Financial Performance - For the year ended 31 December 2024, the Group reported revenue of RMB 40,770,075, representing a 94.5% increase compared to RMB 20,960,968 in 2023[18]. - Gross profit for the same period was RMB 6,235,537, which is a 137.0% increase from RMB 2,630,992 in 2023[18]. - The loss attributable to owners of the parent decreased slightly to RMB (7,863,349) from RMB (7,991,050), reflecting a 1.6% improvement[18]. - The Group recorded a loss attributable to owners of the parent of approximately RMB 7.863 billion due to impairment provisions and fair value losses on investment properties[29][32]. - The Group achieved recognised property sales income of approximately RMB 38.843 billion in 2024, representing a year-on-year increase of approximately 103.4%[68]. - The average selling price of properties rose to RMB 14,907 per sq.m. in 2024, reflecting a significant year-on-year increase of approximately 82.8%[68]. - The total revenue for 2024 increased by approximately 94.5% to approximately RMB 40.770 billion from approximately RMB 20.961 billion in 2023[80]. - Property management fees increased by approximately 3.2% to approximately RMB 1.202 billion in 2024, driven by an increase in the number and floor area of properties under management[82]. - Rental income grew by approximately 9.2% to approximately RMB 578.634 million in 2024, mainly due to contributions from newly opened shopping malls[83]. Assets and Liabilities - Total assets as of 31 December 2024 were RMB 128,285,226, down 23.6% from RMB 167,889,687 in 2023[20]. - Cash and bank balances decreased by 37.3% to RMB 4,045,017 from RMB 6,448,926 in 2023[20]. - Total liabilities decreased by 20.1% to RMB (117,715,353) from RMB (147,407,361) in 2023[20]. - Total equity fell by 48.4% to RMB 10,569,873 compared to RMB 20,482,326 in 2023[20]. - The Group's total assets pledged to secure bank and other borrowings and domestic bonds amounted to RMB 63,437,677,000 in 2024, slightly down from RMB 63,579,208,000 in 2023[121]. - Total borrowings as of December 31, 2024, amounted to RMB 35,418,566,000, a slight decrease from RMB 35,907,119,000 in 2023[116]. - As of December 31, 2024, the net gearing ratio was approximately 296.8%, a significant increase from 143.8% as of December 31, 2023[122][125]. Sales and Market Performance - Contracted sales amounted to approximately RMB 11.226 billion, with a contracted sales area of approximately 1.23 million sq.m, representing a year-on-year decrease of approximately 59.6% and 46.5%, respectively[30][33]. - The four cities with the largest contracted sales were Hangzhou, Beijing, Nanjing, and Suzhou, accounting for approximately 40.3% of the total contracted sales amount[31]. - The Yangtze River Delta Economic Zone accounted for approximately 41.3% of the total contracted sales amount, with sales of approximately RMB 4.640 billion[64]. - The sales of newly developed national commodity houses in 2024 amounted to approximately RMB 9,675 billion, a year-on-year decrease of 17.1%[49]. - The sales area of newly developed national commodity houses was approximately 974 million sq.m., representing a year-on-year decrease of 12.9%[49]. Operational Strategy and Development - The Company aims to maintain a proactive and prudent development strategy to secure its regional leading position[6]. - The Group plans to enhance property project management, ensure project progress, and improve product quality to meet the demand for improved properties[36][38]. - The Group will deepen regional business management of shopping mall operations and enhance operational performance through targeted strategies[40]. - The Group prioritizes "Ensuring Delivery" in its business operations, aiming for excellence and strengthening competitiveness in its "Two Wings" business[41]. - The Group's focus on long-term rental apartments and shopping malls is part of its strategy to enhance operational efficiency[65]. Governance and Management - The company has a strong management team with over 29 years of real estate development experience among its founders, which supports strategic decision-making[170][171]. - The company has established subsidiaries in the PRC, Hong Kong, the Cayman Islands, and the British Virgin Islands, indicating a broad market presence[174][176]. - The company emphasizes the importance of corporate governance and has established various committees to ensure compliance and effective management[182][183]. - The company has a corporate governance committee chaired by Huang Youquan, emphasizing its focus on governance practices[173]. - The independent non-executive director, Ting Leung Huel Stephen, has over 40 years of experience in accounting and auditing, contributing to the board's expertise[178]. Employee and Customer Relations - As of December 31, 2024, the Group employed a total of 6,201 employees, a decrease from 6,845 employees in 2023, with total employee costs approximately RMB 660,062,000 compared to RMB 943,489,000 in 2023[136]. - The male-to-female ratio in the workforce is approximately 1:0.57, with 3,950 male employees and 2,251 female employees, which the Board considers satisfactory[136]. - The Group emphasizes customer satisfaction and has conducted a residential customer satisfaction survey to gather feedback and improve project quality and services[149]. - The company maintains strong relationships with existing and potential clients, emphasizing customer satisfaction through various feedback channels and surveys[153]. Future Outlook - Looking forward to 2025, the Group expects the real estate market to continue to bottom out, with anticipated government policies to boost market confidence[35][38]. - The real estate market in China is expected to bottom out due to government policies aimed at stabilizing the market[48].
中骏集团控股(01966) - 2024 - 年度财报