TJRD(SH:600322)2022-04-11 16:00Financial Performance - The company's operating revenue for 2021 was approximately CNY 4.67 billion, an increase of 69.47% compared to CNY 2.75 billion in 2020[21]. - The net profit attributable to shareholders for 2021 was a loss of approximately CNY 1.84 billion, an improvement of 26.76% from a loss of CNY 2.52 billion in 2020[21]. - The basic earnings per share for 2021 was -CNY 1.6674, an improvement of 26.76% from -CNY 2.2766 in 2020[22]. - The weighted average return on equity for 2021 was -151.53%, a decrease of 77.44 percentage points from -74.09% in 2020[22]. - The company reported a significant quarterly revenue spike in Q4 2021, reaching approximately CNY 3.65 billion[25]. - In 2021, the company achieved operating revenue of 4.665 billion yuan, with a total profit of -1.551 billion yuan and a net profit of -1.752 billion yuan, resulting in a net profit attributable to the parent company of -1.844 billion yuan[47]. - The net profit attributable to the parent company for 2021 was -1,843,600,174.89 RMB, primarily due to inventory impairment provisions[189]. - The net profit after deducting non-recurring gains and losses improved by 28.02% compared to 2020, amounting to -1,806,846,765.19 RMB[192]. Cash Flow and Assets - The net cash flow from operating activities decreased by 33.71% to approximately CNY 2.24 billion, down from CNY 3.37 billion in 2020[21]. - The total assets at the end of 2021 were approximately CNY 18.92 billion, a decrease of 17.55% from CNY 22.94 billion at the end of 2020[21]. - The net cash flow from investment activities was negative at -¥217,732.24, a significant decrease from ¥50,522,278.70 in the previous year, primarily due to reduced cash from the disposal of subsidiary equity[56][57]. - The company's inventory decreased by 15.84% to CNY 15,465,359,502.09 from CNY 18,375,656,008.62 in the previous year, reflecting a reduction in prepayments for engineering[69]. - The total liabilities decreased by 25.36% for long-term loans, amounting to CNY 3,982,049,220.00 compared to CNY 5,334,990,000.00 in the previous year[69]. - The asset-liability ratio increased by 5.74 percentage points to 94.43% in 2021, indicating a higher level of debt relative to assets[192]. Real Estate Development - The total funds available for real estate development in 2021 reached 2,011.32 billion, a year-on-year increase of 4.2%[31]. - National real estate development investment for 2021 was 14,760.2 billion, with a year-on-year growth of 4.4%[33]. - The total sales area of commercial housing in China for 2021 was 1,794.33 million square meters, reflecting a year-on-year increase of 1.9%[35]. - The residential development investment in China for 2021 was 11,117.3 billion, accounting for 75.3% of total real estate development investment[33]. - The company completed a contract sales area of 155,700 square meters, generating a contract sales amount of 4.056 billion yuan in 2021[49]. - The company realized a revenue of 4.389 billion RMB from the transfer of properties, with a transfer area of 204,900 square meters, and had a pending transfer area of 33,100 square meters at the end of the reporting period[72]. Market and Strategic Initiatives - The company is actively exploring new business models to meet reasonable housing demand and enhance housing quality through urban renewal and affordable housing initiatives[41]. - The company is focusing on enhancing its core competitiveness, including resource integration, market marketing, product development, cost control, and risk management capabilities[45]. - The company is promoting urban renewal and improving the housing security system, with expectations for a better environment for the rental housing market in the future[42]. - The company aims to enhance its macro research and market judgment capabilities, platform collaboration, and system service capabilities as part of its strategic transformation[85]. - The company plans to focus on debt risk mitigation and cash flow management, emphasizing project sales and asset revitalization to improve financial stability[87]. - The company is closely monitoring macroeconomic policies to adapt its business strategies in response to the evolving regulatory environment in the real estate sector[90]. Governance and Management - The company has implemented a market-oriented recruitment and differentiated compensation system for its managerial staff, completing the recruitment of a general manager and three deputy general managers[53]. - The company continues to prioritize transparency in its governance structure, as evidenced by the detailed reporting of management compensation and shareholding[103]. - The total compensation for directors, supervisors, and senior management during the reporting period amounted to CNY 5.2368 million[101]. - The management team includes experienced professionals with backgrounds in engineering, finance, and management, contributing to the company's strategic direction[102]. - The company has established specialized committees within the board, including the Budget and Audit Committee, which met 4 times during the reporting period to oversee financial practices[114]. Regulatory Compliance - The company received two administrative regulatory measures from Tianjin Securities Regulatory Bureau for discrepancies in the 2020 annual report regarding the existence of a controlling shareholder[108]. - The company was under regulatory scrutiny from Shanghai Stock Exchange for failing to timely disclose changes in the controlling shareholder's equity and related matters[109]. - The company has not proposed a cash profit distribution plan despite having positive distributable profits for shareholders[127]. - The internal control audit report received a standard unqualified opinion, indicating effective internal control measures[130]. Debt and Financing - The company has borrowed ¥100 million from its controlling shareholder with a loan term of 24 months at an interest rate of 7.8%[146]. - The company has also borrowed an additional ¥100 million from its controlling shareholder for 1 year at an interest rate of 9.51%[147]. - The total amount of guarantees provided by the company (excluding subsidiaries) was RMB 290.50 million, with a guarantee balance of RMB 1,114.45 million at the end of the reporting period[154]. - The credit rating for the 13 Tianfang bonds was downgraded to BBB+ with a negative outlook due to liquidity issues and weakened refinancing ability[184].