Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 11,061,516, a decrease of 30.1% from RMB 15,807,106 in 2023[3] - Gross profit for the same period was RMB 1,888,753, compared to a gross loss of RMB 2,639,231 in 2023, indicating a significant recovery[3] - The net loss for the year was RMB 8,150,975, reduced by 57.0% from RMB 18,979,296 in the previous year[3] - The adjusted pre-tax loss for the group was RMB 7,778,010,000, with a total annual loss of RMB 8,150,975,000 after tax expenses of RMB 372,965,000[32] - The group reported a segment loss of RMB 4,229,599,000, with property development, property investment, and hotel operations showing losses of RMB 3,168,417,000, RMB 1,245,831,000, and a profit of RMB 184,649,000 respectively[32] - The total annual loss for the year ended December 31, 2023, was RMB 18,979,296,000, reflecting a significant decrease from the previous year's loss[33] - The company reported a pre-tax loss of RMB 17,627,048,000 for the year ended December 31, 2023, compared to a pre-tax loss of RMB 18,732,972,000 for the year ended December 31, 2024[46] Assets and Liabilities - The company's total assets decreased to RMB 153,336,287 from RMB 167,465,395 in 2023, reflecting a decline of 8.5%[5] - Non-current assets totaled RMB 75,234,188, down from RMB 80,237,643 in 2023, a decrease of 6.2%[5] - Current liabilities increased slightly to RMB 115,751,563 from RMB 114,675,622, an increase of 0.9%[5] - The equity attributable to the owners of the company decreased to RMB 4,002,277 from RMB 12,731,934, a decline of 68.5%[6] - The group reported a net loss of approximately RMB 8,150,975,000 for the year ending December 31, 2024, with current liabilities totaling approximately RMB 37,649,464,000[14] - As of December 31, 2024, the group had approximately RMB 46,193,153,000 in short-term bank and other borrowings, while cash and bank balances were approximately RMB 787,445,000[14] - The group has defaulted on approximately RMB 41,073,253,000 in principal and interest on preferred notes and bank borrowings[14] Revenue Breakdown - Total revenue for the year ended December 31, 2024, was RMB 11,061,516,000, with property development contributing RMB 9,462,363,000, property investment RMB 888,113,000, and hotel operations RMB 711,040,000[32] - Property development revenue fell by 32.6% to approximately RMB 9,462.4 million in 2024, down from RMB 14,047.3 million in 2023, due to a reduction in the total delivered area from 924,958 square meters in 2023 to 623,944 square meters in 2024[51] - The total rental income for 2024 was RMB 888,113,000, down from RMB 930,999,000 in 2023, representing a decrease of about 4.6%[34] - Hotel business revenue fell by 14.2% year-on-year to RMB 711 million due to economic pressures[77] Cash Flow and Financing - Cash and bank balances decreased to RMB 787,445 from RMB 1,719,395, a decline of 54.3%[5] - Interest income and unallocated income amounted to RMB 522,118,000, while unallocated expenses were RMB 1,141,422,000 and financing costs were RMB 2,929,107,000[32] - The company’s financing costs for 2024 were RMB 2,929,107,000, slightly up from RMB 2,852,833,000 in 2023[36] - Interest income decreased to RMB 28,045,000 in 2024 from RMB 277,198,000 in 2023, indicating a decline of approximately 89.9%[34] Corporate Governance - The company has adopted the corporate governance code as per the listing rules and confirmed compliance for the year ended December 31, 2024[92] - The audit committee consists of three independent non-executive directors to review and monitor the group's financial reporting procedures and risk management[97] - The company is committed to maintaining effective corporate governance practices to enhance accountability and transparency[93] Employee and Workforce - Employee benefits expenditure for the year ending December 31, 2024, is approximately RMB 460.3 million, reflecting a decrease from the previous year's expenditure[86] - The group employed approximately 1,800 employees as of December 31, 2024, down from 2,100 employees in the previous year, indicating a reduction in workforce[86] - The group continues to invest in training and development programs for its employees, emphasizing talent retention and development[87] Strategic Initiatives - The group is in discussions with a bondholder group holding approximately 24% of the total principal of preferred notes to develop a comprehensive restructuring plan for approximately USD 4.5 billion in offshore debt[17] - The group plans to convert existing debt into new USD-denominated notes and/or convertible bonds, and is exploring cash repayment mechanisms using proceeds from certain projects[16] - The group aims to accelerate the pre-sale and sale of properties under construction and completed properties to improve cash flow[18] - The group is actively promoting large-scale sales to enhance cash flow as a primary task for the upcoming year[78] Project Development - The group has a land reserve with a gross floor area of 12.18 million square meters, with an equity ratio of approximately 75%[75] - The total construction area of the projects owned by the group amounts to 3,000 thousand square meters across various cities, with significant projects including 829 thousand square meters in Foshan and 869 thousand square meters in Liuzhou[83][84] - The group has a diverse portfolio with projects in various cities, including residential, commercial, and educational developments, showcasing its market expansion strategy[84][85]
合景泰富集团(01813) - 2024 - 年度业绩