Economic Challenges and Responses - The Group faced significant challenges in 2021 due to the ongoing Covid-19 pandemic and macroeconomic uncertainties, impacting investment growth and business conditions for MSMEs [13]. - In response to adverse market conditions, the Group accelerated the destocking of inventory properties and cash recovery to ensure fund security [19]. - The outlook for 2022 indicates a trend of steady recovery in the Chinese economy, despite new challenges and uncertainties [63]. - The principle of safeguarding the healthy development of the real estate market is expected to be implemented more effectively in 2022 [63]. - Local governments are anticipated to further improve delivery assurance policies, with a focus on balancing property delivery and corporate capital utilization efficiency [63]. Business Development and Strategy - The Group launched the commercial brand "Pleasant Living for All" to focus on future community operations, leveraging opportunities in Zhejiang Province [22]. - The Group aims to expand its business segment based on three future communities in Taizhou, Wenzhou, and Shaoxing, contributing to common prosperity initiatives in Zhejiang Province [22]. - The Group plans to establish a successful template for future communities and transform traditional department store models into fast-selling, experiential business models [27]. - The Group aims to create an integrated management ecological chain centered around hotels to enhance resource sharing and operational efficiency [29]. - The Group will seek investment opportunities in China or overseas to diversify income sources and mitigate risks [34]. Financial Performance - In 2021, the Group's revenue was approximately RMB 871,066,000, representing a year-on-year increase of approximately 24.3% [32]. - The gross profit for the year was approximately RMB 216,497,000, reflecting a year-on-year increase of approximately 27.2% [32]. - The loss attributable to owners of the Company was approximately RMB 295,136,000 [32]. - As of the end of 2021, the total equity of the Group was approximately RMB 5,733,595,000, a slight decrease of approximately 5.7% from the end of 2020 [32]. - The total cash balance reached approximately RMB 1,948,034,000, with improvements in cash position and gearing ratio [32]. Property Development and Sales - The Group holds several major properties for development and sale, including Zhong An Times Square and Hidden Dragon Bay, with significant gross floor areas [56]. - For the year ended December 31, 2021, recognized sales of properties sold and delivered amounted to approximately RMB 410,180,000, a significant increase from RMB 248,942,000 in 2020 [78]. - The contracted sales area for the Group was approximately 105,453 sq.m. in 2021, up from approximately 60,936 sq.m. in 2020, with contracted sales revenue reaching approximately RMB 2,650,800,000, compared to RMB 1,242,900,000 in 2020 [84]. Hotel Operations - The hotel operations maintained leadership in consolidated revenue, occupancy rate, and average room prices despite the pandemic's impact [28]. - The hotel operation recorded a revenue of approximately RMB 173,177,000 in 2021, representing a decrease of approximately 5.1% from RMB 182,516,000 in 2020, with an occupancy rate of approximately 40% [88]. Corporate Governance - The Board has complied with the corporate governance code provisions as set out in the Listing Rules for the year ended December 31, 2021 [172]. - The Board regularly meets to discuss the overall strategy and operational performance of the Group, ensuring effective governance [181]. - The chairperson, Mr. Shi Zhongan, and the CEO, Mr. Shi Nanlu, hold separate roles to ensure better corporate governance [186]. - The Board focuses on overall corporate strategies, financial performance, and corporate governance standards, making decisions on annual results and major transactions [194][198]. Environmental Compliance - The Group is committed to environmental protection and compliance with government standards, ensuring that project operations adhere to environmental laws and regulations [160]. - No significant accidents or environmental claims were reported during the year, indicating compliance with relevant laws and regulations [155].
中国新城市(01321) - 2021 - 年度财报