Financial Performance - Total revenue for the year ended March 31, 2023, was RMB 394,107,000, with property development revenue at RMB 382,004,000 and rental income at RMB 12,103,000[17]. - The company reported a total of RMB 8,940,000 in other income for the year, a significant decrease from RMB 550,510,000 in the previous year[17]. - Revenue fell by 70.5% from RMB 394,100,000 for the year ended March 31, 2023, to RMB 116,100,000 for the year ended March 31, 2024, primarily due to the significant drop in property sales[79]. - The group reported an adjusted loss of RMB 193,330 for the year, compared to a profit of RMB 366,009 in the previous year[52]. - The gross profit recorded was approximately RMB 9,900,000 with a gross margin of about 8.5%, down from RMB 56,100,000 and 14.2% respectively for the previous year[82]. - The gross profit margin for property leasing was 64.9% for the year ended March 31, 2024, compared to 71.2% in the previous year[106]. Assets and Liabilities - The company reported a decrease in net assets from RMB 397,612,000 in 2023 to RMB 228,874,000 in 2024, reflecting a significant decline[2]. - The total non-current liabilities increased slightly from RMB 388,483,000 in 2023 to RMB 396,043,000 in 2024, indicating a rise in financial obligations[2]. - The company’s equity attributable to shareholders decreased from RMB 397,612,000 in 2023 to RMB 228,874,000 in 2024, indicating a substantial reduction in shareholder value[2]. - The company’s deferred tax liabilities decreased from RMB 131,498,000 in 2023 to RMB 97,905,000 in 2024, suggesting improved tax management[2]. - The total amount of properties under development and completed properties held for sale increased to approximately RMB 1,606,800,000 as of March 31, 2024, compared to RMB 1,597,800,000 as of March 31, 2023[187]. Cash Flow and Financing - The company’s cash flow is expected to be sufficient to maintain operations, supporting the going concern basis for financial reporting[5]. - The group’s cash and bank balances at the end of the reporting period amounted to RMB 8,860,000, a decrease from RMB 20,201,174 in 2023[32]. - Cash and bank deposits decreased by approximately 23.3% to RMB 53,600,000 as of March 31, 2024, from RMB 69,900,000 in the previous year[126]. - The net cash outflow from operating activities was RMB 81,900,000 for the year ended March 31, 2024, compared to RMB 67,100,000 for the year ended March 31, 2023[192]. - The group’s bank loans totaled RMB 231,000,000 with fixed interest rates ranging from 7.3% to 7.35%[64]. - The interest expense on bank and other borrowings increased significantly to RMB 61,772,000 from RMB 19,861,000 in the previous year[112]. Property Development and Sales - The group confirmed property sales from completed projects totaling approximately RMB 67,100,000, with a total construction area of 13,046 square meters[79]. - The group's property sales decreased by approximately RMB 279,200,000 or 80.0%, from RMB 349,100,000 for the year ended March 31, 2023, to about RMB 69,900,000 for the year ended March 31, 2024[75]. - The group is focusing on land replenishment in Northeast China, given the uncertainty in the real estate market[74]. - The group has two ongoing residential projects, with the second phase of the Guanzhong Jiuxi Hongfu project completed in April 2024[100]. - The group plans to diversify its real estate development business to mitigate risks and create sustainable business development models[96]. Market Conditions and Risks - The group is closely monitoring risks associated with the Chinese property market, including policy changes and economic conditions, focusing on the Northeast region where it has extensive experience[193]. - The group faces risks related to the national and regional property markets, which may adversely affect its business and financial performance[193]. - The group’s cash flow risk is a concern, necessitating careful management of liquidity[194]. Employee and Operational Costs - Total employee costs for 2024 were RMB 24,896, an increase from RMB 22,154 in 2023[47]. - As of March 31, 2024, the total employee cost amounted to RMB 26,000,000, an increase from RMB 23,400,000 as of March 31, 2023, primarily due to an increase in the number of employees[168]. Corporate Governance and Compliance - The group has complied with the corporate governance code as per the listing rules for the year ended March 31, 2024[169]. - The group did not incur any significant losses from the guarantees provided for mortgage loans during the year[176]. - The group’s independent auditor confirmed that the financial statements reflect a true and fair view of the group's financial position as of March 31, 2024[183].
华音国际控股(00989) - 2024 - 年度业绩