EBJB(SH:600622)2021-04-29 16:00Financial Performance - The company's operating revenue for 2020 was approximately RMB 3.94 billion, a decrease of 18.32% compared to RMB 4.82 billion in 2019[20] - The net profit attributable to shareholders for 2020 was approximately RMB 412.45 million, down 8.61% from RMB 451.29 million in 2019[20] - Basic earnings per share for 2020 were RMB 0.28, a decrease of 6.67% from RMB 0.30 in 2019[21] - The weighted average return on equity decreased to 6.32% in 2020 from 7.22% in 2019, a decline of 0.90 percentage points[21] - The company reported a total non-recurring profit and loss of RMB 157,767,682.95 in 2020, compared to RMB 86,230,858.23 in 2019, reflecting an increase of 83%[26] - The company achieved operating revenue of 3.937 billion RMB, a decrease of 18.32% compared to the previous year[43] - The net profit attributable to the company's owners was 412 million RMB, down 8.61% year-on-year[43] - The company's investment income increased by 137.29% to 127.86 million RMB, primarily due to the acquisition of a 4% stake in Shanghai Jiabao Anshi Real Estate Co., Ltd.[46] Cash Flow and Assets - The net cash flow from operating activities was RMB 1.39 billion, a significant recovery from a negative cash flow of RMB 113.32 million in 2019[20] - The total assets at the end of 2020 reached RMB 33.88 billion, an increase of 19.21% from RMB 28.42 billion at the end of 2019[20] - The net assets attributable to shareholders increased by 4.77% to RMB 6.68 billion from RMB 6.38 billion in 2019[20] - The company's financial assets increased from RMB 50,950.44 million at the beginning of the period to RMB 66,242.17 million at the end, with a net increase of RMB 15,291.73 million[28] - The company's total assets increased, with investment properties rising by 272,930.18 million, an increase of 84.82% year-on-year[57] Debt and Financing - The company completed a debt rollover issuance of 2.5 billion RMB, ensuring full repayment of all due debts during the year[41] - The company issued asset-backed notes amounting to RMB 651 million, with a remaining balance of RMB 649.6 million at the end of the reporting period[59] - The company reported a total financing amount of RMB 1,434.16 million with an average financing cost of 5.27%[67] - The company issued bonds with a total balance of 19 billion RMB, with an interest rate of 4.46%[185] - The net amount raised from the "19 Jiabao 01" bond issuance, after deducting related commissions and fees, was 877 million RMB, which has been fully utilized to repay the company's bonds issued in 2014[187] Real Estate Development - The company's real estate development business primarily operates in Shanghai, where the total sales area of new residential properties increased by 5.9% to 1,434.07 million square meters in 2020[33] - The company’s real estate development segment reported revenue of 3.186 billion RMB, a decrease of 16.55% year-on-year, while the gross margin increased by 9.54 percentage points to 42.50%[48] - Sales from commercial housing reached 163,976.18 million, accounting for 80.84% of total costs, down 32.48% year-on-year[51] Management and Governance - The company has appointed Zhonghua Accounting Firm as the auditor for the 2020 financial report, with an audit fee of RMB 1.14 million and an internal control audit fee of RMB 360,000[115] - The company has recognized a provision of RMB 60 million related to a legal dispute with Shanghai Yichu Lianhua, which resulted in a court ruling requiring the company to pay RMB 130 million in damages[117] - The company has ensured that key personnel will remain employed for five years post-acquisition and will not engage in competitive businesses during this period[112] - The company has made adjustments to its Supervisory Board members, ensuring compliance with legal requirements regarding retirement[165] - The company is committed to transparency in its governance practices, as evidenced by the detailed reporting of board member appointments and changes[165] Market Conditions and Risks - The company has outlined potential risks in its report, advising investors to be cautious regarding future plans and strategies[6] - The company anticipates market risks due to potential tightening of real estate regulations and reduced consumer spending[103] - The company recognizes the potential for increased supply in the high-quality real estate market due to developers' willingness to dispose of assets in a tightening liquidity environment[98] Employee and Compensation - The company employed a total of 925 staff, with 35 in the parent company and 890 in major subsidiaries[170] - The total remuneration for the board members during the reporting period amounted to CNY 2,128.10 million[162] - The company has implemented a performance-oriented salary system linked to economic benefits and annual performance evaluations[171] Strategic Focus - The company aims to establish itself as a leading cross-border investment and asset management platform in the real estate sector, leveraging its management team and business advantages[36] - The company plans to enhance its asset management capabilities and focus on light asset models, particularly in commercial and urban renewal properties[100] - The company aims to optimize its capital structure and improve funding efficiency through enhanced financial management[103]