首开股份(600376) - 2021 Q4 - 年度财报

Definitions This chapter defines key terms, company abbreviations, and related party names used throughout the report - The report provides definitions for company abbreviations, related party names, and specialized terminology to facilitate understanding[15] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, key financial performance, and significant accounting items over the reporting period Company Basic Information This chapter provides the company's basic business registration information, including its Chinese and English names, legal representative, registered address, contact details, and information disclosure channels Company Basic Information Table | Item | Information | | :--- | :--- | | Company Name | Beijing Capital Development Co., Ltd. (Shoukai Shares) | | Stock Code | 600376 (Shanghai Stock Exchange) | | Legal Representative | Li Yan | | Office Address | Block D, China Merchants International Financial Center, 156 Fuxingmennei Street, Xicheng District, Beijing | | Company Website | http:/www.shoukaigufen.com | Major Accounting Data and Financial Indicators In 2021, the company's operating revenue achieved significant growth, increasing by 53.31% year-on-year, but net profit attributable to shareholders of the listed company sharply declined by 77.95% Major Accounting Data and Financial Indicators for the Past Three Years Table | Major Accounting Data (RMB Yuan) | 2021 | 2020 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 67,802,259,765.09 | 44,226,427,381.80 | 53.31% | | Net Profit Attributable to Shareholders of the Listed Company | 692,305,112.91 | 3,139,603,149.39 | -77.95% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-Recurring Items) | 594,158,774.84 | 2,317,608,131.50 | -74.36% | | Net Cash Flow from Operating Activities | 7,403,408,176.48 | 5,589,654,392.03 | 32.45% | | Total Assets | 314,317,983,358.99 | 327,842,916,394.73 | -4.13% | | Net Assets Attributable to Shareholders of the Listed Company | 31,084,238,663.85 | 31,593,928,294.99 | -1.61% | | Basic Earnings Per Share (Yuan/share) | 0.1870 | 1.1311 | -83.47% | | Weighted Average Return on Equity (%) | 1.83 | 11.42 | Decrease by 9.59 percentage points | Quarterly Key Financial Data The company's quarterly performance in 2021 showed significant fluctuations, with net losses in the first and third quarters, a net profit of nearly 1 billion Yuan in the second quarter, and near break-even in the fourth quarter 2021 Quarterly Key Financial Data Table | Major Financial Data (RMB Yuan) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 10,913,824,938.29 | 22,403,782,337.63 | 10,612,313,347.36 | 23,872,339,141.81 | | Net Profit Attributable to Shareholders of the Listed Company | -149,515,961.66 | 998,011,829.44 | -149,282,963.80 | -6,907,791.07 | | Net Cash Flow from Operating Activities | 2,046,841,431.21 | 7,757,107,519.56 | -314,013,307.27 | -2,086,527,467.02 | Non-Recurring Gains and Losses Items and Amounts In 2021, the company's total non-recurring gains and losses amounted to 98.1463 million Yuan, primarily from disposal gains on non-current assets and capital occupation fees from non-financial enterprises - Total non-recurring gains and losses in 2021 amounted to 98.1463 million Yuan, a significant decrease from 822 million Yuan in 2020[49] Major Non-Recurring Gains and Losses Items Table | Major Non-Recurring Gains and Losses Items (RMB Yuan) | 2021 Amount | 2020 Amount | | :--- | :--- | :--- | | Disposal gains and losses on non-current assets | 147,858,367.11 | 51,681,613.34 | | Capital occupation fees collected from non-financial enterprises | 96,677,730.42 | 157,707,478.95 | | Gains from remeasurement of remaining equity at fair value after loss of control | -- | 682,363,867.07 | | Total | 98,146,338.07 | 821,995,017.89 | Items Measured at Fair Value As of the end of 2021, the book value of items measured at fair value totaled 3.959 billion Yuan, an increase of 1.015 billion Yuan from the beginning of the period Items Measured at Fair Value Table | Item Name | Period-End Balance (Yuan) | Current Period Change (Yuan) | Impact on Current Period Profit (Yuan) | | :--- | :--- | :--- | :--- | | CITIC M&A Investment Fund | 781,757,620.30 | 218,759,821.39 | 264,892,982.24 | | Shenzhen Xinzhenglongcheng Investment Partnership | 696,864,354.49 | 193,081,910.15 | 193,081,910.15 | | Wuhu Shoumao Yuehe Equity Investment Partnership | 505,954,702.16 | 505,954,702.16 | 25,954,702.16 | | Total | 3,959,191,090.67 | 1,014,769,549.17 | 318,090,210.02 | Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, core competencies, and future strategic outlook amidst the prevailing market conditions Discussion and Analysis of Operations In 2021, the macroeconomic environment faced multiple pressures, with the central government