[年报]深深房Ｂ:2020年年度报告（英文版）
原标题:深深房Ｂ:2020年年度报告（英文版） SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE & PROPERTIES (GROUP) CO., LTD. ANNUAL REPORT 2020 2021-007 March 2021 Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior management of ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. Liu Zhengyu, chairman of the Company’s Board, Zhao Zhongliang, the Company’s Chief Financial Officer, and Qiao Yanjun, head of the Company’s financial department (equivalent to financial manager) hereby guarantee that the Financial Statements carried in this Report are factual, accurate and complete. All the Company’s directors have attended the Board meeting for the review of this Report and its summary. Certain descriptions about the Company’s operating plans or work arrangements for the future mentioned in this Report and its summary, the implementation of which is subject to various factors, shall NOT be considered as promises to investors. Therefore, investors are reminded to exercise caution when making investment decisions. The Company is subject to the Guideline No. 3 of the Shenzhen Stock Exchange on Information Disclosure by Industry—for Listed Companies Engaging in Real Estate. Risks facing the Company have been explained in detail in “IX Prospects” in “Part IV Operating Performance Discussion and Analysis” herein. The Board has approved a final dividend plan as follows: based on the total share capital of 1,011,660,000 shares on 31 December 2020, a cash dividend of RMB0.87 (tax inclusive) per 10 shares is to be distributed to the shareholders, with no bonus issue from either profit or capital reserves. This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese versions shall prevail. Table of Contents Part I Important Notes, Table of Contents and Definitions ........................................................... 2 Part II Corporate Information and Key Financial Information ................................................... 5 Part III Business Summary ............................................................................................................. 10 Part IV Operating Performance Discussion and Analysis ........................................................... 12 Part V Significant Events ................................................................................................................ 35 Part VI Share Changes and Shareholder Information................................................................. 44 Part VII Preferred Shares ............................................................................................................... 50 Part VIII Convertible Corporate Bonds ........................................................................................ 51 Part IX Directors, Supervisors, Senior Management and Staff .................................................. 52 Part X Corporate Governance ........................................................................................................ 62 Part XI Corporate Bonds ................................................................................................................ 69 Part XII Financial Statements ........................................................................................................ 70 Part XIII Documents Available for Reference………………………………………………….172 Definitions Term Definition “Shenzhen SASAC” or the “Municipal SASAC” The State-owned Assets Supervision and Administration Commission of the People’s Government of Shenzhen Municipal SIHC Shenzhen Investment Holdings Co., Ltd. The “Company”, the “Group”, “SPG” or “we” ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. and its consolidated subsidiaries, except where the context otherwise requires Shenzhen Property Management Shenzhen Property Management Co., Ltd. Petrel Hotel Shenzhen Petrel Hotel Co., Ltd. Zhentong Engineering Shenzhen Zhentong Engineering Co., Ltd. Huazhan Construction Supervision Shenzhen Huazhan Construction Supervision Co.,Ltd. Part II Corporate Information and Key Financial Information I Corporate Information Stock name SPG, SPG-B Stock code 000029, 200029 Stock exchange for stock listing Shenzhen Stock Exchange Company name in Chinese 深圳经济特区房地产(集团)股份有限公司 Abbr. 