China Jinmao: January sales of 10 billion yuan, down 50.25% year-on-year

The Paper's reporter Li Xiaoqing

On February 10, China Jin Mao (00817. HK) disclosed sales results for January.

According to the data, in January 2022, China Jinmao and its subsidiaries achieved a signed sales amount of 10 billion yuan (including changsha Meixi Lake International New Town Project, Nanjing Qinglongshan International Ecological New City Project, Ningbo Life Science City Project, Jiashan Shanghai Window Intelligent Science City Project, Zhengzhou Erqi District Mazhai New Town Project, Wenzhou Aojiang International New Town Project, Jinhua Jinmao Future Science City Project, Huzhou Jinmao South Taihu Lake Future Window Project and Shanghai Hengyuan Ancient Town Urban Operation Project). The contracted sales area is about 578,900 square meters.

Compared with China Jinmao's 20.1 billion yuan contracted sales in January 2021, China Jinmao's January this year fell by 50.25% year-on-year, while the contracted sales area fell by 59.08%.

In addition, as of January 31, China Jinmao has recorded a total of 4.718 billion yuan in subscribed (unsigned) property sales.

On the same day, China Jinmao also released the prospectus for the first medium-term note of 2022.

According to the prospectus, the amount of the offering is RMB 800 million, the issuance period is 3 years, the rating agency is China Chengxin International Credit Rating Co., Ltd., and the credit rating entity is AA+. The MEDIUM-term Notes are proposed to register $2.5 billion, of which $1.7 billion is planned to be used to repay the issuer's debts that are about to mature, and $800 million to supplement working capital. The first issue of the $800 million medium-term notes is intended to be used to return all of the debt financing instruments due.

Financial data show that in 2019, 2020 and 2021 and the end of the most recent period, the gross profit margin of China Jinmao was 56.34%, 55.28%, 52.04% and 54.42% respectively. China Jinmao's current ratios were 0.41, 0.45, 0.61 and 0.79, the quick ratios were 0.41, 0.44, 0.6 and 0.79, and the asset-liability ratios were 39.04%, 34.68%, 33.6% and 37.49%, respectively.

According to China Jinmao's sales data for 2021, as of December 31, 2021, China Jinmao has obtained a total of 235.603 billion yuan in contracted sales, an increase of 1.95% year-on-year, and a cumulative contracted sales floor area of about 13.2047 million square meters.

The management of China Jinmao revealed at the 2020 performance meeting that the company's sales target for 2021 is 250 billion yuan, an increase of about 8% year-on-year, and the sales target for 2022 is 300 billion yuan. Based on this calculation, China Jinmao achieved 94.24% of the annual sales target.

According to the management of China Jinmao, 300 billion yuan in 2022 is a short-term goal, and there will be some growth every year in the future, but it may not be 30%-50% growth, about 20% growth.

As of the close of trading on February 10, China Jinmao reported HK$3 per share, up 5.26%.

Responsible editor: Liu Xiuhao Photo editor: Jiang Lidong

Proofreader: Liu Wei