Financial Performance - The audited consolidated revenue for 2024 was approximately RMB 13,930.2 million, a decrease of approximately 3.9% from 2023[20]. - Profit attributable to owners of the company in 2024 was approximately RMB 19.9 million, a significant decrease of 95.8% from RMB 479.4 million in 2023[16]. - The basic earnings per share for 2024 was approximately RMB 0.4 cents, down 95.8% from RMB 8.5 cents in 2023[16]. - Gross profit for 2024 was approximately RMB 2,284.9 million, representing an increase of approximately 49.8% from 2023[20]. - The total recognized revenue from properties delivered in FY2024 was approximately RMB 13,192.5 million, representing a decrease of approximately 3.6% from FY2023[67]. - Revenue from property sales accounted for approximately 94.7% of total revenue for FY2024, with a decrease attributed to a reduction in the total GFA of properties delivered[184]. - The Group's cost of sales for FY2024 was approximately RMB 11,645.3 million, representing a decrease of approximately 10.2% from RMB 12,964.8 million in FY2023[185]. - Other income and gains decreased by approximately 27.7% to approximately RMB 70.2 million for FY2024, primarily due to a decrease in bank interest income[187]. - Selling and distribution expenses decreased by approximately 33.4% to approximately RMB 224.9 million for FY2024 from RMB 337.8 million in FY2023[188]. - Administrative expenses decreased by approximately 21.1% to approximately RMB 464.7 million for FY2024 from RMB 589.3 million in FY2023[195]. - Income tax expenses increased by approximately 528.5% to approximately RMB 1,031.3 million for FY2024 from RMB 164.1 million in FY2023, mainly due to an increase in profit before tax[198]. Sales and Contracted Sales - Contracted sales amount for 2024 was RMB 5,868.5 million, down 49.7% compared to RMB 11,669.3 million in 2023[16]. - For FY2024, the Group's contracted sales area was approximately 353,329 sq.m., a decrease of about 42.7% from FY2023's 615,858 sq.m.[154]. - The decline in sales was primarily due to a modest decrease in demand for residential and commercial properties, influenced by cautious market sentiment amid domestic economic challenges[155]. - Major projects contributing to contracted sales included Hidden Dragon Bay and International Office Centre, with respective sales areas of 296 sq.m. and 13,791 sq.m.[156]. - The Group's interest in the contracted sales from the International Office Centre (IOC)A2 project was 66.0%, with a sales amount of RMB 674.7 million[156]. - The Yunxing Imperial Palace project in Kunming achieved a contracted sales amount of RMB 304.6 million, with a sold area of 30,379 sq.m., representing 90.0% interest attributable to the Group[161]. - The Group's sales in Hangzhou included various projects, with Zecui Ju achieving a sales amount of RMB 592.7 million from 34,578 sq.m.[158]. - The Group's strategy includes focusing on major projects in high-demand areas to mitigate the impact of market fluctuations[155]. Assets and Liabilities - Total assets decreased by 19.2% to RMB 39,262.7 million in 2024 from RMB 48,569.8 million in 2023[16]. - The Group's total liabilities included current liabilities of approximately RMB 21,489.9 million and non-current liabilities of approximately RMB 4,894.5 million as of December 31, 2024[200]. - The debt to asset ratio improved to 67.2% in 2024 from 73.3% in 2023[16]. - The net gearing ratio decreased to 29.2% in 2024 from 43.1% in 2023[16]. - As of December 31, 2024, the total GFA of the Group's land bank was approximately 7.42 million sq.m., with unsold or undelivered GFA of completed properties at approximately 2.55 million sq.m.[162]. - The average acquisition cost of the Group's overall land bank was approximately RMB 2,713 per sq.m.[162]. Market Outlook - The real estate market is expected to gradually stabilize and recover due to positive government policies[24]. - The cautious market sentiment is expected to persist, influencing the Group's sales outlook for the upcoming fiscal year[155]. - Nationwide real estate development investment in 2024 amounted to RMB 10,028.0 billion, a decrease of 10.6% compared to the previous year[62]. - The gross floor area of newly built commodity properties sold in 2024 was 973.58 million square meters, a decline of 12.9% from the previous year[62]. - The sales volume of newly built commodity properties in 2024 was RMB 9,675.0 billion, representing a decrease of 17.1%[62]. Operational Highlights - The Group successfully delivered 13 projects, with several achieving simultaneous delivery of properties and certificates, enhancing its reputation in the market[29]. - The Group's commercial operations have seen stable and rising leasing business revenue, with brand upgrades and consumer scenario innovations implemented in key cities[31]. - The Group's commitment to high-quality comprehensive delivery has positioned it among the "Top 5 Zhejiang Real Estate Developers by Delivery Capability" for two consecutive years[29]. - The Group has expanded its business scope into modern agriculture, education, culture, film and entertainment, leisure tourism, and wellness industries to align with overall industry development[172]. - The Group received multiple awards in FY2024, including being ranked among the Top 100 China Real Estate Developers and Top 10 Hong Kong Listed Domestic Property Companies with Financial Stability[176]. Dividends and Financial Management - The company did not propose a final dividend for the year 2024, consistent with 2023[20]. - The Group's dividend policy considers various factors, including operational results, retained earnings, and future expansion plans before declaring any dividends[180]. - The Group's total asset-liability ratio and net debt ratio maintained a good level within the industry, reflecting strong financial management[26].
众安集团(00672) - 2024 - 年度财报