Financial Performance - The group's consolidated revenue for 2024 was approximately RMB 7.030 billion, a decrease of 26.2% compared to RMB 9.525 billion in 2023[3]. - The consolidated loss attributable to equity holders for 2024 was approximately RMB 17.911 billion, an increase of 2.8 times from RMB 4.671 billion in 2023[3]. - The basic and diluted loss per share for 2024 was RMB 29.4, which is 2.8 times higher than RMB 7.7 in 2023[3]. - The total comprehensive loss for 2024 was RMB 1.817 billion, compared to RMB 639.9 million in 2023[7]. - The company reported a net loss of RMB 643,145 thousand for the year ended December 31, 2023[28]. - The annual loss increased by 181.3% to RMB 1.8092 billion in 2024 from RMB 643.1 million in 2023[91]. - The company's gross profit for 2024 was approximately RMB 1.5168 billion, a decrease of 22.0% from RMB 1.9445 billion in 2023[65]. - The financing income net increased by 156.2% to approximately RMB 52 million in 2024 from RMB 20.3 million in 2023[67]. Assets and Liabilities - The total assets as of December 31, 2024, were RMB 62.327 billion, down from RMB 70.668 billion in 2023[8]. - The total liabilities decreased to RMB 45.525 billion in 2024 from RMB 51.652 billion in 2023[10]. - The net asset value was RMB 16.802 billion in 2024, compared to RMB 19.015 billion in 2023[10]. - Trade receivables decreased from RMB 1,018,722,000 in 2023 to RMB 971,076,000 in 2024, with a net amount of RMB 172,132,000 after impairment provisions[33]. - Total borrowings decreased from RMB 2,515,134,000 in 2023 to RMB 2,110,728,000 in 2024, with a significant portion secured against properties under development[38]. - The debt-to-asset ratio was 73.0% in 2024, slightly down from 73.1% in 2023, indicating stable leverage levels[98]. Revenue Breakdown - Total revenue for the year ended December 31, 2024, was RMB 7,030,291, with property development contributing RMB 5,973,499[27]. - Property development revenue decreased to RMB 5,973,499 thousand in 2024 from RMB 8,524,842 thousand in 2023, representing a decline of 29.9%[30]. - Hotel segment revenue fell to RMB 288,592 thousand in 2024 from RMB 356,210 thousand in 2023, a decrease of 19.0%[30]. - The property investment and management segment's revenue increased from approximately RMB 619.7 million in 2023 to RMB 658.9 million in 2024, a growth of 6.3%[89]. Investment Properties - The fair value loss on investment properties for 2024 was RMB 1.199 billion, compared to RMB 652.6 million in 2023[6]. - Fair value losses on investment properties reached RMB 1,198,766[27]. - The fair value loss on investment properties for 2024 was approximately RMB 1.1988 billion, up from RMB 652.6 million in 2023[66]. Dividends - The group did not recommend the payment of a final dividend for the year ended December 31, 2024[4]. - The company has not declared any interim dividends and does not recommend a final dividend for the year ended December 31, 2024[57]. Operational Metrics - The total area of properties delivered in 2024 was approximately 1,058,431 square meters, a decrease of 27.3% from 1,458,069 square meters in 2023[67]. - The average selling price of delivered properties in 2024 was RMB 5,643.7 per square meter, a decrease of 3.5% from RMB 5,846.7 per square meter in 2023[68]. - The total area of properties held by the group as of December 31, 2024, is 1,500,207 square meters[84]. Employee Costs - The company incurred employee costs of RMB 264,106,000 in 2024, down from RMB 276,332,000 in 2023, with salaries and wages accounting for RMB 233,774,000[49]. - The company employed 3,382 staff as of December 31, 2024, down from 3,804 in 2023[103]. Future Projects and Development - The company has a total of 129 projects, with a combined construction area of 16.3 million square meters[74]. - The company is actively expanding its footprint in the residential and commercial sectors, with a focus on mixed-use developments to cater to diverse market needs[77]. - The company has multiple ongoing projects with completion dates ranging from 2025 to 2027, including residential and commercial properties[80]. - The total estimated completion area for upcoming projects is approximately 500,000 square meters, which will enhance the company's market presence[77]. Audit and Compliance - The audit committee reviewed the annual performance and financial statements for the year ending December 31, 2024[109]. - The company has appointed Hong Kong Shinewing Certified Public Accountants Limited as the auditor for the fiscal year ending December 31, 2024[112]. - A resolution will be proposed at the upcoming annual general meeting to reappoint Hong Kong Shinewing Certified Public Accountants Limited as the auditor for the year 2025[112].
明发集团(00846) - 2024 - 年度业绩