Financial Performance - Contract sales amount for the year was RMB 17.93 billion, a year-on-year decrease of approximately 47.5%[3] - Total revenue for the year was RMB 39.68 billion, down about 40.4% year-on-year[4] - Net loss attributable to owners was RMB 2.4 billion, compared to a net loss of RMB 4.25 billion in the previous year[5] - Gross profit for the year was RMB 906.94 million, down from RMB 3.18 billion in the previous year[4] - The company reported a pre-tax loss of RMB 1.39 billion, compared to a pre-tax profit of RMB 398.1 million in the previous year[4] - Revenue from customer contracts decreased to RMB 39,665,003,000 in 2024 from RMB 66,600,928,000 in 2023, representing a decline of approximately 40.5%[23] - Property sales revenue was RMB 39,457,318,000 in 2024, down from RMB 66,466,526,000 in 2023, indicating a decrease of about 40.7%[23] - The group recorded a net loss of RMB 2,874,620,000 for the year ending December 31, 2024[17] - The pre-tax loss attributable to the parent company was RMB 2,427,358,000, compared to a loss of RMB 4,245,658,000 in 2023, showing an improvement[30] - The total tax expense for the year was RMB 1,486,591,000, down from RMB 3,316,886,000 in 2023, reflecting a decrease of approximately 55.3%[28] - The basic loss per share for the year was calculated based on a weighted average of 3,693,842,564 shares, compared to 3,492,670,410 shares in 2023[30] - The group recorded a pre-tax loss of approximately RMB 1,388.0 million for the year ended December 31, 2024, compared to a pre-tax profit of approximately RMB 398.1 million in 2023[64] - The income tax expense decreased by approximately 55.2% to about RMB 1,486.6 million, down from RMB 3,316.9 million in the previous year[65] - The net loss attributable to the company's owners for the year ended December 31, 2024, was approximately RMB 2,427.4 million, a decrease of about 42.8% from RMB 4,245.7 million in 2023[66] Debt and Financial Stability - Total interest-bearing debt decreased to RMB 20.3 billion as of December 31, 2024[3] - The company completed its offshore debt restructuring on March 20, 2024[3] - Total interest-bearing bank and other borrowings amounted to RMB 20,250,742,000, with RMB 8,609,387,000 due within the next 12 months[17] - The group has successfully completed its offshore debt restructuring, canceling a total of RMB 8,858,845,000 in principal and interest related to defaulted debts[18] - The board has assessed the group's ability to continue as a going concern and identified significant uncertainties regarding cash flow generation and financing[19] - The group plans to continue negotiations with existing debt holders for the extension or rescheduling of bank and other borrowings[21] - The company's total equity decreased to RMB 19.38 billion from RMB 26.40 billion in the previous year[9] - The asset-liability ratio, excluding contract liabilities, was approximately 81.3% as of December 31, 2024, with a net debt ratio of approximately 74.9%[70] - The group had approximately RMB 38,973.9 million in assets pledged as collateral for borrowings as of December 31, 2024, compared to RMB 52,342.2 million on December 31, 2023[75] - The company has not obtained written agreements from creditors or banks regarding the plans to negotiate the extension or repayment of existing debts[92] Cash Flow and Liquidity - Total current assets decreased to RMB 116.94 billion from RMB 157.49 billion in the previous year[8] - Total current liabilities decreased to RMB 102.02 billion from RMB 151.13 billion in the previous year[9] - As of December 31, 2024, the group's net current assets amounted to approximately RMB 14,918.4 million, a significant increase from RMB 6,360.7 million on December 31, 2023[68] - Cash and bank balances, including restricted cash and pledged deposits, decreased by approximately 46.2% to RMB 5,740.5 million as of December 31, 2024, from RMB 10,662.5 million at the end of 2023[69] - The group plans to improve overall liquidity and repay outstanding debts by exploring various cash flow generation methods, including timely communication with banks for project development loans[77] - The company has a total cash and cash equivalents of RMB 3,550,680,000 as of December 31, 2024[91] Operational Performance - The company completed the delivery of approximately 80,000 property units in 2024, ranking 13th among Chinese real estate developers by delivery volume[41] - The total land reserve area as of December 31, 2024, was approximately 21.9 million square meters, with no new land acquisitions during the year[42] - The total land reserve as of December 31, 2024, was approximately 21.9 million square meters, with 6.1 million square meters of completed properties available for sale/rent and 15.8 million square meters under construction or for future development[51] - The group has implemented a business strategy focused on accelerating property sales and improving cash collection from outstanding sales proceeds[20] - The group aims to focus on accelerating property sales and effectively controlling costs and expenses to enhance cash flow[77] Corporate Governance and Compliance - The company has maintained a commitment to high levels of corporate governance, adhering to applicable codes and regulations throughout the year[85] - The independent auditor has not issued an opinion on the consolidated financial statements due to significant uncertainties regarding the company's ability to continue as a going concern[90] - The board consists of eight directors, including five executive directors and three independent non-executive directors[97] - The annual general meeting is scheduled for June 12, 2025, with a suspension of share transfer registration from June 9 to June 12, 2025[96] Future Outlook - The outlook for 2025 indicates a focus on financial safety, operational liquidity, and risk control, with expectations for gradual recovery in the real estate market supported by government policies[45] - Forward-looking statements in the announcement involve risks and uncertainties, and actual performance may differ significantly from those statements[99]
中梁控股(02772) - 2024 - 年度业绩