CHIXIA DEVELOPMENT(SH:600533)2021-04-29 16:00Financial Performance - The company's operating revenue for 2020 was RMB 3,294,698,994.57, representing a 43.93% increase compared to RMB 2,289,126,074.77 in 2019[19]. - The net profit attributable to shareholders of the listed company was RMB 326,477,927.23, an increase of 9.52% from RMB 298,100,330.34 in the previous year[19]. - The basic earnings per share for 2020 was RMB 0.3109, up 9.51% from RMB 0.2839 in 2019[20]. - The company's total revenue for the year was 1,513,817,487.90 RMB, with a quarterly breakdown of 852,890,716.40 RMB in Q1, 241,119,112.01 RMB in Q2, and 686,871,678.26 RMB in Q4[22]. - Net profit attributable to shareholders was 144,471,220.04 RMB in Q1, decreasing to 43,470,731.69 RMB in Q4, indicating a downward trend throughout the year[22]. - The company achieved a total revenue of 3.305 billion yuan in 2020, an increase of 43.32% year-on-year[42]. - The net profit for the year was 317 million yuan, reflecting a year-on-year increase of 5.29%[42]. Assets and Liabilities - The total assets of the company at the end of 2020 were RMB 22,117,636,722.68, reflecting a 7.39% increase from RMB 20,595,625,256.02 in 2019[19]. - The net assets attributable to shareholders of the listed company at the end of 2020 were RMB 4,162,678,184.10, a 5.28% increase from RMB 3,953,901,834.37 in 2019[19]. - The company's asset-liability ratio was 80.79%, with a net asset ratio of 62.27% after excluding contract liabilities and prepayments[43]. - Total current assets increased to ¥19,024,367,458.40 in 2020 from ¥17,677,123,895.18 in 2019, representing an increase of approximately 7.66%[186]. - Total liabilities increased to ¥17,869,291,915.05 in 2020 from ¥16,558,236,780.58 in 2019, reflecting a growth of approximately 7.91%[188]. Cash Flow - The net cash flow from operating activities was negative at RMB -233,667,493.08, compared to RMB -2,331,696,555.85 in 2019[19]. - The net cash flow from operating activities showed significant volatility, with a negative cash flow of -764,964,477.84 RMB in Q2 and a positive cash flow of 1,277,032,329.15 RMB in Q3[22]. - Investment activities generated a net cash flow of 1.16 billion RMB, an increase of 153.58% year-on-year[47]. - The company's cash interest coverage ratio improved significantly to -0.02 in 2020 from -3.57 in 2019, reflecting better cash flow from operating activities[165]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling RMB 105,000,000.00 based on the total shares of 1,050,000,000 at the end of 2020[5]. - The company distributed a cash dividend of 1.00 RMB per 10 shares for the 2019 fiscal year, totaling 105 million RMB, reflecting a payout ratio of 32.16% of net profit[88]. - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to 7.3985 million yuan[134]. Market and Industry Trends - The real estate market showed signs of recovery in the second half of the year, with national sales area and sales revenue both achieving positive growth of 6% and 8.7% respectively[31]. - The overall real estate market showed a recovery in sales volume and price, with significant increases in transaction areas and amounts, particularly in the Yangtze River Delta and Greater Bay Area[78]. - The government maintained strict regulations on real estate financing, with the introduction of the "three red lines" policy to manage financial risks in the sector[79]. - The real estate industry is facing increased financial pressure and profit margin challenges due to the gradual retreat of land and capital dividends, with a focus on "de-leveraging" for companies exceeding the "three red lines" policy[81]. Risk Management - The company has provided a detailed description of potential industry and operational risks in the report[6]. - The company is committed to adhering to government policies aimed at stabilizing housing prices and preventing speculative investments in real estate[30]. - The company recognizes the trend of increasing industry concentration, with larger firms gaining competitive advantages, and plans to pursue diversified land acquisition strategies[85]. Governance and Compliance - The company has established a robust governance structure, enhancing information disclosure transparency[141]. - The company has not encountered any major deficiencies in internal controls during the reporting period[150]. - The company has maintained independent operations and governance, with no interference from the controlling shareholder in decision-making processes[143]. Investments and Financing - The company completed the issuance of 1.5 billion yuan in short-term financing bonds and 500 million yuan in ultra-short-term financing bonds during the reporting period[40]. - The company issued bonds with a total balance of 18 billion RMB at a 6.36% interest rate, maturing on April 2, 2023[153]. - The company received approval from the China Securities Regulatory Commission to issue bonds totaling up to 1.5 billion RMB, with the first phase to be completed within 12 months of approval[116]. Employee and Management - The company employed a total of 1,968 staff, with 1,845 from major subsidiaries and 123 from the parent company[136]. - The company plans to continue focusing on talent development and training in 2021, leveraging its national-level postdoctoral research station[138]. - The total pre-tax remuneration for the chairman and president, Jiang Jinsong, is RMB 1,881,200[129].