Financial Performance - For the six months ended June 30, 2024, the group's revenue was RMB 25,134.11 million, with a gross profit of RMB 2,321.03 million[2]. - The core net profit for the period was RMB 642.47 million, with the attributable core net profit to the company amounting to RMB 418.56 million[2]. - The net profit before tax for the period was RMB 1,223.92 million, down from RMB 2,750.83 million in the previous year[6]. - The total comprehensive income for the period was RMB 596.18 million, compared to RMB 1,665.50 million in the same period last year[6]. - The company's profit attributable to shareholders for the six months ended June 30, 2024, is RMB 375,869,000, a decrease of 52% from RMB 782,097,000 in the same period of 2023[32]. - The basic earnings per share for the six months ended June 30, 2024, is RMB 0.26, down from RMB 0.58 in the same period of 2023, reflecting a decline of 55%[32]. - Operating profit fell by 86.5% to RMB 351.32 million, down from RMB 2,609.93 million in the same period of 2023[58]. - The group's gross profit decreased by 51.6% to RMB 2,321.03 million, down from RMB 4,792.27 million in the same period of 2023, mainly due to higher costs of recognized projects and increased impairment provisions for property development projects[65]. Revenue Breakdown - For the six months ended June 30, 2024, total revenue from property development and sales was RMB 24,104,751, a decrease of 32% from RMB 35,466,736 for the same period in 2023[19]. - Revenue from property management services increased to RMB 840,101, up 16% from RMB 724,887 in the previous year[19]. - The group's property development and sales recognized revenue was RMB 24,104.75 million, a decrease of 32.0% compared to RMB 35,466.74 million in the same period of 2023, primarily due to a reduction in recognized sales area[61]. - The group's property management service revenue increased by 15.9% to RMB 840.10 million, up from RMB 724.89 million in the same period of 2023, mainly due to an increase in the managed property area[62]. - The group's commercial property investment and operation revenue rose by 32.4% to RMB 189.26 million, compared to RMB 142.96 million in the same period of 2023, driven by property leasing services and cultural tourism project development[63]. Debt and Liabilities - As of June 30, 2024, the total interest-bearing debt was RMB 37.11 billion, a decrease of 2.5% compared to the end of the previous year[2]. - The company's total equity as of June 30, 2024, is CNY 47,148,088, a decrease from CNY 50,118,747 as of December 31, 2023, representing a decline of approximately 3.86%[9]. - Total liabilities decreased to CNY 131,849,953 from CNY 151,460,458, indicating a reduction of about 12.97%[10]. - The total liabilities as of June 30, 2024, were RMB 55,404,974,000, a decrease from RMB 59,525,590,000 as of December 31, 2023[44]. - The company's bank and other borrowings decreased to CNY 17,405,140 from CNY 19,202,605, a reduction of about 9.36%[10]. - The group's total borrowings were RMB 37,105.17 million, with a net debt ratio of 50.1%, up from 35.8% as of December 31, 2023, primarily due to a decrease in total cash and bank deposits[73]. Cash Flow and Financial Management - The company plans to accelerate the pre-sale and sale of properties under construction and completed properties to improve cash flow, which has been negatively impacted by the ongoing decline in the Chinese real estate market since 2021[12]. - The average actual interest rate on total borrowings during the reporting period was 4.54%[2]. - The company will continue to control sales and marketing expenses as well as administrative costs to manage cash flow effectively[12]. - The total amount of non-controlling interests decreased to CNY 21,949,151 from CNY 24,809,433, a decline of approximately 11.48%[9]. - The company has confirmed that its major shareholder intends to provide ongoing financial support to ensure the company can meet its financial obligations[12]. Market and Strategic Initiatives - The company is actively exploring new models for real estate development to adapt to the ongoing market adjustments and ensure high-quality growth[46]. - The company is focusing on providing quality housing and services as a strategy to navigate the challenging real estate market[46]. - The company aims to restructure its real estate development business to reduce debt and credit risk, focusing on a new business model that integrates development, property management, asset operation, and real estate technology[48]. - The company plans to integrate five self-operated commercial entities into its commercial business segment to enhance asset operation and management capabilities[52]. - The company is committed to exploring new value-added services in residential, industrial park, and healthcare sectors, aiming to create a comprehensive service system[50]. Corporate Governance and Compliance - The company has established an Audit Committee to assist the Board in the independent review of financial statements, risk management, and internal control systems[96]. - The company has complied with the Corporate Governance Code throughout the six months ended June 30, 2024, except for the separation of roles between the Chairman and CEO[94]. - The Chairman and CEO, Mr. Hao Hengle, has been serving in both roles, which the Board believes is beneficial for executing the company's long-term strategic goals[94]. - The company has appointed external internal control consultants annually to conduct a top ten risk assessment to identify and mitigate potential risks[95]. Employee and Shareholder Matters - As of June 30, 2024, the company employed 9,593 full-time employees, primarily located in China[85]. - The company has issued stock options and reward shares to incentivize eligible participants under the 2020 and 2021 plans, which have now been terminated in favor of new plans[86]. - The total number of new shares that can be granted under the 2024 Share Option Plan is capped at 143,541,148 shares, representing approximately 10% of the total shares issued as of May 24, 2024[91]. - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared in the same period of 2023[97].

