Traditional Culture Encyclopedia - Hotel accommodation - Hui Jin Holdings 202 1 Semi-annual Report: The net profit increased by over 90%, which explained the mode of "high quality growth".

Hui Jin Holdings 202 1 Semi-annual Report: The net profit increased by over 90%, which explained the mode of "high quality growth".

On the evening of 20021August 12, 9993.HK Hui Jin Holdings (Group) Co., Ltd. (hereinafter referred to as Hui Jin Holdings) disclosed its results for the first half of 200212. While maintaining the rapid growth momentum, Hui Jin Holdings further optimized its financial structure, debt growth rate and financing cost, which fully explained the company's concept of "high-quality growth".

According to the report, in the first half of 20021,the revenue of Hui Jin Holdings reached160.7 billion yuan, a year-on-year increase of 44.1%; Realized a gross profit of 3.39 billion yuan, a year-on-year increase of 33.2%; The net profit was 2,065,438 million yuan, a year-on-year increase of 92.4%. At the same time, the net profit margin has also increased to 12.5%, and the profitability has been greatly improved.

At the same time, the "three red lines" of Hui Jin Holdings are all green files: the net debt ratio is 75.9% in the same period, the short-term cash debt ratio is 1.5, and the asset-liability ratio after excluding advance receipts is 68.3%. While the performance and profitability continue to maintain rapid growth, the healthy green file of debt structure is guaranteed, which can be said to be a powerful interpretation of the concept of "high-quality growth".

Looking forward to the second half of 20021,the chairman of Hui Jin Holdings pointed out in his report that under the background of tight market liquidity margin, policies such as "centralized land supply" and "centralized mortgage management policy" have brought new challenges to real estate investment, but they have also tested the cash flow of business activities and promoted the further improvement of enterprises' sustainable operation ability. Hui Jin Holdings will adhere to the business strategy of living within our means, abandon invalid land hoarding, make firm and steady investment, further improve the accuracy of land reserve expansion, further stabilize leverage, improve turnover rate and improve business quality.

In the first half of 200212002, Hui Jin Holdings still handed over a very eye-catching report card despite the fact that the real estate industry was not favored by investors and the national regulatory policies became stricter.

Contract sales increased by 49.3%, confirmed revenue increased by 44. 1%, and net profit increased by 92.4%. These are the key highlights of Hui Jin Holdings' performance in the first half of 20021. The growth rate has not been affected by the general environment, and it is still within the normal range of the growth rate of Hui Jin Holdings in the past few years, which once again confirms Hui Jin's "moderate" label.

At the same time, Hui Jin's current profitability also improved at 202 1, and its net interest rate reached 12.5% during the reporting period.

In addition, the data shows that the income and profit growth of Hui Jin Holdings will have a solid foundation at least in the next year or two. The 20021semi-annual performance report shows that the contractual liabilities (early house payment) of Hui Jin Holdings increased to 77.36 billion yuan during the reporting period, an increase of 65,438+02% compared with the end of 2020, laying a solid foundation for the carry-over income in the next two years.

For Hui Jin Holdings, creating returns for shareholders is the best practice of "high-quality" growth, and the sustained high growth of performance has also brought about the steady growth of Hui Jin Holdings' assets. During the reporting period, the total assets of Hui Jin Holdings increased to 6,543.8+0,974.22 billion yuan, an increase of 6.33% compared with the end of 2020. Net assets increased to 3,865.438 billion yuan, an increase of 5.5% over the end of 2020. The growth rate of total assets and net assets is much higher than the growth rate of interest-bearing liabilities of 65,438+0.2%, which also shows that the growth of Hui Jin Holdings is not driven by liabilities and simple scale, but by product strength, management efficiency and financial cost control ability.

Hui Jin Holdings has always given the impression of being "low-key, cautious and decent" in the real estate industry. After becoming the first batch of "three red lines" enterprises at the end of 2020, Hui Jin Holdings unexpectedly maintained this achievement and continuously optimized individual indicators.

The 20021semi-annual performance report shows that the net debt ratio of Hui Jin Holdings in the same period was 75.9%, the short-term cash debt ratio was 1.5, and the asset-liability ratio after excluding advance payment was 68.3%, which continued to maintain the green file requirements of the "three red lines" policy. Among them, the short-term cash debt ratio increased from 65,438+0.4 at the end of 2020 to 65,438+0.5, and the asset-liability ratio after excluding advance receipts also decreased by 0.7 percentage points compared with 69% at the end of 2020.

Moreover, Hui Jin Holdings has left enough space for the "three red lines" green file. According to relevant policies, the annual interest-bearing liabilities of housing enterprises that meet the "three red lines" green file can increase by up to 15%, but the total interest-bearing liabilities of Hui Jin Holdings in the same period are only 543.97 million yuan, an increase of only 1.2% compared with the end of 2020. If this debt growth rate is quantified as the whole year, it will be fixed at 2.4%, which is two grades lower than the upper limit of 15%.

