Beijing North Star(601588)2022-03-16 16:00Financial Performance - The company achieved operating revenue of RMB 2,209,429.6 million, an increase of 22.77% year-on-year[4]. - Total profit and net profit attributable to the parent company were RMB 56,524.8 million and RMB 20,266.0 million, representing a decrease of 51.27% and 25.21% year-on-year, respectively[4]. - The company's operating revenue for 2021 was CNY 22,094,296,248, representing a 22.77% increase compared to CNY 17,995,982,446 in 2020[28]. - The net profit attributable to shareholders for 2021 decreased by 25.21% to CNY 202,660,230 from CNY 270,974,629 in 2020[28]. - The net cash flow from operating activities surged to CNY 6,937,977,114, a significant increase of 2,658.54% compared to CNY 251,508,726 in 2020[28]. - The total assets as of the end of 2021 were CNY 79,704,970,124, down 7.80% from CNY 86,443,456,322 at the end of 2020[28]. - The net assets attributable to shareholders decreased by 9.34% to CNY 15,457,365,339 from CNY 17,049,145,829 at the end of 2020[28]. - The company's net profit excluding non-recurring gains and losses for 2021 was CNY 180,810,761, a decrease of 16.99% from CNY 217,821,731 in 2020[28]. - Basic earnings per share decreased by 50% to CNY 0.02 in 2021 from CNY 0.04 in 2020[29]. - The weighted average return on equity dropped to 0.45% in 2021, down from 0.87% in 2020, a decrease of 0.42 percentage points[29]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.01 per share, totaling RMB 33,670,200 (including tax) to shareholders[10]. - The company paid a cash dividend of RMB 101,010,600, which accounted for 79.26% of the net profit attributable to ordinary shareholders in 2020[141]. - The company has established a cash dividend policy for 2021-2023, ensuring continuity and stability in profit distribution[140]. Market and Operational Strategy - The company is focusing on market expansion and new product development strategies to enhance future growth[28]. - The company plans to explore potential mergers and acquisitions to strengthen its market position[28]. - The company aims to strengthen its exhibition business by integrating resources and exploring new business models[38]. - The company is committed to becoming a leading exhibition brand in China and internationally, focusing on innovation and risk control[6]. - The company is investing in new technologies to improve operational efficiency and customer experience[28]. - The company will strengthen its research on national macro policies to mitigate risks associated with tightening regulations in the real estate sector[13]. - The company acknowledges risks from the ongoing COVID-19 pandemic, which may impact real estate development projects and the operation of exhibition and investment properties[13]. - The company will focus on risk prevention related to the ongoing COVID-19 pandemic, which may impact project progress and operations[101]. Talent and Human Resources - The company is addressing talent shortages by enhancing internal training and recruiting professional managers to support its expanding operations[14]. - There is a significant increase in demand for professional and senior management talent due to the company's national expansion in real estate development and management of exhibition venues and hotels[102]. - The company has established a talent leadership group to enhance internal selection and market talent recruitment, aiming to build a high-quality professional leadership team[102]. - The company has implemented a three-tier talent training system to accelerate talent reserves, including initiatives for recruiting and training fresh graduates[102]. Corporate Governance and Compliance - The company has maintained compliance with corporate governance standards, ensuring independence from its controlling shareholder in operations, personnel, and finances[106]. - The company received an A-class rating for information disclosure from the Shanghai Stock Exchange for the 2020-2021 period, reflecting its commitment to transparency[107]. - The company plans to further improve its governance structure and systems in 2022 to support stable development while controlling risks[107]. - The company has emphasized the importance of corporate governance, with regular updates and revisions to its internal policies[124]. Environmental and Social Responsibility - The company has complied with environmental regulations and has not received any administrative penalties related to environmental issues during the reporting period[149]. - The company achieved a 95% reuse rate of treated wastewater in subsidiaries with water recycling systems[151]. - The company has implemented measures to control volatile organic compounds and ensure emissions meet standards through the use of low-emission equipment[150]. - The company actively promotes waste classification and has signed agreements with professional waste disposal companies for proper waste management[152]. - The company has provided a total of 7.8877 million RMB in consumer assistance, including 1.8946 million RMB for union purchases and 5.9931 million RMB for cafeteria purchases[157]. - The company has supported local economic development by purchasing 54,600 kg of agricultural products from three economically weak villages, generating nearly 500,000 RMB in income[157]. - The company donated 500,000 RMB to support the development of a mushroom factory in Inner Mongolia, directly creating jobs for 71 people[158]. - The company aims to maintain existing support policies for five years post-poverty alleviation to ensure a smooth transition to rural revitalization[160]. Financial Management and Debt Structure - The company maintains a low financing cost advantage through diversified financing channels, optimizing its debt structure[41]. - The company reported a significant increase in financial expenses, which rose by 86.68% to CNY 561 million due to increased interest expenses[75]. - The total amount of guarantees provided by the company during the reporting period was RMB -212 million, excluding guarantees to subsidiaries[178]. - The company has a rental agreement with North Star Group for approximately 167,000 square meters of land, with a lease term ranging from 40 to 70 years[175]. Project Development and Real Estate - The company has expanded its real estate development into 15 cities, enhancing its nationwide scale[37]. - The company operates over 1.34 million square meters of investment properties, including hotels and conference centers across 15 cities[37]. - The company achieved a revenue of CNY 2,012.8 million from property development, representing a year-on-year growth of 24.58%[72]. - The company reported a decrease in contract liabilities by 32.40% to CNY 12,088.73 million, attributed to the recognition of revenue from development properties[77]. - The company has ongoing projects in Chengdu, with a completion rate of 100% for several residential and commercial developments[1]. - The company is expanding its market presence with new projects in Hebei and Hainan, indicating a strategic focus on growth in these regions[1]. Shareholder Structure - As of the end of the reporting period, the total number of ordinary shareholders was 145,333, down from 149,498 at the end of the previous month[191]. - The largest shareholder, Beijing Beichen Industrial Group Co., Ltd., holds 1,161,000,031 shares, representing 34.482% of total shares[193]. - HKSCC NOMINEES LIMITED, the second-largest shareholder, holds 686,964,199 shares, accounting for 20.403%[193]. - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council of Beijing[197]. - There were no changes in the controlling shareholder during the reporting period[196].