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景瑞控股(01862) - 2020 - 年度财报
2021-04-23 08:37
Financial Performance - Total revenue for 2020 was RMB 12,782.4 million, a decrease of 3.8% from RMB 13,285.1 million in 2019[12] - Gross profit for 2020 was RMB 2,504.0 million, with a gross margin of 19.6%, down from 20.2% in 2019[12] - Core net profit attributable to shareholders increased by 6.9% to RMB 965.2 million in 2020 from RMB 902.5 million in 2019[12] - The company's net profit for 2020 was RMB 1,273.5 million, with profit attributable to equity holders amounting to RMB 958.1 million[99] - Revenue from property sales amounted to RMB 11,972.5 million, down 3.2% from RMB 12,366.1 million in 2019, primarily due to a decrease in the area of properties delivered[52] - The revenue from property sales was RMB 11,972.5 million, accounting for 93.7% of total revenue, down 3.2% from RMB 12,366.1 million in 2019[81] - The total employee cost for the year was RMB 486.3 million, up from RMB 448.1 million in 2019[79] - The company's gross profit decreased by 6.7% from RMB 2,685.2 million in 2019 to RMB 2,504.0 million in 2020, with a gross margin of approximately 19.6% in 2020 compared to 20.2% in 2019[90] Sales and Contracted Projects - Contracted sales amounted to RMB 25,507.0 million, an increase of 1.4% compared to RMB 25,159.3 million in 2019[13] - In 2020, the company achieved a total contracted sales amount of approximately RMB 25.507 billion, representing a year-on-year growth of 1.4% compared to RMB 25.159 billion in 2019[22] - The total area of contracted sales was approximately 1,157,658 square meters, with an average contracted sales price of RMB 22,033 per square meter[22] - The average contracted sales price per square meter rose by 5.8% to RMB 22,033.3 from RMB 20,818.6 in 2019[13] - The contracted sales from Zhejiang, Jiangsu, and municipalities directly under the central government accounted for 36.5%, 22.0%, and 22.0% of the total contracted sales, respectively[57] Debt and Financial Management - The net debt-to-equity ratio increased to 69% in 2020 from 58% in 2019, indicating a higher leverage position[14] - The company maintained a net debt-to-capital ratio of approximately 69% as of December 31, 2020, indicating a reasonable level of debt for its current development stage[55] - Total borrowings increased from RMB 19,005.3 million as of December 31, 2019, to RMB 21,444.8 million as of December 31, 2020, representing a growth of 12.8%[104] - The company's cash and cash equivalents, including restricted cash, amounted to RMB 13,646.5 million as of December 31, 2020[103] - Financing costs increased by 62.6% year-on-year to RMB 739.3 million in 2020, compared to RMB 454.6 million in 2019[109] Asset Management and Investments - The company aims to enhance its asset management capabilities and focus on core city clusters for future growth[17] - The company is committed to urban renewal and refined operations to enhance the value of existing assets[17] - The company plans to continue its transformation from a traditional developer to an asset management service provider[7] - The company has cumulatively issued 19 real estate equity funds with a total management scale of approximately RMB 7.67 billion, achieving an investment return rate of 12.4% from two fund exits in 2020[28] - The company’s investment arm, Hefeng Capital, invested nearly RMB 1.06 billion in 15 projects, achieving an investment return rate of 18.1% from four successful exits[31] Market and Strategic Focus - The real estate market in China saw a total sales amount of RMB 17.36 trillion in 2020, despite a slowdown in overall growth, indicating a shift towards high-quality development[20] - The group is focusing on urbanization trends, with a population urbanization rate just over 60%, suggesting ongoing opportunities in first and second-tier cities[47] - The company plans to continue focusing on core cities and urban agglomerations, developing real estate projects with high safety margins and stable investment returns[49] - The company aims to create real value for customers and investors by improving existing asset values through urban renewal and refined operations[36] Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules and has complied with its provisions for the year ended December 31, 2020, except for a deviation from code provision A.2.1[137] - The board consists of four executive directors and three independent non-executive directors, ensuring strong independence in its composition[140] - The company has established four board committees: Audit Committee, Remuneration Committee, Nomination