Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 252.0 million, a decrease of 46.2% compared to 2023[4] - The net profit for the fiscal year was RMB 73.2 million, down 63.6% from 2023, resulting in a net profit margin of 29.1%[4] - Basic earnings per share for the year were RMB 1.72, a decline of 69.2% compared to the previous year[4] - Total comprehensive income for the year amounted to RMB 76.997 million, compared to RMB 200.186 million in 2023[8] - Other income for 2024 totaled RMB 20,864,000, a significant drop of approximately 71.7% compared to RMB 73,888,000 in 2023[33] - The group reported a profit before tax of RMB 247,219,000 for 2024, compared to RMB 93,765,000 in 2023, indicating a significant increase[41] - Net profit for the year was RMB 73.2 million, down 63.6% from RMB 201.2 million in 2023, primarily due to the decline in revenue[124] Revenue and Contracts - The group's revenue from customer contracts for real estate agency services decreased to RMB 252,026,000 in 2024 from RMB 468,377,000 in 2023, representing a decline of approximately 46.1%[28] - Revenue from projects in Henan Province accounted for 89.8% of total revenue, amounting to RMB 226.4 million, down 48.0% from RMB 435.1 million in 2023[118] - The nominal total amount of remaining performance obligations under existing contracts as of December 31, 2024, is RMB 1,895,815,000, down from RMB 2,146,122,000 in 2023, indicating a decrease of about 11.7%[29] - Contract liabilities related to real estate construction services decreased to RMB 222,259,000 in 2024 from RMB 309,936,000 in 2023, indicating a decline of about 28%[63] - The expected revenue to be recognized from contract liabilities within one year is RMB 138,390,000 in 2024, down from RMB 204,878,000 in 2023, a decrease of approximately 32.4%[64] Assets and Liabilities - The company's cash and cash equivalents increased to RMB 2,484.045 million from RMB 1,835.783 million in 2023[10] - Trade and other receivables decreased significantly to RMB 469.863 million from RMB 1,121.515 million in 2023[10] - The company's total assets less current liabilities stood at RMB 2,550.228 million, up from RMB 2,423.230 million in 2023[10] - The total lease liabilities as of December 31, 2024, were RMB 4,729,000, a decrease from RMB 7,846,000 in 2023, reflecting a reduction of about 39.5%[73] - The allowance for credit losses increased to RMB 180,186,000 in 2024 from RMB 134,042,000 in 2023, indicating a rise of approximately 34.4%[65] Taxation - The effective tax rate increased to 21.9% from 18.6% in 2023, an increase of 3.3 percentage points due to changes in the income structure of different tax rate companies[123] - The group recorded a tax expense of RMB 20,547,000 for 2024, down from RMB 45,982,000 in 2023, indicating a reduction in tax liabilities[41] - The group’s subsidiaries in mainland China are subject to a corporate income tax rate of 25%, except for one subsidiary benefiting from a reduced rate of 15%[41] Corporate Governance and Compliance - The company is committed to achieving high standards of corporate governance and has adhered to applicable corporate governance codes[147] - The financial statements comply with all applicable Hong Kong Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance[15] - The company has established an Audit Committee consisting of three independent non-executive directors[155] Employee and Operational Management - The group’s employee costs, including salaries and benefits, totaled RMB 101,467,000 in 2024, down from RMB 112,217,000 in 2023, representing a decrease of approximately 9.6%[35] - The company emphasizes the importance of providing comprehensive continuous training programs to enhance employees' business skills and risk management capabilities[146] - The company has adopted a performance-based employee compensation structure to reward employee performance and achievements[145] Market and Strategic Outlook - The macroeconomic environment in 2024 is expected to be challenging, with increased difficulty in stabilizing economic operations, but the government has implemented strong macro-control measures to boost economic recovery[100] - The company aims to enhance its brand influence in the Central Plains region through comprehensive real estate development and operational services[106] - The company plans to adopt innovative models for project management and service fee distribution to stimulate diverse cooperation[110] Shareholder Information - The board of directors did not recommend the distribution of a final dividend for the year[4] - The company will seek to restore trading of its shares as soon as possible[143] - The 2025 Annual General Meeting is scheduled for May 21, 2025[159]
中原建业(09982) - 2024 - 年度业绩