Financial Performance - For the fiscal year ending December 31, 2024, the group achieved operating revenue of approximately RMB 1.54 billion, a decrease from RMB 1.68 billion in the previous year, representing a decline of about 8.3%[3] - The company reported a total comprehensive loss of RMB 126.95 million for the year, compared to a loss of RMB 173.50 million in the previous year[5] - The basic net profit attributable to shareholders of the parent company was approximately RMB 278 million, excluding changes in investment property valuation and one-off tax expenses, while the net loss attributable to shareholders was approximately RMB 113 million[3] - Rental income for 2024 was RMB 1,534,716 thousand, a decrease of 8.2% from RMB 1,671,863 thousand in 2023[28] - Revenue from property sales in 2024 was RMB 5,716 thousand, down from RMB 6,683 thousand in 2023, resulting in total revenue of RMB 1,540,432 thousand for 2024 compared to RMB 1,678,546 thousand in 2023, reflecting a decline of 8.2%[28] - The gross profit for the year was approximately RMB 1.28 billion, down about 7% from RMB 1.38 billion in 2023[56] - The property leasing business gross profit margin was approximately 83%, slightly down from 82% in 2023[57] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 68.13 billion, a slight decrease from RMB 68.62 billion in the previous year[7] - Total liabilities decreased to RMB 31.06 billion from RMB 31.42 billion year-over-year[9] - Non-current assets, primarily investment properties, were valued at RMB 63.08 billion, down from RMB 63.42 billion in the previous year[7] - As of December 31, 2024, the group's current liabilities exceeded current assets by RMB 7,954,490,000[11] - The total bank and other borrowings amounted to RMB 15,555,736,000, with a current portion of RMB 5,732,567,000[11] - The total accounts payable increased from RMB 2,973,786,000 in 2023 to RMB 3,011,512,000 in 2024, reflecting an increase of approximately 1.3%[41] - The total bank loans decreased from RMB 10,246,278,000 in 2023 to RMB 10,026,228,000 in 2024, a reduction of approximately 2.1%[38] Tax and Financial Management - The group has unpaid land appreciation tax and related penalties totaling RMB 2,305,263,000 as of December 31, 2024[12] - The group has made partial payments of land appreciation tax amounting to RMB 155,600,000 as of December 31, 2024[14] - Current income tax for 2024 included RMB 54,008 thousand for corporate income tax and RMB 55,869 thousand for land value increment tax, totaling RMB 179,996 thousand, a decrease from RMB 226,279 thousand in 2023[31] - Deferred income tax expenses decreased to RMB 70,119 thousand in 2024 from RMB 135,496 thousand in 2023, reflecting a reduction of 48.3%[31] - The group is actively communicating with local tax authorities to resolve unpaid land appreciation tax issues and has sold some commercial properties to pay part of the tax[14] Operational Efficiency - The average occupancy rate of investment properties stabilized at approximately 78% by year-end, indicating a recovery from previous lows[3] - The company maintained a stable operating profit of RMB 779.14 million, compared to RMB 812.76 million in the previous year[4] - The management is taking measures to control costs and save capital expenditures to improve operating cash flow[14] - The average financing cost remained low at approximately 4.3%, down from 4.7% in 2023[63] Employee and Corporate Governance - As of December 31, 2024, the company had a total of 1,650 employees, including 1,467 in property management[66] - The company has adhered to the corporate governance code throughout the year, as confirmed by the board of directors[74] - The audit committee reviewed the consolidated financial results for the year ended December 31, 2024, and confirmed compliance with applicable accounting standards[75] Future Outlook - The board believes that the group will have sufficient operating funds to meet its financial obligations over the next 12 months[15] - The company expects no significant impact on its consolidated financial statements from the newly issued and revised Hong Kong Financial Reporting Standards[24] - The company has not reclassified its liabilities based on the application of the revised standards effective from January 1, 2024[21] - There were no significant post-reporting period events that would impact the group[72]
SOHO中国(00410) - 2024 - 年度业绩