世茂集团(00813) - 2023 - 年度财报

Financial Performance - For the year ended December 31, 2022, the total revenue of Shimao Group was RMB 63,040.148 million, a significant decrease from RMB 107,797.269 million in 2021, representing a decline of approximately 41.5%[13] - The group reported a gross profit of RMB 5,281.374 million, compared to RMB 39,667.267 million in 2021, indicating a substantial drop in profitability[13] - The net loss attributable to equity holders of the company was RMB 21,492.478 million, compared to a loss of RMB 27,092.790 million in 2021[13] - The operating loss for the year was RMB 2,300.012 million, a notable improvement from a loss of RMB 18,515.859 million in the previous year[13] - The group's hotel revenue for 2022 was RMB 1.75 billion, down 17.5% from RMB 2.12 billion in 2021[53] - The company's operating revenue decreased by approximately 7.1% from RMB 2.033 billion in 2021 to RMB 1.889 billion in 2022, primarily due to a sluggish consumer market and overall lack of confidence among market participants[90] - The core business loss attributable to shareholders decreased to approximately RMB 12.825 billion in 2022 from RMB 23.251 billion in 2021, resulting in a core business loss rate of 32.3%[118] - The gross profit margin for the year ended December 31, 2022, was approximately 8.4%, up from 2.4% in 2021, attributed to discounts on property sales and high material and labor costs[92] - The group achieved a gross profit margin of 22.5% in 2022, maintaining a leading position in the industry[79] Sales and Contracted Areas - The total contracted sales for 2022 amounted to RMB 86.52 billion, with a total contracted sales area of 5.374 million square meters[17] - Property sales accounted for 79.7% of total revenue, while hotel operations, commercial operations, property management, and other businesses contributed 20.3%[56] Assets and Liabilities - The total assets of the group as of December 31, 2022, were RMB 616,210.939 million, a decrease from RMB 628,104.069 million in 2021[13] - The group's asset-liability ratio, excluding advance receipts, was approximately 83.8% as of December 31, 2022, compared to 77.4% in 2021[31] - The net debt ratio increased to approximately 302.2% as of December 31, 2022, compared to 156.0% as of December 31, 2021[98] - Total borrowings increased by 18.2% from approximately RMB 231.76 billion on December 31, 2021, to approximately RMB 274.01 billion on December 31, 2022, primarily due to the real estate industry's continued decline and the impact of COVID-19[120] Operational Strategy and Future Outlook - The group plans to focus on cash flow management, profitability enhancement, and market development in 2023[4] - The outlook for 2023 suggests a moderate recovery in the real estate sector, although consumer confidence remains fragile[16] - The group aims to transition towards a light-asset model and enhance its commercial management capabilities[2] - The group plans to focus on a dual-driven development model of "real estate development and sales + commercial operation and management" to enhance its business management capabilities[78] - The group aims to anchor its "Big Airplane" development strategy and prepare for strategic transformation with a focus on quality improvement and value chain reshaping[83] Construction and Development - The total area under construction as of the end of 2022 was approximately 38.14 million square meters, with a planned completion area of about 6 million square meters for 2023[48] - The total area under management increased to 261.6 million square meters, up 8.8% year-on-year, while the contracted area reached 341.3 million square meters, up 10.8% year-on-year[79] Financial Adjustments and Provisions - The group recorded a total fair value loss of approximately RMB 631 million in 2022, compared to RMB 602 million in 2021, primarily due to the decline in fair value of the Hangzhou Jianqiao investment property project[64] - The group made an additional provision for expected credit losses of approximately RMB 319 million due to various adverse factors in the macroeconomic, industry, and financing environment[66] - The loss attributable to joint ventures and associates was approximately RMB 132 million, a decrease of about RMB 301 million compared to the previous year, mainly due to a reduction in property impairment provisions[67] Share Incentive Plans - The total number of shares granted under the 2011 Shimao Group Share Incentive Plan was 8,709,353 shares, with 60% vesting after 12 months and 40% after 24 months from the grant date[138] - The maximum number of shares that can be granted under the 2021 Shimao Group Share Incentive Plan is 0.3% of the issued Shimao Service Shares, totaling 7,091,919 shares[146] - A total of 6,865,821 shares of Shimao Services were granted under the 2021 Shimao Group Share Incentive Plan[149] - The total number of shares granted to the top five highest-paid individuals, excluding directors, was 3,630,319 shares[152] - The total number of shares granted to directors on November 16, 2022, was 386,786 shares[152] Shareholder Information - The largest shareholder, Xu Rongmao, holds 2,422,840,586 shares, representing approximately 63.795% of the issued share capital[178] - As of the report date, the total number of shares held by Xu Rongmao under controlled entities is 1,593,276,680, representing approximately 64.553% of the issued share capital[181] Compliance and Governance - The company appointed Zhonghui Anda CPA Limited as the new auditor on March 24, 2022, following the resignation of PwC[194] - The company has confirmed compliance with the non-competition agreement as of December 31, 2022, involving the group and its close associates[191]