Financial Performance - In 2022, Greentown China achieved a contracted sales amount of approximately RMB 300.3 billion, ranking 4th in the industry[15]. - For the year ended December 31, 2022, Greentown's revenue reached RMB 127,153,071, a substantial increase from RMB 100,240,064 in 2021, representing a year-on-year growth of approximately 27%[33]. - The net profit for the year ended December 31, 2022, was RMB 8,894,964, compared to RMB 7,687,030 in 2021, reflecting a year-on-year increase of about 15.7%[33]. - In 2022, Greentown recorded a slight year-on-year decline in sales scale, but the net profit margin increased significantly, indicating a shift from focusing on scale growth to revenue and profit growth[25]. - The Group achieved a total contracted sales area of approximately 13.80 million sqm and a total contracted sales amount of RMB 300.3 billion, with self-investment projects contributing RMB 212.8 billion[88]. - The average selling price of self-investment projects was approximately RMB 26,823 per sqm, maintaining a high industry level[88]. - The Group's focus on residential properties resulted in commercial and office properties accounting for only RMB 0.5 billion, or 0.5% of the newly-added saleable value[89]. - The Group's accumulated unbooked sales as of December 31, 2022, were approximately RMB 324.5 billion, with RMB 184.6 billion attributable to equity interests[102]. Strategic Focus and Development - Greentown China aims to build the "quality benchmark among the Top 10" as part of its "Strategic 2025" plan[15]. - The company shifted its development approach from rapid growth focused on quantity to high-quality development centered on product quality in 2022[23]. - For 2023, the company aims to focus on "destocking, streamlined management, strong capacity, and stable development" as its main operational strategy[23]. - The company plans to actively deploy in 10 strategic cities and structurally enter 25 key cities in 2023, emphasizing investment quality over scale[25]. - The company recognizes a market differentiation where high-tier cities are recovering faster than low-tier cities, indicating a need for strategic focus[23]. - The company aims to enhance its resilience and optimize team capabilities to adapt to industry changes and challenges[23]. - The company is committed to achieving "comprehensively high-quality and sustainable" development to provide better returns for investors[26]. Customer Satisfaction and Market Position - The company has maintained a leading position in customer satisfaction in core cities for 12 consecutive years[11]. - Greentown China has been awarded "Top 10 among 100 Chinese Real Estate Enterprises by Comprehensive Strength" for 19 consecutive years[11]. - In 2022, Greentown scored 90.2 points in the Customer Satisfaction Report, maintaining its position as an industry leader[93]. - Customer complaint completion rate reached 98.7%, and satisfaction rate for customer complaints was 99.9%[93]. - The company established a customer research committee and center to ensure the implementation of a "customer-oriented product offering" strategy[93]. Financial Health and Liabilities - Total assets increased to RMB 535,076,992, a growth of 2.0% from the previous year[34]. - Total liabilities rose to RMB 423,664,074, reflecting a 2.0% increase year-over-year[34]. - Total equity reached RMB 111,412,918, marking a 3.2% increase compared to the prior year[34]. - The net gearing ratio increased to 62.6% as of December 31, 2022, up from 52.0% in the previous year, indicating a rise in financial leverage[123]. - The total borrowings increased to RMB 140,121 million in 2022 from RMB 127,459 million in 2021, while net liabilities rose to RMB 69,727 million from RMB 55,963 million[123]. Project Management and Operational Efficiency - The project management business was officially spun off in July 2020, consolidating its leading position in the sector[15]. - The company has implemented a two-level integration of the management structure to streamline operations and enhance efficiency[26]. - The average periods from land acquisition to commencement, first launch, and positive operating cash flow were shortened to 2.7, 5.5, and 7.9 months respectively, representing year-on-year reductions of 37%, 25%, and 34%[96]. - The Group promoted a full-cycle project management system and upgraded its construction management standards to ensure quality[95]. - The company achieved an average first launch cycle of just 4.7 months for newly acquired projects in Hangzhou, with 13 out of 16 projects launched in the same year[96]. Governance and Leadership - The Company has a diverse board with members holding significant experience in legal, financial, and engineering sectors, enhancing its strategic decision-making capabilities[143]. - The Company aims to leverage the expertise of its directors to navigate market challenges and capitalize on growth opportunities[144]. - The management team emphasizes governance and compliance through its independent directors, ensuring alignment with regulatory standards[149]. - The Company has complied with all applicable code provisions set out in the Corporate Governance Code throughout the year ended December 31, 2022[161]. - The Audit Committee, composed entirely of independent non-executive directors, includes Mr. HUI Wan Fai (Chairman), Mr. JIA Shenghua, Mr. QIU Dong, and Mr. ZHU Yuchen as of December 31, 2022[176]. Market Expansion and Future Outlook - The company is focusing on market expansion in various regions, including overseas projects[39]. - The company is actively pursuing market expansion through new developments and maintaining high equity stakes in existing projects[52]. - The total saleable value for 2023 reached RMB 360.1 billion, with self-invested projects accounting for approximately RMB 247.6 billion, and first- and second-tier cities representing 80% of the total[102]. - The Group expects to complete approximately 18.69 million sqm of projects in 2023, representing a year-on-year increase of 48%[102]. - Greentown China is focusing on expanding new business sectors such as housing 4S, commercial operation, elderly care services, and smart community development[156].
绿城中国(03900) - 2022 - 年度财报