DEXIN CHINA(02019)
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德信中国(02019) - 2019 - 中期财报
2019-09-24 08:50
Revenue and Sales Performance - For the six months ended June 30, 2019, the total revenue of Dexin China Holdings Company Limited was approximately RMB 3,517.7 million, representing a year-on-year increase of about 42.4%[10]. - The unaudited contracted sales amount for the same period was approximately RMB 21,817 million, reflecting a year-on-year growth of 10.8%, with a contracted sales area of approximately 1,249,000 square meters, up by 3.6%[14]. - The average contracted sales price was approximately RMB 17,462.3 per square meter, which is a year-on-year increase of about 7.0%[14]. - Property sales revenue for the six months ended June 30, 2019, increased by approximately 41.9% to about RMB 3,473.1 million, accounting for approximately 98.7% of the total revenue[15]. - The total confirmed construction area for property sales was approximately 236,320 square meters, representing a year-on-year increase of about 80.2%[15]. - Revenue from property construction and project management services grew by approximately 21.1% to about RMB 13.1 million, accounting for approximately 0.4% of total revenue[19]. - Rental income from commercial properties increased by approximately 390.0% to about RMB 26.6 million, representing approximately 0.8% of total revenue[20]. - Hotel operation revenue decreased by approximately 22.7% to about RMB 5.0 million, accounting for approximately 0.1% of total revenue[21]. Profitability and Financial Performance - Gross profit for the same period was approximately RMB 1,215.9 million, with a year-on-year increase of about 47.5%[36]. - Net profit increased by 177.4% to approximately RMB 1,283.4 million for the six months ended June 30, 2019[36]. - Profit attributable to owners of the company grew by approximately 130.0% to about RMB 995.8 million for the same period[36]. - The gross profit margin for the six months ended June 30, 2019, was approximately 34.6%, an increase of about 1.2 percentage points year-on-year[36]. - The profit from joint ventures and associates surged by approximately 722.8% to about RMB 778.7 million, driven by the completion and delivery of five projects during the period[50]. Expenses and Cost Management - Selling and marketing expenses rose by approximately 60.9% to about RMB 144.3 million, primarily due to increased contract sales and sales personnel[47]. - Administrative expenses increased by approximately 63.2% to about RMB 264.5 million, attributed to more new projects and higher employee benefits[48]. - Financing costs netted approximately RMB 135.0 million, a year-on-year increase of about 26.6% due to increased interest-bearing debt for land acquisitions and property development[49]. Assets and Liabilities - Cash and cash equivalents totaled approximately RMB 7,578.3 million as of June 30, 2019, up from RMB 7,488.2 million a year earlier, mainly due to increased property sales[55]. - The total amount of borrowings from banks and other financial institutions was approximately RMB 10,115.5 million, an increase of about 3.4% compared to December 31, 2018[56]. - The total amount of financial guarantees provided by the company as of June 30, 2019, was approximately RMB 13,569.9 million, an increase from RMB 11,876.9 million as of December 31, 2018[66]. - The company has unrecognized commitments totaling approximately RMB 9,128.5 million as of June 30, 2019, compared to RMB 5,896.6 million as of December 31, 2018, indicating increased property development activities[65]. Land and Development Strategy - The average land cost for acquiring 19 new quality land parcels was approximately RMB 6,957.0 per square meter, providing a total saleable area of 2,245,815 square meters[32]. - As of June 30, 2019, the total land reserve amounted to 12,253,939 square meters, with 116 projects located in the Yangtze River Delta region[29]. - The company has strategic land reserves in key cities, including Guangzhou and Chengdu, expanding its market presence[29]. - The total land reserve area for future development as of June 30, 2019, was 6,302,931 square meters, with 5,133,560 square meters under construction[84]. - The company plans to focus on the "Zhejiang Province" and "Yangtze River Delta" strategies, adapting to market changes and controlling risks while increasing land reserves[81]. Employee and Corporate Governance - As of June 30, 2019, the group had a total of 1,421 employees, an increase from 1,328 employees as of December 31, 2018[80]. - Employee compensation and benefits expenses for the six months ended June 30, 2019, were approximately RMB 132.3 million, compared to RMB 91.7 million for the same period in 2018, representing an increase of 44.3%[80]. - The company has adopted an employee stock option plan to enhance employee motivation[80]. - The company adopted the corporate governance code to enhance management and protect shareholder interests, and it has complied with the relevant provisions since the listing date[112][113]. Future Outlook and Strategic Plans - The company anticipates that the economic development in China will maintain a stable growth trend in the second half of 2019, with a focus on regional market performance differentiation[81]. - The company plans to continue investing in property development projects and acquiring suitable land parcels, funded by internal resources and external borrowings[75]. - The company is actively expanding its market presence through new developments and strategic investments[90]. - The overall market outlook remains positive, with expectations for continued growth in user demand and project completions[96]. Dividend and Shareholder Information - The company proposed an interim dividend of RMB 0.10 per share, subject to shareholder approval at a special meeting on September 30, 2019[107]. - The payment of the interim dividend is contingent upon the approval of a resolution by shareholders and the board's belief that the company can meet its debts as they fall due[108]. - The expected payment date for the interim dividend is around November 8, 2019, for eligible shareholders listed as of October 10, 2019[109].
