Sales Performance - In the first half of 2022, Greentown China achieved contracted sales amount of approximately RMB 112.8 billion and newly-added saleable value of about RMB 73.1 billion, both ranking 5th in the industry[10]. - The total contracted sales area reached approximately 5.39 million sqm with a total contracted sales amount of RMB112.8 billion, marking a significant performance in the first half of 2022[24]. - Sales from first- and second-tier cities accounted for 85% of the total sales, with key cities like Hangzhou, Ningbo, and Beijing achieving significant sales figures[24]. - The average selling price of self-investment projects was approximately RMB25,050 per sqm, positioning the Company at an industry-leading level[24]. - Approximately 60% of the newly-added saleable value is expected to be converted to sales within the year, an improvement of 23 percentage points compared to the same period in 2021[25]. Financial Performance - In the first half of 2022, the Group generated revenue of RMB 64,731 million, a significant increase of RMB 28,596 million or 79.1% from RMB 36,135 million in the corresponding period of 2021[23]. - Net profit for the period was RMB 4,860 million, representing an increase of 24.3% from RMB 3,910 million in the corresponding period of 2021[23]. - Profit attributable to owners of the Company was RMB 1,801 million, a decrease of 25.5% from RMB 2,418 million in the corresponding period of 2021[23]. - The core net profit attributable to owners of the Company for the period amounted to RMB3,726 million, representing an increase of RMB1,001 million or 36.7% from RMB2,725 million in the corresponding period of 2021[24]. - The gross profit for the period was RMB11,233 million, an increase of 41.6% from RMB7,935 million in the corresponding period of 2021[46]. Market Position and Strategy - Greentown China has maintained a leadership position in customer satisfaction for 12 consecutive years in core cities where it operates[6]. - The Company aims to build the "quality benchmark among the Top 10" as part of its "Strategic 2025" plan[10]. - The Group's strategy of focusing on the Yangtze River Delta and Beijing-Tianjin-Hebei Area accounted for 73% and 24% of the total newly-added saleable value respectively, consolidating its market position[25]. - The Company focuses on core areas and has cultivated its presence in first- and second-tier cities as well as high-quality third- and fourth-tier cities[10]. - Greentown China has been awarded "Top 10 among 100 Chinese Real Estate Enterprises by Comprehensive Strength" for 18 consecutive years[6]. Operational Efficiency - The Group's operational quality was enhanced through accurate investments, stable financial conditions, and improved services[23]. - The average equity interest ratio in new projects increased to 76% as of June 30, 2022, indicating a commitment to enhancing equity[25]. - The overall cash collection rate was 110%, maintaining a high level in the industry, with notable sell-through rates of 92% and 76% in Hangzhou and Xi'an respectively[24]. - The Group achieved 100% on-time delivery for the period, delivering 39 projects, 28,000 households, and 5.66 million sqm, which was an average of 36 days ahead of the contracted delivery schedule[35]. - The application rate of materials from centralized procurement reached 100%, and the strategic cooperation rate reached 90.2%[34]. Innovation and Development - Greentown China is committed to innovation and exploring the relationship between humans and their living space, focusing on creating aesthetically pleasing architecture[10]. - Future outlook includes the development of new products and technologies to enhance service offerings[19]. - The Group's strategy focuses on enhancing development efficiency and product competitiveness through modular innovation and precise project positioning in key urban areas[41]. - The Company has developed three major segments: asset-heavy, asset-light, and "Greentown+" to enhance its operational capabilities[8]. - The Group's financial strategy emphasizes prudent cooperation and ensuring financial safety and control[39]. Environmental and Social Responsibility - Greentown China is committed to environmental, social, and governance (ESG) initiatives as part of its long-term strategy[19]. - The Company has received multiple honors, including being recognized as an "Enterprise with Social Responsibility" for many years[6]. - Greentown China was recognized as a "Sustainable Blue-chip Value Company" and an "ESG A-level Company"[36]. Debt and Financing - The total principal amount of publicly issued onshore bonds was RMB17.578 billion, an increase of 41.1% compared to the same period in 2021, with an average interest cost of 3.33%[38]. - The weighted average interest cost of total borrowings decreased from 4.6% to 4.5%, reflecting a drop of 10 basis points compared to the same period last year[38]. - Debts due within one year accounted for 19.5% of the Group's total debts as of June 30, 2022, a decrease of 5.6 percentage points compared to the end of 2021[38]. - The Group issued its first batch of green bonds in January 2022, with a principal amount of US$400 million at a coupon rate of 2.3%[39]. - The Group's additional senior notes due 2025 had a principal amount of US$150 million at a coupon rate of 4.7%[39]. Shareholder Information - The board resolved not to declare any interim dividend for the six months ended June 30, 2022, consistent with the previous year[90]. - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as the code for dealing in securities[54]. - The interests of directors and chief executives in securities are recorded in the register maintained by the company pursuant to the Securities and Futures Ordinance[57]. - As of June 30, 2022, substantial shareholders include CCCG with 708,947,293 shares, representing 28.216% of the issued share capital[68]. - The total number of share options available for issue under the Share Option Scheme was 30,003,219, representing approximately 1.2% of the issued share capital of the Company as at the date of this report[74].
绿城中国(03900) - 2022 - 中期财报