Shirongzhaoye(SZ:002016)2021-04-28 16:00Financial Performance - The company's operating revenue for 2020 was CNY 2,947,576,076.91, representing a 7.07% increase compared to CNY 2,752,899,566.46 in 2019[16] - The net profit attributable to shareholders for 2020 was CNY 834,255,798.05, a decrease of 5.44% from CNY 882,223,428.71 in 2019[16] - The basic earnings per share for 2020 was CNY 1.0311, down 5.44% from CNY 1.0904 in 2019[16] - Total revenue for 2020 was approximately CNY 2.95 billion, representing a year-on-year increase of 7.07% compared to CNY 2.75 billion in 2019[45] - Real estate sector contributed CNY 2.84 billion, accounting for 96.49% of total revenue, with a year-on-year growth of 15.23%[47] - The company reported a net profit of 834,255,798.05 yuan for the year 2020, with a retained earnings balance of 2,090,615,806.58 yuan[82] - The net profit for the reporting period was CNY 833,880,129.35, a decrease of CNY 31,895,305.52 compared to the previous year[92] Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 72.55%, amounting to CNY 673,459,087.85 compared to CNY 2,453,438,452.22 in 2019[16] - The total assets at the end of 2020 were CNY 7,757,698,227.52, a decrease of 10.92% from CNY 8,708,859,437.57 at the end of 2019[17] - As of the end of 2020, cash and cash equivalents amounted to ¥1,889,827,544, representing 24.36% of total assets, a slight increase from 24.22% at the beginning of the year[61] - Inventory decreased to ¥3,572,971,225, accounting for 46.06% of total assets, down from 46.74% due to the transfer of development products to cost of sales[61] Market and Sales Performance - The company sold a total of 89,000 square meters of real estate in 2020, demonstrating resilience despite the challenges posed by the COVID-19 pandemic[31] - The total transaction volume of residential properties in Zhuhai was 54,629 units in 2020, down 12% year-on-year, with an average transaction price of 25,230 yuan per square meter, up 10% year-on-year[36] - The average transaction price in the Doumen District was 15,000 yuan per square meter, reflecting an 11% year-on-year increase despite a more than 50% decline in transaction volume[36] - The company reported a significant decline in sales due to the COVID-19 pandemic, but the situation improved as the economy gradually recovered[37] Risks and Challenges - The company faces several risks, including policy risk, project concentration risk, market environment risk, and risks related to the COVID-19 pandemic[4] - The company reported a significant decline in net cash flow from operating activities, indicating potential liquidity issues[16] - The company’s long-term equity investments decreased by 77.94%, reflecting a provision for impairment loss of CNY 61.82 million on an associate company[26] Dividends and Shareholder Information - The company plans to distribute a cash dividend of CNY 1 per 10 shares, based on a total of 809,095,632 shares[4] - The cash dividend payout ratio for 2020 is significantly lower than the 50.81% payout ratio in 2018, indicating a shift in dividend policy[80] - The company will not issue new shares or convert capital reserves into shares for the 2020 profit distribution[82] Corporate Governance and Management - The company appointed a new president, Li Xupeng, who also serves as the legal representative, with the change registered on October 29, 2020[122] - The company has seen a significant turnover in its executive team, with multiple resignations and appointments in 2020, indicating a strategic shift in leadership[142] - The company’s financial management is overseen by CFO Wang Lihong, who has been in the role since November 11, 2019[141] - The company has a diverse board with independent directors, including Liu Aping, Xue Ziqiang, and Wang Xiaohua, ensuring governance and oversight[141] Social Responsibility and Community Engagement - The company donated CNY 1 million to the Guangdong Red Cross for COVID-19 medical equipment and supplies[116] - The company provided rent reductions totaling CNY 122.4 million to merchants renting its shops during the pandemic[116] - A total of CNY 56 million was donated to the Zhuhai Red Cross, with CNY 40 million allocated for water rescue equipment and CNY 16 million for youth first aid training[116] - The company contributed CNY 50 million to a targeted poverty alleviation fund in the Doumen District[119] Audit and Compliance - The company has a standard unqualified audit opinion for the financial statements as of December 31, 2020[192] - The audit report was signed on April 27, 2021, by Da Hua Certified Public Accountants[192] - The audit committee supervised the annual report audit process, ensuring compliance and effective internal control measures were in place[182] - No significant internal control deficiencies were identified during the reporting period, reflecting strong governance practices[186]