德信中国(02019) - 2018 - 年度财报
2019-04-29 08:35
Financial Performance - For the year ended December 31, 2018, the company reported a contracted sales amount of approximately RMB 39.6 billion, representing a growth of about 38% compared to 2017[12]. - The company confirmed revenue of approximately RMB 8.212 billion for the same period, an increase of about 25% year-on-year[12]. - Gross profit for the year increased by 104% compared to the previous year[12]. - Net profit attributable to shareholders was approximately RMB 1.453 billion, reflecting a growth of about 97% year-on-year[12]. - The total revenue for the year ended December 31, 2018, was approximately RMB 8,212.1 million, representing a year-on-year growth of about 25.3%[22]. - Property sales revenue grew by approximately 25.1% to about RMB 8,130.0 million, accounting for approximately 99.0% of total revenue[25]. - The profit attributable to the owners of the company increased by approximately 97.1% to about RMB 1,453.5 million[38]. - The total profit and comprehensive income rose by 119.3% from approximately RMB 839.4 million in 2017 to approximately RMB 1,841.0 million in 2018[54]. - The share of profits from joint ventures and associates surged by approximately 261.3% from about RMB 160.3 million in 2017 to about RMB 579.1 million in 2018, driven by property sales from six completed projects[52]. Land Acquisition and Development - The company acquired 17 new land parcels through public bidding in 2018, expanding its land reserve to nearly 7 million square meters[11]. - The company held a land reserve of approximately 6,833,803 square meters as of December 31, 2018, with 109 projects located in 16 cities in the Yangtze River Delta region[33]. - The average land cost for new acquisitions was approximately RMB 7,007 per square meter, providing a total saleable area of approximately 2,344,263 square meters[34]. - The total land reserve amounted to 6,833,803 square meters, with 5,660,508 square meters under construction as of December 31, 2018[76]. Strategic Initiatives - The company implemented a strategy focusing on deepening its presence in Zhejiang Province and expanding into major cities in the Yangtze River Delta region[11]. - The company aims to transition from a single real estate developer to a professional integrated urban operator by focusing on balanced and sustainable growth[16]. - The company plans to focus on balanced and steady development, emphasizing a network layout strategy in key cities across the Yangtze River Delta and nationwide[74]. - The company aims to enhance internal control and operational efficiency while expanding diversified financing channels to strengthen its financial position post-listing[26]. Operational Efficiency and Cost Management - Selling and marketing expenses increased by approximately 46.6% year-on-year to about RMB 294.3 million, driven by rapid growth in contracted sales and an increase in sales personnel[48]. - Administrative expenses rose by approximately 72.4% year-on-year to about RMB 451.9 million, attributed to increased employee benefits and office expenses related to new project developments[50]. - Financing costs increased by approximately 16.7% year-on-year to about RMB 375.3 million, mainly due to increased borrowings for land acquisitions and property development[51]. - The management discussed strategies to improve operational efficiency, aiming for a 23.70% reduction in costs over the next year[99]. Employee and Talent Development - The total number of employees increased to 1,328 as of December 31, 2018, compared to 925 in 2017, with employee compensation expenses amounting to approximately RMB 352.9 million, up from RMB 246.9 million in 2017[73]. - The company emphasizes talent acquisition and platform mechanism construction to foster a collaborative and innovative environment[15]. - The management team has extensive experience in the real estate industry, with key executives having over 22 years of experience each[137]. Future Outlook and Market Strategy - The company plans to continue monitoring market trends and customer needs to achieve quality growth in 2019[16]. - The company anticipates a revenue growth of 26.00% for the upcoming quarter, driven by strong sales performance and market expansion efforts[98]. - The company is actively pursuing acquisitions, with a target of increasing its asset base by 34.00% through strategic mergers[99]. - The company is expanding its market presence, with plans to increase its rental properties by 20.00% in the next fiscal year[100]. Financial Position and Capital Management - As of December 31, 2018, the total borrowings amounted to approximately RMB 12,131.0 million, a 19.7% increase from approximately RMB 10,135.7 million as of December 31, 2017[58]. - The cash and bank balances, including restricted cash, totaled approximately RMB 7,488.2 million as of December 31, 2018, up from approximately RMB 4,115.2 million as of December 31, 2017[58]. - The net capital debt ratio decreased by 208.1 percentage points to 67.6% as of December 31, 2018, compared to 275.7% as of December 31, 2017[59]. - The company has committed but unprovided property development expenditures totaling approximately RMB 5,896.6 million as of December 31, 2018, compared to RMB 2,294.2 million in 2017[64]. Corporate Governance and Compliance - The company has not provided any loans or guarantees to directors or senior management as of December 31, 2018[192]. - The board has resolved not to recommend any final dividend for the year ended December 31, 2018[176]. - The company has adopted a dividend policy that considers financial performance, cash flow, and future operational needs when declaring dividends[180]. - The company has established procedures for handling customer complaints to ensure prompt resolution[172].