playpokerhub| *ST Jinke received an inquiry letter from the Shenzhen Stock Exchange: requesting to explain the reasons and rationality of the increase in real estate sales revenue and gross profit last year

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On the evening of May 20, Shenzhen Stock Exchange reported to Jinke Real Estate Group Co., Ltd. (* ST Jinke, 000656PlaypokerhubSZ) issued an inquiry letter on the 2023 annual report, requiring Jinke shares to submit the relevant explanatory materials to the Shenzhen Stock Exchange and disclose them to the public before June 3.

The Shenzhen Stock Exchange requires Jinke shares to explain the reasons and rationality of the increase in real estate sales revenue and the substantial increase in gross profit margin in the reporting period, combined with the industry environment and operating conditions of the main business during the reporting period. it also explains whether the level and changing trend of income and gross profit margin are quite different from the average levels of comparable companies and industries in the same industry. This paper quantitatively analyzes the reasons and rationality of the sharp decline in the revenue of the hotel industry but the sharp increase in gross profit margin during the reporting period, and explains whether the level and trend of gross profit margin deviate from comparable companies in the same industry.

The Shenzhen Stock Exchange requires Jinke shares to explain the reasons for the sharp decline in the net cash flow and monetary fund balance arising from operating activities during the reporting period, and combined with the fact that the balance of monetary funds at the end of the period is much lower than the balance of interest-bearing debt, high asset-liability ratio, overdue large bills, etc., analyze and explain the company's short-term and long-term solvency, and make special risk tips on liquidity risk matters. List the debt type, specific amount, maturity date, repayment arrangement, repayment or extension of the current interest-bearing liability, and explain the progress and difficulties faced by the company in default disposal of the company's relevant debt in the light of the maturity and overdue situation of interest-bearing liabilities in the coming year, discretionary monetary funds, cash flow and important income and expenditure arrangements, company financing channels and financing capacity, etc. The response measures taken or to be taken by the company to improve its continuing business capacity, and make special risk alerts.

According to the annual report, Jinke shares achieved operating income of 63.232 billion yuan in 2023, down 51.15% from the same period last year. The net profit belonging to the owner of the parent company was-8.732 billion yuan, and the loss narrowed by 59.18%. Among them, the income of real estate sales, real estate construction and hotel management industries reached 61.787 billion yuan, 576 million yuan and 195 million yuan respectively, with growth rates of 26.09%,-30.60% and 54.44% respectively over the previous year, and gross profit margins of 12.66%,-5.05% and 75.98% respectively, up 7.05%, 4.49% and 30.43% respectively over the same period last year.

By the end of 2023, the asset-liability ratio of Jinke shares was 90.8%, and the balance of monetary funds at the end of the period was 7.038 billion yuan, down 18.23% from the beginning of the period, including 1.438 billion yuan under co-management with partners and management, 1.874 billion yuan in pre-sale supervision funds, 2.92 billion yuan by judicial freeze, and so on. The ending balance of interest-bearing liabilities (including short-term loans, notes payable, non-current liabilities due within one year, long-term loans and bonds payable) totaled 72.65 billion yuan, and the balance of interest-bearing liabilities was much higher than that of monetary funds. By the end of April 2024, Jinke shares had matured and unpaid notes payable of 5.956 billion yuan, and the principal of matured debt totaled 23.916 billion yuan. The net cash flows generated by fund-raising activities in 2021, 2022 and 2023 were-27.299 billion yuan,-18.672 billion yuan and-2.697 billion yuan respectively.

According to the 2023 annual report, the ending balance of Jinke stock is 144.853 billion yuan, and the provision for inventory price decline during the reporting period is 4.539 billion yuan, down 70% from the same period last year. The Shenzhen Stock Exchange requires the company to elaborate on the specific projects involved in the provision for inventory decline in the reporting period, including, but not limited to, the city where the project is located, the format of the project, the status of development and construction, the book balance of inventory, the amount of provision for inventory decline in the reporting period, the final balance of the provision for inventory decline, etc.

In addition, 6.173 billion yuan was paid in cash related to other business activities in 2023, of which 1.185 billion yuan was paid by joint ventures, joint ventures and partners, 4.254 billion yuan by unit funds, and 156 million yuan by collection and payment. Jinke shares are required to explain the reasons and reasonableness of the substantial decrease in other cash related to business activities during the reporting period compared with the same period last year, as well as the nature of the main transactions, whether the counterparty of the transaction and its relationship with the company, Dong Jiangao and the controlling shareholder, whether it constitutes financial assistance or the occupation of non-operating funds, and whether the appropriate review procedures and disclosure obligations are fulfilled in a timely manner (if applicable).

According to the annual report, as of the date of disclosure of the report, the cumulative amount of litigation and arbitration cases received by the amount shares in 12 consecutive months totaled 33.49 billion yuan, accounting for 954.68% of the latest audited net assets. The company and its holding subsidiaries were sued as defendants or third parties involving 33.233 billion yuan, accounting for 947.35% of the company's most recent audited net assets. At the end of 2023, the accumulated estimated liabilities are 664 million yuan, an increase of 9 million yuan over the beginning of the period.

The Shenzhen Stock Exchange requires Jinke shares to conduct a comprehensive self-examination and explain item by item the specific circumstances of the current litigation case of the company, the subject matter and amount involved, the basic situation of the parties to the case, the result of the judgment, the implementation, the current progress and whether the obligation of information disclosure has been fulfilled. Combined with the conditions that the contingent obligations should be recognized as expected liabilities as stipulated in Article 4 of the Accounting Standards for Enterprises No. 13-contingent events, indicate whether the company has assumed a realistic obligation in respect of the relevant litigation, the possibility that the performance of the obligation leads to the outflow of economic benefits from the enterprise, how the amount of the obligation is measured, and whether the estimated liability is sufficient and compliant in the reporting period and previous years. Whether the relevant litigation and arbitration cases fulfill the obligation of information disclosure in time, and whether there is a situation in which the company's net assets are negative through the provision of estimated liabilities.