Financial Performance - Revenue for the six months ended September 30, 2023, was RMB 102,224, a decrease of 78.4% compared to RMB 473,010 in 2022[4] - Gross profit for the same period was RMB 69,678, down 80.3% from RMB 354,433 in 2022[4] - Operating profit decreased to RMB 49,502, a decline of 85.0% from RMB 329,791 in the previous year[4] - Profit for the period was RMB 22,604, representing a decrease of 84.2% compared to RMB 143,127 in 2022[4] - Finance income for the period was RMB 1,329, down 62.1% from RMB 3,507 in 2022[4] - The total income tax charge for the six months ended 30 September 2023 was RMB 28,159,000, compared to RMB 187,986,000 in the previous year, representing a decrease of 85%[134] - Basic earnings per share for the six months ended 30 September 2023 was 4.5 RMB cents, down from 28.3 RMB cents in the previous year, reflecting a decline of 84.1%[142] - Profit attributable to equity shareholders for the same period was RMB 22,604,000, down approximately 84% from RMB 143,127,000 in the previous year[40] Comprehensive Income - Other comprehensive income for the period was RMB 2,827, compared to a loss of RMB 42,104 in the same period last year[6] - The Group reported a total comprehensive income of RMB 25,431,000 for the period, which includes a profit of RMB 22,604,000 and other comprehensive income of RMB 2,827,000[67] Cash Flow and Liquidity - For the six months ended September 30, 2023, the net cash used in operating activities was RMB (4,992) thousand, compared to RMB 50,759 thousand generated in the same period of 2022[1] - The net cash used in investing activities amounted to RMB (70,687) thousand, an increase from RMB (60,359) thousand in the prior year[1] - The net cash generated from financing activities was RMB 4,863 thousand, a significant recovery from RMB (99,418) thousand used in the same period last year[1] - The total cash and cash equivalents at the end of the period were RMB 204,047 thousand, down from RMB 369,644 thousand at the end of September 2022[1] - The Group's cash and bank deposits as of 30 September 2023 amounted to RMB 195,684,000, down from RMB 252,940,000 as of 31 March 2023, a decline of 22.6%[122] - The Group's cash at bank and in hand decreased from RMB 257,332,000 to RMB 191,567,000, reflecting a significant reduction in liquidity[182] - The Group aims to maintain a strong liquidity position to capture future growth opportunities[190] Operational Strategy - The company is focusing on market expansion and new product development strategies to improve future performance[4] - The interim report indicates a strategic shift in operations to adapt to changing market conditions[4] - The Group aims to explore sales channels and implement precise sales strategies to achieve operating targets for the year 2023/2024[160] - The Group is focused on renewal projects in the Greater Bay Area, which are expected to have greater market resilience and growth potential[157] - The Group plans to explore a new business model integrating culture, tourism, and commerce, responding to the government's rural revival policy to enhance project quality and diversify growth[186] Property Development - Phase 4 of Castfast Villas, Dongguan delivered 16 units, generating revenue of RMB41,512,000 with an average selling price of approximately RMB28,000 per sq.m.[43] - Phase 5 of Castfast Villas, Dongguan delivered 14 units, recording revenue of RMB58,907,000 with an average selling price of approximately RMB28,600 per sq.m.[48] - Louvre Mansion, Huizhou completed with a total saleable area of approximately 30,300 sq.m., delivering 3 units and generating revenue of RMB1,805,000[49] - Revenue from property sales for the six months ended September 30, 2023, is not explicitly stated but is derived from the income from sales net of taxes and discounts[102] - Properties under development for sale amounted to RMB170,487,000, an increase from RMB166,207,000 in the previous period[170] - Completed properties held for sale decreased to RMB841,787,000 from RMB884,819,000 in the previous period[170] Financial Position - The Group's outstanding guarantees to banks for mortgage arrangements amounted to RMB398,707,000 as of 30 September 2023, down from RMB515,657,000 as of 31 March 2023[61] - The Group's total interest-bearing bank borrowings are approximately RMB18,892,000, which is due for repayment in December 2023[161] - The Group's net gearing ratio was not applicable as it maintained a net cash position, with total bank borrowings of approximately RMB 18,892,000 due for repayment in December 2023[198] - The Group's financial resources are expected to support current operations and capital expenditures, ensuring readiness for strategic investments[200] Human Resources - The company reported wages and salaries of RMB 8,932 thousand for the six months ended September 30, 2023, compared to RMB 8,077 thousand in the same period of 2022[110] - The contributions to the defined contribution retirement plan were RMB 374 thousand, slightly up from RMB 373 thousand in the previous year[110] - The Group continues to enhance its operational efficiency through talent recruitment and training, aiming to improve product quality[82] Market Outlook - The Group anticipates that the real estate market will transition from a state of fluctuation to equilibrium, supported by government policies, indicating a shift towards stable and healthy development[185] - The Group will maintain a prudent investment approach while controlling financial risks and enhancing operational efficiency[160] Corporate Governance - The Board does not recommend the payment of any interim dividend for the six months ended 30 September 2023[39] - The Group declared no interim dividend for the period, compared to RMB 65,000,000 declared in the same period of 2022[88] - The Group has not adopted any new standards or interpretations that have not yet come into effect during the accounting period[123] - The Group's business philosophy emphasizes resilience and a focus on achieving synergy for long-term development[197]
嘉创地产(02421) - 2024 - 中期财报