Financial Performance - The company's operating revenue for the fiscal year ended December 31, 2024, was RMB 412,194,000, a decrease of 3.3% compared to RMB 427,389,000 in 2023[3]. - The net profit for the year was RMB 55,874,000, down 63.0% from RMB 151,256,000 in the previous year[4]. - The company's operating expenses increased significantly to RMB 311,780,000, compared to RMB 213,955,000 in 2023, reflecting a rise of 45.7%[3]. - The basic and diluted earnings per share for the year were RMB 0.0046, down from RMB 0.0145 in 2023, representing a decrease of 68.3%[4]. - The pre-tax profit for 2024 was RMB 68,642,000, a decrease of 65.9% from RMB 201,083,000 in 2023[10]. - The company reported a significant loss of RMB 184,996,000 in dividend income, slightly higher than the loss of RMB 179,361,000 in 2023[10]. - The company’s total assets amounted to RMB 7,879,365,000, while total liabilities were RMB 3,209,241,000 as of December 31, 2023[38]. - The company’s total assets at the end of the fiscal year were RMB 1,045,466,000, down from RMB 1,454,360,000 at the beginning of the year, indicating a reduction in asset base[11]. Cash Flow and Investments - The company's cash and bank balances decreased to RMB 1,045,466,000 from RMB 1,454,360,000, a decline of 28.1%[5]. - The company's operating cash flow for the fiscal year ended December 31, 2024, was RMB 29,884,000, compared to a cash outflow of RMB 20,040,000 in 2023, indicating a significant improvement[10]. - The net cash outflow from investing activities was RMB 296,754,000, compared to RMB 71,582,000 in 2023, reflecting increased investment activities[11]. - The company invested RMB 2,546,409,000 in debt instruments measured at amortized cost, slightly down from RMB 2,601,000,000 in 2023[11]. - The company received RMB 2,026,070,000 from the redemption of debt instruments measured at amortized cost, an increase from RMB 1,506,600,000 in 2023[11]. Liabilities and Equity - The total liabilities as of December 31, 2024, were RMB 3,197,344,000, compared to RMB 3,209,241,000 in the previous year, indicating a slight decrease[6]. - The total equity attributable to equity holders of the parent increased to RMB 4,206,224,000 from RMB 4,189,495,000, reflecting a growth of 0.4%[5]. - The total value of debt instruments measured at amortized cost increased to RMB 3,729,061,000 in 2024 from RMB 3,200,106,000 in 2023[72]. Revenue Breakdown - Total external sales reached RMB 337,369,000, with contributions from land development (RMB 18,919,000), urbanization development (RMB 184,996,000), and property leasing (RMB 133,454,000) [35]. - Land development revenue increased from RMB 13,374,000 in 2023 to RMB 18,919,000 in 2024, representing a growth of approximately 41.0%[42][43]. - Property management fee revenue decreased from RMB 34,632,000 in 2023 to RMB 32,306,000 in 2024, a decline of about 6.7%[42][43]. - The company reported a total of RMB 51,225,000 in customer contract revenue for 2024, up from RMB 48,006,000 in 2023, marking a growth of about 4.6%[43]. Expenses and Costs - Total operating costs, sales, and management expenses rose to RMB 168,962,000 in 2024, up from RMB 151,834,000 in 2023, marking an increase of 11.3%[53]. - Land development costs increased significantly to RMB 18,979,000 in 2024 from RMB 4,031,000 in 2023, representing a growth of 371.5%[53]. - Borrowing interest expenses increased to RMB 93,753,000 in 2024 from RMB 90,406,000 in 2023, reflecting a rise of 3.7%[53]. - The company incurred RMB 55,641,000 in employee benefits in 2024, up from RMB 53,839,000 in 2023, reflecting a growth of 3.3%[53]. Taxation - The company's income tax expense for 2024 was reported at RMB 12,768,000, a decrease of 74.4% compared to RMB 49,827,000 in 2023[60]. - The effective tax rate for the group was 18.7% in 2024, compared to 24.8% in 2023, showing a reduction of 6.1 percentage points[62]. Joint Ventures and Associates - The company reported a loss from joint ventures and associates of RMB 31,772,000, compared to a loss of RMB 12,351,000 in 2023[4]. - The company incurred a loss of RMB 31,772,000 from its joint ventures and associates, up from RMB 12,351,000 in 2023, indicating increased challenges in these investments[10]. - Investment in joint ventures decreased by RMB 27.77 million due to losses of RMB 28.25 million attributed to joint ventures[119]. Future Outlook and Strategy - The company plans to leverage new policies aimed at boosting domestic demand and stabilizing the real estate market to enhance growth prospects[139]. - The group aims to expand fixed income investment business steadily in strategic emerging industries and information technology applications by 2025[154]. - The group is actively addressing low-efficiency asset issues, achieving effective breakthroughs in debt resolution for the Nanjing Guoying project[142]. Corporate Governance and Management - The company has complied with the corporate governance code as per the listing rules for 2024[158]. - The independent auditor, Ernst & Young, will retire at the upcoming 2025 annual general meeting, with no significant impact expected on the audit work for the year ending December 31, 2025[168].
中国新城镇(01278) - 2024 - 年度业绩