LJZ(SH:900932)2021-03-30 16:00Financial Performance - In 2020, the company achieved a revenue of CNY 14.475 billion and a net profit of CNY 4.012 billion, representing a growth of 9.10% compared to 2019[4]. - The company's operating revenue for 2020 was CNY 14,474,727,209.98, a decrease of 2.02% compared to CNY 14,772,938,775.58 in 2019[42]. - The net profit attributable to shareholders for 2020 was CNY 4,011,930,172.77, representing an increase of 9.10% from CNY 3,677,355,264.27 in 2019[42]. - The total assets at the end of 2020 amounted to CNY 101,354,354,265.44, reflecting a growth of 10.84% from CNY 91,440,175,340.91 in 2019[42]. - The net assets attributable to shareholders increased to CNY 20,264,490,290.24, up by 11.84% from CNY 18,119,232,085.30 in 2019[42]. - The basic earnings per share for 2020 was CNY 0.9945, a rise of 9.11% compared to CNY 0.9115 in 2019[43]. - The diluted earnings per share for 2020 also stood at CNY 0.9945, reflecting the same growth rate of 9.11% from the previous year[43]. - The company reported a basic earnings per share after deducting non-recurring gains and losses of CNY 0.9508, which is an increase of 11.53% from CNY 0.8525 in 2019[43]. - The company paid CNY 4.525 billion in taxes, a 66.95% increase from the previous year, which accounted for 31.26% of total operating income[75]. - The company plans to distribute a cash dividend of RMB 4.98 per 10 shares, totaling RMB 2.009 billion, subject to shareholder approval[26]. Real Estate Operations - The company achieved sales revenue of RMB 5.891 billion from various residential properties, primarily from Donghe Apartment, Jinxiu Guanlan Phase I, and Tianjin Haishang Huayuan Phase II[20]. - The overall sell-through rate for the residential projects was approximately 59%[20]. - The total building area of commercial properties was approximately 460,000 square meters, with Shanghai L+MALL achieving a rental rate of 94% and an average rent of CNY 10 per square meter per day[9]. - The company has 23 Grade A office buildings with a total building area of approximately 1.92 million square meters, primarily located in key areas of Shanghai and Tianjin[6]. - The average occupancy rate for mature Grade A office buildings in Shanghai was approximately 80%, with an average rent of CNY 8.83 per square meter per day, an increase of over 1.96% year-on-year[6]. - The average occupancy rate for Tianjin's mature Grade A office buildings was around 76%, with an average rent of CNY 3.45 per square meter per day[6]. - The company has ongoing hotel construction projects with a total above-ground area of 123,387 square meters and a total building area of 190,860 square meters, expected to be completed by 2024[14]. - The company has a total of 82,752 square meters of operational hotel space, with a total building area of 120,344 square meters[14]. - The company owns three business hotels with an average GOP rate of 14.91% and an average occupancy rate of 51.57% in 2020[13]. Market Trends and Strategies - The company is actively involved in the "real estate + finance" dual-drive strategy to enhance its financial service capabilities and contribute to high-quality development in Pudong[5]. - The company is focused on expanding its core business and enhancing its operational capabilities in urban development and construction[5]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[34]. - The company plans to enhance regional development and operational management capabilities in 2021, aligning with the "14th Five-Year Plan" goals[77]. - The company plans to optimize its commercial development strategy, focusing on large-scale shopping centers and community-based commercial projects[81]. - The company aims to solidify its commercial development foundation by enhancing the quality of existing projects and preparing for the opening of new ones[148]. - The company plans to strengthen its commercial operation management capabilities to adapt to market changes and enhance core competitiveness[149]. Social Responsibility and Community Engagement - The company implemented rent reductions for eligible small and micro service enterprises affected by the pandemic, demonstrating its commitment to social responsibility[4]. - In 2020, the company provided rent reductions totaling CNY 239 million to 909 tenants, supporting market stability during the pandemic[63]. - The company engaged in poverty alleviation efforts, allocating RMB 200,000 to support two impoverished villages in Xinjiang during 2020[200]. - The company spent RMB 2.73136 million on consumption poverty alleviation initiatives in 2020[200]. - The company supported local tea industry development by purchasing RMB 113,476 worth of tea from Ying Shan County[200]. - The company raised RMB 132,184 in donations for pandemic prevention efforts in Ying Shan County[200]. Financial Services and Investments - The financial sector continued to optimize management systems and integrated resources to enhance service quality for the real economy[51]. - The company aims to maximize shareholder value through a dual-driven strategy of "real estate + finance" while focusing on core high-quality properties[51]. - The company is exploring new business cooperation models to achieve deeper collaboration between real estate and finance[156]. - The company has shifted its main business from land development to regional development and financial services, enhancing its operational maturity[157]. - The company is pursuing moderate diversification in its development strategy, focusing on related industries to achieve sustainable growth[157]. Corporate Governance and Compliance - The company has implemented a rigorous corporate governance structure to ensure compliance and effective risk management[58]. - The company has committed to not engage in any competitive financial activities directly or indirectly with its subsidiaries, ensuring no conflicts of interest arise[165]. - The company guarantees the independence of its financial operations, including establishing independent accounting departments and financial decision-making processes[168]. - The company will minimize related party transactions and ensure that any necessary transactions are conducted at fair market prices to protect shareholder interests[166]. - The company has established a commitment to fair and transparent pricing for any unavoidable related party transactions[166]. Market Conditions and Future Outlook - The real estate market showed signs of recovery in the second half of 2020, with increased demand for rental properties despite ongoing challenges[52]. - The company reported a significant increase in demand from large enterprises, particularly in the finance, technology, and advanced manufacturing sectors, which are key drivers of office space demand[133]. - The rental decline in the market is gradually narrowing, indicating a recovery in market demand[132]. - The company recognizes the need for continuous updates to existing properties to maintain competitiveness in the office building market[135]. - The company plans to adjust leasing strategies based on market competition and project characteristics, focusing on large enterprises and headquarters economy as key opportunities[134].