深房集团 Company name in English (if any) ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. Abbr. (if any) SPG Legal representative Liu Zhengyu Registered address 45/F-48/F, SPG Plaza, Renmin South Road, Shenzhen, Guangdong, P.R.China Zip code 518001 Office address 47/F, SPG Plaza, Renmin South Road, Shenzhen, Guangdong, P.R.China Zip code 518001 Company website http://www.sfjt.com.cn Email address [email protected] II Contact Information Board Secretary Securities Representative Name Luo Yi Hong Lu Address 47/F, SPG Plaza, Renmin South Road, Shenzhen, Guangdong, P.R.China 47/F, SPG Plaza, Renmin South Road, Shenzhen, Guangdong, P.R.China Tel. （86 755）82289517 （86 755）82297977 Fax （86 755）82294024 （86 755）82294024 Email address [email protected] [email protected] III Media for Information Disclosure and Place where this Report Is Lodged Newspapers designated by the Company for information disclosure Domestic: Securities Times and China Securities Journal Overseas: Ta Kung Pao (HK) Website designated by CSRC for publication of this Report http://www.cninfo.com.cn Place where this Report is lodged 47/F, SPG Plaza, 3005 Renmin South Road, Luohu District, Shenzhen, Guangdong, P.R.China IV Change to Company Registered Information Unified social credit code 91440300192179585N (unified social credit code) Change to principal activity of the Company since going public (if any) No change Every change of controlling shareholder since incorporation (if any) On 24 March 1999, the controlling shareholder was changed from Shenzhen Investment Management Co., Ltd. to Shenzhen Construction Investment Holdings Co., Ltd. And on 14 February 2006, it was changed to Shenzhen Investment Holdings Co., Ltd. V Other Information The independent audit firm hired by the Company: Name Grant Thornton China Office address 5/F, Sci-Tech Plaza, 22 Jianguomenwai Avenue, Chaoyang District, Beijing Accountants writing signatures Zhao Juanjuan and Jiang Xiaoming The independent sponsor hired by the Company to exercise constant supervision over the Company in the Reporting Period: □ Applicable √ Not applicable The independent financial advisor hired by the Company to exercise constant supervision over the Company in the Reporting Period: □ Applicable √ Not applicable VI Key Financial Information Indicate by tick mark whether there is any retrospectively restated datum in the table below. □ Yes √ No 2020 2019 2020-over-2019 change (%) 2018 Operating revenue (RMB) 1,615,009,713.88 2,548,740,319.49 -36.63% 2,175,187,242.60 Net profit attributable to the listed company’s shareholders (RMB) 290,229,772.23 552,452,307.59 -47.47% 503,498,831.60 Net profit attributable to the listed company’s shareholders before exceptional gains and losses (RMB) 253,595,334.11 524,204,812.66 -51.62% 490,490,702.80 Net cash generated from/used in operating activities (RMB) 285,164,013.17 603,607,724.75 -52.76% 1,062,567,405.59 Basic earnings per share (RMB/share) 0.2869 0.5461 -47.46% 0.4977 Diluted earnings per share (RMB/share) 0.2869 0.5461 -47.46% 0.4977 Weighted average return on equity (%) 7.81% 15.90% -8.09% 16.35% 31 December 2020 31 December 2019 Change of 31 December 2020 over 31 December 2019 (%) 31 December 2018 Total assets (RMB) 4,936,916,746.74 4,909,669,536.09 0.55% 4,665,891,514.25 Equity attributable to the listed company’s shareholders (RMB) 3,797,512,488.22 3,666,874,569.99 3.56% 3,332,259,641.39 Indicate by tick mark whether the lower of the net profit attributable to the listed company’s shareholders before and after exceptional gains and losses was negative for the last three accounting years, and the latest independent auditor’s report indicated that there was uncertainty about the Company’s ability to continue as a going concern. □ Yes √ No Indicate by tick mark whether the lower of the net profit attributable to the listed company’s shareholders before and after exceptional gains and losses was negative. □ Yes √ No VII Accounting Data Differences under China’s Accounting Standards for Business Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting Standards 1. Net Profit and Equity under CAS and IFRS √ Applicable □ Not applicable Unit: RMB Net profit attributable to the listed company’s shareholders Equity attributable to the listed company’s shareholders 2020 2019 Ending amount Beginning amount Under CAS 290,229,772.23 552,452,307.59 3,797,512,488.22 3,666,874,569.99 Adjusted as per IFRS Under IFRS 290,229,772.23 552,452,307.59 3,797,512,488.22 3,666,874,569.99 2. Net Profit and Equity under CAS and Foreign Accounting Standards □ Applicable √ Not applicable No difference for the Reporting Period. 