CREC(000736)2021-04-14 16:00Financial Performance - The company's operating revenue for 2020 was CNY 12,299,998,319.56, a decrease of 12.54% compared to 2019[18]. - The net profit attributable to shareholders was CNY 347,489,417.57, down 35.92% from the previous year[18]. - The basic earnings per share decreased by 35.90% to CNY 0.50[18]. - Total revenue for the year was approximately CNY 12.3 billion, with a quarterly breakdown showing Q1 at CNY 2.1 billion, Q2 at CNY 3.9 billion, Q3 at CNY 2.0 billion, and Q4 at CNY 4.3 billion[22]. - Net profit attributable to shareholders for the year was CNY 286 million, with Q1 showing a loss of CNY 21 million, Q2 profit of CNY 146 million, Q3 profit of CNY 161 million, and Q4 profit of CNY 61 million[22]. - The company's total revenue for 2020 was CNY 12.3 billion, a decrease of 12.54% year-on-year, while the net profit attributable to shareholders was CNY 347 million, down 35.87% from the previous year[38]. - The company reported a significant revenue increase of 112.12% in the Central China region, totaling approximately ¥1.19 billion[62]. - The company's rental income decreased by 34.03% to approximately ¥49.56 million, compared to ¥75.13 million in 2019[62]. - The gross margin for real estate sales was 26.26%, which is an increase of 1.25% year-over-year[65]. - The revenue from property leasing was approximately ¥49.56 million, down 34.03% year-over-year, with a gross margin of 61.78%[65]. Assets and Liabilities - The total assets at the end of 2020 reached CNY 99,503,326,150.10, an increase of 108.51% compared to the end of 2019[18]. - The net assets attributable to shareholders increased by 11.80% to CNY 3,061,440,109.07[18]. - The company's total financing balance as of December 31, 2020, was ¥4.56 billion, with an average financing cost of 6.72%[55]. - The company's asset-liability ratio remains relatively high, necessitating further optimization of the financing structure[57]. - Long-term borrowings rose to ¥24,863,964,198.75, accounting for 24.99% of total assets, reflecting new borrowings during the reporting period[87]. - The total approved guarantee amount at the end of the reporting period was CNY 2,171,677,000, with actual guarantees totaling CNY 1,080,379,280[174]. - The actual total guarantee amount represented 352.90% of the company's net assets[174]. Cash Flow - The net cash flow from operating activities was CNY -18,740,017,674.34, reflecting a significant increase of 288.04% in cash outflow compared to 2019[18]. - The company’s cash flow from operating activities showed a negative net amount of CNY 19.7 billion for the year, indicating challenges in cash generation[22]. - Total cash inflow from financing activities was ¥50,355,775,231.29, a 126.95% increase year-on-year[82]. - Cash and cash equivalents increased by 142.17% to ¥2,561,097,991.52[82]. - The net cash flow from investment activities was -¥1,538,903,963.52, a 99.51% increase in loss compared to the previous year[82]. Investment and Development - The company strategically entered eight key cities in 2020, including Zhengzhou, Guiyang, and Fuzhou, expanding its national footprint to 33 cities[28]. - The company added 30 new land reserve projects during the reporting period, with a total planned construction area of 6.3559 million square meters, representing a 176.90% increase year-over-year[44]. - The total investment amount for the reporting period was ¥8,958,464,100.00, a 401.28% increase compared to the previous year[92]. - The company is focused on long-term real estate development strategies across multiple regions[94][95]. - The company continues to expand its market presence through strategic partnerships and new project developments[94][95]. Risk Management and Compliance - The company has enhanced risk management by strengthening budget execution and financial risk supervision, and has implemented various safety and quality improvement initiatives[42]. - The company emphasizes the importance of risk management, particularly in preventing potential risks associated with rapid growth and ensuring compliance with regulations[108]. - The company has committed to resolving any competition issues gradually and in accordance with regulatory requirements[123]. - The company has not engaged in any non-operating related party debt transactions during the reporting period[144]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of CNY 0.5 per 10 shares, based on a total of 695,433,689 shares[5]. - The company reported a significant increase in cash dividends from 58,844,389.12 CNY in 2019 to 34,771,684.45 CNY in 2020, reflecting a shift in its dividend policy[116][117]. - The cash dividend per 10 shares was CNY 0.5 (including tax), with no bonus shares or capital increase shares distributed[120]. - The total cash dividend (including other methods) accounted for 100% of the total distributable profit of CNY 176,468,812.47[120]. Corporate Governance and Structure - The company has established a complete and independent labor and personnel management system, separate from the parent group[123]. - The company guarantees the independence of its financial operations, including having a separate accounting department and independent bank accounts[124]. - The company will serve as the sole domestic real estate development platform under the parent group, excluding Green City China, to minimize competition[124]. - The company has signed a management agreement to entrust the operations of China Communications Real Estate to ensure compliance with independence commitments[124]. Market and Strategic Focus - The company is focusing on urban agglomeration and central cities for future development, as key resources are expected to concentrate in these areas[106]. - The company is expanding its market presence with multiple projects across various regions, including East China, Northwest, and North China, indicating a strategic focus on regional diversification[48]. - The company is committed to high-quality development and has actively engaged in pandemic prevention and recovery efforts[43].