Financial Performance - The group's contract sales attributable to the parent company amounted to RMB 25,629.9 million, a decrease of approximately 68.1% compared to the same period last year[6]. - Total revenue was approximately RMB 19,701.0 million, representing a decrease of about 54.9% year-on-year[6]. - The loss for the year was approximately RMB 3,926.6 million, a shift from a profit of RMB 480.7 million in the same period last year[6]. - Gross profit totaled approximately RMB 1,737.2 million, down about 63.1% compared to the previous year[6]. - Core net loss was approximately RMB 2,130.6 million, compared to a core net profit of RMB 479.9 million in the same period last year, with a core net loss margin of 10.8%, a decrease of 11.9 percentage points year-on-year[6]. - The group's property sales revenue for 2022 was RMB 19,577,073, a decrease of 55.1% compared to RMB 43,560,590 in 2021[50]. - The gross profit margin decreased to 8.8% from 10.8% in the previous year[100]. - The group reported a loss attributable to equity holders of the parent of RMB 3,878,628 for 2022, compared to a loss of RMB 215,363 in 2021[59]. - The total tax expense for 2022 was RMB 669,470, a decrease of 42.3% from RMB 1,159,246 in 2021[56]. - The group recorded a net loss of RMB 3,926,577,000 for the year ended December 31, 2022, compared to a profit of RMB 480,675,000 in the previous year, representing a decline of 916.9%[90]. Debt and Liabilities - The net asset liability ratio increased from 1.5 as of December 31, 2021, to 3.3 as of December 31, 2022[6]. - Interest-bearing debt was approximately RMB 28,583.7 million, a reduction of about 16.9% from the previous year-end[6]. - The group reported a total of RMB 12,454,465,000 and RMB 13,172,070,000 in defaults or cross-defaults related to bank loans and other borrowings as of December 31, 2022[23]. - The total liabilities decreased by 16.9% to RMB 28.6 billion from RMB 34.4 billion[75]. - The total value of current liabilities decreased by approximately 11.2% from RMB 111,406.2 million on December 31, 2021, to RMB 98,982.9 million on December 31, 2022[166]. - The company's debt-to-asset ratio was approximately 93.8%, an increase from 88.4% in 2021, primarily due to losses leading to a decrease in net assets[200]. Cash Flow and Liquidity - Cash and bank balances were approximately RMB 4,645.2 million, down about 45.0% from the previous year-end[6]. - The group has actively negotiated with financial institutions for the renewal, extension, and replacement of bank loans and other borrowings[12]. - The board believes that the group will have sufficient working capital to meet its financial obligations due within the next 18 months[13]. - The group has successfully negotiated extensions or deferments of repayments with existing lenders, which is crucial for maintaining liquidity[24]. - The group plans to seek alternative financing and loans to meet its financial obligations and future operational and capital expenditures[45]. - The group aims to sell equity in certain project development companies to generate additional cash flow[46]. - The group has taken measures to improve liquidity and financial conditions, including seeking alternative financing and expediting the collection of outstanding sales revenue[92]. Revenue Sources and Growth - The group achieved a total revenue of RMB 579,668,000 in 2022, an increase from RMB 436,408,000 in 2021, representing a growth of approximately 32.8%[28]. - Subsidy income increased significantly to RMB 140,498,000 in 2022 from RMB 41,364,000 in 2021, marking a growth of 239.5%[28]. - Other income and gains increased by 32.8% to RMB 579.7 million for the year ended December 31, 2022, compared to RMB 436.4 million in the previous year, mainly due to increased revenue from joint ventures[141]. - The group's property management service revenue increased by 19.8% to approximately RMB 20.8 million, primarily due to growth in Tian Tai Commercial's property management income[118]. Operational Performance - The company successfully delivered 20 projects, with a total delivery area of approximately 2.08 million square meters and 13,291 units delivered[71]. - The average number of ordinary shares issued during 2022 was 3,043,403,000, with a basic and diluted loss per share of RMB 1.27[59]. - The total completed properties available for sale amounted to 3,685,312.19 square meters, with a total estimated construction area of 7,681,735.16 square meters[136]. - The group has ongoing construction projects with a planned building area of 7,265,904.73 square meters, indicating future development potential[132]. - The group has 188 projects in total, with 53 projects located in the Yangtze River Delta region, accounting for 22.67% of the total land reserve[136]. Market Conditions and Risks - The group faces significant uncertainties regarding its ability to continue as a going concern, which may impact its financial statements[42]. - The group has identified future development areas with an estimated building area of 1,142,317.31 square meters, indicating growth opportunities[132]. - The group faced significant risks including interest rate risk, credit risk, foreign currency risk, and liquidity risk, and has adopted conservative strategies for risk management[163]. - The outlook suggests that the government will continue to promote stable economic growth and support the real estate sector, which may improve the external environment[72]. Asset Management - The total assets decreased by 19.9% to RMB 116.7 billion from RMB 145.7 billion in the previous year[75]. - The total land reserve amounted to 12,643,524.47 square meters, representing 100% of the group's land reserves[136]. - The group has a significant land reserve in Zhejiang, accounting for 50.64% of the total land reserves, with 6,402,618.43 square meters[132]. - The group has a land reserve in Jiangsu province of 1,138,767.31 square meters, representing 9.01% of the total land reserves[132]. - The group has a land reserve in Anhui province of 1,310,701.43 square meters, which is 10.37% of the total land reserves[132]. Investment Activities - The company sold a 23.8095% stake in Zhejiang Sunflower Health Industry Development Co., Ltd. for a cash price of RMB 487,036,040.11 on January 17, 2022[174]. - The company sold a 58.5% stake in Linhai Ziyuan Yintong Real Estate Co., Ltd. for a cash price of RMB 272,000,000 on March 18, 2022[177]. - The company sold a 51% stake in Hangzhou Bintuo Enterprise Management Co., Ltd. for a cash price of RMB 160,000,000 on January 17, 2022[179]. - The company sold a 50% stake in Huzhou Jiaotou Xiangsheng Real Estate Development Co., Ltd. for a cash price of RMB 92,500,000 on June 3, 2022[190]. - The company sold 100% of the stake in Shaoxing Xiangsheng Hongxing Real Estate Development Co., Ltd. on July 12, 2022[183]. - The company sold a 55% stake in Chun Yuan Health Care Service Co., Ltd. for a cash price of RMB 13,432,224.02 on November 17, 2022[186]. - The company sold a 50% stake in Anji Santian Tianye Muge Tourism Development Co., Ltd. for a cash price of RMB 22,963,110.45 on November 17, 2022[192]. - The company transferred accounts receivable valued at RMB 78,198,700 to Hangzhou Jinglu for a cash price of RMB 69,486,283.54 on November 17, 2022[192].
祥生控股集团(02599) - 2023 - 年度业绩