BEH-P(SH:600791)2021-04-28 16:00Financial Performance - In 2020, the company's operating revenue was CNY 312.81 million, a decrease of 73.57% compared to CNY 1.18 billion in 2019[20]. - The net profit attributable to shareholders was a loss of CNY 71.33 million, a decline of 496.09% from a profit of CNY 18.01 million in 2019[20]. - The basic earnings per share for 2020 was -CNY 0.1575, a decrease of 493.75% from CNY 0.04 in 2019[22]. - The net profit attributable to shareholders showed a loss of ¥176,568,598.10 in the third quarter, while the second quarter reported a profit of ¥117,911,234.99[24]. - The company reported a significant increase in sales revenue from CNY 1,299,074,667.74 in 2019 to CNY 4,178,507,043.70 in 2020[189]. - The net loss for 2020 was CNY 73,185,575.53, compared to a net profit of CNY 33,232,050.29 in 2019, indicating a significant decline in profitability[185]. - The total comprehensive income for 2020 was a loss of CNY 90,857,939.13, compared to a gain of CNY 67,141,345.14 in 2019[188]. Assets and Liabilities - The total assets at the end of 2020 amounted to CNY 18.18 billion, an increase of 37.22% from CNY 13.25 billion in 2019[21]. - The total liabilities reached ¥14.37 billion in 2020, up from ¥9.22 billion in 2019, marking a growth of approximately 55.0%[178]. - Current liabilities amounted to ¥8.26 billion in 2020, compared to ¥2.87 billion in 2019, indicating a substantial increase of around 187.5%[177]. - The total equity decreased to CNY 2,253,513,667.61 in 2020 from CNY 2,491,857,166.74 in 2019, a decline of 9.6%[182]. - The company reported a significant increase in accounts receivable, which rose to ¥28.67 million in 2020 from ¥1.52 million in 2019, a growth of approximately 1,786.5%[176]. Cash Flow - The cash flow from operating activities was -CNY 518.72 million, compared to -CNY 5.33 billion in 2019[20]. - Cash inflow from operating activities totaled CNY 4,684,570,770.31 in 2020, up from CNY 1,599,560,158.46 in 2019[189]. - Cash flow from investing activities resulted in a net inflow of CNY 251,268,411.56 in 2020, compared to a net outflow of CNY 294,195,051.26 in 2019[190]. - The net cash flow from operating activities was -3,030,493,950.08 RMB, compared to -2,311,573,150.72 RMB in the previous year, indicating a decline in operational performance[193]. Operational Strategy - The company plans to continue focusing on its core business and managing risks effectively in the future[6]. - The company emphasizes a prudent development strategy, focusing on risk control and maintaining a stable operational approach[32]. - The company is adopting a "real estate +" development model, integrating energy, technology, and environmental resources into real estate projects to create sustainable and efficient properties[85]. - The company is committed to prudent operations, focusing on optimizing urban layouts and enhancing product quality to adapt to market trends[80]. Shareholder and Profit Distribution - The company has established a profit distribution policy that mandates a minimum cash dividend of 10% of the distributable profit each year[89]. - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits[93]. - The company has maintained a commitment to ensuring the rights and interests of minority shareholders in its profit distribution discussions[90]. Governance and Compliance - The company strictly adheres to the requirements of the Company Law and Securities Law, continuously improving its corporate governance structure[150]. - The board of directors maintained full independence and acted diligently in the interest of all shareholders[152]. - The internal control system was evaluated as effective, with no significant deficiencies identified as of December 31, 2020[160]. - The company has registered insider information personnel in accordance with regulatory requirements[160]. Risks and Challenges - The company faces macroeconomic risks that could impact market conditions and expected returns, necessitating ongoing research and strategic adjustments[86]. - Market competition risks are heightened due to intensified competition in first- and second-tier cities, influenced by government policies and the ongoing impact of the COVID-19 pandemic[86]. - The real estate industry is expected to shift towards rational returns, influenced by rising household income and urbanization trends, despite ongoing regulatory challenges[79].