emphasizing "stability first, progress while maintaining stability" Macroeconomic and Policy Environment In 2021, the international environment was complex and severe, and the domestic economy faced triple pressures of demand contraction, supply shocks, and weakening expectations - The central government mandated "stability first, progress while maintaining stability" for 2022 economic work, with robust and effective macroeconomic policies aimed at stabilizing the overall economy[55] - Beijing required adherence to "capital development as the统领", integrating the "five initiatives" into the new development pattern, and high-level completion of the three-year action plan for state-owned enterprise reform[55] Real Estate Market Review In 2021, national commercial housing sales area and sales value reached historical highs, but growth significantly slowed in the second half, with a widening year-on-year decline in December - National commercial housing sales reached 18.2 trillion Yuan in 2021, a 4.8% year-on-year increase, setting a new historical record, but the year-on-year decline expanded to 17.8% in December[56] - National real estate development investment increased by 4.4% year-on-year, but new construction starts decreased by 11.4% year-on-year, indicating cautious front-end investment in the market[68] - Funds available to real estate enterprises from domestic loans decreased by 12.7% year-on-year, indicating a tightening financing environment[80] Company Business and Core Competencies The company's main business is real estate development, supplemented by diversified businesses such as property operation and services, old city renovation, and real estate finance Company Business Operations The company's business primarily consists of four segments: real estate development, property operation and services, old urban area renewal, and real estate finance - Real Estate Development: The core business, with real estate sales revenue of 66.851 billion Yuan during the reporting period, projects are distributed across Beijing-Tianjin-Hebei, Northern, and Southern regions, with a total gross floor area exceeding 48 million square meters[87] - Property Operation and Services: An important business segment, with hotel property operation and other income of 706 million Yuan during the reporting period, actively exploring new business formats such as long-term rental apartments (Shoukai • Leshang) and commercial complexes[88] - Old Urban Area Renewal: Steadily advancing shantytown renovation and collective rental housing projects, actively revitalizing existing assets, and exploring incremental renewal projects such as old residential community renovation, with the elderly care business initially forming a virtuous cycle[89][92] - Real Estate Finance: Through the Shoukai Yingxin platform, focusing on urban renewal projects for commercial and office buildings in first-tier cities, adopting a "buy-repair-exit" business model, with cumulative investments of approximately 3 billion Yuan[93] Analysis of Core Competencies The company's core competencies are primarily reflected in four aspects: strong brand influence, leading position in the Beijing market, excellent financing capabilities, and professional project operation capabilities - Company Brand: The "Shoukai Real Estate" brand is deeply rooted, with high recognition and reputation, expanding its network through a "win-win cooperation" strategy to effectively acquire land resources[95] - Rooted in Beijing Market: As a leading state-owned real estate enterprise in Beijing, it maintains a leading sales position in the Beijing market, with projects within Beijing being a significant component of settlement revenue[98] - Financing Capability: Maintains good relationships with major domestic financial institutions, diversified financing channels, bond issuance costs at a low industry level, and holds the highest AAA corporate credit rating[99] - Professional Operation Capability: Possesses decades of real estate development experience, has formed an institutionalized and standardized management system, and maintains close cooperative relationships with multiple enterprises for joint project operation[100] Analysis of Major Operating Performance In 2021, the company's sales performance grew against the trend, with contracted sales reaching 114.9 billion Yuan, a 7% year-on-year increase, and sales collection hitting a new historical high Overview of Operating Performance In 2021, the company achieved sales of 114.9 billion Yuan, a 7% year-on-year increase, and sales collection of 119.4 billion Yuan, a 21% year-on-year increase, both reaching historical highs Operating Performance Overview Table | Operating Indicator | 2021 | YoY Growth | | :--- | :--- | :--- | | Sales Area | 3.93 million square