Financial Performance - For the fiscal year ending December 31, 2024, revenue decreased by 55.8% to approximately RMB 11,560.7 million compared to the previous year[3]. - Gross profit for the same period fell by 86.0% to approximately RMB 237.9 million, resulting in a gross margin of 2.1%[3]. - The loss for the fiscal year increased by 48.4% to approximately RMB 29,228.9 million compared to the previous year[3]. - Contract sales, including joint ventures and associates, decreased by 62.1% to approximately RMB 6,757 million as of December 31, 2024[3]. - No final dividend was declared for the fiscal year ending December 31, 2024[3]. - Operating loss for the year was approximately RMB 24,051.5 million, compared to RMB 14,327.7 million in the previous year[4]. - The net loss attributable to the owners of the company was approximately RMB 28,533.7 million for the fiscal year[4]. - Basic and diluted loss per share for the year was RMB 4.067[5]. - Total comprehensive loss for the year amounted to approximately RMB 29,227.7 million[5]. - The company reported a total of RMB 73,658,253 thousand in properties under development for 2024, up from RMB 71,497,787 thousand in 2023, indicating growth in development projects[6]. - Property sales for the year ending December 31, 2024, decreased to approximately RMB 8,057 million, down from RMB 22,551 million in 2023, reflecting ongoing pressure in the Chinese real estate market[14]. - The company reported a significant loss before tax of RMB 29,085,565 for the year, leading to an annual loss of RMB 29,228,915[37]. - The company reported a loss before tax of RMB 18,695,248,000 for the year ended December 31, 2023[38]. - The net loss for the year was RMB 19,701,598,000, reflecting significant financial challenges[38]. - The company reported a significant increase in the impairment of goodwill and intangible assets, with a total of RMB 24,378 thousand recognized in 2024[54]. Assets and Liabilities - Non-current assets decreased from RMB 52,623,355 thousand in 2023 to RMB 38,859,191 thousand in 2024, a decline of approximately 26.3%[6]. - Current assets decreased from RMB 180,197,311 thousand in 2023 to RMB 171,820,474 thousand in 2024, a decrease of about 4.3%[6]. - Total liabilities increased from RMB 205,640,215 thousand in 2023 to RMB 222,836,146 thousand in 2024, an increase of approximately 8.3%[6]. - The net value of current liabilities increased significantly from RMB (25,442,904) thousand in 2023 to RMB (51,015,672) thousand in 2024, indicating a worsening financial position[7]. - The total assets minus current liabilities shifted from RMB 27,180,451 thousand in 2023 to RMB (12,156,481) thousand in 2024, reflecting a negative change[7]. - Non-current liabilities remained relatively stable, with a slight increase from RMB 19,456,096 thousand in 2023 to RMB 19,585,319 thousand in 2024[7]. - The company's equity attributable to owners showed a significant loss, increasing from RMB (12,049,110) thousand in 2023 to RMB (40,576,796) thousand in 2024[7]. - The total value of non-controlling interests decreased from RMB 19,773,465 thousand in 2023 to RMB 8,834,996 thousand in 2024, a decline of approximately 55.3%[7]. - Cash and bank balances decreased from RMB 994,771 thousand in 2023 to RMB 697,649 thousand in 2024, a decline of about 29.9%[6]. - As of December 31, 2024, the group's current liabilities amounted to approximately RMB 51,016 million, up from RMB 25,443 million in 2023[13]. - The company's total borrowings increased to RMB 135,073,562 thousand in 2024 from RMB 133,624,017 thousand in 2023, with bank borrowings rising to RMB 20,334,066 thousand[57]. - The group recorded revenue of approximately RMB 11,560.7 million for the year ended December 31, 2024, a decrease of 55.8% compared to 2023[78]. - The loss attributable to the company's owners for the year ended December 31, 2024, was approximately RMB 28,533.7 million, compared to a loss of approximately RMB 19,932.2 million in 2023[78]. - Current liabilities exceeded current assets by approximately RMB 51,016 million as of December 31, 2024, indicating significant uncertainty regarding the company's ability to continue as a going concern[115]. Operational Challenges and Strategies - The group faced significant liquidity pressure due to commitments to deliver properties to buyers on time, necessitating prioritization of available funds for construction of pre-sold properties[14]. - The group has approximately RMB 28,903 million in overdue borrowings, with successful repayment arrangements for about RMB 2,900 million extending the repayment period to 2025-2028[17]. - The group has received support from major contractors and suppliers to ensure timely completion of construction projects, with most property development projects progressing as planned[17]. - Management is actively adjusting sales and pre-sale activities to respond to market changes, anticipating a gradual stabilization of the Chinese real estate market[17]. - The group’s cash flow forecast indicates sufficient operating funds to meet financial obligations over the next twelve months[16]. - The group is facing significant uncertainty regarding its ability to continue as a going concern due to ongoing legal proceedings related to unpaid debts[15]. - The company has implemented measures to accelerate cash flow recovery by closely monitoring customer payments and coordinating with banks for timely personal loan disbursements[18]. - A detailed plan has been established to control operational and administrative costs, including optimizing human resources and limiting capital expenditures[18]. - The board believes that the group will have sufficient funds to maintain operations and meet financial obligations due within the next twelve months[19]. - The company is focusing on high-quality delivery and enhancing customer service to improve the home buying experience and efficiency[67]. - The company plans to accelerate the restructuring of its debt to lay a foundation for long-term development[66]. - The company is committed to ensuring high-quality delivery and accelerating the construction of key projects in response to new national policies promoting stable development in the real estate sector[66]. - The company is exploring new development models by enhancing service quality and expanding into light asset operations, aiming for sustainable growth[66]. Market and Regulatory Environment - The real estate market is stabilizing with policies aimed at stabilizing land prices and housing prices, which is expected to support the company's performance[65]. - The group has adopted new and revised Hong Kong Financial Reporting Standards, which became effective from January 1, 2024, with no significant impact on the financial statements[21]. - The application of the revised standards clarifies the classification of liabilities as current or non-current based on existing rights at the reporting date[22]. - The group has assessed the impact of the revised standards on the classification of liabilities, ensuring compliance with covenants to maintain the classification of liabilities[23]. - The new Hong Kong Financial Reporting Standard No. 18 will come into effect on January 1, 2027, allowing early application, but is not expected to significantly affect the group's financial position[28]. - The company is currently assessing the detailed impact of the new financial reporting standards on future consolidated financial statements[28]. Employee and Operational Metrics - Employee costs decreased from RMB 1,208,576 thousand in 2023 to RMB 934,345 thousand in 2024, a reduction of approximately 22.7%[46]. - The group employed 15,225 employees as of December 31, 2024, a decrease from 16,667 employees on December 31, 2023[111]. - The group aims to maintain high standards of corporate governance and has adhered to the corporate governance code as of December 31, 2024[112].
佳兆业集团(01638) - 2024 - 年度业绩