Real Estate Development - As of December 31, 2021, the company has 26 completed real estate projects with a total construction area of approximately 3,194,513 square meters[4]. - There are 6 ongoing real estate projects with a total construction area of approximately 362,955 square meters, and 1 project planned for future development with a total planned construction area of approximately 93,046 square meters[4]. - The company has been recognized with multiple awards, including being ranked among the top 50 real estate development companies in Henan and receiving the Best Living Environment Design Award in Kaifeng[4]. - The company aims to continue its "real estate + industry" development model, focusing on high-quality projects and selective deep cultivation in target cities[10]. - The company operates through various development models, including direct land acquisition, joint development, and entrusted development[6]. - The company has a diversified revenue model that includes vertical development and cooperative development strategies[6]. - The company is focused on innovation and management enhancement to improve brand recognition and market position[7]. - The company is integrating internal and external resources to enhance operational efficiency and accelerate cash flow recovery[13]. - The company is actively exploring new operational models and strategic collaborations across various sectors to achieve performance growth[23]. - The company focuses on existing project development in Zhengzhou and its surrounding one-hour city circle, utilizing urban renewal and land acquisition strategies to enhance business growth[23]. - The company has a total of 18 projects in Henan, indicating a strong commitment to the region's real estate development despite market challenges[23]. - The company has 4 real estate projects in the Yangtze River Delta, with 3 completed and 1 still under development as of December 31, 2021[41]. - In the Guangdong-Hong Kong-Macao Greater Bay Area, the company plans to invest in projects with a focus on the "one-hour economic circle" centered around Shenzhen, with 4 projects in the area, including 1 completed and 3 under development[49]. - The company aims to achieve stable development and risk control through various operational strategies, including project acquisition and management[41]. Financial Performance - The total net saleable floor area delivered to customers for the year ended December 31, 2021, was approximately 105,267 square meters, a decrease of about 61% compared to 267,728 square meters in the same period of 2020[13]. - Real estate business revenue for the year was approximately RMB 940 million, representing a year-on-year decrease of about 65% due to the impact of COVID-19 on construction progress[13]. - Equipment manufacturing business confirmed revenue of RMB 807 million for the year, a year-on-year decline of approximately 21%[13]. - In 2021, the total revenue of the company was approximately RMB 1,019.3 million, a decrease of about 63% compared to 2020[53]. - The company recorded a loss attributable to shareholders of approximately RMB 128 million for the year ended December 31, 2021[53]. - The gross profit from the property development business decreased by about 14% to approximately RMB 153.6 million for the year ended December 31, 2021[53]. - The company reported a significant decrease in trade and other payables from RMB 1,641,790 thousand in 2020 to RMB 1,295,732 thousand in 2021, a reduction of approximately 21%[183]. - The company’s total liabilities decreased significantly, with trade and other payables reducing by RMB 432,815,000 in 2021 compared to an increase of RMB 583,909,000 in 2020[190]. - The company reported a substantial increase in contract liabilities, which rose to RMB 985,504,000 in 2021 from a negative RMB (1,355,994,000) in 2020, reflecting a positive shift in contract management[190]. Market Outlook - The real estate market is expected to rebound due to supportive policies from the central government, including a comprehensive reduction in reserve requirements[10]. - Future policies are expected to support the residential housing market, particularly for first-time homebuyers and those seeking improved housing[13]. - The ongoing development of the Hainan Free Trade Port is anticipated to boost economic growth and market vitality in the region[26]. - The real estate market in Hainan, particularly Haikou, is experiencing strong demand despite insufficient supply, with property values expected to rise as the free trade port construction progresses towards its 2025 operational deadline[32]. - The Yangtze River Delta region continues to lead China's economic development, with stable growth and a focus on maintaining stable land and housing prices, as well as prudent financial management in real estate[37]. - The real estate market in the Greater Bay Area is expected to develop steadily in 2022, supported by policies and population growth[44]. Corporate Governance - The company is committed to high standards of corporate governance to enhance value for customers and shareholders[69]. - The board of directors highlighted the importance of corporate governance, with new policies introduced to enhance transparency and accountability[61]. - The board's responsibilities include overseeing the group's overall strategy, performance, and risk management[70]. - The company has a structured approach to ensure the protection of shareholder interests and enhance long-term value[69]. - The audit committee, nomination committee, and remuneration committee assist the board in fulfilling its responsibilities[70]. - The company has received written annual confirmations regarding the independence of all independent non-executive directors[136]. - The board believes that the company has the ability to meet its debt obligations as they fall due[119]. - The company emphasizes equal treatment of all shareholders and ensures timely communication of significant developments affecting the group[102]. Employee and Management - The company is committed to team building by optimizing personnel and nurturing talent that aligns with current operational needs[15]. - The group had 449 employees as of December 31, 2021, down from 469 in 2020[56]. - The company provides appropriate training for newly appointed directors, covering accounting, legal, and industry-specific knowledge as needed[75]. - The performance and appointment of the executive chairman and CEO are regularly reviewed by the nomination committee, with compensation assessed by the remuneration committee[79]. Risk Management - The management team emphasized the importance of risk management, with a new framework implemented to mitigate potential market volatility[60]. - The internal control system aims to manage risks rather than eliminate them, providing reasonable assurance against significant financial misstatements[95]. - The board regularly reviews its risk management and internal control systems to address financial, operational, compliance, and IT risks[95].
伟业控股(01570) - 2021 - 年度财报