WOLONG REAL ESTATE(SH:600173)2023-04-07 16:00Financial Performance - The net profit attributable to the parent company for 2022 was RMB 301,199,566.65, a decrease of 37.92% compared to RMB 485,141,726.31 in 2021[4]. - The operating revenue for 2022 reached RMB 5,238,021,608.27, representing a 53.98% increase from RMB 3,401,812,110.43 in 2021[22]. - The basic earnings per share for 2022 was RMB 0.4300, down 37.85% from RMB 0.6919 in 2021[23]. - The net cash flow from operating activities was negative RMB 1,131,695,663.84, a decline of 592.82% compared to positive RMB 229,634,558.40 in 2021[22]. - The total assets as of the end of 2022 were RMB 6,487,948,696.55, a decrease of 13.89% from RMB 7,534,278,148.83 at the end of 2021[22]. - The weighted average return on net assets for 2022 was 8.09%, down 6.04 percentage points from 14.13% in 2021[23]. - The net assets attributable to shareholders at the end of 2022 were RMB 3,698,950,755.31, an increase of 3.59% from RMB 3,570,657,682.51 at the end of 2021[22]. - The company reported a significant decline in net profit in Q4 2022, with a loss of 60.36 million RMB, contrasting with profits in the first three quarters[25]. Business Operations - The company completed the acquisition of 100% equity of Shanghai Mining, which is classified as a business combination under common control[23]. - The company is focusing on diversifying its operations to mitigate risks associated with a single business model, particularly in real estate and non-ferrous metal trading[35]. - The company is actively managing costs and expenses while accelerating inventory turnover in the real estate sector[35]. - The company expanded its non-real estate business, achieving sales revenue of 3.599 billion yuan in metal trading, a year-on-year increase of 304.46%, which helped offset the decline in real estate revenue[37]. - The mineral trading business generated sales revenue of CNY 3,599 million, accounting for 69% of the total operating revenue for 2022[47]. Market Environment - The overall economic environment in China showed signs of weakness, with GDP growth at only 3% in 2022, impacting various sectors including real estate[32]. - The total sales area of commercial housing in China decreased by 24.3% year-on-year, with sales amounting to 13.33 trillion RMB, down 26.7%[33]. - In 2022, the company's real estate sales revenue was 1.627 billion yuan, a year-on-year decrease of 34.71% due to a downturn in the real estate market[37]. - The domestic consumption of refined copper is expected to decline by 4.7% year-on-year, totaling approximately 13.719 million tons in 2022[34]. Financial Management - The company implemented a project funding budget management mechanism to improve fund utilization efficiency amid declining sales and market demand[38]. - The company recognized an impairment loss of 184.785 million RMB on long-term equity investments, impacting the net profit attributable to the parent company by -174.363 million RMB[61]. - The company reported a significant increase in sales expenses by 55.12% to CNY 72,221,057.08, primarily due to higher sales agency fees[46]. - The company reported a long-term equity investment impairment of 184.7853 million RMB, impacting the net profit attributable to the parent company by 174.3630 million RMB[165]. Corporate Governance - The company has established a compliance management system to mitigate operational risks associated with its diversified business model[39]. - The company has implemented a transparent performance evaluation and incentive mechanism for senior management, ensuring compliance with legal regulations[104]. - The company has maintained a stable relationship with investors through various communication channels, including in-person visits and online interactions[104]. - The company has not engaged in any related party transactions that would harm the interests of other shareholders during the reporting period[105]. Future Outlook - The company provided a future outlook projecting a revenue growth of 10% for the next fiscal year[114]. - The company plans to expand its trade scale and diversify its rare metal trading categories, actively seeking upstream and downstream partners to strengthen its channel construction[96]. - The company anticipates a revenue of 5.874 billion yuan and an operating cost of 5.437 billion yuan in 2023[97]. - The company plans to launch 2-3 new games in the domestic market and multiple titles in overseas markets, including RPG and card games[171]. Social Responsibility and Sustainability - The company emphasizes social responsibility, focusing on sustainable development and community engagement while providing quality housing and services to its stakeholders[102]. - The company is committed to green and sustainable development in the construction industry, integrating green residential concepts into product design and construction[142]. - The company has actively participated in sponge city construction projects, implementing various ecological facilities for rainwater management[142].