slows – Spress

Background Corona vaccine What slows down vaccine production Corona vaccine is still scarce in Germany. The production of the vaccine has been running at full speed for months. What makes it so difficult to manufacture quickly in large quantities? By David Zajonz.

editor — Thu, 17 Jun 2021 17:53:08 +0000

background

Corona vaccine Which slows down vaccine production

Status: 14.06.2021 8:11 a.m. Corona vaccine is still scarce in Germany. The production of the vaccine has been running at full speed for months. What makes it so difficult to manufacture quickly in large quantities? From David Zajonz, WDR In theory, anyone in Germany has been allowed to be vaccinated for a week if they want to. In practice, more precisely in the doctor’s office, many people who want to be vaccinated receive the same information over and over again: “We would like to vaccinate you, but unfortunately we do not have enough vaccine.” In vaccination centers in North Rhine-Westphalia, there are currently no initial vaccinations at all due to supply bottlenecks. Almost six months after the start of the corona vaccination campaign in Germany, vaccines are still in short supply. The frustration of many people who have not yet received a vaccination is correspondingly great.

Previous production “absolutely sensational”

Nevertheless, the speed of vaccine production is enormous, believes Rolf Hömke from the Association of Research-Based Drug Manufacturers (vfa). It normally takes several years to produce a new vaccine on a large scale: “Judging by all the experience of previous vaccine projects, it is absolutely sensational how quickly the additional production was built up,” says Hömke. To clarify, he cites two figures: Before Corona, according to the World Health Organization, a good five billion vaccine doses were produced worldwide every year – against tetanus, measles and many other diseases. On the other hand, more than two billion vaccine doses had been administered in the fight against Corona by early June. According to current company information, more than 700 million vaccine doses of BioNTech / Pfizer’s most frequently used vaccine in Germany alone have been produced and shipped worldwide – up to three billion by the end of the year.

There is a lack of personnel and materials

There are several reasons why vaccine production is not progressing any faster. The production is complex, says Udo Reichl, an expert in the production of vector vaccines at the University of Magdeburg. “Vector vaccines are produced in bioreactors,” he explains. “Building a new production facility with bioreactors can take one to two years.” Therefore, production cannot be ramped up at will. Manufacturers also struggle to find qualified personnel. In addition, there is a lack of materials that are needed for production, according to vfa spokesman Hömke. “For example, there is a lack of spare parts for the production systems, sterile plastic covers and special chemicals.” Lipids, i.e. fats that are needed for mRNA vaccines, are particularly popular, says Hömke. “A large manufacturer of lipids for vaccines told us that at the beginning of 2020 they expected a few kilos of these lipids to be in demand. Now they can sell a few tons of them.”

background 05/26/2021

Vaccine self-sufficiency in Germany Never again Lack of vaccine? To ensure that Germany does not suffer from a lack of vaccines again, there is a “Vaccination Task Force”.

Pharmaceutical companies work together

In order to be able to produce faster, the pharmaceutical companies enter into an unusually large number of partnerships. A prominent example is the collaboration between the small Mainz research company BioNTech and the US pharmaceutical giant Pfizer. The French manufacturer Sanofi, on the other hand, whose own vaccine project has stalled, plans to soon produce BioNTech / Pfizer’s vaccine in its Frankfurt plant. Another example: BioNTech has taken over its plant in Marburg from the Swiss pharmaceutical manufacturer Novartis – including its employees. It takes a long time to build new systems, explains vaccine expert Reichl. Conversely, converting existing production facilities is much easier.

March 31, 2021

BioNTech in Marburg Work of hope In the future, mRNA vaccine against SARS-CoV2 is to be produced here.

Worry about poorer countries

The joint efforts of the pharmaceutical companies mean that the vaccine shortage in this country should soon be over: “In Europe we will see a gradual relaxation in the supply of vaccines over the summer,” believes Reichl. However, he worries about the supply of poorer countries. “A large part of the world population still has hardly any access to vaccines. If we need further vaccines in Europe to vaccinate against new mutations, these in turn will not be available for other countries.” So it could happen that Europeans and North Americans will be vaccinated three or four times while people in other parts of the world are still waiting for their first shot. It is therefore all the more important, according to Reichl, to set up further vaccine productions in poorer countries.

interview 04/26/2021

Manufacture of vaccines Vaccine production remains difficult Corona vaccine remains scarce worldwide.

