Financial Performance - The company's property sales revenue for 2024 was RMB 226,877,000, a decrease from RMB 700,751,000 in 2023[6] - Revenue for the fiscal year ended March 31, 2024, was RMB 226,877,000, a decrease of 68% compared to RMB 700,751,000 in the previous year[33] - Profit attributable to equity holders for the same period was RMB 40,069,000, down 78% from RMB 180,846,000[33] - Basic earnings per share decreased to RMB 7.9, a 78% decline from RMB 35.8[33] - The company reported a gross profit of RMB 145,724,000, significantly lower than RMB 516,932,000 in the previous year[47] - The total income tax expense for 2024 was RMB 46,016,000, significantly lower than RMB 268,279,000 in 2023[10] - The financial income for 2024 was RMB 302,000, a decrease from RMB 6,419,000 in 2023[8] - The company reported a net financial cost of RMB (2,581,000) for 2024, compared to a net income of RMB 385,000 in 2023[8] - The company will propose a final dividend of 2.0 HKD cents per share, compared to 4.0 HKD cents in the previous year, reflecting a decrease in profitability[94] - The proposed final dividend is HKD 0.02 per share, totaling an annual dividend of HKD 0.02 per share, down from HKD 0.04 per share in the previous fiscal year[102] Cash and Assets Management - As of March 31, 2024, the total cash and bank deposits amounted to RMB 175,162,000, down from RMB 267,835,000 in 2023[17] - The company’s restricted cash decreased to RMB 3,796,000 in 2024 from RMB 10,503,000 in 2023[17] - The company currently holds cash and bank deposits of approximately RMB 175,162,000, sufficient to meet operational and capital expenditure needs and to make strategic investments when opportunities arise[97] - The company maintains a net cash position, with no applicable net debt ratio as of March 31, 2024[123] Inventory and Performance Obligations - The remaining performance obligations under contracts amounted to RMB 38,566,000 as of March 31, 2024, down from RMB 211,353,000 in 2023[23] - The company’s inventory of properties held for sale increased to RMB 174,698,000 in 2024 from RMB 166,207,000 in 2023[16] - The company reported a provision for inventory impairment loss of RMB 11,999,000 for 2024, compared to zero in 2023[16] - Administrative expenses decreased by approximately 33%, equivalent to RMB 15,000,000, demonstrating improved operational efficiency[118] Market Conditions and Strategy - The overall real estate market is experiencing significant volatility, with a substantial decline in contract sales volume and area throughout the year[59] - Profit attributable to equity holders was RMB 40,069,000, down about 78% from RMB 180,846,000 in the prior year, primarily due to external factors such as economic slowdown and a weak real estate market[75] - The company aims to maintain profitability and maximize shareholder value despite market challenges, focusing on resource optimization and operational efficiency[57] - The company aims to focus on projects in the Greater Bay Area and implement flexible marketing strategies to optimize pricing and reduce inventory[75] - The company is exploring a diversified business model in response to government rural revitalization policies, integrating culture, tourism, commerce, and residential elements[95] - The real estate industry faces ongoing operational challenges despite positive signals from national and local policies aimed at stimulating market demand[117] Organizational Structure and Human Resources - The company has a streamlined organizational structure and an efficient management team to enhance operational and competitive capabilities[75] - The company employs an average of 60 employees, with compensation based on qualifications, positions, and performance evaluations[127] Customer Base - The company had no single customer contributing over 10% of total revenue, indicating a diversified customer base[7] Land and Project Development - The total land reserve as of March 31, 2024, was approximately 242,494 square meters, down from 253,594 square meters a year earlier[55] - The company delivered 29 units in the Dongguan Jiahuai Garden Phase V, generating revenue of RMB 116,964,000, with an average selling price of approximately RMB 28,000 per square meter[56] - The company has delivered 38 units in the Dongguan project, generating revenue of RMB 95,109,000, with an average selling price of approximately RMB 26,300 per square meter[76] - The company has completed the Huizhou project with a total saleable area of approximately 30,300 square meters, generating revenue of RMB 5,285,000 from 8 delivered units[90] Future Plans - The company plans to sell its wholly-owned subsidiary for RMB 19,800,000, which is expected to streamline the corporate structure and reduce management costs[92] - The company continues to monitor foreign exchange risks, particularly related to USD and HKD, and aims to minimize currency conversion risks[124]
嘉创地产(02421) - 2024 - 年度业绩