2023 INTERIM RESULTS
ANNOUNCEMENT
C H I N A VA N K E C O . , LT D .
A u g u s t 2 0 2 3
I. Results Overview
CONTENTS
II. Highlights of 2023 H1
III. ESG Performance
IV. Priorities for 2023 H2
I. Results Overview
The first half of 2023 was challenging for the industry. After a brief uptick, the market declined sharply following a tumultuous market environment. In response, Vanke remained committed to its strategy of "putting equal emphasis on development, operation, and service", which enabled the Company's operation and service segments to maintain growth momentum, even as the development business saw some impacts from market influences. Moreover, the Company continued to optimize its asset/liability structure, ensuring a robust financial and capital position.
Revenue and net profit attributable to the parent company decreased | 3 |
Total revenue was RMB 200.89 billion, down by 2.9% YoY.
Net profit attributable to equity shareholders stood at RMB 9.87 billion, down by 19.4% YoY, mainly due to the decline in the settlement scale of the real estate development businesses and the settlement margin.
The Group's gross margin before-tax reached 18.9%, down by 1.6pct YoY. The Group applied the cost method for measuring the operational assets. After adjusting for depreciation and amortization, the gross profit margin was 20.2%, down by 1.5pct.
Revenue (RMB hundred million ) | Net profit attributable to equity | Group's gross margin before-tax | |
shareholders (RMB hundred million) | |||
122.5 | 22.9% | ||
2,069.2 | 2,008.9 | 20.5% | |
110.5 | |||
18.9% |
1,671.1 | 98.7 | ||||||||||
-2.9% | -19.4% | -1.6pct | |||||||||
2021 H1 | 2022 H1 | 2023 H1 | 2021 H1 | 2022 H1 | 2023 H1 | 2021 H1 | 2022 H1 | 2023 H1 |
Results Overview
Operating cash flow
Net cash inflow for 14 years in a row |
Structure of interest-bearing liabilities
Short-term liabilities account for |
14.2% |
Lowest on record |
4
Financing method
Unsecured & unpledged financing accounts for |
93.9% |
Development business
Sales RMB 203.94 billion |
Top 3 in 32 cities |
Operation & Service business
Total revenue RMB 26.73 billion |
YoY increase 11.9% |
Property service
The number of Onewo Towns increased to 601
Gross margin of post- transformation Onewo Town projects increased by 4pct
Long-term rental apartments
Occupancy rate 95.9%
83k units included in the affordable rental housing scheme
Logistics & warehousing
Utilization rate of cold chain reached
79% in the stable period,
up by 4pct compared with the beginning of 2023.
Commercial property
Occupancy rate of SCPG reached |
94.7%, up by 1.5pct |
compared to the beginning of 2023. |
SCPG produced 88 entrusted |
management projects in total. |
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Disclaimer
China Vanke Co. Ltd. published this content on 24 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2023 03:49:02 UTC.