Company Recognition and Strategy - The company is recognized as one of the top 100 real estate developers in China and ranked first in Jiangsu Province for comprehensive strength in the real estate development industry for 19 consecutive years since 2002[8]. - The Group has successfully expanded its real estate development business from Nanjing to other cities in the Yangtze River Delta Megalopolis, adhering to a development strategy focused on quality and innovation[8]. - The Group's core development strategy emphasizes leading quality and excellent services[8]. - The company aims to create a healthy, comfortable, smart, and convenient living environment for customers of all ages[8]. - The company has diversified its development strategy by expanding into the health and wellness industry and commercial real estate[10]. - The Group adopts standardized development procedures to enhance operational efficiency while ensuring product quality[10]. - The Group plans to focus on the Yangtze River Delta region for future growth, leveraging its established advantages in real estate, property, and healthcare[81]. - The Group aims to rationally expand its business scale while improving operational quality to achieve steady and stable growth in profitability[81]. Financial Performance - Revenue in 2021 was approximately RMB 8,747.0 million, representing a decrease of approximately 18.1% compared to RMB 10,679.6 million in 2020[31]. - Gross profit in 2021 was approximately RMB 1,506.1 million, an increase of approximately 30.1% compared to RMB 1,157.4 million in 2020, with a gross profit margin of 17.2%, up 6.4 percentage points year-on-year[31]. - Profit in 2021 was approximately RMB 485.4 million, an increase of approximately 25.7% compared to RMB 386.1 million in 2020, with a net profit margin of 5.5%, up 1.9 percentage points year-on-year[31]. - The Group's revenue for the year was approximately RMB 8,747.0 million, a decrease of approximately 18.1% from the previous year's RMB 10,679.6 million[63]. - The Group achieved a profit of approximately RMB 485.4 million, an increase of approximately 25.7% compared to RMB 386.1 million in 2020[63]. - The Group's gross profit margin increased by approximately 6.4 percentage points to 17.2%, while the net profit margin improved by 1.9 percentage points to 5.5%[63]. Sales and Contracted Sales - Contracted sales amount in 2021 was approximately RMB 25,293.8 million, representing an increase of approximately 9.0% compared to 2020, with an average selling price of RMB 22,265 per sq. m., up 10.6% year-on-year[32]. - For the year ended 31 December 2021, the Group recorded total contracted sales of approximately RMB 25,293.8 million, representing a year-on-year increase of approximately 9.0%[62]. - The total contracted sales GFA amounted to approximately 1,136,045 sq. m., with a contracted ASP of approximately RMB 22,265 per sq.m., reflecting a year-on-year increase of approximately 10.6%[62]. - The average selling price (ASP) recorded in contracted sales was approximately RMB 22,265.0 per sq.m., reflecting an increase of approximately 10.6% from RMB 20,125.0 per sq.m. in 2020, primarily due to higher ASPs in Nanjing and Hangzhou[87]. - The total contracted sales in 2020 were approximately RMB 23,208,328, indicating a slight decrease in overall performance in 2021[92]. Project Development and Land Acquisition - The company acquired 14 new land parcels throughout the year, increasing total GFA by 2,970,000 sq.m., with an average land acquisition cost of approximately RMB 6,060 per sq. m.[44]. - The Group acquired a total of 14 land parcels during the year, increasing total GFA by approximately 2.97 million sq.m.[69]. - As of December 31, 2021, the Group's total land bank amounted to approximately 7.25 million sq.m., with approximately 4.71 million sq.m. attributable to the Group[69]. - The total estimated site area for the newly acquired land parcels was 114,669 sq.m., with a total land premium of RMB 250,945 million[134]. - The company developed several residential projects, including Lan Hu Jun in Nanjing with an estimated site area of 21,636 sq.m. and a land premium of RMB 335 million[134]. Customer Satisfaction and Delivery - Customer satisfaction indicators remained at a high level of 88%[33]. - The Group achieved an on-time delivery rate of 100%[33]. - The overall customer satisfaction rating for the Group was 88%, with a delivery satisfaction rate of 87% and a housing inspection service satisfaction rate of 95%[73]. - The Group maintained a 100% on-time delivery rate for projects during the year, with no delays reported[72]. Market Challenges and Industry Trends - The real estate industry faced significant challenges in 2021, including tightening regulatory policies and a liquidity crisis among enterprises[56]. - Market activity declined sharply in the second half of 2021, with property sales in the PRC dropping and remaining at a low level since August 2021[56]. - The central government emphasized stabilizing land prices and housing prices, aiming for the long-term stable development of the real estate market[59]. - The real estate industry is transitioning from incremental development to stock operation due to unsustainable previous growth models based on high debt and leverage[79]. Other Financial Metrics - The overall cash collection rate remained high, reaching the industry benchmark level, with a positive cash flow-back cycle of 18 months[33]. - The proportion of short-term borrowings decreased to 35%, indicating a continuous optimization of the debt structure[38]. - The Group's total resources at the end of the year were approximately RMB 70 billion, with aggregate inventory resources reaching approximately RMB 25 billion[73]. - The completed leasable GFA amounts to 238,826 sq.m., with an additional 5,695,660 sq.m. planned for future development[146].
银城国际控股(01902) - 2021 - 年度财报