CREC(SZ:000736)2021-08-25 16:00Financial Performance - The company's operating revenue for the first half of 2021 was ¥4,949,257,972.85, a decrease of 17.54% compared to ¥6,002,221,100.16 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was ¥161,609,021.29, an increase of 29.54% from ¥124,759,093.57 year-on-year[22]. - The net cash flow from operating activities was -¥11,571,694,761.96, representing a decline of 19.48% compared to -¥9,685,388,729.78 in the previous year[22]. - The total assets at the end of the reporting period were ¥136,909,388,801.38, an increase of 37.59% from ¥99,503,326,150.10 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company were ¥3,188,452,130.91, up 4.15% from ¥3,061,440,109.07 at the end of the previous year[22]. - Basic earnings per share increased by 27.78% to ¥0.23 from ¥0.18 in the same period last year[22]. - The weighted average return on net assets rose to 5.16%, an increase of 0.69 percentage points from 4.47% in the previous year[22]. Revenue and Sales - The company achieved a contracted sales area of 1.232 million square meters in the first half of 2021, representing an 88.23% increase year-on-year, with a contracted sales amount of CNY 32.08 billion, up 160.59% year-on-year[34][36]. - The sales collection amount for the first half of 2021 was CNY 25.9 billion, reflecting a 158.43% increase compared to the same period last year[37]. - Revenue from real estate development was ¥4,904,972,657.91, accounting for 99.11% of total revenue, down 17.66% from ¥5,956,759,078.48[63]. - The company reported a significant increase in revenue from the Central China region, which rose by 242.58% to ¥127,811,036.31[66]. - The East China region's revenue decreased by 64.68% to ¥1,382,153,540.25, while the Northwest region reported no previous year data due to its establishment in the second half of 2020[66]. Project Development and Management - The company acquired 14 new land projects in the first half of 2021, with a total planned construction area of 2.6151 million square meters and a total land acquisition cost of CNY 28.664 billion[39]. - The company holds a total of 98 real estate projects with a total construction area of 27.27 million square meters, of which 8.34 million square meters have been completed as of the reporting period[41]. - The company is currently developing the Chengdu Muxiang Meilu project, which has a completion rate of 50% and a total construction area of 132,952 square meters[49]. - The company has a 99.98% completion rate for the Kunming Zhongjiao Jin Di Central Park project, with a total construction area of 429,684 square meters[49]. - The company has a 70% completion rate for the Nanjing Zhongjiao Rongyu Garden project, with a total construction area of 611,286 square meters[49]. Financial Position and Cash Flow - Cash and cash equivalents at the end of the period were ¥18,339,974,876.59, representing 13.40% of total assets, an increase from 11.59% last year[72]. - Inventory amounted to ¥94,662,162,139.46, accounting for 69.14% of total assets, a slight decrease from 72.39% last year[72]. - Long-term borrowings rose to ¥38,859,526,029.82, accounting for 28.38% of total liabilities, an increase from 24.99% last year[72]. - The net cash flow from investing activities was approximately -¥1.79 billion, a decrease of 10.08% from -¥1.99 billion year-on-year[62]. - The net cash flow from financing activities increased by 18.06% to approximately ¥18.91 billion from ¥16.02 billion in the previous year[62]. Corporate Governance and Compliance - The company aims to optimize its corporate governance structure to enhance overall operational efficiency[95]. - The company has committed to fair pricing in related transactions to protect the interests of minority shareholders[121]. - The company has established a commitment to maintain independence in operations, including independent management and asset integrity, ensuring no violation of fund or asset occupation by controlling entities[116]. - The company has a continuous commitment to avoid competition in real estate business areas where it operates, including through transfer and management arrangements with third parties[112]. - The company has not reported any significant environmental penalties during the reporting period[107]. Market Risks and Strategic Focus - The company faced risks related to market expansion and new strategies, as detailed in the report's discussion and analysis section[5]. - The real estate market in China remains under strict regulatory control, with policies aimed at stabilizing land prices and housing prices, impacting the company's land acquisition strategies[32]. - The company plans to enhance its land reserve and explore innovative business opportunities to improve its risk resistance[94]. - The company is actively expanding its market presence with multiple ongoing projects across various cities, indicating a strategic focus on growth and development[49]. - The company faced external risks including macroeconomic fluctuations and intensified market competition, which could impact its operations[91].