Dividend and Profit Distribution - The company plans to distribute a cash dividend of 2.00 yuan (including tax) for every 10 shares and issue 4.5 bonus shares, along with a capital reserve conversion of 5.5 shares for every 10 shares held[5]. - The cash dividend for 2014 is set at ¥2.00 per 10 shares, totaling ¥381,056,982.60, which represents 30.77% of the total profit distribution[116]. - The cash dividend payout ratio for the last three years averaged 12.66%, with 2014 showing a payout of 11.79% of the net profit attributable to shareholders[115]. - The company has established a policy to distribute at least 20% of profits as cash dividends during growth phases with significant capital expenditures[111]. - The company’s cumulative distributable profit has remained positive, allowing for consistent cash dividend distributions[109]. Financial Performance - The company reported a significant increase in revenue and profit margins, reflecting strong performance in the real estate sector[1]. - In 2014, the company's operating revenue reached ¥23.12 billion, an increase of 20.59% compared to ¥19.17 billion in 2013[23]. - The net profit attributable to shareholders was ¥3.23 billion, reflecting an 11.20% increase from ¥2.91 billion in the previous year[23]. - The company's cash flow from operating activities showed a net outflow of ¥1.66 billion, a significant improvement of 64.93% compared to a net outflow of ¥4.74 billion in 2013[23]. - Total assets at the end of 2014 amounted to ¥75.79 billion, representing a 27.58% increase from ¥59.41 billion at the end of 2013[23]. Market Conditions and Challenges - The company faces potential sales pressure due to market supply-demand relationships and competitor strategies in the cities where its main real estate projects are located[14]. - The real estate market faced challenges, with national commodity housing sales area declining by 7.6% year-on-year in 2014[32]. - The company acknowledges that the difficulties faced in 2014 are part of a necessary adjustment period for the industry transitioning to a "new normal" phase[33]. - The company reported a decrease in the number of cities with rising housing prices, from 4 in February to 69 by October 2014[32]. - The company plans to adapt to new market conditions by maintaining its focus on second and third-tier cities while adjusting management and strategic approaches[33]. Strategic Initiatives and Market Expansion - The company is actively exploring market expansion opportunities and new strategic initiatives to enhance its competitive position[1]. - The company is focused on developing new products and technologies to meet market demands and improve operational efficiency[1]. - The company is strategically positioned in various cities, enhancing its market presence and operational capabilities[1]. - The company implemented a strategy focusing on optimizing existing projects while expanding into new markets, particularly in the Beijing-Tianjin-Hebei region[38]. - The company is currently developing multiple projects, including Guangdong Nanya Lidu with a planned investment of CNY 210,321.52 million and actual investment of CNY 233,903.47 million[83]. Operational Efficiency and Cost Management - The company emphasizes high turnover and low cost, achieving efficient project development and management processes[68]. - The company maintains a leading level of expense control, with both management and sales expenses effectively managed[68]. - The company's total operating costs in 2014 were approximately 15.43 billion yuan, with a slight decrease in the proportion of costs from the real estate sector compared to 2013[52]. - Sales expenses increased by 16.39% year-on-year, reaching approximately 490.70 million yuan due to increased marketing efforts for new projects[54]. - The company’s management expenses increased by 13.18% year-on-year, totaling approximately 714.64 million yuan[54]. Governance and Compliance - The company emphasizes the importance of accurate financial reporting and accountability from its management team[4]. - The company is committed to maintaining transparency in its financial disclosures and has designated specific newspapers and websites for reporting[19]. - The independent directors have fulfilled their responsibilities, ensuring that minority shareholders' rights are adequately protected[114]. - The company has maintained compliance with its articles of association regarding profit distribution and dividend policies[113]. - The company has received no penalties or corrective actions during the reporting period, indicating stable operational compliance[161]. Shareholder Structure and Stock Options - The largest shareholder, Rongsheng Holdings Co., Ltd., holds 38.36% of the shares, totaling 730,800,028 shares[173]. - The company increased its total share capital by 13,717,814 shares due to the exercise of stock options in the third and fourth phases of the 2009 stock option incentive plan[165]. - The total number of shares repurchased by Rongsheng Holdings reached 48.48 million, accounting for 2.56% of Rongsheng Development's total share capital[176]. - The company’s stock buyback plan reflects confidence in its future performance and aims to enhance shareholder value[179]. - The total remuneration for the chairman, Mr. Geng Jianming, was RMB 569.32 million for the reporting period[196]. Future Outlook and Guidance - Future guidance indicates continued investment in new technologies and product development to drive growth[80]. - The company aims to strengthen project construction, refine product marketing, and optimize land reserves as part of its strategic plan for 2015[88]. - The company anticipates that the real estate market will enter a "new normal," characterized by declining investment and sales growth, as well as increased industry differentiation and mergers[87]. - The company plans to enhance the management of community resources to provide value-added services to over 140,000 homeowners[95]. - The company aims to achieve sales collection of approximately RMB 30.5 billion in 2015[98].

