世茂集团(00813) - 2023 - 中期业绩

Financial Performance - Revenue decreased by 53.2% to RMB 34.356 billion compared to RMB 73.401 billion in the first half of 2021[3]. - The gross profit dropped by 85.9% to RMB 2.965 billion, resulting in a gross profit margin of 8.6%[3]. - The core business loss attributable to shareholders was RMB 5.529 billion, a decline of approximately 189.2% compared to a profit of RMB 6.199 billion in the same period of 2021[3]. - The profit attributable to shareholders decreased from approximately RMB 6.283 billion in the first half of 2021 to a loss of approximately RMB 9.792 billion in the first half of 2022, primarily due to a reduction in revenue and gross profit contribution[45]. - The company reported a total comprehensive loss of RMB (9,299,596) thousand for the period, compared to a comprehensive income of RMB 9,208,037 thousand in the previous year[63]. - The net loss for the period was RMB 9,268,158 thousand, compared to a profit of RMB 9,477,850 thousand in the prior year, marking a substantial turnaround[62]. - Basic and diluted loss per share for the period was RMB (258.5), compared to earnings of RMB 178.0 in the same period last year[63]. Sales and Revenue Sources - For the first half of 2022, the company's contracted sales amounted to RMB 43.77 billion, with a total contracted sales area of 2.709 million square meters[3]. - 82.2% of the total revenue in the first half of 2022 came from property sales, while 17.8% came from hotel operations, commercial operations, property management, and other businesses[24]. - Property sales revenue was RMB 28,233,677 thousand, down 57% from RMB 66,521,433 thousand year-over-year[84]. - In the first half of 2022, the company achieved revenue of RMB 4.2657 billion in property services, representing a year-on-year increase of 12.9%[15]. - Hotel operating revenue decreased by approximately 24.0% to RMB 738 million from RMB 972 million in the same period of 2021, primarily due to recurring pandemic challenges[28]. Operational Adjustments - The company adjusted its operational strategy by suspending land acquisitions and focusing on fine management of existing projects[8]. - The company plans to further invest in the commercial light asset sector and accelerate its transition to a light asset model[13]. - The company aims to enhance operational capabilities and pursue "quality high growth" through strategic, operational, organizational, and talent development[21]. - The company plans to explore new revenue streams through outdoor beer gardens and community takeout services[22]. Financial Position and Liabilities - The total borrowings increased by 10.5% from approximately RMB 231.759 billion as of December 31, 2021, to approximately RMB 255.995 billion as of June 30, 2022, largely due to the ongoing downturn in the real estate industry and liquidity risks[50]. - The net debt ratio as of June 30, 2022, was approximately 219.0%, up from 156.0% as of December 31, 2021[54]. - The group's asset-liability ratio, excluding pre-receipts, was approximately 81.0% as of June 30, 2022, compared to 77.4% as of December 31, 2021[48]. - The cash-to-short-term debt ratio was 0.08 as of June 30, 2022, down from 0.21 as of December 31, 2021[55]. - The group has not made scheduled repayments totaling RMB 39 billion as of June 30, 2022[75]. - The group is seeking alternative financing and loans to meet its existing financial obligations and future operational and capital expenditures[78]. Asset Management - As of June 30, 2022, the company's land reserves were approximately 64.67 million square meters (before equity)[3]. - The total assets as of June 30, 2022, were RMB 624,255,200 thousand, slightly down from RMB 628,104,069 thousand at the end of 2021[65]. - Non-current assets decreased to RMB 130,590,767 thousand from RMB 138,221,256 thousand, indicating a reduction of approximately 5%[65]. - The company recorded a fair value loss of approximately RMB 28 million, compared to a fair value gain of RMB 534 million in the first half of 2021, mainly due to reduced rental income from Shanghai Shimao Plaza[37]. Cost Management - Sales costs decreased by 40.1% to approximately RMB 31.391 billion, down from RMB 52.388 billion in the same period of 2021, consistent with the downward trend in revenue[35]. - Marketing and promotional costs decreased by 39.1% to approximately RMB 1.570 billion, down from RMB 2.580 billion in the same period of 2021, reflecting a decline in contract sales[39]. - Administrative expenses decreased by 8.6% to approximately RMB 2.645 billion, down from RMB 2.893 billion in the same period of 2021, mainly due to personnel costs and depreciation[39]. Future Outlook and Strategies - The company has developed a business strategy plan focused on accelerating property sales[78]. - The company plans to enhance its market expansion strategies and product development in response to the current financial performance[86]. - The group is implementing measures to alleviate liquidity pressure and improve financial conditions, contingent on the success of these measures[134]. - The group is confident in achieving resolutions for ongoing litigation cases[78].