Financial Performance - The revenue for the fiscal year ending December 31, 2024, was RMB 200.3 million, representing a slight increase of 5.0% compared to RMB 190.7 million in 2023[4]. - The operating loss for the fiscal year was RMB 32.1 million, a significant improvement from the operating loss of RMB 356.3 million in 2023[4]. - The loss attributable to the owners of the company for the fiscal year was RMB 33.8 million, compared to RMB 341.0 million in 2023[4]. - The basic loss per share for the fiscal year was RMB 0.01, a decrease from RMB 0.14 in 2023[4]. - Total revenue for the group reached RMB 200,295,000, an increase from RMB 190,666,000 in the previous year, representing a growth of approximately 3.3%[29]. - The group reported a net loss of RMB 33,764,000 for the year, a significant reduction from the previous year's loss of RMB 350,409,000[29]. - The company reported a basic loss per share of RMB 0.01 for the year ended December 31, 2024, compared to RMB 0.14 for the previous year, indicating a significant improvement in performance[38]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 2,169.5 million, a decrease from RMB 2,342.4 million in 2023[9]. - Total liabilities as of December 31, 2024, were RMB 1,418.8 million, down from RMB 1,556.6 million in 2023[9]. - The company's total equity as of December 31, 2024, was RMB 750.8 million, compared to RMB 785.8 million in 2023[9]. - As of December 31, 2024, the group's current liabilities exceeded its current assets by approximately RMB 236 million, with cash and cash equivalents of approximately RMB 43 million and total bank borrowings in China amounting to RMB 558 million[12]. - The total value of investment properties as of December 31, 2024, was RMB 1,660,410 thousand, down from RMB 1,798,132 thousand in 2023, primarily due to fair value adjustments[41]. - The carrying value of properties held for sale was RMB 384,622,000 as of December 31, 2024, with an accumulated impairment loss of RMB 131,622,000, compared to RMB 130,622,000 in 2023[49]. Operational Efficiency - The company continues to focus on improving operational efficiency and reducing losses in the upcoming fiscal year[4]. - The group has adopted new and revised standards effective from January 1, 2024, which are not expected to have a significant impact on the financial performance and position[18]. - The company reported a significant reduction in pre-tax losses from RMB (406,504) thousand in 2023 to RMB (101,258) thousand in 2024, indicating improved operational efficiency[11]. - The group continues to focus on a "small but beautiful" community business strategy to adapt to changing consumer preferences and enhance competitiveness[59]. Dividends and Financial Commitments - The company did not recommend the payment of a final dividend for the fiscal year 2024, consistent with 2023[3]. - The company did not declare any dividends for the years ended December 31, 2024, and 2023, as per the board's decision[39][40]. - The company had capital commitments for property, plant, and equipment amounting to RMB 2,254,000 as of December 31, 2024, compared to RMB 2,943,000 in 2023[55]. Market Conditions and Strategy - The overall retail market in China showed resilience despite challenges, with a GDP growth of 5% in 2024 compared to 2023[58]. - The group operates 14 department stores with a total area of 242,841.9 square meters, of which 38.0% are owned properties[61]. Employee and Operational Expenses - Employee benefits expenses totaled RMB 36,874,000, up from RMB 34,127,000, marking an increase of about 8.1%[35]. - Other operating expenses increased by 8.8% from RMB 78.0 million in 2023 to RMB 84.9 million in 2024, as there were no tax incentives received in 2024 compared to 2023[75]. - Depreciation and amortization expenses decreased significantly by 37.5% from RMB 3.2 million in 2023 to RMB 2.0 million in 2024, mainly due to certain assets being reclassified as investment properties[74]. Financing and Borrowings - Financing costs netted RMB 69,115,000, an increase from RMB 50,166,000, reflecting a rise of approximately 37.8%[36]. - The weighted average effective interest rate for bank borrowings was 6.37% for the year ended December 31, 2024, compared to 6.04% in 2023[56]. - The group's total long-term and short-term borrowings as of December 31, 2024, were RMB 507.3 million and RMB 50.8 million, respectively, compared to RMB 520.3 million and RMB 36.2 million in 2023[84]. Challenges and Risks - A subsidiary failed to repay a secured bank loan of RMB 254 million, with accrued interest and penalties amounting to RMB 26 million as of December 31, 2024[12]. - The board does not expect the failure to repay the bank loan to have a significant adverse impact on the overall business operations[16]. - A subsidiary of the group failed to repay secured bank loans amounting to RMB 254 million since November 2023, indicating significant uncertainty regarding the group's ability to continue as a going concern[99].
岁宝百货(00312) - 2024 - 年度业绩