GREATTOWN(SH:600094)2015-03-20 16:00Financial Performance - The company achieved a net profit attributable to shareholders of CNY 345,433,272.88 for the year 2014, with the parent company reporting a net profit of CNY 257,495,553.43[4] - The company reported a revenue of RMB 5,379,903,275.23 in 2014, representing an 83% increase compared to RMB 2,939,893,169.36 in 2013[30] - The net profit attributable to shareholders was RMB 345,433,272.88, a 35.22% increase from RMB 255,450,881.08 in the previous year[30] - The total assets of the company reached RMB 21,528,554,501.37 at the end of 2014, a 42.70% increase from RMB 15,086,413,008.44 in 2013[30] - The company's net assets attributable to shareholders increased by 111.11% to RMB 5,544,607,701.93 from RMB 2,626,428,400.55 in 2013[30] - Basic earnings per share rose to RMB 0.2111, a 24.91% increase from RMB 0.1690 in 2013[30] - The company’s cash flow from operating activities showed a significant improvement, with a net cash flow of RMB -2,636,828,114.10 compared to RMB -3,000,807,555.54 in 2013[30] - The company reported a tax payment exceeding 700 million yuan in 2014, a growth of approximately 51% year-on-year[46] Shareholder Information - A cash dividend of CNY 0.40 per share (including tax) will be distributed to all shareholders, totaling CNY 80,462,277.68, based on a total share capital of 2,011,556,942 shares[4] - The company plans to distribute a cash dividend of CNY 0.40 per 10 shares, totaling approximately CNY 80.46 million[110] - The controlling shareholder reduced its stake by 163,581,648 shares, accounting for 8.13% of the total share capital[143] - Fuzhou Dongfu Industrial Development Co., Ltd. holds 823,891,641 shares, accounting for 40.96% of total shares, with 505,370,000 shares pledged[161] Business Transformation and Strategy - The company has undergone a business transformation from manufacturing to real estate development since June 2011, focusing on comprehensive real estate development and property management[22] - The company emphasizes the importance of risk awareness in its forward-looking statements regarding future plans and strategies[5] - The company is focusing on stabilizing housing consumption and inventory reduction through various government policies and market strategies[39] - The company plans to leverage its capital and industry integration strategies to explore new business growth points, including financial services and investment funds[97] - The company aims to expand its real estate business by utilizing its financial advantages and pursuing acquisitions in first-tier cities[98] Real Estate Development - In 2014, the company achieved a signed area of 661,200 square meters, an increase of 112.04% year-on-year, and a sales amount of 5.783 billion yuan, up 51.33% year-on-year[41] - The company is actively involved in new urbanization projects, including the rapid advancement of the Lanzhou Eastern Technology New City and Yongtai Hot Spring New City[42] - The company is developing the Fuzhou Yongtai Eastern Hot Spring Tourism New District, with a total area of 2,637,355 square meters planned for development[52] - The company has ongoing projects with a total area of 1,829,312.70 square meters in the Lanzhou Eastern Technology New City Phase II, indicating strong market expansion efforts[50] Financial Management and Funding - The company successfully raised 3 billion yuan through a non-public offering of 500 million shares at a price of 6.00 yuan per share, netting 2.96 billion yuan after expenses[44] - The company plans to issue medium-term notes of up to 2.7 billion yuan, with a term of no more than 10 years, to further optimize its debt structure[45] - The company has a total of RMB 3 billion in financial support agreements with its controlling shareholder and related parties, with a maximum term of 30 months[118] - The company provided a total of RMB 331.29 million in funding to related parties during the reporting period, with a remaining balance of RMB 110.84 million[121] Governance and Management - The company has maintained a stable board composition with independent directors contributing to governance and oversight[173] - The company conducted 26 board meetings during the reporting period, ensuring compliance with governance standards[190] - The company has established a competitive salary system based on industry standards to attract and retain talent[182] - The company has implemented a training plan to enhance the skills of key personnel and improve management capabilities[183] Market Environment - The real estate market in 2014 faced adjustments, with high inventory levels and a notable decline in investment growth, impacting the company's operational environment[39] - The company anticipates a stable new housing supply in 2015, but still faces systemic market risks due to oversupply[104] - The real estate market is transitioning to a new normal of stable growth, with long-term regulatory mechanisms replacing short-term controls, promoting sustainable development[95] Audit and Compliance - The audit report for 2014 was issued by Tianzhi International Accounting Firm, confirming the accuracy and completeness of the financial statements[7] - The company has not engaged in any major litigation or arbitration during the reporting period[117] - The company has not disclosed any major contracts or guarantees outside of its subsidiaries[122]