Financial Performance - For the year ended December 31, 2024, Seazen Group Limited reported revenue of RMB 89,226,520, a decrease of 25.3% compared to RMB 119,463,530 in 2023[14]. - Profit before income tax for 2024 was RMB 4,193,946, down 16.4% from RMB 5,019,671 in 2023[14]. - The net profit attributable to equity holders of the Company for 2024 was RMB 491,312, a decline of 44.1% from RMB 879,296 in 2023[14]. - Basic earnings per share for 2024 was RMB 0.07, down from RMB 0.12 in 2023, reflecting a decrease of 41.7%[14]. - The Group's revenue for the year ended December 31, 2024, amounted to RMB 89,226.5 million, a decrease from RMB 119,463.5 million in 2023, primarily due to the downturn in the real estate industry[53]. - Revenue from property sales decreased to RMB 76,041.0 million in 2024 from RMB 107,336.4 million in 2023, reflecting a significant contraction in the property business[54]. - The gross profit for the year ended December 31, 2024, was approximately RMB 14,984.4 million, with a gross profit margin of 16.8%, an increase of 3.3 percentage points from the previous year[62]. - The Group recorded a gross profit of approximately RMB14,984.4 million with a gross profit margin of 16.8% for the year ended December 31, 2024, an increase of 3.3 percentage points from 13.5% in the previous year[67]. - Net profit attributable to equity holders of the Company amounted to approximately RMB491.3 million for the year ended December 31, 2024, representing a year-on-year decrease of 44.1%[77]. Assets and Liabilities - Total assets decreased to RMB 309,124,937 in 2024 from RMB 377,088,556 in 2023, representing a decline of 18.1%[14]. - Total liabilities also decreased to RMB 222,335,178 in 2024 from RMB 286,579,215 in 2023, a reduction of 22.4%[14]. - The Company reported a total capital and reserves attributable to equity holders of RMB 86,789,759 in 2024, a decrease from RMB 90,509,341 in 2023[14]. - Non-controlling interests decreased to RMB 40,435,935 in 2024 from RMB 44,637,346 in 2023, a decline of 9.8%[14]. - The total borrowings of the Group amounted to RMB57.73 billion as of December 31, 2024, with a net debt-to-equity ratio of 53.8%[82]. Market Strategy and Expansion - The Company is focusing on market expansion and new product development as part of its future strategy[14]. - Seazen Group Limited is actively exploring potential mergers and acquisitions to enhance its market position[14]. - The company plans to expand its market presence by developing new residential and complex projects in cities such as Nanjing, Xuzhou, and Fuyang, focusing on areas with high demand[20]. - The Group's strategy includes expanding its presence in various provinces, focusing on both residential and complex projects[32]. - The Group's future outlook includes continued expansion in the Greater Bay Area and other regions, with significant land resources available for development[42]. Property Development and Leasing - The total leasable area across major properties is approximately 6,000,000 sq.m., with an accumulated contracted area of about 4,500,000 sq.m., indicating a leasing rate of approximately 75%[19]. - The total number of residential projects under development is 15, with a combined leasable area exceeding 3,000,000 sq.m.[20]. - The company has completed several projects, including the Chuzhou Tianchang Project with a leasable area of 607,864 sq.m. and an accumulated contracted area of 449,627 sq.m., achieving a leasing rate of approximately 74%[20]. - The company is actively pursuing market expansion with multiple projects under development across various cities, including Wenzhou, Fuzhou, and Qingdao[22]. - The total number of completed residential projects is 15, with a combined leasable area of approximately 2,000,000 sq.m.[21]. Financial Management and Investments - The Group's cash balances totaled approximately RMB 10,618.3 million, a decrease of 45.5% from RMB 19,499.9 million in 2023[89]. - The Group raised approximately HKD 1,559.79 million from the Rights Issue, with HKD 623.92 million utilized for repayment of a syndicated loan and the remaining HKD 935.87 million reallocated for repayment of offshore loans[91][93]. - The Group's strategy to adopt a more prudent approach regarding land acquisitions aligns with the overall interests of the Company and its shareholders[95]. - The Group's total accumulated contracted area as of December 31, 2024, was 67,091,828 sq.m.[44]. - The Group's financial condition is impacted by various risks, including liquidity and foreign exchange risks, which require ongoing management and assessment[156]. Governance and Leadership - The company has a diverse Board with members holding significant experience in finance, law, and management[119][121][125]. - The company continues to prioritize experienced leadership to navigate market challenges and opportunities[119][120]. - The Board's composition reflects a commitment to governance and compliance with listing rules[126][128]. - The company is focused on enhancing its ESG initiatives under the leadership of Mr. Zhou and Mr. Wang[117][120]. Market Conditions and Challenges - The Group's business performance is heavily reliant on the property market in mainland China, which is subject to various economic, political, and regulatory changes[153]. - The PRC property market is volatile, with potential undersupply or oversupply of properties and significant price fluctuations, which could adversely affect demand[158]. - The management is committed to prudent operations and will adjust supply structures and marketing strategies to mitigate risks[159]. - The Group does not currently have a foreign currency hedging policy, exposing it to foreign exchange risks from fluctuations in HKD and USD against RMB[162].
新城发展(01030) - 2024 - 年度财报