meters | 3% | | Contracted Sales Value | 114.9 billion Yuan | 7% | | Sales Collection | 119.4 billion Yuan | 21% | | Operating Income | 1.221 billion Yuan | 22% | - As of the end of the reporting period, the company's "three red lines" indicators improved: the asset-liability ratio excluding pre-receipts was 73.60%, the net debt ratio was 147.45%, and the cash-to-short-term debt ratio was 1.22 times[107] - In 2021, the company acquired 30 projects, with a total land area of 1.383 million square meters and a planned gross floor area of 2.87 million square meters[104][107] Analysis of Main Business During the reporting period, due to the concentrated delivery of real estate projects, the company's operating revenue increased by 53.31% year-on-year, but operating costs increased by 70.65% year-on-year Main Business Analysis Table | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 67,802,259,765.09 | 44,226,427,381.80 | 53.31% | | Operating Cost | 54,368,150,568.62 | 31,860,087,935.62 | 70.65% | Main Business Analysis by Region Table | By Region | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin (%) | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Beijing Region | 27,600,853,236.26 | 21,511,349,968.11 | 28.31% | Decrease by 14.59 percentage points | | Outside Beijing Region | 39,956,156,011.82 | 32,757,043,861.36 | 21.98% | Increase by 3.29 percentage points | Analysis of Expenses, R&D, and Cash Flow In 2021, the company's three major expenses (selling, administrative, and financial) totaled 5.688 billion Yuan, an increase of 728 million Yuan year-on-year, mainly due to increased sales revenue and higher expensed interest - Net cash flow from operating activities was 7.403 billion Yuan, a 32.45% year-on-year increase, primarily benefiting from increased housing sales collection[127][108] - Net cash flow from financing activities was -7.730 billion Yuan, a significant 198.14% year-on-year decrease, mainly due to reduced borrowings and increased debt repayments[127][108] - The company's total expenses were 5.688 billion Yuan, a 14.5% year-on-year increase, with financial expenses increasing by 9.54% due to reduced capitalized interest[125][108] Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were 314.318 billion Yuan, total liabilities were 247.291 billion Yuan, and the asset-liability ratio decreased to 78.68% Major Assets and Liabilities Items Table | Major Assets and Liabilities Items | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | Change Ratio (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Fixed Assets | 1,767,084,359.24 | 1,144,661,378.32 | 54.38% | Mianyang Hotel transferred to fixed assets | | Taxes Payable | 5,005,174,546.10 | 2,165,222,123.97 | 131.16% | Increase in land value-added tax payable | | Long-term Payables | 12,463,042,075.16 | 7,300,388,557.24 | 70.72% | Increase in payables to Shoukai Group and minority shareholders | - As of the end of the reporting period, the company's total book value of major restricted assets was 42.593 billion Yuan, primarily inventory pledged for loans and long-term equity investments pledged for equity[134] Analysis of Industry Operating Information In 2021, the company had ample real estate business reserves, holding approximately 1.78 million square meters of planned developable land, and actively advanced multiple shantytown renovation projects - As of the end of the reporting period, the company held a total of 1.7775 million square meters of planned developable land projects[141] Development Investment Status Table | Development Investment Status | Area (Square Meters) | Investment Amount (Billion Yuan) | | :--- | :--- | :--- | | New Construction Starts Area | 4,805,618 | - | | Construction in Progress Area | 22,365,594 | - | | Completed Area | 6,804,151 | - | | Actual Investment Amount for the Reporting Period | - | 68.838 | Sales and Settlement Status Table | Sales and Settlement Status | Area (Square Meters) | Amount (Million Yuan) | | :--- | :--- | :--- | | Achieved Sales Area | 3,926,502 | - | | Achieved Sales Value | - | 11,490,744 | | Settlement Area | 2,580,373 | - | | Settlement Revenue Amount | - | 6,685,128 | | Area Awaiting Settlement at Period-End | 10,254,867 | - | Analysis of Investment Status During the reporting period, the company's total external equity investment amounted to 11.445 billion Yuan, a 12.42% year-on-year increase Investment Status Table | Investment Status | Amount (Million Yuan) | | :--- | :--- | | Total Investment During the Reporting Period | 1,144,535.45 | | Total Investment in Prior Period | 1,018,072.29 | | Investment Amount Change (%) | 12.42% | Future Development Outlook Looking ahead to 2022, the company anticipates a high-level decline in the real estate market, but with room for policy improvement Industry