2015-03-18 16:00Financial Performance - The company achieved operating revenue of RMB 6,233.6 million in 2014, an increase of 13.24% compared to 2013[39]. - Net profit attributable to shareholders decreased by 20.12% to RMB 530.8 million in 2014[39]. - The company reported a net cash flow from operating activities of -RMB 1,255.2 million, a decline of 210.68% from the previous year[32]. - Total assets increased by 17.38% to RMB 37,683.6 million at the end of 2014[32]. - Basic earnings per share decreased by 20% to RMB 0.16 in 2014[33]. - The company’s net assets attributable to shareholders increased by 3.11% to RMB 10,901.0 million at the end of 2014[32]. - The total profit and net profit for the period were RMB 79,327.2 million and RMB 58,719.0 million, representing decreases of 14.89% and 15.76% year-on-year, respectively[47]. - The company's net profit attributable to the parent company was RMB 53,082.5 million, down 20.12% year-on-year due to increased settlement amounts from non-wholly-owned subsidiaries[47]. - The company reported a total revenue of 732.60 million for the last fiscal year[171]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the last fiscal year, representing a 20% year-over-year growth[176]. Market Expansion and Strategy - The company has successfully entered the Wuhan and Hangzhou markets in 2014, with plans to start pre-sales in 2015, aiming to diversify its revenue sources[13]. - The company will focus on developing products that meet rigid and improved demand supported by national policies, enhancing project turnover speed to mitigate risks[12]. - The company emphasizes the importance of adapting to market demand changes to reduce sales risks associated with long project cycles[12]. - The company has a strong brand advantage and business experience to accelerate project selection and development in other regions[13]. - The company plans to enhance its investment properties and commercial operations, focusing on expanding its brand and capital[40]. - The company aims to leverage low-cost expansion strategies and increase land reserves through cooperative development[40]. - The company plans to explore new real estate businesses such as elderly care and cultural tourism, and adopt a low-cost expansion model to respond flexibly to market changes and accelerate project turnover speed[110]. - The company will continue to expand its land reserves through acquisitions and cooperative developments, focusing on first and second-tier cities[103]. - The company plans to achieve a new construction area of 930,000 square meters and a sales target of 620,000 square meters in 2015, with a contract signing amount (including parking spaces) of RMB 7.6 billion[105]. - The company is actively exploring capital expansion strategies and has initiated research on the feasibility of upstream expansion in the exhibition industry[59]. Operational Challenges and Risks - The company acknowledges ongoing market risks due to supply-demand imbalances in the real estate sector, which may affect overall project operations[11]. - The company operates primarily in Beijing and Changsha, making it vulnerable to adverse market changes in these areas[12]. - The company recognizes potential market risks due to increasing competition and changing economic conditions, which may impact the real estate sector's growth and profitability[109]. - The company is facing a legal arbitration case involving a claim of RMB 176,201,296.2 related to construction project payments, which is currently under review[122]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[5]. Investment and Asset Management - The company holds and operates properties exceeding 1.27 million square meters, primarily located in the Beijing Olympic core area[27]. - The company added 4 new land reserves totaling 1.68 million square meters during the reporting period through cooperative development and project acquisitions[48]. - The company holds and operates over 1.2 million square meters of investment properties in the core area of Beijing, including a 600,000 square meter complex and a 530,000 square meter conference center[93]. - The company plans to expand its composite real estate business and asset scale, focusing on "rooted in Beijing, expanding beyond" to enhance operational efficiency[93]. - The company has a land reserve of 6.48 million square meters, with 5.7 million square meters being equity land reserves, which is essential for sustainable development[112]. Corporate Governance and Shareholder Information - The company has maintained its main business operations without any changes since its listing[23]. - The company received a standard unqualified audit report from PwC, ensuring the accuracy and completeness of its financial statements[3]. - The company has not faced any penalties or criticisms from the China Securities Regulatory Commission or stock exchanges during the reporting period[147]. - The company has committed to not engaging in direct competition with its controlling shareholder, Beijing Beichen Group, as per agreements established in 1997[143][144]. - The company has a history of stable leadership, with many executives serving in their roles for several years[181][182]. - The actual controller of the company is the Beijing Municipal Government, holding 100% of the shares[163]. Employee and Management Development - The total number of employees in the parent company is 4,077, with a total of 4,765 employees across the parent and major subsidiaries[189]. - The company trained a total of 56,000 employees during the year, achieving a training coverage rate of over 90%[190]. - The management team includes experienced professionals with over 25 years in real estate development and management[173]. - The remuneration for directors, supervisors, and senior management is determined based on their positions and responsibilities, as well as the company's annual operational plan and year-end assessment[186]. Dividend Policy - The company plans to distribute a cash dividend of 0.60 CNY per 10 shares, totaling 202,021,200 CNY (including tax) based on a total share capital of 3,367,020,000 shares as of the end of 2014[3]. - The company distributed cash dividends of RMB 202,021,200, accounting for 30.4% of the net profit attributable to shareholders of the parent company for 2013[114]. - The company’s cash dividend policy mandates that cash dividends should not be less than 10% of the distributable profits for the year[114].