Financial Performance - For the year ended December 31, 2021, the Group recorded a cumulative contracted sales amount of approximately RMB 7,405.4 million, representing a year-on-year increase of approximately 16.8%[18]. - The Group confirmed sales revenue of RMB 5,616.6 million during the Reporting Period, reflecting a substantial year-on-year increase of 42.3%[18]. - The annual net profit for the Group was RMB 259 million[18]. - Revenue for the year ended 31 December 2021 amounted to approximately RMB 5,616.6 million, representing an increase of approximately 42.3% compared to the year ended 31 December 2020[42]. - Gross profit for the year ended 31 December 2021 was approximately RMB 923.3 million with a gross profit margin of approximately 16.4%[42]. - Profit for the year ended 31 December 2021 was approximately RMB 258.9 million, representing a decrease of approximately 29.6% compared to the year ended 31 December 2020[42]. - The Group's revenue increased by 42.3% from approximately RMB 3,946.1 million in 2020 to approximately RMB 5,616.6 million in 2021, driven by an increase in delivered GFA[128]. - The total aggregate GFA recognized rose from 579,817 sq.m. in 2020 to 768,605 sq.m. in 2021, reflecting more properties completed and delivered[129]. Assets and Liabilities - Total assets amounted to approximately RMB 17,211.2 million[18]. - Total cash and bank balances were approximately RMB 1,694.1 million[18]. - As of December 31, 2021, the Group had total assets of approximately RMB 17,211.2 million and cash and bank balances totaling approximately RMB 1,694.1 million[21]. - Total current borrowings increased to RMB 1,372,124, up from RMB 1,065,298, representing a growth of approximately 29% year-over-year[167]. - Total non-current borrowings decreased to RMB 226,750 from RMB 1,031,154, a decline of approximately 78% year-over-year[170]. - The total indebtedness of the Group as of December 31, 2021, was RMB 1,598,874, down from RMB 2,096,452, a reduction of about 24% year-over-year[171]. - The net gearing ratio was at a net cash position as of December 31, 2021, indicating no significant debt burden[171]. - The Group's total guarantees given to banks for mortgage loans amounted to RMB 6,774,905, a decrease from RMB 7,084,443, reflecting a reduction of approximately 4% year-over-year[186]. Land and Development - The Group acquired 3 plots of land with a total construction area of approximately 271,100 square meters, further implementing its investment strategy in Anhui and the Yangtze River Delta[23]. - The Group's land bank totaled approximately 3.7 million square meters at different stages of development as of December 31, 2021[24]. - The company reported a land bank of approximately 1,000,000 square meters across various projects, with significant developments in Bozhou and Hefei[106]. - The company has a land bank of 1,200,000 square meters across various projects, with significant equity attributable to the group ranging from 27% to 100%[118]. - The Group's strategic focus on expanding its property development projects is evident in its ongoing and future project pipeline, aimed at enhancing market presence[87]. Market Position and Strategy - The Group was ranked 85th among the top 100 China real estate enterprises in terms of comprehensive strength and 70th in brand value in 2021[24]. - In July 2021, the Group was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited, raising over USD 110 million[25]. - Looking forward to 2022, the Group plans to adjust its business strategy to adapt to the new operating model of the industry and aims for steady breakthroughs in business performance[31]. - The Group will focus on improving customer satisfaction and enhancing product and service capabilities to increase customer stickiness in 2022[33]. - The Group aims to optimize its organizational structure and enhance internal management capabilities to achieve healthy, sustainable, and high-quality development[33]. Costs and Expenses - The cost of sales increased by 62.9% from approximately RMB 2,881.1 million in 2020 to approximately RMB 4,693.3 million in 2021, attributed to the higher delivery of properties[134]. - Gross profit decreased by 13.3% from approximately RMB 1,065.0 million in 2020 to approximately RMB 923.3 million in 2021, primarily due to increased cost of sales[135]. - The gross profit margin fell to 16.4% in 2021 from 27.0% in 2020, influenced by lower margin projects and cost overruns[136]. - Selling and distribution expenses increased by 10.5% from approximately RMB 200.2 million in 2020 to approximately RMB 221.2 million in 2021, primarily due to increased promotion and marketing activities[144]. - Administrative expenses rose by 4.0% from approximately RMB 188.7 million in 2020 to approximately RMB 196.3 million in 2021, attributed to continuous business expansion[145]. Other Financial Metrics - Other income and gains rose by 15.3% from approximately RMB 12.4 million in 2020 to approximately RMB 14.3 million in 2021, mainly due to increased interest income on bank deposits[142]. - Finance costs surged by 81.0% from approximately RMB 22.1 million in 2020 to approximately RMB 40.0 million in 2021, primarily due to increased interest on borrowings before project commencement[153]. - Income tax expenses decreased by 32.3% from approximately RMB 275.6 million in 2020 to approximately RMB 186.5 million in 2021, mainly due to a lower gross profit margin and reduced taxable income[156]. - The current ratio improved to 1.2 times as of December 31, 2021, compared to 1.1 times as of December 31, 2020[164]. Compliance and Risk Management - The Group does not have a policy to hedge against foreign exchange risk, with only RMB 1.2 million in cash denominated in Hong Kong dollars[176]. - The Group's exposure to interest rate risk is limited as all borrowings are at fixed rates, with no significant anticipated impacts from interest rate changes[178]. - As of December 31, 2021, the Group's assets pledged for borrowings had a carrying value of approximately RMB 4,275.0 million, an increase from RMB 4,060.5 million[180].
三巽集团(06611) - 2021 - 年度财报