Golden Bridge(SH:900911)2021-04-16 16:00Financial Performance - The company's operating revenue for 2020 was approximately CNY 3.59 billion, representing a year-on-year increase of 7.18% compared to CNY 3.35 billion in 2019[19]. - The net profit attributable to shareholders for 2020 was CNY 1.11 billion, which is a 2.10% increase from CNY 1.08 billion in 2019[19]. - The cash flow from operating activities for 2020 was CNY 3.27 billion, a significant recovery from a negative cash flow of CNY -1.37 billion in 2019[19]. - The total assets at the end of 2020 reached CNY 30.03 billion, marking a 22.05% increase from CNY 24.60 billion in 2019[19]. - The company's net assets attributable to shareholders increased by 8.41% to CNY 10.76 billion at the end of 2020, compared to CNY 9.93 billion at the end of 2019[19]. - The basic earnings per share for 2020 was CNY 0.9869, reflecting a 2.10% increase from CNY 0.9666 in 2019[20]. - The weighted average return on equity for 2020 was 10.67%, down from 11.62% in 2019, indicating a decrease of 0.95 percentage points[20]. - The company reported a total of CNY 2.38 billion in expenses, an increase of CNY 0.36 billion from the previous year, mainly due to increased financial costs[52]. - The company reported a total comprehensive income of approximately $1.18 billion for the year[197]. Revenue and Costs - The total operating revenue for the real estate sector was 3.476 billion RMB, with a corresponding operating cost of 1.589 billion RMB[47]. - The operating cost for the period rose by 112 million RMB, with an increase rate of 7.07% due to the corresponding rise in sales revenue[44]. - The total operating costs increased by 7.11% year-on-year, totaling CNY 1,692,553,614.10[50]. - The hotel and apartment service sector reported an operating revenue of 104 million RMB, with a gross profit margin of only 0.56%, a decrease of 40.30 percentage points compared to the previous year[47]. Cash Flow and Investments - The net cash flow from operating activities increased by CNY 4.636 billion, primarily due to an increase in pre-sale housing receipts[54]. - The net cash flow from investment activities decreased by 2.860 billion RMB, attributed to a higher net purchase of bank financial products compared to the previous year[44]. - The net cash flow from financing activities decreased by 1.230 billion RMB, mainly due to a reduction in net bank borrowings compared to the previous year[45]. - Cash inflows from investment activities reached CNY 8,172,032,824.96, a significant increase from CNY 1,537,630,494.58 in the previous year, marking an increase of approximately 431.5%[192]. Assets and Liabilities - The company's total assets amounted to approximately 2.274 billion RMB, with total liabilities of approximately 2.633 billion RMB[42]. - The total liabilities amounted to ¥19,048,615,482.41 in 2020, up from ¥14,450,896,004.22 in 2019, which is an increase of approximately 31.5%[177]. - The company's retained earnings grew to ¥5,606,233,741.02 in 2020, compared to ¥4,803,876,437.20 in 2019, an increase of about 16.7%[178]. - The inventory value on December 31, 2020, was CNY 5,345,237,463.63, up from CNY 3,954,545,278.48 in 2019, reflecting a growth of 35.1%[176]. Strategic Initiatives - The company launched the "14th Five-Year" strategic planning, focusing on urban development and hard industry growth, aiming to become a leading integrated development operator[37]. - The company plans to continue its focus on urban integration and aims to become a comprehensive developer and operator of industrial urban areas[76]. - The company is committed to enhancing resource value and expanding transformation development opportunities in line with national strategies[76]. - The company aims to establish an incubator mechanism focusing on smart manufacturing and 5G, targeting to gather over 10 incubating enterprises or teams[79]. Shareholder and Governance - The largest shareholder, Shanghai Jinqiao (Group) Co., Ltd., holds 49.37% of the shares, totaling 554,081,457 shares[113]. - The company has a total of 8 board members, with 3 being independent directors[123]. - The total remuneration for the board members and senior management during the reporting period amounted to 97.53 million yuan[122]. - The company has maintained independence from its controlling shareholder in terms of business, assets, and finances[136]. Market Outlook - The real estate market is expected to undergo significant changes due to the implementation of a long-term mechanism for stable and healthy development[75]. - The housing rental market is anticipated to grow rapidly in major cities, driven by talent attraction policies[75]. - The company is facing risks from external economic uncertainties and will enhance its efforts in attracting domestic enterprises, especially in the 5G sector[81].