Committee, and Risk Management Committee to oversee specific aspects of the company's affairs[139] - The company has implemented a board diversity policy since March 18, 2014, and regularly reviews it to ensure its effectiveness[144] - The company has committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[137] Operational Efficiency - The company has established a service platform to enhance service quality and expand service categories, emphasizing a holistic service model[35] - The company plans to enhance its comprehensive capabilities in fundraising, investment, management, and exit strategies, focusing on core cities and urban clusters[36] - The company has implemented cost-cutting measures that are expected to save K million annually, improving overall profitability[126] - The company has established service agreements with executive directors, with initial terms set for three years, renewable every three years[148] Risk Management - The company has a risk management committee that regularly reviews and assesses insider information and reports findings to the board[180] - The company conducts annual reviews of its risk management and internal control systems, including resources, staff qualifications, and training programs[174] - The risk management and internal control systems are designed to ensure compliance with applicable laws and regulations, identify and manage potential risks, and safeguard the company's assets[174] - The company has implemented a risk management policy to ensure consistent risk identification, measurement, and reporting procedures[182]
景瑞控股(01862) - 2020 - 中期财报
2020-09-09 08:51
Financial Performance - Revenue for the six months ended June 30, 2020, was RMB 3,154.4 million, representing a 44.3% increase from RMB 2,185.9 million in 2019[14]. - Gross profit increased to RMB 989.7 million, with a gross profit margin of 31.4%, up from 25.9% in 2019[14][18]. - Profit attributable to equity holders rose to RMB 293.6 million, a 4.9% increase compared to RMB 280.0 million in the same period of 2019[14]. - Revenue from property sales amounted to RMB 2,808.6 million, accounting for 89.1% of total revenue, representing a year-on-year increase of 68.4%[144][140]. - Profit for the period was RMB 344.9 million, slightly down from RMB 354.3 million in the corresponding period of 2019[181]. - The Group's total revenue for the six months ended June 30, 2020, was RMB 3,154.4 million, representing a 44.3% increase compared to RMB 2,185.9 million for the same period last year[132]. Sales and Contracted Performance - Contracted sales value decreased to RMB 7,670.2 million, down 24.3% from RMB 10,136.2 million in 2019[16]. - Contracted sales area fell to 319,208 sq.m., a decline of 33.3% compared to 478,841 sq.m. in 2019[16]. - The average contracted selling price increased by 13.5% to RMB 24,029 per sq.m. from RMB 21,168 per sq.m. in 2019[16]. - For the six months ended June 30, 2020, the total contracted sales amounted to approximately RMB 7.670 billion, representing a decrease of 24.3% compared to RMB 10.136 billion in the same period last year[30]. - The contracted sales area was approximately 319,208 sq.m., with an average contracted sales price of RMB 24,029 per sq.m.[30]. Debt and Financial Position - The net debt-to-capital ratio as of June 30, 2020, was 68%, up from 58% at the end of 2019[18]. - As of June 30, 2020, the Group's cash at bank and on hand decreased by approximately 12.5% to approximately RMB 12,031.1 million from RMB 13,748.2 million as of December 31, 2019[183][187]. - Total outstanding borrowings increased from RMB 19,005.3 million as of December 31, 2019, to RMB 19,343.9 million as of June 30, 2020, representing a change of 1.8%[184][188]. - The proportion of the Group's long-term borrowings in total borrowings was 54.7% as of June 30, 2020, ensuring healthy and stable cash flow in the future[196][197]. - The Group had approximately RMB 24,139.6 million in unutilized banking facilities as of June 30, 2020[184][188]. Market Outlook and Strategy - The company remains optimistic about sustainable development in China despite the impacts of the COVID-19 pandemic[22]. - The real estate industry is expected to benefit from population gathering towards leading cities and city clusters, enhancing future development potential[23]. - The company aims to seize development opportunities in city clusters and metropolitan areas in the second half of 2020[29]. - The real estate industry remains a stabilizer for China's economic development, with long-term stable development opportunities[71]. - The real estate industry in China is projected to