OCT(SZ:000069)2023-03-30 16:00Financial Performance - In 2022, the company experienced its first loss since listing, facing significant operational pressure and challenges, marking the most difficult period since its establishment [2]. - The company's operating revenue for 2022 was CNY 76.77 billion, a decrease of 25.17% compared to CNY 102.58 billion in 2021 [17]. - The net profit attributable to shareholders for 2022 was a loss of CNY 10.91 billion, a decline of 387.05% from a profit of CNY 3.80 billion in 2021 [17]. - The basic earnings per share for 2022 was -CNY 1.3296, down 381.28% from CNY 0.4727 in 2021 [17]. - The total assets at the end of 2022 were CNY 392.92 billion, a decrease of 18.15% from CNY 480.06 billion at the end of 2021 [17]. - The net assets attributable to shareholders at the end of 2022 were CNY 68.86 billion, down 15.20% from CNY 81.20 billion at the end of 2021 [17]. - The cash flow from operating activities showed a net loss of CNY 11.64 billion in 2022, a decline of 606.94% from CNY 2.30 billion in 2021 [17]. - The weighted average return on equity for 2022 was -14.54%, a decrease of 19.27% from 4.73% in 2021 [17]. - The company reported a significant drop in net profit, indicating ongoing challenges in maintaining operational stability [17]. - The company has faced uncertainty regarding its ability to continue as a going concern, as indicated in the latest audit report [17]. Strategic Initiatives - The company implemented a series of reforms, achieving progress in professional integration and lean management, which significantly improved resource allocation efficiency [2]. - The company plans to enhance its "professionalization" awareness to improve value creation capabilities and strengthen its market competitiveness [3]. - The company aims for sustainable high-quality development, emphasizing the importance of long-term planning and immediate action to navigate current challenges [4]. - The company is committed to enhancing its operational quality through systematic improvement of key business processes and management elements [3]. - The company will focus on capital accumulation as a source for expanding reproduction, emphasizing the need for higher quality profits [3]. - The company is pursuing a market-oriented cooperation model to achieve mutual benefits with external stakeholders [3]. - The company is focusing on strategic adjustments to improve financial performance and market position moving forward [17]. Real Estate Development - The company has strategically positioned itself as a leader in theme parks and cultural tourism, with a focus on real estate development, creating a diverse portfolio of projects from 2015 to 2021 [25]. - In 2022, the company emphasized transformation and high-quality development in the real estate sector, implementing reforms in professional integration and lean management [25]. - The company has established a "two cores and three dimensions" development model in its tourism business, focusing on theme parks and cultural sites as key growth drivers [26]. - The company is actively exploring the development of affordable housing and talent housing, enhancing its product structure in the real estate sector [27]. - The company has several ongoing projects with significant remaining developable areas, including the Xi'an project with 26.23 million square meters and the Wuhan project with 57.69 million square meters [30]. - The company aims to enhance its market-oriented profit model and strengthen internal collaboration through specialized enterprises in tourism technology and travel services [26]. - The company has a total of 39 projects listed, with significant remaining developable areas across various locations, indicating strong future growth potential [30]. Financial Management - The company will not distribute cash dividends or issue bonus shares for the current year, indicating a focus on reinvestment [6]. - The company has clarified its headquarters' positioning to enhance control over new investments, ensuring prudent financial management [2]. - The company plans to optimize its capital structure and enhance cash flow management to maintain sufficient liquidity and cash reserves [81]. - The company is focusing on residential properties as a key sales asset and will control the proportion of self-owned assets to improve sustainable operating capacity [80]. - The company intends to explore new development models, including participation in government-subsidized housing projects and asset management capabilities [80]. Market Conditions - The total domestic tourism in 2022 was 2.53 billion trips, a decrease of 716 million trips year-on-year, reflecting the impact of economic pressures [23]. - The average urban unemployment rate in China for 2022 was 5.6%, reflecting ongoing economic challenges [23]. - The company is experiencing market risks from the ongoing low performance of the real estate market, which may affect its sales and inventory turnover [90]. - The company faces macroeconomic risks due to global economic instability and domestic demand fluctuations, which may impact its tourism and real estate businesses [89]. Corporate Governance - The company has established independent operations in business, personnel, assets, institutions, and finance, ensuring complete separation from its controlling shareholder [95]. - The company revised its governance documents to enhance corporate governance and investor relations management during the reporting period [94]. - The board of directors includes independent members with extensive experience in academia and industry, ensuring diverse perspectives in decision-making [102]. - The company has established a performance evaluation and incentive mechanism for senior management, with rewards based on the implementation of long-term strategic goals [111]. Environmental and Social Responsibility - The company achieved cost savings of nearly 3.5 million yuan and reduced carbon dioxide emissions by over 1,000 tons through the "12340" green low-carbon project in 2022 [138]. - The company is actively involved in the "OCT Phoenix Flower Carnival," which focuses on natural ecology and green low-carbon themes, featuring various public activities [140]. - The company invested CNY 464,000 in rural revitalization efforts in 2022 [143]. - The first grassland parent-child theme park, "Maple Fun Childhood," opened on October 1, 2022, in Inner Mongolia, marking a significant project for rural revitalization [143].