Financial Performance - Revenue increased significantly by approximately 94.5% to about RMB 40,770,075,000[2] - The company reported a loss attributable to the parent company of approximately RMB 7,863,349,000[2] - The total comprehensive loss for the year amounted to approximately RMB 8,407,463,000[6] - The company experienced a net loss before tax of approximately RMB 8,211,620,000[3] - The company reported a net loss attributable to shareholders of RMB 7,863,349 thousand for the year ending December 31, 2024, compared to a loss of RMB 7,991,050 thousand in the previous year, indicating a slight improvement[7] - Total comprehensive loss for the year was RMB 8,407,463 thousand, down from RMB 8,900,799 thousand in the previous year, reflecting a reduction in overall losses[7] - The group reported a pre-tax loss of 530,406 thousand RMB for the year 2024, compared to 725,878 thousand RMB in 2023, indicating a decrease of approximately 26.9%[30] - The company recorded a slight decrease in loss attributable to equity holders from about RMB 7.99 billion in 2023 to approximately RMB 7.86 billion in 2024, attributed to increased gross profit from property deliveries[61] Revenue Sources - Revenue from property sales amounted to RMB 38,843,471 thousand, compared to RMB 19,095,549 thousand, indicating a growth of about 103% year-over-year[28] - Other income and gains totaled RMB 286,830 thousand, up from RMB 660,818 thousand, reflecting a decrease of approximately 57%[28] - The company’s management fee income was RMB 1,201,595 thousand, slightly up from RMB 1,164,184 thousand, reflecting a growth of around 3%[28] - The company recorded a total of RMB 30,969 thousand in rental income, an increase from RMB 26,782 thousand, representing a growth of approximately 15%[28] - The company’s land development income was RMB 42,648 thousand, with no income reported in the previous year, indicating a new revenue stream[28] Cost and Expenses - The cost of sales increased to RMB 34,534,538,000, reflecting the growth in revenue[3] - Financial expenses totaled RMB 1,893,627 thousand, an increase from RMB 1,492,343 thousand, marking a rise of about 27%[29] - The cost of goods sold was 33,412,335 thousand RMB in 2024, compared to 17,475,980 thousand RMB in 2023, representing an increase of approximately 91%[30] - The group’s employee benefit expenses totaled 556,217 thousand RMB in 2024, down from 837,385 thousand RMB in 2023, indicating a decrease of about 33.5%[30] - Administrative expenses decreased by approximately 28.7% from about RMB 1.71 billion in 2023 to approximately RMB 1.22 billion in 2024, mainly due to strict cost control measures[57] Assets and Liabilities - Non-current assets increased to RMB 49,227,234 thousand in 2024 from RMB 37,923,422 thousand in 2023, showing a growth of approximately 30%[10] - Current assets rose to RMB 118,662,453 thousand in 2024, compared to RMB 90,361,804 thousand in 2023, representing an increase of about 31%[10] - The company’s total liabilities increased to RMB 118,662,453 thousand in 2024, compared to RMB 90,361,804 thousand in 2023, indicating a rise of approximately 31%[10] - Total equity decreased to RMB 10,569,873 thousand from RMB 20,482,326 thousand, representing a decline of about 48.7% year-over-year[11] - The company’s retained earnings decreased significantly from RMB 9,358,611 thousand to RMB 1,330,890 thousand, a decline of approximately 85.8% year-over-year[11] Cash Flow and Financing - The company reported cash and cash equivalents of RMB 2,920,538 thousand in 2024, down from RMB 4,884,525 thousand in 2023, indicating a decrease of about 40%[10] - The company's interest-bearing bank and other loans, preferred notes, and domestic bonds amounted to approximately RMB 35.419 billion, with cash and cash equivalents of about RMB 2.921 billion[18] - The group has triggered multiple defaults or cross-default events on its offshore preferred notes and certain interest-bearing bank and other loans, with defaults amounting to RMB 19.671 billion and accrued interest of RMB 2.302 billion[18] - The group’s total loans amounted to RMB 35,418,566,000 as of December 31, 2024, compared to RMB 35,907,119,000 in 2023[64] - The net debt ratio increased to approximately 296.8% as of December 31, 2024, up from 143.8% in 2023[65] Market and Strategic Outlook - The company plans to explore new market expansions and product developments in the upcoming fiscal year[3] - The group anticipates that the Chinese real estate market will enter a prolonged bottoming phase, with expectations for more favorable policies from central and local governments to boost market confidence[48] - The group plans to enhance project management and ensure construction progress while promoting pre-sales and current housing sales[48] - The company aims to sell certain investment properties and non-core businesses to generate more cash inflow[21] Governance and Compliance - The company has adhered to the Corporate Governance Code, with the roles of Chairman and CEO being held by the same individual, which the board believes enhances operational efficiency[74] - The consolidated financial statements for the year ending December 31, 2024, have been reviewed and are consistent with the draft amounts[71] - The group is committed to transparency in its financial reporting, ensuring that all relevant amendments and classifications are adhered to[25]
中骏集团控股(01966) - 2024 - 年度业绩