Company Overview - Grandjoy Holdings focuses on developing, operating, selling, leasing, and managing integrated and commercial properties in China, with a strong presence in 22 cities including Beijing, Shanghai, and Shenzhen[10]. - As of the end of 2021, Grandjoy Holdings has established a footprint in five major city clusters, including the Beijing-Tianjin-Hebei region and the Yangtze River Delta, managing 25 Joy City projects and 4 Joy Spring projects[11]. Financial Performance - Total revenue for 2021 was RMB 12,313.3 million, a decrease of 12.7% compared to RMB 14,109.8 million in 2020[123]. - The company reported a profit attributable to owners of the company of RMB 591.7 million, down 46.4% from RMB 1,104.5 million in 2020[123]. - Core net profit attributable to owners decreased by 33.4% to RMB 552.4 million from RMB 828.9 million[123]. - The annual profit recorded was approximately RMB 1,484.9 million, down 31.5% from RMB 2,169.1 million in 2020, with profit attributable to the company's owners at RMB 591.7 million, a decline of 46.4% year-on-year[159]. - The total assets increased by 5.5% to RMB 131,020.4 million from RMB 124,167.3 million[124]. - The net debt to total equity ratio rose to 49.1%, up from 34.7% in the previous year, indicating increased leverage[124]. Revenue Streams - Rental income from investment properties and related services increased by 13.1% to RMB 4,055.9 million from RMB 3,586.8 million[123]. - Sales of properties held for sale decreased by 25.3% to RMB 7,149.3 million from RMB 9,568.8 million[123]. - Hotel operations revenue grew by 28.1% to RMB 766.4 million from RMB 598.3 million[123]. - The shopping center achieved rental income of RMB 2.77 billion, a year-on-year increase of 16.2%[133]. - The hotel business generated revenue of approximately RMB 770 million, with a year-on-year increase of 28.1%[133]. Strategic Initiatives - The company plans to continue leveraging its brand advantages and operational experience to drive steady growth in performance amid market challenges[131]. - The company aims to expand its commercial area to 1 million square meters as part of its 14th Five-Year Plan strategy[139]. - The company is focusing on innovative business models and enhancing customer experience to adapt to changing consumer preferences[142]. - The company plans to continue expanding its investment properties and enhance its market presence through strategic acquisitions and new developments[160]. Market Position and Expansion - Grandjoy Holdings continues to expand its portfolio with high-quality investment properties in prime locations, enhancing its investment value and growth potential[11]. - The company expanded its commercial projects to over 40 in more than 20 first- and second-tier cities[138]. - The property development contract sales amounted to approximately RMB 27 billion, representing a year-on-year growth of 34.2%[133]. - The commercial real estate market in China showed signs of recovery, with a 12.5% year-on-year increase in retail sales, indicating a positive environment for the company's operations[151]. Challenges and Responses - The pandemic in 2021 impacted the group's business operations, affecting brand management, rent collection, and the opening of new brands, leading to a decline in overall project occupancy and rent collection rates[183]. - The group is actively responding to national policies by implementing rent reductions for small and micro enterprises, aiming to mitigate the impact of these reductions on annual performance indicators[183]. - The group faces cash flow interest rate risk related to floating-rate bank deposits and borrowings, and aims to mitigate this through negotiation and low-rate financing channels[180]. Governance and Management - Mr. Ma was appointed as a non-executive director on October 28, 2020, and has held various positions within COFCO Group since 1998[192]. - Mr. Liu has been with COFCO Group since August 1993, serving in multiple roles, and has been the secretary of the board since January 2018[193]. - COFCO Group has a diverse board with members holding various significant positions in other listed companies, enhancing its governance structure[198].
大悦城地产(00207) - 2021 - 年度财报