华润置地(01109) - 2023 - 中期业绩

Financial Performance - In the first half of 2023, the total revenue was RMB 72.97 billion, a slight increase of 0.1% year-on-year[3] - The operating revenue from property management business reached RMB 10.72 billion, growing by 41.0% year-on-year, while light asset management business revenue was RMB 5.01 billion, up by 37.6% year-on-year[3] - The net profit attributable to shareholders was RMB 13.74 billion, representing a year-on-year increase of 29.6%[3] - The core net profit, excluding investment property valuation gains, was RMB 11.27 billion, up by 10.9% year-on-year[3] - The earnings per share attributable to shareholders was RMB 1.93, reflecting a year-on-year growth of 29.6%[6] - Total revenue for the six months ended June 30, 2023, was RMB 79,962,454 thousand, compared to RMB 79,752,377 thousand for the same period in 2022, representing a slight increase of 0.26%[14] - The profit attributable to joint ventures and associates was RMB 1,950,256 thousand, contributing to a total categorized profit of RMB 15,969,782 thousand[14] - The company reported a pre-tax profit of RMB 23,052,800 thousand for the six months ended June 30, 2023[14] Dividends and Shareholder Returns - The company declared an interim dividend of RMB 0.198 per share, an increase of 8.8% compared to RMB 0.182 per share in the same period last year[4] - The interim dividend for the six months ending June 30, 2023, is set at HKD 0.216 per share, an increase from HKD 0.208 per share in 2022[68] - Shareholders can opt to receive the interim dividend in RMB at a rate of RMB 0.198 per share, based on the exchange rate of HKD 1.0 to RMB 0.9173[69] - The deadline for submitting the dividend currency choice form is October 9, 2023, at 4:30 PM[69] - The interim dividend will be paid on October 27, 2023, with no significant post-balance sheet events reported after June 30, 2023[70] Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 821,028,144 thousand, an increase from RMB 713,284,627 thousand as of December 31, 2022, representing a growth of approximately 15.1%[8] - Non-current assets include investment properties valued at RMB 253,546,947 thousand, up from RMB 237,885,277 thousand, indicating an increase of about 6.7%[8] - Current liabilities rose to RMB 622,906,943 thousand from RMB 527,256,053 thousand, reflecting an increase of approximately 18.1%[9] - The company reported a total contracted sales amount of RMB 170.24 billion, which is a year-on-year growth of 40.6%[31] - The company’s total liabilities, including accounts payable and other payables, were RMB 167.12 billion as of June 30, 2023, compared to RMB 162.83 billion at the end of the previous year[28] Cash Flow and Financing - The company’s cash and cash equivalents reached RMB 127,915,198 thousand, significantly higher than RMB 95,544,576 thousand reported at the end of 2022, marking an increase of around 33.7%[9] - The company raised a total of RMB 10 billion through short-term financing bonds and medium-term notes in the first half of 2023, with interest rates ranging from 2.16% to 3.39%[58][59] - The company has obtained a financing quota of RMB 56.4 billion through asset pledges, with a loan balance of RMB 34.4 billion[61] - The net interest-bearing debt to equity ratio is 28.5%, a decrease of 10.3 percentage points from 38.8% at the end of 2022, indicating a low leverage level in the industry[56] - The weighted average financing cost as of June 30, 2023, is approximately 3.56%, down 19 basis points from 3.75% at the end of 2022[57] Business Operations and Strategy - The company has reclassified its business segments into four main categories for better resource allocation and performance evaluation[13] - The company plans to continue investing in new product development and technology to enhance market competitiveness[14] - The company is exploring potential mergers and acquisitions to further expand its market presence[14] - The company added land reserves of 7.97 million square meters in the first half of 2023, bringing total land reserves to approximately 65.48 million square meters[4] - The company’s light asset management business generated revenue of RMB 5.01 billion, with property management covering 189 cities and a managed area of 380 million square meters, a 9.0% increase from the end of 2022[50] Market Performance - As of June 30, 2023, the company's market capitalization stood at HKD 236.75 billion, maintaining its position as the top player in the domestic real estate sector[31] - The group achieved a retail sales revenue of RMB 75.13 billion from its 67 operating shopping centers, reflecting a year-on-year growth of 38.9%[32] - The average occupancy rate for newly opened shopping centers in Beijing and Chongqing was 95.7%[32] - The rental housing occupancy rate was 96.4%, exceeding market expectations by 6 percentage points[33] Compliance and Governance - The financial report adheres to the Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[11] - The company has adhered to all corporate governance codes as outlined in the listing rules during the six months ending June 30, 2023[65] - The company maintains credit ratings of BBB+ (stable outlook) from S&P, Baa1 (stable outlook) from Moody's, and BBB+ (stable outlook) from Fitch[60]