Financial Performance - For the year ended December 31, 2024, the contracted sales amounted to approximately RMB 2,077.2 million, a decrease of 45.2% compared to the previous year[4] - Revenue for the year ended December 31, 2024, was RMB 5,906.4 million, representing a decline of approximately 19.0% year-on-year[4] - The group recorded a net loss of RMB 3,245.1 million for the year ended December 31, 2024[4] - The basic and diluted loss per share for the year was RMB (1.95), compared to RMB (1.12) in the previous year[6] - The total segment loss before income tax for 2024 was RMB 3,334,019,000, compared to a loss of RMB 1,715,512,000 in 2023, indicating a significant increase in losses[30] - The total segment loss for the year 2024, after tax credits, was RMB 3,245,057,000, compared to RMB 1,841,331,000 in 2023, indicating a worsening financial position[31] - The company reported a financial loss of RMB 547,094,000 from financial assets measured at fair value, compared to a loss of RMB 377,486,000 in 2023, indicating worsening performance in this area[32] - The company reported a significant increase in impairment losses for trade and other receivables, totaling RMB 396,840,000 in 2024 compared to a reversal of RMB (5,587,000) in 2023[45] - The company’s net loss attributable to equity holders was RMB 3,003.8 million, compared to a loss of RMB 1,721.2 million in 2023, indicating a significant increase in losses[55] Revenue Breakdown - Revenue from property sales decreased to RMB 4,976,408,000 in 2024 from RMB 6,265,777,000 in 2023, representing a decline of approximately 20.5%[27] - The revenue from property sales for the year was approximately RMB 4,976.4 million, representing a decrease of 20.6% compared to the previous year[64] - Revenue from property sales amounted to RMB 4,976.4 million, representing 84.3% of total revenue, down 20.6% from RMB 6,265.8 million in 2023[70] - The company generated RMB 775,046,000 from property management services, slightly down from RMB 793,658,000 in the previous year[27] - Rental income fell to RMB 133,312,000 from RMB 170,371,000, indicating a decrease of about 21.8%[27] Assets and Liabilities - As of December 31, 2024, total assets were RMB 30,617.8 million, down from RMB 39,507.6 million in the previous year[11] - Total liabilities decreased to RMB 29,933.0 million as of December 31, 2024, from RMB 35,302.7 million in the previous year[12] - The company had current liabilities of RMB 3,770,987,000, with short-term and long-term borrowings amounting to RMB 13,206,007,000 and RMB 2,736,256,000 respectively[18] - The total outstanding borrowings decreased from RMB 16,876.1 million on December 31, 2023, to RMB 15,942.3 million on December 31, 2024, representing a reduction of 5.5%[86] - The maximum credit risk exposure as of December 31, 2024, was RMB 10,150,000,000, up from RMB 9,148,000,000 in 2023[46] Cash Flow and Liquidity - The company’s cash and cash equivalents were only RMB 217,757,000, indicating significant liquidity issues[18] - The company’s cash flow from operations is largely independent of market interest rate fluctuations[93] - The company has no significant off-balance sheet liabilities as of December 31, 2024[92] - The company is actively negotiating with lenders to extend repayment schedules and has appointed a financial advisor to assess its capital structure[21] - The board has implemented plans to improve the group's liquidity and financial position, believing it will have sufficient funds to meet its operational obligations for the next 12 months[110] Corporate Governance and Legal Matters - A winding-up petition was submitted against the company on October 10, 2024, for a debt of approximately $108 million, with hearings scheduled for December 18, 2024, and subsequent dates[101] - The company will strongly oppose the petition and take necessary measures to protect its legal rights, with updates to be provided as required[102] - The board has resolved not to recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[99] - The independent auditor was unable to express an opinion on the financial statements due to insufficient appropriate audit evidence[108] - The board had no independent non-executive directors after resignations on December 5, 2024, but has since appointed new independent directors to comply with governance standards[106] Operational Highlights - The company has diversified its business into three main platforms: Jingrui Real Estate, Jingrui Properties, and Jingrui Services to achieve strategic goals[58] - The company continues to focus on the Yangtze River Delta region while actively expanding into surrounding key cities and the Chengdu-Chongqing area[56] - The rental occupancy rate for apartment projects was 92.3%, while the office project occupancy rate was 86.9% as of December 31, 2024[65] - The company employed 2,661 full-time employees as of December 31, 2024, a decrease from 2,990 employees a year earlier[67] - The company’s service platform, covering over 50 cities, managed a contract area of nearly 50 million square meters[66]
景瑞控股(01862) - 2024 - 年度业绩