Financial Performance - For the year ended December 31, 2023, revenue was RMB 468.4 million, a decrease of 22.7% compared to 2022[4] - Net profit for the year was RMB 201.2 million, down 33.8% from 2022, with a net profit margin of 43.0%[4] - Basic earnings per share for the year were RMB 5.59, compared to RMB 9.25 in 2022[5] - Total comprehensive income for the year was RMB 200.186 million, down from RMB 304.325 million in 2022[7] - The pre-tax profit for 2023 was RMB 247,219,000, down 38.7% from RMB 403,562,000 in 2022[42] - The company's income tax expense for 2023 was RMB 45,982,000, a decrease of 53.8% from RMB 99,662,000 in 2022[41] - The effective tax rate for the year was 18.6%, down from 24.7% in 2022, mainly due to a one-time withholding tax on dividends from a subsidiary[117] - Other income increased significantly to RMB 73,888,000 in 2023 from RMB 35,565,000 in 2022, representing a growth of 73.8%[34] Assets and Liabilities - Cash and cash equivalents as of December 31, 2023, were RMB 1,835.783 million, an increase from RMB 1,564.617 million in 2022[8] - Total assets as of December 31, 2023, were RMB 3,082.641 million, compared to RMB 2,650.766 million in 2022[8] - The company reported a decrease in trade and other receivables to RMB 1,121.515 million from RMB 661.121 million in 2022[8] - Trade and other payables totaled RMB 300,361,000 in 2023, up from RMB 116,201,000 in 2022, indicating a significant increase of 158.5%[72] - Lease liabilities as of December 31, 2023, were RMB 7,846,000, compared to RMB 3,098,000 in 2022, marking an increase of 153.5%[74] - Current tax liabilities decreased from RMB 104,234,000 in 2022 to RMB 88,198,000 in 2023, a reduction of 15.4%[75] - Deferred tax assets rose to RMB 28,485,000 in 2023 from RMB 17,934,000 in 2022, reflecting an increase of 58.5%[78] Shareholder Information - The board did not recommend a final dividend for the year ended December 31, 2023[4] - The company declared an interim dividend of HKD 3.74 per ordinary share for the six months ended June 30, 2023, compared to HKD 5.81 in the previous year[86] - The total issued share capital increased to 3,691,302,120 shares in 2023 from 3,289,706,120 shares in 2022, representing an increase of 12.2%[81] - The company issued 343,140,000 shares in May 2023, raising a total of RMB 247,330,000[81] - The company distributed a total of RMB 88.6 million in dividends during the year[130] Operational Highlights - The company operates primarily in Henan Province and other provinces in the People's Republic of China, providing real estate agency services[12] - The group operates solely in China, with all revenue and non-current assets generated from its business activities in the region[33] - The company has a total of 877 full-time employees, including 499 assigned to project companies for real estate development[144] - The company has engaged in various lease agreements for properties used as offices and employee accommodations, with initial lease terms typically ranging from 2 to 5 years[51] - The company has provided loans to existing clients for the purpose of purchasing and developing land in Central China, aligning with its "Central China Strategy"[132] Market Conditions - The real estate market in China faced significant pressure in 2023, with nearly 70% of the top 100 real estate companies experiencing a decline in performance[89] - The government implemented policies to support home purchases, including lowering down payment ratios and interest rates[89] - The overall recovery trend in the Chinese economy remains uncertain, with structural differentiation across various sectors and industries[88] Strategic Initiatives - The company launched the "Zhongyuan Construction 3.0 Agency Model" in September 2023 to enhance competitiveness and adapt to market trends[93] - Zhongyuan Construction aims to enhance its product competitiveness and transform product strength into marketing strength through innovation and upgrading of its product system[104] - The company plans to focus on government construction and expand into provincial markets, strengthening cooperation with government platform companies[102] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the group's audited consolidated financial statements for the year[151] - The company has confirmed compliance with all applicable corporate governance codes during the year[151] - The company has established a high level of corporate governance standards to protect stakeholders' interests[150]
中原建业(09982) - 2024 - 年度业绩