Production falls slightly Lack of materials slows industry It sounds paradoxical: the order books are full, but production in German industry fell in April. The main reason is the supply bottlenecks for intermediate products such as semiconductors or lumber.

editor — Tue, 15 Jun 2021 20:00:13 +0000

Production drops slightly A lack of material slows down industry

As of: June 8th, 2021 12:32 p.m.

It sounds paradoxical: the order books are full, but production in German industry fell in April. The main reason is the supply bottlenecks for intermediate products such as semiconductors or lumber. In April, industrial production in the German economy fell by one percent compared to March, according to the Federal Ministry of Economics. That is significantly worse than experts had forecast, after a plus of 2.2 percent had been recorded in the previous month. The reason for the decline is the lack of intermediate products such as, which has been widely discussed for a long time Semiconductors or Lumber , which the companies from industry, construction and troubles the energy suppliers.

“A slight disappointment”

The sectors are affected differently by this development. Industrial emissions fell by 0.7 percent. The construction industry recorded a significant minus of 4.3 percent. Energy generation, on the other hand, increased by six percent compared to the previous month. Within the industry, the weighty area of motor vehicles / motor vehicle parts recorded a significant decline of 5.6 percent in a two-month comparison, according to the press release. The comparably weighty mechanical engineering sector, on the other hand, was only slightly below the previous level at minus 0.3 percent. “In view of the high order backlog, that is a slight disappointment,” commented LBBW economist Jens-Oliver Niklasch on the current economic data. This is also how his colleague Alexander Krüger from Bankhaus Lampe sees it: “It is paradoxical: Despite the magnificent order situation, production is not getting underway. Once again it is clear that the industry is still affected by indirect pandemic pressure. Longer delivery times and material bottlenecks are actually signs a boom that is currently not at all. ”

“Material shortage has a full impact”

Thomas Gitzel, chief economist at VP Bank, is of the opinion that the shortage of materials is now having an impact: “Such a constellation is unparalleled. The industry’s order books are well filled and production is giving way.” Nils Jannsen, Head of Business for Germany at the Kiel Institute for the World Economy (IfW Kiel), also sees the delivery bottlenecks as a major problem, as the companies have not been able to fully process the high incoming orders for several months. “In April, the proportion of companies in the manufacturing sector that reported production disruptions due to a lack of preliminary work was at a record level of more than 40 percent,” said the expert. In addition to the shortage of manufactured intermediate goods, Jannsen also observes transport bottlenecks in shipping. For Andreas Scheuerle, an expert at Dekabank, another aspect is also effective: “Delivery bottlenecks certainly hampered production in April. But they alone do not explain the lower industrial production. Another part of the picture is that the infection situation in Germany is continuing tightened the easing of March again. ”

Production expectations are falling

How could it go on in the future? Apparently, there is a certain skepticism among companies: The production expectations of the industry deteriorated in May after a 30-year high had only been reached in the previous month. The corresponding ifo indicator fell by five to 27 points, as the Ifo Institute announced in its monthly survey of companies. “The picture of production expectations in the individual sectors is very different,” said Ifo expert Klaus Wohlrabe. “The auto industry and its suppliers are significantly lowering their expectations, but continue to expect production increases.” The clothing manufacturers, on the other hand, report for the first time after nine months that they want to expand their production. “Additional boost” The economist Scheuerle emphasizes that the order cushion increased again in April, because orders would develop more strongly than production: “This record high order backlog will secure the recovery in the second half of the year as soon as the bottlenecks ease again.” According to ifw specialist Jannsen, it is currently difficult to predict how long the production disruptions will continue. They would presumably only fade gradually and initially put a brake on the recovery in industry. “As soon as these impairments have been overcome, companies will work off the backlog of orders quickly and industrial production will receive an additional boost.”

Country Garden Services: Revenue growth slows for the first time, major shareholders reduce their holdings at a high level

editor — Sat, 24 Apr 2021 19:30:07 +0000

Recently, Country Garden Services released its 2020 annual report. The annual report shows that the company’s operating income in 2020 was 15.6 billion yuan, a year-on-year increase of 61.75%; the net profit attributable to the parent was 2.686 billion yuan, a year-on-year increase of 60.78%.

