Financial Performance - The company reported a revenue of HKD 12,440,369 thousand for the year ending December 31, 2024, representing a 56.4% increase compared to HKD 7,953,596 thousand in 2023[4] - Gross profit decreased to HKD 2,130,708 thousand, down 35.9% from HKD 3,325,390 thousand, resulting in a gross margin of 17.1%, a decline of 24.7 percentage points[4] - The company recorded a loss attributable to shareholders of HKD 331,190 thousand, compared to a profit of HKD 494,570 thousand in the previous year[4] - Basic loss per share was HKD (6.93), a significant drop from HKD 10.32 in 2023[6] - The company reported a net loss attributable to shareholders of HKD 331,190 for 2024, compared to a profit of HKD 494,570 in 2023[34] - The income tax expense for 2024 was HKD 587,926, significantly lower than HKD 1,364,542 in 2023, reflecting a decrease of 56.9%[30] - The group recorded a net loss of HKD 372,828,000 for the year, compared to a profit of HKD 490,713,000 in 2023, primarily due to lower gross margins and impairment losses[61] Assets and Liabilities - Total assets decreased to HKD 31,023,995 thousand from HKD 38,058,440 thousand, indicating a reduction in asset base[10] - The net asset value per share for shareholders was HKD 2.73, down 6.5% from HKD 2.92 in 2023[4] - The company’s debt-to-equity ratio increased to 64.8% from 58.4%[4] - The fair value of investment properties decreased to HKD 20,645,374,000 in 2024 from HKD 21,437,687,000 in 2023, reflecting a loss of HKD 703,073,000[37] - The total amount of properties held for sale and under development decreased to HKD 14,578,442,000 in 2024, down 35.6% from HKD 22,615,376,000 in 2023[37] - Trade payables increased significantly to HKD 1,783,306,000 in 2024, up 77.0% from HKD 1,007,357,000 in 2023[42] Revenue Sources - Total revenue for the year 2024 reached HKD 11,646,525, an increase of 62.5% compared to HKD 7,180,575 in 2023[25] - Property sales contributed HKD 11,351,331 to the total revenue, up from HKD 6,870,636 in the previous year, representing a growth of 65.8%[25] - Property sales revenue accounted for 91.2% of total revenue, amounting to HKD 11,351,331,000, up from 86.4% in the previous year[54] - Other income decreased to HKD 109,696 in 2024 from HKD 136,130 in 2023, a decline of 19.4%[27] Cash Flow and Financing - The company’s cash and cash equivalents decreased to HKD 5,342,774 thousand from HKD 5,985,911 thousand[8] - Financing costs totaled HKD 659,163 in 2024, down 28.0% from HKD 915,940 in 2023[30] - The group’s cash and cash equivalents amounted to HKD 5,342,774,000 as of December 31, 2024, down from HKD 5,985,911,000 in 2023[62] Dividends and Share Repurchase - The company did not declare any final or special dividends for the year[4] - The company did not recommend any final or special dividends for the year ending December 31, 2024, compared to a final dividend of HKD 0.021 and a special dividend of HKD 0.008 per share for the previous year[35] - The group repurchased shares 12 times, totaling 9,368,000 shares at a cost of HKD 3,317,670,000, representing 0.20% of the issued share capital[52] - The company repurchased a total of 9,368,000 shares at a total cost of HKD 3,317,670 during the year ending December 31, 2024[81] Market and Operational Insights - The real estate market in mainland China faced challenges in 2024, with a 10.6% year-on-year decline in real estate development investment[44] - The company plans to continue focusing on high-quality project development and exploring urban renewal opportunities in key cities[48] - The group expects the real estate market to stabilize and recover gradually in 2025, supported by government policies aimed at boosting demand and optimizing supply[68] - The company has a land reserve of 27 projects across 10 key cities in mainland China, with a total planned saleable area of approximately 3,323,000 square meters[48] - The company has 9 ongoing projects with a total construction area of 1,933,000 square meters as of December 31, 2024[50] Governance and Compliance - The audit committee has reviewed the audited financial statements for the year ending December 31, 2024, and discussed accounting principles and financial reporting matters with management and auditors[77] - The company maintains compliance with the public float requirements as stipulated by the listing rules[80] - The company has adopted a customized code of conduct for securities trading by directors and relevant employees, ensuring compliance with the standard code[86] - Dr. Fan Renda has been appointed as the Chairman of the Environmental, Social and Governance Committee of Tianfu (Cayman) Holdings Limited, effective May 10, 2024[87] - The board of directors will undergo changes effective March 21, 2025, with the announcement of new appointments[91] Acknowledgments - The company expresses gratitude to the board, management, employees, customers, suppliers, business partners, and shareholders for their continued support[90]
上实城市开发(00563) - 2024 - 年度业绩