CREC(000736)2020-04-06 16:00Financial Performance - The company's operating revenue for 2019 was CNY 14,063,268,311.16, representing a 57.17% increase compared to CNY 8,947,567,912.60 in 2018[25]. - The net profit attributable to shareholders for 2019 was CNY 542,500,319.33, a decrease of 33.01% from CNY 809,869,355.55 in 2018[25]. - The basic earnings per share for 2019 was CNY 1.010, down 33.11% from CNY 1.51 in 2018[25]. - The total assets at the end of 2019 were CNY 47,492,384,708.27, an increase of 18.05% from CNY 40,229,785,544.89 at the end of 2018[25]. - The net assets attributable to shareholders at the end of 2019 were CNY 2,734,610,344.23, a 19.68% increase from CNY 2,284,986,905.65 at the end of 2018[25]. - The weighted average return on equity for 2019 was 21.7%, a decrease of 4.87 percentage points from 26.57% in 2018[25]. - The company reported a staggering 4980.05% increase in estimated liabilities, reflecting the provision for financial guarantee losses during the reporting period[43]. - The company reported a net cash flow from operating activities of -CNY 4,611,721,889.59, a decrease of 179.56% compared to the previous year[115]. - The total cash inflow from financing activities was CNY 21,969,078,496.09, an increase of 108.67% year-on-year[115]. Business Expansion and Strategy - The company is focused on expanding its real estate development business and enhancing its operational capabilities[21]. - The company has expanded its business into emerging sectors such as elderly care real estate, urban complex development, and logistics real estate, focusing on meeting both basic and improved housing needs[38]. - The company plans to expand its real estate development projects in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta to enhance scale and brand influence[86]. - The company plans to continue its strategy of joint ventures and partnerships to optimize land development and increase project efficiency[60]. - The company aims to enhance its investment quality by prioritizing "precise land acquisition" and increasing investments in key cities, particularly in the four major urban clusters: Beijing-Tianjin-Hebei, Yangtze River Delta, Chengdu-Chongqing, and Guangdong-Hong Kong-Macao[143]. - The company plans to deepen the integration of its real estate development businesses through cash acquisitions, stock mergers, or other feasible methods by the end of 2021[178]. Land Acquisition and Development - The company added 15 new land reserve projects during the reporting period, with a total planned construction area of 2,295,400 square meters and a total land acquisition cost of 18.16 billion yuan[57]. - The total land reserve held by the company as of the end of the reporting period is 55 projects, with a total construction area of 14,658,300 square meters, of which 5,369,600 square meters have been completed[61]. - The company’s land acquisition strategy includes a mix of residential and commercial land, with a focus on high equity ratios, such as a 99.80% equity ratio for a plot in Ningbo[61]. - The company’s ongoing projects include a residential and commercial development in Chongqing, with a total construction area of 197,390 square meters and an equity ratio of 71%[64]. - The company has a total of 8.6 million square meters of land under construction and planned for future development, indicating a robust pipeline for future growth[61]. Financial Management and Investments - The company reported a significant increase in inventory, with a total of ¥5,774,794,179.63, reflecting a 126.69% year-on-year growth[98]. - The company’s long-term equity investments increased by 39.24%, indicating growth in joint ventures[40]. - The company issued corporate bonds, leading to an 85.81% increase in payable bonds[43]. - The company established several new subsidiaries in 2019, including 中交富力和美(北京)置业有限公司 with a 49.90% stake and 中交地产舟山置业有限公司 with a 51.00% stake[106]. - The company has a total financing balance of 214.035 billion yuan as of December 31, 2019, with bank loans accounting for 83.83 billion yuan[81]. Risk Management and Compliance - The company has faced risks and challenges in its future development, which are detailed in the board report section[6]. - The company is committed to ensuring compliance with laws and regulations regarding related party transactions and will not use such transactions to harm the interests of other shareholders[178]. - The company has not experienced any major accounting errors requiring retrospective restatement during the reporting period[185]. - The company has not faced any penalties or rectification requirements during the reporting period[192]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of CNY 1.1 per 10 shares and issue 1 bonus share for every 10 shares held[6]. - The cash dividend payout ratio for 2019 was 52.38% of the total distributable profit[160]. - The company distributed a cash dividend of 58,844,389.12 CNY for the fiscal year 2019, which represents 10.85% of the net profit attributable to shareholders[159]. - The cash dividend policy is compliant with the company's articles of association and shareholder resolutions[155]. Corporate Governance - The independent directors have fulfilled their responsibilities and played their roles effectively in the decision-making process[155]. - 中交房地产集团承诺将中交置业的经营管理权委托给上市公司，以减少同业竞争[166]. - 中交房地产集团承诺上市公司将作为其下属唯一的国内房地产开发平台，确保不再自行获取新的房地产开发土地储备[171]. - 中交房地产集团承诺上市公司将拥有独立完整的经营性资产，确保资金和资产不被违规占用[169].