Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 23.641 billion, a decrease of approximately 49% compared to RMB 46.459 billion in 2023[7]. - The company reported a gross loss of RMB 398 million, with a gross loss margin of 2%, compared to a gross profit of RMB 1.183 billion and a gross profit margin of 3% in 2023[10]. - The net loss attributable to shareholders was RMB 18.624 billion, a decrease of 12% year-on-year, with a basic and diluted loss per share of RMB 2.445[4]. - The revenue from property development in 2024 decreased by approximately 56% to RMB 17.273 billion from RMB 38.993 billion in 2023, with the area delivered dropping by 50%[21]. - The total contracted sales amount for the group and its joint ventures decreased to RMB 35.16 billion for the twelve months ending December 31, 2024, representing a decline of approximately 30% compared to RMB 50.53 billion in 2023[24]. - The total comprehensive loss for the year amounted to CNY 19,684,440,000, compared to CNY 21,227,897,000 in 2023, reflecting a decrease of approximately 7.3%[52]. - The company reported a significant operating loss of $6.94 billion across all segments for the year ended December 31, 2024[89]. - The company reported a loss before tax of RMB 19,392,050,000 for the year ending December 31, 2024, compared to a loss of RMB 19,560,765,000 in 2023, indicating a slight improvement[90]. Market Conditions - The overall real estate market in China is expected to remain sluggish in 2024, despite government measures aimed at stabilizing the market[5]. - The group is facing significant uncertainty due to tightening internal funds and limited access to external financing[65]. - The real estate market in China continues to be sluggish, impacting sales and increasing liquidity pressure on developers[64]. Debt and Restructuring - The group is undergoing a restructuring of its offshore debt, which includes existing offshore debt instruments totaling approximately $5.636 billion[42]. - The restructuring plan involves distributing a total of $22 million in new debt to creditors as part of the debt exchange process[42]. - The group has announced a restructuring plan for its offshore debts due to liquidity pressures, halting all payments on offshore debts[63]. - As of December 31, 2024, the total offshore debt amounted to approximately RMB 41.0 billion, involving various loans and securities[63]. - The group has successfully passed extension proposals for seven corporate bonds, involving a total principal amount of RMB 13.27 billion[46]. - The group is actively communicating with bondholders to negotiate new repayment plans to address ongoing debt issues[46]. Sales and Marketing - In 2024, the company's sales and marketing expenses decreased to RMB 710 million, down approximately 39% from RMB 1.17 billion in 2023, primarily due to a sluggish domestic real estate market[13]. - The average recognized selling price per square meter in 2024 fell to approximately RMB 12,600 from RMB 14,400 in 2023, mainly due to fewer projects being recognized in first-tier and core second-tier cities[21]. - The average selling price per square meter decreased to approximately RMB 12,800 in 2024, compared to RMB 13,500 per square meter in 2023[24]. Assets and Liabilities - Total assets increased from RMB 131,170,739 thousand in 2023 to RMB 146,013,756 thousand in 2024, reflecting a growth of approximately 11.3%[55]. - Current liabilities rose from RMB 145,678,818 thousand in 2023 to RMB 154,465,312 thousand in 2024, representing a growth of approximately 6.0%[56]. - The company's total liabilities increased from RMB 145,678,818 thousand in 2023 to RMB 154,465,312 thousand in 2024, indicating a rise of approximately 6.0%[56]. - The company reported a significant increase in expected credit loss provisions, with a loss of CNY 7,698,585,000 for the year, down from CNY 11,282,720,000 in the previous year[49]. Land and Development Projects - As of December 31, 2024, the land reserve of the group and its joint ventures decreased to approximately 31,072,000 square meters, down from 36,213,000 square meters as of December 31, 2023[28]. - The total floor area and total saleable floor area to be completed by the group and its joint ventures in 2024 are approximately 5,549,100 square meters and 4,192,000 square meters, representing a decrease of 18% and 19% compared to 2023 respectively[27]. - The company is focusing on developing new technologies and products to improve operational efficiency and customer satisfaction[31]. Corporate Governance - The company has applied corporate governance principles throughout the year ending December 31, 2024, with certain deviations disclosed[127]. - The roles of Chairman and CEO are combined, which the company believes aids in restructuring power and authority under the current corporate structure[128]. - The board does not recommend the payment of a final dividend for the year ending December 31, 2024[124]. Future Outlook - Future guidance indicates a positive outlook for sales growth, driven by strategic initiatives and market expansion efforts[26]. - The company plans to expand its market presence in the central and western regions, focusing on cities like Wuhan and Zhengzhou[26]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its operational capabilities[26].
远洋集团(03377) - 2024 - 年度业绩