Financial Performance - Operating revenue for the six months ended June 30, 2023, was approximately RMB 5,201 million, representing a year-on-year increase of 10.24%[2] - The net profit attributable to equity holders of the company was approximately RMB 1,431 million[2] - The core profit attributable to equity holders was approximately RMB 1,565 million[2] - The total profit for the six months ended June 30, 2023, was RMB 2,304,373, a decrease of 22.1% compared to RMB 2,960,950 for the same period in 2022[8] - The total comprehensive income for the period was RMB 1,773,450, down 26.0% from RMB 2,395,582 in the previous year[8] - The company's equity holders' share of total comprehensive income was RMB 1,075,665, compared to RMB 1,408,908 in the same period last year, reflecting a decline of 23.6%[8] - Basic earnings per share for the period were RMB 0.20, compared to RMB 0.28 for the same period in 2022[6] - The total income for the six months ended June 30, 2023, was RMB 42,532,349 thousand, down from RMB 43,351,645 thousand in the same period of 2022, reflecting a decline of 1.9%[28] - The profit before income tax expenses for the first half of 2023 was RMB 3,753,474 thousand, compared to RMB 3,850,028 thousand in the previous year, indicating a decrease of about 2.5%[16] Assets and Liabilities - The total assets as of June 30, 2023, amounted to RMB 442,941,565 thousand, a decrease from RMB 463,473,896 thousand as of December 31, 2022[5] - The total liabilities as of June 30, 2023, were RMB 349,879,793 thousand, down from RMB 370,459,555 thousand as of December 31, 2022[5] - The net debt-to-equity ratio stood at 47.2%[2] - The total borrowings as of June 30, 2023, were RMB 51,908,205 thousand, down 9.1% from RMB 57,496,005 thousand as of December 31, 2022[25] - The amount due to related parties was RMB 24,671,050 thousand, down from RMB 25,361,592 thousand, reflecting a decrease of 2.7%[26] Revenue and Sales - Revenue from customer contracts for the six months ended June 30, 2023, was RMB 36,342,486 thousand, a decrease of 3.7% compared to RMB 37,735,699 thousand for the same period in 2022[28] - Contracted sales amounted to approximately RMB 42.401 billion, with a total contracted sales area of about 516.65 million square meters, resulting in an average contracted sales price of approximately RMB 10,057 per square meter[43] - The company reported a decrease in property sales revenue compared to the previous year, with a drop from RMB 37,735.7 million to RMB 36,342.5 million[55] Expenses and Costs - The company's employee costs for the six months ended June 30, 2023, were RMB 1,795,599 thousand, down from RMB 2,130,575 thousand in the same period of 2022, indicating a decrease of 15.7%[29] - The company's advertising and promotional expenses for the six months ended June 30, 2023, were RMB 1,048,649 thousand, an increase from RMB 773,392 thousand in the same period of 2022, reflecting a rise of 35.5%[29] - The total tax expense for the six months ended June 30, 2023, was RMB 1,449,101 thousand, a decrease from RMB 1,792,587 thousand in the same period of 2022, reflecting a decline of 19.2%[31] Cash Flow and Financing - The company maintains a stable cash flow and is focused on optimizing its debt structure, with a credit rating of "BB-" from S&P[42] - The group had cash and cash equivalents of approximately RMB 29,011.8 million as of June 30, 2023, compared to RMB 32,453.3 million as of December 31, 2022[65] - The company successfully issued USD 100 million in senior notes, RMB 1.1 billion in corporate bonds, and RMB 850 million in medium-term notes in 2023, indicating strong financing capabilities[42] Market and Development - The company operates primarily in property development and investment in China, with all property development projects located in the country[9] - The company plans to focus on market expansion and new product development to drive future growth, although specific targets were not disclosed during the call[16] - The company aims to expand its market presence and enhance its property development strategies in the coming quarters[52] Corporate Governance and Compliance - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[10] - The management has not adopted any new accounting standards that would significantly impact the financial results for the six months ended June 30, 2023[12] - The board does not recommend the declaration of an interim dividend for the six months ended June 30, 2023[67] - The company has adhered to corporate governance standards as per the listing rules up to June 30, 2023[71] Employment and Workforce - As of June 30, 2023, the group employed 24,294 full-time employees in China and Hong Kong[67]
新城发展(01030) - 2023 - 中期业绩