Financial Performance - For the six months ended June 30, 2022, the Group's contracted sales were approximately RMB3,536 million, a decrease of approximately 66.4% compared to the same period in 2021[24]. - Revenue for the Period was approximately RMB245.5 million, representing a decrease of approximately 83.9% compared to the corresponding period in 2021[25]. - The Group reported a gross loss of approximately RMB99.7 million for the Period[25]. - Loss for the Period was approximately RMB813.6 million, compared to a profit of approximately RMB262.1 million in the corresponding period of 2021[25]. - Loss attributable to owners of the parent was approximately RMB563.7 million for the Period[25]. - The Group's profit for the period decreased by approximately 410.4%, resulting in a loss of RMB 813.6 million compared to a profit of RMB 262.1 million for the six months ended 30 June 2021[136][140]. - Revenue from property sales dropped approximately 85.6% from RMB1,448.2 million for the six months ended June 30, 2021, to approximately RMB208.4 million for the current period[97]. - Revenue from project management services fell approximately 76.8% from RMB46.5 million for the six months ended June 30, 2021, to RMB10.8 million for the current period[99]. Assets and Liabilities - Total assets increased by approximately 2.8% to RMB41,522.5 million as of June 30, 2022, from RMB40,375.5 million as of December 31, 2021[26]. - Contract liabilities increased by approximately 24.2% to RMB17,063.1 million as of June 30, 2022, compared to RMB13,741.8 million as of December 31, 2021[26]. - As of June 30, 2022, the Group's cash and bank balances were approximately RMB 2,543.2 million, a decrease from RMB 4,483.1 million as of 31 December 2021[138][142]. - Total outstanding borrowings amounted to approximately RMB 11,027.2 million as of 30 June 2022, slightly down from RMB 11,225.1 million as of 31 December 2021[139][143]. - The net gearing ratio increased from 85.9% as of 31 December 2021 to 126.3% as of 30 June 2022, indicating a higher level of financial leverage[152][154]. Land Bank and Development Projects - The planned gross floor area of the Group's land bank, including joint ventures and associates, was approximately 6,541,734 sq.m., with an equity area of approximately 4,778,250 sq.m. as of June 30, 2022[49]. - The Group's overall land bank is diversified across various economic regions, including the Pearl River Delta and Mid-China Core Economic Region[50]. - Total attributable land bank area is 2,376,589 sq.m., representing 49.9% of the total land bank[56]. - The Group's future development plans include significant projects in Jinhua, with a total of 131,778 sq.m, accounting for 2.8% of the total attributable land bank[54]. - The Group's ongoing development projects include 96,728 sq.m in Ningbo, which is 2.0% of the total attributable land bank[54]. Market Outlook - The outlook for the second half of 2022 anticipates continued policy support for the real estate industry, with expectations for market stabilization and gradual recovery, although the overall market size is expected to drop significantly compared to the previous year[33][36]. - In the first half of 2022, the total investment in China's real estate development sector was RMB 6,831.4 billion, with commercial properties sold amounting to 689.23 million sq.m., and sales revenue of RMB 6,607.2 billion, representing decreases of 5.4%, 22.2%, and 28.9% respectively compared to the same period last year[27][30]. Employee and Corporate Governance - The Group had 11 investment properties with a total GFA of approximately 197,860 sq.m. as of June 30, 2022[84]. - The Group's employee remuneration includes competitive salaries and benefits, with a structured annual review system for performance assessment[184][186]. - The Group has adopted a post-IPO share option scheme and a restricted share unit scheme to retain skilled personnel since October 27, 2020[185][187]. - The Group provides comprehensive employee benefits, including medical, endowment, maternity, unemployment, work-related injury insurance, and housing provident funds[184][186]. Financial Risks and Management - The Group's financial risks include interest rate risk, foreign exchange risk, credit risk, and liquidity risk, with no use of derivatives for hedging purposes[156]. - The Group aims to maintain sufficient cash through internally generated sales proceeds and committed credit facilities to meet operational needs[165]. - The Group does not have any outstanding loan capital, bank overdrafts, or other similar indebtedness as of June 30, 2022[176].
上坤地产(06900) - 2022 - 中期财报