Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 13,329,117, a decrease of 6.47% compared to RMB 14,251,647 in 2022[7]. - Gross loss for the period was RMB 74,417, compared to a gross profit of RMB 203,106 in the same period last year, representing a decline of 136.64%[7]. - Loss before tax decreased by 51.22% to RMB 2,053,918 from RMB 4,210,928 in 2022[7]. - The company reported a net loss of RMB 2,466,807 for the period, a reduction of 46.03% compared to RMB 4,570,465 in 2022[7]. - The company recorded a gross loss of RMB 74,417 thousand, compared to a gross profit of RMB 203,106 thousand in the previous year, indicating a significant decline in profitability[95]. - The net loss attributable to the company's owners was RMB 1,992,410 thousand, compared to RMB 4,429,232 thousand in the prior year, reflecting a reduction in losses[96]. - The company reported a loss of RMB 1,992,410 thousand for the six months ended June 30, 2023, compared to a loss of RMB 4,429,232 thousand for the same period in 2022[99][100]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 176,287,543, down 6.84% from RMB 189,232,352 at the end of 2022[7]. - Total liabilities decreased by 6.21% to RMB 148,750,363 from RMB 158,597,833[7]. - Total equity decreased by 10.11% to RMB 27,537,180 from RMB 30,634,519[7]. - The company's equity attributable to owners decreased from RMB 6,186,962 thousand to RMB 4,198,079 thousand, a decline of approximately 32.1%[99]. - The company's borrowings increased significantly from RMB 19,785,112 thousand to RMB 32,161,017 thousand, an increase of approximately 62.5%[98]. - The group's total borrowings amounted to RMB 44.66 billion, with RMB 33.65 billion due within one year[120]. Project Development - The company had 239 property development projects under its subsidiaries, joint ventures, and associates as of June 30, 2023[9]. - The total estimated gross floor area for the projects listed is approximately 8,000,000 square meters, with a remaining unsold area of about 4,000,000 square meters[10]. - The company is actively expanding its project portfolio across various cities, including Fuzhou, Zhengzhou, and Suzhou, to enhance market reach and revenue potential[12]. - The company is focusing on residential properties, with all listed projects categorized under this type, reflecting a strategic alignment with market demand[15]. - The company is actively managing its project pipeline to optimize future sales and revenue generation[34]. Sales and Revenue - In the first half of 2023, the company's contracted sales amounted to approximately RMB 9.88 billion, a decrease of 74.73% compared to RMB 38.74 billion in the same period of 2022[21]. - The average contracted selling price per square meter was approximately RMB 14,372, representing a decline of 35.70% from RMB 22,353[21]. - Property sales revenue amounted to approximately RMB 13,038 million, down 0.49% from RMB 13,102.80 million in the previous year[44]. - The total area delivered decreased by approximately 15.88%, from 908,040 square meters to 763,879 square meters[43]. - Construction service revenue dropped significantly by 80.86%, from approximately RMB 552.12 million to RMB 105.68 million[43]. Cost Management - The company reported a significant decrease in sales costs, which fell by approximately 4.59% to RMB 13,403.53 million from RMB 14,048.54 million in the previous year[44]. - Sales and marketing costs decreased by approximately 51.89% from RMB 732.91 million to RMB 352.61 million for the six months ended June 30, 2023[48]. - Administrative expenses decreased by approximately 52.03% from RMB 751.47 million to RMB 360.49 million for the six months ended June 30, 2023[49]. Financing and Debt - As of June 30, 2023, the company's interest-bearing debt stood at approximately RMB 42 billion, with total liabilities decreasing by 6.21% to RMB 148.75 billion[18][21]. - The debt-to-equity ratio increased to 1.23 as of June 30, 2023, compared to 1.07 as of December 31, 2022, mainly due to a decrease in total equity and cash balances[65]. - The group has maintained a cash and bank balance to ensure sufficient liquidity, supported by pre-sale proceeds and available financing[118]. Market Conditions and Outlook - The government is expected to continue supporting the real estate market, which may boost market confidence and accelerate recovery in the industry[20]. - The group faces significant uncertainty regarding the realization of its plans due to the volatility of the Chinese real estate industry[111]. - The group aims to maintain optimal capital structure to lower funding costs while ensuring returns to shareholders and benefits to other stakeholders[123]. Employee and Management - The group employed a total of 973 full-time employees as of June 30, 2023, down from 1,786 employees a year earlier, with employee costs recognized for the six months amounting to approximately RMB 124.40 million[70]. - The total compensation for key management decreased to RMB 7,322 thousand in the first half of 2023 from RMB 12,898 thousand in the same period of 2022, representing a decline of approximately 43%[189]. Related Party Transactions - The company continues to engage in significant related party transactions with various joint ventures, indicating ongoing strategic partnerships in the real estate sector[185]. - The total amount of receivables from related parties was RMB 5,411,956 thousand as of June 30, 2023, down from RMB 8,340,903 thousand as of December 31, 2022, a decrease of approximately 35%[194].
融信中国(03301) - 2023 - 中期财报