Financial Performance - Total revenue for 2023 was RMB 73,564.5 million, a slight decrease of 0.1% compared to RMB 73,630.8 million in 2022[4] - Gross profit decreased by 25.0% to RMB 8,483.6 million, with a gross margin of 11.5%, down from 15.4% in the previous year[4] - Net profit fell by 40.6% to RMB 2,125.1 million, resulting in a net profit margin of 2.9%, down from 4.9% in 2022[4] - Operating profit fell to RMB 4,306.61 million, down 37.0% from RMB 6,831.10 million in 2022[24] - The net profit attributable to the company's owners was RMB 913.58 million, representing a decline of 47.1% from RMB 1,726.36 million in 2022[35] - The total cash and bank deposits as of December 31, 2023, were RMB 20,141.70 million, down from RMB 26,390.87 million in 2022[36] - The company's total borrowings amounted to RMB 38,066.96 million as of December 31, 2023[37] - The total interest-bearing debt at the end of the reporting period was RMB 38.07 billion, a decrease of RMB 10.39 billion compared to the same period last year, with a net debt ratio of 35.8%[18] - The company reported a financial asset impairment loss of RMB 449,980 thousand in 2023, up from RMB 308,858 thousand in 2022, an increase of about 46%[177] - The company’s cash and cash equivalents decreased to RMB 17,553,071 thousand in 2023 from RMB 21,810,599 thousand in 2022, a decline of approximately 19.7%[178] Assets and Liabilities - The company’s total assets decreased by 20.0% to RMB 201,579.2 million, while total equity remained relatively stable at RMB 50,118.7 million, a decrease of only 0.4%[5] - Total assets as of December 31, 2023, were RMB 201,579,205 thousand, a decrease from RMB 251,938,754 thousand in 2022, representing a decline of approximately 20%[179] - Total liabilities decreased to RMB 151,460,458 thousand in 2023 from RMB 201,624,905 thousand in 2022, indicating a reduction of about 25%[179] - Non-current assets were RMB 38,931,877 thousand in 2023, compared to RMB 37,655,459 thousand in 2022, showing an increase of approximately 3.4%[178] Dividends and Shareholder Returns - The proposed final dividend per share is HKD 0.36, a decrease of 55.0% from HKD 0.80 in the previous year[4] - The company paid dividends to shareholders amounting to RMB 477,262 thousand in 2023, compared to RMB 403,054 thousand in 2022, representing an increase of about 18.4%[182] Market Strategy and Development - The company plans to focus on high-potential first and second-tier cities, targeting middle-class and high-net-worth customers for residential development[3] - Midea Real Estate aims to enhance its light-asset operational capabilities and expand third-party business through operational innovation[3] - The company aims to focus on high-paying families in first and second-tier cities, emphasizing technology, health, and energy-saving products[20] - The company plans to expand its market presence with new projects in cities like Xu Zhou and Nanjing, with several projects expected to complete by 2026[52] - The company is focusing on new product development and technology integration to enhance property offerings and customer experience[52] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules to enhance transparency and accountability to shareholders[68] - The board believes that good corporate governance will help maximize shareholder value, reflecting a commitment to high governance standards[68] - The company has established a clear and transparent process for determining the compensation of individual executive directors and senior management[88] - The board consists of nine experienced members, including three independent non-executive directors, ensuring a balanced power structure[74] Risk Management - The group has established a risk management and internal control system to enhance accountability and communication regarding identified