世茂集团(00813) - 2023 - 年度财报

Financial Performance - In 2021, the total revenue from diversified businesses, including property management, commercial operations, and hotel management, was RMB 13.31 billion, accounting for 12.3% of total revenue, representing a growth of 44.3% compared to 2020[9]. - The company reported a net loss of RMB 28.38 billion for the year, compared to a profit of RMB 19.46 billion in 2020[19]. - In 2021, the company's revenue was approximately RMB 107.8 billion, a decrease of 20.4% from RMB 135.4 billion in 2020, primarily due to slower completion progress[36]. - The net loss attributable to shareholders was approximately RMB 270.93 billion in 2021, a significant decrease from a profit of RMB 126.28 billion in 2020[92]. - The group's core business profit declined to a loss of approximately RMB 232.51 billion in 2021, down from a profit of RMB 122.83 billion in 2020, resulting in a core business profit margin of negative 32.4%[93]. Assets and Liabilities - The company's total assets as of 2021 were RMB 628.10 billion, while total liabilities were RMB 514.10 billion, resulting in a net asset value of RMB 113.99 billion[19]. - The net debt ratio increased significantly to approximately 156.0% as of December 31, 2021, compared to 51.8% at the end of 2020[72]. - The cash-to-short-term debt ratio dropped to 0.21 as of December 31, 2021, down from 1.16 at the end of 2020[73]. - The group's asset-liability ratio, excluding advance receipts, increased to approximately 77.4% as of December 31, 2021, compared to 68.3% at the end of 2020[96]. - The total borrowings increased from approximately RMB 1,451.43 billion in 2020 to approximately RMB 2,317.59 billion in 2021, an increase of about 59.7%[97]. Revenue Breakdown - Property sales accounted for 87.7% of total revenue in 2021, down from 93.2% in 2020, while hotel operations, commercial operations, property management, and other businesses contributed 12.3%, up from 6.8%[36]. - The total contracted sales amount for 2021 was RMB 269.11 billion, with a total contracted sales area of 15.286 million square meters and an average selling price of RMB 17,605 per square meter[14]. - The total property sales area for 2021 was 6,400,923 square meters, generating revenue of RMB 94,488 million, a decrease from 2020's revenue of RMB 126,133 million[60]. - The commercial operations revenue increased by approximately 32.2% to RMB 2.03 billion in 2021, driven by the openings of Chengdu Shimao Plaza and Xiamen Jimei Shimao Plaza[42]. - Hotel operating revenue increased approximately 46.2% from RMB 1,447 million in 2020 to RMB 2,116 million in 2021, driven by the recovery of the Chinese economy and tourism[61]. Operational Adjustments - The company adjusted its supply rhythm in response to market trends, reducing inventory pressure amid a cooling market in the second half of 2021[21]. - The company aims to continue deepening its presence in key strategic areas such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta[15]. - The company plans to continue expanding its market presence and enhance its service capabilities, focusing on high-potential sectors such as schools and hospitals[31]. - The company is committed to a strategy of "light and heavy assets" development, emphasizing refined operations and professional management to accelerate the growth of its light asset commercial management business[22]. - The company will optimize its management structure in 2022 to enhance operational efficiency and focus on product quality and innovation[35]. Shareholder and Incentive Plans - The company issued a total of 120,134,424 shares as part of a cash dividend option, amounting to approximately HKD 1,675,635,000[121]. - The group has adopted three share incentive plans to recognize and encourage contributions from selected employees, aiming to attract suitable talent for ongoing development[130]. - The total number of shares awarded to other employees over the past three years reached 6,639,205, with 5,037,430 shares granted in the most recent year[134]. - The maximum number of shares that can be granted under the 2011 Shimao Group Share Incentive Plan is 2% of the issued shares at the adoption date, equating to 69,319,016 shares[142]. - The maximum number of shares that can be granted under the 2021 Shimao Group Share Incentive Plan is 0.3% of the issued Shimao Services shares, totaling 7,091,919 shares[148]. Donations and Social Responsibility - The company has cumulatively donated over RMB 1.75 billion to public welfare projects, benefiting over 22 million people[11]. - The company aims to strengthen its digital service capabilities through its property management subsidiary, Shimao Services, which focuses on comprehensive property services and urban services[51]. Market Conditions and Challenges - The overall sales and cash collection pressure increased in the second half of 2021 due to changes in the market environment, leading to a contraction in industry investment[56]. - Financial asset impairment provisions increased by 802.9% to approximately RMB 4,360 million, reflecting adverse macroeconomic conditions[67]. - The impairment loss on goodwill was primarily due to the overall economic slowdown and underperformance in the real estate sector, leading to a cautious assessment of acquired companies[88].