Financial Performance - For the year ended December 31, 2024, total revenue was RMB 40,208,482, a decrease of 1.77% compared to RMB 40,932,418 in 2023[3] - Gross profit for the year was RMB 6,595,522, down 21.06% from RMB 8,360,081 in the previous year[3] - Net profit for the year was RMB 95,814, a significant decline of 94.13% from RMB 1,631,908 in 2023[3] - Basic and diluted earnings per share decreased to RMB 4.79 from RMB 37.81 in the previous year, reflecting a decline of 87.34%[3] - Total comprehensive income for the year was RMB 312,172, down 84.06% from RMB 1,955,006 in 2023[5] - The profit before tax for 2024 was RMB 182,867,000, a significant decrease of 87.36% compared to RMB 1,444,626,000 in 2023[39] - The total tax expense for 2024 was RMB 2,145,823,000, a decrease of 10.59% from RMB 2,400,189,000 in 2023[32] - The financing costs for the year 2024 were RMB 1,583,371 thousand, slightly down from RMB 1,593,362 thousand in 2023[30] - The gross profit margin decreased by 4.0 percentage points to 16.4%, influenced by the market conditions and impairment provisions of RMB 708 million for development and held-for-sale properties[48] Assets and Liabilities - Non-current assets totaled RMB 19,739,400, a decrease from RMB 22,896,981 in the previous year[7] - Current assets decreased slightly to RMB 178,963,377 from RMB 182,913,971 in 2023[7] - Current liabilities decreased to RMB 99,641,533 from RMB 105,766,980 in the previous year, indicating a reduction of 5.36%[9] - The total assets as of December 31, 2024, amounted to RMB 198,702,777 thousand, with segment assets of RMB 154,510,286 thousand[26] - The total liabilities as of December 31, 2024, were RMB 152,155,467 thousand, with segment liabilities of RMB 71,976,714 thousand[26] - The total outstanding bank and other borrowings as of December 31, 2024, is RMB 70,454,106,000, with 27.7% due within one year[95] - The group's asset-liability ratio as of December 31, 2024, is 76.6%, down from 78.1% in 2023[94] Cash Flow and Investments - The company reported a significant increase in cash and cash equivalents to RMB 34,507,500 from RMB 31,631,917 in 2023[7] - Operating cash flow for 2024 was RMB 6.8 billion, contributing to a net reduction in total borrowings of RMB 3.4 billion or 4.7%[51] - The net debt ratio decreased by 16.2 percentage points to 76.9%, with the cash to short-term debt ratio increasing from 1.53 to 1.77[51] - The company has implemented financial risk management policies to ensure all payables do not exceed credit limits[41] Dividends and Shareholder Equity - The proposed final dividend for 2024 is HKD 0.021 per share, down from HKD 0.083 per share in 2023[37] - The total equity attributable to shareholders as of December 31, 2024, is RMB 34,209,353,000, an increase from RMB 34,100,270,000 in 2023, with a net asset value per share of RMB 8.95 compared to RMB 8.92 in 2023[94] Compliance and Governance - The company has adopted the Corporate Governance Code as per the Listing Rules Appendix C1, with specific deviations noted regarding the separation of roles between the Chairman and the CEO[106] - Following the resignation of Mr. Wang Jian as Executive Director and CEO on November 3, 2023, Mr. Hu Zaixin was appointed to fill the temporary vacancy on March 14, 2024[106] - The company has confirmed compliance with the Standard Code for Directors' Securities Transactions as per Listing Rules Appendix C3, with all directors affirming adherence for the year ending December 31, 2024[108] Market and Sales Performance - Total contracted sales amounted to RMB 54.2 billion, representing a year-on-year growth of 1%, making the company one of only two in the top 20 to achieve growth[49] - The company achieved a sales turnover amounting to RMB 37.918 billion in 2024, with ordinary residential properties accounting for 93% of the turnover[80][89] - The average turnover price for the completed projects is RMB 19,387 per square meter, with a total turnover area of 195,600 square meters[80] Projects and Development - The company has a total of 55 real estate development projects across 24 cities, with 41 projects under construction and a total construction area of 5,699,000 square meters (equity area of 3,845,000 square meters) as of December 31, 2024[69] - The total planned construction area for projects awaiting construction is 7,465,000 square meters (equity area of 5,317,000 square meters)[69] - The company completed new construction area of approximately 1.555 million square meters and delivered approximately 4.553 million square meters during the year[55] - The company has acquired six development projects in 2024, with a total new land reserve area of approximately 964,000 square meters[59] Employee and Operational Metrics - The total number of employees as of December 31, 2024, is approximately 6,332, with total compensation for the year amounting to RMB 1.264 billion[101] - The average occupancy rate for the group's investment properties was 75% in 2024, compared to 76% in 2023[91]
保利置业集团(00119) - 2024 - 年度业绩