Revenue and Profitability - For the year ending December 31, 2023, the construction business achieved a revenue of approximately RMB 16,014,859,000, a decrease of about 7% compared to the previous year[14]. - The real estate development segment generated revenue of RMB 7,285,893,000, representing a substantial increase of 63% compared to RMB 4,469,934,000 in 2022[12]. - The total revenue for the group reached RMB 26,479,305,000, an increase of 8% from RMB 24,425,350,000 in the previous year[12]. - The group reported a total of RMB 1,478,759,000 in operating profit for the year, a 37% increase from RMB 1,079,165,000 in 2022[12]. - The gross profit for the year was RMB 2,203,933,000, up from RMB 1,799,828,000 in the previous year, indicating a growth of about 22.4%[49]. - The net profit for the year reached RMB 894,380,000, compared to RMB 721,405,000 in 2022, representing an increase of approximately 24%[50]. - The company’s operating profit was RMB 1,478,759,000, significantly higher than the previous year's operating profit of RMB 1,079,165,000[49]. - The company reported a net profit attributable to shareholders of approximately RMB 889,256,000, representing a year-on-year growth of about 26.2%[26]. Financial Position - As of December 31, 2023, accounts payable amounted to RMB 10,761,627,000, an increase from RMB 9,732,569,000 in 2022[6]. - The net cash ratio stood at 58.7% as of December 31, 2023, indicating a strong cash position[26]. - The net cash inflow from operating activities was RMB 1,431,117,000, an increase from RMB 1,303,545,000 in the previous year[27]. - The company’s total liabilities decreased to RMB 7,128,853,000 in 2023 from RMB 7,317,784,000 in 2022, a reduction of about 2.6%[122]. - Total assets as of December 31, 2023, amounted to RMB 48,514,157 thousand, a decrease from RMB 48,820,484 thousand in 2022, representing a decline of approximately 0.63%[52]. - Total equity increased to RMB 13,003,929 thousand in December 2023, up from RMB 11,854,595 thousand in December 2022, representing a growth of 9.7%[72]. - The company reported total liabilities of RMB 5,560,800,000 for 2023, compared to RMB 5,332,120,000 in 2022[158]. Operational Management - The group maintains a cautious approach towards new land reserves, focusing on stable operations and innovative management strategies in the evolving real estate market[19]. - The group emphasizes the importance of financial stability and operational management in the current challenging market environment[11]. - The company has a diverse customer base, which mitigates credit risk associated with trade receivables[2]. - The company is focusing on industrialized construction as a key strategy for future development[156]. - The group has established a centralized financial settlement center to manage and allocate funds effectively, aiming to reduce financial costs and risks[188]. Market and Project Development - The company plans to explore new opportunities in emerging sectors such as healthcare, elderly care, urban renewal, and transportation[21]. - The company has ongoing projects with a total development area of approximately 1,500,000 square meters across various locations, indicating a strong pipeline for future revenue[143]. - The company is actively expanding its market presence through new project acquisitions and ongoing sales efforts[155]. - Major projects undertaken in 2023 include the Zhejiang Modern Textile Technology Innovation Center and the Tianjin Beichen District Heating Infrastructure EPC Project[170]. - The company acquired the Fengyue project in Hangzhou for a total price of RMB 334,760,000, with a total construction area of approximately 49,497 square meters, expected to be delivered in the second half of 2024[145]. Expenses and Taxation - Sales and marketing expenses for the year amounted to approximately RMB 201,276,000, an increase of about RMB 58,232,000 compared to RMB 143,044,000 in 2022[29]. - The company’s effective tax rate increased due to higher income tax and land value tax, totaling RMB 681,866,000 for the year[49]. - Current income tax expense for the year was RMB 776,950 thousand, significantly higher than RMB 464,916 thousand in 2022, an increase of 67.0%[85]. - The company has made adequate provisions for land appreciation tax amounting to approximately RMB 340,883,000 as of December 31, 2023[196]. Cash Flow and Investments - The company recorded a net cash outflow from investing activities of approximately RMB 221,879,000, a significant increase in cash outflow compared to the previous year's net inflow of RMB 410,581,000[28]. - Cash and cash equivalents increased to RMB 9,432,353 thousand in 2023, up from RMB 7,748,703 thousand in 2022, indicating a growth of 21.7%[52]. - The company reported interest income from investment financial assets of RMB 193,734 thousand in 2023, up from RMB 176,047 thousand in 2022, marking an increase of about 10%[111]. - The company recognized other income from subsidiaries totaling RMB 337,020 thousand for land compensation in 2023[84]. Employee and Human Resources - Employee benefits expenses amounted to RMB 4,858,986,000 for the year, reflecting the company's commitment to human resource management[35]. - The company employed 6,413 staff members as of December 31, 2023, a decrease from 6,560 employees in the previous year[35].
宝业集团(02355) - 2023 - 年度业绩