Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 4.57 billion, a decrease of about 71.1% compared to the previous year[3]. - The loss attributable to the company's owners was approximately RMB 8.31 billion for the year, compared to a loss of RMB 6.49 billion in the previous year[5]. - The group reported a net loss of RMB 8,991,482,000 for the year ending December 31, 2024[11]. - The company reported a basic and diluted loss per share of RMB 143.98, compared to RMB 112.39 in the previous year[5]. - The company reported a net loss attributable to shareholders of RMB 8,311,567,000 for 2024, compared to a loss of RMB 6,488,010,000 in 2023[30]. - The group recorded a net loss of approximately RMB 712 million in other income, primarily due to foreign exchange losses from dollar-denominated senior notes[65]. Revenue Breakdown - Total revenue from customer contracts for the year ending December 31, 2024, was RMB 4,357,519,000, with property development contributing RMB 1,593,015,000[19]. - Revenue from property management services was RMB 2,604,969,000, while hotel operations generated RMB 39,543,000[19]. - For the year ended December 31, 2023, total revenue reached RMB 15,595,035,000, with property development contributing RMB 13,246,488,000, property management services RMB 2,169,934,000, hotel operations RMB 145,262,000, and other services RMB 33,351,000[20]. - Revenue from property development was approximately RMB 1.593 billion, down 88.0% from RMB 13.246 billion in 2023 due to a decrease in the area of completed properties delivered[59]. - Revenue from property management services increased by 24.5% to approximately RMB 2.702 billion in 2024, driven by an increase in provided services[62]. Expenses and Liabilities - The group's sales and distribution expenses and administrative expenses amounted to approximately RMB 588 million, a decrease of about 27.4% year-on-year[3]. - Current liabilities increased to approximately RMB 74.15 billion, compared to RMB 66.41 billion in the previous year[7]. - The group has approximately RMB 39,592,333,000 in overdue interest-bearing liabilities as of December 31, 2024, indicating significant financial distress[12]. - Financing costs rose to approximately RMB 4.19 billion, compared to RMB 2.87 billion in the previous year[4]. - Administrative expenses decreased by 23.2% to approximately RMB 5.49 billion in 2024 from RMB 7.15 billion in 2023, attributed to effective cost control measures[67]. Cash Flow and Financing - The group is actively seeking new financing sources and accelerating asset sales to meet upcoming financial obligations[12]. - The company is focusing on improving liquidity and financial conditions through debt restructuring and project sales acceleration[38]. - The company has appointed a financial advisor for overseas debt restructuring and is actively negotiating loan extensions with existing lenders[89]. - The group plans to expedite the pre-sale and sale of properties to improve cash flow and reduce financial pressure[12]. - As of December 31, 2024, total cash and bank balances are approximately RMB 17.24 billion, a decrease of 19.1% from RMB 21.31 billion in 2023[70]. Asset Management - As of December 31, 2024, the group's land reserve for projects under construction and pending construction was approximately 7,279,398 square meters[3]. - The group's total assets decreased to approximately RMB 73.21 billion from RMB 77.72 billion in the previous year[6]. - The debt-to-asset ratio as of December 31, 2024, is 115.07%[72]. - The group has commitments to pay approximately RMB 0.88 billion for construction and property development as of December 31, 2024, down from RMB 1.10 billion in 2023[74]. Market Presence and Sales - The total contract sales amount for 2024 reached approximately RMB 1,440 million, with a total sales area of 167,508 square meters[41]. - Residential contract sales accounted for approximately RMB 1,395 million, representing 96.9% of the total contract sales amount[42]. - The company achieved contract sales in 18 cities, with significant contributions from Shenzhen, Chengdu, and Wuhan[44]. - The total contract sales amount in the Guangdong-Hong Kong-Macao Greater Bay Area reached RMB 396 million, accounting for approximately 27.5% of the total contract sales for 2024[47]. - In the Chengdu-Chongqing Economic Circle, the total contract sales amount was RMB 469 million, representing about 32.6% of the total contract sales for 2024[48]. Governance and Future Outlook - The company has adopted and complied with all applicable corporate governance codes as of December 31, 2024[96]. - The audit committee supports the management's position regarding the ability to continue as a going concern[87]. - The company believes it will have sufficient working capital for at least 12 months from December 31, 2024, despite uncertainties in the mainland property market[88]. - The annual general meeting is scheduled for May 23, 2025[99]. - The annual report and related documents will be published on the Hong Kong Stock Exchange and the company's website at an appropriate time[102].
花样年控股(01777) - 2024 - 年度业绩