Core ideas:

First, the sales performance has increased steadily, and the sales payback rate has exceeded 100%.

In 2021, Dayue City realized contract sales of 72.7 billion yuan, an increase of 5% over the same period last year, with a full-caliber rebate amount of 76.41 billion yuan, with a comprehensive payback rate reaching a record high. In terms of investment, adhere to the layout of high-energy cities, the cost of taking land has increased.

Second, the comprehensive gross profit margin is still at a relatively high level. In 2021, the operating income of Dayuecheng reached 46.21 billion yuan, an increase of 10.8% over the same period last year, the gross profit margin decreased by 4 percentage points to 27.4%, and the net profit margin decreased by 1.1 percentage points to 1.8%. In addition to the decline in gross margin, the decline in net profit margin is mainly caused by the decline in investment income, asset and credit impairment and other factors. The holding business of Dayue City has developed well, six new projects have been expanded, the operation performance of the opened projects has recovered obviously, and the growth rate of business income is higher than that of total business income.

Third, the "three red lines" remain yellow, and financing costs have further dropped to 4.9% in 2021. Dayue City's net debt ratio, asset-liability ratio excluding prepayment and cash short-debt ratio are 90.06%, 70.31% and 1.4 times, respectively. Green bonds and CMBS were successfully issued during the year, and the financing cost of new loans was only 4.6%, driving the total financing cost further down to 4.9%. At the same time, the financing channels of enterprises are smooth, and 1.5 billion yuan of corporate bonds were successfully issued in 2022, with interest rates further down.