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中国上城(02330) - 2022 - 中期财报
CHINA UPTOWNCHINA UPTOWN(HK:02330)2023-03-31 04:01

Revenue and Financial Performance - For the period ended June 30, 2022, the revenue from property development and investment was approximately RMB 50,272,000, a decrease of 1.4% compared to RMB 53,023,000 in 2021[9]. - The Group's revenue for the period was approximately RMB 50,272,000, a decrease of about 5% from RMB 53,023,000 in 2021[24]. - Revenue for the six months ended June 30, 2022, was RMB 50,272,000, a decrease of 5% compared to RMB 53,023,000 for the same period in 2021[154]. - The property development and investment segment generated revenue of RMB 50,272,000, while the trading of raw cane sugar segment reported no revenue[160]. - Sales of properties accounted for approximately RMB 50,131,000, down from RMB 51,982,000 in the previous year, while rental income decreased to RMB 141,000 from RMB 1,041,000[9]. - Gross profit for the same period was RMB 7,871,000, down 35.5% from RMB 12,213,000 year-on-year[133]. - Loss for the period increased significantly to RMB 59,457,000 compared to RMB 6,366,000 in the prior year, representing a year-on-year increase of 834.5%[134]. - Basic and diluted loss per share for the period was RMB 16.71, compared to RMB 2.45 in the previous year[133]. - Total comprehensive expense for the period was RMB 59,945,000, compared to RMB 6,964,000 in the same period last year[134]. Property Development Projects - The total area of residential properties sold from the First Maoming Project was approximately 1,791 square meters, and commercial properties sold were approximately 2,064 square meters, compared to 4,290 square meters and 269 square meters respectively in 2021[9]. - The Second Maoming Project has a total site area of approximately 29,274.16 square meters, with a planned gross saleable area of 84,000 square meters, including 59,000 square meters for residential and 25,000 square meters for commercial use[13]. - As of March 2023, approximately 48% of the construction for the Second Maoming Project had been completed, with pre-sales of residential blocks starting in June 2022[15]. - Pre-sales for apartment and commercial properties are scheduled for the second half of 2023, while pre-sales for car parks and shops are planned for the first half of 2024[16]. - The Group plans to accelerate the construction of the Second Maoming Project to align with the pre-sales schedule[23]. Financial Position and Assets - As of June 30, 2022, total assets decreased by approximately 14% to RMB 620,889,000 from RMB 722,210,000 as of December 31, 2021[25]. - The Group's total secured bank borrowing increased to approximately RMB 20,176,000 from RMB 18,129,000 as of December 31, 2021, resulting in a gearing ratio of approximately 9%[26]. - The Group's bank balances and cash decreased to approximately RMB 21,209,000 from RMB 40,142,000 as of December 31, 2021[25]. - The total consolidated assets for the Group were RMB 620,889,000 as of June 30, 2022, down from RMB 722,210,000 at the end of 2021, a decrease of around 14.1%[165]. - Total equity decreased to RMB 218,132,000 from RMB 278,077,000 at the end of 2021, a decline of 21.6%[138]. - Current assets decreased to RMB 602,573,000 from RMB 701,038,000 at the end of 2021, a decline of 14.1%[137]. - Non-current assets decreased to RMB 18,316,000 from RMB 21,172,000 at the end of 2021, a decline of 13.5%[137]. Losses and Impairments - Loss attributable to owners of the Company was approximately RMB 42,531,000, compared to RMB 6,224,000 in 2021, primarily due to impairment losses on properties[24]. - The company recognized an impairment loss of RMB 44,151,000 on properties under development during the period[133]. - Impairment loss recognized on properties under development amounted to RMB 44,151,000, while impairment loss on properties held for sale was RMB 5,190,000[189]. Internal Control and Governance - An independent forensic investigation was conducted due to the freezing of bank accounts of two subsidiaries, which was resolved by March 9, 2022[59]. - The investigation revealed that certain transactions lacked proper approval or documentation, but no money was lost[60]. - The internal control mechanisms of the Group need strengthening based on the findings of the investigation[60]. - An independent internal control consultant was appointed to review and improve the Group's internal control systems, resulting in enhanced management policies and no major risks identified[72]. - The Group has implemented training for the Board regarding conflict of interests and connected transactions as part of the internal control improvements[72]. Shareholding and Dividends - No dividend was declared or proposed during the period, consistent with 2021[46]. - The Company did not declare any interim dividend for the six months ended June 30, 2022, consistent with the previous year[112]. - The new Share Option Scheme adopted on May 29, 2019, will remain in force for 10 years, allowing the company to grant share options to participants[95]. - The old Share Option Scheme was terminated, and the new scheme aims to incentivize and retain employees while aligning their interests with the company's long-term objectives[95]. Audit and Compliance - The former auditor, Deloitte, resigned on August 15, 2022, due to disagreements over the scope of an investigation, and McMillan Woods was appointed as the new auditor on September 9, 2022[73][74]. - The Stock Exchange issued resumption guidance on July 17, 2022, requiring the publication of all outstanding financial information for trading resumption[75]. - The audit committee composition met the requirements set out in Rule 3.21 of the Listing Rules as of July 6, 2022[115]. - The Company complied with all relevant code provisions under the Corporate Governance Code except for a temporary deviation regarding the roles of chairman and CEO[106][107]. - The roles of chairman and CEO were separated on June 17, 2022, following the appointment of a new CEO[107]. Tax and Financing Activities - The company paid RMB 148,000 in enterprise income tax and RMB 795,000 in land appreciation tax during the first half of 2022, indicating ongoing tax obligations despite financial losses[143]. - The company had a net cash from financing activities of RMB 120,000 in the first half of 2022, a decrease from RMB 4,849,000 in the same period of 2021, suggesting reduced financing activities[143]. - Current tax expenses increased to RMB 8,365,000 for the six months ended June 30, 2022, up from RMB 5,523,000 in 2021, reflecting a rise of approximately 51.5%[176].