On March 18, Yang Guang Co.Ltd(000608) ( Yang Guang Co.Ltd(000608) ) released the annual report of 2021. During the reporting period, the listed company achieved an operating revenue of 567 million yuan, basically the same as that of the previous year; The net profit was 82.81 million yuan, a year-on-year decrease of 28%.
Yang Guang Co.Ltd(000608) said that the decrease in net profit was mainly due to the decrease in the fair value of the company’s investment real estate in 2021 and the provision of estimated liabilities for pending litigation.
According to yingshang.com, 545 new shopping malls were opened nationwide in 2021, and the stock business competition further intensified. Some industry insiders believe that Yang Guang Co.Ltd(000608) belongs to industries with frequent “thunderstorms”, superimposing the repeated impact of the epidemic, and this annual report card is hard won.
the overall occupancy rate of property is 89.6%
As for the main business, the Yang Guang Co.Ltd(000608) operating revenue increased in varying degrees compared with the same period of last year, mainly reflected in the increase of 17% in property leasing, 765% in commercial operation and management, and the steady enhancement of the overall operation and management ability.
The leased area is 300000 square meters in Chengdu, Shanghai and other popular cities, mainly in Beijing and Shanghai. In 2021, the overall occupancy rate was 89.6% (including 95.8% in shopping centers), and the gross profit margin reached 79.78%, which is at a high level in the industry.
Yang Guang Co.Ltd(000608) said that in the case of the normalization of the epidemic and the competition of commercial real estate in stock, the company overcame the market impact in 2021 and achieved a double growth trend in rental income and rental rate of commercial projects by expanding investment channels, upgrading brands, strengthening services, image transformation and other measures.
As for the office building project, due to the influence of the “double reduction” policy, the teaching and training merchants withdrew the rent in a large area, and the rental rate once fell to the “freezing point”. The company responded quickly and adjusted the investment promotion plan. In the market where the absorption of Chengdu office building market fell by nearly 90% month on month in the fourth quarter, it took only three months to make the rental area rise to a more normal level.
subsidiary achieved profit in the first year of operation
In terms of consolidated statements, Yang Guang Co.Ltd(000608) added a wholly-owned subsidiary – Shenzhen Ruicheng Xinye Business Management Co., Ltd. (hereinafter referred to as Ruicheng Xinye), whose main business scope is business operation and management, and realized a net profit of 2.6 million yuan from the establishment date to the end of 2021.
In this regard, Yang Guang Co.Ltd(000608) said that in order to improve its “blood making” ability and improve the management quality of commercial projects, Ruicheng Xinye successively established a commercial management team in Beijing, Chengdu and Tianjin last year, officially took over three self owned commercial projects, realized profits in the first year of operation, and is expected to continue to expand the management scale this year.
In September 2021, another subsidiary, Shenzhen Ruihe Xinye Enterprise Management Co., Ltd., signed the operation trusteeship agreement with Jingji group and Jingji Baina, involving a project management area of more than 500000 square meters, which has also attracted market attention Yang Guang Co.Ltd(000608) through the entrusted management of the high-quality commercial projects under the Jingji group by its subsidiaries, it not only opens up new incremental space, but also lays a practical foundation for expanding the projects in Guangdong, Hong Kong and Macao Great Bay area. Therefore, relying on the accumulation of major shareholders in the field of commercial real estate, the growth of Yang Guang Co.Ltd(000608) is expected to have more possibilities.
As for the future development, Yang Guang Co.Ltd(000608) mentioned in the annual report that on the one hand, it will continue to focus on commercial operation management and property leasing. While strengthening and expanding the existing projects, it will adhere to the regional leading development strategy and make greater efforts to expand high-quality projects in advantageous areas such as Guangdong, Hong Kong, Macao, Dawan District, Beijing and Chengdu with asset light modes such as brand management output and entrusted management; On the other hand, we will fully combine the existing resources, actively explore innovative businesses and expand new profit models.
It is worth mentioning that Yang Guang Co.Ltd(000608) plans to “transfuse” the core business sector by disposing of inefficient non core business assets to ensure sustainable profitability.