Benefiting from multiple mergers and acquisitions business expansion and scale improvement, Country Garden’s performance continued to rise, but the company’s revenue growth rate fell for the first time in three years, and the growth rate of net profit attributable to the parent company declined for two consecutive years. In addition, subject to the integration of mergers and acquisitions, the company’s urban service business gross profit margin has also declined.

Since the company went public in 2018, Country Garden Services’ stock price has risen more than 8 times. As of April 22, the company’s total market value reached 231.38 billion Hong Kong dollars, surpassing the parent company Country Garden. As a “first listed property company”, behind the frequent acquisitions of Country Garden Services, it is not difficult to see that scale is still the core demand for the development of property companies at this stage, and the property management industry may enter the peak of mergers and acquisitions in the future.

Although mergers and acquisitions are an effective way to accelerate expansion, this kind of performance growth brought about by acquisitions cannot be replicated. Under the sustained rapid growth in recent years, for Country Garden’s services, which have formed a relatively high base in various indicators, how to maintain “quality” while pursuing “quantity” is a bigger problem.

It is worth noting that the major shareholder of Country Garden Services JPMorgan Chase & Co. and the company’s president Li Changjiang have successively reduced their holdings of Country Garden Services stocks since 2021, and the two have reduced their holdings by more than 10 million shares in total.

Scale expansion, performance growth, revenue and profit growth slowdown

During the reporting period, in addition to the “three supply and one industry” business, Country Garden’s service property contract management area reached 821 million square meters, an increase of 136 million square meters from the end of 2019; the property charge management area reached 377 million square meters, which was newer than the end of 2019 An increase of 101 million square meters. As of December 31, 2020, the company managed a total of 3277 properties, a year-on-year increase of 36.26%.

Benefited from the expansion of the scale of property management, the company’s performance continued to rise, but the growth rate has slowed down. The annual report shows that the company’s operating income in 2020 was 15.6 billion yuan, a year-on-year increase of 61.75%; the net profit attributable to the parent was 2.686 billion yuan, a year-on-year increase of 60.78%. Among them, the company’s revenue growth rate fell for the first time in three years, and the revenue growth rate fell by about 40% year-on-year; the net profit growth rate attributable to the parent fell by about 20% year-on-year, which has been declining for two consecutive years.

The proportion of revenue from basic property management services declines and focuses on businesses outside the concept of traditional real estate

From the perspective of changes in the revenue structure in the past three years, property management services are the main source of income for Country Garden services. In the past three years, the proportion of revenue from this business has exceeded 50%, but the proportion has been declining year by year, from 73.7% in 2018 to 55.17% in 2020.

Among them, income from properties developed by Country Garden Group accounted for approximately 72% of total property management service income, and income from properties developed by independent third-party developers accounted for 28% of total property management service income, an increase of 3.7% from the same period last year and compared with 2018 An increase of 16.6%. In the company’s total new contract area, brand expansion accounted for 53.3%, while the area from the Country Garden system accounted for 35.1%. The company’s dependence on the parent company’s residential incremental market has decreased.

In addition, Country Garden Services has developed many businesses beyond the traditional concept of real estate, including commercial asset operations, urban services, community group purchases, community media, house leasing, insurance brokerage, etc.

The annual report shows that the company’s urban service business has increased significantly. The company’s urban service business revenue increased from 68 million yuan in 2019 to 884 million yuan in 2020, with a revenue share of 5.67% (approximately 0.71% in the same period in 2019), an increase of 1192.5%, mainly due to business growth brought about by acquisitions To.

In 2020, the company’s community value-added service revenue will be 1.731 billion yuan, and the total revenue will account for 11.1%. The amount of revenue will increase by 100.10% year-on-year, becoming the company’s second largest revenue growth point. Among them, the company’s value-added service innovation business revenue increased by 268.6% year-on-year, and community media service revenue increased by 273.6% year-on-year.

It is worth noting that the company’s revenue from non-owner value-added services has declined. Revenue from this business dropped from 1.422 billion yuan in 2019 to 1.370 billion yuan in 2020, a year-on-year decline of about 3.7%. The company stated that it was mainly due to the change in the consulting service business model in this service.