3. Reasons for Accounting Data Differences Above □ Applicable √ Not applicable VIII Key Financial Information by Quarter Unit: RMB Q1 Q2 Q3 Q4 Operating revenue 256,842,391.67 339,416,103.73 621,402,307.38 397,348,911.10 Net profit attributable to the listed company’s shareholders 28,114,908.77 69,160,076.95 101,565,292.91 91,389,493.60 Net profit attributable to the listed company’s shareholders before exceptional gains and losses 28,075,623.63 57,108,647.36 101,225,798.44 67,185,264.68 Net cash generated from/used in operating activities -435,258,963.67 223,016,165.08 309,652,617.04 187,754,194.72 Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs materially from what have been disclosed in the Company’s quarterly or interim reports. □ Yes √ No IX Exceptional Gains and Losses √ Applicable □ Not applicable Unit: RMB Item 2020 2019 2018 Note Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) 11,429.23 -69,739.73 Government subsidies charged to current profit or loss (exclusive of government subsidies given in the Company’s ordinary course of business at fixed quotas or amounts as per the government’s uniform standards) 3,370,769.21 1,168,127.90 10,243.00 Gain or loss on assets entrusted to other entities for investment or management 15,217,058.60 31,425,651.98 16,347,157.53 Income from mature structured deposits Non-operating income and expense other than the above 29,009,657.60 1,118,861.69 891,652.84 Other gains and losses that meet the definition of exceptional gain/loss 1,237,002.86 Interest income from undue structured deposits 3,950,685.00 Less: Income tax effects 12,211,479.38 9,415,831.64 4,171,184.84 Total 36,634,438.12 28,247,494.93 13,008,128.80 -- Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items: □ Applicable √ Not applicable No such cases for the Reporting Period. Part III Business Summary I Principal Activity of the Company in the Reporting Period In 2020, the central government continued to stabilize land and housing prices as well as market expectations. Upholding the principle that housing is for living in and not for speculation, the central government adhered to the concept of taking a differential approach in regulating the housing market for different places. The differentiation among cities and urban regions intensified. To be specific, the first-tier cities led the way, and the city clusters in the Pearl River Delta and Yangtze River Delta performed brilliantly. At the same time, while maintaining the continuity, consistency and stability of real estate financial policies, the central government accelerated the establishment of a long-term mechanism for real estate finance. In the second half of the year, the overall real estate financial supervision was gradually tightened. The Company primarily develops and sells residential properties in two cities, Shenzhen and Shantou. In Shenzhen, the Chuanqi Donghu Mingyuan project saw the completion of construction in late 2019 and has started the hand-over and move-in process, which is cumulatively around 80% sold; and regarding the Cuilinyuan project, it is approximately 95% sold. In Shantou, Tianyuewan Phase II was topped out in late June 2020, with the decoration for its public space almost fully completed; and Tianyuewan Phase I is around 70% sold cumulatively. II Significant Changes in Major Assets 1. Significant Changes in Major Assets Major assets Main reason for significant changes Equity assets The ending amount was down by RMB92,349.00 (or 19.66%) from the beginning amount, primarily driven by the share of profits of associates measured at the equity method. Fixed assets The ending amount was down by RMB2,482,056.68 (or 8.13%) from the beginning amount, primarily driven by the depreciation allowance. Intangible assets No significant change Construction in progress No significant change Accounts payable The ending amount was down by RMB67,297,864.18 (or 27.56%) from the beginning amount, primarily driven by the payments made for construction. Advances from customers The ending amount was down by RMB153,542,418.28 (or 96.28%) from the beginning amount, primarily driven by the reclassification to contract liabilities and other current liabilities pursuant to the new accounting standard governing revenue. Short-term borrowings The ending amount was up by RMB25,246,735.77 (or 48.88%) from the beginning amount, primarily driven by the increased borrowings of Shenzhen Zhentong Engineering Co., Ltd. through discounting and pledging accounts receivable. Taxes and levies payable The ending amount was down by RMB125,991,168.41 (or 21.51%) from the beginning amount, primarily driven by the payment of various taxes. 