Phoenix Property(SH:600716)2018-03-28 16:00Financial Performance - The net profit attributable to shareholders for 2017 was -154,013,716.62 CNY, a decrease of 393.73% compared to the previous year[5]. - Operating revenue for 2017 was 1,343,112,300.87 CNY, down 26.14% from 1,818,479,449.05 CNY in 2016[21]. - The basic earnings per share for 2017 was -0.1645 CNY, a decline of 388.60% compared to 0.0570 CNY in 2016[22]. - The weighted average return on equity was -4.54% for 2017, a decrease of 6.10 percentage points from 1.56% in 2016[22]. - Cash flow from operating activities was 209,056,343.64 CNY, down 70.67% from 712,818,525.49 CNY in 2016[21]. - The company proposed not to distribute profits for 2017 due to the negative net profit[5]. - The net profit attributable to shareholders for the fourth quarter was -¥59,664,989.35, reflecting a substantial decrease in profitability due to high land costs and low sales gross margins[23]. - The company reported a significant decrease in net cash flow from operating activities, down 70.67% to CNY 209,056,343.64[47]. - The company reported a net loss of 154 million yuan for 2017 and will not distribute profits or increase capital reserves due to this negative profit[93]. Assets and Liabilities - The total assets decreased by 15.86% to 8,248,379,000.36 CNY from 9,802,834,893.76 CNY in 2016[21]. - The company's net assets attributable to shareholders decreased by 7.06% to 3,259,449,034.68 CNY from 3,507,068,810.40 CNY in 2016[21]. - Total assets at the end of the reporting period amounted to ¥8,227,000,000, a decrease of 22.86% compared to the previous period[61]. - Cash and cash equivalents decreased to ¥2,003,637,139.52, representing 24.29% of total assets, down from 26.50%[61]. - Inventory decreased to ¥4,301,749,762.53, accounting for 52.15% of total assets, a decline of 30.94% from the previous period[61]. - Accounts payable increased to ¥955,263,689.11, representing 11.58% of total liabilities, up 50.52% from the previous period[61]. - The company has no long-term borrowings at the end of the reporting period, a decrease of 100% from ¥193,171,428.00 in the previous period[61]. Real Estate Development - The company’s main business is concentrated in Jiangsu and Anhui provinces, focusing on residential and commercial real estate development[29]. - The company aims to enhance its market presence and brand recognition in the real estate sector, particularly in Jiangsu province, to ensure sustainable growth[29]. - The company is transitioning into the health and elderly care industry, launching the "Phoenix Yiranju" project in Yixing, Jiangsu[43]. - The company plans to focus on developing high-quality elderly care communities, aiming to establish a strong brand and competitive advantage in the industry[30]. - The company plans to enhance its elderly care community offerings by collaborating with care teams to provide integrated services[44]. - The company is focusing on developing high-end elderly care projects with comprehensive services and management[43]. - The company plans to expand its real estate development projects in multiple cities, including Suzhou and Nanjing, to enhance market presence[67]. Market Trends and Risks - The real estate market is expected to enter a downward cycle in 2018, with sales area projected to decline, particularly in second-tier cities, while first-tier cities may remain stable[85]. - The company faces risks related to industry policies, product structure, and insufficient land reserves, particularly in the context of tightening financing and regulatory pressures[90][91]. - The company reported a significant increase in investment properties, rising to ¥154,468,394.11, a growth of 1,095.6% compared to the previous period[61]. Governance and Compliance - The company held 7 board meetings, 6 supervisory meetings, and 2 shareholder meetings during the reporting period, maintaining good governance practices[44]. - The company has established a salary management system that emphasizes performance-based pay to enhance competitiveness[164]. - The company has received a standard unqualified opinion on its internal control audit report for 2017[176]. - The company actively engages with institutional and individual investors to enhance understanding and recognition of its investment value[169]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate reporting of financial information[169]. Financial Management - The company maintained a 100% interest payment rate, indicating no defaults on debt obligations[190]. - The company confirmed that it utilized previously obtained bank credit with no new bank credit acquired during the reporting period[191]. - The company’s debt repayment plans and guarantees remain consistent with the disclosures in the fundraising prospectus[185]. - The company’s financial situation and the performance of its bonds are expected to remain stable, with no adverse economic impacts anticipated[184]. Employee and Shareholder Information - The company employed a total of 131 staff, with 21 in the parent company and 110 in major subsidiaries[163]. - The total number of ordinary shareholders at the end of the reporting period was 39,442, an increase from 38,589 at the end of the previous month[140]. - The company has a total of 9 directors, supervisors, and senior management, with varying levels of shareholding and remuneration[155]. - The largest shareholder, Jiangsu Phoenix Publishing and Media Group, is a state-owned legal entity[142].