Financial Performance - Revenue for the year ended December 31, 2024, was RMB 254,789 thousand, a decrease of 6.8% compared to RMB 273,372 thousand in 2023[4] - The net loss for the year was RMB 162,123 thousand, compared to a net loss of RMB 80,267 thousand in 2023, representing an increase in loss of 102.3%[5] - Core net profit for 2024 was RMB 73,776 thousand, down from RMB 82,782 thousand in 2023, resulting in a core net profit margin of 29% compared to 30% in the previous year[4] - The company reported a significant increase in investment property fair value loss to RMB 314,532 thousand in 2024 from RMB 217,399 thousand in 2023, an increase of 44.7%[5] - Basic and diluted loss per share for 2024 was RMB (0.11), compared to RMB (0.05) in 2023, indicating a worsening in per-share performance[5] - The net loss before tax for the year ending December 31, 2024, was RMB 201,429 thousand, worsening from a loss of RMB 91,087 thousand in 2023[23][24] - The group reported a pre-tax loss of RMB 201,429,000 for 2024, compared to a loss of RMB 91,087,000 in 2023, reflecting a significant increase in losses[44] - The income tax expense for 2024 was RMB 39,306,000, compared to RMB 10,820,000 in 2023, representing a significant increase[37] - The income tax expense calculated at the applicable corporate tax rate of 25% for China amounted to RMB 50,357,000 for 2024, up from RMB 22,772,000 in 2023[44] - Operating loss increased by approximately RMB 115.0 million or 347.6% from about RMB 33.1 million in 2023 to about RMB 148.1 million in 2024, mainly due to increased fair value losses on investment properties[89] Assets and Liabilities - The total assets decreased to RMB 2,665,157 thousand in 2024 from RMB 2,934,280 thousand in 2023, reflecting a decline of 9.2%[7] - Non-current liabilities decreased to RMB 939,942 thousand in 2024 from RMB 1,150,246 thousand in 2023, a reduction of 18.3%[8] - The total equity decreased to RMB 1,173,204 thousand in 2024 from RMB 1,335,736 thousand in 2023, a decline of 12.1%[8] - Total liabilities increased to RMB 1,491,953 thousand as of December 31, 2024, compared to RMB 1,598,544 thousand in 2023, showing a decrease of about 6.7%[25][26] - The group recognized lease liabilities of RMB 193,859,000 and related right-of-use assets of RMB 1,083,388,000 as of December 31, 2024, compared to RMB 214,867,000 and RMB 1,244,171,000 in 2023, respectively[49] - The total amount of trade payables due within one year is RMB 25,706,000 as of December 31, 2024, an increase from RMB 21,290,000 in 2023[64] - The total deferred tax liabilities for 2024 were RMB 242,803 thousand, down from RMB 300,062 thousand in 2023[77] Revenue Segments - The property leasing segment generated revenue of RMB 188,613 thousand for the year ending December 31, 2024, compared to RMB 199,442 thousand in 2023, reflecting a decrease of about 5.9%[23][24] - Revenue from property management services was RMB 57,965,000 in 2024, compared to RMB 61,310,000 in 2023, reflecting a decrease of 5.7%[32] - Property leasing income for 2024 was RMB 188,613,000, down from RMB 199,442,000 in 2023, representing a decline of 5.9%[32] - The total rental income for the group was RMB 188,613,000 in 2024, a decrease from RMB 199,442,000 in 2023[49] - Property management service income in Guangzhou region for 2024 is RMB 33,394,000, down from RMB 35,870,000 in 2023, representing a decline of 6.9%[108] - Sales of goods revenue fell by approximately RMB 3.2 million or 28.2% to about RMB 8.1 million in 2024, compared to RMB 11.3 million in 2023, primarily due to reduced revenue from the B2C platform[83] Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 582,501 thousand in 2024 from RMB 513,011 thousand in 2023, an increase of 13.5%[7] - As of December 31, 2024, cash and cash equivalents amounted to approximately RMB 582.5 million, compared to RMB 513.0 million as of December 31, 2023[96] - The total borrowings amount to RMB 813.424 million as of December 31, 2024, down from RMB 880.436 million in 2023, reflecting a decrease of 7.6%[71] - The average effective interest rate for total borrowings decreased from 5.73% in 2023 to 5.56% in 2024[73] - The capital-to-debt ratio as of December 31, 2024, was 20%, down from 27% as of December 31, 2023[98] - As of December 31, 2024, net current assets were RMB 100.4 million, compared to RMB 144.1 million as of December 31, 2023, with a current ratio of 1.18 compared to 1.32 in 2023[99] Corporate Governance and Compliance - The company adheres to corporate governance principles as per the listing rules, ensuring effective management oversight[115] - The audit committee has reviewed the annual performance for 2024 and confirmed that it complies with relevant accounting standards and regulations[125] - The company confirmed that over 25% of its issued shares are held by the public, complying with listing rules[124] - The company has maintained compliance with the public float requirements as of the announcement date[124] - The company has not reported any significant events occurring after the end of the reporting period up to the announcement date[123] Future Outlook and Strategy - The company anticipates economic recovery in 2024, which is expected to positively impact its six main business segments[113] - The company plans to continue expanding its online store business and enhance market share and brand influence through a light-asset project development model[114] - The company aims to enhance stable cash flow by acquiring mature property management service projects, which will benefit the company and its shareholders[114] - The company maintains a cautious outlook for the next 12 months due to uncertainties in the broader economic recovery[113] Shareholder Information - The company will hold its annual general meeting on May 30, 2025, and will suspend share transfer registration from May 27 to May 30, 2025[127] - The company’s annual report for 2024 will be distributed to shareholders in April 2025[128] - The board did not recommend the payment of a final dividend for 2024, consistent with 2023[78] - The company did not derive more than 10% of its revenue from any single external customer for the year ended December 31, 2024, consistent with 2023[30] Audit and Financial Reporting - The company appointed Zhong Zheng Tian Heng CPA Limited as the new auditor effective from December 31, 2024, following the resignation of the previous auditor[122] - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on the financial position and performance[14] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, expecting no significant impact on the consolidated financial statements[15]
信基沙溪(03603) - 2024 - 年度业绩