Mergers and acquisitions “double-edged sword”: urban service gross margin declines due to accelerated expansion, adding more than 3 billion goodwill

In response to high-performance plans and high-growth demands, Country Garden Services has made multiple mergers and acquisitions in the past year, with the intention of increasing scale and expanding its business.

According to data, in September 2020, the company acquired 65% of the equity of City Zongheng (Shanghai) Culture Media Co., Ltd. (hereinafter referred to as “City Zongheng”) to increase its community media service business. In October of the same year, the company acquired 70% of the equity of Country Garden Manguo Environmental Technology Group Co., Ltd. (hereinafter referred to as “Manguo”) and 60% of Fujian Dongfei Environmental Group Co., Ltd. (hereinafter referred to as “Dongfei”), a leading company in the sanitation industry. Equity. In addition, the company also acquired Wenjin International Insurance Brokers Co., Ltd. (hereinafter referred to as “Wenjin Insurance Brokers”) and several other property management companies.

Since 2021, Country Garden’s service has continued to increase its size on the material enterprise track. On April 13, Country Garden Services announced the acquisition of four commercial management subsidiaries of Country Garden Holdings for 20 million yuan. On April 19, the company spent over 4 billion yuan to complete the acquisition of 71.17% shares of Blu-ray Garbo Services.

It is worth noting that although mergers and acquisitions are an effective way to accelerate expansion, this kind of performance growth brought about by acquisitions cannot be replicated. In addition, subject to third-party acquisitions and acquisitions of the target asset quality, the future profitability of property companies will also be affected. Data shows that with the company’s overall gross profit margin growth, the company’s gross margins in community value-added services, “three supplies and one industry” business, and urban service segments all declined. Among them, due to the low gross profit margin of the Manchuria and Dongfei businesses acquired during the year, the gross profit margin of the company’s urban service segment decreased from 38.7% in 2019 to 32.5%.

In addition, due to multiple acquisitions of Country Garden Services in 2020, the company’s new intangible assets will reach 4.672 billion yuan, including 3.145 billion yuan in new goodwill. If the performance of the acquired target in the later period is not as good as expected, Country Garden Services will have a certain risk of goodwill impairment.

Increase in income tax rate affects profits, important shareholders successively reduce their holdings

In 2020, the income tax rate of Country Garden’s main subsidiary of Country Garden Services will be changed from the preferential tax rate of 15% in the same period of the previous year to 25%. Corporate income tax expenses rose from 358 million yuan in 2019 to 933 million yuan, a year-on-year increase of approximately 160.84%. If the 25% income tax rate continues in the future, the profitability index of Country Garden Services will also be under pressure as the scale grows.

In addition, WIND data shows that since the beginning of this year, all shareholders have reduced their holdings of 11.508 million shares of the company. Among them, President Li Changjiang reduced his holdings of 240,000 shares on April 1, with an average price of about 80 Hong Kong dollars per share; the third largest shareholder JPMorgan Chase & Co. successively reduced their holdings of 11.2608 million shares. In the past year, Li Changjiang has reduced his holdings of 2.12 million shares, and has cashed out approximately HK$87,277,400.

The actions of leading companies are the vane of industry development. From the annual report of Country Garden Services, it can be seen that the current mergers, acquisitions, outsourcing and multi-format simultaneous development are still the new trends of the current property management industry, and the industry may enter the era of great integration in the future.

Disclaimer: This article is for information sharing only and does not constitute any investment advice to anyone.

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Sunshine City slows down: “Ten years of gambling” to ensure profit, annual sales target increase by 0.9%; “three red lines” still step on one

editor — Tue, 20 Apr 2021 00:05:09 +0000

Image source: Internet

Produced｜Sohu Finance

Author｜Wu Ya

On April 15, Sunshine City Group (000671.SZ) released its 2020 annual report and held a 2020 annual performance briefing.

“Entering the profit-oriented development stage” became the signal released by Sunshine City at this performance meeting. “The low profit rate is not terrible, but the terrible thing is the loss.” Zhu Rongbin, Executive Chairman and President of Sunshine City, was at the performance meeting. Said so.

