Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 89,227 million, with commercial property management services and rental income contributing about RMB 12,033 million, representing a year-on-year growth of 13.9%[3] - The company's revenue for the year ended December 31, 2024, was RMB 89,226,520 thousand, a decrease of 25.3% compared to RMB 119,463,530 thousand in 2023[7] - Gross profit was approximately RMB 14,984 million, with a gross profit margin of 16.8%[3] - Gross profit for the same period was RMB 14,984,406 thousand, down 7.3% from RMB 16,167,987 thousand in the previous year[7] - The total comprehensive income for the year was RMB 674,187 thousand, down from RMB 966,054 thousand in 2023, showing a decline in overall profitability[9] - The group recorded a total revenue of RMB 1,347,353,000 from discontinued operations for the period ended November 21, 2023[56] - The group recorded a profit from discontinued operations of RMB 1,251,606,000 for the year ended November 21, 2023[56] - The group’s financial performance from discontinued operations showed a pre-tax profit of RMB 188,382,000 for the year ended November 21, 2023[56] Profitability - Net profit attributable to equity holders of the company was approximately RMB 491 million[3] - Profit from continuing operations was RMB 682,098 thousand, compared to a loss of RMB 467,034 thousand in 2023, indicating a recovery in core business performance[7] - The company reported a profit attributable to equity holders from continuing operations of RMB 491,312,000 for the year ended December 31, 2024, compared to a loss of RMB 366,785,000 in 2023[48] - Basic earnings per share from continuing operations improved to RMB 0.07 from a loss of RMB 0.05 in the previous year[7] - The net profit attributable to equity holders for the year ending December 31, 2024, is approximately RMB 491.3 million, a decline of 44.1% year-on-year[8] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 377,088,556 thousand[6] - Total liabilities amounted to RMB 222,335,178 thousand, compared to RMB 286,579,215 thousand in the previous year[6] - The net debt to equity ratio stood at 53.8%[3] - Current liabilities were RMB 171,664,601 thousand, down from RMB 238,673,296 thousand in the previous year[6] - The total short-term borrowings amounted to RMB 16,071,392,000, with cash and cash equivalents at RMB 6,914,613,000 and restricted cash at RMB 3,703,679,000[15] - As of December 31, 2024, the group's current liabilities exceeded current assets by RMB 17,743,103,000[15] Financial Management - Total borrowings amounted to approximately RMB 57,733 million, a decrease of 8.6% year-on-year, with a weighted average borrowing cost of 5.88%, down by 0.27 percentage points[3] - The board believes that the group will be able to obtain sufficient operating funds and financing sources to ensure the repayment of debts due within 12 months after December 31, 2024[16] - The group aims to enhance its operational management position and increase total revenue as a key source for interest repayment on debt[18] - The group plans to leverage financial policy support to increase operational property financing and actively participate in innovative financing related to real estate[18] - The group intends to utilize various methods to activate existing assets and increase cash sources, seizing opportunities from policy implementations[18] Operational Efficiency - Operating profit decreased to RMB 6,763,257 thousand from RMB 6,224,954 thousand, reflecting a decline in operational efficiency[7] - The company incurred a net impairment loss on financial assets of RMB 908,136 thousand, down from RMB 1,197,403 thousand in 2023, suggesting improved asset quality[7] - The company’s marketing expenses decreased to RMB 4,032,137 thousand from RMB 5,209,342 thousand, reflecting cost-cutting measures[7] - Administrative expenses decreased by 23.0% to approximately RMB 3,193.6 million for the year ending December 31, 2024, primarily due to a reduction in staff and cost-saving measures[10] Market and Sales - In 2024, the company recorded property sales revenue of approximately RMB 76,041 million, with a total delivered property area of about 9,854,354 square meters[66] - The average selling price of properties delivered in 2024 was RMB 7,716 per square meter[66] - The company achieved a total contract sales amount of approximately RMB 40,171 million, with a contract sales area of about 5,388,200 square meters[68] - The average contract sales price (excluding parking spaces) was RMB 9,832 per square meter[68] - The company delivered over 100,000 residential units in 2024 and opened 15 new Wuyue Plaza locations, increasing property management area by over 25 million square meters[60] Corporate Governance - The company has adhered to corporate governance standards, ensuring compliance with applicable rules and regulations throughout the fiscal year ending December 31, 2024[96] - The board confirmed compliance with the standard code for securities trading by directors for the fiscal year ending December 31, 2024[97] - The company has implemented a performance review system to evaluate employee performance and determine salary adjustments and promotions[92] Future Outlook - The real estate market in China is expected to stabilize with supportive policies, leading to anticipated sales revenue growth for the company in 2025[59] - The available land resources for future residential sales amount to approximately 31.44 million square meters as of December 31, 2024[70]
新城发展(01030) - 2024 - 年度业绩