2. Major Assets Overseas □ Applicable √ Not applicable III Core Competitiveness Analysis As a pioneer of real estate development enterprises in Shenzhen, the Company has created a number of "first places" in the history of real estate development in China. For example, the first to use the paid state-owned land, the first to introduce the foreign investment for the cooperative land development, the first to raise development funds by means of pre-sale of buildings, the first to carry out public bidding for construction projects in accordance with international practices, the first to set up a property management company to the buildings and residences developed in an all-rounded manner, the first to win the bid in the auction of land use rights held in the Shenzhen Special Economic Zone, etc. Over the past 40 years, the company has developed more than 100 high-rise buildings, 500 multi-storey residential buildings, and 400 garden villas, with a cumulative building area of more than 4 million square meters. It has paid great efforts to the establishment of a modern enterprise HR management system and works hard in building a professional and high-quality development team. It also keeps improving the management mechanism and processes for project development. As a result, its planning, construction, cost control, sales ability and brand image have been effectively improved. More importantly, its main business operation ability and core competitiveness have been greatly enhanced. In 2020, the company was awarded "Industry-Leading Enterprise and Top 20 Enterprise in terms of Comprehensive Strength in Shenzhen Real Estate Development Industry" by Shenzhen Real Estate Association (SREA). Part IV Operating Performance Discussion and Analysis I Overview Since the abrupt occurrence at the beginning of 2020, COVID-19 has continued to spread throughout the whole world, dragging global economy into the most severe recession since the Great Depression. The real estate market as a whole kept its promise that houses are for living in and not for speculation on. In face of the complex severe macro-economic situation and fierce market competition, the Company’s management team met the challenges and moved forward under pressure with the support from the controlling shareholders. Taking the pandemic prevention and business operation into consideration, the management team made overall plans, leading the working staff overcame the impact of the pandemic and the adverse effects of the termination of reorganization, and eventually made great achievements. The main achievements in the past year are as follows: (I) Effective Pandemic Prevention and Control After the outbreak of COVID-19, the Company took immediate action to establish a leading group for pandemic prevention and control according to the work deployment of Shenzhen Municipal Party Committee, Shenzhen Municipal Government and Shenzhen State-owned Assets Supervision and Administration Commission, fully implementing measures of the regular pandemic prevention and control and resumption of work and production. During the Reporting Period, no mass infection cases emerged among the working staff, and the 27 residential areas and other commercial properties operated and managed by the property management company and the Haiyan Hotel. At the same time, the Company's headquarters and its subordinated enterprises maintained normal production and operation throughout the year and realized the well-balanced pandemic prevention and production. (II) Stable Core Business with Improvement 1. Projects were carried forward steadily. Tianyuewan Phase II Project in Shantou was completed in June 2020, including the decoration of the public areas. The road works of Fuxian Road and Xianzhong Road for Chuanqi Shanglin Project in Shenzhen were completed and opened to traffic in December 2020. The landscaping of Chuanqi Donghu Mingyuan Project, and the civil air-raid shelter have been successfully completed. 