荣盛房地产发展股份有限公司 2014 年第三季度报告正文 证券代码：002146 证券简称：荣盛发展 公告编号：2014-097 荣盛房地产发展股份有限公司 2014 年第三季度报告正文 1 荣盛房地产发展股份有限公司 2014 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人耿建明、主管会计工作负责人刘山及会计机构负责人(会计主管人员)陈伟声 明：保证季度报告中财务报表的真实、准确、完整。 2 荣盛房地产发展股份有限公司 2014 年第三季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | | --- | --- | --- | --- | --- | --- | | 总资产（元） | 71,053,476,792.10 | 59,4 ...

Financial Performance - The company achieved operating revenue of ¥10,170,895,379.26, representing a year-on-year increase of 33.40%[31]. - Net profit attributable to shareholders reached ¥1,380,994,423.20, up 23.42% compared to the previous year[31]. - The company reported a basic earnings per share of ¥0.73, reflecting a growth of 21.67%[31]. - The company reported a total external guarantee amount of 292,950,000 CNY during the reporting period[92]. - The total comprehensive income for the current period, including net profit and other comprehensive income, was 1,426,361,000[145]. - The net profit for the current period was reported as -14,144 million yuan, indicating a significant loss compared to the previous year's profit[151]. Cash Flow and Liquidity - The net cash flow from operating activities improved by 59.52%, amounting to -¥1,605,976,412.10[31]. - The company’s cash and cash equivalents increased by 272.91% to approximately ¥365.38 million, attributed to increased cash inflow from financing activities and reduced land payment[35]. - The cash inflow from operating activities was bolstered by 407,190,257.91 CNY from other operating activities, up from 250,250,336.53 CNY, reflecting a growth of approximately 62.7%[137]. - The cash and cash equivalents at the end of the period were 4,846,582,977.80 CNY, up from 3,656,440,632.20 CNY, marking an increase of approximately 32.6%[138]. Assets and Liabilities - Total assets increased by 14.17% to ¥67,823,024,447.13 as of the end of the reporting period[31]. - The total liabilities of the company were ¥54.37 billion, compared to ¥46.92 billion at the beginning of the period, marking an increase of around 15.8%[126]. - The inventory balance increased significantly to ¥47.84 billion from ¥39.42 billion, representing a growth of about 21.4%[124]. - The company's total equity reached ¥13.45 billion, up from ¥12.48 billion, which is an increase of approximately 7.74%[126]. Strategic Initiatives - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[4]. - The company plans to increase project numbers and proportions in the Beijing-Tianjin-Hebei region to enhance performance contributions[30]. - The company is focusing on refining management and strategic adjustments to adapt to market changes[29]. - The company is actively monitoring macroeconomic policies and industry dynamics to inform its strategic decisions and project developments[63]. Risk Management - The company faces management risks due to the increasing complexity of operations as its scale expands[4]. - The company may encounter uncertainties in project development, such as fluctuations in construction material prices and urban planning adjustments, which could affect project timelines and financial performance[4]. - The company is focusing on enhancing its risk management strategies, as indicated by the allocation of general risk reserves[146]. Shareholder and Governance - The company organized three shareholder meetings during the reporting period, all conducted in compliance with relevant regulations[68]. - The board of directors held ten meetings, ensuring compliance with legal requirements and effectively fulfilling its decision-making role[69]. - The company maintains independent operations and governance, with no interference from the controlling shareholder in decision-making processes[69]. - The company’s major shareholder, Rongsheng Holdings, committed to not engaging in any business activities that would compete with Rongsheng Real Estate Development during its control period[97]. Investment and Development - The company completed the acquisition of new project resources totaling approximately 743,100 square meters, achieving 9.97% of the annual target of 7.45 million square meters[37]. - The company completed the acquisition of the Qinhuangdao Yibeilan project for 90 million yuan, marking its entry into the tourism real estate sector[76]. - The company has established a diversified business structure, integrating design research and development, real estate development and sales, industrial operations, commercial management, hotel management, tourism culture real estate, and real estate funds[43]. Financial Instruments and Accounting - The company applies a specific impairment testing method for financial assets, particularly for available-for-sale financial assets, with a threshold of a 50% decline in fair value indicating impairment[196]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination[175]. - The company ensures that all subsidiaries included in the consolidated financial statements adopt consistent accounting policies and periods[180].

