Financial Performance - The company reported a revenue of RMB 7,152,407 thousand for the year ended December 31, 2024, representing a 54.59% decrease compared to RMB 15,751,478 thousand in 2023[4]. - The pre-tax loss was RMB 3,249,183 thousand, compared to a profit of RMB 1,076,351 thousand in the previous year[4]. - The company reported a net loss attributable to ordinary shareholders of RMB 2,992,483 thousand for 2024, compared to a profit of RMB 140,407 thousand in 2023[4]. - The company achieved operating revenue of RMB 715,240.7 million in 2024, a year-on-year decrease of 54.59%, primarily due to reduced income from the real estate development segment[84]. - The pre-tax loss amounted to RMB 324,918.3 million, with a core operating loss (excluding fair value changes) of RMB 256,287.0 million[84]. Assets and Liabilities - The total assets decreased to RMB 57,619,449 thousand in 2024 from RMB 65,155,827 thousand in 2023, a decline of approximately 11.8%[4]. - The total liabilities also decreased to RMB 39,268,837 thousand in 2024 from RMB 42,927,967 thousand in 2023, a reduction of about 8.5%[4]. - The total financing amount at the end of the period was RMB 2,390,768 million, with an overall average financing cost of 4.07%[82]. Business Strategy and Development - The company aims to enhance its core business and digital transformation while focusing on the exhibition and real estate sectors for future growth[13]. - The company is committed to exploring new transformation paths in real estate development amidst ongoing industry adjustments[13]. - The company is actively innovating its development model by promoting the integration of "exhibition + real estate" projects in response to current industry trends[25]. - The company plans to focus on the "high quality" and "large service" model in real estate development, transitioning towards composite real estate development[93]. - The company will strengthen the integration of various business segments, particularly in the exhibition and commercial property sectors, to drive growth and efficiency[87]. Market and Industry Trends - The real estate market saw a total sales area of 814.5 million square meters in 2024, a year-on-year decrease of 14.1%, with sales revenue of RMB 848.64 billion, down 17.6% year-on-year[25]. - The hotel industry is facing challenges with declining occupancy rates and average room prices due to weakened domestic business demand and intense price competition[24]. - The company anticipates broader development opportunities in the exhibition, hotel, and commercial property sectors due to supportive government policies and market demand[85]. Operational Highlights - The company hosted 2,243 events in its self-owned venues and hotels, a year-on-year increase of approximately 1.9%, with major events totaling 71 and attracting 5.8625 million attendees, up 20.6% year-on-year[27]. - The company achieved a significant breakthrough in the market-oriented operation of the 2024 Service Trade Fair, with participation from 85 countries and international organizations, over 8,000 enterprises, and a total audience of 258,000, marking a 20% increase in professional attendees compared to the previous year[32]. - The company successfully organized over 40 major events, enhancing its brand influence and recognition in the industry[27]. Corporate Governance - The company is committed to maintaining high corporate governance standards and has complied with all relevant regulations[102]. - The board of directors held 36 meetings in 2024, ensuring effective oversight and strategic direction for the company[106]. - The company conducts annual reviews of director remuneration policies to attract and retain high-quality talent[123]. - The board consists of at least one-third independent non-executive directors, ensuring independent viewpoints and opinions[117]. Human Resources and Talent Management - The company is actively addressing talent shortages by implementing various recruitment and training programs to build a high-quality talent pool[101]. - The gender ratio of the board members in 2024 is 7:2, while the employee gender ratio is 5:4, indicating a commitment to gender diversity[126]. - The company plans to enhance gender diversity in the board by considering it as a factor in future recruitment of board and senior management candidates[126]. Financial Management and Investments - The company has established a dividend policy to enhance transparency and operational effectiveness in profit distribution, which is available on its website[150]. - The company plans to invest RMB 145 million in fixed assets by 2025, funded by internal resources[97]. - The company has ongoing projects in various regions, including residential and commercial developments in Hebei, Anhui, Chongqing, Hainan, and Guangdong[74]. Risk Management - The company is facing market risks due to ongoing adjustments in the real estate market, which may affect sales collection efficiency[100]. - The board of directors believes that the risk management and internal control systems were effective and sufficient during the reporting period[147].
北京北辰实业股份(00588) - 2024 - 年度财报