Phoenix Property(SH:600716)2020-04-27 16:00Financial Performance - The company's operating revenue for 2019 was CNY 1,301,698,174.21, representing a 24.33% increase compared to CNY 1,046,968,366.65 in 2018[21]. - The net profit attributable to shareholders of the listed company decreased by 84.96% to CNY 84,875,886.00 from CNY 564,175,319.97 in the previous year[21]. - The basic earnings per share for 2019 was CNY 0.0907, down 84.95% from CNY 0.6027 in 2018[23]. - The weighted average return on equity decreased to 1.61% from 14.05% in the previous year, a drop of 12.44 percentage points[23]. - The company reported a significant decrease in net cash flow from operating activities, dropping by 679.62% compared to the previous year[48]. - The net cash flow from operating activities was negative at CNY -246,608,046.87, a decline of 679.62% compared to CNY 42,546,449.26 in 2018[22]. - Non-recurring gains and losses in 2019 totaled approximately CNY 40.93 million, compared to CNY 591.23 million in 2018[29]. - The company reported a significant reduction in sales and management expenses, with sales expenses down by 30.33% to ¥32.59 million[58]. Assets and Liabilities - The total assets as of the end of 2019 were CNY 8,703,195,012.07, a decrease of 14.26% from CNY 10,150,113,749.23 at the end of 2018[22]. - Cash and cash equivalents decreased by 49.14% to ¥1,426,837,382.81, primarily due to repayment of company debts[63]. - Other receivables dropped by 98.77% to ¥14,611,786.98, mainly from the recovery of land compensation for the Tieguanxiang land[63]. - The current portion of non-current liabilities was reported at ¥831,881,917.82, reflecting a change in measurement category[112]. Investment Activities - The net cash flow from investing activities decreased by 33.11% to CNY 734,958,794.75 from CNY 1,098,804,403.24 in 2018[22]. - The net cash flow from investing activities was lower in 2019 compared to 2018, primarily due to the government reclaiming the Tieguanxiang land held by a subsidiary[24]. - The company received a total of CNY 23.22 billion in land compensation for a site in Nanjing, which was reclaimed by the government[37]. Financing Activities - The net cash flow from financing activities decreased significantly in 2019 due to the repayment of 14 Phoenix bonds and partial redemption of 16 Phoenix 01 bonds[24]. - The overall financing amount at the end of the reporting period was CNY 111,250,000, with an average financing cost of 4.68%[77]. - The company issued "14 Phoenix Bond" with a total principal of RMB 750 million, with an interest rate of 5.65%, and paid interest of RMB 56.50 per bond for the period from September 12, 2018, to September 11, 2019[194]. - The company redeemed the principal of "14 Phoenix Bond" amounting to RMB 750 million on September 12, 2019, resulting in a remaining bond balance of RMB 0[194]. Real Estate Development - The company's main business is real estate development, focusing on residential and commercial properties, with significant operations in Jiangsu and Anhui provinces[34]. - In 2019, the total real estate development investment reached CNY 13,219.4 billion, an increase of 9.9% year-on-year, with residential investment accounting for 73.43% of the total[35]. - The total area of new housing starts in 2019 was 2,271.54 million square meters, reflecting a growth of 8.5% compared to the previous year[35]. - The company's sales of commercial housing amounted to CNY 15,972.5 billion, a growth of 6.5% year-on-year, with residential sales increasing by 10.3%[35]. Strategic Initiatives - The company plans to transition towards elderly care real estate, focusing on a model that integrates home-based and institutional care[40]. - The company is actively exploring the health and elderly care industry, with the Phoenix Yiranju project as a pilot project[46]. - The company plans to increase land reserves in second-tier cities, particularly in Nanjing and Hefei, to ensure sustainable development amid market changes[92]. - The company aims to reduce inventory of commercial properties, focusing on sales strategies that integrate online and offline marketing to mitigate the impact of the pandemic[92]. Corporate Governance - The board of directors and supervisory board operate independently, ensuring compliance with legal and regulatory requirements, and protecting the interests of minority shareholders[182]. - The company has appointed Lixin Accounting Firm as its financial audit and internal control audit institution for the year 2019[119]. - The company maintains a transparent information disclosure policy, ensuring timely and accurate reporting in compliance with legal requirements[184]. - The company has not faced any penalties from securities regulatory agencies in the past three years[178]. Legal Matters - The company is involved in a significant lawsuit regarding shareholder qualification disputes, with a court ruling confirming ownership of 22.69% equity by a subsidiary[120]. - The company has initiated legal proceedings against Shanghai Tailong for not transferring its 22.69% stake in Nanjing Longfeng as per the agreement[134]. - The company is involved in a lawsuit regarding the distribution of surplus profits related to the land compensation[135]. Employee and Management Structure - The company employed a total of 115 staff members, with 21 in the parent company and 94 in major subsidiaries[179]. - The educational background of employees shows that 106 have a college degree or above, while 9 have a high school education or below[179]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to RMB 5.87727 million[176].