Landscape and Trends In 2022, macroeconomic policies are expected to continue to exert efforts to stabilize the economy, and real estate market regulation policies still have room for improvement, especially in the credit sector, which will increase support for reasonable housing demand - The real estate market transaction volume is expected to decline from a high level in 2022, with the market in a downward cycle[206] Company Development Strategy The company's strategy will be based in Beijing, serving the capital's development, while prudently expanding into key national urban clusters - Based in Beijing, increasing layout in the sub-center of the city, "three cities and one district", and new plain cities[207] - Expanding nationwide, focusing on key urban clusters, cultivating 3-5 cities with sales exceeding 10 billion Yuan and 8-10 cities with sales exceeding 5 billion Yuan[207] - Accelerating transformation, actively participating in old residential community renovation and urban renewal, exploring pathways from the incremental market to the existing stock market[207] Operating Plan In 2022, the company will adhere to the business logic of "sales first, cash is king, profit is fundamental", focusing on the goals of "breaking efficiency bottlenecks and exploring profit margins" 2022 Operating Targets Table | 2022 Operating Targets | Amount/Area | | :--- | :--- | | Contracted Sales Value | 108.0 billion Yuan | | Sales Area | 3.80 million square meters | | Sales Collection | 107.8 billion Yuan | | Planned New Construction Starts Area | 2.77 million square meters | | Planned Completed Area | 5.30 million square meters | Potential Risks The company's future development faces three major risks: profitability pressure, financing risk, and management risk - Profitability Pressure: High-priced land projects face significant potential loss and impairment pressure, squeezing profit margins for new projects[219] - Financing Risk: Regulatory policies like the "three red lines" end the high-leverage model, posing greater challenges for the company in the capital market[220] - Management Risk: The expansion of business scale has exposed issues such as uneven regional layout, unclear transformation models, inadequate talent incentive mechanisms, and lagging information technology construction[221][223] Corporate Governance This section details the company's corporate governance structure, including shareholder meetings, board and supervisory operations, and internal control systems Overview of Corporate Governance During the reporting period, the company strictly complied with relevant laws and regulations, maintained a sound corporate governance structure, and ensured standardized operation of its three key bodies - During the reporting period, the company held 9 shareholder meetings, 29 board meetings, and 5 supervisory board meetings, deliberating on significant matters such as financing guarantees, periodic reports, and external investments[225] - In 2021, the Board of Directors completed the appointment and adjustment of the General Manager and some senior executives, appointing Mr Zhao Longjie as the company's General Manager[228] Shareholders' Meeting Information In 2021, the company held a total of 9 shareholder meetings (8 extraordinary general meetings and 1 annual general meeting), deliberating and approving a series of important proposals - A total of 9 shareholder meetings were held throughout the year, deliberating 40 proposals, primarily focusing on financing guarantees and periodic reports[225][234][237] Directors, Supervisors, and Senior Management This chapter details the personal information, terms of office, shareholding changes, and remuneration of the company's current and departed directors, supervisors, and senior management during the reporting period Directors, Supervisors, and Senior Management Remuneration Table | Name | Position | Total Pre-tax Remuneration from Company During Reporting Period (Million Yuan) | Received Remuneration from Related Parties of the Company | | :--- | :--- | :--- | :--- | | Li Yan | Chairman | 0 | Yes | | Zhao Longjie | Director, General Manager | 1.9022 | No | | Rong Yu | Chief Accountant | 1.7300 | No | | Wang Yi | Board Secretary | 1.6500 | No | | Total | / | 21.6254 | / | - During the reporting period, Director Wang Hongbin resigned, and Zhao Longjie and Li Hao were elected as new directors; Supervisor Wang Lixin resigned, and Wang Ao was elected as a new supervisor, while new senior management including the General Manager, Deputy General Managers, Assistant General Manager, and Chief Legal Counsel were appointed[257] Internal Control and Audit The company has established and implemented effective internal control systems, with classified management adopted for different business segments