UKF(SZ:000514)2022-03-25 16:00Financial Performance - The company's operating revenue for 2021 was ¥1,186,854,732.32, representing a 90.20% increase compared to ¥624,012,309.14 in 2020[19]. - The net profit attributable to shareholders for 2021 was ¥162,120,541.11, a 21.40% increase from ¥133,540,588.20 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was ¥172,045,564.07, which is a 57.89% increase from ¥108,963,663.74 in 2020[19]. - The net cash flow from operating activities improved significantly to ¥460,955,171.65, compared to a negative cash flow of ¥1,415,274,581.15 in 2020, marking a 132.57% increase[19]. - The basic earnings per share for 2021 was ¥0.1921, up 21.35% from ¥0.1583 in 2020[19]. - Total assets at the end of 2021 were ¥8,387,673,158.84, reflecting a 9.75% increase from ¥7,642,254,282.30 at the end of 2020[19]. - The net assets attributable to shareholders increased by 4.21% to ¥3,513,017,471.90 from ¥3,371,203,576.41 in 2020[19]. - The weighted average return on equity for 2021 was 4.71%, an increase of 0.69% from 4.02% in 2020[19]. - The company achieved operating revenue of ¥1,186,854,732.32, a 90.20% increase compared to the previous year[38]. - Net profit attributable to the parent company was ¥162,120,541.11, reflecting a 21.40% year-on-year growth[38]. - The company's gross margin for residential sales was 61.27%, with commercial sales achieving a gross margin of 73.47%[40]. - Operating costs increased by 93.92% to ¥719,042,291.73, primarily due to the higher revenue from real estate projects[39]. - The company reported a significant increase in tax and additional charges, which rose by 212.78% to ¥55,300,577.22, mainly due to land value-added tax[39]. - Cash and cash equivalents increased by 145.44% to ¥250,760,120.07, attributed to increased sales receipts from real estate development projects[39]. - Investment income decreased by 87.70% to ¥6,660,000.00, due to the previous year's transfer of 51% equity in Qinian Company[39]. - The company reported a significant increase in financial expenses, which rose by 21.88% year-on-year, totaling CNY 46.91 million[57]. - The company reported a net profit margin of 12% for 2021, an improvement from 10% in the previous year[198]. Operational Highlights - In Q4 2021, the company's operating revenue reached ¥991,067,227.61, showing significant growth compared to previous quarters[23]. - The net profit attributable to shareholders in Q4 2021 was ¥184,554,886.51, a substantial recovery from losses in earlier quarters[23]. - The net cash flow from operating activities in Q3 2021 was ¥309,781,444.17, indicating strong operational efficiency[23]. - The company reported a total of ¥6,664,343.67 in government subsidies for 2021, which are closely related to normal business operations[24]. - The company has a total land reserve of 124.27 million square meters, with a remaining developable area of 91.33 million square meters[32]. - The company reported a cumulative investment of 31,738 million yuan in the Huixing Project Phase II, which has been fully completed[32]. - The average rental rate for the Qinian Yucheng project is 99.14%, with a total leasable area of 29,195.11 square meters[34]. - The cumulative rental area for the Guohui Center is 13,133.22 square meters, with an average rental rate of 77.99%[34]. - The total construction area for the Glaimeicheng Project Phase II is 91,860 square meters, with 80% completion status[32]. - The company has a total of 379 million yuan in bonds with an interest rate of 3.95%[35]. - The company has diversified its operations beyond real estate development, engaging in exhibition services and municipal facilities to mitigate market risks[37]. Strategic Initiatives - The company aims to adapt to market changes with strategies including rental support and interest rate reductions in 2022[29]. - The company plans to maintain a strategic focus on real estate development while expanding into exhibition, property management, and urban renewal sectors[35]. - The company aims to achieve high-quality development by implementing a "deep cultivation + moderate external expansion" strategy in 2022[36]. - The company is committed to becoming a leading urban comprehensive operation service provider in the Chengdu-Chongqing economic circle during the "14th Five-Year Plan" period[36]. - The company plans to enhance project sales efforts to expedite repayment of shareholder loans[184]. - The company is exploring potential mergers and acquisitions to strengthen its market position, with a budget of 500 million CNY allocated for this purpose[200]. - The company plans to increase its dividend payout ratio to 30% of net profits, reflecting a commitment to returning value to shareholders[199]. Governance and Management - The company maintains an independent governance structure, with no reliance on the controlling shareholder for business operations[92]. - The company has established a complete and independent financial management system, including independent accounting and tax compliance[93]. - The company’s financial director, Guan Yan, has been in position since August 2, 2016, and will serve until April 23, 2023[98]. - The company’s independent directors have remained unchanged since their appointments in August 2016[97]. - The company’s management structure includes a clear delineation of roles and responsibilities, ensuring accountability in remuneration decisions[112]. - The board of directors held a total of 20 meetings during the reporting period, with the first meeting on January 11, 2021, and the last on December 30, 2021[115][116]. - The independent directors actively participated in discussions and provided objective opinions on various matters, ensuring the protection of minority shareholders' rights[119]. - The company has implemented a performance-based incentive system for senior management, with a 10% annual performance bonus base for term incentives[112]. Risks and Challenges - The company faces risks related to government policy changes that could impact operations, with strategies in place to monitor and adjust accordingly[31]. - The company is committed to resolving competition issues with its controlling shareholder's subsidiary by completing existing residential real estate projects before initiating new ones[145]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[156]. - The company has not engaged in any violations regarding external guarantees during the reporting period[157]. Future Outlook - Future outlook remains positive, with management projecting a revenue growth of 10-15% for the next fiscal year, driven by new product launches and market expansion[102]. - The company provided a performance guidance for 2022, expecting a revenue growth of 10% to 12%[199]. - The company is investing in R&D for new technologies, with a budget allocation of 5% of total revenue aimed at enhancing product offerings[102]. - Market expansion efforts include entering two new provinces, which are expected to contribute an additional 200 million CNY in revenue over the next year[102]. - A new product line is set to launch in Q2 2022, anticipated to generate approximately 300 million CNY in additional revenue[102]. Employee and Labor Relations - The total number of employees at the end of the reporting period was 831, with 127 in the parent company and 704 in major subsidiaries[125]. - The company has established a training management mechanism and various educational training methods to enhance employee skills[128]. - The company has implemented a performance-based salary policy linked to overall business performance and individual contributions[127]. Environmental and Social Responsibility - The company has committed approximately CNY 101,500 to rural revitalization consumption assistance[151]. - The company maintained a zero-accident record in safety and environmental management throughout the year[149]. - The company has established a worker representative system to ensure employee participation in management decisions[150]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[148].