Financial Performance - The company's operating revenue for Q1 2014 was CNY 3,205,953,859.90, representing a 35.17% increase compared to CNY 2,371,796,496.91 in the same period last year[7] - Net profit attributable to shareholders was CNY 374,962,747.70, up 25.62% from CNY 298,483,229.10 year-on-year[7] - Basic and diluted earnings per share increased by 25% to CNY 0.20 from CNY 0.16 in the same quarter last year[7] - The company's operating revenue for the reporting period was CNY 3,205,953,859.90, an increase of 35.17% compared to the same period last year[15] - The net profit attributable to shareholders for the first half of 2014 is expected to be between 134,275.91 and 156,655.23 thousand yuan, representing a year-on-year increase of 20% to 40%[24] - The net profit for the first half of 2013 was 111,896.59 thousand yuan, indicating significant growth in 2014[24] - The management anticipates that the increase in net profit is due to normal project construction progress and an increase in settlement area compared to the same period last year[24] Assets and Shareholder Information - Total assets at the end of the reporting period were CNY 63,910,536,566.80, reflecting a 7.58% increase from CNY 59,405,450,908.18 at the end of the previous year[7] - The net assets attributable to shareholders rose to CNY 11,347,771,941.60, a 3.55% increase from CNY 10,958,772,319.58 at the end of the last fiscal year[7] - The company had a total of 45,993 shareholders at the end of the reporting period[10] - The top ten shareholders held a significant portion of shares, with Rongsheng Holdings Co., Ltd. owning 38.62% and Rongsheng Construction Engineering Co., Ltd. holding 15.85%[10] Cash Flow and Expenses - The net cash flow from operating activities improved significantly, reaching CNY -838,211,797.31, a 62.25% reduction in cash outflow compared to CNY -2,220,140,840.18 in the previous year[7] - The operating cost for the reporting period was CNY 2,109,632,890.84, reflecting a growth of 40.00% year-on-year, primarily due to the expansion of the company's operational scale[15] - The cash received from sales of goods and services was CNY 5,135,896,950.86, up 30.77% from the previous year, attributed to increased sales area and cash collection[15] - The cash paid for employee compensation was CNY 177,352,396.48, a 52.54% increase year-on-year, due to the expansion of the company's workforce[16] - The cash received from borrowings was CNY 4,322,290,000.00, representing a 99.47% increase compared to the previous year, indicating increased borrowing activities[17] - The cash paid for debt repayment was CNY 3,288,634,800.00, a significant increase of 225.12% year-on-year, reflecting higher debt repayment obligations[17] Share Repurchase and Equity - The company completed a repurchase of 98.98 million shares, accounting for 5.26% of the total share capital, through agreed repurchase transactions[12] - The weighted average return on equity decreased to 3.36%, down 0.21 percentage points from 3.57% in the previous year[7] Strategic Plans - The company completed the acquisition of 100% equity in Qinhuangdao Shengze Real Estate Development Co., Ltd. for CNY 900 million, enhancing its asset portfolio[19] - The company plans to continue expanding its market presence and operational scale, focusing on new project acquisitions and developments[19] Other Financial Metrics - Other non-current assets decreased by 52.86% to CNY 165,000,000.00, primarily due to the transfer of prepaid acquisition payments to long-term equity investments[14] - The company's other payables increased by 33.36% to CNY 2,113,419,070.19, mainly due to an increase in temporary receipts[14]

Dividend and Profit Distribution - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares (including tax) to all shareholders[3]. - The company will implement a cash dividend policy, distributing at least 10% of the annual profit as cash dividends, with a proposed cash dividend of RMB 2.00 per 10 shares for 2013[101]. - In 2013, the total cash dividend amounted to RMB 378.31 million, representing 13.02% of the net profit attributable to shareholders[101]. Financial Performance - The company's operating revenue for 2013 was CNY 19.17 billion, an increase of 42.90% compared to 2012[21]. - Net profit attributable to shareholders was CNY 2.91 billion, reflecting a growth of 35.80% year-over-year[21]. - The net profit excluding non-recurring gains and losses was CNY 2.89 billion, up 35.94% from the previous year[21]. - The basic earnings per share increased to CNY 1.55, a rise of 34.78% compared to 2012[21]. - Total assets at the end of 2013 reached CNY 59.41 