Financial Performance - Contract sales amounted to RMB 140.2 billion, representing a year-on-year growth of 16.2%[2] - Revenue reached RMB 78.29 billion, an increase of 10.2% compared to the previous year[2] - Core profit was RMB 9.987 billion, with a core profit margin of 12.8%[2] - The company reported a net profit of RMB 10.38 billion for the year, down from RMB 13.37 billion in the previous year[5] - The total comprehensive income for the year was RMB 10.86 billion, compared to RMB 14.24 billion in the prior year[6] - The reported segment profit for the property development division was RMB 10,180,876,000, compared to RMB 11,812,363,000 in 2020, reflecting a decrease of approximately 13.8%[14] - The company reported a pre-tax profit of RMB 10,021,297 for the year ended December 31, 2021, compared to RMB 13,016,635 in 2020, reflecting a decrease of approximately 22.9%[28] - The company reported a net profit attributable to equity shareholders of RMB 10.0 billion, a decrease of 23.0% year-on-year[45] Assets and Liabilities - Total assets increased to RMB 285.95 billion, reflecting a year-on-year rise of 17.4%[2] - The net debt-to-equity ratio stood at 82.1% as of December 31, 2021[2] - Current assets amounted to RMB 223.38 billion, an increase from RMB 193.13 billion in the previous year[7] - The company's equity attributable to owners of the parent increased to RMB 67.81 billion from RMB 60.67 billion year-on-year[8] - The total liabilities amounted to approximately RMB 218,133.3 million, with current liabilities at RMB 63,007.4 million[59] Revenue Breakdown - The revenue from property development was RMB 66,677,321,000, up from RMB 54,858,387,000 in the previous year, indicating a growth of about 21.5%[18] - Total revenue from customer contracts for the year ended December 31, 2021, was RMB 78,080,237, an increase from RMB 70,970,644 in 2020, representing a growth of approximately 10.5%[21] - The revenue breakdown by region for property development in 2021 was as follows: Greater Bay Area (66.5%), Southwest Region (17.9%), Yangtze River Delta (6.3%), and Other Regions (9.3%)[47] Costs and Expenses - The company’s financial costs decreased to RMB 1,277,711,000 from RMB 2,051,424,000, showing a reduction of approximately 37.6%[16] - The company incurred total tax expenses of RMB 4,457,473 for the year ended December 31, 2021, down from RMB 6,123,692 in 2020, representing a decrease of approximately 27.2%[26] - The cost of sales increased by approximately RMB 11,408.6 million (or about 22.9%) to RMB 61,156.5 million, primarily due to increased costs in property development[53] Market and Development - The company has a land reserve of 34.31 million square meters, with 71% located in first- and second-tier cities, ensuring future performance[34] - The company launched two major projects in Singapore, achieving strong sales, with one project selling all 1,260 units and another project having over 90% sold[34] - The company plans to continue focusing on the Greater Bay Area and Yangtze River Delta for future growth and market penetration[36] - The company has 57 new projects under development with a total planned construction area of approximately 9.24 million square meters as of December 31, 2021[40] Shareholder and Governance - The company repurchased a total of 3,790,000 shares during the year, all of which were canceled[63] - The company has adopted and complied with the corporate governance code effective in 2021 as per the Hong Kong Stock Exchange listing rules[65] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited performance for the year ended December 31, 2021[67] ESG and Awards - The company received multiple awards for product design and was ranked 15th in the "Top 100 Chinese Real Estate Enterprises Product Power" by Yihan Think Tank in 2021[34] - The company’s ESG rating was upgraded to "BBB" by MSCI, reflecting its commitment to sustainable development and social responsibility[35]
龙光集团(03380) - 2021 Q4 - 年度财报