2. Sales capacity was enhanced significantly. In Shenzhen, the sales area of Chuanqi Donghu Mingyuan and Cuilinyuan project reached nearly 20,000 square meters, far exceeding the annual sales goal. In Shantou, the accumulative sales of Tianyuewan Phase I Project reached about 70% of the total. Paying close attention to the market dynamics, the Company adjusted its marketing strategies in a timely manner in addition to innovating the marketing approaches, and thus increased its revenue while reducing the cost remarkably. Also, the Company has taken various measures to ensure the smooth development of online home-purchase contracts and filing. In the whole year, the rate of property repossession in Shenzhen reached nearly 95%, and that in Shantou was 91%. (III) Effective Operation and Management 1. The corporate governance was more standardized. In order to clarify the legal status of the party organization in the corporate governance structure of the Company, the Company completed the revision of the Articles of Association in June 2020, and party building work was officially recorded in it. During the Reporting Period, the chairman of the Board and the chairman of the Supervisory Committee changed their role due to the expiration of the term. Four non-independent directors, two independent directors, one supervisor, the general manager, a deputy general manager, the CFO and the Board Secretary were changed. In May 2020, the Company implemented the cash dividend again, and the cash dividend became normal. 2. Standard and effective financial management. In order to withdraw funds of real estate sales effectively, the Company kept close communication with cooperative banks. Additionally, under the premise of ensuring the operating capital requirements, the Company made full use of the idle funds. Attaching great importance to budget implementation, the Company realized the decrease of key monitoring costs by 25% year-on-year. 3. Real estate rental undertook remarkable responsibilities. Under the double impact of COVID-19 and economic downturn, the Company focused on customer needs and tried its best to save, increase, and tap potential, and the rental income exceeded the annual target. During the Reporting Period, in response to the government's call for the fight against the pandemic, the Company bravely undertook its social responsibility, reducing or exempting tenants' rent by more than RMB18 million. 4. Sound achievements were made in cost control. During the Reporting Period, 43 budget plans (including the approval of them) were created, and the cumulative reduction rate of budget amount reached 19.64%. In particular, the Company completed the budgeting, auditing and contracting of two municipal projects on Fuxian Road and Xianzhong Road in Longgang Sub-district, and the reduction rate of the approved budget reached 23.30%. 5. Work safety became a hot topic. During the Reporting Period, the Company established a work safety supervision leading group to fully ensure the safety production. It also optimized the safety production management system constantly, formulated the special work plans for safety production, and investigated and treated the hidden safety hazards in a timely manner. In order to strengthen the safety awareness of employees, the Company carried out over 500 safety production inspections, and organized more than 50 relevant trainings. Zero safety accident happened throughout the year. (IV) Termination of Major Asset Restructuring Due to a major asset restructuring in planning, the Company's stocks have been suspended for trading since the opening of the stock market on 14 September 2016. During the suspension period, the Company kept close communication with all trading parties, worked hard in due diligence, auditing, evaluation and other issues, and fulfilled the required decision-making procedures and information disclosure timely. In view of the current market environment and many other reasons, it was still not a good time to advance the major asset restructuring. Therefore, in order to effectively protect the interests of the Company and all shareholders, the Company decided to terminate the major asset restructuring after careful consideration. On 9 November 2020, the stock trading resumed. (V) Strict and Pragmatic Approach in Party Building The Company persisted in the party's requirements for managing and governing the party strictly and carried out political development comprehensively. While attaching great importance to party building, the Company promoted corporate culture development in an orderly manner. Firstly, the Company carried out the theme education. The "First Topics" learning became the theme of the Theoretical Center Team routinely. Secondly, the Company deepened the party’s brand building. Through implementing the "1+6" one-core multi-linked governance mode, the Company formed a new pattern of community governance led by the party building, diversified participation, integrated and co-governance. Thirdly, the Company enhanced the