Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 3,302,422 thousand, representing a 24.3% increase from RMB 2,655,992 thousand in 2022[2] - Net profit attributable to shareholders for the same period was RMB 973,607 thousand, a 30.8% increase compared to RMB 744,544 thousand in 2022[2] - Basic earnings per share increased to RMB 0.50, up 31.6% from RMB 0.38 in the previous year[4] - The company reported a total comprehensive income of RMB 972,593 thousand for the year, compared to RMB 710,381 thousand in 2022[4] - The profit for the year ended December 31, 2023, was RMB 980,697 thousand, compared to RMB 735,365 thousand in 2022, reflecting a year-over-year increase of about 33.3%[18][20] - The total segment performance for the year ended December 31, 2023, was RMB 1,106,023 thousand, an increase from RMB 792,602 thousand in 2022, representing a growth of approximately 39.5%[21] - The company reported a pre-tax profit of RMB 1,177,408,000 for the year ended December 31, 2023, compared to RMB 924,601,000 for the year ended December 31, 2022, marking an increase of approximately 27.5%[31] - The gross profit for the period was RMB 1,722.3 million, up 24.0% from RMB 1,388.6 million in 2022, with a gross margin of 52.2%[56] - The company maintained a gross profit margin of 52.2%, which is consistent with the previous year's margin of 52.3%[44] Revenue Breakdown - Revenue from commercial construction was RMB 2,346,326 thousand, up 40.5% from RMB 1,669,429 thousand in the previous year[15] - Revenue from government construction was RMB 788,480 thousand, slightly increased from RMB 781,054 thousand in 2022[15] - The external revenue from the commercial construction segment was RMB 1,721,278 thousand for the year ended December 31, 2023, up from RMB 1,669,429 thousand in 2022, indicating a growth of approximately 3.1%[21] - Revenue from commercial construction was RMB 2,346.3 million, accounting for 71.0% of total revenue, with a significant increase of 40.5% from RMB 1,669.4 million in 2022[54] - Government construction revenue reached RMB 788.5 million, making up 23.9% of total revenue, showing a slight increase of 1.0% from RMB 781.1 million in 2022[54] Construction Activity - The total contracted construction area reached 119.6 million square meters, reflecting a growth of 17.9% from 101.4 million square meters in 2022[2] - The total area under construction was 52.5 million square meters, an increase of 11.4% from 47.2 million square meters in 2022[2] - New construction project contracts totaled 35.3 million square meters, representing a 25.0% increase from 28.2 million square meters in 2022[2] - The total construction area of new projects reached 35.3 million square meters, representing a 25.0% increase compared to the previous year[47] - The construction area for government projects reached 32.0 million square meters, representing 26.8% of the total contracted area[47] Cash Flow and Assets - Cash inflow from operating activities was RMB 955,075 thousand, marking a 31.8% increase from RMB 724,655 thousand in 2022[2] - Total assets as of December 31, 2023, were RMB 4,440,069 thousand, up from RMB 3,857,563 thousand in 2022[6] - The company has no bank debt and reported a net cash flow from operating activities of RMB 955.1 million[44] - Cash and cash equivalents amounted to RMB 2,044.4 million, an increase from RMB 1,933.1 million in 2022, with a current ratio of 1.83[65] Dividends - The company proposed a final dividend of RMB 0.40 per share and a special dividend of RMB 0.10 per share, totaling RMB 1,005 million[1] - The total dividend declared for the year ended December 31, 2023, was RMB 1,005 million, an increase from RMB 763.8 million in 2022, representing a growth of approximately 31.6%[34] Expenses and Losses - The company reported a loss of RMB 75,878 thousand from other income and losses for the year ended December 31, 2023, compared to a loss of RMB 49,114 thousand in 2022, representing an increase in losses of about 54.5%[26] - Interest income from bank balances decreased to RMB 30,438 thousand in 2023 from RMB 46,961 thousand in 2022, a decline of approximately 35%[24] - The company incurred financing costs of RMB 5,493 thousand for the year ended December 31, 2023, slightly down from RMB 6,922 thousand in 2022, a decrease of about 20.6%[27] - The company’s administrative expenses for the year ended December 31, 2023, were RMB 26,779 thousand, compared to RMB 25,401 thousand in 2022, reflecting an increase of approximately 5.4%[18][20] - Other income decreased by 6.3% to RMB 155.8 million, primarily due to lower interest income from bank deposits[57] - Sales and marketing expenses amounted to RMB 104.5 million, a decrease of 13.1% compared to RMB 120.2 million in 2022, primarily due to enhanced performance assessment and cost control measures[59] - Administrative expenses increased by 5.3% to RMB 514.5 million from RMB 488.6 million in 2022, driven by the expansion of regional management personnel[60] Taxation - The company's income tax expense for the year ended December 31, 2023, was RMB 196,711,000, compared to RMB 189,236,000 for the year ended December 31, 2022, reflecting an increase of approximately 6.5%[31] - The effective corporate income tax rate for the eligible subsidiaries in China was 5% for the year ended December 31, 2023, down from 25% in 2022, due to small and micro enterprise tax incentives[30] Corporate Governance and Compliance - The company has adopted corporate governance principles to ensure high levels of ethics, transparency, and accountability[69] - The audit committee, consisting of three independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2023, confirming compliance with applicable accounting principles and regulations[73] - Deloitte has verified the figures in the preliminary announcement related to the group's consolidated financial position and results for the year ending December 31, 2023, against the audited financial statements approved by the board on March 21, 2024[74] Workforce and Organizational Changes - The workforce increased by 34.47% to 2,056 employees, with a focus on building a platform-based organization and restructuring regional markets[68] - The company managed over 500 projects in real-time in 2023, indicating an increase in management complexity and the need for organizational restructuring[49] Market Position and Strategy - The company has expanded its client base, with government and state-owned enterprises accounting for 74.7% of new project contracts[47] - The company initiated the "Bai Chuan Plan" to attract urban partners and quality projects amid a backdrop of workforce reductions in the real estate sector[49] - The company established the China Real Estate Industry Association's Construction Sub-Committee in 2023 to promote industry standards and facilitate communication with government entities[50]
绿城管理控股(09979) - 2023 - 年度业绩