GDMZH(SH:600382)2021-07-21 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[23]. - 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[23]. - The net cash flow from operating activities decreased by 45.25% to CNY 215,390,457.71 from CNY 393,405,597.42 in 2019[23]. - The total assets at the end of 2020 were CNY 8,140,066,818.54, an increase of 4.51% from CNY 7,788,548,910.82 in 2019[23]. - The company's net assets attributable to shareholders increased by 5.99% to CNY 6,360,029,155.22 from CNY 6,000,413,839.33 in 2019[23]. - The basic earnings per share for 2020 were CNY 0.42, a decrease of 10.64% from CNY 0.47 in 2019[24]. - The weighted average return on equity decreased to 5.40% from 6.40% in 2019, a reduction of 1 percentage point[24]. - 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[141]. Revenue Breakdown - In Q1 2020, the company reported revenue of approximately ¥170.91 million, with a net profit attributable to shareholders of about ¥110.52 million[26]. - The total revenue for Q2 2020 increased to approximately ¥182.43 million, while the net profit attributable to shareholders was around ¥107.53 million[26]. - In Q3 2020, the company generated revenue of approximately ¥169.53 million, with a net profit attributable to shareholders of about ¥110.44 million[26]. - The Q4 2020 revenue significantly dropped to approximately ¥45.40 million, with a net profit attributable to shareholders of only ¥5.27 million[26]. - The revenue from primary land development business was RMB 530,352,349.52, an increase of 20.08% year-on-year[76]. - The company’s trade business revenue was RMB 31,476,853.84, a decrease of 66.63% year-on-year[76]. Investment Activities - The company invested approximately ¥5.90 billion in the "Hongguiyuan" real estate development project, with a total planned construction area of about 586,600 square meters[34]. - The "Classic City" real estate development project received an investment of approximately ¥5.60 billion, with a total planned construction area of about 303,634 square meters[37]. - The company invested RMB 600 million in the "Liankang City" real estate development project, with a total construction area of approximately 434,661.48 square meters[49]. - The company invested RMB 168 million in the "Honghe Dijing" real estate development project, covering an area of approximately 82,796.52 square meters[52]. - The company has committed to accelerating land transfer processes in the South New City project, with a minimum of 6,000 acres to be auctioned off[70]. - The company has invested approximately CNY 402,578.72 million in the land development project, with CNY 179,403.52 million allocated for land acquisition and CNY 223,175.20 million for construction costs[65]. Cash Flow and Financial Management - The net cash flow from operating activities in Q4 2020 was approximately ¥230.67 million, indicating a strong recovery compared to previous quarters[26]. - The company reported a net cash flow from investing activities of CNY 118,557,917.27, a significant improvement compared to a negative cash flow of CNY 250,876,394.09 in the previous year[89]. - The company’s financial expenses increased by 25.23% to CNY 32,692,176.08, with interest expenses rising by 35.25%[75]. - The company has committed to enhancing risk management in 2021 by improving internal controls for the PPP model projects and ensuring timely recovery of funds from cooperative investment projects[134]. Internal Controls and Governance - The company faces risks of being delisted due to the issuance of an audit report with no opinion by the accounting firm[7]. - The company reported significant internal control deficiencies as noted in the audit report[8]. - The company has committed to improving internal controls and governance to mitigate investment risks and ensure the safety of investment returns[131]. - The company has established a governance structure that allows independent operation of the board, management, and shareholder meetings[146]. Shareholder Information - The total number of ordinary shares increased from 606,872,165 to 788,933,815 after a capital reserve conversion and cash dividend distribution[192]. - A cash dividend of RMB 0.60 per share was distributed, totaling RMB 36,412,329.90[191]. - The company has a three-year shareholder return plan, prioritizing cash dividends in the absence of significant investment plans or cash expenditures[148]. - The company’s remaining undistributed profit after the 2020 dividend payout is CNY 229,096,622.36, which will be carried over to 2021[141]. Risks and Challenges - The company anticipates risks related to the PPP project in Xining City, particularly concerning potential delays in government land acquisition processes[132]. - The company has acknowledged the potential risks from upstream suppliers and downstream customers affecting trade operations[133]. - The company is under a non-standard audit opinion due to insufficient evidence regarding the nature of certain payments and their recoverability[153]. Social Responsibility - The company has actively participated in social responsibility initiatives, including a donation of RMB 1 million for COVID-19 prevention efforts[186]. - During the reporting period, the company donated RMB 16.6 million to support poverty alleviation efforts in Dachen Village[184].