Sales Performance - The contracted sales amount for the reporting period was approximately RMB 113.0 million, representing a decrease of about 69.8% compared to the same period last year[5]. - The company's signed sales amount for the first half of 2024 was approximately RMB 113.0 million, a decrease of about 69.8% compared to RMB 376.3 million in the same period last year[17]. - The total signed building area for the first half of 2024 was approximately 17,253 square meters, down about 61.3% from 44,996 square meters in the same period last year[17]. - The average signed price per square meter for the six months ended June 30, 2024, was RMB 6,549.6, a decrease of 22.0% from RMB 8,408.9 in the previous year[19]. - The signed sales amount for the six months ended June 30, 2024, was RMB 113.0 million, a decrease of 69.8% compared to RMB 374.7 million for the same period in 2023[19]. Revenue and Profitability - The group's revenue for the reporting period was approximately RMB 1,069.5 million, with revenue from property development accounting for approximately RMB 1,068.6 million[5]. - The company achieved revenue of approximately RMB 1,069.5 million in the first half of 2024, an increase of about 345.3% compared to the same period last year[16]. - Revenue from property development was approximately RMB 1,068.6 million, reflecting an increase of about 349.2% year-on-year[16]. - The net profit for the reporting period was approximately RMB 92.5 million, with the attributable net profit to equity holders of the company being approximately RMB 26.3 million[5]. - The net profit attributable to the company's equity holders was approximately RMB 26.3 million, an increase of about 447.9% compared to the same period last year[16]. Market Conditions - The overall real estate market in the first half of 2024 continued to face significant pressure, with a notable decline in sales area and sales amount[8]. - The national residential land supply and demand scale saw a year-on-year decline of over 30% in the first half of 2024[8]. - The real estate market is expected to gradually recover in the second half of 2024, driven by government policy optimization and a gradual restoration of market confidence[12]. Land and Development - As of the end of the reporting period, the total land reserve area reached 1,895,915 square meters, with an average cost of approximately RMB 814.7 per square meter[5]. - The company's land reserve area was approximately 1,895,915 square meters during the reporting period[16]. - The total area under development as of June 30, 2024, was 851,984 square meters, while the planned future development area was 838,344 square meters[23]. - The total land reserve amounts to 1,895,915 square meters, with 205,587 square meters completed and unsold, 851,984 square meters under development, and 838,344 square meters planned for future development[35]. Financial Position - The group's cash and cash equivalents were approximately RMB 188.8 million, a decrease of about 7.3% from RMB 203.7 million at the end of the previous year[52]. - The debt-to-equity ratio at the end of the reporting period was approximately 193.0%, up from 175.3% at the end of the previous year, mainly due to the acquisition of non-controlling interests[58]. - The company reported a significant increase in financing costs, which rose to RMB 94,225 thousand from RMB 16,525 thousand in the previous year, representing a growth of 471%[86]. - The net asset value as of June 30, 2024, was RMB 1,451,812 thousand, down from RMB 1,630,205 thousand at the end of 2023, indicating a decline of 11%[91]. Operational Efficiency - The company aims to enhance its internal capital management and risk management capabilities to adapt to market changes and challenges[13]. - The company will continue to control operating costs and optimize human resources to improve management efficiency[13]. - The company has 204 employees and incurred employee costs of approximately RMB 10.1 million during the reporting period[65]. Shareholder Information - As of June 30, 2024, the total number of issued shares of the company is 599,999,989 shares[81]. - Mr. Bai holds 346,944,000 shares, representing 57.82% of the company's equity[81]. - The company has not granted any options under the share option scheme since its adoption on June 12, 2015, which allows for a maximum of 50,000,000 shares to be issued[83]. Dividend Policy - The board of directors resolved not to declare an interim dividend for the six months ended June 30, 2024[5]. - The group did not declare any interim dividend for the six months ended June 30, 2024, consistent with the same period in 2023[17].
辰兴发展(02286) - 2024 - 中期财报