HKHC(SH:600162)2022-04-28 16:00Financial Performance - In 2021, the company achieved operating revenue of CNY 5,704,314,008.18, representing a year-on-year increase of 14.50% compared to CNY 4,982,150,889.31 in 2020[26]. - The net profit attributable to shareholders of the listed company was CNY 187,665,903.89, a decrease of 33.37% from CNY 281,649,123.23 in the previous year[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 130,456,900.22, down 50.82% from CNY 265,247,557.88 in 2020[26]. - The net cash flow from operating activities was CNY 490,883,429.90, a decrease of 17.82% compared to CNY 597,328,920.56 in 2020[26]. - Basic earnings per share decreased by 32.37% to RMB 0.0562 in 2021 compared to RMB 0.0831 in 2020[28]. - The diluted earnings per share also decreased by 32.37% to RMB 0.0562 in 2021 compared to RMB 0.0831 in 2020[28]. - The weighted average return on net assets decreased to 2.54% in 2021 from 5.26% in 2020, a decline of 2.72 percentage points[28]. - The company's total operating revenue for the year was 5.704 billion yuan, representing a 14.50% increase compared to the previous year, while the operating cost was 3.579 billion yuan, an increase of 26.17%[48]. - The company's net profit for 2021 decreased by 50.82% compared to the previous year, amounting to RMB 130,456,900.22[194]. Assets and Liabilities - As of the end of 2021, the net assets attributable to shareholders of the listed company reached CNY 7,286,106,884.23, an increase of 37.05% from CNY 5,316,511,066.49 at the end of 2020[26]. - Total assets at the end of 2021 amounted to CNY 29,641,483,197.63, reflecting a year-on-year growth of 15.68% from CNY 25,623,925,893.49 in 2020[26]. - Cash and cash equivalents at the end of the period amounted to ¥3,559,039,309.29, representing 12.01% of total assets, a decrease of 3.79% from the previous period[56]. - Accounts receivable decreased by 20.44% to ¥23,306,641.14, accounting for 0.08% of total assets[56]. - Inventory increased by 7.57% to ¥15,860,709,785.55, making up 53.51% of total assets[56]. - Other receivables rose significantly by 126.08% to ¥2,576,260,029.07, representing 8.69% of total assets, attributed to performance compensation from a partner[56]. - Short-term borrowings decreased by 30.90% to ¥974,982,426.50, accounting for 3.29% of total liabilities[56]. - Contract liabilities decreased by 6.12% to ¥5,453,213,426.24, representing 18.40% of total liabilities[56]. - Non-current liabilities due within one year increased by 99.20% to ¥2,569,228,301.33, accounting for 8.67% of total liabilities[56]. Revenue and Sales - The company achieved a total sales amount of approximately RMB 3.7 billion and project cash inflows of about RMB 4.2 billion in 2021[34]. - The company reported a total sales area of 1.794 billion square meters for commercial housing in 2021, with a year-on-year growth rate of 1.9%, and a sales amount of 1.819 trillion yuan, reflecting a year-on-year increase of 4.8%[38]. - The new construction area in 2021 was 1.989 billion square meters, a significant decline of 11.4%, marking the largest drop since 2016[38]. - The company reported a total of 83,000 million RMB in expected daily related transactions for 2021, with actual transactions amounting to approximately 19,558.44 million RMB[151]. - The company achieved total sales revenue of 370,949 million RMB and a sales area of 311,680.62 square meters during the reporting period[66]. Investment and Development - The company has significant real estate development projects underway, including the Guangzhou Jinjiang project with a planned construction area of 1,131,283 square meters[62]. - The total area of land held for development is 1,545,932 square meters, with a planned construction area of 2,677,219 square meters[61]. - The company is actively expanding its real estate portfolio with various projects in cities like Guangzhou, Changsha, and Suzhou, contributing to its growth strategy[63]. - The company has developed large-scale high-end residential projects, including the Guangzhou Jinxiuxiangjiang and Guangzhou Xiangjiang•Feicui Green Oasis, focusing on urban industrial development[40]. - The company plans to expand its project investment in 2021, as indicated in the proposals approved during the annual general meeting[91]. Governance and Compliance - The company has provided a standard unqualified audit report from Deloitte Huayong[5]. - The company maintained a robust internal control system, with effective operations reported during the evaluation period[87]. - There were no significant governance irregularities reported, ensuring adherence to regulatory standards[88]. - The company has established a long-term system to prevent fund occupation by controlling shareholders and their affiliates[89]. - The company actively engaged with investors, enhancing communication and feedback mechanisms throughout the year[87]. Market Conditions and Risks - The real estate market faced unprecedented challenges in 2021 due to tightening policies and the impact of COVID-19, affecting project development and sales[139]. - The implementation of the "three red lines" financing policy for real estate companies increased financial pressure on the industry[139]. - Market risks include a slowdown in demand growth for commodity housing, influenced by economic factors and changing consumer attitudes[81]. - The company faces risks from the ongoing COVID-19 pandemic, which may impact construction progress and project timelines[79]. Future Outlook - For 2022, the company plans to maintain a steady development strategy, focusing on cost control, active sales, and inventory reduction[76]. - The company provided guidance for 2022, projecting revenue growth of 10% to 12%, aiming for a total revenue between 1.32 billion and 1.344 billion[99]. - The company intends to stabilize store occupancy rates and increase revenue through enhanced budget management and cost control measures[77]. - The company aims to enhance cash flow management, improve fund recovery rates, and increase asset turnover to boost operational efficiency[75]. Shareholder Information - The top shareholder, Southern Xiangjiang Group Co., Ltd., holds 1,320,619,361 shares, accounting for 38.89% of the total shares[168]. - Shenzhen Jin Haima Industrial Co., Ltd. holds 713,261,476 shares, representing 21.00% of the total shares[168]. - The company has repurchased 127,343,302 shares, which is 3.75% of the total share capital[169]. - The major shareholders include Southern Xiangjiang Group, Shenzhen Jin Haima, and Xiangjiang Group, which are considered acting in concert[169]. Legal Matters - The company is involved in multiple lawsuits, including a claim for 130,000,000 CNY regarding unpaid project funds, with the first instance already opened[147]. - Another lawsuit involves a claim of 30,227,300 CNY for unpaid project funds, with the first instance yet to be heard[148]. - A third lawsuit claims 18,932,100 CNY for unpaid project funds, with the first instance also yet to be heard[148]. - The company has engaged professional legal firms to actively respond to these lawsuits[147].