Company code: Shanghai Golden Union Commercial Management Co.Ltd(603682) company abbreviation: Shanghai Golden Union Commercial Management Co.Ltd(603682) Shanghai Golden Union Commercial Management Co.Ltd(603682)
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plan, investors should go to www.sse.com com. cn. The website carefully reads the full text of the annual report. 2. The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 3. All directors of the company attend the board meeting. 4. Lixin Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 5. The profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period adopted by the resolution of the board of directors
In 2021, the company will not implement cash dividends and will not implement the conversion of accumulation fund into share capital for the time being.
Section II basic information of the company
1 company profile
Company stock profile
Stock abbreviation before stock exchange listing
A-share Shanghai Stock Exchange Shanghai Golden Union Commercial Management Co.Ltd(603682) Shanghai Golden Union Commercial Management Co.Ltd(603682) none
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Wang Li Yan Yidan
Office address: 18 / F, Jinhe center, No. 68, Hongcao Road, Xuhui District, Shanghai
Tel: 02152399283
E-mail [email protected]. [email protected].
2. Introduction to the company’s main business in the reporting period
At the end of 2021, the urbanization rate of China’s resident population was about 64.72%, an increase of 0.83 percentage points over the end of 2020 (data from the National Bureau of Statistics). The urban resident population has exceeded 900 million.
When the development of urbanization gradually matures, urban renewal is the only way in the process of urbanization. The implementation of urban renewal action has become the key path for China’s new urbanization to high-quality development. China’s urban development has also changed from large-scale incremental construction to paying equal attention to stock upgrading and incremental structural adjustment.
1. Policy factors
The implementation of urban renewal action is an important decision and deployment made at the Fifth Plenary Session of the 19th CPC Central Committee and a major project defined in the outline of the national 14th five year plan. In 2021, a number of central policies were introduced to encourage and support urban renewal actions:
In March 2021, the fourth session of the 13th National People’s Congress voted to adopt the 14th five year plan for national economic and social development of the people’s Republic of China and the outline of long-term objectives for 2035, which proposed that during the 14th Five Year Plan period, we should adhere to the new urbanization path with Chinese characteristics, deeply promote the new urbanization strategy with people as the core, and promote the coordinated, coordinated and characteristic development of large, medium-sized and small cities and small towns based on urban agglomerations and metropolitan circles, Enable more people to enjoy a higher quality of urban life; It is proposed to accelerate the transformation of urban development mode, coordinate the management of urban planning and construction, implement urban renewal action, and promote the optimization of urban spatial structure and quality improvement. In April 2021, the key tasks of new urbanization and urban-rural integration development in 2021 made it clear that the direction of urban renewal is the transformation of “three districts and one village” such as old communities, old factories, old blocks and villages in the city. In August 2021, the Ministry of housing and urban rural development issued the notice on preventing large-scale demolition and construction in the implementation of urban renewal actions, requiring urban renewal actions to strictly control large-scale demolition, large-scale construction and large-scale relocation, adhere to the exploration of sustainable renewal mode, and encourage the transformation from “development mode” to “business mode”. In November 2021, the general office of the Ministry of housing and Urban Rural Development released the list of the first batch of 21 pilot cities (districts) for urban renewal in China. Dongcheng District, Shijingshan District, Beijing, Nanjing City, Suzhou City, Jiangsu Province and other cities (districts) were selected to focus on exploring the overall planning mechanism of urban renewal, exploring the sustainable mode of urban renewal and exploring the establishment of supporting systems and policies for urban renewal.
Driven by the central policy, all localities have responded positively and promoted urban renewal. Various regulations, implementation opinions and other documents have been issued in many provinces and cities. Take Shanghai and Beijing as examples:
In June 2021, Shanghai urban renewal fund was officially established. The total scale of the fund is about 80 billion yuan. It is the largest urban renewal fund in China. It will be directed to invest in old area reconstruction and urban renewal projects to promote the optimization of urban functions, livelihood Protection, quality improvement and style protection of Shanghai. In September 2021, Shanghai officially implemented the regulations of Shanghai Municipality on urban renewal, which made it clear that the urban renewal of Shanghai adheres to the simultaneous development of “retention, replacement and demolition” and focuses on preservation and protection, including strengthening the construction of infrastructure and public facilities, optimizing the layout of regional functions, improving the overall residential quality, strengthening the protection of history and culture and other urban renewal activities recognized by the Municipal People’s government. In December 2021, the 14th five year plan for the transformation and upgrading of Shanghai’s industrial parks proposed that by 2025, Shanghai will renew and revitalize 50000 mu of industrial land.
In August 2021, following the issuance of the guiding opinions of the Beijing Municipal People’s Government on the implementation of urban renewal action and the opinions on carrying out the renewal and reconstruction of old factories, the general office of the Beijing Municipal People’s government issued the Beijing urban renewal action plan (20212025), which defined the six types of urban renewal action in Beijing, including the orderly promotion of the renewal and reconstruction of 700 old factories in 2025 Inefficient Industrial Park “Teng cage for birds”. In January 2022, the Beijing municipal government clearly mentioned in the 2022 government work report that implementing the urban renewal action plan has become one of the main tasks in 2022.
