Financial Performance - Revenue in 2022 was approximately RMB 8,694.8 million, representing a decrease of approximately 0.6% compared to RMB 8,747.0 million in 2021[18]. - Gross profit in 2022 was approximately RMB 2,539.4 million, representing an increase of approximately 68.6% compared to RMB 1,506.1 million in 2021[19]. - Gross profit margin in 2022 was approximately 29.2%, indicating an increase of approximately 12.0 percentage points compared to 2021[19]. - The Group recorded a net loss of approximately RMB 772.1 million in 2022, a decrease of approximately 259.1% compared to a profit of approximately RMB 485.4 million in 2021, with a net loss margin of approximately 8.9%[20]. - The aggregate contracted sales amount for 2022 was approximately RMB 12.6 billion, reflecting a decrease of approximately 50.2% compared to 2021, marking the first drop in overall sales in six years[63]. - Revenue recognized from the sale of properties remained relatively stable at approximately RMB 8,487.1 million for the year ended December 31, 2022, a decrease of approximately 0.9% from RMB 8,563.8 million for the year ended December 31, 2021[92]. - The Group reported a loss of approximately RMB 772.1 million for the year, a decline of approximately 259.1% compared to a profit of approximately RMB 485.4 million in 2021[58]. - The total gross floor area (GFA) delivered for the year ended December 31, 2022, was approximately 381,423 square meters, representing a decrease of approximately 49.4% from 753,190 square meters for the year ended December 31, 2021[91]. Market Expansion and Strategy - The Group has successfully expanded its real estate development business from Nanjing to other cities in the Yangtze River Delta Megalopolis[4]. - The Group aims to introduce more flexibility to its business development by expanding into the health and wellness industry and commercial real estate[5]. - The core development strategy focuses on "leading quality, excellent services, and innovative future" to create a healthy and comfortable living environment[4]. - The Group continues to focus on the four regional markets of Nanjing, Southern Jiangsu, Zhejiang, and Huaihai[4]. - The Group maintained a strong focus on core cities, with 61 projects under development in 10 core cities in the Yangtze River Delta as of December 31, 2022[42]. - The Group's strategic focus remains on the Yangtze River Delta Megalopolis, aiming to accelerate asset turnover while maintaining property quality[80]. Customer Engagement and Satisfaction - The Group delivered 8,330 units throughout the year, achieving a customer loyalty score of 76, compared to 50% in 2021[26]. - The Group achieved a customer loyalty score of 76 and remained in the 90th percentile for overall construction quality as assessed by third-party inspections[64]. Financial Management and Borrowings - The proportion of banking facilities increased, with banks accounting for 75.3% of total borrowings in 2022, up from 66.3% in 2021[34]. - The total borrowings decreased to approximately RMB 9,339.6 million as at December 31, 2022 from approximately RMB 11,825.4 million as at December 31, 2021[179]. - The current borrowings totaled approximately RMB 4,885.7 million as of December 31, 2022, compared to RMB 2,935.4 million in the previous year, reflecting an increase of 66.9%[188]. - The effective interest rate for secured bank loans remained at 8.3% for both 2022 and 2021[189]. Land Bank and Development Projects - The Group has an adequate land bank of high quality, totaling 6.2 million sq.m., with 4.08 million sq.m. attributable to the Group[26]. - The total available-for-sale amount is RMB 56.3 billion, with a total available-for-sale GFA of 2.63 million sq.m., and an average selling price (ASP) of approximately RMB 21,416 per sq.m.[46]. - The Group's land bank is strategically concentrated, with Nanjing, Zhejiang, and Southern Jiangsu accounting for 91% of total land reserves[48]. - The total land bank amounts to 6,200,184 sq.m., with 100% attributable to the Group[128]. - The planned GFA under development totals 4,843,659 sq.m., representing 54.0% of the total land bank[128]. Challenges and Market Conditions - The real estate industry faced unprecedented challenges in 2022, including pandemic outbreaks and a tightening credit environment, leading to significant declines in market transactions[54]. - By the end of 2022, regulatory authorities released major favorable policies aimed at stabilizing the property market, which are expected to facilitate recovery in the second quarter of 2023[57]. - The increase in impairment loss recognized for property and other assets was attributed to changes in overall market conditions and the COVID-19 pandemic[58]. Future Outlook and Goals - For 2023, the Group targets a sales scale of approximately RMB 13 billion, focusing on cash collection and maintaining a high overall collection rate[71]. - The central government emphasizes stabilizing the real estate market in 2023, with policies aimed at supporting first-time homebuyers and easing purchase restrictions in various cities[69]. - The recovery of macroeconomics and the pandemic situation are expected to influence the rebound of the real estate market, with improving job markets restoring market confidence[70].
银城国际控股(01902) - 2022 - 年度财报