Financial Performance - Revenue for the year ended December 31, 2024, was approximately RMB 16.07 billion, a decrease of about 16.6% compared to 2023[2] - The annual gross profit margin was 8.8%, down 1.4 percentage points from 2023[2] - The annual loss was approximately RMB 34.57 billion, compared to RMB 31.03 billion in 2023[2] - The loss attributable to equity holders of the company was approximately RMB 33.08 billion, compared to RMB 32.64 billion in 2023[2] - Basic loss per share for the year was RMB 112.12, compared to RMB 110.65 in 2023[4] - The company reported a total comprehensive loss of RMB 3.78 billion for the year, compared to RMB 2.91 billion in 2023[9] - The group reported a net loss of RMB 3.457 billion for the year ending December 31, 2024, with operating cash outflow[15] - The company did not recommend the payment of a final dividend for the year[2] - The company did not declare any interim or final dividends for the years ended December 31, 2024, and 2023[43] - The annual loss for 2024 is estimated at approximately RMB 3.457 billion, compared to a loss of about RMB 3.103 billion in 2023[59] Assets and Liabilities - Total assets decreased to RMB 87.33 billion in 2024 from RMB 97.68 billion in 2023[10] - Non-current assets decreased to RMB 17.57 billion in 2024 from RMB 19.61 billion in 2023[10] - Current liabilities decreased to RMB 106.32 billion in 2024 from RMB 113.26 billion in 2023[10] - As of December 31, 2024, the group's current liabilities and net debt were RMB 18.986 billion and RMB 5.387 billion, respectively, with total bank and other loans amounting to RMB 24.039 billion[15] - Total liabilities decreased by 6.5% to RMB 110,283,724 in 2024 from RMB 117,959,140 in 2023[45] - Cash and cash equivalents, including restricted bank deposits, decreased by 30.6% to RMB 1,488,079 in 2024 from RMB 2,144,278 in 2023[45] - The net gearing ratio for 2024 was negative 418.6%, a significant change from negative 3,176.3% in 2023[45] - The company has pledged assets totaling approximately RMB 17.521 billion as collateral for bank loans and other financing as of December 31, 2024[64] Revenue Breakdown - Total revenue for 2024 was RMB 16,068,790,000, a decrease of 16.0% from RMB 19,261,092,000 in 2023[26] - Property sales revenue decreased to RMB 15,073,703,000 in 2024 from RMB 18,271,775,000 in 2023, representing a decline of 17.9%[26] - Hotel operating revenue was RMB 321,171,000 in 2024, down from RMB 357,449,000 in 2023, a decrease of 10.1%[26] - Other income decreased significantly to RMB 77,417,000 in 2024 from RMB 190,203,000 in 2023, a decline of 59.3%[28] - The company reported a pre-tax loss of RMB 3,307,681,000 for 2024, compared to a loss of RMB 3,264,341,000 in 2023[37] - The company recorded a net loss of RMB 884,686,000 from other losses in 2024, compared to a loss of RMB 353,363,000 in 2023[28] Debt and Financing - The group has suspended payments to all offshore creditors since June 23, 2023, which may lead to demands for accelerated debt repayment[16] - The group is implementing an offshore debt restructuring plan to ensure sufficient financial resources to meet its obligations[18] - The group is actively seeking additional financing to fulfill its existing financial commitments and future operating expenses[18] - The group has engaged financial and legal advisors to seek a comprehensive solution for its offshore debt situation[18] Market Conditions and Outlook - The group anticipates continued pressure on its real estate business in Henan Province due to a slow recovery in the local market[15] - The company's revenue is projected to decrease by 16.6% from approximately RMB 19.261 billion in 2023 to about RMB 16.069 billion in 2024, primarily due to the macroeconomic downturn and a decline in property delivery volume[52] - The company's gross profit is expected to decline by 27.6% from approximately RMB 1.959 billion in 2023 to about RMB 1.418 billion in 2024, with a gross profit margin decreasing from 10.2% to 8.8%[55] - The national GDP for 2024 is projected at RMB 13.49 trillion, with a growth rate of 5.0% compared to the previous year[69] - The overall real estate market in Henan province is projected to gradually warm up, supported by policies aimed at stabilizing new home sales[154] Project Development and Strategy - The company has six projects under construction with a new construction area of 486,000 square meters as of December 31, 2024[75] - The total area of ongoing projects is approximately 12.876 million square meters, with 120 projects in total[77] - The company is diversifying its portfolio with new strategies in market expansion and product development, focusing on both residential and commercial sectors[88] - The company aims to enhance its market presence through strategic acquisitions and partnerships in the real estate sector[88] Risk Management and Governance - The company will focus on risk management and internal control systems to ensure effective evaluation and implementation of strategies[163] - The company has established a three-line system for risk management and internal control, comprising business control, human resources management, and financial management as the "first line," with internal control and regulatory functions as the "second line," and independent internal audit as the "third line"[164] - The board and audit committee review the effectiveness of the company's risk management and internal control systems at least annually, ensuring compliance with internal audit and external auditor recommendations[166] - The company has adopted an anti-corruption policy outlining expectations related to the prevention, detection, reporting, and investigation of fraud and corruption[167]
建业地产(00832) - 2024 - 年度业绩