2022-04-28 16:00Major Financial Data Key Accounting Data and Financial Indicators In the first quarter of 2022, the company's performance significantly declined, with operating revenue sharply decreased by 64.50% year-over-year and net profit attributable to shareholders plummeted by 89.75%, while net cash flow from operating activities showed strong performance, increasing by 115.25% year-over-year, and total assets slightly decreased by 3.61% compared to the end of the previous year Key Financial Indicators for Q1 2022 | Indicator | Current Period | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2.33 billion | -64.50% | | Net Profit Attributable to Shareholders (Yuan) | 33.17 million | -89.75% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains/Losses (Yuan) | 28.92 million | -90.60% | | Net Cash Flow from Operating Activities (Yuan) | 1.02 billion | 115.25% | | Basic Earnings Per Share (Yuan/share) | 0.01 | -88.89% | | Weighted Average Return on Net Assets (%) | 0.14% | Decrease of 1.84 percentage points | | Indicator | As of Current Period End | Change from Previous Year-End (%) | | Total Assets (Yuan) | 76.82 billion | -3.61% | | Shareholders' Equity Attributable to the Company (Yuan) | 15.49 billion | 0.21% | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 4.25 million Yuan, primarily comprising 5.13 million Yuan in capital occupation fees collected from non-financial enterprises and 0.64 million Yuan in government subsidies Details of Non-Recurring Gains and Losses Items | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -14593 | | Government Subsidies Included in Current Profit/Loss | 639774 | | Capital Occupation Fees Collected from Non-Financial Enterprises Included in Current Profit/Loss | 5.13 million | | Other Non-Operating Income and Expenses Apart from the Above | -504594 | | Less: Income Tax Impact | 1.31 million | | Less: Impact on Minority Shareholders' Equity (After Tax) | -316467 | | Total | 4.25 million | Analysis of Changes in Key Financial Indicators The company explained the significant fluctuations in key financial indicators for the current period, with the sharp decline in operating revenue and net profit primarily attributed to a decrease in settlable income from development properties, while the significant improvement in operating cash flow resulted from increased cash received from sales of goods and provision of services - Operating revenue decreased by 64.50% year-over-year, primarily due to a reduction in the company's settlable income from development properties during the current period8 - Net profit attributable to shareholders decreased by 89.75% year-over-year, primarily due to a reduction in the company's profit during the current period11 - Net cash flow from operating activities increased by 115.25% year-over-year, primarily due to an increase in cash received from sales of goods and provision of services during the current period11 Shareholder Information Shareholding Status of Shareholders As of the end of the reporting period, the company had a total of 148,002 common shareholders, with Beijing North Star Industrial Group Co., Ltd. as the controlling shareholder holding 34.482%, and HKSCC NOMINEES LIMITED as the second largest shareholder holding 20.405%, making the top two shareholders collectively hold over 54% - As of the end of the reporting period, the company had a total of 148,002 common shareholders15 Shareholding Status of Top Three Shareholders | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | | Beijing North Star Industrial Group Co., Ltd. | State-owned Legal Entity | 1.16 billion | 34.482 | | HKSCC NOMINEES LIMITED | Overseas Legal Entity | 687.05 million | 20.405 | | Wangfujing Group Co., Ltd. | State-owned Legal Entity | 125.30 million | 3.721 | - The actual controller of the company's controlling shareholder, North Star Group, and the third largest shareholder, Wangfujing Group, is the Beijing State-owned Assets Supervision and Administration Commission (SASAC)18 Business Operations Update The company disclosed operating data for its two core business segments in the first quarter of 2022, with the real estate development business achieving year-over-year sales growth and the investment property business seeing stable operating income contributions from all property types Real Estate Development Business In the first quarter of 2022, the company's real estate development business performed well in sales, with sales revenue increasing by 14.70% year-over-year to 2.996 billion Yuan, and equity sales revenue surging by 29.58% year-over-year, while no new land reserves were