Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was RMB 369,101,000, a decrease of 13.5% compared to RMB 426,784,000 in 2023[3] - The gross profit for the same period was RMB 59,266,000, down 32.0% from RMB 87,034,000 in 2023[3] - The net loss for the year was RMB 79,325,000, compared to a net loss of RMB 57,112,000 in 2023, indicating a worsening financial position[3] - The company reported a basic and diluted loss per share of RMB 19.23, compared to RMB 15.15 in the previous year[4] - The company reported a loss before tax of RMB 89,332,000 for the year ending December 31, 2024, compared to a loss of RMB 67,486,000 for the previous year[24][26] - The company reported a net loss attributable to owners of the company of RMB 76,931,000 for the year ending December 31, 2024, compared to RMB 60,609,000 in the previous year[33] - The group reported a net loss of approximately RMB 79.3 million for the year ending December 31, 2024, an increase of 38.9% compared to a net loss of RMB 57.1 million in the previous year[61] - The net profit margin decreased to -21.5% from -13.4% in the previous year, primarily due to a mismatch between the decrease in service costs and revenue[60] Assets and Liabilities - The total assets decreased from RMB 367,448,000 in 2023 to RMB 245,178,000 in 2024, reflecting a decline of 33.2%[5] - The company's current liabilities exceeded current assets by RMB 28,015,000, raising concerns about its ability to continue as a going concern[11] - The total equity attributable to owners of the company fell from RMB 112,765,000 in 2023 to RMB 34,055,000 in 2024, a decrease of 69.8%[6] - The company's cash and cash equivalents decreased from RMB 88,134,000 in 2023 to RMB 64,765,000 in 2024, a decline of 26.5%[5] - As of December 31, 2024, the group's net current liabilities are approximately RMB 280 million, a decrease from net current assets of approximately RMB 713 million as of December 31, 2023[63] - Trade receivables decreased from approximately RMB 1,039 million as of December 31, 2023, to approximately RMB 840 million as of December 31, 2024, due to the ongoing weakness in the Chinese real estate industry[64] Revenue Breakdown - Revenue from real estate agency services decreased to RMB 6,753,000 in 2024 from RMB 29,364,000 in 2023, a decline of approximately 77%[20] - Property management service revenue was RMB 303,733,000 in 2024, down from RMB 324,118,000 in 2023, representing a decrease of about 6.3%[20] - Non-owner value-added services revenue decreased to RMB 13,106,000 in 2024 from RMB 18,045,000 in 2023, a decline of approximately 27.5%[20] - Revenue from the real estate agency services segment was approximately RMB 6.8 million, down 76.9% from RMB 29.4 million in the same period last year[48] - The professional property management services segment recorded revenue of approximately RMB 362.3 million, a decrease of 8.8% from RMB 397.4 million in the previous year[49] - Revenue from property management services was approximately RMB 303.7 million, down 6.3% from RMB 324.1 million in the previous year[50] - Non-owner value-added services generated revenue of approximately RMB 13.1 million, a decrease of 27.2% from RMB 18.0 million in the previous year[51] - Community value-added services recorded revenue of approximately RMB 45.5 million, down 17.7% from RMB 55.3 million in the previous year[52] Impairment and Expenses - The company recorded a goodwill impairment loss of RMB 7,818,000, which was not present in the previous year[3] - Financial asset impairment losses were approximately RMB 90.1 million, a decrease of 10.9% from RMB 101.1 million in the previous year[58] - Goodwill impairment loss was approximately RMB 7.8 million, resulting in a goodwill amount of RMB 39.8 million as of December 31, 2024, down 16.4% from RMB 47.6 million in the previous year[59] - The company incurred unallocated corporate expenses of RMB 45,557,000 for the year ending December 31, 2024, which included legal and professional fees[24] Future Outlook and Strategies - The group expects to generate positive cash flow from operations in the foreseeable future, alleviating liquidity pressure and improving financial conditions[12] - The group has confirmed financial support from its direct and indirect holding companies to ensure ongoing operations and timely debt repayments[13] - The group is actively negotiating repayment arrangements with certain suppliers, who have agreed not to demand repayment of due amounts until May 31, 2026[13] - The group has implemented cost-cutting measures and capital expenditure reductions, along with comprehensive cash flow monitoring policies[13] - The group plans to focus on long-term value creation and sustainable development, emphasizing integrity, quality service, and operational efficiency in its future strategy[68] - The group aims to leverage existing resources to explore new opportunities rather than relying on acquisitions, aligning with its philosophy of organic growth[69] Corporate Governance and Shareholder Matters - The company has undergone changes in its board of directors, with Mr. Fang Ming appointed as Executive Director and Chairman, and Mr. Sun Ligong appointed as Executive Director and CEO[84] - The annual general meeting is scheduled for June 20, 2025, to discuss shareholder matters[77] - The company does not recommend the payment of a final dividend for the year ending December 31, 2024, consistent with the previous year where no dividend was paid[79] - The company signed a share transfer agreement to sell 51% of Huizhou Fangxian Jiahe Property Service Co., Ltd. for a cash consideration of RMB 255,000, with the transaction expected to be completed by June 30, 2025[80] - The company reached a settlement arrangement for the final installment of the acquisition of 60% of Guangdong Yikang Property Service Co., Ltd., with the payment contingent on achieving profit targets for the fiscal years ending December 31, 2023[81] - The annual performance announcement for the year ending December 31, 2024, has been published on the Hong Kong Stock Exchange and the company's website[85]
方圆生活服务(09978) - 2024 - 年度业绩