On the evening of April 29, Xinhu Zhongbao Co.Ltd(600208) ( Xinhu Zhongbao Co.Ltd(600208) ) released the annual report of 2021. During the reporting period, the company’s operating indicators continued to maintain stable growth, achieving a revenue of 16.891 billion yuan, a year-on-year increase of 22%; The net profit attributable to the shareholders of the listed company was 2.237 billion yuan; The net profit after deducting non-profit was 1.833 billion yuan, a year-on-year increase of 98%; Earnings per share is 0.27 yuan.
Under the continuous pressure of “three red lines” and other policies, reducing debt and leverage has become the consensus of real estate enterprises. During the reporting period, Xinhu Zhongbao Co.Ltd(600208) financial position was relatively stable, and the three red lines remained green. Among them, the book asset liability ratio was 69.24%, a year-on-year decrease of 2.36 percentage points; The net debt ratio was 0.64, a decrease of more than 30% compared with the beginning of the period, which was at the low level of the industry; Operating cash flow rose sharply, with a net inflow of 14.56 billion yuan. In the context of the sharp decline in the industry trend, the operating cash flow has been positive for three consecutive years, which is rare among A-share real estate companies.
real estate business: initial results of asset light operation mode
2021 is a year of profound changes in the underlying logic and operating rules of the real estate industry. Over the past year, the old real estate enterprise Xinhu Zhongbao Co.Ltd(600208) has continued to adhere to the style of steady operation. On the one hand, it has actively prevented the adverse impact of the epidemic on project development and sales, and on the other hand, it has accelerated the pace of transformation.
During the reporting period, Xinhu Zhongbao Co.Ltd(600208) ‘s real estate business achieved a contract sales area of 1 million square meters throughout the year; The contract sales revenue was 29.7 billion yuan, a year-on-year increase of 15%, and the value of sold and unsettled goods was about 44 billion yuan; The settlement area was 1.07 million square meters and the settlement income was 17.7 billion yuan, an increase of 28% and 43% respectively year-on-year; The average settlement price is 16500 yuan / m2, and the settlement gross profit margin is 27%, which remains at a high level in the industry.
According to the annual report, Xinhu Zhongbao Co.Ltd(600208) the high-quality projects in core metropolitan areas such as Shanghai have entered the stage of accelerated development. Among them, the four bid sections of phase III of Xinhu Pearl City have been sold, with a sales revenue of 12.5 billion yuan. The second phase of Qinglan international has been sold twice in 2021, with a sales revenue of 7.5 billion yuan. In addition, Qidong and Pingyang coastal development projects are progressing smoothly. Qidong YUANTUOJIAO project and Wenzhou Xiwan project have obtained 1.32 million square meters and 1.88 million square meters of land respectively.
In recent years, Xinhu Zhongbao Co.Ltd(600208) land acquisition is more cautious, but the soil storage quality is high, and the goods value reserve is still very sufficient, which is mainly distributed in the economically developed areas of the Yangtze River Delta centered on Shanghai. At present, the company has an area of about 14 million square meters under development and to be developed, which can at least meet the development needs of the company in the next 5-8 years; The low cost of land acquisition provides sufficient guarantee for the company’s sustainable profitability.
The improvement of brand recognition has laid a good foundation for the company’s brand output and asset light operation mode. During the reporting period, Xinhu Zhongbao Co.Ltd(600208) relying on the premium ability of the company’s brand, the company jointly developed with third-party enterprises and other joint ventures on many projects such as Yueqing and Shangrao, forming a light asset operation cooperation mode funded by multiple parties and operated by the company.
In the future development of real estate business, Xinhu Zhongbao Co.Ltd(600208) said that it would continue to adhere to the steady and sustainable development strategy, give play to the advantages of brand, speed, cost and capital, explore a variety of cooperation modes, increase the layout of alternative investment in real estate as a project manager or in the form of brand output, increase the output of asset light business and improve the profitability of the company, Gradually transform to a real estate asset management company with development and management ability.
high tech investment: about 10 years in the next 3 years investment enterprises enter IPO
According to the annual report, Xinhu Zhongbao Co.Ltd(600208) in recent years, the high-tech layout has successively completed the transition from the investment period to the mature period, and the investment results have begun to appear. At present, two have landed on the science and innovation board and three have passed the development and examination meeting. About 10 invested enterprises will enter the IPO in the next three years.
It is understood that Xinhu Zhongbao Co.Ltd(600208) began to invest in high-tech enterprises in 2015. Up to now, the company has invested more than 10 billion yuan in high-tech enterprises, forming a relatively large scale and system. Among them, the company’s blockchain, artificial intelligence, high-end manufacturing, chip design, biomedicine and other sectors have basically taken shape.
For example, Hangzhou Honghua Digital Technology Stock Company Ltd(688789) invested by Xinhu Zhongbao Co.Ltd(600208) was listed on the science and Innovation Board on July 8, 2021; The application of Shenzhen Yuntian lifeI Technology Co., Ltd. for listing on the scientific innovation board was approved on August 6, 2021; Ningbo CDH Qihe investment partnership (limited partnership) has invested in more than 10 high-tech enterprises, including Longxin Zhongke Technology Co., Ltd. and Beijing huaru Technology Co., Ltd.
Xinhu Zhongbao Co.Ltd(600208) ‘s high-tech investment is still advancing, and last year’s layout showed more cutting-edge and high-tech attributes. Specifically, invest in Hangzhou Xiangxin Technology Co., Ltd. and hold 1.60% of its equity; Invest in Hangzhou Fuga gallium Technology Co., Ltd. and hold 22.22% of its equity; Invest in Hangzhou hengying Technology Co., Ltd. and hold 18.87% of its equity; Capital increase Hangzhou harmonic cloud Technology Co., Ltd.
It is worth noting that in addition to its layout in the high-tech field, Xinhu Zhongbao Co.Ltd(600208) is also deeply involved in the manufacturing industry. Last year, the company invested and established Zhejiang Xindong lithium Technology Co., Ltd., with a shareholding ratio of 40%; Zhejiang Honghua Baijin qianyin Home Textile Technology Co., Ltd. was invested and established, with a shareholding ratio of 30%.
According to the annual report, Xinhu Zhongbao Co.Ltd(600208) invested Zhejiang Xindong lithium Technology Co., Ltd. plans to establish lithium battery new material projects in Zigong, Sichuan Province and Quzhou, the “capital of fluorosilicone in China”.
In the future development strategy, Xinhu Zhongbao Co.Ltd(600208) will continue to transform to high-tech and advanced manufacturing industry Xinhu Zhongbao Co.Ltd(600208) said that in the case of limited growth of traditional real estate business, the layout of the company’s high-tech field has expanded the space for the company’s future development.
