MTL(600683)2024-08-29 10:56Financial Performance - The company's operating revenue for the first half of 2024 was ¥565,698,759.55, a decrease of 94.27% compared to ¥9,866,207,014.53 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was -¥142,634,072.33, representing a decline of 181.84% from ¥174,275,275.30 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥176,905,281.50, a decrease of 212.57% compared to ¥157,156,865.97 in the same period last year[13]. - The net cash flow from operating activities was -¥7,945,409,120.83, compared to -¥1,631,071,518.01 in the previous year, indicating a significant deterioration[13]. - The company's net profit attributable to shareholders for the first half of 2024 was -142,634,072.33 RMB, with a net profit of -304,614,072.31 RMB after deducting perpetual financing product interest[15]. - Basic and diluted earnings per share for the reporting period were -0.41 RMB, representing a decrease of 2,150.00% compared to the same period last year[14]. - The weighted average return on equity was -18.16%, a decrease of 18.62 percentage points year-on-year[14]. - The company reported a net profit excluding non-recurring gains and losses of -338,885,281.48 RMB for the reporting period[15]. - The company reported a significant decrease in sales expenses, which were approximately ¥46.84 million, down 59.05% from ¥114.37 million year-on-year[34]. - The financial expenses for the first half of 2024 were CNY 125,832,329.75, compared to CNY 70,341,803.96 in the same period of 2023, marking an increase of about 79.0%[92]. Assets and Liabilities - The net assets attributable to shareholders of the listed company at the end of the reporting period were ¥7,512,051,142.67, a decrease of 4.21% from ¥7,842,582,231.80 at the end of the previous year[13]. - Total assets at the end of the reporting period were ¥60,005,648,232.23, reflecting a slight increase of 0.77% from ¥59,548,451,584.36 at the end of the previous year[13]. - The company's total assets reached CNY 60.01 billion, with inventory accounting for 75.35% of total assets at CNY 45.21 billion[30]. - The total liabilities increased by CNY 843.85 million year-on-year to CNY 50.93 billion, with contract liabilities making up 10.16% of total liabilities[30]. - The company's asset-liability ratio stands at 84.88%, indicating stable financial health despite the decrease in revenue[30]. - The total current liabilities increased to 19,997,969,622.29 RMB, up from 16,172,712,170.27 RMB, reflecting a rise in short-term financial obligations[87]. - The total non-current liabilities decreased to 30,936,083,712.40 RMB from 33,917,492,844.33 RMB, showing a reduction in long-term financial obligations[88]. - The total liabilities increased to CNY 7,133,325,531.26 from CNY 6,326,939,159.29, representing an increase of approximately 12.7%[90]. Real Estate Development - The total revenue from real estate development investment in the first half of 2024 was 52,529 billion RMB, down 10.1% year-on-year[19]. - The real estate market has shown a decline in construction area, with a 12.0% decrease in total construction area and a 23.7% decrease in new construction area in the first half of 2024[19]. - The company has developed nearly 5 million square meters of TOD rail property projects since 2011, focusing on integrated development and operation[20]. - The company aims to enhance its core competitiveness by continuously improving product quality and service standards in the TOD rail property sector[21]. - The company is committed to a user-centered business philosophy, focusing on customer needs for product and service development[22]. - The company has established a "TOD Smart Ecosystem" development concept, integrating urban culture and industrial ecology[22]. Cash Flow and Financing - The company's cash and cash equivalents decreased by 81.05% to ¥1,911,378,784.73, accounting for 3.19% of total assets[36]. - The company reported a cash outflow from operating activities of CNY 794.54 million, primarily due to land price payments[30]. - The company has established long-term strategic partnerships with multiple banks and financial institutions, benefiting from favorable loan interest rates[25]. - The company maintains a reasonable asset-liability ratio while actively expanding financing channels and optimizing the overall debt structure[25]. - The company has a total loan balance of RMB 31,269.00 million, with interest rates ranging from 5.5% to 8%[55]. - The company has provided a total loan of RMB 40 million to Shanghai Lishi during the reporting period, with an interest income of RMB 31.01 million recognized[60]. Shareholder and Governance - The total number of ordinary shareholders as of the end of the reporting period is 36,725[70]. - The largest shareholder, Beijing Infrastructure Investment Co., Ltd., holds 296,310,991 shares, accounting for 40.00% of the total shares[71]. - The company has undergone changes in its board of directors, with new appointments and elections in 2024[50]. - The company held its third extraordinary general meeting in May 2024 to elect new board members[50]. - The company did not distribute dividends or increase capital reserves in the first half of 2024[51]. Tax and Compliance - The tax rate for the company's subsidiaries that qualify as small and micro enterprises is reduced to 20% for taxable income not exceeding ¥1 million, and 25% for income between ¥1 million and ¥3 million[177]. - The company received tax refunds amounting to CNY 226,662,742.09, a significant increase from CNY 71,080.97 in the previous year, indicating improved tax recovery efforts[97]. - The company's tax payable decreased by 65.00% to 765 million RMB, primarily due to the settlement of land value-added tax[83]. Investment and Subsidiaries - The company has invested a total of RMB 25,150.00 million in the Beijing Jishi Venture Capital Fund, with a return of RMB 336.62 million in dividends from the previous year[57]. - The company has ongoing projects in multiple districts, with a total investment of ¥2.56 billion in the Beixi District alone[31]. - The company has a land reserve of 143,898 square meters in Mentougou District, Beijing, with a planned construction area of 186,916 square meters[30]. - The company has provided guarantees for Shanghai Lishi's leasing business, with a total guarantee principal balance of RMB 680 million and RMB 112.5 million for another leasing business[60]. Accounting Policies - The company’s accounting policies include specific provisions for bad debts, depreciation of fixed assets, and revenue recognition[112]. - The company recognizes expected liabilities when there is a present obligation that is likely to result in an outflow of economic benefits and can be reliably measured[161]. - The company recognizes revenue from real estate sales upon completion and acceptance by the customer, with specific conditions outlined for revenue recognition[164]. - The company measures revenue based on the transaction price allocated to each performance obligation, considering factors such as variable consideration and significant financing components[166].