based on their characteristics - The company disclosed its "2021 Internal Control Self-Assessment Report", finding no material weaknesses[290] - The accounting firm issued a standard unqualified audit opinion on the company's internal control for the year 2021[294] Environmental and Social Responsibility This section outlines the company's environmental performance and its commitment to social responsibility initiatives Environmental Information The company is not classified as a key pollutant-discharging entity and received no administrative penalties for environmental issues during the reporting period - The company obtained green building certifications for approximately 2.9 million square meters throughout the year and received multiple green real estate related honors, including being ranked among the "2021 China Green Real Estate Index TOP10" for the seventh consecutive year[296] Social Responsibility Initiatives The company actively fulfills its social responsibilities, responding to national calls to consolidate and expand poverty alleviation achievements and contribute to rural revitalization - In 2021, the company's enterprises and trade union systems in Beijing procured approximately 3.909 million Yuan in poverty alleviation products and implemented a photovoltaic power generation assistance project[300] Significant Matters This section covers significant corporate events, including commitment fulfillment, related party transactions, guarantees, and other material disclosures Fulfillment of Commitments The company's controlling shareholder, Shoukai Group, strictly fulfilled its long-term effective commitment to avoid horizontal competition made during a major asset restructuring - The controlling shareholder, Shoukai Group, committed that during its tenure as controlling shareholder, it and its subsidiaries (excluding Shoukai Shares) would not add new commercial housing development projects or commercial properties held for operational purposes, to resolve horizontal competition issues, a commitment that is long-term effective and strictly fulfilled[303] Significant Related Party Transactions During the reporting period, the company engaged in multiple daily operating transactions with related parties, including procurement, sales, and leasing, with the total amount not exceeding the annual estimated limit - In 2021, the company's estimated daily related party transactions did not exceed 160 million Yuan, with actual transactions amounting to 143 million Yuan, staying within the limit[317][318] Related Party Creditor-Debtor Transactions Table | Related Party Creditor-Debtor Transactions (Yuan) | Funds Provided to Related Parties | Funds Provided by Related Parties to the Listed Company | | :--- | :--- | :--- | | Total | 29,158,703,664.81 | 15,145,379,184.91 | Guarantees As of the end of the reporting period, the total external guarantees provided by the company and its subsidiaries amounted to 37.611 billion Yuan, representing 121.00% of the company's net assets Guarantee Status Table | Guarantee Status (Yuan) | Amount | | :--- | :--- | | Total Guarantees (A+B) | 37,610,878,680.00 | | Total Guarantees as a Percentage of Company Net Assets (%) | 121.00% | | Guarantees to Subsidiaries (B) | 31,810,965,000.00 | | Guarantees to Associates and Joint Ventures (A) | 5,799,913,680.00 | | Guarantees Provided to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 13,389,423,680.00 | Other Significant Matters The company had a total of 5 billion Yuan in outstanding perpetual bonds at the end of the period, all classified as equity instruments Outstanding Financial Instruments Table | Outstanding Financial Instruments | Issuance Date | Accounting Classification | Interest Rate (%) | Amount (Billion Yuan) | | :--- | :--- | :--- | :--- | :--- | | Perpetual Bond | 2020.2.28 | Equity Instrument | 3.88% | 30 | | Perpetual Bond | 2019.12.18 | Equity Instrument | 4.67% | 20 | | Total | | | | 50 | Share Changes and Shareholder Information This section details changes in share capital, the company's shareholder structure, and information regarding the controlling shareholder and actual controller Share Capital Changes During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[346] Shareholder Information As of the end of 2021, the total number of ordinary shareholders was 36,709 Top Ten Shareholders Table | Shareholder Name | Period-End Shareholding (Shares) | Percentage (%) | | :--- | :--- | :--- | | Beijing Capital Development Holding (Group) Co., Ltd. | 1,215,584,048 | 47.12 | | Beijing Shoukai Tianhong Group Co., Ltd. | 142,714,290 | 5.53 | | JunKang Life Insurance Co., Ltd. - Universal Insurance Product | 84,697,445 | 3.28 | | Hengqin Life Insurance Co., Ltd. - Dividend Entrustment 11 | 76,113,924 | 2.95 | | China Merchants Bank