Company Recognition and Strategy - The company was awarded as "2021 China mainland TOP 10 Real Estate Company Listed in Hong Kong by Investment Value" and ranked 19th among the 2021 Top 50 Real Estate Enterprises in Greater Bay Area[14]. - The company continues to develop the trade centre business under the brand "HYDOO" while expanding various business sectors under the brand "YOUNGO", including high-end housing and urban renewal[7]. - The company strategically upgraded to a "new ecological industrial city service provider" in 2020, focusing on the Guangdong-Hong Kong-Macao Greater Bay Area[6]. - The company aims to build a harmonious industrial ecosystem that includes customers, companies, governments, employees, and the natural environment[5]. - The company has implemented a dual-brand operation with the new "YOUNGO" brand to better serve the national strategy of the Greater Bay Area[6]. - The company has undergone strategic restructuring since 2019 by bringing in strategic shareholders to enhance its innovative development and industrial upgrade[6]. - The corporate vision is to "empower the future of cities for creating a better life" and the core values include integrity, innovation, excellence, and win-win results[11]. - The company focuses on residential and urban renewal projects within the Greater Bay Area, leveraging its strategic location[5]. - The company has been recognized as a leading enterprise in brand reputation and as a benchmark developer for open and transparent procurement in 2021[14]. Financial Performance - The Group achieved contracted sales of approximately RMB4,582.5 million for FY2021, an increase of 8.8% from RMB4,209.7 million in FY2020[28]. - Residential property sales accounted for approximately 78.7% of total contracted sales in FY2021, up from 66.2% in FY2020[29]. - The Group's total revenue for FY2021 was approximately RMB5,570.9 million, representing a 49.1% increase from RMB3,737.2 million in FY2020[38]. - Revenue from property development and related services was approximately RMB4,088.2 million in FY2021, a year-on-year increase of 9.4%[42]. - The Group reported a gross profit of approximately RMB735.3 million for FY2021, a decrease of 42.9% from RMB1,286.7 million in FY2020[45]. - The Group incurred a net loss of approximately RMB445.1 million for FY2021, compared to a net profit of approximately RMB356.3 million in FY2020[45]. - The total trading transaction amount for the Group in FY2021 was approximately RMB 1,482.7 million, contributing to the Group's revenue[47]. - The Group's cost of sales for FY2021 was approximately RMB 4,835.6 million, an increase of 97.1% from RMB 2,450.4 million in FY2020[48]. - Distribution and administration expenses for FY2021 totaled approximately RMB 669.5 million, representing about 12.0% of revenue, down from 13.8% in FY2020[53]. - The impairment loss on financial assets measured at amortization cost was approximately RMB 12.1 million in FY2021, down from RMB 28.1 million in FY2020[55]. - The Group's finance costs for FY2021 were approximately RMB 297.0 million, a slight increase from approximately RMB 276.8 million in FY2020[63]. Assets and Liabilities - The total land bank as of December 31, 2021, was approximately 12.8 million sq.m., with confirmed land use rights for approximately 9.4 million sq.m., an increase from 8.9 million sq.m. in FY2020[30]. - Total cash balances as of December 31, 2021, amounted to approximately RMB 2,136.8 million, a decrease from approximately RMB 2,351.4 million as of December 31, 2020[67]. - The Group's borrowings as of December 31, 2021, included bank loans and other borrowings of approximately RMB 3,271.3 million, significantly up from approximately RMB 1,310.3 million in FY2020[75]. - The total contingent liabilities related to mortgage guarantees increased to approximately RMB3,243.7 million as of December 31, 2021, compared to RMB2,648.3 million as of December 31, 2020, reflecting a growth of 22.5%[78]. - Capital commitments for construction and development contracts as of December 31, 2021, were RMB5,000.1 million, up from RMB2,130.3 million in 2020, representing a significant increase of 134.7%[83]. - The current ratio improved to 1.62 as of December 31, 2021, compared to 1.23 in 2020, indicating better short-term financial health[85]. - The gearing ratio increased to 27.1% as of December 31, 2021, from 16.5% in 2020, suggesting