In 2020, the overall performance of Sunshine City increased significantly, with annual revenue of 82.2 billion yuan, a year-on-year increase of 34.60%; net profit attributable to the parent company was 5.2 billion, a year-on-year increase of 29.85%. However, the gross profit margin was 18.88% during the same period, a year-on-year decrease of 6.66%.

In 2020, Sunshine City will achieve full-caliber sales of 21.011 billion yuan, equity sales of 139.565 billion yuan, and equity accounted for 64.02%, reaching its annual sales target; in 2021, it will exceed 220 billion yuan in annual sales.

As of the end of 2020, Sunshine City’s debt-to-asset ratio of 79.1% after excluding advance accounts is still “stepping on the line”; Zhu Rongbin said that Sunshine City will continue to maintain its “yellow profile” in 2021.

“The most impressive highlight in 2020 is the company’s successful introduction of Taikang Life Insurance as a strategic shareholder.” After Shoukang became a strategic shareholder, Sunshine City also announced the “Two Five-Year Plans” for the first time under the “Ten Year Gambling Agreement”. The future development goals of the company.

Gross profit margin problem: low profits are not terrible, but the terrible loss is

In 2020, Sunshine City will achieve revenue of 82.171 billion yuan, a year-on-year increase of 34.60%. Among them, the construction industry segment revenue was 897 million yuan, a year-on-year increase of 193.56%; the real estate industry contributed 96.01% of revenue to 78.889 billion yuan, a year-on-year increase of 34.27%.

During the same period, Sunshine City achieved a double reduction in management expenses, marketing expenses and fee rates throughout the year. Among them, management expenses were 1.978 billion yuan, a year-on-year decrease of 9.58%, management fees were 2.41%, a year-on-year decrease of 1.18 percentage points; marketing expenses were 2.402 billion yuan, a year-on-year decrease of 6.49%; marketing expenses were 2.92%, a year-on-year decrease of 1.28 percentage points.

In 2020, Sunshine City realized a net profit of 5.22 billion yuan attributable to its parent, a year-on-year increase of 29.85%; deducting non-net profit of 5.191 billion yuan, a year-on-year increase of 32.52%.

Under the downward trend of the industry, the gross profit margin of Sunshine City in 2020 was 18.88%, a year-on-year decrease of 6.66%. Previously, from 2017 to 2019, this indicator was 18.73%, 20.48%, and 21.55%.

During the same period, Sunshine City’s net profit margin was 6.68%, a year-on-year decrease of 0.4%. Prior to 2017~2019, this indicator was 11.8%, 13.3%, and 12.19%, respectively.

Regarding this, Zhu Rongbin, executive chairman and president of Sunshine City Group, said frankly that in recent years, due to price restrictions and adjustments, the profit rate of the industry has indeed been declining. “Because our profit rate was not high in the past, we are still in a stable situation. “.

In his view, the real estate industry has bid farewell to the era of high dividends. After adapting to the regulation, the profit rate will remain stable after a period of decline.

He said that behind the expansion of the profit scale, it is important to ensure the realization of the safety of profits. “The low profit rate is not terrible, but the terrible thing is to generate losses.”

Insurance capital invested 94.2 billion in net profit of “10-year gambling”, and proposed two “five-year plans”

In fact, with Shoukang’s shareholding, under the “10-year gambling agreement”, for Sunshine City, “delivering on performance and profit growth promises” has become a top priority.

In 2020, the real estate market staged two “marriage” dramas between insurance funds and real estate companies. In the end, China Merchants Shekou failed to introduce Ping An, and Sunshine City successfully partnered with Taikang. At that time, Sunshine City introduced Taikang’s 3.4 billion war investment and signed a 10-year net profit gambling agreement of 94.2 billion.

Specifically, Sunshine City promises a “10-year commitment”: the total net profit attributable to the parent in the first 5 years will be no less than 34 billion yuan, and the cumulative net profit attributable to the parent in the next 5 years will reach 60.164 billion yuan, and the total net profit attributable to the parent in the 10 years Reached 94.223 billion yuan; and if the performance does not meet the target, Sunshine City must provide corresponding cash compensation to Taikang.

