龙湖集团(00960) - 2023 - 中期业绩

Financial Performance - Revenue for the period was RMB 62.04 billion, a decrease from RMB 94.80 billion in the same period last year[2] - Shareholders' profit attributable to the company was RMB 8.06 billion, with core profit after fair value adjustments increasing by 0.6% to RMB 6.59 billion[1] - Gross profit was RMB 13.90 billion, with a gross margin of 22.4%[2] - Total comprehensive income for the period was RMB 9.57 billion, compared to RMB 9.93 billion in the previous year[3] - The company reported a pre-tax profit of RMB 12.37 billion, down from RMB 15.93 billion year-on-year[2] - Basic earnings per share were RMB 1.316, with core basic earnings per share at RMB 1.076[1] - The adjusted profit for the development business was RMB 12,389,203 thousand for the six months ended June 30, 2022, compared to RMB 11,084,545 thousand for the same period in 2023, indicating a decrease of about 11%[14] - Basic and diluted earnings attributable to shareholders for the first half of 2023 were RMB 8,057,952, an increase of 7.7% from RMB 7,480,032 in the same period of 2022[27] Sales and Contracted Sales - Contract sales amounted to RMB 98.52 billion, corresponding to a total sales area of 5.799 million square meters[1] - The group's contracted sales for the first half of 2023 amounted to RMB 98.52 billion, with a total sales area of 5.799 million square meters, resulting in a sales price of RMB 16,987 per square meter[37] - As of June 30, 2023, the group had sold but not yet recognized contracted sales amounting to RMB 24.65 billion, covering approximately 1.57 million square meters, laying a solid foundation for future core profit growth[40] - The total area of properties sold in the first half of 2023 was 598.3 thousand square meters, compared to 383.2 thousand square meters in the same period of 2022[36] Debt and Financial Position - Net debt ratio stood at 57.2%, with cash on hand amounting to RMB 72.43 billion[1] - The average borrowing cost was 4.26%, with an average loan term of 7.19 years[1] - Total liabilities as of June 30, 2023, amounted to RMB 212,900,485, an increase from RMB 205,288,350 as of December 31, 2022, representing a growth of approximately 3.9%[18] - The group’s total borrowings amounted to RMB 207.09 billion, with cash on hand of RMB 72.43 billion, resulting in a net debt ratio of 57.2%[58] - The average borrowing cost for the group is 4.26%, with fixed-rate debt accounting for 33% of total debt[59] Dividends - The board declared an interim dividend of RMB 0.32 per share[1] - The company declared an interim dividend of RMB 2,029,345,000 for the six months ended June 30, 2023, translating to a dividend of RMB 0.32 per share, compared to RMB 0.33 per share in the same period of 2022[26] - The interim dividend will be paid on February 8, 2024, to shareholders listed on January 4, 2024[63] Operational Performance - The operating business generated revenue of RMB 6,332,308 thousand in the first half of 2023, compared to RMB 5,862,558 thousand in the same period of 2022, reflecting an increase of approximately 8%[16] - The rental income exceeded RMB 6 billion in the first half of the year, with ongoing improvements in operational efficiency[32] - The rental income from the group's operational business in the first half of 2023 was RMB 257.66 million, accounting for 5.1% of total revenue, with an occupancy rate of 97.4%[41] - The group achieved a rental income of RMB 5.01 billion from commercial operations, reflecting an 8% year-on-year growth[61] Investment and Land Acquisition - The group’s land reserve totaled 54.89 million square meters as of June 30, 2023, with an average cost of RMB 5,027 per square meter, which is 29.6% of the current signed unit price[53] - The group acquired a total of 2.57 million square meters of new land reserves in the first half of 2023, with an average acquisition cost of RMB 9,744 per square meter[53] - The total land acquisition in the first half of 2023 reached 2,572,847 square meters, with a total attributable area of 1,844,115 square meters[56] Corporate Governance - The company is committed to high standards of corporate governance and has adhered to the corporate governance code, with a noted deviation regarding the roles of the chairman and CEO[66] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim results for the six months ended June 30, 2023[67] - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the six months ended June 30, 2023[68] Future Outlook - The company aims to increase the proportion of profits from non-development businesses to over 50% in the future[33] - The group plans to open approximately six new shopping malls in major cities such as Beijing, Shanghai, and Chongqing in the second half of 2023[62] - The group is expanding its investment properties with several projects scheduled to open between 2023 and 2024, including major developments in cities like Chongqing, Jinan, and Hangzhou[47]