Financial Performance - The company reported a revenue of RMB 864.86 million for 2024, a decrease of 41.1% compared to RMB 1,468.34 million in 2023[7]. - The pre-tax loss for 2024 was RMB 634.07 million, improved from a loss of RMB 924.65 million in 2023, representing a reduction of approximately 31.5%[7]. - The net loss attributable to shareholders was RMB 536.85 million in 2024, down from RMB 901.41 million in 2023, indicating a decrease of about 40.5%[14]. - The company achieved a gross profit of RMB 132 million in 2024, compared to RMB 230 million in the previous year[9]. - Total assets decreased to RMB 12.97 billion in 2024 from RMB 13.60 billion in 2023, reflecting a decline of approximately 4.6%[7]. - The net asset liability ratio increased to 302.55% in 2024 from 234.91% in 2023, indicating a significant rise in financial leverage[7]. Asset Management and Sales - The company completed the sale of a major asset in Jiaxing, generating a revenue of RMB 55.77 million during the year[10]. - The company completed the sale of 90% equity in the Beijing Tongzhou project on June 6, 2022, with the remaining 10% sold on August 10, 2023, and additional projects in Xiamen and Hainan sold on October 10, 2023[17]. - The company successfully sold its Zhejiang Jiaxing project for approximately RMB 276.71 million on January 24, 2024[28]. Business Strategy and Future Plans - The company plans to continue restructuring and enhancing asset operational levels to improve profitability in the future[11]. - The company plans to transform its business model by gradually divesting from heavy asset investments and focusing on the cold chain business, aiming to reduce debt and diversify income[15]. - The company anticipates that profit contributions from the supply chain will improve as the optimization of upstream and downstream partnerships is completed in 2025[11]. - The group plans to reduce reliance on heavy asset investments and explore the food supply chain platform business as a new growth avenue[37]. - The group aims to create a light asset, low-risk, and strong cash flow S2B2C food supply chain platform within three to five years[36]. Occupancy and Warehouse Management - The total area of high-end and modern warehouses held by the company is 559,400 square meters, with an average occupancy rate of 56.73% as of December 31, 2024, down from 60.09% in 2023[18]. - The average occupancy rate for the Tianjin Airport warehouse is 34.95%, significantly impacted by a drop in import volumes and intense competition[19]. - The average occupancy rate for the cold storage facilities is 30.08% in Tianjin and 100% in Qingdao as of December 31, 2024[23]. - The company has diversified its client base in Meishan, with an occupancy rate of 59.56% as of December 31, 2024, amidst increased market competition[22]. - The company is actively enhancing communication with existing tenants and seeking new tenants to improve occupancy rates in Shanghai warehouses[19]. Industry Outlook and Market Conditions - The food supply chain industry is expected to achieve a market scale of RMB 4.84 trillion in 2024, with a year-on-year growth of 10.2% in service supply chain enterprises[34]. - The restaurant industry in China generated revenue of RMB 2.62 trillion in the first half of 2024, with rural consumption accounting for 38.8%[34]. - The Cambodian government is actively promoting policies to attract foreign investment, with China's investment accounting for 49.8% of Cambodia's total investment in 2024[31]. Financial Management and Risks - The company faces significant foreign exchange and conversion risks, particularly with fluctuations in the value of the RMB against the USD, which could adversely affect its financial performance[101]. - The company has significant debt obligations due to project financing, with all existing borrowings subject to floating interest rates, which may impact profitability if rates increase significantly[102]. - The company does not hedge against interest rate fluctuations, exposing it to potential risks related to rising interest rates affecting its earnings[102]. - The company is closely monitoring foreign exchange risks due to fluctuations in currency rates, particularly between RMB and other currencies[73]. Corporate Governance - The board currently consists of eight members, including five executive directors and three independent non-executive directors[78]. - The company is focused on enhancing its corporate governance and financial oversight through its experienced board members[78]. - The company has a strong legal compliance framework, with executive director Xu Zhigang serving as the chief legal advisor[82]. - The management team is well-rounded with expertise in finance, law, and corporate governance, positioning the company for future growth[81]. - The company has established mechanisms to ensure independent viewpoints are communicated to the board, enhancing decision-making objectivity[162]. Shareholder and Director Information - Major shareholder 皓明控股有限公司 holds 1,557,792,500 shares, representing 22.35% of the issued share capital[137]. - 北控置業（香港）有限公司 has a total holding of 4,084,674,907 shares, accounting for 58.61% of the issued share capital[137]. - 北京控股集團有限公司 controls 4,659,292,560 shares, which is 66.85% of the issued share capital[137]. - The company has three independent non-executive directors to ensure independent operations from competing businesses[129]. Compliance and Reporting - The company has adopted a standard code of conduct for securities trading, ensuring compliance among all directors and employees[177]. - The board confirmed compliance with all corporate governance code provisions as of December 31, 2024, except for certain disclosures in the corporate governance report[154]. - The company ensures timely disclosure of inside information while maintaining confidentiality until public release[199]. - The company has maintained compliance with all corporate governance codes as of December 31, 2024, ensuring adherence to best practices[178].
北京建设(00925) - 2024 - 年度财报