“The strongest highlight in 2020 is the successful introduction of Taikang Life Insurance as a strategic shareholder.” Zhu Rongbin said at the performance meeting that Taikang’s shareholding ratio exceeded 13%. At the same time, two directors were stationed to participate in the management of the company and optimize governance with modern company management concepts. The structure improves the management standard; on April 5, Taikang and Sunshine City also formally signed a strategic cooperation agreement to cooperate in various business sectors such as capital, project investment and property listing.

“Sunshine City has made a ten-year performance commitment. This will be a severe test for our operation and management.” He said that in accordance with the development goals, Sunshine City has formulated the company’s development plan for the next 10 years, namely two “five years”. Annual plan”.

Sohu Finance understands that in the planning of the first “Five-Year Plan” (2020 to the end of 2024), Sunshine City seeks “continuous and steady growth in profit scale” and “three red lines” all meet the standards, and “green smart home becomes IP “Achievement of other goals.

In the planning of the second “five-year plan” (2025 to the end of 2029), Sunshine City stated that it will open up a new track in real estate-related fields, have the ability to obtain stable income and sustainable development, and build a future-oriented, self-made blood. , An iterative sustainable development organization.

Sunshine City is a member of Fujian-based real estate companies. From 2016 to 2019, Sunshine City’s sales were 48.7 billion yuan, 91.5 billion yuan, 162.9 billion yuan, and 211 billion yuan, representing a year-on-year increase of 57%, 88%, 78%, 30%.

In terms of sales performance, in 2020, Sunshine City will achieve a full-caliber sales of 21.811 billion yuan. Although the annual sales target has been reached, the growth rate is only 3.3%; for the 2021 annual sales target, Sunshine City seeks “stability” and only sets it as “2200+” “If calculated at 220 billion yuan, this year’s sales growth rate is only 0.9% year-on-year.

The annual report shows that in 2020, Sunshine City will pay a total land price of 70.7 billion yuan for the whole year, of which the equity land price is 40.2 billion yuan, and the total supplementary equity land reserve is about 7.2596 million square meters; the total value of newly confirmed rights is 180 billion yuan, first- and second-tier goods The value accounted for about 70%, and the greater Fujian, the Yangtze River Delta, and the Pearl River Delta accounted for about 63%.

As of the end of 2020, Sunshine City’s accumulated land reserves totaled 42.519,700 square meters, a year-on-year increase of 3.7%. Among them, first- and second-tier cities are expected to account for 75.96% of the future saleable value.

“At the beginning of 2019, Sunshine City set a sales target of 200 billion yuan+. This is the cause of the epidemic on the one hand, and Sunshine City’s prediction of future development.” In Zhu Rongbin’s view, for real estate companies, the scale , Profit and financial indicators are the “impossible triangle” and it is impossible to take care of them all.

He said that in 2021, Sunshine City will strictly abide by the “three revenues and three expenditures”: investment, sales and replenishment based on sales; and to promote the “trillion-yuan reform” strategy. “In order to achieve this goal, Sunshine City has already completed the project at the beginning of this year. The organization of the marketing area is sinking, bringing the marketing command closer to the front line.”

Talking about the “Three Red Lines”: “Keep in the Yellow File in 2021”

In just four years, the sales of Sunshine City went from 30 billion yuan to 200 billion yuan, and the financial indicators once deteriorated. From 2016 to 2019, the debt-to-asset ratio of Sunshine City was above 83%; the net debt ratio was 259.93%, 252.25%, 182.22%, and 138.2%, respectively.

With the cash generated by sales growth and the deleveraging and structural adjustment since 2017, Sunshine City has achieved the “three red lines” from the “orange level” to the “yellow level” six months in advance.

In 2020, Sunshine City’s total assets were 352.301 billion yuan, a year-on-year increase of 14.55%; the net assets attributable to shareholders of listed companies was 306.93%, a year-on-year increase of 14.76%.

In the same period, the scale of Sunshine City’s interest-bearing liabilities was 106.039 billion yuan, a year-on-year decrease of 5.59%. Among them, the scale of short-term interest-bearing debt was 32.524 billion yuan, down 3.06% year-on-year; non-bank financing accounted for 24.94% compared to the end of last year, and continued to drop to 20.34%.

As of the end of 2020, Sunshine City’s asset-liability ratio was 83.18%, a year-on-year decrease of 0.25 percentage points; the interest-bearing asset-liability ratio reached 30.10%, a year-on-year decrease of 6.41 percentage points; the net debt ratio was 94.90%, a year-on-year decrease of 43.04 percentage points.