The performance report also shows that during the reporting period, the weighted average debt cost of Hui Jin Holdings further decreased to 6.95%, which was 0.52 percentage points lower than 7.47% at the end of 2020. The reason for the sharp drop in financing cost is the optimization of financing structure brought about by the promotion of capital market after listing.

According to the report, the proportion of bank loans with lower financing cost of Hui Jin Holdings increased by 65,438+03.6 percentage points to 66.3% compared with the end of 2020. In addition, Hui Jin Holdings has successfully issued some low-cost asset-backed securities, including CMBS and ABS. At the same time, the issuance cost of domestic and foreign corporate bonds also decreases with the improvement of credit rating after listing.

In the first half of 200212002, Hui Jin was recognized by three major international rating agencies to upgrade or increase its rating. Among them, Standard & Poor's upgraded the company's main credit rating to "B" and looked forward to "stability"; Moody's Credit gave Hui Jin a "B 1" rating for the first time, giving a "stable" outlook; Fitch upgraded the company's rating to "B" and looked forward to "positive". In the same period, Hui Jin was added to the list of constituent stocks of Hang Seng Composite Index in February, 20021year due to its excellent market performance, and then became a stock of Hong Kong Stock Connect, becoming one of the newly incorporated companies of MSCI China Small Stock Index.

Moreover, at the end of the reporting period, the cash and bank balance of Hui Jin Holdings reached 25.48 billion yuan, still at a high level, and its liquidity was extremely sufficient. High-speed growth in performance, further optimization of financial health, and holding a lot of cash, abundant liquidity. Hui Jin Holdings has left a lot of room for development in the mid-term of 20021.

On the other hand, "adhere to the business strategy of living within our means, abandon ineffective land hoarding, firmly and steadily invest and further improve the accuracy of land storage expansion, further stabilize leverage and improve turnover rate, and improve business quality." It has also been written into the principle of adhering to practice by Hui Jin Holding Company.

Look at the investment practice in the first half of the year. Although the industry has little impression of Hui Jin Holdings' actions in the land market, in fact, Hui Jin Holdings newly acquired land 17 in the first half of the year, with a planned construction area of 2210.8 million square meters.

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The results of the semi-annual report show that the new land reserve of Hui Jin Holdings involves 1 1 first-and second-tier key cities, including Beijing, Chongqing, Ningbo, Zhengzhou and Quanzhou, which are mainly concentrated in the Yangtze River Delta, Southeast China and Pearl River Delta, all of which are key areas. In the specific investment choice, we should pay attention to the metropolitan area, avoid the hot spot of "centralized land supply", lay out the "new second line" and get the land with high cost performance. For example, Daxing plot in Beijing and Baiyun New Town in Huizhou involved five homestead projects, all of which were won by Hui Jin at the reserve price, so the timing of soil storage expansion was extremely accurate.

Not only that, according to preliminary statistics, the total contracted land price of Hui Jin in the first half of the year was about 8.897 billion yuan, and the total contracted land price before the equity was about 65.438+04.683 billion yuan. Compared with the sales of 55.77 billion yuan in the first half of the year, the land acquisition cost of Hui Jin Holdings accounted for far less than 40% of the sales in the first half of the year, which also left ample room for obtaining more high-quality opportunities in the second half of the year.

By the end of the reporting period, the total construction area of Hui Jin Holding Land Reserve reached 33.07 million square meters, of which 97.9% were located in second-tier cities and core third-tier cities.

While accurately expanding the future layout of soil storage, Hui Jin Holdings has also steadily promoted diversified layout. The first half of 20021is also a fruitful period for the self-sustaining property and hotel management sector of Hui Jin Holdings.

In February, Sheraton Fuqing Hotel, the first five-star hotel controlled by Hui Jin, officially opened. In April, Hui Jin Holdings' second self-sustaining commercial project in Beijing-Jinhui No.8 Zone, located in the fourth ring road in the southeast of Beijing, was officially unveiled for investment promotion. In June, Hui Jin Holdings also acquired the Shanghai Greenland Kowloon Hotel project in the core area of Shanghai North Bund, and continued to increase its first-line assets.

High-quality growth, sound financial policy, accurate land expansion and diversified layout are all building the development theme of Hui Jin Holdings in the first half of 2002/KLOC-0. In the "202 1 comprehensive strength list of listed real estate companies in China" jointly issued by China Real Estate Association and China Real Estate Evaluation Center of Shanghai Yiju Real Estate Research Institute, Hui Jin Holdings also won the 34th place in the "Top 65438 Comprehensive Strength of Listed Real Estate Companies in 202/kloc-0" and the "Development Speed of Listed Companies 1 Strong".