Co., Ltd. - SSE Dividend ETF | 73,710,368 | 2.86 | Controlling Shareholder and Actual Controller Information The company's controlling shareholder is Beijing Capital Development Holding (Group) Co., Ltd. (Shoukai Group), and the actual controller is the Beijing Municipal People's Government State-owned Assets Supervision and Administration Commission - The controlling shareholder is Beijing Capital Development Holding (Group) Co., Ltd., holding 47.12% of the company's shares[352][349] - The actual controller is the Beijing Municipal People's Government State-owned Assets Supervision and Administration Commission[355] Preferred Share Information This section confirms the absence of preferred share related matters during the reporting period - The company had no preferred share related matters during the reporting period[357] Bond Information This section provides an overview of the company's corporate bonds, debt financing instruments, and key financial indicators for the past two years Corporate Bonds As of the end of the reporting period, the outstanding balance of the company's corporate bonds was 11.905 billion Yuan Corporate Bonds Table | Bond Abbreviation | Code | Bond Balance (Billion Yuan) | Interest Rate (%) | Maturity Date | | :--- | :--- | :--- | :--- | :--- | | 19 Shougu 01 | 151570.SH | 20.00 | 4.39 | 2024-05-22 | | 19 Shougu 02 | 162068.SH | 16.80 | 4.14 | 2024-08-28 | | 20 Shougu 01 | 166076.SH | 27.00 | 3.74 | 2025-02-26 | | 20 Shougu 02 | 166217.SH | 12.00 | 3.69 | 2025-03-06 | | 20 Shougu 03 | 167845.SH | 19.05 | 4.27 | 2025-09-29 | | 21 Shougu 01 | 188587.SH | 34.20 | 3.45 | 2026-08-18 | Non-Financial Enterprise Debt Financing Instruments As of the end of the reporting period, the outstanding balance of the company's non-financial enterprise debt financing instruments in the interbank bond market was 27.535 billion Yuan - In 2021, the company newly issued 5 tranches of medium-term notes and 3 tranches of directed debt financing instruments, totaling 16.83 billion Yuan[374] Key Financial Indicators for the Past Two Years Compared to 2020, the company's current ratio and quick ratio both improved in 2021, and the asset-liability ratio decreased from 80.42% to 78.68%, indicating improved short-term solvency and leverage Key Financial Indicators for the Past Two Years Table | Major Indicators | 2021 | 2020 | Trend | | :--- | :--- | :--- | :--- | | Current Ratio | 2.06 | 1.91 | Improvement | | Quick Ratio | 0.73 | 0.62 | Improvement | | Asset-Liability Ratio (%) | 78.68 | 80.42 | Improvement | | Interest Coverage Ratio | 1.06 | 1.23 | Deterioration | Financial Report This section presents the audit report, detailed financial statements, and significant changes in accounting policies Audit Report Grant Thornton Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2021 financial statements - The auditing firm is Grant Thornton Certified Public Accountants (Special General Partnership), which issued a standard unqualified audit opinion[390] - Key audit matters include: * Revenue recognition for real estate development projects[393] * Assessment of net realizable value of inventories[398] * Accrual of land value-added tax[403] Financial Statements The financial statements show that as of the end of 2021, the company's total assets were 314.318 billion Yuan, and equity attributable to owners of the parent company was 31.084 billion Yuan Consolidated Financial Statements Major Items Table | Consolidated Financial Statements Major Items (RMB Yuan) | December 31, 2021 / 2021 Annual | December 31, 2020 / 2020 Annual | | :--- | :--- | :--- | | Total Assets | 314,317,983,358.99 | 327,842,916,394.73 | | Total Liabilities | 247,290,757,154.55 | 263,666,861,569.12 | | Total Equity Attributable to Owners of the Parent Company | 31,084,238,663.85 | 31,593,928,294.99 | | Operating Revenue | 67,802,259,765.09 | 44,226,427,381.80 | | Net Profit Attributable to Shareholders of the Parent Company | 692,305,112.91 | 3,139,603,149.39 | | Net Cash Flow from Operating Activities | 7,403,408,176.48 | 5,589,654,392.03 | Significant Accounting Policy Changes Effective January 1, 2021, the company began implementing the revised "Accounting Standard for Business Enterprises No. 21 - Leases" issued by the Ministry of Finance - The company adopted the new lease standard effective January 1, 2021, making corresponding adjustments to its accounting policies[584][587] Impact of First-Time Adoption of New Lease Standard Table | Impact of First-Time Adoption of New Lease Standard (January 1, 2021) | Adjustment Amount (Yuan) | | :--- | :--- | | Increase in Right-of-Use Assets | 627,271,834.07 | | Increase in Lease Liabilities | 574,974,215.51 | | Increase in Non-Current Liabilities Due Within One Year | 45,381,689.17 | | Decrease in Prepayments | -6,915,929.39 |