Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 2,617.3 million, a decrease of about 0.7% compared to RMB 2,635.7 million for the year ended December 31, 2023[5]. - The group's gross profit for the year ended December 31, 2024, was approximately RMB 834.0 million, down about 6.0% from RMB 887.0 million for the year ended December 31, 2023[5]. - The profit attributable to shareholders for the year ended December 31, 2024, was approximately RMB 216.0 million, a decrease of about 52.3% from RMB 453.0 million for the year ended December 31, 2023[5]. - The operating profit for the year ended December 31, 2024, was RMB 346.9 million, down from RMB 591.6 million for the year ended December 31, 2023[7]. - The earnings per share attributable to shareholders for the year ended December 31, 2024, was RMB 33.89, a decrease from RMB 71.33 for the year ended December 31, 2023[7]. - The group reported a net profit before tax of RMB 330,940,000 in 2024, down from RMB 611,688,000 in 2023, indicating a decrease of 46.0%[36]. - The actual income tax rate for 2024 was 32.2%, compared to 26.0% in 2023, showing an increase in the effective tax burden[36]. - The group recorded financial assets impairment losses for the year ended December 31, 2024, amounting to approximately RMB 219.4 million, an increase of 353.9% year-on-year[108]. Revenue Breakdown - Total segment revenue for the year ending December 31, 2024, was RMB 2,617,305 thousand, with commercial operation services contributing RMB 2,140,138 thousand and management services contributing RMB 477,167 thousand[21]. - Customer contract revenue amounted to RMB 2,410,850 thousand, with RMB 1,933,683 thousand from commercial operation services and RMB 477,167 thousand from management services[21]. - Revenue from external customers was RMB 2,360,512 thousand, representing an increase from RMB 2,242,728 thousand in 2023, while revenue from related parties decreased to RMB 230,611 thousand from RMB 368,313 thousand[29]. - Revenue from commercial operation and management services was approximately RMB 1,863.2 million, representing an increase of 0.1% and accounting for about 71.2% of total revenue[95]. - Revenue from commercial property leasing services increased by 17.0% to approximately RMB 206.5 million, contributing about 7.9% to total revenue[96]. - Revenue from residential property management services was approximately RMB 477.2 million, a decrease of 4.3%, accounting for about 18.2% of total revenue[98]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 6,040.5 million, an increase from RMB 5,613.1 million as of December 31, 2023[9]. - The total equity as of December 31, 2024, was RMB 3,224.8 million, compared to RMB 3,057.5 million as of December 31, 2023[11]. - Total liabilities rose to RMB 2,815,702 thousand in 2024, up from RMB 2,555,599 thousand in 2023, indicating an increase of about 10.2%[25]. - The asset-liability ratio was 0.47 as of December 31, 2024, compared to 0.46 on December 31, 2023[118]. - Trade and other payables as of December 31, 2024, were approximately RMB 1,028.9 million, a decrease of 6.2% from RMB 1,097.4 million in 2023[114]. Operational Metrics - As of December 31, 2024, the contracted gross floor area of the commercial operation services segment was approximately 14.5 million square meters, with the operational gross floor area being approximately 11.1 million square meters[5]. - The total area of operational retail properties is 11,067,103 square meters, with 8,914,000 square meters attributed to "宝龙广场" alone[77]. - The average occupancy rate for retail properties as of December 31, 2024, is 91.5%, up from 91.2% in 2023[77]. - The total delivered building area increased to approximately 24.0 million square meters, up from 21.1 million square meters in the same period of 2023, representing an increase of 2.9 million square meters[82]. - The total number of delivered projects reached 131, an increase of 22 projects compared to 109 in the same period of 2023[82]. Business Segments - The company has identified two main business segments: commercial operation services and residential property management services, focusing primarily on the Chinese market[19][20]. - The residential property management services segment reported total revenue of approximately RMB 477.2 million for the year ended December 31, 2024, a decrease of 4.3% compared to RMB 498.4 million for the year ended December 31, 2023[82]. - The gross profit margin for residential property management services was 22.1% in 2024, down from 25.4% in 2023[62]. Strategic Initiatives - The company plans to enhance operational efficiency by leasing nearby retail properties and subleasing them for long-term rental income[20]. - The company aims to create a respected century-old enterprise and a global leader in urban space operations, adhering to its mission of "making space full of love"[54]. - The group plans to adopt a "product thinking" approach by 2025, focusing on continuous iteration and user-centered value creation[88]. - The company plans to focus on "product quality, refined operations, asset efficiency, and organizational strengthening" as its development strategy for 2025[86]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the reporting period ending December 31, 2024[134]. - The audit committee has reviewed the audited consolidated annual performance for the year ending December 31, 2024, confirming compliance with applicable accounting standards[138]. - The external auditor, Zhongrui He Xin, has agreed to the publication of the consolidated financial statements for the year ending December 31, 2024[139]. Future Outlook - The company plans to open several new projects in 2024, including the Taizhou Duqiao Baolong Plaza and Hangzhou Gongshu Baolong Plaza, contributing to the expansion of its operational footprint[66]. - The company plans to reassess and revise the timeline for the utilization of the IPO proceeds as necessary[122]. - The company will publish its annual report for the year ending December 31, 2024, on its website and the Hong Kong Stock Exchange's website[142].
宝龙商业(09909) - 2024 - 年度业绩