a higher level of financial leverage[85]. - Current assets increased significantly to RMB 20,222,582,000 in 2021 from RMB 14,724,095,000 in 2020, a growth of 37.0%[105]. - Non-current liabilities rose sharply to RMB 5,725,569,000 in 2021 from RMB 1,131,745,000 in 2020, an increase of 406.5%[105]. - Total equity attributable to equity shareholders decreased to RMB 5,088,072,000 in 2021 from RMB 5,592,397,000 in 2020, a decline of 9.0%[105]. Shareholder and Governance Information - The company did not recommend the payment of a final dividend for FY2021, consistent with FY2020[122]. - Revenue from the largest customer accounted for approximately 3.0% of total revenue, while the five largest customers accounted for about 5.5%[127]. - Purchases from the largest supplier accounted for approximately 28.6% of total purchases, with the five largest suppliers accounting for about 60.9%[128]. - As of December 31, 2021, the total number of outstanding shares involved in the Share Option Scheme was 123,200,000 shares, representing approximately 2.72% of the shares in issue[151][152]. - The maximum number of shares that may be issued under the Share Option Scheme is 401,484,400 shares, subject to shareholder approval for a 10% refreshment limit[141][148]. - The exercise price for outstanding share options is HK$0.5, determined by the Board based on the higher of the closing price on the grant date or the average closing price for the five trading days prior[151][152]. - The Share Option Scheme is effective for a period of ten years from May 30, 2019, with no further options to be offered after May 30, 2029[144]. - The vesting schedule for share options includes 30% vesting on April 1, 2021, and April 1, 2022, and 40% vesting on April 1, 2023[155]. - During FY2021, a total of 202,400,000 share options were granted, with 79,200,000 options canceled, leaving 123,200,000 options outstanding[154]. - The Company had no significant disputes with suppliers or customers during the fiscal year ending December 31, 2021[137]. - The Board has recommended the re-appointment of Directors standing for re-election at the upcoming annual general meeting[161]. - Each Director has entered into a service contract with the Company for a period of three years, with no contracts that are not determinable within one year without compensation[162]. - No Directors had material beneficial interests in any significant contracts related to the Group's business during FY2021[163]. - The Controlling Shareholders confirmed compliance with the Non-Competition Deed during FY2021[176]. - The Company will seek opinions from independent non-executive Directors regarding any New Opportunities that may compete with its core business[175]. - The emolument policy of the Company is outlined in the Corporate Governance Report of the annual report[177]. - As of December 31, 2021, Mr. Cai Hongwen holds 2,664,306,801 ordinary shares, representing approximately 58.72% of the total issued share capital of the company[193]. - The total number of shares issued as of December 31, 2021, is 4,537,354,000[199]. - Mr. Yang Sanming has share options amounting to 21,000,000, which contributes to a total interest of 21,614,000 shares, representing approximately 0.48% of the total issued share capital[193]. - Mr. Wang Dewen holds share options of 7,000,000, representing approximately 0.15% of the total issued share capital[193]. - Mr. Lam Chi Yuen Nelson and Mr. Yue Zheng each hold share options of 630,000, representing approximately 0.01% of the total issued share capital[193]. - The company has a Non-competition Deed signed by controlling shareholders, ensuring that their associates are also bound by this agreement[186]. - The principal business activities of the group include real estate development, which may compete with the businesses of associated companies[185]. - The company is committed to fulfilling fiduciary duties and acting in the best commercial interest of the group as a whole[186]. - No other directors or chief executives had interests or short positions in the shares of the company as of December 31, 2021, that required disclosure[196]. - The interests of substantial shareholders are recorded in accordance with the Securities and Futures Ordinance, with specific disclosures required for those holding 5% or more of the nominal value of any class of share capital[200].
粤港湾控股(01396) - 2021 - 年度财报