GDMZH(SH:600382)2021-05-25 16:00Financial Performance - In 2020, the company's operating revenue was CNY 568,279,740, a decrease of 52.09% compared to CNY 1,186,105,451 in 2019[24]. - The net profit attributable to shareholders was CNY 333,754,417.78, down 10.04% from CNY 371,003,912.38 in the previous year[24]. - The net cash flow from operating activities was CNY 215,390,457.71, a decline of 45.25% compared to CNY 393,405,597.42 in 2019[24]. - The basic earnings per share decreased to CNY 0.42, down 10.64% from CNY 0.47 in 2019[25]. - The weighted average return on equity was 5.40%, a decrease of 1 percentage point from 6.40% in 2019[25]. - The company reported a net profit of CNY 342,211,115.40 for 2020, with a proposed cash dividend of CNY 1 per 10 shares, totaling CNY 78,893,381.50, which represents 25.62% of the distributable profit[144]. - The company achieved operating revenue of RMB 568,279,740.00, a decrease of 52.09% compared to the same period last year[75]. - The net profit attributable to the parent company was RMB 333,754,417.78, down 10.04% year-on-year[75]. Cash Flow and Investments - The company’s cash flow from operating activities was RMB 215,390,457.71, a decrease of 45.25% compared to the previous year[76]. - The investment cash flow net amount increased by 147.26% to RMB 118,557,917.27, attributed to the new revenue recognition standards[90]. - The company invested a total of RMB 268,901.03 million in joint investment projects during the reporting period, generating a return of RMB 45,429.09 million[73]. - The company has invested approximately CNY 402,578.72 million in the land development project in the southern new city of Xingning, with CNY 179,403.52 million allocated for land acquisition and CNY 223,175.20 million for construction costs[66]. Project Developments - The company is involved in PPP projects and real estate development, with significant investments in projects like "Honggui Garden" and "Classic City," totaling RMB 5.90 billion and RMB 5.60 billion respectively[35][38]. - The "Honggui Garden" project has a total construction area of approximately 586,600 square meters, while the "Classic City" project covers 303,634 square meters[35][38]. - The company has completed construction and acceptance of 1-25 buildings in the Honggui Garden Development Project, with all units delivered to customers[103]. - In the Classic City Development Project, exterior wall decoration is 99% complete, and indoor public area renovation is 98% complete[104]. Risk Management and Compliance - The company faces risks of being delisted due to the issuance of an audit report with no opinion by the accounting firm[8]. - The company reported significant internal control deficiencies as noted in the audit report[9]. - The company emphasizes the importance of risk management and internal controls to maintain operational efficiency and safeguard shareholder interests[134]. - The company has committed to improving its information disclosure practices to enhance transparency and protect investor rights[133]. Shareholder and Dividend Information - The proposed cash dividend is CNY 1 per 10 shares, totaling CNY 78,893,381.50, which accounts for 25.62% of the distributable profit[5]. - In 2019, the company distributed a cash dividend of CNY 0.60 per 10 shares, amounting to CNY 36,412,329.90, which was 11.44% of the distributable profit[141]. - The company will not implement a capital reserve increase in 2020, maintaining its focus on cash dividends to shareholders[144]. - The company commits to distributing cash dividends of no less than 10% of the available profit each year, with a cumulative distribution of at least 30% of the average annual distributable profit over the last three years[151]. Audit and Governance - The company has appointed Huaxing Accounting Firm (Special General Partnership) as the auditor for the 2020 fiscal year, replacing Guangdong Zhengzhong Zhujiang Accounting Firm (Special General Partnership) which had been in place for 21 years[174]. - The audit fee for both the previous and current accounting firms is set at RMB 700,000[174]. - The company has established a governance structure that allows independent exercise of powers by the shareholders' meeting, board of directors, and management[149]. Future Outlook and Strategy - The company aims to strengthen communication with investment partners and follow through on real estate development projects to achieve expected returns in 2021[130]. - The company plans to enhance its investment in PPP model projects, particularly in the land development and public facility construction in Xining City, while addressing potential risks related to government land acquisition delays[135]. - The company anticipates a favorable industry outlook driven by national macro policies and urban development initiatives, which are expected to support its business growth[127].