Financial Performance - Contracted sales surpassed RMB100.3 billion in 2021[13] - Contracted sales amounted to RMB 95,590 million, a decrease of 4.8% from RMB 100,381 million in 2020[51] - Recognized revenue for the year was RMB 43,635.2 million, an increase of 13.1% from RMB 38,576.7 million in 2020[51] - Gross profit reached RMB 12,053.1 million, reflecting an 8.6% increase from RMB 11,102.4 million in 2020[51] - Profit attributable to owners of the Company was RMB 3,260.2 million, a decline of 34.0% from RMB 4,941.2 million in 2020[51] - Core net profit was RMB 4,802.4 million, down 10.9% from RMB 5,388.4 million in 2020[51] - The Group recorded revenue of RMB 43,635.2 million in 2021, an increase of 13.1% compared to 2020[97] - The profit for 2021 was RMB 4,753.9 million, a decrease of 11.4% from 2020[97] - Basic earnings per share decreased to RMB 1.66 in 2021 from RMB 2.54 in 2020[54] - The Group's gross profit increased by RMB950.7 million, or 8.6%, to RMB12,053.1 million for 2021 from RMB11,102.4 million for 2020[167] Assets and Liabilities - Total assets exceeded RMB198.4 billion as of December 2021[8] - Total assets as of December 31, 2021, were RMB 198,393.0 million, compared to RMB 191,502.4 million in 2020[51] - Total liabilities stood at RMB 155,738.2 million, slightly up from RMB 155,619.0 million in 2020[51] - Cash and bank balances decreased to RMB 20,657.2 million from RMB 37,959.6 million in 2020[51] - Gearing ratio increased to 76.7% in 2021 from 65.6% in 2020[54] - Current ratio slightly decreased to 1.4 in 2021 from 1.5 in 2020[54] Market Strategy and Expansion - Times China is focusing on the Guangdong-Hong Kong-Macau Greater Bay Area and expanding into other high-growth regions in China[9] - The company aims to become a Global 500 company, enhancing product and service offerings for consumers[10] - The company aims to focus on core metropolitan areas and enhance product and service capabilities over the next three years[46] - The company continues to deepen its investments in high-growth potential areas such as the Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, and Chengdu-Chongqing city cluster[41] - The company emphasizes the use of non-GAAP financial measures to provide better insights into operational efficiency[55] Project Development - The company has 134 projects in different development stages, serving approximately 600,000 homeowners[9] - Two industrial town projects, Times Favorite Car Town and Times Global Chuangke Town, successfully commenced in Foshan[13] - Times China entered the Chengdu market for the first time, marking a strategic breakthrough[13] - The company has ongoing projects with a total GFA under development of 1,200,000 sq.m., indicating significant future growth potential[125] - The company has reported a 100% completion rate for the Times Cloud Atlas (Guangzhou) project, with a total area of 45,593 sq.m. and a saleable area of 6,160 sq.m.[118] Awards and Recognition - Times China was recognized in multiple awards, including being ranked 31st among the Top 35 China Listed Real Estate Companies with Strongest Comprehensive Strengths[35] - Times China was listed among the Top 10 Mainland China's Real Estate Developers in terms of Financial Stability in 2021[35] - Times China was awarded the Real Estate "Six Forces Evaluation" Green Development Award, highlighting its commitment to sustainable practices[35] Management and Leadership - Mr. Shum was recognized as an "Innovative Individual in China's Real Estate Industry" in 2005 by multiple media outlets[65] - Mr. Guan has over 20 years of experience in real estate corporate management and has held various leadership positions since 2002[67] - Mr. Bai has been with Times Group since 2001 and has extensive experience in project development and management in Guangzhou[69] - Mr. Li Qiang has over 15 years of experience in real estate corporate management and was appointed as executive Director in February 2008[74] Industry Context - In 2021, the real estate industry in China achieved a historical sales revenue of RMB 18 trillion, marking a significant milestone[35] - The PRC's GDP surpassed RMB 114 trillion in 2021, indicating a strong start to the "14th Five-Year Plan" and a shift towards high-quality development[36] - The company is navigating significant changes in the real estate industry, which is expected to continue under the new normal[37] - The company aims to adapt to the ongoing transformation in the real estate sector while ensuring sustainable growth[37] Financial Metrics - Gross profit margin decreased to 27.6% in 2021 from 28.8% in 2020[54] - Net profit margin declined to 10.9% in 2021 compared to 13.9% in 2020[54] - Core net profit margin fell to 11.0% in 2021 from 14.0% in 2020[54] - The Group's income tax expenses increased by RMB630.3 million, or 16.8%, to RMB4,386.8 million for 2021 from RMB3,756.5 million for 2020[172] Future Outlook - The company is focused on overcoming challenges and advancing towards future opportunities in a changing market landscape[37] - The Group aims to lower the gearing ratio and liabilities to ensure stable development[156] - The Group plans to explore high-value regions in the Guangdong-Hong Kong-Macao Greater Bay Area and other high-potential areas[156]
时代中国控股(01233) - 2021 - 年度财报