Sales Performance - In the first half of 2023, Greentown China achieved a contracted sales amount of approximately RMB 134.2 billion, ranking 7th in the industry[6] - The newly-added saleable value was approximately RMB 57.1 billion, placing the company 8th in the industry[6] - Greentown Group maintained its ranking in contracted sales at 7th place in the PRC, with total contracted sales area of approximately 6.04 million sqm and total contracted sales amount of approximately RMB134.2 billion, representing a year-on-year increase of 19%[18] - Self-investment projects contributed a total contracted sales area of approximately 3.37 million sqm and a contracted sales amount of approximately RMB98.2 billion, with an attributable sales amount of approximately RMB63.3 billion, representing a year-on-year increase of 40%[18] - The average selling price of self-investment projects was approximately RMB29,150 per sqm, maintaining a high industry level[18] Financial Performance - In the first half of 2023, Greentown China generated revenue of RMB56,976 million, a decrease of RMB7,755 million from RMB64,731 million in the corresponding period of 2022[18] - Net profit for the period was RMB4,641 million, representing a decrease of 4.5% from RMB4,860 million in the same period of 2022, while profit attributable to owners increased by 41.3% to RMB2,545 million from RMB1,801 million[18] - The core net profit attributable to owners, after adjustments, was RMB3,881 million, an increase of 4.2% from RMB3,726 million in the corresponding period of 2022[18] - The Group recorded a gross profit of RMB9,920 million, a decrease of 11.7% from RMB11,233 million in the corresponding period of 2022, with a gross profit margin of 17.4%[42] - The Group's profit before tax for the six months ended June 30, 2023, was RMB 1,230,910,000, a decrease from RMB 1,422,720,000 in the same period of 2022, reflecting a decline of approximately 13.5%[177] Land Bank and Development Strategy - The company has a total of 200 projects in its land bank, distributed across various regions in China[12] - The Yangtze River Delta accounts for 47% of the total GFA, with 108 projects in this region[14] - The Bohai Rim region holds 19% of the total GFA, comprising 42 projects[14] - The total land bank includes 4,798,242 sqm in Shaanxi and 1,072,250 sqm in Heilongjiang[14] - The company aims to enhance its market position through strategic land acquisitions and project developments across key regions[16] Customer Satisfaction and Quality - The company maintains a leadership position in customer satisfaction in core cities for 13 consecutive years[4] - Greentown China emphasizes a development strategy of "quality first" and aims for comprehensive high quality and sustainable development[6] - Greentown China scored 91.2 points in the 2023 Customer Satisfaction Survey, significantly above the industry average of 72.3 points[29] Project Management and Operations - The project management business commenced in September 2010, and Greentown Management Holdings was spun off in July 2020[6] - Greentown Management had projects covering 123 cities with a total contracted GFA of approximately 113.59 million sqm and area under construction of approximately 49.14 million sqm as of June 30, 2023[32] - Estimated project management fees for newly-developed projects reached RMB5.12 billion, representing a 26.3% increase compared to the same period last year[32] - The average time from land acquisition to construction commencement was reduced to 2.1 months, a year-on-year improvement of 25%, while the completed area increased by 56% to approximately 7.79 million sqm[31] Shareholder Information and Corporate Governance - As of June 30, 2023, the largest single shareholder, CCCG, held approximately 28.422% of the total issued share capital of the company[5] - Major shareholders include CCCG with 719,647,293 shares (28.422% of issued share capital) and CCCG Holding (HK) Limited with 602,952,793 shares (23.813%)[69] - The company has established 8 high-tech enterprises and accumulated 595 authorized patents in its construction technology sector[33] - The company emphasizes corporate governance, green practices, and social responsibility for sustainable development[34] Cash Flow and Financing - In the first half of 2023, the cash collection rate was maintained at a high level of 109%, supporting cash flow and reinvestment[20] - Financing channels remained smooth with low financing costs, and S&P upgraded its outlook of rating to "positive"[17] - The weighted average interest cost of total borrowings decreased from 4.5% to 4.4%, a drop of 10 bps compared to the same period last year[30] - The Group completed the public issuance of onshore bonds totaling RMB7.809 billion, with an average interest cost of 3.74%[30] Future Outlook and Strategic Plans - The company aims to build the "quality benchmark among the Top10" under its "Strategic 2025" plan[6] - The company plans to expand investment channels, targeting premium lands in core cities and exploring new opportunities in urban renewal[34] - The company will refine marketing strategies to balance quantity and price, enhancing inventory clearing and cash collection management[34] - The company is committed to reducing costs and ensuring financial stability by optimizing debt structure and financing costs[34] Employee and Share Option Information - As of June 30, 2023, the Group employed a total of 9,035 employees, a decrease from 9,387 employees as of December 31, 2022[56] - The company has granted a total of 14,880,000 share options under the 2016 Share Option Scheme, with various exercise conditions[63] - The total number of share options outstanding at the beginning of the period was 12,600,000, with 2,280,000 granted during the period, resulting in a total of 14,880,000 options outstanding at the end of the period[76] - The 2023 Share Option Scheme was adopted on June 16, 2023, primarily to provide incentives and/or rewards to Directors and employees of the Group[74] Dividend Policy - The company has resolved not to declare any interim dividend for the six months ended 30 June 2023, consistent with the previous year where no dividend was declared[93][94] - The proposed final dividend for the year ended December 31, 2022, is RMB 0.5 per share, totaling RMB 1,265,999,000, compared to RMB 0.46 per share totaling RMB 1,154,944,000 for the previous year[185] Market Conditions and Challenges - The company is actively exploring new strategies for market expansion and potential acquisitions to enhance its competitive position in the industry[163] - The company aims to strengthen assessment incentives and performance orientation to optimize organizational structure and talent development[34] - The company is committed to a path of "comprehensively high-quality and sustainable" development[35]
绿城中国(03900) - 2023 - 中期财报