employees’ sense of social responsibility. The company organized the party members volunteer and mass volunteers to participate in voluntary activities in Jiabei community. Fourthly, the Company strengthened the corporate culture development. The Company organized various activities to enrich the employees’ life, and thus enhanced the corporate cohesion and team spirit. The Company is subject to the Guideline No. 3 of the Shenzhen Stock Exchange on Information Disclosure by Industry—for Listed Companies Engaging in Real Estate. New additions to the land bank: Name of land lot or project Location Planned use of land Site area（㎡） Floor area with plot ratio （㎡） How the land is obtained The Company’s interest Total land price (RMB’0,000) Consideration of the Company’s interest (RMB’0,000) Cumulative land bank: Name of project/area Site area（0,000 ㎡） Floor area（0,000 ㎡） Floor area available for development（0,000 ㎡） Xinfeng Building in Shantou 0.59 2.66 2.66 Total 0.59 2.66 2.66 Development status of major projects: City/region Name of project Location Status The Company’s interest Time for commencement of construction % developed % constructed Site area（㎡） Planned floor area with plot ratio （㎡） Floor area completed in the Current Period（㎡） Cumulatively completed floor area （㎡） Expected total investment (RMB’ 0,000) Cumulative investment (RMB’ 0,000) Shantou Tianyuewan Phase II Chaoyang District Framework in construction 100.00% 1 October 2018 95% 95.00% 33,362 127,770 65,485 49,829 Sales status of major projects: City/region Name of project Location Status The Company’s interest Floor area with plot ratio （㎡） Floor area available for sale （㎡） Cumulatively pre-sold/sold floor area （㎡） Floor area pre-sold/sold in the Current Period（㎡） Pre-sale/sales revenue generate in the Current Period (RMB’0,000) Cumulatively settled floor area (㎡) Floor area settled in the Current Period（㎡） Pre-sale/sales revenue settled in the Current Period (RMB’0,000) Shenzhen Cuilinyuan Longgang District Ready for sale 100.00% 60,111 56,137 52,020 1,326 4,548 51,911 3,484 11,540 Shenzhen Chuanqi Donghu Mingyuan Luohu District Ready for sale 100.00% 55,727 32,857 26,169 18,647 123,429 18,866 14,116 86,001 Shantou Tianyuewan Phase I Chaoyang District Ready for sale 100.00% 153,470 160,372 99,496 30,298 15,776 76,993 34,040 17,900 Shantou Tianyuewan Phase II Chaoyang District On pre-sale 100.00% 127,770 137,059 1,235 1,235 746 Rental status of major projects: Name of project Location Use The Company’s interest Rentable area （㎡） Cumulative rented area （㎡） Average occupancy rate Real Estate Mansion Shenzhen Commercial 100.00% 3,413.88 3,413.88 100.00% North Block of Guoshang Mansion Shenzhen Commercial 100.00% 4,819.71 4,819.71 100.00% Petrel Building Shenzhen Commercial 100.00% 22,475.47 22,475.47 100.00% SPG Plaza Shenzhen Office building 100.00% 61005.82 37088.88 60.80% SPG Plaza Podium Shenzhen Commercial 100.00% 19896.3 10327.14 51.90% Wenjin Garden Shenzhen Commercial 100.00% 3,531.60 3,531.60 100.00% Primary land development: □ Applicable √ Not applicable Financing channels: Financing channel Ending balance of financings Financing cost range/average financing cost Maturity structure Within 1 year 1-2 years 2-3 years Over 3 years Development strategy and operating plan for the coming year: Please refer to “IX Prospects” in this part. Provision of guarantees for homebuyers on bank mortgages: √ Applicable □ Not applicable As at 31 December 2020, the Group provided guarantees for the homebuyers of the following projects on their bank mortgages: Project Guarantee period Guarantee amount (RMB’0,000) Note Cuilinyuan Until the property ownership certificate is registered as collateral and handed over to bank for keeping 8,532.86 Chuanqi Donghu Mingyuan Until the property ownership certificate is registered as collateral and handed over to bank for keeping 6,056.20 Tianyuewan Phase I Until the property ownership certificate is registered as collateral and handed over to bank for keeping 22,546.73 Total 37,135.79 Joint investments by directors, supervisors and senior management and the listed company (applicable for such investments where the directors, supervisors and senior management are the major source of investment): □ Applicable √ Not applicable II Core Business Analysis 1. Overview See “I Overview” above. 