BCDC(SH:600376)2020-04-29 16:00Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching 1.5 billion RMB in the last quarter[19]. - The company's operating revenue for 2019 was CNY 47,645,398,390.22, representing a 19.90% increase compared to CNY 39,736,005,663.82 in 2018[33]. - The net profit attributable to shareholders for 2019 was CNY 2,757,945,937.25, a decrease of 12.90% from CNY 3,166,560,617.16 in 2018[33]. - The net cash flow from operating activities for 2019 was CNY 1,724,306,637.01, down 85.19% from CNY 11,643,204,842.61 in 2018[33]. - The gross margin improved to 35%, up from 30% in the previous year, indicating better cost management[22]. - Basic earnings per share (EPS) decreased by 11.40% to CNY 0.9446 from CNY 1.0662 in 2018[36]. - Diluted EPS also decreased by 11.40% to CNY 0.9446 compared to CNY 1.0662 in the previous year[36]. - The company achieved a total sales amount of CNY 10,134,446,000 and a sales area of 4,114,960 square meters during the reporting period[140]. Dividend Policy - The company plans to distribute a cash dividend of 4 CNY per 10 shares, totaling approximately 1,031,826,096.80 CNY based on the total share capital of 2,579,565,242 shares as of December 31, 2019[6]. - The company has committed to a cash dividend policy where the cash distribution should not be less than 20% of the distributable profit for the year, and over the last three years, the total cash dividends distributed should not be less than 30% of the average annual distributable profit[171]. - The company has maintained a consistent cash dividend distribution strategy over the past three years, reflecting its commitment to shareholder returns[171]. Market Expansion and Strategy - The company plans to expand its market presence and invest in new product development to drive future growth[27]. - The company is focusing on strategic acquisitions to enhance its competitive position in the market[27]. - The company is expanding its market presence in three new cities, aiming to increase market share by 5%[23]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market penetration[19]. - The company plans to enhance its market expansion strategies and invest in new product development to drive future growth[38]. - The company aims to improve cash flow management to stabilize financial performance moving forward[27]. Risks and Challenges - There are no significant risks that materially affect the company's operations during the reporting period, and various potential risks and countermeasures are detailed in the report[8]. - The company faces market risks due to macroeconomic factors and regulatory policies affecting the real estate sector[167]. - Financing risks are present as tightening policies limit equity financing and project turnover speeds[167]. - Management risks arise from the need to enhance management capabilities and governance structures amid expanding operations[167]. - The COVID-19 pandemic may impact project progress and rental income, depending on the situation of epidemic control measures[168]. Audit and Compliance - The company received a standard unqualified audit report from the accounting firm, ensuring the accuracy and completeness of the financial report[5]. - The audit firm, Deloitte, received a remuneration of RMB 4.30 million for their services, indicating a long-term relationship of 13 years[197]. - The company has not faced any risks of suspension or termination of listing during the reporting period[197]. Research and Development - Research and development investments increased by 25%, focusing on innovative technologies in real estate[20]. - The company invested ¥2.53 million in research and development, accounting for 0.01% of total revenue[100]. Real Estate Development - The company completed a total of 2.2276 million square meters of various real estate project transfers, a year-on-year growth of 22.05%[82]. - The company has ongoing projects in various regions, with a total planned construction area of 3,000,000 square meters across multiple developments[77]. - The total investment in real estate development during the reporting period amounted to 1,000.00 billion RMB, with an actual investment of 200.00 billion RMB[115]. - The company has ongoing projects in Beijing, including residential developments with a total planned construction area of 1,200,000 square meters across various sites[118]. Financial Position - The total assets as of the end of 2019 were CNY 303,367,804,089.70, an increase of 4.10% from CNY 291,410,700,324.76 at the end of 2018[33]. - The company's total liabilities reached approximately ¥237.74 billion, reflecting a slight increase of ¥61.27 million in deferred tax liabilities[190]. - Shareholders' equity totaled approximately ¥53.67 billion, with an increase of ¥183.81 million in equity attributable to the parent company[190]. Future Outlook - The company provided a future outlook, projecting a revenue growth of 10% for the next fiscal year[21]. - The overall market outlook remains positive, with projected growth in the real estate sector expected to increase by 15% in the next fiscal year[115]. - The management expressed optimism about future performance despite the challenges faced in 2019[27].