Deluxe Family(600503)2022-04-26 16:00Financial Performance - The company's net profit attributable to shareholders for 2021 was CNY 96,306,762.97, a decrease of 35.86% compared to CNY 150,154,371.79 in 2020[5]. - Total revenue for 2021 was CNY 524,830,764.85, reflecting a decline of 51.39% from CNY 1,079,571,218.68 in the previous year[21]. - The basic earnings per share for 2021 was CNY 0.0601, down 35.86% from CNY 0.0937 in 2020[22]. - The company's total assets decreased by 10.85% to CNY 5,049,755,776.39 at the end of 2021, compared to CNY 5,664,392,084.99 at the end of 2020[22]. - The net cash flow from operating activities for 2021 was negative CNY 271,520,125.75, a significant decline from positive CNY 235,074,526.10 in 2020[21]. - The company's net assets attributable to shareholders at the end of 2021 were CNY 3,710,027,694.80, a decrease of 2.20% from CNY 3,793,353,264.65 at the end of 2020[22]. - The weighted average return on equity for 2021 was 2.57%, down from 3.88% in 2020, indicating a decrease of 1.31 percentage points[22]. - The company reported a significant drop in cash flow, with a decrease of 215.50% in net cash flow from operating activities compared to the previous year[21]. - The company achieved operating revenue of CNY 524.83 million in 2021, a year-on-year decrease of 51.39%[28]. - The net profit attributable to shareholders of the parent company was CNY 96.31 million, down 35.86% year-on-year[28]. Real Estate Development - The company’s real estate development projects are primarily located in Suzhou and Zunyi, with a planned construction area of 760,832 square meters for the Suzhou project[29]. - The Suzhou project achieved pre-sale contracts of 4,100 square meters, with a sales revenue of CNY 48.54 million, a year-on-year decrease of 51.19%[29]. - The company’s land reserve area as of December 31, 2021, was 85,300 square meters, including 23,200 square meters in Suzhou and 62,100 square meters in Zunyi[30]. - The company is facing challenges in project development due to delays in government land acquisition and demolition processes[30]. - The company is actively urging local government to expedite the demolition work for the Zunyi project due to delays caused by the pandemic and government actions[39]. Financial Management - The company’s financing activities resulted in a net cash outflow of CNY 129.45 million, a significant reduction compared to the previous year's outflow of CNY 496.52 million[41]. - The company’s sales expenses decreased by 68.24% to CNY 4.80 million, attributed to reduced maintenance and advertising costs[41]. - The top five suppliers accounted for 96.87% of the total procurement, with the largest supplier contributing 91.59% of the total procurement amount[49]. - The company’s long-term loans decreased by 79.64% to 641.30 million yuan, reflecting a shift of loans to current liabilities[57]. - The total financing amount at the end of the reporting period is RMB 340.55 million, with long-term loans amounting to RMB 64.13 million and long-term loans due within one year totaling RMB 276.42 million[64]. Corporate Governance - The company adheres to strict governance practices, ensuring compliance with relevant laws and regulations[80]. - The board of directors operates independently, with various committees providing professional opinions for decision-making[81]. - The company maintains transparency in information disclosure, following established regulations and guidelines[82]. - The total remuneration for the chairman, Wang Weilin, during the reporting period was 2.8075 million CNY[85]. - The total remuneration for the president, Cai Shunming, during the reporting period was 2.0075 million CNY[85]. Market Conditions - The company anticipates increased competition and consolidation in the real estate industry, driven by financial pressures and a peak in debt repayment[70]. - The real estate market is under continuous regulatory scrutiny, impacting land acquisition, project development, and financing[74]. - The industry is experiencing increased competition, with larger firms gaining advantages, leading to greater pressure on smaller companies[75]. - The ongoing COVID-19 pandemic has created uncertainties affecting construction progress and project sales[78]. Research and Development - The company's research and development expenses decreased by 45.46% to CNY 4.01 million, reflecting reduced investment in high-tech projects[41]. - Total R&D investment was 4.01 million yuan, accounting for 0.76% of operating revenue[53]. - The company is investing 200 million yuan in R&D for new technologies aimed at enhancing product efficiency[92]. Audit and Compliance - The audit report emphasizes the importance of internal controls in the revenue recognition process and the assessment of inventory's net realizable value[162][166]. - The audit procedures included evaluating the design and operating effectiveness of internal controls related to revenue recognition and inventory valuation[161][163]. - The company has not faced any penalties from securities regulatory authorities in the past three years[99]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 140,886, an increase from 137,503 at the end of the previous month[142]. - The largest shareholder, Shanghai Nanjing Group, has not undergone any changes in control during the reporting period[147]. - The company has no strategic investors or general legal entities among the top 10 shareholders[146]. Social Responsibility - The company donated 3 million RMB to the Xinxiang Charity Association for disaster relief efforts in July 2021[122].