Financial Performance - The group's revenue reached approximately RMB 86.8 million, a decrease of about 79.4% compared to the previous year[5] - The group's gross profit was approximately RMB 20.7 million, down 61.3% year-on-year[5] - The loss attributable to the company's owners was approximately RMB 542.5 million, compared to RMB 526.1 million in the previous year[5] - The basic loss per share attributable to the company's owners was approximately RMB 0.289, compared to RMB 0.281 in the previous year[5] - The company reported a net loss of RMB 589.7 million for the year, slightly down from RMB 592.6 million in the previous year[6] - The group reported a net loss of approximately RMB 589,691,000 for the year ending December 31, 2024[11] - The company reported a total loss before tax of RMB 598,269,000 for 2024, compared to a loss of RMB 564,156,000 in 2023, indicating a slight increase in losses[21] - The financing costs for 2024 amounted to RMB 96,663,000, up from RMB 77,079,000 in 2023, reflecting a 25.4% increase[27] - The group recorded an operating loss of approximately RMB 598.3 million, an increase in loss of about RMB 34.1 million or 6.0% compared to RMB 564.2 million last year[91] - The loss attributable to shareholders for the year was approximately RMB 542.5 million, an increase of about RMB 16.4 million or approximately 3.7% compared to the previous year[93] Assets and Liabilities - Non-current assets totaled RMB 1,134.5 million, slightly up from RMB 1,128.9 million in the previous year[7] - Current assets decreased to RMB 1,010.3 million from RMB 1,086.7 million year-on-year[7] - Total liabilities increased to RMB 5,518.2 million from RMB 5,006.9 million in the previous year[7] - The total equity attributable to owners of the company was a deficit of RMB 3,244.5 million, compared to a deficit of RMB 2,756.0 million in the previous year[8] - Current liabilities exceeded current assets by approximately RMB 4,507,983,000 as of December 31, 2024[11] - The group has outstanding borrowings of approximately RMB 1,212,708,000 and convertible bonds of approximately RMB 282,125,000, both of which are overdue[11] - The total liabilities of the group as of December 31, 2024, were approximately RMB 56,940 million, an increase from approximately RMB 51,752 million on December 31, 2023[75] - The total amount of trade payables at the end of 2024 was RMB 459,566,000, a decrease from RMB 483,698,000 in 2023[47] - The total amount of trade receivables, prepayments, other receivables, and other assets was approximately RMB 48.7 million, an increase of about RMB 7.0 million or approximately 16.9% compared to RMB 41.7 million the previous year[96] Cash Flow and Financing - The group is accelerating the pre-sale and sale of properties, such as the Shandong project, to improve cash flow[16] - The management estimates that most of the proceeds from the Shanghai project will be used to repay outstanding borrowings[16] - The company is actively promoting the sale of individual property development projects or entire commercial properties at appropriate prices[16] - The group aims to expedite the liquidation of property inventory to improve its financial leverage[16] - The company is exploring various opportunities for additional funding through discussions with potential lenders/investors[16] - Management has implemented measures to improve liquidity and financial condition, including negotiations with lenders and accelerating property sales[59] - The company is negotiating with financial institutions to extend repayment schedules and hopes to waive overdue interest penalties[63] - The company plans to accelerate the sale of pre-sold and completed properties, particularly in the Shandong project, which commenced sales in September 2023[63] - The company aims to sell all or part of its commercial properties in Taizhou and Shanghai to improve cash flow and reduce debt[65] Market Outlook - China's property investment is expected to decline by 10.6% and overall property sales are projected to drop by 12.9% in 2024[64] - The residential property market is expected to stabilize and gradually recover starting in 2025[69] - The group anticipates a gradual recovery in the real estate market, supported by government measures to stabilize the sector[82] Audit and Governance - The independent auditor's report indicates significant uncertainty regarding the company's ability to continue as a going concern[61] - Management believes that preparing the financial statements on a going concern basis is appropriate, contingent on the successful implementation of liquidity improvement measures[61] - The audit committee has been in close communication with management regarding cash flow improvement measures[67] - The company has adopted the corporate governance code and has complied with its principles during the review year, with a noted deviation regarding the separation of the roles of Chairman and CEO[115] Employee and Operational Metrics - The group had a total of 50 employees as of December 31, 2024, a decrease from 55 employees as of December 31, 2023[112] - The total construction area delivered during the year was approximately 7,451.3 square meters, a significant decrease of about 88.3% from approximately 63,413.5 square meters in 2023[73] - The group has five property development projects with a total construction area of approximately 382,000 square meters across different cities in China[76] - As of December 31, 2024, the group has five property development projects with a total construction area of approximately 382,000 square meters, of which about 281,000 square meters have been completed[81]
新明中国(02699) - 2024 - 年度业绩