SHSTC(600620)2023-04-07 16:00Financial Performance - In 2022, Tianchen Co., Ltd. reported a total revenue of ¥243,734,574.84, representing a significant increase of 482.85% compared to ¥41,817,567.02 in 2021[19] - The net profit attributable to shareholders of the listed company for 2022 was ¥35,935,674.36, a decrease of 70.80% from ¥123,065,844.74 in 2021[19] - The net profit after deducting non-recurring gains and losses was ¥90,996,573.03, which is an increase of 11.22% compared to ¥81,813,140.02 in 2021[19] - Basic earnings per share for 2022 were ¥0.05, down 72.22% from ¥0.18 in 2021[20] - The weighted average return on net assets decreased by 3.84 percentage points to 1.54% in 2022 from 5.38% in 2021[20] - The company reported a net profit attributable to shareholders of ¥3,593.57 million, a decrease of 70.80% from ¥12,306.58 million in the previous year[61] - The net profit attributable to shareholders was 35.94 million RMB, a decrease of 70.80% from 123.07 million RMB in the previous year, primarily due to a decline in the fair value of financial assets[29] - The company reported a net profit of CNY 80.47 million for the Health Management subsidiary, a turnaround from a net loss of CNY 8.17 million in the previous year, attributed to significant sales from the Health City 1A project[71] Cash Flow and Assets - The net cash flow from operating activities was -¥145,732,775.99, showing an improvement from -¥211,410,099.71 in 2021[19] - The company’s cash flow from operating activities showed a significant negative figure of -138.63 million RMB in the first quarter, but improved to 121.61 million RMB in the fourth quarter[23] - The company’s cash flow from operating activities was positively impacted by the sales from the Health City 1A project, contributing to the increase in cash and cash equivalents[64] - Cash and cash equivalents rose to CNY 478,291,969.53 in 2022, up from CNY 193,415,072.33 in 2021, an increase of 147%[180] - The total assets of the company reached ¥3,358,946,479.41, an increase of 22.98% from ¥2,731,229,896.46 at the end of 2021[19] - The company’s total assets decreased from ¥2,920,666,774.76 in 2021 to ¥2,642,779,294.54 in 2022, a decline of about 9.5%[186] - Total current liabilities surged to CNY 612,013,331.54 in 2022 from CNY 68,046,926.86 in 2021, reflecting a growth of 800%[181] Project Developments - The Tianchen Health City 1A project generated a net profit of 80.47 million RMB, an increase of 886.39% compared to a net loss of 8.17 million RMB in the previous year[30] - The company completed the Tianchen Health City 1A project and began sales in December 2022, contributing significantly to revenue growth[30] - The company plans to invest in the Tianchen Health City East Block 1B project, which will include office, hotel, and business complex buildings[30] - The company plans to invest approximately 1.71 billion yuan in the Tianchen Health City 1B project, which is expected to take 2.5 years to complete[36] - The company has initiated the construction of the Tianchen Health City 1B project, focusing on quality, progress, and cost control[78] Risks and Challenges - The company has indicated potential risks in its future plans and strategies, urging investors to remain cautious[6] - The taxi business is expected to face ongoing challenges with limited revenue and profit contributions due to market conditions and competition from ride-hailing services[37] - The company experienced a decrease in taxi operation and property leasing income due to market conditions and related policies[29] - The company is actively seeking new tenants for its properties but faces uncertainty in the leasing market due to economic conditions[37] - The company faces risks including macroeconomic uncertainties, policy changes affecting real estate, and competition from ride-hailing services[80] Corporate Governance - The company emphasizes the importance of respecting and maintaining the legitimate rights and interests of shareholders, particularly small and medium-sized investors[85] - The company adheres to strict information disclosure practices, ensuring transparency in accordance with relevant laws and regulations[85] - The company has implemented measures to ensure the independence of its operations from its controlling shareholders[86] - The company has established a strategic development department to explore new business avenues and enhance its core competitiveness[79] - The company is committed to improving corporate governance and internal controls to adapt to the evolving business landscape[79] Shareholder Information - The company has a total of 16,032 common stock shareholders as of the end of the reporting period, an increase from 15,158 at the end of the previous month[153] - The largest shareholder, Shanghai Zhongsheng Hongqiao Enterprise Management Co., Ltd., holds 25.08% of the shares, totaling 172,225,164 shares[156] - Guohua Life Insurance Co., Ltd. holds 15.16% of the shares, totaling 104,088,332 shares[156] - The total number of shares held by the top ten shareholders includes 172,225,164 shares from Shanghai Zhongsheng and 104,088,332 shares from Guohua Life Insurance, indicating significant concentration of ownership[156] Audit and Compliance - The financial statements for the year ended December 31, 2022, were audited and found to fairly present the financial position and results of operations[169] - The audit report emphasizes the importance of evaluating the appropriateness of accounting policies and estimates made by management[175] - The audit procedures included evaluating the design and operating effectiveness of internal controls related to revenue recognition[172] - The internal control audit report for the financial year 2022 received a standard unqualified opinion, confirming the effectiveness of the internal control system[120] - The company has established a comprehensive internal control system that meets the requirements of regulatory authorities, ensuring effective risk management and compliance[119]