Financial Performance - Greentown China achieved an annual contracted sales amount of approximately RMB 301.1 billion in 2023, reflecting a stable growth trajectory[6]. - In 2023, Greentown's revenue reached RMB 131,383,150, showing a growth from RMB 127,153,071 in 2022[23]. - Revenue for 2023 reached RMB 131,383,150, a 3.2% increase from RMB 127,153,071 in 2022[25]. - Profit for the year attributable to owners of the company was RMB 3,117,684, a 13.1% increase from RMB 2,756,100 in 2022[25]. - The company reported other income and gains of RMB 3,242,922 in 2023, an increase from RMB 2,252,747 in 2022[25]. - The share of results from joint ventures and associates rose to RMB 2,164,698 in 2023, compared to RMB 1,684,294 in 2022[25]. - The Group achieved a revenue of RMB131,383 million for the year, an increase of RMB4,230 million or 3.3% from RMB127,153 million in 2022[58]. - Profit attributable to owners of the Company amounted to RMB3,118 million, representing a 13.1% increase from RMB2,756 million in 2022[58]. - The gross profit for the year was RMB 17,073 million, a decrease of 22.5% from RMB 22,021 million in 2022, primarily due to lower gross profit from property sales[81]. - The Group's revenue from high-rise apartments and serviced apartments amounted to RMB 109,435 million, representing 90.8% of total sales revenue[80]. Market Position and Strategy - The company maintained a leading position in customer satisfaction in core cities for 13 consecutive years and ranked first in product strength assessments for several years[3]. - Greentown China has been awarded "Top10 among 100 Chinese Real Estate Enterprises by Comprehensive Strength" for 20 consecutive years[3]. - The company aims to build a "quality benchmark among the Top10" and emphasizes a customer-oriented product strategy moving forward[6]. - The company aims to prioritize inventory sell-through in 2024, which is essential for new investments[19]. - Greentown aims to achieve "two harvests in one year" by maximizing profitability through careful investment strategies[20]. - The strategic goal for 2024 includes becoming a "quality benchmark among the Top 10" in the industry[18]. - The company emphasizes "comprehensively high-quality and sustainable" development as its main theme for 2024[22]. - The company is focusing on high-rise and low-rise residential developments, with significant equity stakes in multiple projects across major cities[45]. Operational Efficiency - The operational quality of Greentown China has continuously improved, with key indicators such as attributable sales and newly-added saleable value showing positive trends[6]. - The company plans to improve organizational quality by enhancing talent recruitment and internal mobility, and refining the assessment mechanism to boost employee motivation[74]. - The overall operational efficiency improved by 18%, with the period from land acquisition to first launch shortened to an average of 4.7 months[67]. - Administrative expenses decreased by 4.6% and selling expenses decreased by 6% in 2023[67]. - The completed area increased by 37% year-on-year to approximately 17.32 million sqm, meeting annual completion requirements[67]. Sustainability and Corporate Governance - The company is committed to sustainable development, focusing on high quality and efficiency in its operations[6]. - The MSCI ESG rating was upgraded to "A", reflecting the company's commitment to sustainable practices[57]. - Greentown China was rated TOP1 in "2023 China Green and Low-Carbon Real Estate (Operation) TOP10" and received an upgraded ESG rating to A from MSCI[72]. - The Company emphasizes high levels of corporate governance and transparency, maintaining effective communication with shareholders and the capital market[200]. - The Company has adopted effective corporate governance practices to ensure compliance with statutory requirements and applicable accounting standards[140]. Property Portfolio and Development - The company has a total gross floor area (GFA) of 37.20 million sqm across various regions, with 49% located in the Yangtze River Delta and Bohai Rim[28]. - The company has a diverse property portfolio with a total site area of 1,633,422 sqm and a gross floor area (GFA) of 5,143,448 sqm across various projects[34]. - The total property portfolio with a Gross Floor Area (GFA) of 6,365,512 sqm across various projects[41]. - The average land cost per GFA was approximately RMB7,982 per sqm, with 80% of land reserves located in first- and second-tier cities[64]. - The high-quality Yangtze River Delta Area accounted for 57% of the total land reserve value, while 10 strategic core cities accounted for 59%[64]. Leadership and Management - The company has a strong leadership team with diverse backgrounds in finance, law, and real estate management, enhancing its operational capabilities[115]. - The executive team is focused on strategic growth and operational efficiency, leveraging their extensive industry experience[111]. - The management team includes experienced professionals with extensive backgrounds in urban construction and real estate management[105]. - The Group's human resources costs represented the largest single expense among administrative expenses, with a focus on enhancing management efficiency and cost-effectiveness[83]. Challenges and Market Conditions - In 2023, the real estate industry in the PRC continued to experience deep adjustments, with the recovery process appearing to be relatively long due to many uncertainties[12]. - The demand for improvement in the real estate sector is gradually being released, indicating a potential for future growth[12]. - The company is facing a complex internal and external situation, which is contributing to the intensified differentiation of the market environment[12]. - The real estate market in China is undergoing deep structural adjustments, presenting various challenges for enterprises[56]. Employee Engagement and Development - The Group's total employee count reflects a commitment to growth and development within the organization[104]. - The Group provides various training opportunities for employees, including induction training and anti-corruption training[104]. - The organizational engagement score was 93 points, outperforming industry peers[68]. - The Company aims to retain employees through the Share Award Scheme, which recognizes their contributions and provides incentives for continued operation and development[178].
绿城中国(03900) - 2023 - 年度财报