VANKE(HK:02202)2023-04-21 12:34Financial Performance - In 2022, Vanke maintained a healthy financial status despite a significant decline in the real estate market, with total cash dividends planned at RMB 8,063,272,365.72, accounting for 35.65% of the net profit attributable to shareholders [3]. - The total cash dividend, including share repurchases, will amount to RMB 9,354,814,299.04, representing 41.36% of the net profit attributable to shareholders [3]. - In 2022, the company's operating revenue increased by 11.3% year-on-year, while net profit grew by 0.4% [10]. - The company achieved a revenue of RMB 503.84 billion, representing an increase of 11.27% compared to RMB 452.80 billion in 2021 [24]. - The company's net profit attributable to shareholders was RMB 22.62 billion, a slight increase of 0.42% from RMB 22.52 billion in the previous year [24]. - The operating cash flow decreased significantly by 33.13%, totaling RMB 2.75 billion compared to RMB 4.11 billion in 2021 [24]. - The company's total assets at the end of 2022 were RMB 1.42 trillion, with a debt-to-asset ratio of 76.95%, down from 79.74% in 2021 [24]. - The company reported a basic earnings per share of RMB 1.95, reflecting a 0.65% increase from RMB 1.94 in 2021 [24]. - The company's net debt ratio stood at 43.7%, which is considered low within the industry [28]. - The average cost of new financing was 3.88% [28]. - The company achieved a net profit of RMB 37.55 billion in 2022, a year-on-year decrease of 1.4%, while equity net profit increased by 0.4% to RMB 22.62 billion [75]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 6.80 per 10 shares, subject to adjustments based on changes in total shares before the dividend record date [3]. - The board of directors has approved the dividend proposal, which will be submitted for shareholder approval at the annual general meeting [3]. - The company has not issued new shares or converted reserves into share capital for the dividend distribution [3]. Strategic Direction and Market Adaptation - Vanke's strategic direction focuses on development, operation, and service, aiming for high-quality growth amidst unprecedented market challenges [9]. - Vanke's commitment to improving operational management levels is emphasized as a key strategy for navigating market changes [9]. - The company recognizes the need for a balanced approach between safety and development, moving away from over-reliance on residential development [13]. - The company emphasizes the importance of adapting to market changes and enhancing its professional capabilities in complex project solutions [14]. - The company plans to enhance operational management quality and maintain high standards in investment, products, and services [15]. - The company aims to deepen the synergy between real estate development and property services to improve community service quality [15]. Operational Performance - The company delivered over 340,000 new homes, reinforcing consumer trust amidst market challenges [10]. - The total investment in equity projects reached 49.6 billion yuan, with nearly 90% of the invested projects realized [10]. - The company's comprehensive income from its operating services reached 51.26 billion yuan, a year-on-year increase of 23.1% [12]. - The revenue from the logistics business grew by 17.9% year-on-year, while the long-term rental apartment business maintained its industry-leading position [12]. - Property service revenue grew by 26.1%, while logistics, rental housing, and commercial real estate revenues increased by 17.9%, 12.1%, and 14.3% respectively [28]. Project Development and Construction - The company has expanded its business into logistics, rental housing, commercial development, and hotel services, aiming for sustainable development [19]. - The company plans to continue its focus on urban development services while expanding into new sectors to meet the needs of the public [19]. - The company has a total planned construction area of 2,200,000 square meters for 2022, with 1,500,000 square meters completed by the end of the year [103]. - The company has a total planned construction area of 3,000,000 square meters for 2022, with 1,500,000 square meters completed by the end of the year [104]. - The company has ongoing projects in various regions, including Taiyuan and Tianjin, with significant areas under development such as 2,700,000 square meters in Tianjin [106]. - The company plans to start construction on 1,000,000 square meters of new projects in 2023, reflecting a robust growth strategy [105]. Market Position and Recognition - The company ranked 178th in the Fortune Global 500 list in 2022, marking its seventh consecutive year on the list [19]. - The company received multiple industry awards, including the "Luban Award" and "Zhan Tianyou Award," recognizing its engineering quality [50]. - The company has a stable credit rating of "BBB+" from S&P and Fitch, and "Baa1" from Moody's, with a stable outlook [82]. Technology and Innovation - The company has developed over 80 algorithms to enhance data intelligence applications, improving operational efficiency and management levels [71]. - The company has accumulated CAD drawing recognition technology to enhance collaboration in design, engineering, and procurement functions [2]. - The company has developed a digital negotiation space and online customer service tools, achieving 157 million online customer visits through the "Easy Selection House" tool in 2022 [1]. Future Plans - In 2023, the company aims to enhance operational safety, maintain industry-leading credit ratings, and explore equity financing opportunities [94]. - The company plans to improve asset quality by enhancing management standards for commercial, office, apartment, and logistics projects, aiming to create more trade-ready assets [94]. - The logistics sector will focus on cold chain investments and expanding the national warehouse network, particularly in core cities like the Yangtze River Delta and Greater Bay Area [99]. - The rental housing management scale will be expanded, with a focus on establishing a leading advantage in high-tier cities while enhancing operational levels [100].