Financial Performance - The group's revenue for the year was approximately RMB 74.02 billion, representing a decrease of about 52% compared to the previous year[2]. - The group's gross profit was approximately RMB 2.89 billion, recovering from a gross loss of approximately RMB 2.50 billion in the previous year[2]. - The loss attributable to the company's owners was approximately RMB 25.70 billion, significantly increasing from a loss of approximately RMB 7.97 billion in the previous year[5]. - The group reported a net loss of approximately RMB 27.4 billion for the year ending December 31, 2024, with current liabilities netting around RMB 53.52 billion[15]. - The total revenue from property development for the year ending December 31, 2024, is RMB 61,234,808,000, while the total revenue from all segments amounts to RMB 74,109,675,000[30]. - The group reported a net loss of RMB 15,976,806,000 across all segments for the year ending December 31, 2024[30]. - The company reported a significant increase in financial costs, which rose to RMB 11,831,772 thousand in 2024 from RMB 6,299,861 thousand in 2023, marking an increase of approximately 88%[32]. - The company reported a net loss attributable to shareholders of RMB 25,695.2 million, compared to a net loss of RMB 7,968.9 million in 2023, indicating a significant increase in losses[52]. Assets and Liabilities - The group's total assets amounted to approximately RMB 882.88 billion, compared to RMB 977.85 billion in the previous year[9]. - The total liabilities as of December 31, 2024, were RMB 264,713,015 thousand, down from RMB 281,957,998 thousand in 2023, a decrease of about 6.1%[40]. - The total borrowings of the group were approximately RMB 259.67 billion, a decrease of about RMB 18.16 billion from RMB 277.83 billion at the end of the previous year[2]. - The total equity attributable to the company's owners was approximately RMB 40.52 billion as of December 31, 2024, down from RMB 62.43 billion in the previous year[9]. - The total land reserve, including joint ventures and associates, was approximately 127.76 million square meters, with unsold land reserves of about 93.42 million square meters[91]. Cash Flow and Liquidity - As of December 31, 2024, the group's cash balance was approximately RMB 19.75 billion, down from RMB 24.62 billion at the end of the previous year[2]. - As of December 31, 2024, the company had a cash balance of approximately RMB 19.75 billion, while total borrowings amounted to RMB 186.09 billion, raising concerns about liquidity[58]. - The group has successfully negotiated a debt restructuring plan for domestic bonds, extending the repayment period to 5 to 9.5 years and reducing the interest rate to 1%[16]. - The group is actively seeking new financing through various channels, including asset management companies and business collaborations, with several projects already securing additional funding[16]. Operational Strategy - The group aims to accelerate the pre-sale and sale of properties under development and completed projects, responding to market changes and demand[19]. - The company is focusing on project delivery and debt risk resolution while optimizing its management structure and reducing administrative costs to enhance operational efficiency[63]. - The company is actively seeking financing resources to support property project development and delivery, including applying for special loans and exploring debt restructuring options[63]. - The company has implemented a comprehensive market-oriented restructuring plan for domestic public market debt, which has been approved by relevant bondholders[89]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the year ending December 31, 2024[110]. - The audit committee consists of four independent non-executive directors, with a focus on reviewing financial reporting procedures and risk management systems for the year ending December 31, 2024[111]. - The board emphasizes the importance of good corporate governance and has established internal reporting systems to monitor operational and business developments[110]. - The board of directors includes both executive and independent non-executive members, ensuring a balanced governance structure[115]. Market and Industry Position - The company’s real estate development operations are primarily located in key cities across the Yangtze River Delta, Bohai Rim, South China, Central, and Western regions[61]. - The group continues to solidify its leadership position in the snow sports sector, with the opening of its ninth indoor ski resort in Wuhan and projects in Suzhou, Zhengding, and Shenzhen entering the preparation phase for operations expected in 2025[92]. - The property management segment, Sunac Services, achieved revenue of approximately RMB 6.97 billion, with third-party revenue contributing about RMB 6.80 billion, reflecting a year-on-year growth of approximately 5.6%[91].
融创中国(01918) - 2024 - 年度业绩