risks, aiming to provide reasonable assurance against material misstatements or losses[103] - The group faces various financial risks, including market risk, credit risk, and liquidity risk, with a focus on mitigating potential adverse impacts on financial performance[195] - The company is committed to enhancing its risk management framework and integrating it into business processes continuously[109] Employee and Workforce - As of December 31, 2023, the group employs 10,152 full-time employees, primarily located in China, with compensation based on performance and market levels[47] - The company plans to appoint at least one female director by December 31, 2024, to enhance gender diversity on the board[77] Project Development and Construction - The company delivered 140 projects with over 90,000 units in 2023, maintaining high delivery quality and customer satisfaction[20] - The company has ongoing projects with a total construction area of 1,200,000 square meters, including significant developments in Foshan and Yangjiang, expected to be completed by 2029[52] - The company is committed to delivering new residential projects, with a focus on quality and timely completion, to meet market demand[54] Financial Outlook - The company anticipates a steady growth trajectory, projecting a revenue increase of 15% year-over-year driven by new project launches and market expansion[52] - The cash flow forecast indicates that the company will have sufficient operating funds to meet its financial obligations for the next twelve months[189]

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 美的置业（3990）公司年报点评 2024年04月09日 [Table_InvestInfo] 投资评级 优于大市 维持 经营基本盘稳健扎实，杠杆有序下降 股票数据 [Table_Summary] 0[4Ta月b0le8_日S收to盘ck价In（fo港] 元） 3.67 投资要点： 52周股价波动（港元） 3.55-9.24 总股本（百万股） 1435 总市值（亿港元） 53  经营基本盘稳健扎实，坚持股东回报。2023年，公司实现营业收入735.6亿 相关研究 元，同比-0.1%。其中，物业开发及销售、物业管理服务和商业物业投资及运 [《Ta美b的le置_R业e（p 3o 9r 9tI 0n .Hfo K]） 2023 年中期业绩点 营分别贡献收入716.8亿元、15.2亿元和3.6亿元，同比分别-0.7%、+33.3% 和+22.5%。截至2023年末，公司归母净利润为9.1亿元，同比-47.1%；毛 评：经营结构持续优化，融资保持优势》 2023.09.21 利率和归母净利率分别为11.53%和1.24%，同比分别-2.96个百 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 MIDEA REAL ESTATE HOLDING LIMITED 美的置業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3990） 截 至2023年12月31日 止 年 度 全 年 業 績 | --- | --- | |--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

川美的置业 美的置業控股有限公司 MIDEA REAL ESTATE HOLDING LIMITED ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：3990 2023 中期報告 企業簡介 美的置業控股有限公司(「本公司」及其附屬公司「本集團」或「美的置業」)(股份代號： 3990.HK),是香港聯合交易所有限公司(「聯交所」)上市企業及廣東省百強民營企業,被 纳入恒生港股通等指數成分股。本集團堅持 [ 智慧健康生活服務商 ] 發展定位,憑藉深厚 的製造業根基和科技化基因,通過智慧化、工業化、數字化的高品質建造和服務,打造 「5M智慧健康社區」,營造美好生活方式。 美的置業圍繞 ｢聚焦深耕,戰略升級｣ 路徑,在粵港澳大灣區、長三角經濟區、長江中游 經濟區、京津冀經濟區和西南經濟區五大區域,佈局331個項目(數據截至2023年6月30 日）·已進駐上海·廣州·成都、重慶·武漢·天津等國家中心城市·以及杭州·南京· 長沙·合肥·昆明·福州·南昌·貴陽等省會城市。 美的置業堅持住宅開發、物業服務、商業運營和房地產科技四大航道協同發展。其中, 住宅開發與服務緊扣AloT(人工智能物聯網)科技 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 MIDEA REAL ESTATE HOLDING LIMITED 美的置業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3990） 截 至2023年6月30日 止 六 個 月 中 期 業 績 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

川美的置业 美的置業控股有限公司 MIDEA REAL ESTATE HOLDING LIMITED ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：3990 2022 年度報告 企業簡介 美的置業控股有限公司（「本公司」及其附屬公司「本集團」 或「美的置業」）（股份代號：3990.HK），是香港聯合交易所 上市企業及廣東省百強民營企業，被納入恒生港股通等指 數成分股。本集團創立於2004年，堅持「智慧健康生活服 務商」發展定位，憑藉深厚的製造業根基和科技化基因， 通過智慧化、工業化、數字化的高品質建造和服務，打造 「5M智慧健康社區」，營造美好生活方式。 美的置業圍繞「聚焦深耕，戰略升級」路徑，在粵港澳大灣 區、長三角經濟區、長江中游經濟區、京津冀經濟區和西 南經濟區五大區域，佈局332個項目（數據截至2022年12月 31日），已進駐上海、廣州、天津、重慶、成都、鄭州、武 漢等國家中心城市，以及杭州、南京、長沙、合肥、昆 明、福州、南昌、貴陽等省會城市。 美的置業堅持住宅開發、物業服務、商業運營和房地產科 技四大航道協同發展。其中，住宅開發與服務緊扣AIoT（人 工智能物聯網）科 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 MIDEA REAL ESTATE HOLDING LIMITED 美的置業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3990） 截 至2022年12月31日 止 年 度 全 年 業 績 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...