2024-03-28 16:00Financial Performance - In 2023, the company achieved a sales revenue of CNY 376.12 billion, a year-on-year decrease of 9.8%[6] - The company's operating revenue was approximately CNY 465.74 billion, a decrease of 7.56% compared to 2022[14] - The net profit attributable to shareholders was approximately CNY 12.16 billion, down 46.39% year-on-year[14] - The diluted earnings per share decreased to CNY 1.03, a decline of 47.25% compared to the previous year[14] - The total revenue for 2023 was CNY 465.74 billion, a decrease of 7.6% year-on-year[20] - The net profit attributable to shareholders was CNY 12.16 billion, down 46.4% compared to the previous year[20] - The company achieved a net profit of CNY 20.46 billion, a year-on-year decrease of 45.6%[55] - The net debt ratio increased to 54.7%, up by 11.0 percentage points from the end of 2022[56] - Total interest-bearing debt reached CNY 320.05 billion, accounting for 21.3% of total assets[56] Cash Flow and Debt Management - The operating cash flow net amount was CNY 3.91 billion, maintaining a positive cash flow for 15 consecutive years[6] - The net cash flow from operating activities increased by 42.24% to approximately CNY 3.91 billion[14] - The company reported a cash inflow from operations of CNY 3.91 billion, marking 15 consecutive years of positive cash flow[62] - The company plans to reduce interest-bearing debt by over CNY 100 billion in the next two years[7] - The company aims to achieve transaction returns of no less than CNY 30 billion in 2024[7] Operational Highlights - The company delivered a total of 289,000 residential, apartment, and commercial units, receiving positive customer feedback[6] - The inventory turnover rate exceeded 60% in 2023, aided by product adjustments and flexible pricing strategies[6] - The average time from land acquisition to project launch was reduced to 4.4 months, improving investment realization[6] - The company signed transactions worth CNY 12.3 billion in operating business, capitalizing on opportunities in REITs and private real estate investment funds[6] - The company opened 50 new projects during the year, achieving a first-day sales rate of 67% in several cities[31] Market Position and Strategy - The company has maintained its position in the "Fortune" Global 500, ranking 173rd in 2023[9] - The company is actively pursuing new REITs and Pre-REITs projects to enhance its business model[20] - The company continues to focus on providing high-quality products and services to ensure sustainable internal development[8] - The company is committed to developing rental housing to meet the needs of new citizens and young people[8] - The company has received strong support from Shenzhen State-owned Assets, which has helped stabilize confidence in the market[8] Project Development and Construction - In 2023, the company acquired 43 new projects, with 33 projects achieving sales within the year, contributing CNY 51 billion in sales[6] - The company has a total planned construction area of 1,200,000 square meters for 2023, with a completion area of 1,000,000 square meters by the end of the year[95] - The company has a significant number of ongoing projects, including the Beijing Everton project with a planned area of 113,651 square meters and the Beijing Changyang Peninsula project with a planned area of 859,085 square meters[75] - The company has a total of 1,186,187 square meters of land reserves, which positions it well for future market expansion[76] - The company plans to start and resume construction on a total planned area of 10.718 million square meters in 2024, with an expected completion area of 22.057 million square meters[74] Sustainability and Corporate Governance - The company has set nearly 50 sustainability goals, including carbon reduction and energy usage[54] - The company has met green building standards for new projects for 10 consecutive years, with a cumulative area exceeding 328 million square meters[38] - The company maintained an AAA credit rating from domestic agencies and a BBB credit rating from international agencies, with recent downgrades from Moody's and Fitch[60] - The company introduced the 7.0 version of the project co-investment system, with a total of 1,214 projects incorporating this mechanism by the end of 2023[72] Challenges and Risks - The company did not declare dividends for 2023 due to the ongoing industry adjustment[2] - The company incurred a foreign exchange loss of approximately CNY 550 million due to holding some ruble assets[63] - The total provision for inventory impairment for the year amounted to CNY 348,995.24 million, with significant contributions from various projects[65] - The company reported a decrease in total assets by 14.39% to CNY 1,504.85 billion from CNY 1,757.12 billion in 2022[18]