CHIXIA DEVELOPMENT(SH:600533)2023-08-29 16:00Financial Performance - The company's operating revenue for the first half of 2023 reached RMB 3,140,519,859.79, representing a 32.45% increase compared to RMB 2,371,030,615.83 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was RMB 27,447,541.18, a decrease of 87.09% from RMB 212,561,213.89 in the previous year[17]. - The net cash flow from operating activities was negative at RMB -921,895,753.84, compared to RMB -16,355,006.57 in the same period last year[17]. - Basic earnings per share for the first half of 2023 were RMB 0.0261, down 87.09% from RMB 0.2024 in the same period last year[18]. - The weighted average return on equity decreased to 0.62% from 4.68% in the previous year, a decline of 4.06 percentage points[18]. - The company reported a profit before tax of approximately ¥79.75 million, a decrease of 71.91% compared to ¥283.95 million in the previous year[37]. - The company reported a net profit for the first half of the year of 31,970,325.81 RMB, a decrease of 83.03% compared to 188,372,587.59 RMB in the same period last year[91]. - The total comprehensive income for the first half of 2023 was ¥18,993,490.72, a decrease of 91.3% compared to ¥218,341,870.25 in the same period of 2022[102]. Assets and Liabilities - The total assets of the company increased by 9.67% to RMB 24,952,587,827.90 from RMB 22,752,687,984.01 at the end of the previous year[17]. - The total liabilities increased to ¥20,400,053,136.80 from ¥18,114,195,783.63, reflecting a growth of about 12.59%[95]. - The company's total assets amounted to ¥13,732,210,144.83, up from ¥13,572,899,751.51, indicating a growth of 1.2% year-over-year[99]. - The company's total liabilities to assets ratio was 81.76%, up from 79.61% at the end of the previous year[91]. - Long-term borrowings increased by 75.18% to CNY 6.16 billion, primarily due to new bank loans during the reporting period[40]. - Total current liabilities decreased to ¥2,890,489,324.69 from ¥4,496,130,929.10, a reduction of 35.7%[99]. Cash Flow - The net cash flow from operating activities for the first half of 2023 was -CNY 921,895,753.84, compared to -CNY 16,355,006.57 in the first half of 2022, indicating a significant deterioration in cash flow[108]. - Cash inflow from operating activities totaled CNY 3,143,400,584.85, while cash outflow was CNY 4,065,296,338.69, resulting in a net cash outflow of CNY 921,895,753.84[108]. - The net cash flow from financing activities was CNY 2,478,016,351.99, a significant increase from CNY 567,224,416.85 in the first half of 2022, representing a growth of about 337%[109]. Real Estate Market - In the first half of 2023, the company's real estate sales area reached 54,000 square meters, with a sales amount of 2.041 billion yuan[29]. - The national real estate development investment in the first half of 2023 was 585.5 billion yuan, a year-on-year decrease of 7.9%[24]. - The real estate market showed a decline in sales area by 5.3% year-on-year, totaling 59.515 million square meters[24]. - The real estate development prosperity index fell to 94.06 by the end of June 2023, indicating increased market pressure[23]. - The government has emphasized the need for policy adjustments to stabilize the real estate market, which may impact future strategies[25]. Corporate Governance and Shareholder Information - The company’s major shareholder, Nanjing Qixia Construction Group Co., Ltd., holds 34.37% of the shares, totaling 360,850,600 shares[75]. - The top ten shareholders include Nanjing Gaoke Co., Ltd. with 11.82% and individual shareholder Cao Huili with 2.18%[75]. - The company has not reported any overdue guarantees or significant related party transactions[70]. - The registered capital of Nanjing Maiyan Real Estate Development Co., Ltd. was reduced from RMB 1.2 billion to RMB 50 million, optimizing resource allocation and improving capital efficiency[83]. Investment and Financing - The company aims to broaden financing channels and increase refinancing efforts to optimize its financing structure and reduce capital costs[50]. - The company raised CNY 4,425,000,000.00 through borrowings in the first half of 2023, compared to CNY 3,119,093,316.00 in the same period of 2022, marking an increase of approximately 42%[109]. - The company’s financing activities generated a net cash inflow of approximately ¥2.48 billion, a substantial increase from ¥567.22 million in the previous year, primarily due to increased bank borrowings[37]. Risk Management - The company has strong risk resistance capabilities in projects located in Nanjing, Suzhou, and Wuxi, which are in urban agglomerations with strong population attraction[50]. - The company has implemented strict debt management and liquidity management to ensure timely interest payments and principal repayments[84]. - The company has not experienced any significant changes in risk factors compared to the previous year's report[85]. Accounting Policies - The company adheres to the principle of going concern in its financial reporting, with no significant doubts regarding its ability to continue operations for the next 12 months[131]. - The company’s financial statements comply with the requirements of the accounting standards, accurately reflecting its financial position and operating results[133]. - The company prepares consolidated financial statements based on control, including itself and all subsidiaries[142]. Inventory and Assets Management - Inventory is classified into real estate development inventory and non-real estate development inventory, with costs measured at actual cost[169]. - The company applies a perpetual inventory system, measuring inventory at the lower of cost and net realizable value at the balance sheet date[171]. - The company recognizes the interests of minority shareholders separately in the consolidated financial statements[143].