GREATTOWN(SH:600094)2014-03-07 16:00Financial Performance - The company reported a net profit of -29.37 million yuan for the year 2013, with cumulative undistributed profits at -133.09 million yuan by the end of 2013, leading to no profit distribution for the year [4]. - In 2013, the company's operating revenue reached ¥2,939,893,169.36, a year-on-year increase of 75.36% [21]. - The net profit attributable to shareholders was ¥255,450,881.08, reflecting a growth of 35.19% compared to the previous year [21]. - The company achieved a basic earnings per share of ¥0.1690, up 35.20% from ¥0.1250 in 2012 [22]. - The total assets increased by 45.26% to ¥15,086,413,008.44 at the end of 2013, compared to ¥10,385,491,421.79 at the end of 2012 [21]. - The total signed amount for the year reached 3.821 billion RMB, an increase of 32.09% compared to the previous year [33]. - The company reported a net cash outflow from operating activities of CNY -3,000,807,555.54, an increase in outflow compared to CNY -1,106,076,633.02 in the previous year [46]. - The company reported a net profit increase, leading to an increase in undistributed profits by 115.73% to CNY 476,174,937.52 [52]. - The company reported a net profit of 481,916,969.30 RMB from a revenue of 1,952,718,425.33 RMB, indicating a profit margin of approximately 24.7% [58]. Business Transformation and Strategy - The company has undergone a change in its main business from manufacturing to real estate development since June 2011, focusing on comprehensive real estate development, construction, and property management [16]. - The company aims to expand its urban development projects in line with national urbanization policies, leveraging its extensive land reserves [52]. - The company is focusing on developing affordable housing and improving product supply to meet genuine market demand [59]. - The company plans to explore diversified operations in sectors such as elderly care, tourism, and health, leveraging its real estate development expertise [62]. - The company aims to strengthen its corporate culture by promoting values such as integrity, practicality, and innovation [33]. Project Development and Market Presence - The company acquired real estate development projects totaling 115.76 million square meters in 2013, with new construction area exceeding 1.5 million square meters [29]. - The company has ongoing projects with a total saleable area of 2,111,895 square meters in the Yongtai East Hot Spring Tourism New Area [36]. - The company is developing the Lanzhou East Science and Technology New City project, with a total planned saleable area of 1,740,878 square meters [36]. - The company is expanding its market presence with new projects in cities like Fuzhou and Lanzhou, focusing on residential and commercial properties [36]. - The company expects to start new construction projects with an area exceeding 3 million square meters in 2014 [64]. Financial Management and Funding - The company implemented a diversified financing strategy, achieving a comprehensive funding cost control at around 9% [30]. - The total financing balance for the real estate business reached CNY 7.13 billion, with bank loans accounting for CNY 2.996 billion, shareholder stock pledge financing at CNY 2.114 billion, and trust and other financing at CNY 2.02 billion [39]. - The company plans to expand its financing channels through bank loans, real estate trust funds, and project cooperation to ensure funding for future developments [64]. - The company has a reasonable asset structure with a low debt level, ensuring financial stability and the ability to explore various financing channels [53]. Corporate Governance and Compliance - The company has established a system for insider information management, ensuring compliance with regulatory requirements [158]. - The audit committee reviewed the 2013 annual financial report and agreed it accurately reflected the company's financial status, operating results, and cash flow [166]. - The company has maintained effective financial reporting internal controls in all significant aspects as per the internal control audit report [175]. - The company has not faced any major litigation or arbitration issues during the reporting period [77]. - The company has not reported any significant asset restructuring or acquisitions during the reporting period [129]. Employee Engagement and Training - The company launched new training programs to enhance employee engagement and performance evaluation systems to boost productivity [33]. - The company plans to conduct various training programs in 2014, including operational management and capability development training [153]. - The company employed a total of 905 staff, with 84 in the parent company and 821 in major subsidiaries [152]. Market Trends and Economic Environment - The real estate market showed signs of recovery in 2013, with a 17.3% increase in sales area and a 26.3% increase in sales revenue nationwide [27]. - The company focused on enhancing its information management systems, which improved real-time monitoring and analysis capabilities [33]. - The company emphasized sustainable development and social responsibility, releasing its 2013 Social Responsibility Report [32].