show a trend of slow decline in the future due to factors such as slower population growth[71]. Technological Innovation and Customer Focus - The application of big-data monitoring, online property sales, and VR house tours has been emphasized as part of technological empowerment during the pandemic[40]. - The "e PLUS" customization system was proposed to meet customer demands for residential properties, with projects implemented in cities like Hangzhou, Shanghai, and Wuhan[41]. - The "Space me" platform integrates technology into real estate development, enhancing customer experiences through a fully digitalized management system[47]. - Jingrui Service aims to expand its service boundaries and improve service quality through continuous innovation and upgrading, focusing on customer demands[61]. - The introduction of the "e PLUS" customization system has allowed Jingrui to better meet customer needs and enhance product strategies since 2015[44]. Property Management and Development - The property management sector is experiencing significant growth, with a cumulative contracted management area exceeding 26 million sq.m. across 36 cities as of June 30, 2020[60]. - The Group acquired a total of five new projects during the same period, with a total property value of RMB 5.708 billion, and 95.7% of the saleable property value was from first- and second-tier cities[31]. - The land bank is approximately 4.920 million sq.m., sufficient to meet development demands for the next two to three years[31]. - The company has strategically focused on stock asset management, particularly in first-tier cities, to enhance asset value and provide "end-to-end" services[50]. - Jingrui aims to strengthen its asset management capabilities and enhance its real estate development and operating service capabilities[72]. Operational Efficiency and Cost Management - The Group's staff costs for the six months ended June 30, 2020, amounted to RMB 219.3 million, down from RMB 251.3 million for the same period in 2019[130]. - Selling and marketing costs increased by 53.3% to RMB 203.6 million, compared to RMB 132.8 million in the same period last year, due to active expansion of sales channels amid COVID-19[162]. - Administrative expenses remained flat at RMB 303.6 million, compared to RMB 304.0 million in the same period last year[163]. - The company has implemented a systematic training program for employees, focusing on enhancing management skills and sales capabilities[134]. - The company has adopted share incentive plans to encourage employee development and align their interests with the company's growth[135].
景瑞控股(01862) - 2019 - 年度财报
2020-04-23 08:39
Financial Performance - For the year ended December 31, 2019, the total revenue was RMB 13,285.1 million, representing a 17.9% increase from RMB 11,268.2 million in 2018[13] - The gross profit for 2019 was RMB 2,685.2 million, with a gross margin of 20.2%, down from 22.6% in 2018[13] - The core net profit attributable to shareholders was RMB 902.5 million, a decrease of 10.3% compared to RMB 1,006.3 million in 2018[13] - Revenue from property sales was RMB 12,366.1 million, reflecting an 18.4% increase from RMB 10,440.3 million in 2018, accounting for 93.1% of total revenue[46] - Net profit attributable to equity holders was RMB 903.6 million, a decrease of 12.4% from RMB 1,031.9 million in the previous year[46] - The company's cost of sales rose by 21.5% to RMB 10,599.9 million in 2019, primarily due to increased construction costs[85] - Administrative expenses decreased by 22.3% to RMB 606.6 million in 2019, due to enhanced management efficiency[93] - Other income for 2019 was RMB 158.5 million, significantly higher than RMB 68.3 million in 2018, mainly from the acquisition of Ningbo Puhong shares[94] - The company recorded a fair value gain of RMB 96.0 million from investment properties in 2019, compared to RMB 54.7 million in 2018[91] - Financial income increased by 390.6% from RMB 53.3 million in 2018 to RMB 261.5 million in 2019, primarily due to increased interest income from bank deposits[95] Sales and Contracted Projects - Contracted sales amount for 2019 was RMB 25,159.3 million, slightly down by 0.3% from RMB 25,235.9 million in 2018[14] - The total contracted sales area was approximately 1,208,504 square meters, with an average contracted sales price of RMB 20,819 per square meter[22] - The average contracted sales price per square meter decreased by 4.2% to RMB 20,818.6 from RMB 21,726.7 in 2018[14] - The group's contract sales amounted to approximately RMB 25,159.3 million in 2019, with a total contracted construction area sold of about 