Financial Performance - Revenue for 2021 was RMB 3,055.3 million, an increase from RMB 2,735.6 million in 2020, representing a growth of approximately 11.7%[12] - Consolidated net loss for 2021 was RMB 995.8 million, compared to a loss of RMB 690.6 million in 2020, indicating a deterioration in financial performance[12] - The adjusted gross loss margin for 2021 was 13.8%, worsening from 5.8% in 2020, reflecting increased operational challenges[12] - Basic and diluted loss per share for 2021 was RMB 134.1 cents, significantly higher than RMB 10.2 cents in 2020[12] - Proposed final dividend for 2021 was NIL, unchanged from 2020, indicating a conservative approach to shareholder returns amid losses[12] - Net cash generated from operating activities was negative, with a loss attributable to equity shareholders of the Company reaching RMB 995.8 million[12] Market and Growth Strategy - Future outlook includes potential market expansion and new product development strategies to enhance revenue streams[1] - The company is exploring mergers and acquisitions as part of its growth strategy to strengthen market position[1] - The Group aims to strengthen its business strategy and competitive advantages while seeking sustainable development opportunities to enhance long-term shareholder returns[18] - The Group's operational response to the real estate industry's market reshuffle has been robust, adapting to the changing industry landscape[18] - The willingness to invest in fixed assets is strengthening as COVID-19 control measures become more regularized in China and other countries[20] Project and Revenue Breakdown - The aggregate amount of newly-awarded projects increased by about RMB1,902.8 million or 77.5% to approximately RMB4,357.9 million in 2021, up from RMB2,455.1 million in 2020[20] - The number of domestic projects was 51, with a total value of RMB2,214.9 million, while overseas projects numbered 19, valued at RMB2,143.0 million, totaling 70 projects worth RMB4,357.9 million[20] - The revenue from the domestic market increased by about RMB224.1 million or 18.1% to approximately RMB1,460.9 million, contributing about 47.8% of total revenue[30] - The revenue from the overseas market increased by about RMB95.6 million or 6.4% to approximately RMB1,594.4 million, contributing about 52.2% of total revenue[30] Operational Efficiency and Cost Management - The Group will continue to focus on project construction, operations management, cost management, and working capital management[18] - Selling expenses decreased by about RMB5.3 million or 6.9% year-over-year to approximately RMB71.9 million, accounting for about 2.4% of the Group's operating revenue[34] - Administrative expenses decreased by about RMB91.2 million or 20.0% year-over-year to approximately RMB363.7 million, representing about 11.9% of the operating revenue[34] - The finance costs decreased by approximately RMB124.7 million or 54.8% compared to the previous year, totaling about RMB102.9 million, which accounted for 3.4% of the operating revenue[46] Credit Losses and Financial Risks - Expected credit losses of financial and contract assets increased by about RMB557.1 million or 172.7% year-over-year to approximately RMB879.7 million, accounting for 28.8% of the operating revenue[34] - The increase in expected credit losses was attributed to liquidity issues faced by certain property developer customers due to the adverse macroeconomic environment and the COVID-19 pandemic[39] - The main reason for the increased loss was the expected credit loss allowances recognized for financial and contract assets[18] Corporate Governance - The company has adopted and complied with the Corporate Governance Code for the year ended December 31, 2021[104] - The board consists of nine members, including six executive directors and three independent non-executive directors[107] - The company emphasizes the importance of effective internal controls and accountability to shareholders[104] - The Board plans to increase gender diversity by appointing one or two female members within two years[122] Innovation and R&D - The Group obtained 5 utility model patents in 2021, reflecting its commitment to innovation[25] - Research and development investments are set to increase by 30%, focusing on sustainable technologies and product enhancements[84] Economic Outlook - The global economic outlook remains uncertain due to factors such as renewed COVID-19 outbreaks and inflation expectations, but the Group maintains a prudent and confident stance on long-term market opportunities[18] - The overall global economic environment improved in 2021, with China's GDP growing by 8.1%[18] - In 2021, China's GDP grew by 8.1%, while global growth rebounded to 5.5% according to the World Bank[194] Human Resources - The Group had a total of 2,769 full-time employees as of December 31, 2021, down from 3,107 in the previous year, due to headcount optimization[74] - The decrease in administrative expenses was mainly due to a reduction in staff costs[34]
远大中国(02789) - 2022 - 年度财报