In the future, with the continuous recovery of the national economy and the continuous introduction of favorable policies for urban renewal by the central and local governments, the rules of the urban renewal industry will become more and more clear, which will provide the company’s industry with existing existing existing buildings (clusters) for transformation for a long time.
2. In terms of market factors and market space, the industrial land obtained by early transfer or allocation has the conditions of supply but unused, idle or inefficient utilization. According to the data of China’s National Bureau of statistics, from 2008 to 2020, the cumulative construction area of industrial land in Shanghai and Beijing accounted for 45.8% and 35% of the total construction land respectively. There are problems in the digestion, redevelopment and rational utilization of idle industrial land in both places. In addition, according to China Securities Co.Ltd(601066) calculation, only the first tier cities are expected to release more than 80 million square meters of construction area to be transformed into cultural and creative industrial parks through the renewal of old industrial land, with huge space for stock transformation and renewal.
In terms of market demand, according to the data of the National Bureau of statistics, the number of legal entities of small, medium-sized and micro enterprises in China increased from 8.41 million in 2013 to 24.8 million in 2020, with a compound growth rate of 16.7% in seven years, and the total scale showed a growing trend. On the other hand, according to the survey of CBRE, the five major international banks, tenants tend to consider reducing the office density and planning to increase the per capita office space after the epidemic. Meanwhile, according to Cushman & Wakefield International (DTZ) report, the market value of Shanghai core business district office building such as net absorption and rentals continues to improve. Superimposed head cities have bred huge market demand and promoted the steady growth of office building demand. In the future, the vacancy rate in core areas will remain at a low level, and the overall rental market will continue to pick up. Therefore, with the continuous growth of the number of legal entities of small, medium-sized and micro enterprises, driven by the growth of the number of employees and the demand for per capita office space, the demand for office space in the country will increase, and the demand of small and medium-sized enterprises for office leasing in non core business districts of first tier cities will also maintain a steady growth.
At present and in the future, the company’s industry is facing both supply and demand in the stock property office and commercial market. The company can effectively use the existing idle and inefficient industrial land to develop creative industrial parks, so as to promote the unit land use efficiency and meet the office demand of the rising customer base of small and medium-sized enterprises for non core business districts.
In the field of urban renewal where the company is located, with the continuous advancement of China’s urbanization process, the land development in the core area of the first and second tier cities is close to saturation. While the existing building stock in the core cities is increasing, it is also facing a large number of old buildings waiting for transformation and repositioning.
The company’s business model mainly includes leasing operation, equity participation operation and entrusted operation. By the end of the reporting period, the company had 70 projects under management, with an area of more than 1.1 million square meters.
Leasing operation: the company leases old urban properties and low-efficiency commercial properties with room for commercial value improvement, re positions and designs the overall market of the property, and builds it into a cultural and creative park in line with the important target customer group of various new industrial enterprises such as culture, creativity, science and technology and knowledge economy by transforming supporting hardware facilities, reshaping architectural style and image and improving internal and external functions Office buildings or community businesses, so as to enhance the commercial value of the property. The company obtains rental income, property management income, professional service income, etc. through investment promotion and subsequent operation and service. By the end of the reporting period, the company had 44 leased projects, and the property area available for lease operation was about 720000 square meters.
Entrusted operation: relying on its own commercial property full value chain management advantages and brand influence, the company provides the client with positioning design, engineering management, investment attraction, operation management and other services to obtain relevant business income. Among them, the property management service adopts the fee system charging mode. By the end of the reporting period, the company had 23 entrusted projects, with a property area of about 280000 square meters available for rental operation.
Equity participation operation: the company and the property holder or the partners with advantages in property resources and local influence jointly contribute to the establishment of a project operation company. Under this mode, the joint venture company is responsible for the positioning design, transformation, investment attraction and operation management of the leased property, and the company mainly obtains investment income and property management income. By the end of the reporting period, the company had 3 equity participation projects, and the property area available for rental operation was about 120000 square meters.
According to the industry classification guidelines for listed companies issued by the CSRC, the business of the company belongs to leasing and business services, specifically belonging to the commercial property operation service industry in the field of urban renewal. 3 main accounting data and financial indicators of the company 3.1 main accounting data and financial indicators in recent three years
Unit: yuan currency: RMB
20212020 compared with 2019 of the previous year
Increase or decrease (%)
Total assets 535724431870187133556478 186.28128299024366
Net assets attributable to shareholders of listed company 112950476593154520896487 -26.9088245871004
Operating income 9087595346473926260541 22.9382196078998
The net profit attributable to the shareholders of the listed company 1240641659315613509846 – 20.5417901020176 belongs to the listed company
Net profit of shareholders after deducting non recurring profits and losses of 6779047280, 116344644511 -41.73, 16776199449
4221718906920662609749 104.3226540140745 net cash flow from operating activities
Weighted average net assets 11.18 10.67 increased by 0.51 percent and 22.58 yield (%) points
Basic earnings per share (RMB 0.26 0.35 – 25.71 0.47 / share)
Diluted earnings per share (RMB 0.26 0.35 – 25.71 0.47 / share)
3.2 main accounting data by quarter in the reporting period
