CASIN(SZ:000838)2019-04-25 16:00Dividend Distribution - The company plans to distribute a cash dividend of 0.21 CNY per 10 shares to all shareholders, based on a total of 1,100,462,170 shares[4]. - The total cash dividend distributed in 2018 amounted to RMB 23,109,705.57, representing 20.32% of the net profit attributable to ordinary shareholders[102]. - The cash dividend for the 2016 fiscal year was RMB 0.21 per 10 shares, with a total cash dividend of RMB 39,616,638.12, which accounted for 20.23% of the net profit[102]. - The company did not propose a cash dividend distribution plan for the fiscal year 2018 despite having positive distributable profits[103]. - The cash dividend policy complies with the company's articles of association and shareholder resolutions[99]. - The company has maintained a consistent cash dividend distribution policy over the past three years[101]. - The cash dividend for the 2017 fiscal year was approved at the annual general meeting held on March 5, 2018[100]. - The cash dividend distribution for 2018 is based on the same total share capital of 1,100,462,170 shares[101]. Financial Performance - The company's operating revenue for 2018 was ¥3,047,865,857.15, representing a 69.00% increase compared to ¥1,803,479,373.79 in 2017[16]. - The net profit attributable to shareholders decreased by 41.92% to ¥113,723,165.55 from ¥195,790,204.51 in the previous year[16]. - The net profit after deducting non-recurring gains and losses was ¥68,329,312.93, down 37.03% from ¥108,506,360.57 in 2017[16]. - The net cash flow from operating activities improved significantly to ¥1,243,832,957.14, a 190.84% increase from a negative cash flow of ¥1,369,219,520.36 in 2017[16]. - Total assets at the end of 2018 reached ¥12,474,897,138.37, a 44.79% increase from ¥8,615,770,505.79 at the end of 2017[18]. - The net assets attributable to shareholders increased by 5.78% to ¥1,885,640,403.96 from ¥1,782,627,202.48 in 2017[18]. - Total revenue for 2018 reached ¥3,047,865,857.15, a 69.00% increase compared to ¥1,803,479,373.79 in 2017[49]. - Real estate sales accounted for ¥2,926,951,299.38, representing 96.03% of total revenue, with a slight decrease of 1.55% from 2017[49]. - The total signed sales amount for real estate was ¥526,820.22 million, reflecting a 51.83% increase from ¥346,979.96 million in 2017[53]. - The gross profit margin for real estate sales improved to 30.54%, compared to 50.84% in the previous year[52]. Business Strategy and Development - The company has undergone changes in its main business focus, shifting towards real estate development and sales of self-developed properties[16]. - The company aims to innovate in business by exploring areas such as characteristic towns and long-term rental apartments, in line with national policies[30]. - The company has expanded its real estate development projects in various regions, including Chongqing, Jiangsu, and Shandong, acquiring several new projects in 2018[27]. - The company plans to continue expanding its market presence through new projects and acquisitions, as indicated by the establishment of multiple new subsidiaries[58]. - The company aims to enhance its financing management and diversify funding sources to meet the capital demands of project development[92]. - The company plans to focus on regional and core business strategies, emphasizing rapid turnover and efficient marketing management to drive sales and investment[91]. Market Conditions - The residential market in Chongqing experienced a decline in supply, transaction volume, and prices, with an inventory turnover period of 5.1 months[34]. - In Lianyungang, the real estate market entered a plateau phase from March 2018, with a noticeable decline in transaction volume in the second half of the year[35]. - The Weifang market saw a year-on-year increase in monthly transaction prices, but the transaction area was lower than in 2017, indicating a trend of reduced volume with increased prices[35]. - The real estate market is expected to see a sales area decline of 5.0% to 7.0% in 2019, with first-tier cities showing slight recovery while third and fourth-tier cities face greater downward pressure[85]. - New construction starts are projected to grow at a rate of 4.6% to 6.6% in 2019, supported by high land reserves, while investment growth is expected to be between 3.7% and 5.7%[85]. Environmental Compliance - The company has complied with environmental regulations and is classified as a key pollutant discharge unit, ensuring adherence to standards[164]. - The total chemical oxygen demand discharged was 1.6612 tons per year, which is below the permitted limit of 3.07 tons[164]. - The company completed the construction of pollution control facilities in accordance with environmental impact assessment and "three simultaneous" design requirements, and they are operating normally[168]. - The company obtained the environmental impact assessment approval document for construction projects, numbered 渝（双）环准[2015]003号[169]. - The company received multiple pollution discharge permits in 2018, including for water, air, and noise emissions[169]. - The company has developed an emergency response plan for environmental incidents, which has been reviewed by experts and filed with the government[170]. Corporate Governance - The company has a diverse board with members holding various professional qualifications, including registered accountants and lawyers[200]. - The company is focused on expanding its market presence and enhancing its operational capabilities through strategic leadership[199]. - The company has maintained a stable shareholding structure among its senior management, indicating confidence in its future performance[196]. - The company is committed to ongoing development and innovation in the real estate sector, leveraging the expertise of its board members[200]. - The company aims to avoid and minimize related party transactions with its controlling shareholder and subsidiaries, ensuring fair and transparent decision-making processes[112]. Subsidiaries and Acquisitions - The company established several new subsidiaries, including a 51% stake in Chongqing Xinchang Real Estate Co., Ltd. and a 100% stake in Sichuan Caixin Cultural Industry Development Co., Ltd.[55][56]. - The company completed the acquisition of 50% equity in Chongqing Zhongliang Kunwei Real Estate Development Co., Ltd. through capital increase, investing ¥50 million[56]. - The company acquired 100% equity and 21,651.85 million CNY debt of Chongqing Xingjie Real Estate Co., Ltd. for a total consideration of 105,600.00 million CNY[172]. - The company signed an equity acquisition agreement for the 100% stake in Chongqing Hanyu, with performance compensation arrangements in place[109]. Financial Management - The company has a total loan balance of 338,316.05 million CNY, with interest rates ranging from 4.75% to 12%[45]. - The company has a guarantee amount of 1,063,957 million yuan approved during the reporting period, with an actual guarantee amount of 100,826.20 million yuan[145]. - The company has a total approved external guarantee amount of 1,889,557 million yuan at the end of the reporting period[145]. - The actual total guarantee amount accounted for 378.59% of the company's net assets[147]. - The company has no overdue amounts that have not been recovered from entrusted wealth management[150]. Related Party Transactions - The company conducted related party transactions, including property management services amounting to CNY 1,626.73 million, which accounted for 76.56% of similar transaction amounts[131]. - The actual amount of related party transactions during the reporting period was 1,924.70 million yuan[137]. - The company expects to have annual related party transactions not exceeding 2,032.15 million yuan for 2018[133]. - The company has no significant related party transactions that contributed to over 10% of the total profit during the reporting period[139]. Risk Management - The company has identified risks related to real estate market regulations and financing, and plans to adjust its strategies accordingly to mitigate these risks[92]. - The company is focused on expanding its environmental business and ensuring compliance with industry regulations[112]. - The company has made commitments to avoid illegal transfer of funds and profits through related party transactions[112].