1,208,504 square meters, representing a significant contribution to revenue growth[46] - The company acquired 10 new projects in cities like Shanghai and Hangzhou, with a total investment amount of RMB 8.58 billion and a total project value of RMB 18.08 billion[22] Asset Management and Development Strategy - The company aims to enhance asset value through urban renewal and refined operations, focusing on customer needs and customized product strategies[9] - Future strategies include a continued focus on real estate development and a shift towards asset management services, leveraging a dual-driven business model[9] - The company aims to enhance its asset management capabilities and has been recognized as one of the top 10 private equity funds in China's real estate sector[24] - The company has expanded its management area to over 25 million square meters across 36 cities in China[24] - The company continues to focus on core first and second-tier cities and urban agglomerations for future development opportunities[21] Financial Stability and Debt Management - The net debt-to-equity ratio decreased to 58% in 2019 from 64% in 2018, indicating improved financial stability[15] - The net debt-to-capital ratio was approximately 58%, indicating a reasonable level of debt for the current development stage[50] - The company's cash and bank deposits reached RMB 13,748.2 million, with unused bank credit facilities of approximately RMB 27,728.3 million[50] - Total cash and bank deposits amounted to RMB 13,748.2 million as of December 31, 2019, primarily in RMB and USD[102] Corporate Governance - The board consists of four executive directors and three independent non-executive directors, ensuring compliance with listing rules regarding independent director representation[140] - The company has established four board committees: audit committee, remuneration committee, nomination committee, and risk management committee to oversee specific aspects of its affairs[139] - The company has adopted the corporate governance code as per the listing rules and has complied with its provisions for the year ended December 31, 2019, except for a deviation regarding the roles of chairman and CEO[137] - The company aims to enhance its corporate governance practices to ensure compliance with the corporate governance code[137] - The company has a strong independent board composition, with independent non-executive directors accounting for over one-third of the board[140] Market Outlook and Challenges - The company anticipates challenges in 2020 due to the global impact of COVID-19 but remains focused on long-term growth and urbanization trends in China[45] - The company is adapting to market changes, with a shift towards long-term rental apartments and office spaces expected to enhance rental rates and asset security in 2020[45] - The company plans to focus on core cities and urban clusters, aiming to develop real estate projects with high safety margins and stable investment returns[45] - The company aims to enhance its comprehensive capabilities across the entire investment chain, focusing on real estate in core cities and urban areas[121] Employee and Management Practices - Employee count decreased to 3,035 as of December 31, 2019, from 3,546 the previous year[76] - The company implemented a stock option plan to incentivize senior management and align their interests with the company's growth[76] Risk Management - The company has established a risk management committee in October 2015 to review the effectiveness of the risk management and internal control systems annually[174] - The risk management committee conducted an annual review of the risk management and internal control systems as of December 31, 2019[171] - The company has implemented a comprehensive risk management and internal control system covering investment, operations, marketing, finance, and human resources[176] - The company aims to reduce operational risk costs and ensure compliance through effective risk management policies[184]
景瑞控股(01862) - 2019 - 中期财报
2019-09-13 08:37
