Financial Performance - Revenue decreased from approximately RMB 1,468,340,000 for the year ended December 31, 2023, to RMB 864,860,000 for the year ended December 31, 2024, representing a decline of approximately 41.10%[2] - Gross profit fell from approximately RMB 234,100,000 for the year ended December 31, 2023, to RMB 132,500,000 for the year ended December 31, 2024, a decrease of about 43.40%[2] - The loss attributable to shareholders decreased from approximately RMB 901,410,000 for the year ended December 31, 2023, to RMB 536,850,000 for the year ended December 31, 2024[2] - Basic and diluted loss per share was RMB 7.70 for the year ended December 31, 2024, compared to RMB 12.93 for the year ended December 31, 2023[3] - The group reported a net loss of RMB 552,000,000 for the year ending December 31, 2024[9] - The pre-tax loss for 2024 was significantly impacted by an impairment loss of RMB 105,000,000 related to investments in associates, compared to RMB 210,300,000 in 2023[30][31] - The total income tax credit for 2024 was RMB (82,389,000), compared to RMB (14,764,000) in 2023, indicating a larger tax benefit[32] - The company did not recommend any dividend payment for the year ending December 31, 2024, consistent with 2023[33] Assets and Liabilities - Total non-current assets increased from RMB 8,065,613,000 as of December 31, 2023, to RMB 10,256,282,000 as of December 31, 2024[6] - Current liabilities decreased from RMB 2,788,448,000 as of December 31, 2023, to RMB 1,335,904,000 as of December 31, 2024[7] - Total assets decreased from RMB 12,602,082,000 as of December 31, 2023, to RMB 11,639,091,000 as of December 31, 2024[7] - The company's equity attributable to shareholders decreased from RMB 1,375,657,000 as of December 31, 2023, to RMB 821,534,000 as of December 31, 2024[8] - The total liabilities of the group decreased to RMB 10,527,094,000 in 2024 from RMB 10,599,305,000 in 2023[21] - The total borrowings of the group as of December 31, 2024, were approximately RMB 8,089,060,000, with a capital debt ratio of approximately 302.55%[100] - As of December 31, 2024, the group's bank and other borrowings amounted to approximately RMB 6,598,780,000, with 0.44%, 1.61%, and 97.95% denominated in USD, HKD, and RMB respectively[101] Operational Highlights - The logistics business segment generated revenue of RMB 122,428,000 in 2024, down from RMB 180,534,000 in 2023, representing a decline of 32.2%[21] - The sales of frozen products in 2024 amounted to RMB 626,473,000, a significant drop of 44.5% from RMB 1,132,195,000 in 2023[27] - The property management fees decreased to RMB 5,262,000 in 2024 from RMB 23,118,000 in 2023, reflecting a decline of 77.2%[27] - The group had two major customers from the trading business segment contributing over 10% of total revenue in 2024, with revenues of RMB 148,297,000 and RMB 86,529,000 respectively[26] - The average occupancy rate for the Shanghai warehouse was 56.73% as of December 31, 2024, down from 60.09% in 2023[50] - The average occupancy rate for the Tianjin (Airport Area) warehouse was 34.95% as of December 31, 2024, down from 37.43% in 2023[51] Strategic Initiatives - The company plans to continue its business transformation by gradually divesting from heavy asset businesses and focusing on the cold chain and food supply chain sectors[46] - The company aims to reduce reliance on heavy assets and investment speed, focusing on the food supply chain platform business as a new growth avenue[70] - The company plans to create a light asset, low-risk, and strong cash flow S2B2C food supply chain platform within three to five years[69] - The company is focusing on integrating digital platforms with warehousing logistics infrastructure to enhance supply chain efficiency[69] Financing and Liquidity - The company secured bank financing of HKD 300,000,000 in March 2025 and received a waiver for a loan of RMB 135,000,000 from a subsidiary[10] - The group has a liquidity support agreement with Beijing Enterprises Group, which commits to providing backup financing if necessary[10] - The ability to continue as a going concern depends on successful property sales and obtaining additional bank funding[11] - The group has implemented measures to ensure sufficient operating funds to meet its financial obligations[11] Market and Industry Trends - The food supply chain industry is projected to grow significantly in 2024, with a market size of RMB 4.84 trillion and a year-on-year growth of 10.2% in service supply chain enterprises[68] - The company aims to build the most comprehensive and advanced integrated service platform for the frozen products industry in China[58] Future Outlook - The company is actively working to improve communication with existing tenants and expand new tenant resources to enhance the leasing environment[51] - The group plans to seek quality partners to establish a fund for the next phase of the Cambodia project, aiming to provide financial support[63] Miscellaneous - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and are presented in RMB[12] - The group has not hedged its foreign currency risks, which may have significant financial implications due to exchange rate fluctuations[106] - The group's consolidated financial statements for the year ending December 31, 2024, have been audited and approved by Deloitte[119] - The annual report for 2024 will be sent to shareholders in April 2025 and will also be available on the company’s website[120] - The board expresses gratitude to shareholders, customers, banks, and business partners for their trust and support during the business adjustment period[121]
北京建设(00925) - 2024 - 年度业绩