龙湖集团(00960) - 2023 - 年度业绩

Financial Performance - Contract sales amounted to RMB 173.49 billion, corresponding to a total sales area of 10.796 million square meters[1] - Operating revenue reached RMB 180.74 billion, with revenue from operations and services increasing by 5.7% year-on-year to RMB 24.88 billion[1] - Shareholders' profit attributable to the company was RMB 12.85 billion, with core profit after excluding fair value changes at RMB 11.35 billion, contributing over 60% from operations and services[1] - Gross profit was RMB 30.58 billion, with a gross profit margin of 16.9% and a core net profit margin of 8.7%[1] - Total comprehensive income for the year was RMB 15.68 billion, down from RMB 30.85 billion in the previous year[7] - The company's annual profit attributable to shareholders for 2023 was RMB 12,850,011,000, a decrease from RMB 24,362,046,000 in 2022, representing a decline of approximately 47.3%[33] - The adjusted profit for the segment was RMB 24,528,297 for 2023, down 47.6% from RMB 46,812,618 in 2022[17] - The revenue from the development segment was RMB 155,857,211 in 2023, compared to RMB 227,017,339 in 2022, reflecting a decline of 31.4%[19] - The revenue from service and other segments was RMB 11,943,543 in 2023, slightly up from RMB 11,667,957 in 2022[19] Assets and Liabilities - Total assets decreased to RMB 433.42 billion from RMB 450.90 billion year-on-year[9] - The total assets of the company decreased to RMB 700,406,875 in 2023 from RMB 786,774,416 in 2022, a reduction of 10.9%[17] - The total liabilities also decreased to RMB 463,948,608 in 2023 from RMB 553,595,326 in 2022, a decline of 16.2%[17] - The company's total liabilities decreased from RMB 93,902,617,000 in 2022 to RMB 67,600,213,000 in 2023, indicating a reduction of about 28%[36] - The total amount of trade payables and accrued construction costs was RMB 42,482,145,000 in 2023, down from RMB 64,096,184,000 in 2022, reflecting a decrease of approximately 33.7%[36] Cash Flow and Debt - Net debt ratio stood at 55.9%, with cash on hand amounting to RMB 60.42 billion[1] - Total consolidated borrowings decreased by 7.4% year-on-year to RMB 192.65 billion, with an average borrowing cost of 4.24%[1] - The company's interest-bearing debt as of the end of 2023 was RMB 192.6 billion, a decrease of 7.4% from 2022, with bank financing accounting for 77%[39] - The average borrowing cost for the group was 4.24%, with fixed-rate debt accounting for 32% of total debt[63] Dividends - The board proposed a final dividend of RMB 0.23 per share, totaling an annual dividend of RMB 0.55 per share[1] - The company confirmed an interim dividend of RMB 0.32 per share for 2023, compared to RMB 0.33 per share in 2022, indicating a slight decrease of 3%[31] Segment Performance - The company operates through three main business segments: Development, Operations, and Services, primarily in China[13] - The performance of each segment is monitored based on revenue, performance, assets, and liabilities allocated to each segment[14] - The company evaluates segment performance using adjusted profit metrics, which exclude interest, other income, taxes, depreciation, and amortization[14] - The sustainable revenue from the operations and services segment reached RMB 24.9 billion, representing a year-on-year growth of nearly 6%[40] Investment Properties - The company’s investment property portfolio primarily consists of shopping malls and rental housing, all located in China[13] - The rental income from shopping malls accounted for 77.4% of the total rental income, while rental apartments contributed 19.7%[48] - The group's operating income from rental activities in 2023 was RMB 12.94 billion, representing an 8.9% increase from the previous year, with a gross profit margin of 75.9%[48] - The total area of operational shopping malls reached 7.97 million square meters, with an overall occupancy rate of 96.2%[48] Market Expansion and Future Plans - The company expects to continue focusing on market expansion and new product development in the upcoming fiscal year[16] - The group continues to expand its presence in first and second-tier cities across China, focusing on urban shopping centers and rental housing[48] - The group plans to complete approximately 16 million square meters of properties in 2023 and aims for about 15 million square meters in 2024, with most projects concentrated in the second half of the year[66] - The group will adjust the pace of property launches flexibly in 2024 based on market conditions, focusing on improving demand[66] Compliance and Governance - The company adopted new International Financial Reporting Standards (IFRS) and amendments effective from January 1, 2023, with no significant impact on financial position or performance[11] - The audit committee has reviewed the accounting principles and discussed risk management and internal control systems for the financial year ending December 31, 2023[70] - The company has complied with the securities trading standards set forth in the listing rules for the year ending December 31, 2023[73]