Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 1,350,000, a decrease of 84.9% compared to RMB 8,966,000 in 2023[2] - The cost of sales for the same period was RMB 1,829,000, down from RMB 9,217,000, resulting in a gross loss of RMB 479,000 compared to a gross loss of RMB 251,000 in the previous year[2] - The company incurred a pre-tax loss of RMB 7,596,000, an improvement from a pre-tax loss of RMB 9,125,000 in 2023, indicating a reduction of 16.9%[2] - Basic and diluted loss per share for the year was RMB 3.09, compared to RMB 3.71 in 2023, reflecting a decrease of 16.7%[2] - The company's loss before tax for 2024 was RMB 7,596,000, an improvement from RMB 9,125,000 in 2023, reflecting a reduction of approximately 16.8%[23] - The group recorded revenue of approximately RMB 1.4 million for the year, a significant decrease of about 84.4% compared to RMB 9.0 million in the previous year[49] - Revenue from the integrated real estate consulting and sales agency business decreased by approximately RMB 7.0 million, down about 91.9% year-on-year[49] - The group experienced a gross loss of approximately RMB 0.5 million this year, compared to a gross loss of about RMB 0.3 million last year[50] - Total operating and administrative expenses decreased by approximately 27.2% compared to the previous year due to strict cost control measures[50] Assets and Liabilities - Total assets decreased to RMB 15,598,000 in 2024 from RMB 12,781,000 in 2023, showing an increase of 22.6%[5] - The company's net asset value dropped to RMB 3,705,000 in 2024 from RMB 11,237,000 in 2023, a decline of 66.9%[6] - The company reported a significant increase in loans from a related company, rising to RMB 18,000,000 in 2024 from RMB 8,100,000 in 2023, an increase of 122.2%[5] - As of December 31, 2024, the group's net current assets were approximately RMB 11,164,000, an increase from RMB 8,033,000 in 2023[69] - Total assets as of December 31, 2024, were approximately RMB 27,602,000, compared to RMB 25,982,000 in 2023[69] - Long-term borrowings amounted to RMB 18,000,000 as of December 31, 2024, with a capital debt ratio of 485.8%[71] - The group had no bank borrowings or overdrafts as of December 31, 2024, maintaining a stable financial position[70] Revenue Sources - Major client A contributed RMB 727,000 to total revenue in 2024, a decrease from RMB 6,279,000 in 2023[20] - Interest income from bank deposits increased to RMB 115,000 in 2024 from RMB 56,000 in 2023[17] - The group recognized government grants of RMB 18,000 in 2024, down from RMB 93,000 in 2023[19] - Rental income from investment properties totaled RMB 396,000 in 2024, slightly down from RMB 403,000 in 2023[17] - The total sales revenue from investment properties sold was RMB 529,000 in 2024, compared to RMB 1,864,000 in 2023, reflecting a significant decrease of about 71.6%[29] - Revenue from the integrated real estate consulting and sales agency services accounted for approximately 46.2% of total revenue, down from about 85.6% last year[51] - Revenue from the pure real estate planning consulting business decreased by approximately 43.9% to RMB 727,000, representing 53.8% of total revenue[55] - The group reported zero revenue from integrated real estate consulting and sales agency services in Cambodia this year, primarily due to a significant drop in demand caused by the pandemic[54] Market Conditions - The real estate market in China experienced a significant downturn, with residential land transaction value dropping by 26.35% year-on-year in 2024, compared to a 24.17% decline in 2023[36] - The area of newly built commercial residential sales decreased by 18.46% year-on-year in 2024, a stark contrast to a mere 1.42% decline in 2023[36] - The national new residential sales area was 97.385 million square meters, a year-on-year decrease of 12.9%, with residential sales area down 14.1%[38] - The total sales amount for new residential properties was RMB 967.5 billion, a year-on-year decline of 17.1%, with residential sales amount down 17.6%[38] - The real estate market has experienced a continuous decline for three years, with the adjustment magnitude and duration from 2022 to 2024 exceeding market expectations, indicating a structural recession[38] - Despite a temporary improvement in the fourth quarter of 2024, the overall new home transaction data remains at historical lows, indicating that the market has not yet returned to normal levels[40] - The real estate market in first-tier cities showed a quicker recovery under policy support, while second and third-tier cities continued to face pressure, with a 19% year-on-year decline in new residential transactions in key cities[41] - The government has emphasized stabilizing the housing market, but market confidence has not fully recovered, and the long-term downturn in the real estate industry remains unchanged[40] Operational Strategies - The group is exploring light asset management operations to reduce reliance on traditional real estate sales and seek new profit points[63] - The group plans to strengthen budget management and cost control to reduce operating expenses and ensure long-term development[68] - The group continues to evaluate its business plans in Cambodia, which have been significantly impacted by the pandemic[66] Governance and Compliance - The audit committee held three meetings during the year to review the group's financial reporting and internal control processes[89] - The financial performance for the year ending December 31, 2024, has been verified by the independent auditor, Tianjian International CPA Limited, confirming consistency with the audited consolidated financial statements[90] - The 2024 annual report will be distributed to shareholders and published on the company's and the Hong Kong Stock Exchange's websites at an appropriate time[91] - The 2025 Annual General Meeting is scheduled to be held on June 20, 2025, with a notice to be published on the company's and the Hong Kong Stock Exchange's websites[93]
富阳(00352) - 2024 - 年度业绩