2. Revenue and Cost Analysis (1) Breakdown of Operating Revenue Unit: RMB 2020 2019 Change (%) Operating revenue As % of total operating revenue (%) Operating revenue As % of total operating revenue (%) Total 1,615,009,713.88 100% 2,548,740,319.49 100% -36.63% By operating division Property sales 1,158,411,393.81 71.73% 2,017,872,864.14 79.17% -42.59% Engineering and construction 251,454,463.43 15.57% 304,837,313.46 11.96% -17.51% Property management 151,968,675.51 9.41% 157,665,638.01 6.19% -3.61% Rental service 63,254,584.48 3.92% 86,484,133.79 3.39% -26.86% Other 12,215,550.30 0.76% 15,337,469.10 0.60% -20.35% Eliminated internal transactions and accounts -22,294,953.65 -1.38% -33,457,099.01 -1.31% -33.36% By product category Residential units 1,157,620,917.61 71.68% 719,499,453.23 28.23% 60.89% Shops and parking lots 790,476.20 0.05% 11,526,595.29 0.45% -93.14% Apartments 0.00 0.00% 1,286,846,815.62 50.49% -100.00% Other 478,893,273.72 29.65% 564,324,554.36 22.14% -15.14% Eliminated internal transactions and accounts -22,294,953.65 -1.38% -33,457,099.01 -1.31% -33.36% By operating segment Guangdong Province 1,613,933,749.67 99.93% 2,491,373,238.76 97.75% -35.22% Other regions in China 22,531,905.61 1.40% 90,235,417.77 3.54% -75.03% Overseas 839,012.25 0.05% 588,761.97 0.02% 42.50% Eliminated internal transactions and -22,294,953.65 -1.38% -33,457,099.01 -1.31% -33.36% accounts (2) Operating Division, Product Category or Operating Segment Contributing over 10% of Operating Revenue or Operating Profit √ Applicable □ Not applicable Unit: RMB Operating revenue Cost of sales Gross profit margin YoY change in operating revenue (%) YoY change in cost of sales (%) YoY change in gross profit margin (%) By operating division Property sales 1,158,411,393.81 387,659,747.71 66.54% -42.59% -22.05% -8.82% Engineering and construction 251,454,463.43 244,511,214.58 2.76% -17.51% -18.04% 0.62% By product category Residential units 1,157,620,917.61 387,369,116.92 66.54% 60.89% 44.37% 3.83% Shops and parking lots 790,476.20 290,630.79 63.23% -93.14% -93.21% 0.38% Apartments 0.00 0.00 0.00% -100.00% -100.00% -82.54% By operating segment Guangdong Province 1,613,933,749.67 799,028,972.30 50.49% -35.22% -12.14% -12.96% Core business data of the prior year restated according to the changed statistical caliber for the Reporting Period: □ Applicable √ Not applicable (3) Whether Revenue from Physical Sales Is Higher than Service Revenue √ Yes □ No Operating division Item Unit 2020 2019 Change (%) Property sales Sales volume RMB’0,000 38,767 53,222 -27.16% Output RMB’0,000 15,616 38,575 -59.52% Inventory RMB’0,000 121,599 161,109 -24.52% Any over 30% YoY movements in the data above and why: √ Applicable □ Not applicable Real estate projects under development decreased. (4) Execution Progress of Major Signed Sales Contracts in the Reporting Period □ Applicable √ Not applicable (5) Breakdown of Cost of Sales By operating division Unit: RMB Operating division Item 2020 2019 Change (%) Cost of sales As % of total cost of sales (%) Cost of sales As % of total cost of sales (%) Property sales 387,659,747.71 48.13% 497,310,023.38 51.92% -22.05% Engineering and construction 244,511,214.58 30.35% 298,315,846.77 31.15% -18.04% Property management 139,937,487.12 17.37% 142,261,602.88 14.85% -1.63% Rental service 35,984,852.34 4.47% 45,173,891.05 4.72% -20.34% Other 11,611,768.12 1.44% 13,404,895.03 1.40% -13.38% Eliminated internal transactions and accounts -14,196,621.19 -1.76% -38,713,606.57 -4.04% -63.33% Total 805,508,448.68 100.00% 957,752,652.54 100.00% -15.90% Note: The operating divisions as percentages of the total cost of sales are stable, with insignificant changes on a year-on-year basis. (6) Changes in the Scope of Consolidated Financial Statements for the Reporting Period □ Yes √ No (7) Major Changes to the Business Scope or Product or Service Range in the Reporting Period □ Applicable √ Not applicable (8) Major Customers and Suppliers Major customers: Total sales to top five customers (RMB) 105,366,757.84 Total sales to top five customers as % of total sales of the Reporting Period (%) 6.52% Total sales to related parties among top five customers as % of total sales of the Reporting Period (%) 0.00% Information about top five customers: No. Customer Sales revenue contributed As % of total sales revenue (%) for the Reporting Period (RMB) 1 Legal person A 41,660,432.53 2.58% 2 Legal person B 30,587,155.87 1.89% 3 Legal person C 17,880,165.06 1.11% 4 Legal person D 7,963,269.65 0.49% 5 Legal person E 7,275,734.73 0.45% Total -- 105,366,757.84 6.52% Other information about major customers: □ Applicable √ Not applicable Major suppliers: （未完）  |