龙湖集团(00960) - 2024 - 中期业绩

Financial Performance - Contract sales amounted to RMB 51.12 billion, corresponding to a total sales area of 3.655 million square meters[1] - Revenue reached RMB 46.86 billion, with operating and service business revenue contributing RMB 13.10 billion, a year-on-year increase of 7.6%[1] - Shareholders' profit attributable was RMB 5.87 billion, with core profit after fair value adjustments at RMB 4.75 billion, over 80% contributed by operating and service businesses[1] - Gross profit was RMB 9.64 billion, with a gross margin of 20.6% and a core net profit margin of 11.7%[1] - The company reported a net profit of RMB 6.97 billion for the six months ended June 30, 2024, compared to RMB 9.30 billion in the same period last year[2] - Total comprehensive income for the period was RMB 6.89 billion, down from RMB 9.57 billion year-on-year[3] - Total revenue for the six months ended June 30, 2024, was RMB 46,855,050, a decrease of 24.5% compared to RMB 62,044,415 for the same period in 2023[16] - Customer contract revenue decreased to RMB 40,247,297 from RMB 55,712,107, representing a decline of 27.5% year-over-year[16] - The adjusted segment profit for the six months ending June 30, 2024, was RMB 7,345,042, down from RMB 11,084,545 in the previous year, indicating a decrease of about 33.1%[14] - The company reported a comprehensive pre-tax profit of RMB 9,130,542 for the six months ending June 30, 2024, compared to RMB 12,374,676 for the same period in 2023, reflecting a decline of approximately 26.3%[14] Assets and Liabilities - Non-current assets totaled RMB 262.91 billion, while current assets amounted to RMB 431.41 billion as of June 30, 2024[4] - Total assets as of June 30, 2024, were RMB 449,952,522, slightly up from RMB 449,483,963 as of December 31, 2023[16] - Total liabilities increased to RMB 163,179,246 from RMB 160,540,953, reflecting a rise of 1.0%[18] - As of June 30, 2024, the group's total borrowings amounted to RMB 187.42 billion, with cash on hand of RMB 50.06 billion, resulting in a net debt ratio of 56.7%[58] - The average financing cost for the group is 4.16%, with a weighted average loan term of 9.19 years; non-collateralized debt accounts for 47.5% of total debt[58] Earnings and Dividends - Basic earnings per share were RMB 0.90, with core basic earnings per share at RMB 0.73, and an interim dividend of RMB 0.22 per share was declared[1] - The company declared an interim dividend of RMB 1,488,848,000, equivalent to RMB 0.22 per share, compared to RMB 2,029,345,000 or RMB 0.32 per share for the same period last year[26] - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 5,865,716, down from RMB 8,057,952 in 2023[27] Business Segments - The company’s operating segments are categorized into development, operating, and service businesses, with the development business primarily focused on properties in China[11] - The development business segment generated revenue of RMB 33,757,912, while the operating business and service business segments contributed RMB 6,607,753 and RMB 9,115,138, respectively[13] - For the first half of 2024, the group's development business revenue was RMB 33.76 billion, with a total delivered property area of 3.029 million square meters, and a gross profit margin of 7.4%[35] - The property management segment generated revenue of RMB 5.78 billion, marking a year-on-year increase of 10.2%[32] - The group's service business and other non-tax revenue reached RMB 6.49 billion in the first half of 2024, an increase of 11.1% year-on-year, with a gross margin of 32.3%[48] Market and Sales - The total sales of commercial housing in China for the first half of 2024 amounted to RMB 4.71 trillion, reflecting a year-on-year decline of 25%[31] - The western region accounted for 28.1% of the total contracted sales, while the Yangtze River Delta and Bohai Rim regions contributed 27.0% and 20.1%, respectively[37] - The group continues to expand its operational business in major first and second-tier cities, focusing on shopping malls and rental housing[41] - The total revenue from the group's various cities showed significant variation, with Chengdu leading at RMB 5.732 billion, followed by Xi'an at RMB 3.758 billion[38] Operational Highlights - The company opened 91 shopping malls in 20 key cities, achieving an overall occupancy rate of 96%[32] - Rental income from the long-term rental apartment brand "Guan Yu" reached RMB 1.31 billion, with an occupancy rate of 95.6%[32] - The total operational area of the group's shopping malls was 8.29 million square meters, with an overall occupancy rate of 96.0%[42] - The average daily foot traffic for the shopping malls was 2.95 million visitors, with total sales amounting to RMB 34.2 billion in the first half of 2024[45] Strategic Initiatives - The company emphasized financial stability and proactive debt reduction as key strategies for sustainable growth amid market challenges[33] - The group plans to continue expanding its market presence and enhance its product offerings in the coming quarters[42] - The group plans to open approximately 10 new malls in cities such as Suzhou, Hefei, and Tianjin in the second half of the year, continuing its strategy of balanced development in core cities[60] Governance and Compliance - The company has appointed Mr. Chen Xuping as both the Chairman of the Board and the CEO, which deviates from the corporate governance code that recommends these roles be separated[65] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending June 30, 2024, prior to board approval[66] - All directors confirmed compliance with the standard code regarding securities trading for the six months ending June 30, 2024[67] - The interim report for the six months ending June 30, 2024, will be sent to shareholders and published on the company's website and the Hong Kong Stock Exchange's dedicated site[68]