Workflow
深深房B(200029) - 2020 Q4 - 年度财报
SPGSPG(SZ:200029)2021-03-19 16:00

Financial Performance - The company's operating revenue for 2020 was CNY 1,615,009,713.88, a decrease of 36.63% compared to CNY 2,548,740,319.49 in 2019[19]. - The net profit attributable to shareholders for 2020 was CNY 290,229,772.23, down 47.47% from CNY 552,452,307.59 in 2019[19]. - The net cash flow from operating activities was CNY 285,164,013.17, reflecting a decline of 52.76% compared to CNY 603,607,724.75 in the previous year[19]. - Basic earnings per share for 2020 were CNY 0.2869, a decrease of 47.46% from CNY 0.5461 in 2019[19]. - Total revenue for 2020 was CNY 1,615,009,713.88, a decrease of 36.63% compared to CNY 2,548,740,319.49 in 2019[51]. - Revenue from the real estate sector was CNY 1,158,411,393.81, accounting for 71.73% of total revenue, down 42.59% year-on-year[51]. - The company's gross profit margin for the real estate sector was 66.54%, a decrease of 8.82% from the previous year[53]. - Total operating costs were CNY 805,508,448.68, down 15.90% from CNY 957,752,652.54 in 2019[56]. - The company reported a total of CNY 105,366,757.84 from its top five customers, representing 6.52% of total sales[58]. - The top five suppliers accounted for CNY 285,468,647.66 in purchases, which is 66.78% of total procurement[58]. Asset and Liabilities - Total assets at the end of 2020 amounted to CNY 4,936,916,746.74, representing a slight increase of 0.55% from CNY 4,909,669,536.09 at the end of 2019[19]. - The net assets attributable to shareholders increased by 3.56% to CNY 3,797,512,488.22 at the end of 2020, compared to CNY 3,666,874,569.99 at the end of 2019[19]. - The company reported a 19.66% decrease in equity assets by the end of 2020 compared to the beginning of the year, primarily due to the investment income from joint ventures[32]. - Short-term borrowings increased by 48.88% by the end of 2020, attributed to the increase in receivables discounting[32]. - Cash and cash equivalents accounted for 54.44% of total assets at year-end, up from 51.15% at the beginning of the year, indicating improved liquidity[65]. - Inventory decreased by 5.06% to $1.22 billion, attributed to reduced real estate projects and sales turnover[65]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.87 per 10 shares to all shareholders based on a total share capital of 1,011,660,000 shares as of December 31, 2020[6]. - The cash dividend per 10 shares decreased from 1.65 yuan in 2019 to 0.87 yuan in 2020, reflecting a reduction of approximately 47%[86]. - The total cash dividend amount for 2020 is ¥88,014,420, which represents 30.33% of the net profit attributable to ordinary shareholders[87]. - The total distributable profit for the period is ¥1,360,786,232.53, with cash dividends accounting for 100% of the profit distribution[89]. Operational Challenges - The company has indicated that its future operational plans may be influenced by various factors, highlighting potential investment risks[6]. - The company achieved a 25% year-on-year reduction in expenses through strengthened budget execution and monitoring[39]. - The company provided over 18 million yuan in rent reductions to tenants in response to government calls for pandemic support[39]. - The company maintained a zero-accident safety record throughout the year, conducting over 100 safety inspections and 50 training sessions[40]. - The company successfully implemented effective pandemic prevention measures, ensuring no group infections occurred in its properties throughout the year[37]. Market and Project Performance - The company achieved a sales rate of approximately 80% for the Chuanqi Donghu Mingyuan project and 95% for the Cuilin Garden project in Shenzhen[31]. - The Tianyue Bay project in Shantou had a cumulative sales rate of about 70% for phase one, with phase two construction reaching completion in June 2020[31]. - The company maintained a first-time occupancy rate of nearly 95% in Shenzhen and 91% in Shantou for the year[38]. - The company is currently undergoing an asset restructuring process, with ongoing discussions about the progress and expected resumption of trading[80]. Governance and Management Changes - The company appointed Liu Zhengyu as the new chairman on January 15, 2020, following the retirement of the previous chairman Zhou Jianguo[136]. - The company reported significant management changes, including the appointment of Tang Xiaoping as the new general manager on December 14, 2020[137]. - The company is focusing on expanding its management team with new independent directors, including He Zuowen and Mi Xuming, appointed on June 30, 2020[137]. - The company aims to strengthen its governance structure by electing new members to the supervisory board and board of directors[137]. - The company has a diverse board with both male and female representation among its directors and supervisors[134]. Investor Relations - The company has been actively engaging with investors to discuss its fundamental situation and restructuring plans[81]. - There have been multiple communications with individual investors regarding the company's operational performance and restructuring updates throughout 2020[81]. - The company has not provided written materials during most of the investor communications, indicating a focus on verbal updates[80]. - A total of 66 individual investors participated in the investor calls, with no institutional investors involved[83]. Audit and Compliance - The audit opinion issued was a standard unqualified opinion, indicating that the financial statements fairly present the company's financial position as of December 31, 2020[182]. - The company confirmed revenue recognition for real estate projects only when specific conditions are met, including signed sales contracts and completion of property inspections[188]. - The audit identified key audit matters, including revenue recognition for real estate development projects and the provision for land value-added tax[194]. - The company reported no significant internal control deficiencies during the reporting period[173]. Future Outlook - The company aims to stabilize operations and focus on project expansion, safety management, and execution in 2021[77]. - The company plans to explore new growth areas through acquisitions, cooperative developments, and public land bidding[78]. - The company faces risks including macroeconomic instability, industry regulation, and talent retention challenges[77]. - The company is committed to maintaining stability in its leadership while adapting to market changes and challenges[138].