Financial Performance - Contract sales amounted to approximately RMB 7,702.48 million, a decrease of about 52.99% compared to last year[2] - Revenue reached approximately RMB 29,781.89 million, down by approximately 32.75% year-on-year[2] - Gross profit was approximately RMB 334.37 million, compared to RMB 1,587.42 million last year[2] - The net loss for the year was approximately RMB 11,558.04 million, an increase of about 68.80% from last year's loss of RMB 6,847.25 million[2] - Loss attributable to the company's owners was approximately RMB 12,002.31 million, up approximately 102.75% from RMB 5,919.67 million last year[2] - The basic loss per share was RMB 7.13, compared to RMB 3.52 last year[3] - The company reported a net loss of approximately RMB 11,558,039,000 for the year ended December 31, 2024[9] - The company’s property sales revenue was RMB 29,322,249, a decrease of 31.4% compared to RMB 42,695,264 in 2023[20] - The company reported total revenue of RMB 29,781,887 for the year ended December 31, 2024, down from RMB 44,285,273 in 2023, reflecting a significant decline in overall performance[20] - The company incurred a net financing cost of RMB (2,683,407) for the year ended December 31, 2024, compared to RMB (2,761,620) in 2023, showing a slight improvement[20] Assets and Liabilities - Total assets amounted to RMB 99,586.00 million, down from RMB 147,311.68 million[5] - Current assets totaled RMB 79,777.62 million, compared to RMB 125,189.87 million last year[5] - The company's equity attributable to owners was negative RMB 11,753.77 million, compared to positive RMB 248.53 million last year[5] - As of December 31, 2024, the company had current liabilities of RMB 83,422,051,000 and total liabilities of RMB 92,711,695,000[9] - The company recorded a net current liability of RMB 3,644,428,000 as of December 31, 2024[9] - The company has a total non-current liability of RMB 9,289,644,000 as of December 31, 2024[9] - The debt ratio increased from 1.52 as of December 31, 2023, to 5.11 as of December 31, 2024[2] - The company has not paid approximately RMB 15,017,933,000 in principal for various outstanding senior notes as of December 31, 2024[11] Cash Flow and Financing - The company’s cash and cash equivalents, excluding restricted cash, amounted to RMB 1,384,024,000 as of December 31, 2024[9] - The company is actively negotiating with multiple financial institutions to seek new sources of financing[14] - The company plans to accelerate the pre-sale and sale of its developed and completed properties to improve cash flow[14] - The company has appointed Haitong International Capital Limited as a financial advisor for managing its offshore debt[14] Operational Performance - The company completed 163 projects with a total construction area of 33,429,819.11 square meters as of December 31, 2024[48] - There are 41 projects under construction with a planned total construction area of 14,550,717.87 square meters[49] - The total contracted building area decreased by 42.89% from approximately 1,080,846 square meters to approximately 617,264 square meters[47] - The average selling price of delivered properties increased by 46.15% to RMB 21,966 per square meter[46] Tax and Other Expenses - The income tax expense for the year ended December 31, 2024, was RMB 1,792,084, compared to RMB 1,774,611 in 2023, indicating an increase in tax obligations[22] - The effective corporate income tax rate applicable to the company's mainland China operations is 25% as per the Corporate Income Tax Law effective from January 1, 2008[23] - The company’s deferred income tax for corporate income tax was RMB 683,173 for the year ended December 31, 2024, compared to RMB 27,730 in 2023, indicating a significant increase in deferred tax liabilities[22] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with all applicable provisions except for C.2.1[92] - The audit committee consists of three independent non-executive directors, ensuring a balance of power and authority within the board[94] - The independent auditor's report confirmed that the consolidated financial statements reflect the group's financial position accurately as of December 31, 2024[96] - The company has committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[91] Market Environment - In 2024, China's GDP grew by 5%, with Q4 accelerating to 5.4% due to effective real estate market control measures[36] - The government approved RMB 2.23 trillion under the "white list" financing plan by mid-October 2024, expanding to RMB 4 trillion to support viable projects[37] - The minimum down payment ratio for first and second homes was reduced to 15%, significantly improving market accessibility[38] - New home transaction volume increased by 0.9% year-on-year in October 2024, ending a 15-month decline, while total transaction volume for new and second-hand homes rose by 3.9%[38] Employee and Shareholder Matters - The total number of full-time employees as of December 31, 2024, is 538, down from 814 as of December 31, 2023, with employee costs amounting to approximately RMB 139.66 million, compared to RMB 201.33 million in the previous year[82] - The board has decided not to recommend the payment of a final dividend for the year ending December 31, 2024, consistent with the previous year[86] - The company has not repurchased or cancelled any of its ordinary shares during the year ended December 31, 2024, consistent with the previous year[30]
融信中国(03301) - 2024 - 年度业绩