Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 14,202,468 thousand, representing a 6.55% increase from RMB 13,329,117 thousand in the same period of 2023[3]. - Gross profit for the period was RMB 2,912,257 thousand, a significant recovery from a gross loss of RMB 74,417 thousand in the previous year[3]. - Profit before tax improved to RMB 965,571 thousand, compared to a loss of RMB 2,053,918 thousand in the same period last year, marking a 147.01% change[3]. - The net profit for the period was RMB 79,977 thousand, a significant improvement from a loss of RMB 2,466,807 thousand in the previous year[3]. - The company's contracted sales amounted to approximately RMB 3.4 billion, representing a year-on-year decline of about 65.66%[12]. - The company reported a contract sales amount of RMB 3,361.84 million for the six months ended June 30, 2024, a decrease of 65.66% compared to RMB 9,788.85 million for the same period in 2023[15]. - The average contract sales price per square meter decreased by 17.48% to RMB 11,860 from RMB 14,372[15]. - The company achieved a gross profit margin of 20.51%, compared to a gross loss margin of 0.56% in the previous year[15]. Assets and Liabilities - The total assets as of June 30, 2024, were RMB 133,350,186 thousand, down 9.48% from RMB 147,311,677 thousand at the end of 2023[5]. - Total liabilities decreased by 10.48% to RMB 111,479,746 thousand from RMB 124,523,650 thousand[5]. - The equity attributable to owners of the company showed a drastic decline to RMB (1,682,206) thousand from RMB 248,534 thousand, a change of -776.85%[5]. - The group's total current liabilities decreased by approximately 8.30% from RMB 110,851.16 million as of December 31, 2023, to approximately RMB 101,645.26 million as of June 30, 2024[42]. - The total assets pledged as collateral decreased to RMB 27,606,844 thousand as of June 30, 2024, from RMB 36,222,633 thousand as of December 31, 2023, indicating a decline of about 23.9%[138]. Project Development - The company has undertaken a total of 209 property development projects as of June 30, 2024[6]. - The total construction area for the projects listed is approximately 3,000,000 square meters, with a significant portion being residential properties[6]. - The company has a remaining unsold saleable area of approximately 1,000,000 square meters across various projects, indicating potential for future revenue[6]. - The company is actively expanding its market presence with multiple projects in cities like Shanghai, Hangzhou, and Nanjing, showcasing a diverse portfolio[6]. - The company is focusing on residential properties, which constitute the majority of its project types, aligning with market demand trends[6]. Market Conditions - The new housing market continued to adjust, with new residential sales area declining by 21.9% year-on-year, and new residential sales value decreasing by 26.9%[11]. - The total area of unsold commercial housing reached 738.94 million square meters by the end of June, an increase of 15.2% year-on-year, with residential unsold area growing by 23.5%[11]. - The company is adapting to market conditions with policies aimed at stabilizing the market and reducing inventory, although the new housing market has not yet shown significant improvement[11]. - The national GDP grew by 5.0% year-on-year in the first half of 2024, indicating a stable economic recovery[11]. Cash Flow and Financing - The company reported a net cash outflow from financing activities of RMB 2,686,417 thousand, compared to RMB 3,765,689 thousand in the previous year, showing a decrease of about 29%[74]. - The company incurred a loss of RMB 1,992,410 thousand during the period, which included a significant loss from the sale of subsidiaries[72]. - The group has not paid the principal and/or interest on several priority notes totaling approximately RMB 15,744 million, which were due between October 2022 and January 2025[77]. - The group plans to accelerate the pre-sale and sale of its developed and completed properties to improve cash flow and recover outstanding receivables[78]. Corporate Governance - The chairman and CEO roles are held by the same individual, Mr. Ou Zonghong, which the board believes enhances responsiveness and efficiency in business strategy formulation[52]. - The company has complied with the corporate governance code throughout the reporting period, except for the separation of the chairman and CEO roles[52]. - The company has established an audit committee to oversee financial reporting and risk management processes[66]. Shareholder Information - The company has adopted a share option scheme allowing for a maximum of 135,000,000 shares to be issued, representing approximately 8.02% of the total issued shares as of June 30, 2024[55]. - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[63]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2024[66].
融信中国(03301) - 2024 - 中期财报