Financial Performance - Gross revenue decreased to RMB 846.2 million in 2024 from RMB 976.7 million in 2023, representing a decline of approximately 13.3%[2] - Revenue for the year was RMB 357.5 million, slightly down from RMB 363.8 million in the previous year, a decrease of about 1.0%[2] - The company reported a total loss of RMB 540.1 million for the year, compared to a loss of RMB 460.1 million in 2023[8] - Loss attributable to equity shareholders increased to RMB 538.1 million in 2024 compared to RMB 453.3 million in 2023, reflecting a rise of approximately 18.7%[2] - Basic loss per share worsened to 46.8 cents in 2024 from 38.9 cents in 2023[2] - Net loss for the year was RMB 540,074,000, an increase from RMB 460,143,000 in 2023, reflecting a 17.4% increase in losses year-over-year[16] - The loss before taxation for 2024 was RMB 550,997,000, compared to a loss of RMB 463,552,000 in 2023, indicating a worsening of approximately 18.8%[64] Operational Efficiency - EBITDA for the year was reported at a loss of RMB 53.1 million, worsening from a loss of RMB 34.3 million in 2023[2] - Adjusted EBITDA improved to RMB 20.2 million in 2024 from a loss of RMB 6.6 million in 2023, indicating a positive turnaround[2] - The Group's loss from operations (EBIT) for the year ended December 31, 2024, was approximately RMB 252.6 million, compared to a loss of RMB 233.0 million in 2023, resulting in an operating profit margin decline from -23.9% to -29.9%[91] - Annualized area efficiency per square meter decreased to RMB 9,723 in 2024 from RMB 11,746 in 2023, indicating reduced revenue generation efficiency[11] Assets and Liabilities - Net assets of the Group decreased to RMB 511.6 million in 2024 from RMB 948.6 million in 2023, a decline of about 46.1%[4] - NAV per ordinary share fell to RMB 0.45 in 2024 from RMB 0.83 in 2023, a decrease of approximately 45.8%[4] - Total assets less current liabilities amounted to RMB 5,804,293,000, an increase from RMB 5,432,573,000 in 2023[22] - Non-current liabilities increased to RMB 5,292,714,000 in 2024 from RMB 4,483,997,000 in 2023[22] - As of 31 December 2024, the Group had net current liabilities of approximately RMB 1,572,570,000[29] Revenue Breakdown - Revenue from sales of goods decreased to RMB 174,183,000 in 2024 from RMB 191,395,000 in 2023, representing a decline of approximately 9.4%[40] - Net income from concession sales decreased to RMB 70,318,000 in 2024 from RMB 82,344,000 in 2023, a decline of approximately 14.6%[40] - Gross rental income increased to RMB 58,202,000 in 2024 from RMB 45,305,000 in 2023, representing an increase of approximately 28.5%[40] - For the year ended December 31, 2024, the reportable segment revenue from department stores and shopping malls was RMB 212,633,000, while supermarkets generated RMB 144,901,000, totaling RMB 357,534,000[59] Financial Costs - Net financial costs increased to RMB 283.7 million in 2024 from RMB 231.8 million in 2023, an increase of about 22.4%[8] - The total borrowing costs for 2024 were RMB 368,252,000, up from RMB 316,338,000 in 2023, reflecting an increase of about 16.4%[66] Staff and Employment - Staff costs decreased to RMB 65,859,000 in 2024 from RMB 84,390,000 in 2023, a reduction of 21.9%[16] - The number of the Group's staff as of December 31, 2024, was 3,296, down from 3,435 as of December 31, 2023[148] - The Group's workforce included 627 directly employed full-time employees as of December 31, 2024, down from 767 in the previous year[148] Future Plans and Developments - The Company plans to diversify its business and develop its brand agency business to enhance profitability and provide more quality choices to consumers[134] - The Xintiandi Department Store project is set to commence business for the entire floor within the year, alongside the expansion of new supermarkets[140] - The Company will integrate consumer finance and internet financial products while analyzing member consumption behavior data[141] Legal and Compliance - The Company is involved in a litigation case regarding the lease of the Daming Palace Shopping Mall, claiming RMB 70 million in earnest money and related interests[118] - The first hearing of the litigation case was held on April 30, 2024, with no substantial progress reported as of July 26, 2024[120] - The Audit Committee reviewed the annual results for the year ended December 31, 2024, and confirmed compliance with applicable accounting standards and legal requirements[166]
世纪金花(00162) - 2024 - 年度业绩