At the end of the period, Sunshine City’s book currency funds were 49.805 billion yuan, which could fully cover short-term interest-bearing liabilities of 32.524 billion yuan, and the cash short-term debt ratio was 1.53 (after deducting restricted funds of 9.290 billion yuan and pre-sale supervision funds of 6.021 billion yuan, cash short-term debts) The ratio is 1.06).

However, as of the end of 2020, Sunshine City’s debt-to-asset ratio after excluding advance accounts was 79.1%, a year-on-year increase that still did not meet the regulatory requirements, a year-on-year increase of 1.5 percentage points.

The annual report shows that in 2020, Sunshine City’s advance receipts are 68.94 billion yuan, a year-on-year decrease of 13.94% from the 80.11 billion yuan in 2019.

In this regard, Zhu Rongbin said, “It is possible to stay in the yellow file for a long time in the future, and it is indeed a bit difficult to strive for the first five years to achieve full compliance with the “three red lines”.

New track expansion: spin off property listings and force Mengxiangjia

At the performance meeting, Sunshine City revealed that it will expand in new tracks in 201. On the same day, Sunshine City disclosed the plan to spin-off its subsidiary, Shanghai Sunshine Zhibo Life Service Group Co., Ltd. (hereinafter referred to as “Sunshine Zhibo”) to list overseas (Hong Kong Stock Exchange).

According to the announcement, Sunshine Zhibo was established in July 2020. As of the announcement date, Sunshine City and its wholly-owned subsidiary Fujian Sunshine Real Estate Development Co., Ltd. hold 72.39% of its shares (including the direct shareholding ratio of Sunshine City). 71.68%).

In 2020, Sunshine Zhibo will achieve operating income of 1.371 billion yuan, a total profit of 226 million yuan, and a net profit of 173 million yuan, of which the net profit attributable to the owners of the parent company is 173 million yuan.

As of the end of 2020, Sunshine Zhibo’s consolidated total assets are 1.437 billion yuan, total liabilities are 814 million yuan, and net assets are 624 million yuan. Among them, the owner’s equity attributable to the parent company is 624 million yuan.

“After the independent listing of Sunshine Zhibo, it will not have any material adverse impact on the continuous operation of the company’s other business segments, and will not affect the company’s independent listing status.” Sunshine City said in the announcement that Sunshine Zhibo will continue to be listed overseas. Maintain a controlling interest in Sunshine Zhibo; after Sunshine Zhibo is listed overseas, it will help to enhance Sunshine Zhibo’s own market competitiveness.

At the performance meeting, Wu Jianbin, executive vice president of Sunshine City, said that the progress of the listing is currently being comprehensively arranged and promoted. “If it goes well, it can be completed this year.”

The spin-off and listing of property companies is currently the path that many real estate companies will choose. Sunshine Zhibo’s more detailed financial data and operating conditions will not be announced until the prospectus is submitted.

Mengxiangjia is a brand new business incubated by Sunshine City, dedicated to providing one-stop full-cycle home improvement and home integration services for urban families.

Real estate companies’ home improvement business is not a new thing. Before Sunshine City, Vanke “Wanke” and Country Garden “Orange Home” have entered the home improvement industry; Evergrande, Greenland, Poly and many other leading real estate companies have also entered into the home improvement industry. Home furnishing companies have cooperation.

The operating entity of Mengxiangjia is Shanghai Mengxiangjia Enterprise Development Co., Ltd., which was established in July 2019; In July 2020, Sunshine World Commercial Management Co., Ltd. (a wholly-owned subsidiary of Sunshine City) withdrew from the investment company Shanghai Mengxiang Home, Sunshine City is currently a wholly-owned holding company.

On March 5 this year, the Mengxiangjia Division officially announced that “the real estate industry in 2021 will still face many uncertainties, which requires our advanced strategic vision and wisdom to deal with it.” At that time, Zhu Rong said. .

Sunshine City slows down: “Ten years of gambling” to ensure profit, annual sales target increase by 0.9%; “three red lines” still step on one

editor — Mon, 19 Apr 2021 23:08:10 +0000