龙湖集团(00960) - 2020 - 年度财报

Financial Performance - Longfor Group Holdings Limited reported a 2020 revenue of approximately HKD 100 billion, representing a year-on-year increase of 10%[1] - The company achieved a net profit of HKD 20 billion in 2020, reflecting a growth of 15% compared to the previous year[1] - Longfor Group achieved total contracted sales of RMB270.6 billion in 2020, representing a year-on-year increase of 11.6%[57] - Revenue for the year reached RMB 184.55 billion, an increase of 22.2% compared to RMB 151.03 billion in the previous year[188] - Gross profit was RMB 54.03 billion, reflecting a growth of 6.4% from RMB 50.80 billion[188] - Profit attributable to shareholders was RMB 20.00 billion, up 9.1% from RMB 18.34 billion[188] - Core net profit, excluding minority interests and valuation gains, increased by 20.2% to RMB 18.69 billion from RMB 15.55 billion[188] - The gross profit margin decreased to 29.3% from 33.6%[188] - Earnings per share (basic) rose to RMB 3.41 from RMB 3.13[188] - The net debt-to-equity ratio at the end of the year improved to 46.5% from 51.0%[188] - The average cost of borrowing decreased to 4.39% from 4.54%[188] - A final dividend of RMB 1.03 per share is proposed for the year ended December 31, 2020[190] Assets and Liabilities - Longfor's total assets reached HKD 300 billion, with a debt-to-equity ratio of 60%[1] - The average financing cost was reduced to 4.39% per annum, with a net debt to equity ratio maintained at 46.5% and a cash to short-term debt ratio of 4.24 times[57] - As of December 31, 2020, the Group's consolidated borrowings amounted to RMB167.37 billion, with a net debt to equity ratio of 46.5%[120] - The Group's cash in hand reached RMB77.83 billion, with a cash to short-term debt ratio of 4.24 times[120] - Approximately RMB76.99 billion of the Group's borrowings were at fixed interest rates ranging from 3.30% to 5.60%[120] Project Development - The company has a land bank of approximately 30 million square meters, with 70% located in tier-one and tier-two cities[1] - Longfor plans to launch 15 new projects in 2021, aiming for a sales target of HKD 120 billion, which would represent a 20% increase from 2020[1] - The company is focusing on expanding its presence in the commercial property sector, with plans to develop 5 new shopping malls in major cities[1] - Longfor Group Holdings Limited has a total of 100% interest in several projects, including the "Peace Hill County" project, with a completed area of 38,893 sqm and an under-development area of 121,573 sqm[13] - The company is expanding its market presence with multiple projects across cities such as Nanjing, Qingdao, and Jinan, focusing on residential and commercial developments[30] - The company has ongoing projects such as the Gangxi Road Plot in Jinan, with a 100% interest and an expected completion date of November 15, 2022, covering a GFA of 222,826 sqm[25] Rental and Investment Income - The company reported a 25% increase in user engagement on its digital platforms, reflecting a growing trend towards online property transactions[1] - The rental housing brand Goyoo generated annual rental income of RMB1.8 billion, ranking among the top 3 in the industry[60] - Longfor Smart Service reported revenue of RMB5.8 billion in 2020, expanding its service offerings beyond traditional property management[61] - The Group's property investment business generated a net rental income of RMB 7.58 billion, reflecting a 30.9% increase compared to the previous year[82] - The occupancy rate of the Group's shopping malls reached 96.9%, with a total operational area of 4.81 million square meters[82] Corporate Governance - The company is committed to achieving high standards of corporate governance to improve performance and corporate value[132] - The Board consists of eight directors, including four executive directors and four independent non-executive directors, ensuring a strong independence element in its composition[135] - The Company has adopted a board diversity policy to enhance the effectiveness of the Board by considering various aspects such as professional experience and gender[138] - The Board regularly reviews its structure and composition to ensure it possesses the necessary expertise and experience for the Company's business[138] Sustainability and Future Goals - Longfor aims to achieve carbon neutrality by 2030, implementing sustainable practices across its operations[1] - The company established its Green Finance Framework in December 2020 and plans to publish its first independent ESG report[63] - The Group is committed to maintaining a low-cost, multi-channel financing advantage and a reasonable, safe debt level for sustainable development[124] Market Expansion and Strategy - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[1] - The Group's investment strategy focuses on shopping malls and rental housing, with operations expanding into Tier-1 and Tier-2 cities[81] - The Group continues to explore opportunities for market expansion and new developments across various cities in China, enhancing its overall market presence[52] Risk Management - The Group identified 15 medium-level risks and 10 low-level risks for 2021, including economic fluctuation and cash flow risks[172] - The risk management system was deemed effective and sufficient by the Board for the year ended December 31, 2020[173] - The risk management procedures include target setting, risk identification, risk assessment, risk response, and risk reporting[169]