Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 2,212.4 million, a decrease of 13.9% from RMB 2,569.5 million in 2023[4] - The adjusted gross profit margin for 2024 was 11.5%, down from 15.4% in the previous year[4] - The company recorded a net loss attributable to shareholders of RMB 354.0 million for 2024, compared to a profit of RMB 25.3 million in 2023[4] - Basic and diluted loss per share for 2024 was RMB (5.70), compared to earnings of RMB 0.41 per share in 2023[4] - Total revenue from external customers for 2024 was RMB 2,212,363 thousand, a decrease of 13.9% from RMB 2,569,509 thousand in 2023[26] - Adjusted gross profit for 2024 was RMB 253,795 thousand, down 35.9% from RMB 396,021 thousand in 2023[28] - The company reported a pre-tax loss of RMB 248,450 thousand for 2024, compared to a profit of RMB 19,865 thousand in 2023[28] - The company recorded a consolidated net loss of approximately RMB 354.0 million for 2024, compared to a profit of RMB 25.3 million in 2023[73] Cash Flow and Liabilities - Operating cash flow generated was RMB 212.9 million, a decline from RMB 349.3 million in the prior year[4] - The company's net liabilities position shifted to RMB (75.1 million) in 2024 from a net asset position of RMB 169.4 million in 2023[11] - The company experienced a significant increase in expected credit losses on financial and contract assets, rising to RMB 176.8 million from RMB 123.6 million in 2023[5] - The group continues to negotiate with banks for the renewal of short-term loans and additional financing[13] - The company expects all trade receivables and payables to be settled within one year, maintaining liquidity[48] Revenue Breakdown - Domestic revenue for 2024 was RMB 1,016,362 thousand, a slight decrease from RMB 1,031,099 thousand in 2023[30] - Overseas revenue for 2024 was RMB 1,196,001 thousand, a decrease of 22.3% from RMB 1,538,410 thousand in 2023[30] - The total transaction value of remaining performance obligations under existing contracts as of December 31, 2024, is RMB 8,528.3 million, up from RMB 6,299.7 million in 2023[23] - The expected total transaction value of potential contracts won by the group is RMB 2,876.0 million as of December 31, 2024, down from RMB 3,558.0 million in 2023[23] Expenses and Costs - Employee costs increased to RMB 428,433 thousand in 2024 from RMB 411,524 thousand in 2023[33] - Research and development expenses rose to RMB 91,426 thousand in 2024, up from RMB 77,159 thousand in 2023[34] - The company incurred a net financing cost of RMB 68,516 thousand in 2024, compared to a net financing income of RMB 43,537 thousand in 2023[32] - The company received government grants totaling RMB 1,104 thousand in 2024, down from RMB 10,009 thousand in 2023[31] Dividends and Shareholder Returns - The company did not declare a final dividend for the fiscal year 2024, consistent with the previous year[4] - The board decided not to declare a final dividend for the year ending December 31, 2024, consistent with 2023[95] - A special dividend of HKD 0.04 per share was proposed, amounting to a total of approximately HKD 248.35 million (about RMB 229.97 million), compared to zero in 2023[52] Contracts and Projects - The total value of new contracts awarded in 2024 was approximately RMB 3,326.0 million, a decrease of about RMB 1,523.6 million or 45.8% compared to RMB 4,849.6 million in 2023, reflecting a cautious approach to project acceptance[58] - The number of projects awarded domestically decreased from 100 in 2023 to 73 in 2024, with the corresponding value dropping from RMB 2,220.6 million to RMB 1,762.1 million[59] - The total amount of uncompleted contracts as of December 31, 2024, was approximately RMB 11,404.3 million, an increase of about RMB 1,546.7 million or 15.7% from RMB 9,857.6 million in 2023, providing strong support for the company's development over the next 2-3 years[60] Auditor and Compliance - KPMG resigned as the company's auditor effective December 20, 2021, due to a disagreement over audit service fees[100] - The company appointed Daxin Hong Kong as its auditor effective December 20, 2021, but they resigned on June 17, 2022, due to the impact of COVID-19 policies[100] - KPMG was reappointed as the company's auditor effective June 30, 2022[100] - There have been no other changes regarding the company's auditors in the past three years[101] Future Outlook and Strategy - The company plans to maintain a prudent approach in strategic decisions and business operations, focusing on high-quality operations and sustainable development in 2025[63] - The company aims to enhance project management efficiency and ensure stable and sustainable operations through various measures, including refined management of individual projects and dynamic monitoring of operational risks[56]
远大中国(02789) - 2024 - 年度业绩