CREC(SZ:000736)2019-04-11 16:00Financial Performance - The company's operating revenue for 2018 was ¥8,947,567,912.60, representing a 42.91% increase compared to the adjusted revenue of ¥6,260,811,825.25 in 2017[26]. - Net profit attributable to shareholders for 2018 was ¥809,869,355.55, a 36.69% increase from the adjusted net profit of ¥592,473,854.33 in 2017[26]. - The net profit after deducting non-recurring gains and losses was ¥286,169,403.41, showing a significant increase of 74.52% compared to the previous year's adjusted figure[26]. - The net cash flow from operating activities for 2018 was ¥5,796,489,385.73, a substantial improvement from a negative cash flow of ¥3,456,403,621.79 in 2017[26]. - Total revenue for 2018 was CNY 8.95 billion, a 42.91% increase year-on-year[49]. - The company reported a significant revenue increase in the Central China region, with a 125.92% growth to ¥1,682,012,000.76[82]. - The Southwest region also saw a substantial revenue increase of 161.77%, totaling ¥2,098,633,018.73[82]. - Rental income grew by 10.25% to ¥78,479,475.77, with a gross profit margin of 61.61%[81]. Asset Management - The total assets at the end of 2018 amounted to ¥40,229,785,544.89, reflecting a 17.01% increase from the adjusted total assets of ¥34,381,972,511.11 in 2017[26]. - Total assets as of December 31, 2018, were CNY 40.23 billion, a 17.00% increase from the previous year[49]. - Inventory increased by 42.46% to ¥2,547,390,376.78, attributed to more projects reaching delivery conditions[83]. - The company's total assets across its subsidiaries amount to approximately CNY 20 billion, reflecting a strong asset base for future growth[111]. Business Operations - The company underwent a major asset restructuring in December 2008, shifting its main business focus to real estate development and management[21]. - The company’s main business includes real estate development, property management, and high-tech development[21]. - The company held and participated in 44 real estate projects by the end of 2018, primarily located in economically developed second-tier cities[36]. - The company plans to continue expanding its scale and improving operational efficiency, focusing on high-quality development in the real estate sector[37]. - The company entered a total of 22 cities, including new entries in Hangzhou, Dongguan, Shijiazhuang, and Qingdao[50]. Investment and Financing - The company obtained approval for a supply chain ABS issuance of CNY 2 billion and a non-public bond issuance of CNY 1.7 billion during the reporting period[54]. - The company has a total financing balance of 634.9 million from bank loans, with interest rates ranging from 4.99% to 7.60%[74]. - The company borrowed a total of RMB 4 billion from related parties, with a maximum interest rate of 10% and a borrowing term of 6 to 36 months, effective until December 31, 2018[185]. - The company engaged in financing leasing business with related parties, with financing amounts of RMB 30,000 million, RMB 15,000 million, and RMB 27,300 million for different subsidiaries, all with a term of 1 year[188]. Profit Distribution - The company reported a cash dividend of 84,700,257.13 CNY for 2018, representing 10.46% of the net profit attributable to ordinary shareholders[135]. - The 2018 profit distribution plan includes a cash dividend of 1.9 CNY per 10 shares and a bonus share distribution of 2 shares for every 10 shares held[135]. - A cash dividend of CNY 1.90 per 10 shares (including tax) will be distributed, totaling CNY 84,700,257.13, which accounts for 48.72% of the total profit distribution[138]. - The company has committed to maintaining the independence of its management and assets, ensuring that senior management will not hold operational roles in other companies controlled by the parent company[146]. Subsidiaries and Acquisitions - The company completed the acquisition of 100% equity in Beijing United Real Estate Co., Ltd. in December 2018, which required retrospective adjustments to financial data[31]. - The company established several new subsidiaries, including Tianjin Zhongjiao Real Estate Co., Ltd. and Wuhan Zhongjiao Delu Xiangsong Real Estate Co., Ltd.[167]. - The company’s subsidiary Chongqing Zhongjiao Southwest Real Estate Co., Ltd. generated a revenue of CNY 1,656,128,179.86, with a net profit of CNY 241,090,684.94[111]. Risk Management - The company has disclosed risk factors and measures to address them in its board report[7]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and senior management[6]. - The company has not reported any significant asset or equity sales during the reporting period, maintaining its asset base[112]. Corporate Governance - The company has not engaged in any securities or derivative investments during the reporting period, indicating a focus on core real estate activities[107][108]. - The company has not faced any penalties or rectification issues during the reporting period[176]. - The company has made changes in accounting policies, including the consolidation of "accounts receivable" and "notes receivable" into "receivables," which has no impact on net profit or shareholders' equity[161].