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易居企业控股(02048) - 2024 - 年度业绩
E-HOUSE ENTE-HOUSE ENT(HK:02048)2025-03-27 11:29

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 3,797.9 million, a decrease of 14.6% compared to RMB 4,446.4 million in 2023[4][7] - The net loss for the year was RMB 1,431.2 million, a reduction of 6.1% compared to a net loss of RMB 1,524.8 million in the previous year[4][8] - Basic and diluted loss per share for the year was RMB 72.80, compared to RMB 70.88 in the previous year[8] - The company reported a net loss of approximately RMB 1,431,163,000 for the year ending December 31, 2024, and a net cash outflow from operating activities of approximately RMB 205,193,000[13] - The company reported a loss attributable to owners of RMB 1,273,302,000 in 2024, compared to a loss of RMB 1,239,749,000 in 2023, reflecting a slight increase in losses[40] - The company incurred a total pre-tax loss of RMB 1,532,642 thousand for the year, reflecting ongoing operational difficulties[30] Revenue Breakdown - The total Gross Transaction Value (GTV) for real estate agency services was RMB 15.9 billion, while the GTV for real estate brokerage network services was RMB 20.3 billion during the reporting period[4] - Revenue from primary real estate agency services decreased to RMB 172,771,000 in 2024 from RMB 219,624,000 in 2023, representing a decline of approximately 21.3%[17] - Revenue from real estate data and consulting services decreased to RMB 329,301,000 in 2024 from RMB 384,201,000 in 2023, a decline of approximately 14.3%[17] - Revenue from digital marketing services decreased to RMB 2,081,450,000 in 2024 from RMB 2,272,499,000 in 2023, a decline of approximately 8.4%[17] - The revenue from the real estate agency services segment was RMB 172,771 thousand, while the data and consulting services segment generated RMB 1,178,206 thousand, indicating a significant contribution to overall revenue[29] - The online advertising services generated revenue of RMB 2,081,450 thousand, contributing to the overall digital marketing services performance[29] Cost Management - Employee costs decreased to RMB 621.99 million from RMB 1,093.24 million in 2023, reflecting a significant reduction in operational expenses[7] - Total comprehensive expenses for the year amounted to RMB 1,428.4 million, down from RMB 1,523.5 million in 2023[8] - Total employee compensation expenses for the year ended December 31, 2024, amounted to RMB 622.0 million, a 43.1% decrease from RMB 1,093.2 million in 2023[73] - Marketing and promotional expenses decreased by 7.5% from RMB 1,986.9 million in 2023 to RMB 1,838.5 million in 2024, mainly due to reduced costs[46] - Depreciation and amortization expenses decreased by 25.1% from RMB 285.8 million in 2023 to RMB 213.9 million in 2024, primarily due to a reduction in amortization of intangible assets[48] Debt and Liquidity - The company is actively working on restructuring its offshore debt and has proposed a new plan to bondholders following the termination of a previous plan[5] - Cash and cash equivalents decreased to RMB 321.82 million from RMB 638.85 million in 2023, indicating a decline in liquidity[9] - The company's net current liabilities and net liabilities as of December 31, 2024, were approximately RMB 8,795,282,000 and RMB 7,990,311,000, respectively, indicating significant uncertainty regarding the company's ability to continue as a going concern[13] - The company is implementing multiple plans and measures to improve its liquidity and financial condition, as detailed in the financial statements[84] - The restructuring plan is still in its preliminary stages, and no new proposals have been provided to creditors for consideration[85] Operational Challenges - The company expects the real estate industry outlook to remain challenging in 2025, with a focus on cost control and cash flow management to maintain sustainable operations[6] - The company recorded an impairment loss on non-current assets of RMB 378.6 million in 2024, compared to RMB 40.8 million in 2023, mainly from the impairment of intangible assets[50] - The company reported a significant increase in the provision for expected credit losses, amounting to RMB 54,654 thousand, indicating a cautious approach to financial management[33] - The company has identified a contract liability of RMB 73,931,000 related to unfulfilled or partially fulfilled consulting service contracts as of December 31, 2024[20] - The company has a contract liability of RMB 61,400,000 related to unfulfilled or partially fulfilled e-commerce service contracts as of December 31, 2024[20] Future Outlook - The company is actively seeking opportunities to sell non-current assets to provide funding for operations[15] - The company continues to work closely with creditors and advisors on its offshore debt restructuring plan[15] - The management has not provided sufficient details regarding the cost reduction and cash flow plan, including timelines and cost-saving estimates[85] - If the company fails to implement the measures successfully, it may not be able to continue as a going concern, necessitating adjustments to asset valuations[86] Corporate Governance - The audited consolidated financial statements for the year ending December 31, 2024, have been verified by Zhonghui Anda, but no assurance has been provided on the preliminary announcement[87] - The audit committee has been established to review and supervise the financial reporting process and internal control systems[88] - No significant litigation or arbitration is pending against the company as of December 31, 2024[91] - The board has not recommended the payment of a final dividend for the year ending December 31, 2024[92] - The annual general meeting of shareholders is scheduled for June 10, 2025, with a suspension of share transfer registration from June 5 to June 10, 2025[93]