Financial Performance - The company reported a total revenue of approximately RMB 158.55 billion, representing a year-on-year growth of 20.7%[5] - The profit attributable to shareholders was approximately RMB 1.60 billion[5] - The total comprehensive income for the year was RMB 4.15 billion, compared to RMB 6.68 billion in the previous year[8] - The basic earnings per share attributable to ordinary shareholders was RMB 0.63, down from RMB 1.22 in the previous year[8] - The company reported a net profit of RMB 4,146,128 for the year ending December 31, 2024, down from RMB 6,678,139 in 2023, a decrease of around 37.9%[24] - The profit attributable to equity holders for the year ending December 31, 2024, is RMB 1,596,426,000, down from RMB 3,117,684,000 in 2023[43] - The company reported a decrease in trade and other payables from RMB 57,449,257 thousand in 2023 to RMB 56,354,178 thousand in 2024, a decline of approximately 1.9%[10] - The company’s total liabilities decreased from RMB 303,248,079 thousand in 2023 to RMB 285,505,028 thousand in 2024, a reduction of about 5.6%[10] Assets and Liabilities - As of December 31, 2024, the total cash and bank deposits amounted to approximately RMB 73 billion, with a cash-to-short-term debt ratio of 2.3 times[5] - The weighted average cost of total borrowings decreased to 3.9%, down 40 basis points from 4.3% in 2023[5] - The net asset liability ratio improved to 56.6%, a decrease of 7.2 percentage points from 63.8% at the end of 2023[5] - Total non-current assets reached RMB 71,811,502 thousand in 2024, compared to RMB 71,811,502 thousand in 2023, showing a slight increase[9] - Current assets totaled RMB 463,725,472 thousand in 2024, up from RMB 437,690,728 thousand in 2023, reflecting a growth of approximately 5.8%[10] - The company's total assets minus current liabilities stood at RMB 222,279,943 thousand in 2024, compared to RMB 232,288,895 thousand in 2023, a decrease of about 4.3%[10] - The total equity attributable to shareholders was RMB 113,484,183 thousand in 2024, slightly down from RMB 113,935,108 thousand in 2023[10] Sales and Market Position - The total contracted sales amounted to approximately RMB 276.8 billion, ranking third in the industry, with a sales amount from self-developed projects of approximately RMB 171.8 billion, ranking sixth[5] - The company ranked third in the industry for total contract sales and sixth for self-investment and equity sales, indicating strong market positioning[53] - The company achieved property sales revenue of RMB 758.66 billion in the Zhejiang region, accounting for 51.6% of total sales, leading the market[90] - Total property sales revenue for the year reached RMB 1,327.47 billion, with high-rise and multi-story residential sales contributing 90.3%[90] Project Development - The company added 42 new projects, with a total construction area of approximately 4.18 million square meters and an estimated saleable value of approximately RMB 108.8 billion, with first and second-tier cities accounting for 92%[5] - The self-investment projects accounted for a contracted sales area of about 5.91 million square meters, with a sales amount of approximately RMB 171.8 billion, and the equity amount attributable to the company reached approximately RMB 120.6 billion, with an equity ratio of 70%[55] - The average sales price for new projects was approximately RMB 14,383 per square meter, with a total construction area of about 4.18 million square meters for 42 new projects, and an estimated new value of RMB 108.8 billion[58] - The company has a total land reserve of 146 projects with a total construction area of approximately 27.47 million square meters, of which the equity total construction area is about 17.85 million square meters[62] Financial Strategy and Outlook - The company plans to continue focusing on property development and management as key growth areas moving forward[26] - The company anticipates a total salable value of approximately RMB 200.2 billion for 2025, with a salable area of about 6.28 million square meters, focusing on high-tier core cities[85] - The company aims to enhance cash safety and stabilize its development foundation by optimizing debt structure and maintaining low financing costs[81] - The company plans to strengthen its product advancement by improving construction standards and promoting the application of high-quality housing elements[82] Corporate Governance and Compliance - The company has consistently adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations throughout the year[120] - The audit committee has reviewed the accounting principles and practices adopted by the group for the fiscal year ending December 31, 2024[122] - The annual report containing all required information will be sent to shareholders and published on the Hong Kong Stock Exchange website[128] Employee and Talent Management - As of December 31, 2024, the group employed a total of 8,765 employees, a decrease from 9,403 employees as of December 31, 2023[119] - The company has successfully introduced over 120 core talents externally and promoted over 650 internal talents, improving the talent structure[69] Environmental, Social, and Governance (ESG) - The company received an ESG rating of BBB from MSCI and an A rating from Wind, placing it in the top 5% of the industry[78] - The company completed 116 audit projects and organized 88 anti-corruption training sessions in 2024, achieving 100% coverage of all employees[78]
绿城中国(03900) - 2024 - 年度业绩