WOLONG REAL ESTATE(SH:600173)2024-01-12 16:00Financial Performance - The net profit attributable to shareholders for 2021 was RMB 466,454,987.35, a decrease of 3.68% compared to RMB 484,277,881.13 in 2020[5]. - The basic earnings per share for 2021 was RMB 0.6652, down 3.83% from RMB 0.6917 in 2020[24]. - The total revenue for 2021 was RMB 2,281,298,897.23, an increase of 9.73% compared to RMB 2,503,287,910.04 in 2020[24]. - The weighted average return on equity for 2021 was 13.76%, a decrease of 2.54 percentage points from 16.30% in 2020[24]. - The net cash flow from operating activities for 2021 was not applicable, compared to RMB 198,895,697.44 in 2020, indicating a significant decline[24]. - The total assets as of the end of 2021 were RMB 7,366,407,536.23, a decrease of 6.34% from RMB 7,865,149,583.15 at the end of 2020[24]. - The net assets attributable to shareholders increased to RMB 3,518,303,120.31, reflecting an increase of 11.46% from RMB 3,156,549,840.80 in 2020[24]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2021, representing a year-over-year increase of 15%[90]. - The company achieved a total operating revenue of CNY 2,503.29 million in 2021, with sales revenue from real estate development projects accounting for 99.53% of total revenue[179]. - The cost of main business turnover for real estate sales was CNY 1,647.12 million in 2021, indicating significant expenses associated with property development[180]. Cash Flow and Investments - The company reported a net cash flow from operating activities of -300.82 million RMB in the first quarter, followed by positive cash flow in subsequent quarters[31]. - The company accelerated the recovery of operating funds, achieving a cash inflow of 1.946 billion RMB during the reporting period[36]. - The company’s investment activities generated a net cash flow of approximately ¥499.43 million, primarily due to the redemption of large bank financial products[56]. - The company redeemed 500 million RMB from bank wealth management products on June 29, 2021[140]. - The company’s total operating costs for property sales increased by 42.37% year-on-year, primarily due to rising land costs, resulting in a gross margin reduction of 15.17 percentage points[50]. Market and Industry Trends - The real estate industry saw a 1.9% year-on-year increase in sales area, totaling 1,794.33 million square meters, and a 4.8% increase in sales revenue, reaching 1.8193 trillion RMB[32]. - The company faced challenges in the second half of the year due to market demand contraction and regulatory policies, leading to a decrease in investment and sales[32]. - The real estate market is facing increased regulatory pressure, with ongoing financial supervision and a tightening survival environment for real estate companies[41]. - The real estate market is anticipated to experience a decline in sales area, with stable sales prices due to various influencing factors[71]. - The overall market supply is at a relatively low level, impacting new construction scales and market activity[71]. Strategic Initiatives - The company plans to distribute a cash dividend of RMB 1.50 per 10 shares, totaling RMB 105,075,936.60[5]. - The company is focusing on talent development to support its strategic business needs and enhance its core team[39]. - The company established a unified procurement platform for bulk materials to lower construction costs and improve efficiency[37]. - The company aims to diversify its business operations, with new segment revenue expected to reach 1.492 billion yuan[75]. - The company plans to optimize its urban layout, focusing on mainstream cities to enhance brand competitiveness[73]. Risk Management - The company has indicated potential risks related to its future operational and strategic plans[6]. - The company faces risks from macroeconomic policies, market fluctuations, and project development challenges[74]. - The company has a robust internal control system to manage related party transactions and insider information[81]. - The company has not encountered any risks that would lead to delisting warnings[129]. Corporate Governance - The company has established a fair and transparent performance evaluation and incentive mechanism for senior management[81]. - The company held its annual general meeting on April 28, 2021, where all 8 proposed resolutions were approved without any rejections[83]. - The company appointed new directors and management during the reporting period, including the election of a new president and financial director[88]. - The total pre-tax remuneration for directors and senior management during the reporting period amounted to 498,000 yuan[87]. - The company has implemented measures to ensure the independence of its operations from controlling shareholders[82]. Environmental and Social Responsibility - The company strictly adhered to environmental protection laws and regulations, with no violations or administrative penalties reported during the reporting period[119]. - The company is committed to sustainable development and adheres to national and local green building standards, focusing on resource conservation and pollution reduction[120]. - The company aims to create "green real estate" by minimizing resource waste and pollution during construction[120]. Subsidiary Performance - The net profit of the subsidiary Yaojiang Shenma increased by 61.36% compared to the previous year, primarily due to an increase in the area available for transfer in 2021[68]. - The net profit of the subsidiary Tianxiang Nanyuan rose by 80.49% year-on-year, also attributed to an increase in the area available for transfer in 2021[68]. - The subsidiary Qingyuan Wuzhou experienced a net profit decline of 50.48% compared to the same period last year, mainly due to a decrease in the area available for transfer[68]. - The subsidiary Moshui Lake's net profit decreased by 48.74% year-on-year, primarily due to a reduction in the area available for transfer[68]. Shareholder Information - The total number of ordinary shareholders decreased from 20,234 to 18,245 during the reporting period[157]. - The top ten shareholders hold a total of 44.84% of shares, with Zhejiang Wolong Real Estate Investment Co., Ltd. holding 314,104,357 shares[160]. - The controlling shareholder, Zhejiang Wolong Real Estate Investment Co., Ltd., increased its shareholding from 46.02% to 46.05%[156]. - The company has no actual controller, and there were no changes in control during the reporting period[167].