Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 22,338,716, a decrease of 15.5% from RMB 26,479,305 in 2023[4] - The gross profit for the year was RMB 1,741,682, down 20.9% from RMB 2,203,933 in the previous year[4] - Operating profit decreased to RMB 960,704, representing a decline of 35.0% compared to RMB 1,478,759 in 2023[4] - The net profit for the year was RMB 894,380, an increase of 78.2% from RMB 501,243 in 2023[4] - Basic earnings per share rose to RMB 1.69, compared to RMB 0.79 in the previous year[4] - The company reported a total comprehensive income of RMB 498,322 for the year, down from RMB 1,185,265 in 2023[6] - Total revenue for the year ended December 31, 2024, was RMB 25,593,450,000, a decrease from RMB 29,527,945,000 in 2023, representing a decline of approximately 13.3%[17] - Operating profit for the group was RMB 960,704,000, down from RMB 1,478,759,000 in the previous year, indicating a decrease of about 35%[17] - Profit attributable to owners was approximately RMB 409,907,000, a significant decline of about 53.9% from RMB 889,256,000 in 2023, with earnings per share of RMB 0.79, down about 53.3% from RMB 1.69[55] Assets and Liabilities - Total assets decreased to RMB 45,202,576 from RMB 48,514,157, reflecting a decline of 6.8%[9] - The total assets of the group as of December 31, 2024, amounted to RMB 45,202,576,000, compared to RMB 48,514,157,000 in 2023, reflecting a reduction of approximately 4.8%[10] - The total liabilities of the group decreased to RMB 31,655,053,000 in 2024 from RMB 35,510,228,000 in 2023, a decline of approximately 10.8%[10] - The group maintained a net cash position with a net cash ratio of 49.1% as of December 31, 2024, down from 58.7% in 2023[83] - The total debt ratio was approximately 2.3 as of December 31, 2024, compared to 2.7 in 2023[82] Revenue Breakdown - The construction segment generated revenue of RMB 15,536,750,000, while the property development segment contributed RMB 5,269,450,000, and the construction materials segment accounted for RMB 4,005,388,000[17] - Revenue from construction engineering services for 2024 was RMB 14,135,006, a decrease of 11.7% from RMB 16,014,859 in 2023[19] - Total revenue from property sales in 2024 was RMB 5,269,450, down 27.7% from RMB 7,285,893 in 2023[19] - The company reported a revenue of approximately RMB 2,542,462,000 for its construction materials business, a decrease of about 10% year-on-year, with an operating loss of RMB 27,321,000[74] Cash Flow and Expenses - Cash outflow from operating activities was approximately RMB 24.5 million in 2024, a decrease of RMB 1.46 billion compared to a net cash inflow of RMB 1.43 billion in 2023[87] - The group’s financial costs net amount was approximately RMB 14.8 million in 2024, compared to a net financial income of RMB 4.6 million in 2023[89] - The group’s administrative expenses decreased to approximately RMB 755.6 million in 2024, down from RMB 816.9 million in 2023, a reduction of about RMB 61.2 million[88] - The group’s sales and promotion costs were approximately RMB 160.1 million in 2024, down from RMB 201.3 million in 2023, a decrease of about RMB 41.2 million[86] Investments and Projects - The group is currently developing several projects, including Baoye Four Seasons Garden with a planned construction area of approximately 650,000 square meters[63] - The company acquired the "Baoye Yunxi Li" project with a total transaction price of RMB 511,036,354 and a land area of 262,862 square meters, holding a 60% equity stake[66] - The "Baoye Puyuan" project in Wuhan was obtained for RMB 1,199,900,000, covering approximately 45,582 square meters, with 7 out of 9 residential buildings already on sale[66] - The "Baoye Qinyuan" project in Yichang was acquired for RMB 455,100,000, with a total land area of 73,405 square meters and a planned building area of 196,596 square meters, with the first phase expected to start sales in November 2023[67] Market Conditions and Strategy - The domestic economic growth slowed to 5.0%, influenced by weak consumer demand and a challenging real estate market[56] - The company emphasizes long-term value creation amidst a challenging market environment, focusing on sustainable growth rather than short-term gains[55] - The construction industry is expected to recover fully only when the financial chain improves and the transition between old and new driving forces is achieved[77] Governance and Compliance - The company will publish its 2024 Environmental, Social, and Governance report on the Hong Kong Stock Exchange and its website in April 2025[108] - The consolidated financial statements for the year ending December 31, 2024, have been audited by PwC, confirming consistency with the reported figures[111] - The annual report for the year ending December 31, 2024, will be sent to shareholders and published on the Hong Kong Stock Exchange and the company's website[112] Employee and Management Information - The total number of employees as of December 31, 2024, was 6,172, a decrease from 6,413 in 2023, with employee welfare expenses reaching RMB 4,543,856,000[102] - The gender ratio of employees as of December 31, 2024, was approximately 68.97% male and 31.03% female, with ongoing efforts to improve female representation[103] - The company has appointed Mr. Pang Baogen as the Chairman and he will continue to contribute to the overall strategic planning of the company[107]
宝业集团(02355) - 2024 - 年度业绩