BEH-P(SH:600791)2021-08-26 16:00Financial Performance - The company's operating revenue for the first half of 2021 reached ¥849,876,011.08, a significant increase of 673.14% compared to ¥109,924,623.52 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥4,239,204.98, recovering from a loss of ¥37,970,791.43 in the previous year[19]. - The net cash flow from operating activities was ¥1,147,071,245.75, representing a 45.51% increase from ¥788,289,029.59 in the same period last year[19]. - The basic earnings per share for the first half of 2021 was ¥0.01, compared to a loss of ¥0.08 in the same period last year[20]. - The company achieved operating revenue of 850 million RMB, an increase of 673.14% compared to the same period last year, primarily due to the completion and delivery of the Jingneng Tianxia Chuan Phase III project[28]. - The net profit for the period was 29 million RMB, marking a turnaround from a loss in the previous year, with the attributable net profit reaching 4 million RMB[28]. - The gross profit margin improved significantly, with gross profit for the first half of 2021 at ¥68,717,300.69, compared to a gross loss of ¥45,195,595.45 in the first half of 2020[93]. - The total comprehensive income for the first half of 2021 was ¥29,436,802.34, contrasting with a comprehensive loss of ¥40,641,216.86 in the first half of 2020[94]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥18,878,753,705.42, an increase of 3.82% from ¥18,183,723,530.70 at the end of the previous year[19]. - The total liabilities rose to ¥15,150,300,452.80, up from ¥14,366,140,088.64, indicating an increase of about 5.45%[86]. - The company's long-term borrowings increased by 13.02% to ¥580,814.37 million, compared to ¥513,916.65 million in the previous year[37]. - The total owner's equity attributable to shareholders decreased to ¥2,043,788,244.57 from ¥2,158,116,031.37, a decline of about 5.29%[86]. - The company's cash and cash equivalents at the end of the period amounted to ¥140,363.24 million, up 23.90% from ¥113,286.56 million year-on-year[36]. Operational Highlights - The company reported a significant increase in sales area, with a total of 88.635 million square meters sold, a year-on-year increase of 27.7%[24]. - The company focuses on real estate development in key areas such as Beijing, Tianjin, and Yinchuan, adhering to a prudent investment strategy[25]. - The company emphasizes a "real estate +" operational development model, integrating various business strategies to enhance competitiveness[26]. - The company has a stable and professional real estate development team, leveraging nearly 20 years of experience in the industry[26]. - The company’s projects include Jingneng Tianxia Chuan, Jingneng Lishu, and Jingneng Haiyucheng, among others, focusing on quality and safety in construction[25]. Risks and Challenges - The company faces macroeconomic risks due to changes in domestic and international economic conditions, which may lead to an unfavorable market environment and uncertainty in development[46]. - Cash flow risks are present if the company fails to manage the collection and allocation of funds effectively, potentially leading to operational disruptions[46]. - The competitive landscape in the real estate market is intensifying under the "housing is for living, not for speculation" policy, necessitating close monitoring of land market dynamics[46]. - The company has implemented a management mechanism to adjust development strategies based on macroeconomic and industry conditions[46]. Governance and Compliance - The company is committed to enhancing its governance capabilities and compliance systems to ensure sustainable development[27]. - There were significant changes in the board of directors, including the election of a new chairman and several new directors[54]. - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for this reporting period[5]. - The company has not disclosed any new employee stock ownership plans or other incentive measures during the reporting period[57]. Financial Management - The company will enhance internal fund management and explore innovative financing methods to ensure operational needs are met[46]. - The company reported a deposit balance of 881 million RMB with Jingneng Financial Company, generating interest income of 1 million RMB for the first half of 2021[63]. - The company approved a development loan of 400 million RMB for Beijing Jingneng Yuntai Real Estate Development Co., with a loan term of 3 years and an interest rate of 5.65%[64]. - The total amount of guarantees provided by the company, including those to subsidiaries, was 257.02 million RMB, accounting for 12.58% of the company's net assets[69]. Accounting and Reporting - The financial statements are prepared based on the accrual basis of accounting, in accordance with the accounting standards issued by the Ministry of Finance[123]. - The company recognizes revenue when control of goods or services is transferred to customers, primarily including real estate sales, property leasing, and property management income[198]. - The company assesses the recoverable amount of assets based on the higher of fair value less costs to sell and the present value of future cash flows[186]. - The company applies the cost method for long-term equity investments, recognizing investment income from cash dividends or profits declared by the invested unit, excluding any declared but unpaid dividends[167].