Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 43.346 billion, slightly up from RMB 43.310 billion in 2023[2]. - The net loss for the year was RMB 17.539 billion, compared to a net loss of RMB 12.777 billion in 2023, representing an increase in losses[2]. - The overall gross loss was RMB 5.21 billion, with a gross loss margin of 1.2%[5]. - The company reported a revenue of CNY 43,345,885 thousand for the year ended December 31, 2024, compared to CNY 43,310,454 thousand in 2023, reflecting a slight increase[12]. - The gross loss for the year was CNY 521,194 thousand, a marginal improvement from a gross loss of CNY 524,423 thousand in the previous year[12]. - The net loss for the year was CNY 17,539,016 thousand, which is an increase from the net loss of CNY 12,776,851 thousand in 2023, indicating a worsening financial performance[15]. - The basic and diluted loss per share for the company was CNY 3.412, compared to CNY 2.873 in 2023, reflecting increased losses on a per-share basis[12]. - The company reported a significant loss of RMB 600,097 in fines for 2024, compared to RMB 1,363 in 2023[51]. - The loss attributable to shareholders increased by 24.7% to RMB 17.216 billion from RMB 13.801 billion in 2023[91]. Revenue Breakdown - The group’s presale amount was RMB 15.51 billion, with a total presale building area of 1.161 million square meters, reflecting a year-on-year decrease of 65.8%[4]. - The average presale price was RMB 13,359 per square meter, down 10.4% year-on-year[6]. - Total segment sales reached RMB 43,607,840, with property development contributing RMB 26,552,129, property management RMB 13,867,234, and other segments RMB 3,188,477[34]. - Revenue from property sales for the year 2024 is projected to be RMB 26,552,129 thousand, an increase from RMB 23,597,923 thousand in 2023[43]. - The property management services segment generated revenue of RMB 13,605,279 thousand in 2024, compared to RMB 14,533,707 thousand in 2023, indicating a decline[43]. - Total sales for the property development segment reached RMB 23,597,923 thousand, while property management generated RMB 15,443,449 thousand, and other segments contributed RMB 5,178,824 thousand, leading to a total group sales of RMB 44,220,196 thousand[36]. Assets and Liabilities - Total assets decreased from RMB 241.81 billion in 2023 to RMB 195.50 billion in 2024, representing a decline of approximately 19.2%[17]. - Total equity decreased significantly from RMB 62.36 billion in 2023 to RMB 40.28 billion in 2024, a drop of around 35.4%[19]. - Total liabilities decreased from RMB 179.45 billion in 2023 to RMB 155.22 billion in 2024, reflecting a decrease of about 13.5%[19]. - The company's borrowings increased from RMB 25.87 billion in 2023 to RMB 38.33 billion in 2024, an increase of about 48.0%[19]. - The company's total borrowings amounted to RMB 48.916 billion as of December 31, 2024, compared to RMB 53.554 billion in 2023[94]. - The net debt ratio increased to 103.6% as of December 31, 2024, from 65.8% in 2023[97]. Cash Flow and Liquidity - The group faced a significant liquidity issue, with cash and bank balances of RMB 7,189,486,000 against short-term borrowings of RMB 38,326,563,000[70]. - The company has defaulted on borrowings totaling RMB 29,545,597,000 in principal and RMB 615,446,000 in interest due to non-payment[26]. - The company is actively negotiating with financial institutions for the restructuring of its external borrowings[27]. - The company plans to accelerate the sale of its developed and under-development properties to improve liquidity[27]. - The company has engaged external financial and legal advisors to evaluate its capital structure and liquidity situation as part of a comprehensive debt management plan for its overseas debt[111]. Cost Management - The administrative expenses decreased to CNY 2,628,008 thousand from CNY 3,809,526 thousand, indicating improved cost management[12]. - The group's sales and marketing costs for the year amounted to RMB 1.161 billion, an increase of 6.5% compared to RMB 1.090 billion in 2023, primarily due to higher commission expenses[84]. - Other expenses rose by 3.2% to RMB 2.267 billion from RMB 2.198 billion in 2023, primarily due to increased losses from joint ventures and associates[86]. - The company's net financial expenses decreased by 23.7% to RMB 649 million from RMB 851 million in 2023, attributed to a reduction in average loan balances[87]. Corporate Governance and Future Plans - The company has adhered to the corporate governance code throughout the reporting period, with any deviations explained in detail[128]. - The board of directors consists of nine members, including the chairman and CEO, ensuring a unified leadership for the company's development[136]. - The company plans to review its governance arrangements periodically to align with best interests[136]. - The company anticipates that international factors such as inflation will continue to impact the global market economy, and it will adopt a more proactive macroeconomic policy to support consumption and maintain economic growth[118]. - The company aims to enhance marketing efficiency and strictly control costs while focusing on real estate as its core business for sustainable development[120].
雅居乐集团(03383) - 2024 - 年度业绩