added during the period, with total land reserves maintained at 5.656 million square meters Key Real Estate Development Data for Jan-Mar 2022 | Indicator | Value | YoY Change | | :--- | :--- | :--- | | Sales Area | 138500 sq.m. | -1.56% | | Equity Sales Area | 126600 sq.m. | +7.11% | | Sales Revenue | 2.996 billion Yuan | +14.70% | | Equity Sales Revenue | 2.694 billion Yuan | +29.58% | | Total Land Reserves | 5.656 million sq.m. | No new additions | | Equity Land Reserves | 5.0102 million sq.m. | No new additions | Investment Property Business In the first quarter of 2022, the company's investment property business operated steadily across all segments, generating a total operating income of 551 million Yuan, with the hotel segment contributing the most revenue at 211 million Yuan, followed by the office building segment at 182 million Yuan Investment Property Operating Income for Jan-Mar 2022 | Property Type | Total Gross Floor Area (sq.m.) | Total Operating Income (Million Yuan) | | :--- | :--- | :--- | | Convention Center | 367900 | 97.14 | | Office Building | 548400 | 182.28 | | Hotel | 346800 | 211.04 | | Apartment | 184300 | 60.92 | Quarterly Financial Statements This section presents the company's unaudited consolidated and parent company financial statements for the first quarter of 2022, including the balance sheet, income statement, and cash flow statement, comprehensively reflecting the financial position at the end of the reporting period and the operating results and cash flows for the current period Consolidated Balance Sheet As of March 31, 2022, the company's total assets were 76.82 billion Yuan, a 3.61% decrease from the end of the previous year, with total liabilities amounting to 57.48 billion Yuan, and equity attributable to the parent company being 15.49 billion Yuan, while inventory constituted the largest portion of the asset structure, reaching 44.81 billion Yuan Key Consolidated Balance Sheet Items (As of March 31, 2022) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 76.82 billion | | Total Liabilities | 57.48 billion | | Total Equity Attributable to Parent Company Shareholders | 15.49 billion | | Total Shareholders' Equity | 19.35 billion | Consolidated Income Statement In the first quarter of 2022, the company achieved total operating revenue of 2.33 billion Yuan, a 64.50% year-over-year decrease, with total operating costs at 2.27 billion Yuan, and ultimately, net profit attributable to parent company shareholders was 33.17 million Yuan, a significant 89.75% year-over-year decrease Key Consolidated Income Statement Items (Q1 2022) | Item | Q1 2022 (Yuan) | Q1 2021 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2.33 billion | 6.55 billion | | Operating Profit | 68.55 million | 453.93 million | | Total Profit | 68.06 million | 457.87 million | | Net Profit | 37.95 million | 317.11 million | | Net Profit Attributable to Parent Company Shareholders | 33.17 million | 323.46 million | Consolidated Cash Flow Statement During the reporting period, net cash flow from operating activities was 1.02 billion Yuan, a significant year-over-year increase primarily due to increased sales collections, with net cash outflow from investing activities at 20 million Yuan, and net cash outflow from financing activities at 3.41 billion Yuan, mainly due to debt repayment, resulting in a period-end cash and cash equivalents balance of 10.55 billion Yuan Key Consolidated Cash Flow Statement Items (Q1 2022) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 1.02 billion | | Net Cash Flow from Investing Activities | -19.99 million | | Net Cash Flow from Financing Activities | -3.41 billion | | Net Increase in Cash and Cash Equivalents | -2.41 billion | | Cash and Cash Equivalents at Period End | 10.55 billion | Parent Company Financial Statements The parent company financial statements reflect the financial position and operating results of the company's headquarters, with total assets of 45.66 billion Yuan and total liabilities of 34.35 billion Yuan as of the period end, and in the first quarter of 2022, the parent company achieved operating revenue of 626 million Yuan and net profit of 60.90 million Yuan Key Parent Company Financial Data (Q1 2022 and Period End) | Indicator | Amount (Yuan) | | :--- | :--- | | Balance Sheet (Period End) | | | Total Assets | 45.66 billion | | Total Liabilities | 34.35 billion | | Shareholders' Equity | 11.32 billion | | Income Statement (Q1) | | | Operating Revenue | 625.67 million | | Net Profit | 60.90 million | | Cash Flow Statement (Q1) | | | Net Cash Flow from Operating Activities | 142.57 million |