CASIN(SZ:000838)2020-04-13 16:00Dividend Distribution - The company plans to distribute a cash dividend of 1.32 RMB per 10 shares to all shareholders, based on a total of 1,100,462,170 shares[4]. - The company reported a cash dividend of 145.26 million RMB in 2019, representing 133.83% of the net profit attributable to ordinary shareholders[107]. - The total cash dividend distributed to shareholders amounted to CNY 145,261,006.44, representing 100% of the total profit distribution[110]. - The cash dividend per 10 shares is CNY 1.32 (including tax), based on a total share capital of 1,100,462,170 shares[110]. - The retained earnings at the end of 2019 were CNY 581,624,041.81 after accounting for dividends and reserves[110]. - The company plans to carry forward the remaining undistributed profits to the next fiscal year[110]. Financial Performance - The company's operating revenue for 2019 was ¥3,394,143,161.78, representing an increase of 11.36% compared to ¥3,047,865,857.15 in 2018[6]. - The net profit attributable to shareholders decreased by 4.56% to ¥108,540,301.37 from ¥113,723,165.55 in the previous year[6]. - The net profit after deducting non-recurring gains and losses increased by 19.50% to ¥81,652,762.87, up from ¥68,329,312.93 in 2018[6]. - The net cash flow from operating activities rose significantly by 46.84% to ¥1,826,484,238.30, compared to ¥1,243,832,957.14 in 2018[6]. - Total revenue for 2019 reached ¥3,394,143,161.78, an increase of 11.36% compared to ¥3,047,865,857.15 in 2018[58]. - Real estate sales accounted for ¥3,313,794,881.34, representing 97.63% of total revenue, with a year-on-year growth of 13.22%[58]. - The environmental protection segment revenue decreased by 34.62% to ¥56,767,853.70, down from ¥86,825,259.23 in 2018[58]. Business Strategy and Focus - The company has undergone changes in its main business focus, shifting towards real estate development and sales of self-developed properties[16]. - The company plans to optimize urban layout and upgrade product and service levels to adapt to market changes and regulatory policies[46]. - The company is focusing on optimizing its customer relationship management system to improve the entire real estate development process[29]. - The company plans to increase the proportion of just-demand products from 20% in 2020 to 40% by 2025, focusing on green and intelligent product development[54]. - The company intends to diversify its project types and strengthen information screening capabilities for land acquisition[54]. - The company plans to strengthen project type diversification and improve land value assessment accuracy in its project acquisition strategy[98]. Market Conditions - The overall real estate market in China faced tightening policies, with a focus on stabilizing the market and preventing financial risks, leading to a slowdown in investment and sales growth[33]. - In 2019, the total sales area of commercial housing in China was 1.716 billion square meters, a slight decrease of 0.1% year-on-year, with total sales revenue reaching 15.97 trillion yuan, a year-on-year decline of 5.7 percentage points[33]. - The average land premium rate across 300 cities in China was 13% in 2019, down by 0.02 percentage points from the previous year, indicating a decrease in investment willingness in the real estate market[33]. - The inventory turnover period for the real estate market in Weihai was 14 months, indicating ongoing inventory reduction challenges[40]. - The company faces risks related to market regulation policies and financing, necessitating enhanced financing management and sales strategies[46][47]. Project Development and Management - The company has enhanced its project cooperation efforts, reducing land investment and leveraging partners' development advantages[29]. - The company is expanding its land reserves and project portfolio despite current operational challenges[49][50]. - The company has several ongoing projects, including the Financial City project with a cumulative investment of 280 million CNY and a completion rate of 39%[50]. - The company acquired land parcels in various locations, including a 53,936 square meter plot in Changzhou and a 62,781 square meter plot in Zhenjiang[48]. - The company achieved a signed sales area of 81.10 million square meters, with a sales amount of 702.33 million yuan[48]. Financial Management and Risks - The company faces risks from real estate market regulation policies, which may impact operations if not adapted to changes in national policies[99]. - The financing cost for bank loans ranges from 4.99% to 7.98%, with a total balance of 209,031.05 CNY[53]. - The company aims to achieve a 2A+ credit rating by 2022, with a strategy to reduce financing costs year by year[53]. - The company plans to optimize cash flow and improve profitability by enhancing accounts receivable management and ensuring timely project delivery[55]. - The company reported a significant increase in short-term borrowings to ¥1,503,259,734.87, which is 8.50% of total liabilities, due to growth in development scale and financing[73]. Environmental Commitment - The environmental protection sector is expected to see unprecedented growth opportunities, with the company holding qualifications for handling 24 types of hazardous waste[29]. - The company is committed to environmental protection and adheres to the wastewater discharge standards set by the authorities[165]. - The company has maintained compliance with all pollutant discharge standards, with no instances of exceeding limits reported[165][166]. - The company has established an emergency response plan for environmental incidents, which has been reviewed and filed with the government[170]. Corporate Governance and Compliance - The company has established a governance structure that includes checks and balances among the shareholders' meeting, board of directors, and supervisory board[162]. - The company has committed to social responsibility, ensuring compliance with laws and regulations while contributing to public welfare[162]. - The company has not reported any major litigation or arbitration matters during the reporting period[136]. - The company has not undergone any bankruptcy reorganization during the reporting period[134]. Shareholder Structure and Changes - The largest shareholder, Chongqing Caixin Real Estate Development Co., Ltd., holds 61.63% of the shares, totaling 678,220,207 shares[185]. - The company reported a total of 1,100,462,170 shares outstanding, with no new shares issued during the reporting period[182]. - The number of shareholders holding more than 5% of the shares remains unchanged, with no new strategic investors added to the top 10 shareholders[185]. - The company has not implemented any share buyback or repurchase programs during the reporting period[181]. - The actual controller, Lu Shengju, remains unchanged and continues to serve as the chairman of Chongqing Caixin Enterprise Group Co., Ltd.[189]. Management Changes - The company experienced significant management turnover, with multiple directors and executives resigning or completing their terms in 2019[198]. - The total number of resignations included three directors and two vice presidents, indicating potential shifts in strategic direction[199]. - The current chairman, Xian Xian Nian, has extensive experience in real estate and investment management, which may influence future company strategies[200]. - The management changes may lead to new strategic initiatives aimed at enhancing operational efficiency and market competitiveness[199].