Deluxe Family(SH:600503)2024-03-29 16:00Financial Performance - The company's net profit attributable to shareholders for 2023 was CNY 57,973,378.64, representing a decrease of 24.21% compared to CNY 76,491,311.34 in 2022[6]. - Total operating revenue for 2023 was CNY 161,477,429.63, down 23.64% from CNY 211,459,285.75 in the previous year[24]. - The net cash flow from operating activities was negative CNY 347,304,714.45, compared to negative CNY 165,281,044.04 in 2022[25]. - The company reported a net profit excluding non-recurring gains and losses of CNY 44,828,776.14, a decline of 38.73% from CNY 73,168,424.83 in 2022[24]. - Basic earnings per share were CNY 0.0362, representing a decline of 24.11% from CNY 0.0477 in 2022[26]. - The weighted average return on equity decreased to 1.5753%, down 0.485 percentage points from 2.0600% in 2022[26]. - The company reported a significant reduction in investment income, contributing to the overall decline in net profit[26]. - The company achieved operating revenue of CNY 161.48 million in 2023, a decrease of 23.64% compared to the previous year[53]. - The company's net profit attributable to shareholders was CNY 57.97 million, representing a year-on-year decrease of 24.21%[56]. Assets and Liabilities - The company's total assets decreased by 13.41% to CNY 4,223,037,446.68 from CNY 4,877,198,979.37 at the end of 2022[25]. - The net assets attributable to shareholders decreased by 1.86% to CNY 3,645,478,180.49 from CNY 3,714,766,958.34 at the end of 2022[25]. - As of December 31, 2023, total assets amounted to CNY 4,223.04 million, while net assets were CNY 3,645.48 million[36]. - The company's total liabilities decreased significantly, with short-term borrowings reduced to zero from 7.01 million, indicating full repayment of all borrowings[66]. - The company's total liabilities decreased to CNY 592,770,159.45 from CNY 1,193,196,063.11, reflecting a decline of about 50.3%[184]. Cash Flow - The company's net cash flow from operating activities was -347.3 million, compared to -165.3 million in the same period last year, primarily due to increased land value tax payments for property projects[64]. - The total cash inflow from operating activities reached 281,236,725.60 RMB, while cash outflow was 628,541,440.05 RMB, resulting in a significant cash outflow[196]. - The net cash flow from investment activities was -529,916,318.89 RMB, a decrease from 1,644,775,094.84 RMB in the previous year, reflecting reduced investment returns[198]. - The total cash and cash equivalents decreased by 528,261,168.32 RMB during the year, compared to an increase of 1,338,505,892.81 RMB in the previous year[197]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.04 per share, totaling CNY 6,409,160.00[6]. - The company has a clear cash dividend policy that aligns with its articles of association and shareholder resolutions[118]. Market and Operational Strategy - The company is focusing on refined operational management and brand advantage to navigate the current economic cycle[37]. - The company is committed to advancing its development strategy while concentrating on its core business[37]. - The company plans to focus on precise investments in core cities and regions, ensuring investment safety during the ongoing market adjustment period[80]. - The company aims to enhance product quality and service standards to meet the growing consumer demands in the housing market[80]. - The company plans to start construction on the Yangpu District project in Shanghai in 2024, with a planned construction area of 5,983.4 square meters[49]. Risks and Challenges - The company faced challenges due to significant changes in the supply-demand relationship in the real estate market[37]. - The company faces risks from policy adjustments, industry competition, project reserve challenges, and financial risks, with a focus on maintaining a low debt-to-asset ratio compared to industry averages[83][84]. - The company is committed to maintaining financial health by closely monitoring market trends, adjusting marketing strategies, and ensuring cash flow safety through effective cost control and financing methods[84]. Corporate Governance - The total pre-tax remuneration for the board of directors and senior management for the reporting period amounted to CNY 2,774.60 million, with no changes in shareholding for the directors and senior management[92]. - The company held 5 board meetings during the year, all conducted via communication methods[106]. - The audit committee convened 7 meetings, confirming that the financial reports for 2022 and Q1 2023 accurately reflect the company's financial status without any significant omissions[108]. - The company has established effective internal control systems to enhance operational efficiency and safeguard shareholder interests[122]. Employee and Training Initiatives - The company has implemented a training program for new and existing employees to enhance skills in various professional areas[116]. - The company has 11 employees with master's degrees and 51 with bachelor's degrees, indicating a diverse educational background among staff[114]. Future Outlook - The company plans to focus on market expansion and new product development as part of its future strategy, although specific details were not disclosed in the report[192]. - The company will continue to optimize its asset structure and seek new development opportunities to enhance core competitiveness and profitability, aiming for sustainable growth and better returns for shareholders[81].