Financial Performance - In 2024, the revenue was RMB 25.06 billion, a decrease of 25% compared to 2023[4] - In 2024, the net profit was RMB 1.59 billion, an increase of 1% compared to 2023[5] - The earnings per share for 2024 remained stable at RMB 0.10, unchanged from 2023[6] - The operating income for 2024 was RMB 25.06 billion, compared to RMB 33.49 billion in 2023[15] - The operating profit for 2024 was RMB 204.29 million, down from RMB 229.01 million in 2023[15] - The total comprehensive income for 2024 was RMB 163.25 million, an increase from RMB 39.20 million in 2023[18] - The company's main operating revenue for 2024 is RMB 25,058,949 thousand, down 25.2% from RMB 33,492,866 thousand in 2023[41] - The revenue from construction services in 2024 is RMB 15,452,299 thousand, a decrease of 24.9% from RMB 20,490,784 thousand in 2023[45] - In 2024, the total revenue decreased by approximately RMB 8.434 billion to RMB 25.059 billion, primarily due to a decline in the construction contracting segment's revenue by RMB 8.499 billion[76] Assets and Liabilities - As of December 31, 2024, total assets amounted to RMB 61.84 billion, down from RMB 64.89 billion in 2023[9] - Total liabilities as of December 31, 2024, were RMB 55.45 billion, a decrease from RMB 58.66 billion in 2023[12] - The company reported a decrease in contract assets from RMB 39.12 billion in 2023 to RMB 38.27 billion in 2024[9] - The long-term receivables amount to RMB 170,007 thousand for 2024, a decrease of 4.3% from RMB 177,569 thousand in 2023[32] - The total accounts payable for 2024 is RMB 32,346,648 thousand, a decrease of 6.2% from RMB 34,488,055 thousand in 2023[36] - As of December 31, 2024, cash and cash equivalents were approximately RMB 5 billion, down RMB 1.938 billion from the end of 2023[90] - Contract assets decreased to RMB 41.141 billion, down RMB 9.67 billion, primarily due to project settlement based on performance progress[98] - As of December 31, 2024, the carrying value of other equity instrument investments was RMB 531 million, a decrease of RMB 58 million from 2023, primarily due to fair value changes[99] - As of December 31, 2024, the group had interest-bearing borrowings of approximately RMB 6.056 billion, an increase from RMB 5.736 billion as of December 31, 2023[101] - Accounts payable as of December 31, 2024, amounted to RMB 32.347 billion, a decrease of RMB 2.141 billion (6%) compared to the end of 2023, mainly due to reduced procurement volume from decreased engineering work[101] Expenses and Costs - Research and development expenses for 2024 were RMB 121.20 million, down from RMB 148.14 million in 2023[15] - The total operating costs for 2024 amounted to RMB 24,220,003 thousand, a decrease of 25.2% compared to RMB 32,374,266 thousand in 2023[55] - Management expenses for 2024 were RMB 410 million, down RMB 118 million from 2023, mainly due to reduced salary costs[80] - R&D expenses decreased to RMB 121 million, a reduction of RMB 27 million, due to fewer new project initiations[81] Contracts and New Business - The new contract amount for 2024 was RMB 24.348 billion, down 23.8% from RMB 31.964 billion in 2023[65] - The uncompleted contract amount as of 2024 was RMB 52.724 billion, a decrease from RMB 59.849 billion in 2023[65] - The new contract amount from housing construction business in 2024 was RMB 14.310 billion, down from RMB 17.292 billion in 2023[68] - The new contract amount from infrastructure construction business in 2024 was RMB 4.548 billion, significantly lower than RMB 10.436 billion in 2023[70] - The new contract amount from professional and other construction engineering in 2024 was RMB 5.490 billion, an increase from RMB 4.236 billion in 2023[73] Tax and Dividends - The total tax payable for 2024 is RMB 882,346 thousand, a slight decrease from RMB 888,270 thousand in 2023[38] - The income tax expense for 2024 was RMB 44,552 thousand, a reduction of 35.5% from RMB 69,207 thousand in 2023[57] - The company plans not to declare any dividends for the year ending December 31, 2024[63] - The board recommended not to declare a final dividend for the year ended December 31, 2024[117] Management and Governance - The company’s management highlighted a focus on expanding its construction engineering contracting services in the residential and public utility sectors[65] - The company has adhered to all provisions of the Corporate Governance Code as of December 31, 2024, and has adopted the majority of the recommended best practices[120] - The company has appointed Ernst & Young Hua Ming as the auditor for the annual financial report under Chinese accounting standards for the year ending December 31, 2024[123] - The audit committee has reviewed the group's annual performance and the audited consolidated financial report prepared in accordance with Chinese accounting standards for the year ending December 31, 2024[124] Financial Ratios - The current ratio and quick ratio both improved to 1.10 in 2024 from 1.00 in 2023[104] - The debt-to-equity ratio increased to 94.8% in 2024 from 92.1% in 2023[104] - The return on assets (ROA) improved to 0.3% in 2024 from 0.2% in 2023, while the return on equity (ROE) slightly decreased to 2.5% from 2.6%[104] Acquisitions - The company successfully acquired 51% of Zhongwei Construction for RMB 51.51 million, completed on April 7, 2024[106] Future Plans - The company plans to enhance market development capabilities in 2025, focusing on regional and industry-specific strategies, particularly in Hebei province[116]
河北建设(01727) - 2024 - 年度业绩