Financial Performance - Revenue was approximately RMB 31,378 million, representing a decrease of about 21.4% compared to the same period in 2021[1]. - Core profit attributable to the owners of the company was approximately RMB 2,451 million, a decline of about 34.9% compared to 2021[1]. - The company reported a net profit of RMB 1,614 million, a significant decrease from RMB 7,336 million in the previous year[5]. - The group recorded an annual profit of RMB 1,614 million for the year ended December 31, 2022, down from RMB 7,336 million for the year ended December 31, 2021[11]. - The company reported a net profit of RMB 1,613,567 thousand for the year ended December 31, 2022, compared to RMB 7,336,125 thousand in 2021, indicating a significant decline[21]. - The profit attributable to the owners of the company for the year ended December 31, 2022, was approximately RMB 408 million, a decrease of about 93.2% from RMB 5,992 million in 2021[70]. - The basic earnings per share for the year ended December 31, 2022, was approximately RMB 0.099, a decrease of about 93.2% from RMB 1.447 in 2021[71]. Revenue Sources - Rental income and income from providing commercial operation services and residential property management services reached approximately RMB 3,851 million, an increase of about 3.9% year-on-year[1]. - Rental income from investment properties increased to RMB 1,740,857 thousand, up 3.5% from RMB 1,681,437 thousand in the previous year[18]. - Revenue from commercial operation services and residential property management services rose to RMB 2,109,653 thousand, compared to RMB 2,026,622 thousand in 2021, reflecting a growth of 4.1%[18]. - The total revenue from other property development-related businesses was approximately RMB 1,046 million, a decrease of about 9.8% compared to RMB 1,160 million in 2021[63]. Asset and Liability Management - Total assets decreased to RMB 233,750 million from RMB 245,056 million in 2021, reflecting a reduction of approximately 4.9%[3]. - Total liabilities decreased to RMB 171,149 million from RMB 182,649 million in 2021, a decline of approximately 6.3%[4]. - The company's equity attributable to owners increased slightly to RMB 41,106 million from RMB 40,694 million in 2021[4]. - As of December 31, 2022, the group reported net current assets of RMB 16,791 million, with current liabilities of RMB 19,686 million and cash and cash equivalents (excluding restricted cash) of RMB 9,590 million[11]. - The company’s cash and cash equivalents decreased significantly from RMB 4,429,896 thousand in 2021 to RMB 262,141 thousand in 2022[25]. - The group had secured assets with a book value of approximately RMB 89,541 million as of December 31, 2022, down from RMB 103,261 million in 2021[78]. Sales and Market Performance - Contract sales amounted to approximately RMB 40,950 million, with a total sales area of approximately 2,724,167 square meters[1]. - Property sales for the year ended December 31, 2022, were RMB 26,480,586 thousand, a decrease of 24.5% from RMB 35,034,613 thousand in 2021[18]. - The total contract sales amount for the year was approximately RMB 40,950 million, down from RMB 101,227 million in 2021, reflecting the challenging real estate market[50]. - The average selling price per square meter for residential sales was RMB 14,681, while for commercial sales it was RMB 15,871 in 2022[51]. Strategic Initiatives and Future Outlook - The company plans to continue focusing on property development and management services to enhance revenue streams in the future[8]. - The group plans to accelerate the presale and sale of properties under development and completed properties, as well as improve the collection of outstanding sales proceeds and other receivables[12]. - The group aims to maintain a cautious expansion of quality land reserves and will focus on the Yangtze River Delta region, which accounts for approximately 67.1% of its land reserves[54]. - The outlook for 2023 indicates a gradual recovery in demand and continued policy support for the real estate sector, with expectations for improved financing conditions for quality property companies[55]. - The group plans to implement eight key initiatives in 2023, including "one city, one policy" and enhancing asset management to ensure sales and financing stability[56]. Cost Management and Financial Health - The cost of sales, including construction costs, land costs, and interest costs, decreased significantly from RMB 24,184,806 thousand in 2021 to RMB 18,034,228 thousand in 2022, a decrease of approximately 25.5%[36]. - The company's income tax expense decreased from RMB 4,940,826 thousand in 2021 to RMB 2,557,548 thousand in 2022, a reduction of approximately 48.2%[39]. - The net financing costs increased from RMB 434,718 thousand in 2021 to RMB 2,408,614 thousand in 2022, marking a substantial increase of about 453.5%[38]. - The total interest expenses as of December 31, 2022, were approximately RMB 4,787 million, a decrease of about 7.8% from RMB 5,193 million in 2021[76]. Employee and Operational Changes - The group employed a total of 10,046 full-time employees as of December 31, 2022, a reduction from 13,212 employees in 2021[86]. - The company's employee costs, including director remuneration, decreased from RMB 2,547,194 thousand in 2021 to RMB 2,034,940 thousand in 2022, a decrease of approximately 20.1%[36]. Corporate Governance and Compliance - The company confirmed compliance with the standard code of conduct for securities trading as of December 31, 2022, with no violations detected during the year[90]. - The company maintained sufficient public float, with over 25% of its issued shares held by the public as of December 31, 2022[96]. - The board proposed amendments to the existing articles of association to comply with the latest listing rules and provide flexibility for shareholder meetings[98].
宝龙地产(01238) - 2022 - 年度业绩