世茂集团(00813) - 2024 - 年度业绩

Financial Performance - The group's revenue for the year was approximately RMB 59.975 billion, reflecting a slight increase of about 0.9% year-on-year [3]. - The hotel operations, commercial operations, property management, and other income totaled approximately RMB 12.064 billion, representing a year-on-year decline of 3.3% [3]. - The group reported a gross loss of approximately RMB 5.869 billion, resulting in a gross margin of -9.8% [3]. - The annual loss attributable to equity holders of the company was approximately RMB 35.905 billion [3]. - The total revenue for the year ended December 31, 2024, was RMB 59.98 billion, compared to RMB 59.46 billion for the year ended December 31, 2023 [44]. - The group reported a total operating loss of RMB 29,328,187 thousand for 2024, compared to a loss of RMB 13,249,715 thousand in 2023, indicating a significant increase in losses [66]. - The group recorded a net loss of RMB 43,685,648 thousand for the year ended December 31, 2024, compared to a net loss of RMB 23,599,417 thousand in 2023, indicating a worsening financial position [66]. - The total comprehensive loss for the year 2024 amounted to RMB 43,674,965, compared to RMB 24,800,704 in 2023, representing an increase of approximately 76% [46]. Revenue Breakdown - The group achieved property sales revenue of RMB 47.911 billion, accounting for 79.9% of total revenue, with a recognized sales area of 3.579 million square meters [5]. - Property sales accounted for 79.9% of total revenue, while hotel operations, commercial operations, property management, and other businesses contributed 20.1% [17]. - In 2024, the group launched new hotel projects, including Baoji Ruyi Yinxiang Hotel and Dali Xinhong Hotel, enhancing its market presence [12]. - Property sales revenue reached RMB 47,911,418 thousand in 2024, compared to RMB 46,985,856 thousand in 2023, indicating an increase of about 2.0% [65]. Costs and Expenses - Sales costs increased by 22.8% to approximately RMB 65,844 million in 2024 from RMB 53,616 million in 2023, primarily due to increased property impairment provisions [25]. - The gross margin for 2024 is approximately -9.8%, a significant decline from 9.8% in 2023, attributed to rising land and construction costs and increased property impairment provisions [26]. - The group’s total expenses for the year ended December 31, 2024, were RMB 72,881,471,000, compared to RMB 62,986,350,000 in 2023 [86]. - The group recognized impairment losses on properties held for sale amounting to RMB 9,653,825,000 during the year ended December 31, 2024 [88]. Assets and Liabilities - As of December 31, 2024, the group's total assets amounted to RMB 436,428,997,000, a decrease from RMB 543,250,395,000 in 2023 [72][73]. - The company's total liabilities decreased from RMB 491,999,365 in 2023 to RMB 433,083,061 in 2024, a reduction of about 11.9% [51]. - The asset-liability ratio was approximately 57.8% as of December 31, 2024, compared to 48.6% as of December 31, 2023 [36]. - The group had capital and property development commitments of RMB 27.61 billion as of December 31, 2024 [41]. Cash Flow and Financing - As of December 31, 2024, the group's cash and bank balances totaled approximately RMB 15.75 billion, a decrease of approximately RMB 5.68 billion from RMB 21.43 billion as of December 31, 2023 [36]. - The total borrowings amounted to approximately RMB 252.05 billion as of December 31, 2024, down from approximately RMB 263.96 billion as of December 31, 2023 [36]. - The group anticipates that its operating cash flow will be sufficient to meet its financial obligations due within the next 12 months [58]. - The group is actively seeking alternative financing and loans to meet its existing financial obligations and future capital expenditures [57]. Debt Restructuring - The group has proposed a debt restructuring plan that received approval from approximately 98.75% of participating creditors and is expected to be completed by 2025 [57]. - The group has significant uncertainty regarding its ability to continue as a going concern due to liquidity pressures and the need for successful debt restructuring [106]. - Management has indicated that plans for debt restructuring and alternative financing are at various stages, with most not yet finalized with creditors [107]. Market Conditions - The overall contracted sales of the group continue to decline amid a shrinking real estate market in mainland China [58]. - The average room rate for luxury hotels in China dropped by 6% year-on-year, while RevPAR for high-end hotels fell by 7% [11]. - The overall occupancy rate for managed commercial projects was close to 90%, remaining stable compared to the previous year [14]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has confirmed compliance for the fiscal year ending December 31, 2024 [113]. - The board of directors consists of three executive directors, two non-executive directors, and three independent non-executive directors, ensuring sufficient power balance [115]. - The chairman and CEO roles are held by the same individual, which the company believes enhances operational efficiency [115].