billion, marking a 46.74% increase from the previous year[21]. - The company's net assets attributable to shareholders were CNY 10.96 billion, up 34.11% year-over-year[21]. - The asset-liability ratio increased to 78.99%, up 2.43 percentage points from the previous year[21]. - The company's return on equity reached 30.51%, an increase of 0.62 percentage points year-on-year, marking a historical high[34]. Market and Sales Performance - In 2013, the company achieved a sales growth rate of 49.54%, outperforming the industry average[33]. - The company's market share in terms of signed contracts increased from 0.279% in 2012 to 0.332% in 2013[33]. - The real estate market saw a 26.3% increase in sales revenue, with total sales reaching CNY 814.28 billion[31]. - The company signed sales contracts for 437 million square meters, with a total contract value of CNY 270 billion, representing increases of 39.64% and 49.54% respectively[40]. - The company completed a construction area of 345.51 million square meters, achieving 103.09% of the initial plan[34]. Operational Challenges and Risks - The company reported a significant risk of potential new regulatory policies affecting sales due to rising housing prices[11]. - The tightening of bank credit policies may impose financial pressure on the company, impacting its growth scale and speed[11]. - The company emphasizes the importance of managing risks associated with the increasing complexity of operations as it expands[11]. - The company faces uncertainties in project development due to fluctuations in construction material prices and urban planning adjustments[11]. Investment and Financing - Financing totaled CNY 136.22 billion, exceeding the initial plan by 52.46%[34]. - The company plans to adopt a financing strategy focusing on project development loans and trust financing to improve financing efficiency and reduce costs[95]. - Total cash inflow from financing activities increased by 31.16% to CNY 14.19 billion compared to the previous year[54]. - Net cash flow from financing activities rose significantly by 118.11% to CNY 5.96 billion, driven by increased borrowings[54]. Subsidiaries and Acquisitions - The company established five subsidiaries during the reporting period to expand its business scale, with projects still in the early development stage and not yet generating revenue[78]. - The company reported a net profit of CNY 11,205,777 for its subsidiary Nanjing Rongsheng, with total assets of CNY 1,505,080,000[76]. - The subsidiary Baoding Rongsheng achieved an operating income of CNY 1,053,496, with a net profit of CNY 209,813,930[77]. - The company has achieved a cumulative investment progress of 100% for several projects, indicating effective project management[73]. Corporate Governance and Management - The company has maintained a clean compliance record with no administrative penalties reported during the fiscal year[106]. - The management emphasized a focus on sustainable practices, aligning with national environmental regulations[107]. - The company has established a transparent performance evaluation and incentive mechanism for its directors and senior management[183]. - The company has strengthened information disclosure practices, ensuring timely and accurate information is available to all investors[184]. Future Outlook and Strategy - The company anticipates stable and rapid growth in the Chinese economy in 2014, supported by positive fiscal policies and a stable monetary policy[84]. - The company aims to strengthen project construction, refine product marketing, and optimize land reserves as part of its strategic deployment for 2014[87]. - The company expects significant development opportunities in the real estate sector due to ongoing urbanization and government initiatives[85]. - The company plans to expand its market presence in the northern regions, targeting a 10% increase in market share by the end of 2013[107]. Shareholder Structure and Stock Options - The total number of shareholders at the end of the reporting period was 35,240, while it increased to 41,482 five trading days before the annual report disclosure[149]. - The largest shareholder, Rongsheng Holdings, held 35.85% of shares, totaling 678,160,028 shares, with a decrease of 41,839 shares during the reporting period[149]. - The total number of shares increased by 19,767,399 shares due to the exercise of stock options in the 2009 stock option incentive plan[141]. - The company has granted stock options to senior management, with a total of 7,935,220 options available for exercise, of which 7,175,100 have been exercised by the end of the reporting period[171].