Contracted sales attributable to the Group's interests decreased by 69.0% to RMB 15,399,961,000 compared to RMB 49,681,119,000 in the previous year[38]. - Revenue dropped by 46.8% to RMB 8,461,663,000 from RMB 15,893,961,000 year-on-year[38]. - Gross profit fell by 68.6% to RMB 900,378,000 compared to RMB 2,864,956,000 in the previous year[38]. - The Group reported a core net loss of RMB 622,130,000, a decline of 163.9% from a profit of RMB 973,114,000 in the previous year[38]. Operational Efficiency - The Group's operational efficiency score was 9.77, ranking it among the TOP3 in the 2022 Overall Strength Ranking of Listed Companies in Real Estate[21]. - The Group implemented nearly 19 batches of project deliveries in the first half of the year, aiming to enhance customer satisfaction[19]. - The Group's new management model of "7+2" aims to improve operational efficiency through organizational structure adjustments[19]. Financial Position - Total assets decreased by 9.5% to RMB 131,854,279,000 from RMB 145,743,132,000[38]. - Cash and bank balances were down by 40.0% to RMB 5,067,423,000 from RMB 8,448,078,000[38]. - Total liabilities decreased by 8.7% to RMB 117,600,111,000 from RMB 128,790,777,000[38]. - The net gearing ratio increased to 168.0% from 153.0%[38]. - The Group's cash position includes restricted cash and proceeds from pre-sale of properties, which are critical for meeting operational needs[96]. Land Bank and Development - The Group has an attributable land reserve of approximately 16.9 million sq.m., with operations in 43 cities across 11 provinces in China[19]. - As of June 30, 2022, the total land bank attributable to the Group was approximately 16.9 million sq.m., with approximately 3.9 million sq.m. from completed properties available for sale/for lease and for investment purposes[52]. - Approximately 10.5 million sq.m. of the land bank was under development, and approximately 2.5 million sq.m. was reserved for future development[52]. Corporate Governance - The Group is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[159]. - The Company appointed Mr. Hung Yuk Miu as an independent non-executive Director and chairman of the Audit Committee on 1 March 2022, ensuring compliance with the Listing Rules[153]. - The Company has adopted the Model Code for Securities Transactions by Directors, confirming compliance by all Directors during the reporting period[159]. Public Welfare and Community Engagement - The Group's employee volunteer activities involved 212 participants, with a total donation exceeding RMB15.25 million across 10 public welfare projects[24]. - The Group actively participates in public welfare initiatives, including poverty alleviation and disaster relief, while maintaining sound operations[21]. Challenges and Outlook - The Group remains cautiously optimistic about the outlook of property development in China, anticipating a new development mode in the real estate industry[28]. - The overall performance was significantly impacted by systemic risks in the real estate sector, leading to discounted sales in third-tier and fourth-tier cities to improve liquidity[88].