2023-07-06 16:40:54
On July 6, Color Life, known in the industry as the “No.resume trading，resume tradingThe highest intraday increase was nearly 30%, but finally closed down 14.52%.
On the evening of July 5, Color Life disclosed the belated 2021 annual report, 2022 interim report and 2022 annual report.Prior to this, due to the failure to disclose the financial report as scheduled, Color Life will start from April 1, 2022.suspensionit has been more than 15 months.
In this regard, Song Hongwei, research director of the Tongce Research Institute, told the “Securities Daily” reporter: “Since receiving the resumption guidelines in May, Color Life has been supportingreviewPreparations, including the adjustment of the board of directors and the disclosure of the three financial reports. Moreover, through the 2022 annual report, it can be seen that the company’s financial quality is continuously optimized, and the business is expected to further recover in the future. “
As the first property management company to step into the capital market, Color Life has been relying on third-party expansion and mergers and acquisitions to expand its management scale for many years. According to public information, the management of Color Life put forward a more aggressive growth target after listing, and maintained a record of expanding an area of over 50 million square meters per year in the following years.
By the end of 2020, Color Life’s contracted management gross floor area will exceed 563 million square meters, with 2,841 communities, and the total gross floor area of contracted management that generates income will also be 361 million square meters.
However, in October 2021, the notes of Color Life and its controlling shareholder Fantasia were overdue, which immediately caused the company to stop publishing financial reports and continue to take self-help measures.
It can be seen from the disclosed financial report that in the past two years, Color Life has been continuously repaying debts and optimizing its balance sheet. Statistics show that in 2021, Color Life will reduce interest-bearing liabilities by 92.7% from 2.53 billion yuan to 185 million yuan. By the end of 2022, Color Life will pay off all interest-bearing liabilities.
At the same time, the company’s asset-liability ratio is also declining, falling to about 23.2% at the end of 2021, a significant drop from about 55.8% at the end of 2020. At the end of 2022, Color Life’s asset-liability ratio will be approximately 23.8%, basically the same as in 2021.
The price of the decrease in debt ratio is that Color Life has sold some property projects. According to the financial report data, as of December 31, 2022, the total construction area under the contract management of Color Life has dropped to 400 million square meters, and the corresponding number of communities is 2,107. Among them, as of December 31, 2022, the total construction area of the company’s revenue-generating contract management is 209 million square meters.
The decline in managed area also brings about a decline in revenue. The total revenue of Color Life in 2021 and 2022 will be 3.123 billion yuan and 1.311 billion yuan respectively, a year-on-year decrease of 13.2% and 58.0% respectively; net profit will be 18.816 million yuan and 48.518 million yuan respectively Compared with 542 million yuan in 2020, it has dropped significantly.
In this regard, Chen Xiao, a senior analyst at the Zhuge Data Research Center, told a reporter from the Securities Daily that the repayment of Color Life’s interest-bearing debts means that it will be able to travel with ease in the future and its financial situation will be optimized. It should be noted that after the successful resumption of trading, Color Life will not be as good as before in terms of scale and profit, and the decline in stock prices will also put Color Life under pressure, and its future development will be full of uncertainties.
However, in Song Hongwei’s view, considering that Color Life’s management area is about 400 million square meters, only about 50% of the contract revenue is generated. With the increase of revenue area, its future revenue has room for further growth.
It is worth mentioning that at present, property companies including Evergrande Property Management, Aoyuan Health, and Xinyuan Service are still under suspension. Now that Color Life has successfully resumed trading, it will undoubtedly bring some confidence to the industry. “At present, the key to resumption of trading is to publish annual reports as soon as possible to improve the company’s operating conditions. Of course, property companies with scale advantages, brand advantages, and stable profits have a better chance of successful resumption of trading.” Chen Xiao said.
(Article source: Securities Daily)
Article source: Securities Daily
Article author: Wang Lixin
Original Title: Color Life Returns from Trading Suspension for Over 15 Months to Pay Off All Interest-bearing Liabilities
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