GOLDEN UNION(SH:603682)2021-04-01 16:00Financial Performance - The company's operating revenue for 2020 was RMB 739,262,605.41, a decrease of 10.06% compared to RMB 821,960,789.98 in 2019[22]. - The net profit attributable to shareholders for 2020 was RMB 156,135,098.46, down 12.78% from RMB 179,010,201.76 in 2019[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 30.65% to RMB 116,344,645.11 in 2020[22]. - The net cash flow from operating activities was RMB 206,626,097.49, a decline of 22.15% from RMB 265,401,407.45 in 2019[22]. - Basic earnings per share for 2020 were RMB 0.35, down 25.53% from RMB 0.47 in 2019[23]. - The weighted average return on equity decreased by 11.91 percentage points to 10.67% in 2020[23]. - Total revenue for the first quarter was approximately CNY 192.98 million, with a decline to CNY 180.60 million in the second quarter, followed by CNY 185.32 million in the third quarter, and CNY 180.36 million in the fourth quarter[26]. - Net profit attributable to shareholders was CNY 43.05 million in the first quarter, decreasing to CNY 36.39 million in the second quarter, then CNY 39.75 million in the third quarter, and CNY 36.95 million in the fourth quarter[26]. - The company reported a net profit of approximately ¥188.35 million for 2020, with a proposed cash dividend of ¥2.2 per 10 shares, totaling ¥103.95 million[81]. - The company reported a total cash inflow of 750,909,936.08 from operating activities, compared to 481,776,698.21 in the previous year, reflecting overall operational cash generation[189]. Assets and Liabilities - The total assets increased by 45.86% to RMB 1,871,335,564.78 at the end of 2020, compared to RMB 1,282,990,243.66 at the end of 2019[22]. - The net assets attributable to shareholders rose by 75.10% to RMB 1,545,208,964.87 at the end of 2020[22]. - Total assets as of the end of 2020 amounted to ¥1,615,035,940.76, an increase from ¥1,052,071,360.47 in 2019[177]. - Total liabilities for 2020 were ¥87,933,640.78, a decrease from ¥219,938,213.51 in 2019[177]. - Shareholders' equity at the end of 2020 was ¥1,527,102,299.98, up from ¥832,133,146.96 in 2019[177]. - Total liabilities decreased to CNY 325,660,884.40 in 2020 from CNY 400,243,355.84 in 2019, a reduction of about 19%[172]. - Shareholders' equity rose significantly to CNY 1,545,674,680.38 in 2020, compared to CNY 882,746,887.82 in 2019, representing an increase of approximately 75%[172]. Cash Flow - The cash flow from operating activities for 2020 was ¥206,626,097.49, down from ¥265,401,407.45 in 2019, reflecting a decrease of about 22.1%[186]. - The cash flow from investing activities showed a net outflow of ¥211,330,072.83 in 2020, compared to a net outflow of ¥99,714,924.45 in 2019[187]. - The cash flow from financing activities generated a net inflow of ¥451,711,642.82 in 2020, contrasting with a net outflow of ¥186,916,379.82 in 2019[187]. - The ending balance of cash and cash equivalents increased to 383,564,832.99 from 58,512,345.86, indicating improved liquidity[190]. Operational Strategy - The company operates 25 rental projects with a total leasable area of approximately 570,000 square meters, and has secured a new project in Shanghai with an area of about 3,600 square meters[33]. - The company adjusted its leasing strategy to maintain occupancy rates amid the pandemic, implementing targeted measures for client retention[43]. - The company aims to assist urban renewal by improving the commercial value of old properties through design, renovation, and operation[33]. - The company plans to enhance occupancy rates through optimized recruitment strategies and a more market-aligned approach, aiming to improve client retention and brand influence[75]. Investments and Acquisitions - The company is pursuing mergers and acquisitions, having signed a letter of intent to acquire shares in a related company, marking a strategic expansion[42]. - The company intends to pursue mergers and acquisitions, with a specific project involving Yicheng Creative in the pipeline for the first half of the year[75]. Research and Development - The company’s research and development expenses increased by 19.14% to CNY 1.88 million, reflecting a focus on innovation[47]. - Research and development expenses for 2020 were ¥1,880,830.85, an increase from ¥1,578,609.34 in 2019[178]. Shareholder Information - The company has a cash dividend policy that includes a minimum distribution ratio, ensuring reasonable returns to investors[80]. - The company reported a cash dividend distribution of ¥179.55 million for the first half of 2020, with a total of ¥283.5 million in cash dividends for the year[82]. - The company’s total share capital increased from 378 million shares to 472.5 million shares following the issuance of 94.5 million new shares[115]. - The largest shareholder, Shanghai Jinheng Investment Group, holds 274,050,000 shares, representing 58.00% of the total shares[122]. Corporate Governance - The company strictly adheres to corporate governance regulations, ensuring clear responsibilities among its governance structures and protecting the rights of minority shareholders[149]. - The board of directors held a total of 10 meetings during the year, with 8 conducted via a combination of in-person and remote attendance[152]. - The company maintains complete independence from its controlling shareholder in terms of personnel, assets, finance, and operations[150]. Social Responsibility - The company actively fulfills its social responsibilities, focusing on service quality, environmental protection, and employee rights[109]. - The company has not disclosed any environmental information as it does not fall under the category of key pollutant discharge units[110]. Audit and Compliance - The company has established internal controls to mitigate the risk of material misstatements in financial reporting[166]. - The audit report emphasizes the importance of ongoing business viability assessments by management[167]. - The company has a standard unqualified opinion on its internal control audit report, indicating no significant deficiencies were found[155].