Real Estate Projects - The company has completed 20 real estate projects with a total construction area of approximately 1,799,440 square meters as of December 31, 2018[8]. - There are 4 ongoing real estate projects with an estimated total construction area of about 946,365 square meters[8]. - The company has 6 projects planned for future development, with a total planned construction area of approximately 553,252 square meters[8]. - As of December 31, 2018, the company had 16 real estate projects in Henan Province, with 14 completed, 1 under development, and 1 pending development[29]. - The company has 7 real estate projects in Hainan, with 6 completed and 1 pending development as of December 31, 2018[36]. - The company has a total of 2 ongoing projects in the Pearl River Delta region, with both still under development[42]. - The company has a total of 2 undeveloped projects located in the Fuzhou area as of December 31, 2018[53]. Financial Performance - In the fiscal year 2018, the total sales revenue from real estate business reached approximately RMB 1.73 billion, representing a year-on-year increase of 3%[20]. - The company's net profit for the fiscal year 2018 was RMB 160.3 million, an increase from RMB 134.5 million in 2017[55]. - The fiscal year 2018 total revenue reached approximately RMB 1.78 billion, representing a year-on-year growth of 2%[59]. - The net profit after tax for 2018 increased to approximately RMB 160 million, with a year-on-year growth of 19%[59]. - The gross profit from real estate operations for 2018 was approximately RMB 550 million, a significant increase of 166% year-on-year, with a gross margin rise of 20%[60]. - The equipment manufacturing business reported sales of approximately RMB 51.3 million in 2018, a decline of 26% year-on-year, with a gross profit of approximately RMB 16.6 million[61]. - Selling and distribution expenses for 2018 were approximately RMB 53.5 million, reflecting a 30% increase due to promotional activities for new projects[66]. - Administrative expenses rose to approximately RMB 160 million in 2018, a 17% increase attributed to professional fees related to the delisting from the Singapore Stock Exchange and expansion in the Yangtze River Delta region[67]. Market Expansion and Strategy - The company aims to strengthen its position in the Henan market, driven by strong demand and rapid urbanization[7]. - The company has expanded its business to Hainan, offering resort-style residential products to meet the growing demand from middle and high-income groups[7]. - The company plans to establish an overseas business expansion team to explore investment opportunities in Southeast Asian countries, including Singapore, Malaysia, Thailand, Vietnam, and Cambodia[21]. - The company is focusing on innovative business cooperation models and forming mixed-ownership companies to enhance real estate development and operational advantages[21]. - The company aims to achieve "low cost, high turnover" operational goals through a business model that integrates industry and real estate[48]. - The company is transitioning from traditional real estate development to integrated smart living service platforms, focusing on property management and tourism services[36]. Corporate Governance - The company has adhered to the Hong Kong Corporate Governance Code during the fiscal year ending December 31, 2018, with appropriate adjustments and disclosures made[97]. - The board of directors is responsible for overseeing the company's strategy, performance, and risk management, ensuring decisions align with the company's interests[98]. - The company emphasizes the importance of timely communication and information sharing among board members to facilitate informed decision-making[99]. - The board consists of a majority of independent non-executive directors, ensuring balanced decision-making and governance[112]. - The company has adopted internal guidelines requiring board approval for significant investments, divestments, and fundraising decisions[105]. - The board confirmed that the financial records for the fiscal year 2018 were properly maintained and presented fairly in all material aspects[133]. Risk Management and Internal Controls - The internal control and risk management systems were deemed effective in addressing significant financial, operational, compliance, and IT risks during the year[133]. - The audit committee reviewed the effectiveness and adequacy of the internal control and risk management procedures, ensuring they align with the acceptable risk levels set by the board[134]. - The company does not have a dedicated risk management committee; instead, the board and management oversee the risk management framework and functions[132]. - The audit committee ensures coordination between external and internal auditors and discusses any issues or concerns arising from the audit findings[134]. Employee and Shareholder Relations - The company provided internal and external training courses to employees to enhance performance and personal development[194]. - Shareholders have the right to attend and participate in annual general meetings, with provisions for proxy voting[145]. - The company encourages shareholder participation in meetings to maintain accountability and transparency[151]. - The company ensures equal treatment of all shareholders and timely communication of significant developments[143]. Strategic Partnerships - The company actively seeks strategic partnerships to enhance its development model and adapt to market changes[16]. - A strategic cooperation agreement was signed with Pangu Tiandi to enter the Fujian real estate market, utilizing data industry integration for project expansion[21]. - The company has signed a strategic cooperation agreement with Pangu Tiandi to jointly develop 85,000 square meters of industrial land in Fujian[53].
伟业控股(01570) - 2018 - 年度财报