Revenue and Profitability - Revenue for the six months ended June 30, 2019, was RMB 2,185.9 million, a 1.0% increase from RMB 2,163.6 million in 2018[11]. - Profit attributable to equity holders increased by 4.0% to RMB 280.0 million, compared to RMB 269.3 million in the same period of 2018[11]. - Core net profit attributable to equity holders increased by 11.8% to RMB 208.8 million, compared to RMB 186.8 million in 2018[11]. - Revenue from property sales for the first half of 2019 was RMB 1,667.8 million, a decrease of 6.4% compared to the same period last year[108]. - Property management revenue increased by approximately 34.5% to RMB 239.9 million, up from RMB 178.4 million in the first half of 2018[140]. - Revenue from decoration of properties was approximately RMB 150.8 million, representing a 33.8% increase compared to RMB 112.7 million in the same period last year[141]. - Rental income for the first half of 2019 was approximately RMB 79.2 million, representing a 54.1% increase from RMB 51.4 million in the corresponding period of 2018[146]. - Gross profit decreased to RMB 566.8 million, resulting in a gross profit margin of 25.9%, down from 27.2% in 2018[11][15]. Sales Performance - Contracted sales value rose to RMB 10,136.2 million, a 6.4% increase from RMB 9,525.0 million in 2018[13]. - Contracted sales area increased by 30.8% to 478,841 sq.m., compared to 365,952 sq.m. in 2018[13]. - Average contracted selling price decreased by 18.7% to RMB 21,168 per sq.m., down from RMB 26,028 per sq.m. in 2018[13]. - The proportion of contracted sales from first- and second-tier cities increased to 96.0%[28]. - The primary sources of contracted sales were from Zhejiang (RMB 3,839.9 million, 37.9%), Jiangsu (RMB 2,786.7 million, 27.5%), and centrally direct-controlled municipalities (RMB 2,609.1 million, 25.7%) respectively[86][88]. Market Trends and Strategy - The real estate market in China is expected to maintain steady development momentum despite external challenges[18]. - Investment in real estate development in China recorded a year-on-year growth of 10.9% in the first half of 2019[18]. - The policy guidelines of "stabilizing land prices, stabilizing property prices, and stabilizing expectations" will continue to regulate the real estate market[22]. - The Group's strategy focuses on first and second-tier cities while seeking opportunities in third and fourth-tier cities, aligning with urbanization trends in China[24]. - The implementation of new urbanization policies is expected to create more development opportunities in core cities and their nearby metropolitan areas[22]. - The real estate market is expected to maintain stable development, supported by policies aimed at stabilizing land and property prices[74]. Financial Position and Debt - The net debt-to-capital ratio increased to 72% as of June 30, 2019, compared to 64% at the end of 2018[15]. - Total outstanding borrowings rose to RMB 20,964.7 million as of June 30, 2019, up from RMB 18,700.8 million as of December 31, 2018[181][185]. - Current borrowings increased by 55.3% to RMB 10,380.5 million as of June 30, 2019, compared to RMB 6,683.4 million as of December 31, 2018[189]. - Non-current borrowings decreased by 11.9% to RMB 10,584.3 million as of June 30, 2019, from RMB 12,017.4 million as of December 31, 2018[189]. - The company operates in a capital-intensive industry and plans to meet its capital needs through property sales, loans, shareholder injections, and issuance of new shares[179][183]. Investment and Project Development - The Group acquired 7 new projects with a total investment of RMB 3.71 billion and a total property value of RMB 8.99 billion, with first and second-tier cities accounting for 98.8% of the saleable property value[32]. - The Group has built a sufficient land bank of approximately 5,461,000 sq.m., enhancing its competitive foundation for transformation and upgrading[32]. - The total land bank as of August 29, 2019, was approximately 5,753,360 sq.m., with an attributable basis of approximately 2,922,804 sq.m.[94]. - In the first half of 2019, the company secured 7 land parcels and property projects across cities including Tianjin, Ningbo, Suzhou, Wuhan, and Shanghai[94]. Employee and Operational Insights - As of June 30, 2019, the Group employed 2,940 full-time employees, a decrease from 3,546 employees as of December 31, 2018[126]. - The Group has established systematic training programs for employees to enhance their management, leadership, and sales skills[130]. - The company aims to optimize its capital structure through extensive fundraising and investor protection capabilities[111]. Other Financial Metrics - The Group's cost of sales amounted to RMB 1,619.2 million, an increase of 2.8% from RMB 1,575.0 million in the same period last year[150]. - Administrative expenses increased by 3.9% to RMB 304.0 million in the first half of 2019, compared to RMB 292.7 million in the same period of 2018[158]. - Income tax expense decreased significantly by 83.5% to RMB 39.6 million for the six months ended June 30, 2019, down from RMB 240.3 million in the same period of 2018, due to the completion of tax clearance for certain projects[171][176].
