Financial Performance - The total contracted sales amount for the year ended December 31, 2024, was RMB 6,729.0 million, a decrease of 56.3% compared to the previous year[3]. - The group's revenue for the year ended December 31, 2024, was RMB 33,416.9 million, down from RMB 38,774.9 million in the previous year[4]. - The loss attributable to the parent company for the year ended December 31, 2024, was RMB 6,829.8 million, compared to RMB 8,467.9 million in the previous year[3]. - The group's gross profit for the year ended December 31, 2024, was RMB 1,963.8 million, compared to RMB 2,178.7 million in the previous year[4]. - The net loss for the year ended December 31, 2024, was RMB 7,539.0 million, an improvement from RMB 9,485.6 million in the previous year[5]. - Total revenue for 2024, including rental income, was RMB 33,416,906 thousand, compared to RMB 38,774,935 thousand in 2023, indicating a decrease of 13.8%[23]. - The group's pre-tax loss for 2024 was RMB 7,368,776,000, a decrease from RMB 9,004,282,000 in 2023, representing a 18.2% improvement[30]. - The income tax expense for the year was RMB 170,270,000, significantly lower than RMB 481,280,000 in 2023, reflecting a 64.7% decrease[33]. - The basic and diluted loss per share for 2024 was RMB (1.56), an improvement from RMB (1.94) in 2023[38]. - The group recorded a loss of RMB 7,539.0 million in 2024, an improvement from a loss of RMB 9,485.6 million in 2023[79]. Assets and Liabilities - As of December 31, 2024, the total land bank held by the group and its joint ventures was 9.95 million square meters, down from 12.98 million square meters the previous year[3]. - The total assets less current liabilities as of December 31, 2024, amounted to RMB 3,944.0 million, down from RMB 13,789.7 million the previous year[6]. - The company's current liabilities as of December 31, 2024, were RMB 12,867,740,000 and total debt obligations of RMB 69,477,634,000, with RMB 63,537,982,000 due within the next twelve months[12]. - The group held completed properties for sale valued at RMB 29,483.4 million as of December 31, 2024, a slight decrease of 1.0% from RMB 29,801.2 million in 2023[61]. - The amount of properties under development decreased by 48.2% to RMB 33,373.4 million as of December 31, 2024, down from RMB 64,430.2 million in 2023[62]. - The total debt amounted to RMB 27,827.9 million as of December 31, 2024, a decrease from RMB 29,000.5 million in 2023[82]. - The total principal and interest of interest-bearing bank and other borrowings, preferred notes, corporate bonds, perpetual capital securities, and asset-backed securities amounted to RMB 69,477,634,000, with RMB 63,537,982,000 due within the next twelve months[123]. Cash Flow and Financing - The group's cash and cash equivalents as of December 31, 2024, were RMB 1,215.3 million, compared to RMB 1,716.9 million in the previous year[6]. - The financing costs for the year ended December 31, 2024, were RMB 3,730.3 million, an increase from RMB 2,588.9 million in the previous year[4]. - The group has defaulted on certain preferred notes totaling RMB 21,406,730,000 and interest of RMB 1,464,816,000, resulting in a default event of RMB 7,583,850,000[12]. - The company is actively negotiating with lenders to extend repayment terms for certain loans and is seeking new financing at reasonable costs to ensure project delivery[13]. - The company is implementing plans to improve its liquidity and financial condition, including debt restructuring and negotiations with lenders[124]. Operational Performance - The group delivered approximately 26,900 new homes in 2024, focusing on maintaining operational stability and ensuring project delivery[51]. - The average contract selling price for the fiscal year 2024 was RMB 14,664 per square meter, compared to RMB 14,986 per square meter in 2023, reflecting a decline of 2.1%[56]. - Revenue from property sales recognized for the fiscal year 2024 was RMB 33,331.1 million, a decrease of 13.8% from RMB 38,648.3 million in 2023[59]. - The average selling price of recognized property sales increased by 12.4% to RMB 17,340 per square meter in 2024, up from RMB 15,433 per square meter in 2023[59]. - The group has implemented measures to control costs and expenses effectively[13]. Risk Management - The group faced significant foreign exchange and interest rate risks due to its operations primarily in China and reliance on RMB for transactions[86]. - The group has not engaged in hedging activities to manage foreign exchange or interest rate risks, indicating a potential vulnerability to market fluctuations[86]. - The management's ability to execute the plans and measures remains uncertain, particularly regarding the successful restructuring of offshore debt[14]. Corporate Governance - The board of directors does not recommend the distribution of a final dividend for the fiscal year 2024, consistent with the previous year where no dividend was declared[115]. - The company has adopted the Corporate Governance Code and is committed to high standards of corporate governance[118]. - The audit committee has reviewed the consolidated financial statements for the fiscal year 2024 before submission to the board for approval[121]. - The independent auditor's report indicates an inability to express an opinion on the group's consolidated financial statements due to uncertainties regarding going concern[122].
正荣地产(06158) - 2024 - 年度业绩