Workflow
祥生控股集团(02599) - 2023 - 年度财报

Market Position and Strategy - Shinsun Holdings has established a leading market position in Zhejiang Province after over 20 years of development[8]. - The Group has developed four series of residential properties targeting different customer segments, including first-time purchasers and high-net-worth customers[9]. - The "Shinsun Town" model has been developed to design residential and commercial properties based on the concept of being living-friendly, business-friendly, tourism-friendly, and retirement-friendly[9]. - The Group adopts a proactive and standardized approach to property development, with a three-tier organizational structure[14]. - The company will adjust its corporate development strategy in response to changes in the market environment[15]. - The Group is focusing on expanding its residential and commercial property portfolio despite the challenging market conditions[44]. - The company has implemented various strategies to navigate the current market environment, including adjusting its project timelines and financing approaches[44]. Financial Performance - The Group's financial highlights and performance metrics are detailed in the annual report, indicating growth and market expansion[5]. - The consolidated statement of profit or loss and other comprehensive income provides insights into the Group's financial performance[10]. - Contracted sales for the year ended December 31, 2022, amounted to approximately RMB 25,629.9 million, a decrease of approximately 68.1% compared to the previous year[31]. - Total revenue for the same period was approximately RMB 19,701.0 million, reflecting a decline of approximately 54.9% year-on-year[31]. - Total equity as of December 31, 2022, was approximately RMB 7,247.79 million, down 57.2% from the same period in 2021[32]. - Interest-bearing liabilities amounted to RMB 28,583.7 million, a decrease of approximately 16.9% compared to the end of the previous year[33]. - The gross profit for the year was approximately RMB 1,737.2 million, a decline of approximately 63.1% year-on-year, with a gross profit margin of 8.8% compared to 10.8% in 2021[51]. - The Group recorded a loss before tax of approximately RMB 3,257.1 million in 2022, compared to a profit of approximately RMB 1,639.9 million in 2021[142]. - The Group's revenue from property development and sales in 2022 amounted to approximately RMB 19,577.1 million, representing a year-on-year decrease of approximately 55.1%[101]. - The Group's total revenue for 2022 was approximately RMB 19,701.0 million, down 54.9% from RMB 43,719.0 million in 2021[93]. Market Challenges - The real estate market faced significant challenges in 2022, with a 26.7% year-on-year decline in commodity housing sales[44]. - The Group's strategy in 2022 was influenced by overall market sluggishness and a lack of confidence among real estate investors[68]. - The proportion of customers adopting a wait-and-see attitude significantly impacted the Group's sales performance[68]. - The outlook for 2023 indicates that the government will introduce policies to stabilize the real estate industry, with expectations for gradual recovery in customer sentiment towards home ownership[52]. Project Development - The company has several major property projects, including the Shanghai Xiangsheng Center, which is expected to be completed by December 31, 2026, with a total gross floor area of 284,173.56 square meters[37]. - The Zhuji Shinsun City Light project is set to be completed by August 31, 2024, with a total gross floor area of 330,010.21 square meters[39]. - The Hangzhou Shinsun Jiangshanyun Yuebei Mansion is expected to be completed by September 8, 2023, with a total gross floor area of 204,508.50 square meters[40]. - The Group successfully completed the delivery of 20 projects in 2022, with a total delivery area of approximately 2.08 million sq.m. and 13,291 units delivered[51]. - As of December 31, 2022, the Group had 65 property projects under development, with a total GFA of approximately 7.68 million sq.m., a decrease from approximately 13.10 million sq.m. as of December 31, 2021[89]. Land Bank and Future Plans - The total land bank attributable to the Group is 12,634,000 sq.m., representing 100% of the total land bank[77]. - The completed properties available for sale/lease and investment amount to 1,556,000 sq.m., which is 12.34% of the total land bank[78]. - The estimated gross floor area (GFA) under development for future projects is 1,200,000 sq.m., accounting for 9.50% of the total land bank[78]. - The Group's future development plans include an estimated GFA of 1,200,000 sq.m. across various provinces, indicating a strategic focus on expansion[78]. Financial Risks and Management - The Group's financial risks include interest rate risk, credit risk, foreign currency risk, and liquidity risk, with a strategy to minimize exposure to these risks[162]. - The Group has implemented policies to manage credit risk by ensuring credit is only extended to counterparties with appropriate credit histories[166]. - The Group continuously monitors its liquidity position, including expected cash inflows and outflows, to meet operational needs[176]. - The Group has not used any derivatives or other instruments for hedging purposes, maintaining a conservative approach to risk management[162]. Equity and Investments - The Group disposed of a 23.8095% equity interest in Zhejiang Sunflower Health Industry Development Co., Ltd. for RMB336,990,471.75 (approximately HK$410,963,989.939) on January 7, 2022[182]. - The Group sold a 51% equity interest in Hangzhou Bintuo Enterprise Management Co., Ltd. for RMB487,036,040.11 on January 17, 2022[184]. - The Group acquired a 7.3258% equity interest in Hangzhou Didang Investment Management Partnership for RMB160,000,000 and settled a debt of RMB398,868,517.15 on January 17, 2022[189]. - The Group sold a 58.5% equity interest in Linhai Ziyuan Yintong Property Co., Ltd. for RMB272,000,000 on March 18, 2022[188].