Economic Performance - China's economic aggregate exceeded RMB 114 trillion in 2021, representing a growth of 8.1%, surpassing the target of 6%[10] - The overall economic growth in China was 8.1% for the year, exceeding the expected target of 6%, providing a supportive backdrop for the real estate sector[12] - Shenzhen's GDP exceeded RMB 3 trillion for the first time in 2021, indicating strong economic resilience and potential[24] - China's GDP reached RMB 114.4 trillion in 2021, marking an increase of 8.1% over the previous year[22] - Real estate development investment in China amounted to RMB 14,760.2 billion, representing a 4.4% increase year-on-year[23] - Residential investment in China was RMB 11,117.3 billion, reflecting a year-on-year increase of 6.4%[23] - The sales area of commodity housing was 1,794.33 million square meters, with a sales amount of RMB 18,193 billion, up 1.9% and 4.8% year-on-year respectively[23] Group's Business Focus - The Group's consolidated business performance for the year ended December 31, 2021, reflects a strong focus on high-value residential and commercial projects in core areas of major cities in the Guangdong-Hong Kong-Macao Greater Bay Area[9] - The Group aims to focus on urban renewal in the Greater Bay Area and develop a brand new smart city, collaborating with leading internet technology companies to enhance living standards[10] - The Group's strategic focus is on core urban areas within the Greater Bay Area, benefiting from favorable policies and economic growth opportunities[13] - The Group aims to become a new smart city developer and operator, focusing on urban renewal projects in the Greater Bay Area[19] - The Group plans to develop "unique properties, resources-linked properties, and smart properties" to enhance its market position[19] - The Group's business model combines residential and commercial sectors, contributing to stable rental income and asset value growth[16] - The Group has positioned itself as a leader in urban renewal within the Greater Bay Area, leveraging over 30 years of experience in the industry[14] Financial Performance - For the year ended December 31, 2021, the Group achieved total revenue of approximately RMB 4,378.0 million, representing a decrease of approximately 19.3% year-on-year[28] - Gross profit was approximately RMB 2,188.4 million, a decrease of approximately 17.9% year-on-year, with a gross profit margin of 50.0%[28] - Profit attributable to owners of the Company was approximately RMB 1,152.6 million, representing a decrease of approximately 66.6% year-on-year[28] - Basic earnings per share decreased to RMB 22.61 cents, down approximately 66.8% year-on-year[28] - The Group's bank balances and cash, including restricted bank deposits, were RMB 7,287.1 million, down from RMB 9,409.7 million[32] - The average finance costs decreased to 6.4%, compared to 7.1% in the previous year[32] - The liabilities to assets ratio increased to 65.3%, up from 62.5%[32] - The Group's liabilities to assets ratio and net gearing ratio met the legal requirements during the year, reflecting effective debt management and a healthy financial structure[18] Urban Renewal Projects - The Baishizhou Urban Renewal Project is expected to commence pre-sale in 2023, which will rapidly realize the value of the land reserve and significantly boost the Group's business growth[15] - The Group's urban renewal projects include significant developments such as the Shenzhen LVGEM Liguang Project and the Zhuhai Dongqiao Urban Renewal Project, which have made satisfactory progress[15] - The Shenzhen Baishizhou urban renewal project has a total planned area of approximately 3.58 million square meters, expected to bring substantial revenue and cash flow to the Group[38] - The Zhuhai Dongqiao Urban Renewal Project, now named LVGEM Royal Bay, occupies a site area of approximately 207,550 square meters and has a planned total gross floor area of approximately 764,920 square meters[55] - The Baishizhou Urban Renewal Project has a planned total gross floor area of approximately 4.4 million square meters, with Phase I covering 675,780 square meters[49] Revenue from Property Development - For the year ended December 31, 2021, the Group's real estate development and sales generated revenue of approximately RMB 3,392.4 million, primarily from projects such as LVGEM Amazing Plaza and LVGEM Joyful Town in Zhuhai[14] - The Group's commercial property investment and operations revenue amounted to approximately RMB 642.6 million, representing a year-on-year increase of approximately 3.6%[16] - Total contracted sales amounted to approximately RMB 3,668.0 million for the year, representing a decrease of approximately 18.1% year-on-year from RMB 4,479.0 million in 2020[45] - Revenue from sales of properties held for sale was approximately RMB 3,392.4 million, a decrease of approximately 24.8% from RMB 4,512.6 million in 2020, with a total gross floor area recognized as revenue of approximately 228,527 square meters[80] Debt Management and Financing - The Group's debt management has improved, achieving a "green" status for its asset-liability ratio and net debt ratio after excluding advance receipts[20] - The Group's liabilities to assets ratio and net gearing ratio were 64.8% and 81.2%, respectively, meeting two of the "three red lines" regulatory targets for real estate enterprises in China[72] - The average financing cost for interest-bearing loans was 6.4% for the year ended December 31, 2021, down from 7.1% in 2020[95] - Total borrowings as of December 31, 2021, were approximately RMB 31,187.7 million, an increase from RMB 30,650.5 million in 2020[98][102] - Loans secured by properties amounted to approximately RMB 23,541.3 million in 2021, up from RMB 15,731.6 million in 2020[103] Corporate Governance - The company is focused on maintaining strong corporate governance through the appointment of qualified independent directors[116] - The independent directors are responsible for providing independent judgment and scrutinizing the company's performance, ensuring accountability[117] - The Board consists of four executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced governance structure[188] - The positions of Chairman and Chief Executive Officer are held by separate individuals to maintain independence and accountability[188] - The company is committed to good corporate governance practices, emphasizing transparency and accountability to shareholders[186] Environmental and Social Responsibility - The Group recognizes the importance of environmental protection for its long-term development and will continue to improve management practices[123] - An "Environmental, Social and Governance Report" is scheduled to be published in May 2022[124] - The Group is committed to creating a high-quality living environment and pursuing innovation in line with community expectations[76] Employee and Director Information - The Group had a staff roster of 2,281 employees as of December 31, 2021, an increase from 2,097 employees in 2020[106] - The remuneration of Directors and senior management is determined with reference to their duties, responsibilities, performance, and the Group's results[137] - The Company emphasizes employee remuneration based on current industry practices[157] - The Company has arranged appropriate directors and officers liability insurance for legal actions against Directors[196]
绿景中国地产(00095) - 2021 - 年度财报