Expansion Strategy - Shinsun Holdings has adopted a "1+1+X" expansion strategy, focusing on deepening its presence in the Pan-Yangtze River Delta Region and expanding into high-growth potential cities outside this area, such as Jingmen, Hengyang, and Hohhot[9][10]. - The Group aims to accelerate the scale of its property development business, leveraging nearly 20 years of experience in project development and extensive connections with suppliers and business partners[10][11]. - Shinsun Holdings continues to implement its expansion strategy to enhance its competitiveness and achieve long-term growth[11]. Product Development - Shinsun Holdings has developed four series of residential properties targeting different customer segments, including first-time purchasers, first-time upgraders, subsequent upgraders, and high-net-worth individuals[6]. - The "Shinsun Town" model has been developed to design residential and commercial properties based on the principles of livability, business-friendliness, tourism-friendliness, and retirement-friendliness[6]. - The Group launched four upgraded product lines in 2020, achieving coverage of "all-cycle, all-territory, all-age" to adapt to different regional and customer needs[53]. Financial Performance - Contracted sales amounted to approximately RMB 78,168.1 million, an increase of approximately 25.1% compared to the previous year[25]. - Total revenue amounted to approximately RMB 46,638.4 million, increasing by approximately 31.3% compared to the previous year[25]. - Profit for the year amounted to approximately RMB 3,053.4 million, a decrease of approximately 4.8% compared to the previous year[25]. - Gross profit amounted to approximately RMB 8,434.8 million, decreasing by approximately 0.5% compared to the previous year[27]. - Profit attributable to owners of the Company amounted to approximately RMB 2,646.0 million, an increase of approximately 14.4% compared to the previous year[29]. Cash and Assets - Cash and bank balances amounted to approximately RMB 24,304.7 million, increasing by approximately 249.1% compared to the previous year[29]. - Total assets increased by 22.3% to RMB159,739,582,000 from RMB130,627,692,000[79]. - The Group's net current assets increased to RMB34,120.8 million as of December 31, 2020, up from RMB17,670.3 million as of December 31, 2019, marking a significant growth[185]. Land Acquisition and Development - The Group obtained 46 new land bank in 2020, with a total land area of 2,740,232 sq.m. and total attributable GFA of 6,962,402 sq.m., further deepening its national layout[53]. - The total land bank attributable to the Group as of December 31, 2020, was 23.3 million sq.m., including 3.0 million sq.m. of completed properties available for sale/lease, 16.2 million sq.m. under development, and 4.1 million sq.m. for future development[113]. - The average land cost for the projects listed is RMB 5,194 per sq.m., with a total land cost of RMB 33,675 million[110]. Market Position and Strategy - The Group's diversified commercial property portfolio includes office buildings, shopping centers, community businesses, and hotels, enhancing its market position[6]. - The company emphasizes the importance of its historical operating history and capabilities in driving future sustainable growth[10]. - The Group's strategy includes a focus on regionalization and deep cultivation, particularly in core urban clusters, to enhance competitiveness and risk resistance[53]. Operational Efficiency - The company has established a three-tier organizational structure to standardize its property development processes, covering site selection, land acquisition, property delivery, and after-sales services[6]. - The Group's proactive and standardized operational protocols have contributed to its rapid expansion and competitive edge in the market[10]. - The Group is focusing on enhancing management efficiency and optimizing its organizational structure to adapt to the weakening dividends from land, population, and finance[56]. Social Responsibility - The Group has established the Zhejiang Shinsun Charity Foundation to engage in public welfare and support social needs through various charity projects[59]. - The company’s social welfare undertakings reached a new level during the year[50]. Financial Risk Management - The Group has adopted conservative strategies for managing financial risks, including interest rate risk, credit risk, foreign currency risk, and liquidity risk[191]. - The Group expects no significant credit risk associated with cash deposits at banks, primarily held in state-owned and large listed banks[195].
祥生控股集团(02599) - 2020 - 年度财报