Phoenix Property(SH:600716)2023-07-28 16:00Financial Performance - The company's operating revenue for 2022 was ¥607,557,578, representing a 37.76% increase compared to ¥441,032,200 in 2021[21]. - The net profit attributable to shareholders of the listed company was -¥391,356,525.48, a significant decrease of 1,208.81% from ¥35,295,334.96 in the previous year[21]. - The basic earnings per share for 2022 was -¥0.4181, down 1,209.02% from ¥0.0377 in 2021[22]. - The total assets of the company at the end of 2022 were ¥8,138,867,729.71, an increase of 3.48% from ¥7,865,394,160.71 in 2021[21]. - The company reported a net cash flow from operating activities of -¥2,538,149,578.83, compared to -¥127,182,248.91 in the previous year[21]. - The company’s net assets attributable to shareholders decreased by 11.27% to ¥5,118,993,503.96 at the end of 2022[21]. - The weighted average return on net assets decreased to -7.19% in 2022, down 7.8 percentage points from 0.61% in 2021[22]. - The total operating revenue for Q4 2022 was approximately RMB 42.16 million, while the net profit attributable to shareholders was a loss of around RMB 429.09 million[27]. - The company recorded a significant loss in fair value changes of trading financial assets, amounting to approximately RMB 58.33 million in 2022[30]. - The total amount of non-recurring gains and losses for 2022 was negative RMB 41.62 million, compared to positive amounts in previous years[30]. Market Conditions - The company experienced a significant decline in net profit due to weaker real estate market conditions and impairment provisions for projects in Zhenjiang and Taixing[23]. - The overall financial performance in 2022 was adversely affected by the weak real estate market, leading to significant asset impairment and reduced earnings[25]. - The national real estate development investment was 1.32895 trillion yuan, a decrease of 10.0% compared to the previous year[40]. - The total area of commercial housing sales in 2022 was 1.35837 billion square meters, a decrease of 24.3% compared to the previous year[41]. - By the end of 2022, the area of unsold commercial housing was 563.66 million square meters, an increase of 10.5% compared to the previous year[43]. Project Developments - The company highlighted that the delivery of the Yixing project significantly contributed to the increase in operating revenue, despite the overall market downturn[23]. - The company has three ongoing projects with a total construction area of approximately 505,000 square meters[35]. - The Nanjing project has a total investment of 3.5 billion yuan, with an actual investment of approximately 2.436 billion yuan in the current year[35]. - The Zhenjiang project has a total investment of 2.05 billion yuan, with an actual investment of approximately 175 million yuan in the current year[36]. - The Yixing project has a total investment of 1.38 billion yuan, with an actual investment of approximately 47.67 million yuan in the current year[37]. Inventory and Sales - In 2022, the company achieved a total sales area of 20,597.42 square meters, with a total contract sales amount of 284.87 million yuan[38]. - The company achieved total sales revenue of RMB 334.61 million and a sales area of 20,597.42 square meters during the reporting period[75]. - The recognized revenue from property transfers amounted to RMB 578.99 million, with a transfer area of 35,549.62 square meters[75]. - As of the end of 2022, the company has approximately 320,000 square meters of unsold inventory, with over 90% being office and commercial properties, indicating significant liquidation pressure[97]. Financial Management - The company plans to focus on high-margin property types, such as villas, to improve profitability amidst a challenging market environment[24]. - The company plans to actively manage its financial assets, including Nanjing Securities and Huaxia Securities ETF, to realize their value and support future land acquisitions[98]. - The company has a comprehensive credit limit of RMB 3 billion with Jiangsu Phoenix Publishing and Media Group Financial Co., Ltd., but no actual occurrences were reported[164]. - The company has not made any significant changes to its investment strategy or market expansion plans in the recent reporting period[168]. Governance and Compliance - The company has established four specialized committees under the board: strategy, audit, nomination, and compensation, ensuring professional opinions for decision-making[104]. - The supervisory board operates in compliance with laws and regulations, maintaining the legal rights of shareholders and stakeholders[104]. - The company emphasizes transparent information disclosure, completing regular and temporary announcements in a timely manner during the reporting period[105]. - The company has implemented measures to maintain independence from its controlling shareholders and actual controllers[105]. - The company received a warning letter from the Jiangsu Securities Regulatory Bureau regarding a failure to disclose a significant event involving a 280 million CNY agreement related to land transfer fees[139]. Tax and Legal Matters - The company is required to pay a tax of approximately ¥23,603,688.87 due to a tax processing decision related to undeclared taxes on land use rights[141]. - The estimated impact of the tax payment is a reduction in the company's net profit for 2022 by approximately ¥23,603,688.87[143]. - The company has received a tax processing decision that does not trigger any major delisting circumstances as per the Shanghai Stock Exchange regulations[142]. - The company plans to actively take measures to protect the legal interests of the company and its shareholders regarding the tax payment[143]. Social Responsibility and Environmental Impact - The company has not established an environmental protection mechanism and did not invest any funds in environmental protection during the reporting period[145]. - The company reported zero contributions to social responsibility projects during the reporting period, with no financial or material donations made[147]. - The company has not implemented any carbon reduction measures during the reporting period[146]. - The company has not disclosed a separate social responsibility or ESG report[147].