Financial Performance - For the year ended December 31, 2020, the company's revenue was RMB 12.8586 billion, representing a growth of 1.6% compared to RMB 12.6609 billion in 2019[20]. - The annual profit for 2020 was RMB 1.2778 billion, an increase of 12.5% from RMB 1.1359 billion in 2019[20]. - Profit attributable to equity holders of the company was RMB 1.075 billion, up 12.9% from RMB 952.1 million in the previous year[20]. - Basic and diluted earnings per share for 2020 were RMB 17.6, compared to RMB 15.6 in 2019, reflecting a growth of 12.9%[20]. - The total gross profit for 2020 was approximately RMB 3.7707 billion, a decrease of 5.7% from RMB 3.998 billion in 2019, with the gross margin dropping from 31.6% to 29.3%[28]. - The company reported a total sales revenue of approximately RMB 11,982.9 million in 2020, a decrease from RMB 12,090.8 million in 2019, representing a decline of about 0.9%[36]. Sales and Contract Performance - The company achieved contract sales of RMB 10.2 billion in 2020[15]. - The company achieved contract sales of approximately RMB 10,222.3 million in 2020, compared to RMB 11,314.0 million in 2019, marking a decline of about 9.6%[40]. - The total construction area for contract sales in 2020 was 1,294,767 square meters, down from 1,448,890 square meters in 2019, representing a decrease of approximately 10.7%[40]. - The average selling price per square meter for properties delivered in 2020 was RMB 7,411.3, a decrease of 9.0% from RMB 8,146.5 in 2019[32]. - The total area of properties delivered in 2020 was approximately 1,616,834 square meters, an increase of 8.9% from 1,484,164 square meters in 2019[29]. Land and Property Development - The company holds land reserves of 7.7 million square meters in Anhui and 4.9 million square meters in Jiangsu, focusing on a diversified property portfolio[15]. - The company has a total land reserve of approximately 21.7 million square meters, reflecting a 1.9% increase from 21.3 million square meters in 2019, comprising 130 projects[52]. - The completed projects account for 2.5 million square meters, while projects under development cover 15.1 million square meters, and future development projects total 4.1 million square meters[53]. - The company is focused on enhancing its land bank, with a strategic increase in project numbers from 125 in 2019 to 130 in 2020[52]. - The company plans to prioritize the development of existing land reserves while being more cautious in acquiring new land parcels[24]. Market Outlook and Strategy - The board maintains a cautious outlook on the Chinese real estate market while adhering to a low-cost land strategy[15]. - The outlook for 2021 anticipates a rebound in the global economy by Q3, with strict financial and monetary policies expected to benefit the real estate market in the long term[24]. - The company expresses confidence in its business performance by actively seeking land acquisition opportunities in high-growth potential cities[15]. - The company continues to strengthen its expertise to enhance market position amid the adverse global economic impact of the COVID-19 pandemic[15]. - The management expressed optimism about future sales growth, anticipating a recovery in the real estate market in the coming years[36]. Construction Progress - The construction progress of the Taizhou Mingfa Garden Phase II is approximately 70%, with a total area of 237,075 square meters and a total built-up area of 109,081 square meters[69]. - The construction progress of the Zhangzhou Longhai Mingfa Plaza is approximately 90%, with a total area of 78,622 square meters and a total built-up area of 232,305 square meters[69]. - The construction progress of the Shanghai Mingfa Commercial Plaza is approximately 55%, with a total area of 53,779 square meters and a total built-up area of 152,555 square meters[69]. - The construction progress of the Pingle Mingfa European City is approximately 85%, with a total area of 117,594 square meters and a total built-up area of 108,823 square meters[69]. - The construction progress of the Changsha Mingfa Commercial Plaza is approximately 65%, with a total area of 285,594 square meters and a total built-up area of 941,400 square meters[69]. Property Management and Leasing - The group has a total of 13 properties listed, with various uses including commercial, industrial, and hotel[199]. - The group has properties located in multiple provinces, including Fujian, Jiangsu, and Anhui, indicating a broad market presence[200]. - The group’s commercial properties include a mix of shopping centers and office buildings, enhancing its portfolio diversity[200]. - The group’s investment strategy includes a focus on long-term leases, with many properties having lease terms exceeding 10 years[200]. - The lease terms for properties range from 3 to 20 years, with the longest lease being for Xiamen Mingfa Commercial Plaza at 20 years[200].
明发集团(00846) - 2020 - 年度财报