SMC(SH:600823)2020-03-25 16:00Financial Performance - In 2019, the company's operating revenue reached CNY 21,449,125,613.44, an increase of 3.75% compared to CNY 20,674,232,949.58 in 2018[22] - The net profit attributable to shareholders of the listed company was CNY 2,429,545,264.83, reflecting a growth of 1.07% from CNY 2,403,807,209.28 in the previous year[22] - The net cash flow from operating activities increased by 18.41% to CNY 4,710,650,104.36, compared to CNY 3,978,216,567.13 in 2018[22] - The total assets of the company at the end of 2019 were CNY 127,563,906,227.18, representing a 17.77% increase from CNY 108,320,253,014.71 in 2018[22] - The net assets attributable to shareholders of the listed company increased by 7.21% to CNY 25,383,301,275.01, compared to CNY 23,676,171,196.77 at the end of 2018[22] - The basic earnings per share for 2019 was CNY 0.65, a 1.56% increase from CNY 0.64 in 2018[23] - The diluted earnings per share also stood at CNY 0.65, consistent with the basic earnings per share[23] - The company reported a decrease of 8.91% in net profit after deducting non-recurring gains and losses, amounting to CNY 1,836,406,855.13 compared to CNY 2,015,996,032.71 in 2018[22] - Net profit for the year was CNY 3.84 billion, a decrease of 18.72% compared to the previous year[40] Cash Flow and Investments - The company reported a total of CNY 1.01 billion in gains from fair value changes in investment properties for the year, reflecting a strong increase in asset valuation[29] - The company’s investment properties increased in value by CNY 17.4 billion during the reporting period, contributing to overall asset growth[29] - The company has expanded its land reserves by CNY 12.4 billion during the reporting period, enhancing its future development potential[32] - The company completed the issuance of corporate bonds totaling CNY 3.5 billion and medium-term notes of CNY 4.45 billion during the reporting period[42] - The company reported a total financing amount of RMB 22.35 billion, with an overall average financing cost of 5.99%[73] - The company has a total of RMB 24 million in cash asset management plans, with no overdue amounts[108] Operational Highlights - The company achieved operating revenue of CNY 21.45 billion, a year-on-year increase of 3.75%[40] - The company recorded a total signed contract amount of CNY 24.4 billion, a decrease of 10% year-on-year, completing 81% of the annual target[41] - The company’s property sales revenue was CNY 19.99 billion, while non-property sales revenue accounted for 6.78% of total revenue at CNY 1.46 billion[40] - The company’s construction area reached 9.7 million square meters, with a new construction area of 2.55 million square meters added during the year[41] - The company’s total sales area was 1.23 million square meters, a decrease of 11% year-on-year, completing 80% of the annual plan[41] - The company has 1,892 projects under development, with a total planned construction area of 2,016 million square meters[64] Market Strategy and Development - The company’s strategic focus is on developing commercial real estate in economically vibrant cities, particularly in the Yangtze River Delta and Bohai Rim regions[31] - The company is focusing on strategic developments in key urban areas, which are expected to drive future revenue growth[70] - The company plans to expand its market presence with new projects in Jiangsu and Shandong provinces, including the Suzhou Shimao Copper Sparrow Terrace project[67] - The company is actively expanding its market presence with significant projects in regions such as Guangdong, Fujian, and Jiangsu, contributing to its overall sales performance[70] Risk Management - The company has acknowledged potential risks in its future plans and strategies, advising investors to be cautious[6] - The company faced risks related to the COVID-19 pandemic, impacting production and operational recovery efforts[81] Corporate Governance - The company has maintained compliance with the non-competition agreement signed with its controlling shareholders[87] - The company has no major litigation or arbitration matters reported for the year[92] - The company has no significant accounting errors or changes in accounting policies reported for the year[89] - The company has established a system for insider information management, ensuring no insider trading occurred prior to sensitive disclosures[146] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 53,669, an increase from 53,213 at the end of the previous month[113] - The largest shareholder, Peak Win International Limited, holds 1,640,520,000 shares, accounting for 43.73% of the total shares[115] - The second-largest shareholder, Tibet Shimao Enterprise Development Limited, holds 704,216,653 shares, representing 18.77% of the total shares[115] Employee and Management - The company employed a total of 2,318 staff, with 1,731 being technical personnel[135] - The total remuneration for the CEO, Liu Saifei, during the reporting period was 319.92 million RMB[126] - The company has implemented training programs for senior management to enhance leadership skills and management capabilities[137] Financial Health - The company had a total bank credit line of RMB 26.875 billion, with RMB 10.42 billion utilized and a remaining credit limit of RMB 16.455 billion as of December 31, 2019[184] - The company maintained a loan repayment rate of 100% and an interest payment rate of 100% during the reporting period[180] - The company’s long-term credit rating was assessed as AAA with a stable outlook by United Credit Rating Co., Ltd. for the year 2019[174] Future Outlook - The company plans to achieve contract sales of RMB 27 billion in 2020, with a projected capital expenditure of RMB 19.5 billion[80] - Future outlook remains positive with ongoing projects and potential market expansions planned for the upcoming year[102]