Seazen(601155)2025-03-28 09:30Financial Performance - The net profit attributable to shareholders for 2024 is RMB 752,392,833, with a distributable profit of RMB 7,811,368,517 as of December 31, 2024[4]. - The basic earnings per share for 2024 remained at RMB 0.33, while the diluted earnings per share also stayed at RMB 0.33, unchanged from 2023[21]. - The basic earnings per share after deducting non-recurring gains and losses increased by 178.57% to RMB 0.39 compared to RMB 0.14 in 2023[21]. - The weighted average return on net assets for 2024 is 1.24%, slightly up from 1.23% in 2023[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 183.07% compared to the previous year[21]. - The company reported a revenue of ¥88.99 billion in 2024, a decrease of 25.32% compared to ¥119.17 billion in 2023[23]. - Net profit attributable to shareholders was ¥752.39 million, reflecting a slight increase of 2.07% from ¥737.10 million in the previous year[23]. - The net profit after deducting non-recurring gains and losses surged by 183.07% to ¥869.52 million from ¥307.17 million in 2023[23]. - The net cash flow from operating activities decreased by 85.11% to ¥1.51 billion, down from ¥10.16 billion in 2023[23]. - The total assets decreased by 17.89% to ¥307.19 billion at the end of 2024, compared to ¥374.11 billion at the end of 2023[23]. - The company achieved an operating income of 88.999 billion yuan, a decrease of 25.32% year-on-year, while net profit attributable to shareholders was 0.752 billion yuan, an increase of 2.07%[38]. Cash Flow and Liabilities - The net cash flow from operating activities decreased by 85.11% compared to the same period last year, primarily due to a decline in signed contracts[22]. - The company's cash and cash equivalents decreased by 45.73% to 10,295,993,897, primarily due to debt repayment[100]. - The total liabilities decreased by 54.75% in cash flow from financing activities, amounting to -9,088,320,432[97]. - The company reported a total of CNY 11,988,437,153 in interest-bearing liabilities within current liabilities as of December 31, 2024, down from CNY 20,783,935,656 on December 31, 2023[191]. - The company has achieved positive operating cash flow for seven consecutive years, indicating strong financial management[192]. Project Development and Completion - The company achieved a total contracted sales area of 5.39 million square meters, a decline of 44.38% year-on-year[31]. - The company completed the delivery of over 100,000 properties, totaling 1,388.85 million square meters, achieving its delivery targets for the year[32]. - The company has several ongoing projects with completion rates ranging from 30.26% to 99.53%, indicating a strong pipeline of developments[44]. - The company is focusing on residential projects, with a variety of developments across different cities, contributing to a diversified portfolio[41]. - The company has multiple projects in various stages of completion, with significant investments and projected values indicating strong market expansion potential[1]. Market and Economic Conditions - In 2024, the national real estate market is experiencing a low adjustment trend, with total sales amounting to 9.68 trillion yuan, a year-on-year decrease of 17.1%, and sales area dropping to 9.74 billion square meters, down 12.9%[51]. - The overall new housing price index in 70 cities continues to show a downward trend, indicating ongoing challenges in the real estate market[51]. - The real estate industry is undergoing a low-level adjustment, with a focus on stabilizing the market and addressing debt risks among property companies[115]. - The monetary policy in 2024 has been flexible and effective, with a total of 255.68 trillion yuan in loans, reflecting a year-on-year growth of 7.6%[54]. Corporate Governance and Management - The company has established independent financial and operational structures, ensuring no interference from controlling shareholders in financial decisions[142]. - The company continues to prioritize effective governance and compliance with corporate regulations[147]. - The company has a diverse board with members holding various professional backgrounds, including finance, law, and academia[146]. - The company has established a comprehensive compensation management system to ensure internal equity and external competitiveness, significantly enhancing employee motivation[165]. - The company has maintained its independent director compensation standards, which are subject to shareholder approval[151]. Sustainability and Social Responsibility - The company has committed to enhancing its governance structure to support high-quality development[178]. - The company has developed a green low-carbon development plan, with specific measures detailed in its 2024 sustainability report[184]. - The company implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 65,926.59 tons[184]. - Total investment in social responsibility projects amounted to CNY 8.06 million, benefiting 239,874 individuals through various initiatives[186]. - The company actively promotes environmental protection, adhering to relevant laws and enhancing its environmental management system[183]. Future Outlook and Strategic Initiatives - The company plans to enhance its technical capabilities in comprehensive energy, green building certification, and carbon emission management to drive future growth[80]. - The company aims to maintain a strong project pipeline to ensure sustained revenue growth in the coming quarters[44]. - The company plans to expand its market share and product quality in key urban areas, leveraging population growth and urbanization for expansion opportunities[119]. - The company is committed to digital transformation, having developed an integrated ERP platform that unifies over 100 existing information systems, enhancing data-driven decision-making[121]. - The company will continue to strengthen communication with major builders and suppliers to ensure orderly project execution through smooth payment arrangements[193].