Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 23,322,000, an increase of 426% compared to RMB 4,442,000 in 2023[3] - The cost of sales for the same period was RMB 23,302,000, resulting in a gross profit of RMB 20,000, down from RMB 180,000 in the previous year[3] - The company incurred a net loss of RMB 53,347,000 for the year, compared to a loss of RMB 51,637,000 in 2023, reflecting a year-over-year increase in losses of approximately 3.3%[4] - Basic and diluted loss per share for the year was RMB 14.17, an improvement from RMB 17.90 in the previous year[4] - The company reported other income of RMB 15,832 thousand in 2024, a significant increase from RMB 161 thousand in 2023[27] - The company recorded a net loss attributable to shareholders of RMB 42,987 thousand in 2024, compared to a loss of RMB 46,231 thousand in 2023[32] - The company reported a loss attributable to shareholders of approximately RMB 43.0 million, an improvement from RMB 46.2 million in the previous year[44] - The company has no taxable profits for the years ended December 31, 2024, and 2023, resulting in no provisions for Hong Kong profits tax[28] Assets and Liabilities - Total assets decreased to RMB 566,471,000 from RMB 632,502,000, indicating a decline of approximately 10.4%[7] - The company's cash and bank balances were RMB 15,797,000, which raises concerns about liquidity given current liabilities of RMB 451,791,000[10] - The total trade and other payables decreased to RMB 115,110 thousand in 2024 from RMB 132,331 thousand in 2023[36] - The company’s other receivables increased to RMB 12,278 thousand in 2024 from RMB 8,122 thousand in 2023, with a net amount of RMB 4,275 thousand after provisions[33] - The maximum liability for mortgage loans provided to certain buyers of the group's properties was approximately RMB 82.5 million as of December 31, 2024, down from RMB 94.0 million in 2023[57] Revenue Sources - The group reported revenue from electronic product sales of RMB 23,322 thousand in 2024, compared to RMB 4,437 thousand in 2023[20] - The total revenue from property sales was RMB 0 in 2024, down from RMB 4,437 thousand in 2023[20] - Revenue from external customers in mainland China was RMB 0 in 2024, down from RMB 4,442 thousand in 2023[25] - Revenue from external customers in Hong Kong was RMB 23,322 thousand in 2024, compared to RMB 0 in 2023[25] - The company has initiated the sale of electronic components, generating revenue of approximately RMB 23.3 million this year, marking a diversification of its income sources[42] Future Plans and Concerns - The company is assessing its ability to continue as a going concern due to recurring net losses and limited cash reserves[10] - The company plans to continue pre-selling properties in its second Maoming project to generate cash flow[11] - Major shareholders have confirmed financial assistance of up to RMB 46,900,000 to support the company's liquidity needs[11] - The management expects stronger performance in the coming year due to improving market conditions and government support for the real estate sector[43] - The group will continue to seek equity financing opportunities and actively control administrative costs and capital expenditures[14] Construction and Development - The company successfully acquired land use rights for the second Maoming project at a cost of approximately RMB 241.5 million, with a total planned area of about 84,000 square meters[40] - As of December 31, 2024, approximately 63% of the construction for the second Maoming project has been completed, with residential sales expected to begin in the second half of 2024[40] - As of December 31, 2024, the group's property development commitments amounted to RMB 237.3 million, a decrease from RMB 243.0 million in 2023[55] Shareholder Information - The company did not declare or propose any dividends for the years ended December 31, 2024, and 2023[31] - No dividends were declared or proposed for the year, as the board did not recommend any distribution[58] - The annual report for 2024 will be sent to shareholders by April 30, 2025, and will be published on the Hong Kong Stock Exchange and the company's website[75] Compliance and Governance - The independent auditor confirmed that the financial statements for the year ending December 31, 2024, accurately reflect the group's financial position and performance[71] - The group has no significant contingent liabilities as of December 31, 2024[62] - The group did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year, nor are there plans for major investments or capital assets as of December 31, 2024[60] - Aika Ouji has been appointed as a member of the board's nomination committee, ensuring at least one female member in the committee[76] Market Activity - Trading of the company's shares was suspended on the Hong Kong Stock Exchange starting April 1, 2025, due to the failure to publish audited annual results by March 31, 2025[78] - The company has applied for the resumption of trading, effective from April 14, 2025[78] Accounting Standards - The group has no significant impact on financial performance from the newly adopted Hong Kong Financial Reporting Standards in the current and prior years[16] - The group is currently assessing the impact of the new Hong Kong Financial Reporting Standards on its consolidated financial statements[19] - The group has not early adopted any new accounting standards that have been issued but are not yet effective[15] - The group has no significant investments or plans for major capital assets as of the reporting date[60] - The group has no foreign exchange hedging policy but closely monitors foreign exchange risks[52]
中国上城(02330) - 2024 - 年度业绩