Core Viewpoint - The overall recovery of the real estate market may take time, despite supportive policies leading to stabilization in core cities and locations [2] Financial Performance - In the first half of the year, the company reported revenue of approximately 19.99 billion yuan, a year-on-year decrease of 41.7% [2] - The loss attributable to shareholders was approximately 12.81 billion yuan, a year-on-year decrease of 14.4% [2] - The company's mid-year losses over the past four years were -18.76 billion yuan, -15.37 billion yuan, -14.96 billion yuan, and -12.81 billion yuan respectively [2] Sales and Revenue Breakdown - Property sales revenue, the main income source, was approximately 14 billion yuan, down 50.1% year-on-year [3] - The company achieved sales amounting to approximately 23.55 billion yuan in the first half of the year [3] - The total land reserve area was approximately 124 million square meters, with equity land reserves of about 86.24 million square meters [3] Cost and Expenses - Sales and marketing costs reached 1.09 billion yuan, with only a slight reduction of 0.2 billion yuan compared to the previous year [3] - Administrative expenses were approximately 1.69 billion yuan, a decrease of only 0.09 billion yuan year-on-year [3] Additional Losses - The company confirmed various other losses, including approximately 2.99 billion yuan from the sale of subsidiaries and joint ventures, and about 2 billion yuan in provisions for litigation and other contingent liabilities [4] - Total losses from these items amounted to 7.54 billion yuan [4] Cash and Debt Restructuring - By mid-2025, the company's cash balance decreased from 19.75 billion yuan to 18.63 billion yuan, with non-restricted cash around 4.4 billion yuan [5] - The company completed a domestic debt restructuring plan, with a debt reduction ratio of 70% on 15.4 billion yuan of domestic debt [6] - The restructuring generated a profit of 4.02 billion yuan, included in "other income and gains" [6] Legal and Operational Challenges - The company faces approximately 455 lawsuits with claims totaling about 166.38 billion yuan due to unpaid loans and other obligations [7] - In the first half of 2025, the company delivered approximately 14,900 housing units across 23 cities, with an expected delivery of 39,100 units in the second half of 2025 [7] - The company aims to enhance net asset value and return to a healthy development track [7]
孙宏斌：市场恢复需要时间