Business Operations - As of December 31, 2024, the cumulative GFA under management stood at approximately 55.61 million sq.m., serving over 500,000 property owners[17]. - The company signed contracts on project management projects in 136 counties and above-county-level cities across 8 provinces, municipalities, and autonomous regions, with a repeat cooperation rate of 62%[17]. - The project management business is primarily conducted through its wholly-owned subsidiaries, indicating a strong operational structure[16]. - The company has four business segments: commercial project management, government project management, capital project management, and management consulting, with traditional commercial project management being the core business[18]. - CCMGT has established a four-business structure: commercial construction, government construction, capital construction, and management consulting, with traditional commercial construction being the core business[20]. - The company has formed strategic partnerships with 30 government platform companies and 8 state-owned enterprises in Henan Province[20]. - The company signed a total of 449 project contracts during the year, with a contracted GFA of 55.61 million sq.m.[94]. - The Group signed 31 new project management projects with an additional contracted GFA of 2,517,200 sq.m., a year-on-year decrease of 64.8%[114]. - The company has embarked on a path of independent, national, large-scale, and professional development in project management[16]. Financial Performance - Revenue for the year ended 31 December 2024 was RMB 252.03 million, a decrease of 46.2% compared to RMB 468.38 million in 2023[89]. - Net profit for 2024 was RMB 73.22 million, down 63.6% from RMB 201.24 million in 2023, resulting in a net profit margin of 29.1%[89]. - The company achieved an opening inventory sales of RMB 8.74 billion in 2024, with a sales rate of 48.5%, which is 8.5% higher than the average level of 40% in third- and fourth-tier cities[76][80]. - In 2024, the company's contracted sales amounted to approximately RMB 13.4 billion, representing a year-on-year decrease of 54.6%, with a contracted sales GFA of approximately 2.17 million sq.m.[76]. - Revenue from projects in Henan province was RMB 226.4 million, accounting for 89.8% of total revenue, down 48.0% from RMB 435.1 million in 2023[133]. - Other income decreased by RMB 53.0 million or 71.8% to RMB 20.9 million, mainly due to a reduction in interest income on advances to third parties[134]. - Personnel costs amounted to RMB 101.5 million, representing a decrease of 9.6% from RMB 112.2 million in 2023, attributed to strict cost control measures[137]. - Other operating expenses were RMB 47.2 million, down 19.4% from RMB 58.6 million in 2023, also due to stringent expense management[138]. - The decline in revenue was attributed to lower service fees due to the downturn in the domestic real estate market and a significant decrease in completed projects[131]. Market Conditions - The focus of real estate policies in China shifted to support reasonable housing demand, particularly for rigid demand and improvement[70]. - The real estate market remained in a deep correction trajectory, with year-on-year contraction in real estate investments, sales, and project starts yet to be fundamentally reversed[102]. - The leading real estate developers' market shares were gradually eroded by medium-sized project management companies and new entrants, resulting in increasingly fierce competition[106]. - Preliminary statistics indicate that the planned GFA of newly contracted projects of project management companies in 2024 was estimated to be 165 million sq.m.[71]. - The market concentration of leading companies in project management remained above 50% in 2024[71]. - The economic environment in 2024 faced challenges, including weak global recovery and insufficient domestic demand, impacting overall market performance[101]. Strategic Initiatives - In September 2023, CCMGT launched the CCMGT C Platform, a new project management trust system aimed at enhancing brand premium and management capabilities[22]. - CCMGT aims to ensure every project is profitable and every risk is eliminated, focusing on sustainable cooperation with partners[25]. - The company plans to implement innovative expansion models and diversified cooperation in selected pilot cities in Henan[119]. - Future strategies include strengthening panoramic management and fine control to re-establish a leading position in the market[122]. - The company will focus on risk control and quality improvement to ensure high-quality development and security[127]. - CCMGT intends to innovate service models to strengthen collaboration across the industry chain[128]. - The company will continue to deepen its Greater Central China strategy, focusing on brand building and product quality[128]. Corporate Governance - The company has established a performance-based compensation structure to reward employees and promote healthy competition[188]. - The Group is committed to high corporate governance standards and has complied with applicable code provisions during the year, except for a deviation from code provision F.2.2[192]. - The company emphasizes win-win cooperation as its guiding ideology and aims for joint industry development[196]. - The company is focused on maintaining high standards of business ethics and corporate governance across its operations[197]. - The company has implemented a whistleblowing policy to allow employees and other stakeholders to report concerns about possible irregularities anonymously[197]. - A clear anti-corruption policy has been established to support anti-corruption laws and promote a culture of integrity within the company[197]. - The board is committed to monitoring and evaluating the company's culture to ensure long-term sustainable growth for shareholders[198]. Shareholder Information - The company was incorporated in the Cayman Islands on October 22, 2020, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 31, 2021[15]. - Mr. Wu Po Sum, the chairman, sold 395,560,000 shares, representing approximately 10.2% of the total issued share capital, as collateral under margin trading conditions[199]. - The chairman and other committee chairs were absent from the 2024 Annual General Meeting, but other directors attended to maintain communication with shareholders[195]. - The company plans to ensure the attendance of its auditor at future annual general meetings to address shareholder inquiries[195]. - The company reported a delay in the publication of its annual results and annual report for the year ending December 31, 2023, affecting the approval of the consolidated financial statements and auditor's report at the 2024 Annual General Meeting[195].
中原建业(09982) - 2024 - 年度财报