Financial Performance - For the year ended December 31, 2024, the total revenue was RMB 3,713,887,000, a decrease of 39.3% from RMB 6,117,628,000 in 2023[2]. - The gross profit for the same period was RMB 150,934,000, down 90.4% from RMB 1,576,254,000 in the previous year[2]. - The net loss attributable to shareholders for the year was RMB 5,171,433,000, compared to a loss of RMB 2,126,475,000 in 2023, representing an increase in loss of 143.1%[2]. - The total comprehensive loss for the year was RMB 5,407,821,000, compared to RMB 2,229,566,000 in 2023, indicating a significant increase in overall losses[3]. - The basic and diluted loss per share for the year was RMB 100.69, compared to RMB 41.71 in 2023, indicating a worsening financial position[2]. - The group reported a net loss of RMB 5,434 million for the year ending December 31, 2024[7]. - The company reported a significant impairment loss on goodwill of RMB 231,602,000 in 2024, with no such loss reported in 2023[34]. - The pre-tax loss for 2024 was RMB 5,171,433 thousand, compared to a loss of RMB 2,126,475 thousand in 2023, indicating a significant increase in losses[40]. - The company reported a loss of approximately RMB 5,433.7 million, an increase of 154.8% compared to RMB 2,132.4 million in 2023[64]. - Loss attributable to shareholders was approximately RMB 5,171.4 million, up 143.2% from RMB 2,126.5 million in 2023, with basic loss per share of RMB 100.69, an increase of 141.4% from RMB 41.71 in 2023[64][66]. Revenue Breakdown - Property sales revenue was RMB 2,627,934 thousand, down 47.5% from RMB 5,010,846 thousand in the previous year[18]. - Revenue from hotel operations, property management services, and other services was RMB 419,543 thousand, slightly up from RMB 405,928 thousand in the previous year[18]. - Revenue from customer contracts was RMB 3,047,477 thousand, a decrease of 43.7% compared to RMB 5,416,774 thousand in the previous year[18]. - Rental income was RMB 666,410 thousand, down 4.9% from RMB 700,854 thousand in the previous year[18]. - The group generated revenue of approximately RMB 666.4 million from commercial property investment and operations, a year-on-year increase of about 3.8% compared to RMB 700.9 million in 2023[84]. - The average occupancy rate of the Green景 Jinjiang Hotel in Shenzhen was over 72% in 2024, contributing to a revenue of RMB 419.5 million from integrated services, up approximately 3.4% from RMB 405.9 million in 2023[85]. Assets and Liabilities - Non-current assets decreased to RMB 40,962,258,000 from RMB 45,554,813,000, reflecting a decline of 10.5%[4]. - Current assets increased to RMB 62,624,419,000 from RMB 59,957,745,000, showing a growth of 4.4%[4]. - Total liabilities rose to RMB 59,441,065,000, up from RMB 39,379,480,000, marking an increase of 50.9%[4]. - The company's equity attributable to shareholders decreased to RMB 18,039,614,000 from RMB 23,178,428,000, a decline of 22.1%[4]. - Total assets as of December 31, 2024, were RMB 103,586,677,000, a slight decrease from RMB 105,512,558,000 in 2023[29]. - The total borrowings as of December 31, 2024, were approximately RMB 33,578.7 million, a decrease from RMB 35,350.0 million in 2023[103]. - The group recorded a financial guarantee contract of approximately RMB 7,007.4 million as of December 31, 2024, compared to RMB 4,879.7 million in 2023, indicating an increase in contingent liabilities[111]. - As of December 31, 2024, the total liabilities amounted to approximately RMB 79,605.5 million, an increase from RMB 76,123.5 million in 2023, resulting in a debt-to-equity ratio of 126.2% compared to 106.6% in 2023[104]. Cash Flow and Financing - The group's cash and cash equivalents stood at RMB 597 million as of the reporting date[7]. - The average financing cost was 8.0%, slightly down from 8.2% in 2023[66]. - Financing costs increased to RMB 2,049,474,000 in 2024 from RMB 1,744,114,000 in 2023, marking an increase of about 17.5%[28]. - Interest expenses increased to RMB 3,007,178 thousand in 2024 from RMB 2,723,515 thousand in 2023, representing a growth of 10.5%[35]. - The group is able to meet its funding needs for real estate project development through internal resources and debt and equity financing[107]. - The company aims to actively manage cash flow and sell low-efficiency assets to strengthen its financial position amid increasing cash flow pressure[51]. - The company is actively pursuing the sale of underperforming assets to recover more cash and strengthen its financial position amid market uncertainties[79]. Operational Challenges and Strategies - There are significant uncertainties regarding the group's ability to implement plans and continue operations, dependent on generating sufficient cash flow[9]. - The group is actively seeking legal advice to oppose the winding-up petition and avoid liquidation[11]. - The group has appointed financial and legal advisors to assist in restructuring its offshore debts[11]. - The company aims to generate more cash flow by selling properties and improving liquidity[11]. - The company is currently working with financial advisors and legal teams to explore debt restructuring options to alleviate liquidity pressures and focus on the development of five quality projects[56]. - The company aims to enhance its operational capabilities and align with the development upgrades of core cities in the Greater Bay Area, indicating potential for value recovery[56]. - The company is focusing on optimizing its debt structure through negotiations with overseas creditors to reduce financing costs and ensure smooth daily operations[80]. Market Conditions and Future Outlook - The real estate market remains in a correction phase, with double-digit declines in sales and investment, but there are signs of stabilization in the fourth quarter[47]. - The company anticipates that policy support in 2025 may drive recovery in the real estate market, although challenges remain[53]. - The urban renewal market is expected to enter a golden development period, driven by government support and policies aimed at boosting domestic demand[59]. - The overall real estate market in China is still in a downward phase, with sales and investment growth both experiencing double-digit declines[58]. - The company plans to focus on five quality projects for development, enhance asset management capabilities, and strengthen urban renewal efforts in response to market challenges in 2025[54]. Governance and Compliance - The company has adopted the corporate governance code and has complied with all provisions as of December 31, 2024[120]. - The audit committee has reviewed the group's annual performance for the year ending December 31, 2024[122]. - The independent auditor did not express an opinion on the consolidated financial statements for the year ending December 31, 2024, due to insufficient audit evidence[124]. - The company is currently seeking potential candidates to fill vacancies in the board to comply with listing rules regarding independent non-executive directors[119]. - The board believes that having the same person serve as both Chairman and CEO enhances operational efficiency and strategy execution[118]. - The company is committed to maintaining a balance of power and authority between the board and management despite deviations from the corporate governance code[118].
绿景中国地产(00095) - 2024 - 年度业绩