Financial Performance - Revenue for the year ended December 31, 2024, was RMB 6,780,685, a decrease of 18.5% compared to RMB 8,315,073 in 2023[3] - Gross profit for the same period was RMB 277,521, down 19.4% from RMB 344,133 in 2023, with a gross margin of 4.09%[3] - Net profit increased by 14.1% to RMB 13,731 from RMB 12,030 in 2023, resulting in a net profit margin of 0.20%[3] - The total comprehensive income for the year was RMB 13,532, compared to RMB 12,143 in 2023[5] - The company reported a basic and diluted earnings per share of RMB 0.01, down from RMB 0.02 in 2023[6] - The pre-tax profit for the total segments was RMB 9,740,000, compared to RMB 10,520,000 in the previous year, indicating a decrease of 7.4%[26][27] - Profit for the year increased by approximately 14.1% from RMB 12.0 million for the year ended December 31, 2023, to approximately RMB 13.7 million for the year ended December 31, 2024, with a net profit margin increase from approximately 0.1% to 0.2%[86] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 5,314,587, a decrease from RMB 5,825,376 in 2023[7] - Current assets totaled RMB 5,836,918, down from RMB 6,321,370 in 2023, with cash and cash equivalents at RMB 184,036[7] - Current liabilities decreased to RMB 4,558,141 from RMB 5,047,602 in 2023, resulting in a net current asset value of RMB 1,278,777[7] - Non-current assets totaled RMB 477,669, down from RMB 504,006 in 2023, with property, plant, and equipment at RMB 119,823[7] - The total accounts receivable as of December 31, 2024, was RMB 2,210,219,000, an increase from RMB 1,739,777,000 in 2023, reflecting a growth of about 27.1%[49] - The net accounts receivable after impairment provisions was RMB 1,869,705,000 in 2024, up from RMB 1,516,598,000 in 2023, indicating an increase of approximately 23.3%[49] - The impairment provision for accounts receivable increased to RMB 340,514,000 in 2024 from RMB 223,179,000 in 2023, marking a rise of about 52.7%[51] - The group's contract assets totaled RMB 3,035,759,000 as of December 31, 2024, down from RMB 3,300,405,000 in 2023, with a net value of RMB 2,883,549,000 after impairment[58] Revenue Breakdown - Revenue from external customers in mainland China was RMB 6,688,909,000, down from RMB 8,192,955,000 in 2023, representing a decline of 18.4%[28] - The construction contracting segment generated revenue of RMB 6,697,394,000, while the other segment contributed RMB 83,291,000[26] - The construction engineering contracting segment generated revenue of RMB 6,697,394,000, down from RMB 8,218,191,000 in the previous year, indicating a decrease of about 18.5%[34] - The construction contracting business contributed approximately 98.8% of total revenue, with residential projects accounting for 40.0% and industrial projects for 30.3%[76] Expenses and Costs - Research and development expenses for the year were RMB 213,451,000, down from RMB 248,576,000 in 2023, representing a decrease of about 14.1%[43] - The pre-tax profit for the year was significantly impacted by construction engineering contracting costs, which totaled RMB 6,460,989,000, compared to RMB 7,925,081,000 in the previous year, a reduction of approximately 18.5%[43] - The total financial costs decreased to RMB 30,951,000 in 2024 from RMB 40,909,000 in 2023, a reduction of about 24.4%[42] - Administrative expenses decreased by approximately 10.8% from RMB 173.0 million for the year ended December 31, 2023, to approximately RMB 154.2 million for the year ended December 31, 2024, due to effective cost control measures[80] - Net impairment losses on financial and contract assets decreased by approximately 22.6% from RMB 129.7 million for the year ended December 31, 2023, to approximately RMB 100.4 million for the year ended December 31, 2024, as a result of enhanced credit control measures[81] Dividends and Shareholder Returns - The company did not recommend a final dividend for the year ended December 31, 2024, compared to a pre-tax dividend of 2.0 HK cents in 2023[3] - The company did not recommend a final dividend for the year ending December 31, 2024, compared to a dividend of RMB 1.81 per share in 2023[46] - The company does not plan to distribute a final dividend for the year ended December 31, 2024, compared to a final dividend of HKD 0.02 per share in 2023[109] Market and Industry Outlook - The total construction investment in China for 2024 was RMB 10.03 trillion, a decline of 10.6% year-on-year, indicating a conservative market outlook[65] - The total output value of the construction industry reached approximately RMB 32.7 trillion in 2024, with a year-on-year growth of 5%[66] - New advanced materials and intelligent construction technologies are emerging as industry highlights, improving cost efficiency and safety in construction[67] Corporate Governance and Compliance - The audit committee has reviewed the financial statements for the year ended December 31, 2024, ensuring compliance with accounting principles and internal controls[114] - The company has fully complied with the corporate governance code during the reporting period[105] Strategic Initiatives - The company aims to enhance its market competitiveness by optimizing market layout and business structure, focusing on quality improvement and operational efficiency[101] - The company will continue to adhere to its core values of integrity, pragmatism, innovation, and harmony while seizing opportunities in smart construction and green transformation[101] - The company has established a competition avoidance agreement with its controlling shareholders to prevent future competition in its main business[103]
巨匠建设(01459) - 2024 - 年度业绩