GREATTOWN(600094)2024-04-15 11:38Financial Performance - The company achieved a net profit attributable to the parent company of CNY 222,551,310.40 for the fiscal year 2023, with retained earnings at CNY 4,217,542,145.77[7]. - The parent company reported a net profit of CNY 61,897,854.49 for 2023, with a statutory surplus reserve of CNY 6,189,785.45, leading to distributable profits of CNY 1,903,364,362.47 at year-end[7]. - The company's operating revenue for 2023 reached ¥11,695,484,376.75, representing a year-on-year increase of 58.88% compared to ¥7,361,399,640.30 in 2022[24]. - Net profit attributable to shareholders of the listed company was ¥222,551,310.40, up 29.98% from ¥171,219,599.38 in the previous year[24]. - The basic earnings per share for 2023 was ¥0.0899, reflecting a 25.73% increase from ¥0.0715 in 2022[25]. - The weighted average return on net assets increased to 1.79%, up 0.42 percentage points from 1.37% in 2022[25]. - The net cash flow from operating activities for 2023 was ¥1,648,494,574.77, a 90.77% increase compared to ¥864,132,532.90 in 2022[24]. - The company reported a net profit of ¥361,594,387.46 in Q3 2023, marking a significant recovery from a loss of ¥422,979,857.72 in Q4 2022[27]. - The company incurred a loss of ¥11,347,113.00 from non-recurring items in 2023, compared to a gain of ¥71,899,210.22 in 2022[30]. - The company achieved a consolidated revenue of CNY 11.695 billion, a year-on-year increase of 58.88%, and a net profit attributable to the parent company of CNY 223 million, up 29.98%[35]. Dividend and Profit Distribution - The company plans to issue new shares to specific investors, which will delay the implementation of a cash dividend plan until three months after the issuance is completed, with a proposed dividend amount not less than 30% of the audited net profit for 2023, equating to at least CNY 67 million[8]. - The company has decided not to distribute profits or increase capital reserves for the fiscal year 2023 due to uncertainties in the market[7]. - The company plans to initiate a cash dividend scheme amounting to no less than 30% of the audited net profit for 2023, which is approximately CNY 67 million[132]. - The company has not proposed a profit distribution plan for 2023 due to ongoing challenges in the real estate industry[129]. Market and Industry Conditions - The real estate industry remains in a bottom adjustment phase, presenting unprecedented challenges for the company's operations[7]. - The real estate market in 2023 saw a decline in sales area by 8.5% year-on-year, with total sales amounting to CNY 11.6622 trillion, down 6.5%[41]. - The company faces risks related to insufficient land reserves, which could impact normal construction and development activities[91]. - The company anticipates that new housing sales will recover slowly in 2024, continuing to restrict new construction pace and scale[86]. - The company aims to maintain a cautious and steady approach, controlling debt levels and enhancing profit margins while focusing on precise investments and cash recovery[87]. Operational Highlights - The company sold 229,000 square meters of property, generating sales revenue of CNY 4.657 billion, while the total construction area under development was 1.4896 million square meters[37]. - The company achieved a delivery rate of 99% for 57,000 square meters and 4,004 residential units in 2023, focusing on high-quality delivery[38]. - The company recognized an inventory impairment provision of approximately CNY 368 million, which fully impacted the 2023 operating performance and reduced the total profit for the year[36]. - Operating costs rose to RMB 9.83 billion, reflecting a 62.38% increase compared to the previous year, primarily due to increased delivery and turnover area[51][52]. Governance and Compliance - The board of directors and supervisory board members have confirmed their attendance at the board meeting, ensuring accountability for the report's accuracy[5]. - The company has conducted 13 board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[96]. - The company has established effective insider information management practices to ensure confidentiality and compliance[99]. - The company is committed to maintaining compliance with laws and regulations in its governance practices, as evidenced by the thorough review processes in place[119]. Financial Management and Debt - The company maintained a stable cash flow and a reasonable debt structure, focusing on low financing costs and stable leverage[48]. - The company reported a significant reduction in financial expenses by 45.05%, attributed to its strategy of deleveraging[51][52]. - The company has temporarily supplemented working capital with idle raised funds not exceeding 230 million RMB, with a repayment period of up to 12 months[169]. - The total amount of guarantees provided to shareholders and related parties is included in the total guarantee amount of 16.27 billion RMB[160]. Employee and Social Responsibility - The total number of employees in the parent company and major subsidiaries is 538, with 14 in the parent company and 524 in subsidiaries[124]. - The company invested CNY 11 million in social responsibility projects, focusing on education and poverty alleviation[141]. - The company has conducted training programs to enhance employee skills and management capabilities during the reporting period[127]. - The company has established a comprehensive employee compensation system benchmarked against industry standards[126]. Environmental and Sustainability Efforts - The company is gradually increasing the use of bioethanol oil as a clean energy source to reduce carbon emissions[141]. - All machinery at construction sites are using environmentally friendly fuels, ensuring emissions meet standards[141]. - The company has established a unified green construction standard across all projects, meeting green building standards[139]. - The company has not established an environmental protection mechanism and did not invest any funds in environmental protection during the reporting period[138]. Shareholder Structure and Changes - The total number of ordinary shareholders increased to 57,807 by the end of the reporting period, up from 55,908[173]. - The top ten shareholders hold a total of 1,000,000,000 shares, representing approximately 40.4% of the total shares[175]. - The largest shareholder, Mingcheng Holdings Group Co., Ltd., holds 235,587,483 shares, representing 9.52% of the total[175]. - The company has no changes in its share capital structure during the reporting period[172].