*ST新联(000620) - 2019 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2019 was ¥11,988,457,548.33, a decrease of 14.37% compared to ¥14,001,004,940.28 in 2018[26] - The net profit attributable to shareholders for 2019 was ¥809,930,745.43, down 31.74% from ¥1,186,458,516.42 in 2018[26] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥513,023,755.33, a decrease of 47.04% compared to ¥968,624,976.64 in 2018[26] - The net cash flow from operating activities was ¥2,990,357,620.20, down 22.17% from ¥3,842,127,389.40 in 2018[26] - Basic earnings per share decreased by 31.75% to CNY 0.43 compared to CNY 0.63 in the previous year[29] - The weighted average return on equity dropped to 10.32%, down from 16.64% year-on-year, a decrease of 6.32%[29] - Total assets as of December 31, 2019, were CNY 53,062,284,910.39, reflecting a decrease of 1.01% from CNY 53,601,938,113.44 at the end of 2018[29] - The company reported a non-recurring gain of CNY 296,906,990.10 for the year, up from CNY 217,833,539.78 in 2018[37] Business Strategy and Focus - The company has shifted its business focus over the years, with the current scope including cultural tourism project operations and management[24] - The company is focused on transforming its main business from traditional real estate to cultural tourism, with a strategic emphasis on operational management and service quality[54] - The company has established overseas subsidiaries in South Korea and Malaysia, with the Malaysian subsidiary already generating profits[45] - The company has expanded its cultural tourism projects, including the grand opening of the Xining Children's Dream Park, which features several unique attractions[40] - The company launched three new cultural tourism products in the second phase of the Tongguan Kiln Ancient Town, contributing to a significant increase in visitor numbers and revenue at the Sichuan Langzhong Ancient City[40] Operational Developments - The company successfully opened four major cultural tourism projects, including the 5A scenic area Langzhong Ancient City, which was taken over on January 1, 2019, and saw significant operational improvements[55] - The company launched three major new tourism products at the Copper Official Kiln Ancient Town on June 28, 2019, including a large original performance show and a world-class 5D cinema, receiving widespread recognition[55] - During the National Day holiday, the four major scenic areas attracted over 500,000 visitors, demonstrating the effectiveness of the company's marketing and operational strategies[56] - The company has implemented a large scenic area management model, optimizing operational management systems and enhancing service standards across its tourism projects[56] Financial Management and Investments - The company has a total financing balance of 25,509,451,628.37 CNY, with an average financing cost of 8.66%[78] - The financing from bank loans amounts to 14,288,248,917.48 CNY, with a cost range of 4.57%-9%[78] - The company reported a total of CNY 205.75 million in raised funds, with CNY 66.55 million utilized during the reporting period[114] - The cumulative investment in the Hunan Liling City housing reconstruction project reached CNY 59.22 million, achieving 100.73% of the planned investment[118] - The cumulative investment in the Ningxia Yinchuan Railway Station housing reconstruction project reached CNY 108.09 million, achieving 100.29% of the planned investment[118] Challenges and Risks - The company is facing operational challenges due to the pandemic, affecting its tourism and real estate sectors significantly[158] - The company anticipates continued tight financing policies in 2020, prompting a focus on diversified financing methods to reduce overall debt and improve financial structure[138] - The company faces risks from policy changes, industry competition, and the impact of COVID-19 on project delivery and sales, necessitating a rational investment approach[143] Shareholder and Dividend Policies - The company plans not to distribute cash dividends or issue bonus shares[9] - The company will not distribute cash dividends for the 2019 fiscal year due to cash flow constraints caused by the COVID-19 pandemic, with unallocated profits primarily used for debt repayment and daily operations[158] - The company has a clear and complete profit distribution policy, adhering to regulations and ensuring the protection of minority shareholders' rights[159] - The company has established a three-year shareholder return plan from 2017 to 2019, focusing on stable dividend policies[158] Corporate Governance and Compliance - The company has engaged Tianjian Accounting Firm for auditing, which issued a report with an emphasis on certain matters[6] - The company has not disclosed any significant undisclosed information during the communication activities[153] - The company did not experience any significant accounting errors requiring retrospective restatement during the reporting period[185] - The company has not reported any significant market expansion or acquisition strategies during the reporting period[196]