景瑞控股(01862) - 2018 - 年度财报
2019-03-27 08:33
Financial Performance - Total revenue for 2018 was RMB 11,268.2 million, a decrease of 28.1% from RMB 15,668.4 million in 2017[13] - Gross profit increased to RMB 2,547.2 million, with a gross margin of 22.6%, up from 16.1% in 2017[13] - Net profit attributable to shareholders increased by 28.1% to RMB 1,031.9 million from RMB 805.8 million in 2017[13] - Core net profit, excluding fair value gains, was RMB 1,006.3 million, a 30.0% increase from RMB 774.1 million in 2017[13] - Revenue from property sales was RMB 10,440.3 million, accounting for 92.7% of total revenue, down 31.6% from RMB 15,254.7 million in 2017[85] - Property management revenue increased by 41.8% to RMB 386.3 million, driven by a growth in the total area of completed properties and increased income from third-party property management[88] - Revenue from property renovation surged by 274.9% to RMB 251.0 million, attributed to customized decoration services for new projects[88] - Rental income rose by 131.4% to RMB 133.7 million, mainly due to the expansion of apartment and office platforms[88] Sales and Contracts - Contracted sales amounted to RMB 25,235.9 million, representing a 37.4% increase from RMB 18,372.7 million in 2017[13] - The average contracted sales price per square meter rose to RMB 21,726.7, a 19.5% increase compared to RMB 18,177.2 in 2017[13] - The total sales area for contracts was approximately 1,161,512 square meters, with an average contract sales price of approximately RMB 21,727 per square meter[24] - The company achieved a contract sales amount of approximately RMB 25,235.9 million in 2018, with a total contract sales area of about 1,161,512 square meters[48] - Contract sales from Zhejiang and Jiangsu regions accounted for 54.3% and 22.6% of total sales, amounting to RMB 13,707.1 million and RMB 5,696.6 million respectively[60] Land Acquisition and Reserves - The company acquired 22 projects with a total investment of RMB 15.15 billion and a total value of approximately RMB 32.43 billion during the reporting period[27] - As of December 31, 2018, the company's land reserves amounted to approximately 4.804 million square meters, sufficient for sustainable development over the next 2 to 3 years[27] - The total land reserve area increased to approximately 4,804,192 square meters by the end of 2018, reflecting a significant increase in land acquisitions[54] - The average land cost for new acquisitions was approximately RMB 9,130 per square meter[54] Debt and Financial Management - The net debt-to-equity ratio improved to 64% from 68% in 2017[14] - The company maintained a strong cash flow and issued USD 350 million in senior notes at a coupon rate of 9.45% in April 2018[54] - Cash and cash equivalents, including restricted cash, amounted to RMB 13,070.2 million as of December 31, 2018[106] - The proportion of long-term borrowings reached 64.26% of total borrowings as of December 31, 2018, ensuring stable future cash flows[110] - The company's borrowing costs decreased by 42.7% year-on-year, with capitalized amounts increasing by 62.2% to RMB 1,387.1 million[112] Business Strategy and Development - The company plans to focus on higher value-added real estate services and financial segments to enhance operational capabilities[8] - The company is focusing on a dual-driven business model of "customer insight + light asset operation" to enhance operational efficiency[24] - The company aims to transform into a high-valuation operator through the development of five major business platforms[24] - The company aims to enhance its service value through investment profits, management fees, and operational income from held properties[39] - The company is committed to providing high-quality products and services to enhance investor returns and achieve sustainable development[39] Corporate Governance - The company reported a commitment to high standards of corporate governance to protect shareholder rights and enhance corporate value and accountability[147] - The board consists of four executive directors and three independent non-executive directors, ensuring strong independence in its composition[150] - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules and has complied with its provisions for the year ended December 31, 2018[147] - The company has established four board committees, including the audit committee, remuneration committee, nomination committee, and risk management committee, to oversee specific aspects of its affairs[149] - The company has implemented measures to ensure the separation of roles between the chairman and the CEO, although there is a deviation from the governance code regarding this separation[148] Risk Management - The company has established an internal audit function to regularly review and evaluate the effectiveness of its risk management and internal control systems[188] - The company has established a comprehensive internal control system covering investment, operations, marketing, finance, and human resources management[189] - The risk management committee regularly reviews and assesses insider information and has established a disclosure policy to guide employees on reporting and compliance[190] - The board believes that the current risk management and internal control systems are operating effectively[194] - The company has identified and assessed potential risks in key business processes and management procedures for the year 2018[197]