Financial Performance - Total assets reached RMB 205.8 billion, while turnover was RMB 40.9 billion[16]. - The Group recorded a profit attributable to shareholders of RMB1,445 million for the year, representing a year-on-year increase of 77.0%[20]. - The core net profit attributable to the parent company, after adjustments, was RMB1,761 million, reflecting a year-on-year increase of 15.9%[20]. - For the year ended December 31, 2023, the Group recorded a revenue of RMB 40,932 million, representing a slight decrease of 0.5% compared to the previous year[54]. - Profit attributable to shareholders amounted to RMB 1,445 million, an increase of 77.0% year-on-year[54]. - Contracted sales amounted to RMB53.6 billion, with an average selling price of RMB23,805 per square meter, representing year-on-year increases of 7% and 14%, respectively[23]. - The total debt decreased by 7.7% year-on-year to RMB73.9 billion, and the net gearing ratio decreased by 22.8 percentage points to 93.1%[24]. - The average cost of funds decreased by 39 basis points to 3.88% due to the issuance of RMB4.0 billion in corporate bonds and RMB3.0 billion in medium-term notes[24]. Market Overview - China's GDP exceeded RMB 126 trillion, with a year-on-year growth of 5.2%, contributing over 30% to global economic growth[18]. - The domestic economy is showing signs of recovery despite ongoing challenges, with a firmer pace towards high-quality development[18]. - The real estate market is expected to continue experiencing loose regulation and control policies, with room for optimization in first-tier and strong second-tier cities[27]. Business Operations - The Group operates in 25 major cities, including Shanghai, Hong Kong, and Guangzhou, focusing on high-quality residential and commercial properties[14]. - The Group's major businesses include property development, investment, and management, emphasizing its role as a leading property developer in China[14]. - The Group's projects are strategically located in economically vibrant regions, including the Yangtze River Delta and Pearl River Delta[15]. - The Group aims to safeguard the country and serve the people while striving for excellence in its operations[8]. - The establishment of the Environmental, Social and Governance Committee reflects the Group's commitment to sustainable development[11]. Project Development - As of December 31, 2023, the Group had 70 projects under construction and planning, representing a total GFA of approximately 16,691,000 square meters[55]. - The Group incurred new land reserve costs of approximately RMB22.1 billion, with 48% of land reserves in the Yangtze River Delta and Greater Bay Area, an increase of five percentage points from the end of 2022[22]. - The company acquired several new land reserves in 2023, with a total planned GFA of approximately 1,823,000 square metres across various projects[64]. - The total site area for the newly acquired projects in 2023 is approximately 594,000 square metres[64]. - The company is focusing on high-rise residential buildings across its new projects, indicating a strategic shift towards urban residential development[66]. Sales and Revenue - The sales collection amounted to RMB53.7 billion, achieving a collection rate of 100%[23]. - The Yangtze River Delta region accounted for 43% of total contracted sales, amounting to RMB 23,273 million[60]. - Total sales recognized in 2023 amounted to RMB 38,722 million, with ordinary residential properties contributing 90% of the total[105]. - The Yangtze River Delta Region generated sales of RMB 12,923 million, with the Ningbo Poly Riverview Mansion alone accounting for RMB 3,510 million[100]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the reporting period, except for code provision C.2.1 regarding the separation of roles between the Chairman and Managing Director[193]. - Following the resignation of Mr. Wang Jian as Managing Director on November 3, 2023, Mr. Hu Zaixin was appointed to the position on March 14, 2024[196]. - The Company has established effective mechanisms to ensure Board independence, which is considered key to good corporate governance[200]. Employee and Remuneration - The Group employed about 7,748 employees as of December 31, 2023, with total remuneration for the year amounting to approximately RMB 1,378 million[188].
保利置业集团(00119) - 2023 - 年度财报