Financial Performance - The contracted sales amount for the year was approximately RMB 656.0 million, a decrease of about 28.9% compared to the previous year[9]. - The total contracted building area was approximately 74,043 square meters, representing a decrease of about 46.1% year-on-year[9]. - The revenue for the year was approximately RMB 1,568.6 million, an increase of about 29.9% compared to the previous year[13]. - Revenue from property development was approximately RMB 1,565.0 million, reflecting an increase of about 32.5% year-on-year[13]. - The net profit attributable to equity holders was approximately RMB 78.7 million, a decrease of about 61.9% compared to the previous year[13]. - The total signed building area for the year was approximately 74,043 square meters, a decrease of about 46.1% compared to the previous year[21]. - The average selling price per square meter for signed sales in 2021 was RMB 8,859.7, compared to RMB 6,707.9 in 2020, indicating an increase[23]. - The company's revenue for the reporting period was approximately RMB 1,568.6 million, an increase of about 29.9% compared to RMB 1,207.5 million in the previous year, primarily due to an increase in the total area of completed properties delivered[60]. - Property development revenue was approximately RMB 1,565.0 million, reflecting a 32.5% increase from the previous year's RMB 1,182.5 million, driven by the delivery of completed properties[60]. - The profit attributable to the owners of the company decreased by approximately 61.9% to RMB 78.7 million from RMB 206.7 million in the same period last year[66]. - The total comprehensive income for the year decreased by approximately 55.4% to RMB 104.4 million from RMB 234.0 million in the previous year[73]. Land and Development Projects - The total land reserve area at the end of the reporting period was approximately 2,916,370 square meters[14]. - The average cost of land reserves was approximately RMB 830.6 per square meter[9]. - The total completed building area at the end of the reporting period was approximately 3,050,912 square meters, with land reserves of approximately 2,916,370 square meters[26]. - The company has ongoing development projects, with a focus on residential and commercial properties in Shanxi and Sichuan provinces[41]. - The total building area for ongoing projects is 1,166,624 square meters, with a significant portion designated for future development[41]. - The company has ongoing projects in Jinzhong, Shanxi, with a total land area of 129,049 square meters for the first phase and an estimated completion date in December 2021[42]. - The total saleable area for the first phase of the Yitian project is 428,000 square meters, with 30,059 square meters pre-sold[42]. - The company has a 100% ownership interest in the Chenxing Yijun project, which has a total land area of 197,286 square meters and is expected to be completed in December 2021[46]. - The company is developing multiple phases in Taiyuan, Shanxi, with the second phase of Longcheng Youshan Meijun covering 51,914 square meters and expected to be completed in December 2021[46]. - The company has a total of 356,400 square meters planned for future development in the Chenxing Yijun project[46]. Financial Position and Cash Flow - Cash and cash equivalents decreased by approximately 55.0% to RMB 240.4 million from RMB 534.1 million as of December 31, 2020, primarily due to payments for construction costs and loan repayments[74]. - The group recorded a negative operating cash flow of approximately RMB 508.0 million, compared to negative operating cash flow of RMB 406.3 million as of December 31, 2020[75]. - The debt-to-equity ratio increased to approximately 183% from 170% as of December 31, 2020, primarily due to an increase in interest-bearing bank loans and other borrowings[81]. - Total bank and other borrowings amounted to RMB 3,140,378,000, with RMB 2,386,114,000 due within the next twelve months[90]. - Cash and cash equivalents as of December 31, 2021, were RMB 240,373,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[90]. - The group is negotiating with existing lenders regarding RMB 2,386 million in bank and other borrowings due in the next twelve months, with confidence in extending existing bank credit[90]. - The management has developed a business strategy focused on accelerating the pre-sale and sale of developed properties to generate additional operating cash inflows[92]. - The group is considering the sale of non-core commercial properties to generate more cash inflows if necessary[92]. Strategic Focus and Market Position - The company aims to focus on product design and enhance product strength to maintain competitive advantages in the market[20]. - The overall strategy for 2022 will prioritize cautious operations and risk prevention, adapting to new policies and market environments[20]. - The company plans to enhance operational efficiency and cash flow through active marketing and sales efforts[20]. - The company is actively expanding its market presence in Hainan with multiple residential and commercial projects[46]. - The company has plans for market expansion in various regions, including Shanxi and Sichuan, to enhance its portfolio[41]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 30% increase in market penetration by the end of 2023[102]. - A strategic acquisition is planned, with the company in discussions to acquire a competitor, which could enhance its market position significantly[102]. Corporate Governance and Compliance - The company has a dedicated legal department to ensure compliance with laws and regulations, maintaining good relationships with regulatory bodies[125]. - The company has established a remuneration committee to review the remuneration policy based on operational performance and individual contributions[178]. - The audit committee has reviewed the basis for the auditor's disclaimer of opinion and supports management's actions to address the going concern issue[93]. Shareholder Information - The board of directors resolved not to declare a final dividend for the year ended December 31, 2021[16]. - The board has decided not to declare a final dividend for the year ending December 31, 2021[138]. - The company maintains a stable and sustainable dividend policy, considering various factors such as market conditions and financial status[135]. - The board of directors has approved a new dividend policy, aiming to return 30% of profits to shareholders starting from the next fiscal year[102].
辰兴发展(02286) - 2021 - 年度财报