SFHN(SZ:000631)2020-08-27 16:00Financial Performance - The company's operating revenue for the first half of 2020 was ¥368,190,141.52, a decrease of 64.46% compared to ¥1,035,882,796.87 in the same period last year[23]. - The net profit attributable to shareholders was ¥141,699,110.91, down 67.85% from ¥440,706,643.14 year-on-year[23]. - The basic earnings per share decreased by 66.67% to ¥0.06 from ¥0.18 in the previous year[23]. - The company reported a significant reduction in credit impairment losses, which were ¥4,514,936.69 in the first half of 2020, compared to ¥47,955,715.80 in the same period of 2019[178]. - The total profit for the first half of 2020 was ¥185,692,632.54, down 67.8% from ¥577,437,058.59 in the first half of 2019[181]. - The company reported an investment income of ¥37,495,978.87 for the first half of 2020, significantly lower than ¥203,963,227.07 in the first half of 2019[181]. - The financial expenses for the first half of 2020 showed a net income of -¥25,551,256.60, compared to -¥11,041,254.15 in the same period of 2019[178]. - Tax expenses for the first half of 2020 were ¥39,557,720.20, a decrease of 58.5% from ¥95,400,189.61 in the first half of 2019[181]. Assets and Liabilities - The total assets at the end of the reporting period were ¥7,754,139,000.12, a decline of 7.14% from ¥8,350,635,735.79 at the end of the previous year[23]. - The net assets attributable to shareholders were ¥6,494,204,409.89, a slight decrease of 0.22% from ¥6,508,389,615.80 at the end of the previous year[23]. - Cash and cash equivalents at the end of the reporting period amounted to ¥6,054,891,207.74, accounting for 78.09% of total assets, a decrease of 1.20% compared to the previous year[65]. - Accounts receivable stood at ¥11,270,114.09, representing 0.15% of total assets, down by 0.05% year-on-year[65]. - Inventory decreased to ¥524,214,714.54, making up 6.76% of total assets, a decline of 1.39% from the previous year[65]. - Long-term equity investments dropped to ¥77,179,777.31, representing 1.00% of total assets, a decrease of 2.15% year-on-year[65]. - Total liabilities decreased from ¥1,803,301,319.85 to ¥1,216,553,988.66, a reduction of about 32.5%[164]. - Owner's equity decreased from ¥6,547,334,415.94 to ¥6,537,585,011.46, a slight decline of approximately 0.15%[167]. Cash Flow - The net cash flow from operating activities was negative at -¥416,495,863.75, compared to a positive cash flow of ¥180,907,782.90 in the same period last year, marking a decline of 330.23%[23]. - The net cash flow from investing activities was 537,753,984.19 yuan, a substantial increase from 78,707,964.52 yuan in the first half of 2019[193]. - The net cash flow from financing activities was -192,786,223.15 yuan, compared to -1,749,723,521.10 yuan in the same period of 2019[196]. - Cash inflow from investment activities totaled 2,558,631,708.33 yuan, slightly down from 2,576,276,395.14 yuan year-on-year[193]. - Cash outflow from investment activities decreased to 2,020,877,724.14 yuan from 2,497,568,430.62 yuan in the previous year[193]. Operational Highlights - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company successfully completed a land acquisition for the state-owned construction land use rights of the Xiaozheng Storage (2020) No. 15 plot, which is expected to enhance future operational performance[41]. - The company reported a 100% inventory turnover for the Kangzhuang project, with over 96% of ongoing projects sold[41]. - The company aims to position itself as a "Future Community Development and Operation Service Provider" and enhance its capabilities in five core areas, including development and operation[52]. - The company plans to enhance its property management services by implementing standardized management and professional services[41]. Market Conditions - The real estate market in Hangzhou saw a significant increase in land prices, with some areas experiencing a rise of 33% compared to the previous year[44]. - In the first half of 2020, Hangzhou's land transfer revenue reached RMB 156.7 billion, a 32% increase year-on-year, maintaining the top position nationwide[46]. - The residential sales area in Hangzhou for the first half of 2020 was 6.29 million square meters, a year-on-year increase of over 10%, with 38,111 units sold, up 24%[46]. - The average sales price of residential properties in Huainan was RMB 6,526.27 per square meter, a 7.5% increase year-on-year, while total sales value decreased by 5.65% to RMB 4.902 billion[46]. Shareholder Information - Wanxiang Group acquired 61.33% of the company's shares, making it the largest shareholder as of January 21, 2020[120]. - The total number of ordinary shareholders at the end of the reporting period was 27,696, with significant shareholders holding over 5%[130]. - Wanxiang Group holds 61.33% of the shares, while Zhejiang Hangmin Industrial Group holds 10.94%[130]. Governance and Compliance - The company has undergone changes in its board of directors, with new appointments made during the reporting period[120]. - The half-year financial report was not audited[90]. - There were no significant litigation or arbitration matters during the reporting period[94]. - The company did not engage in any major related party transactions during the reporting period[101].