GREATTOWN(SH:600094)2025-04-25 11:45Financial Performance - In 2024, the company reported a total revenue of ¥4,170,683,018.28, a decrease of 64.34% compared to ¥11,695,484,376.75 in 2023[23] - The net profit attributable to shareholders was a loss of ¥2,336,018,069.35, contrasting with a profit of ¥222,551,310.40 in the previous year, marking a decline of 1,149.65%[23] - The company's total assets decreased by 26.69% to ¥18,566,273,190.36 at the end of 2024, down from ¥25,326,101,115.43 at the end of 2023[23] - Cash flow from operating activities was significantly reduced to ¥22,343,560.47, a decline of 98.64% from ¥1,648,494,574.77 in 2023[23] - The basic earnings per share for 2024 was -1.00 RMB, a decrease of 1,212.35% compared to 0.0899 RMB in 2023[24] - The weighted average return on equity was -20.59% for 2024, down 22.38 percentage points from 1.79% in 2023[24] - The company reported a net loss attributable to shareholders of 2.56 billion RMB in Q4 2024, contributing to an annual net loss of 2.336 billion RMB[27] Asset Management - The company reported a net asset value of ¥10,125,477,768.31 at the end of 2024, down 19.18% from ¥12,529,103,704.31 at the end of 2023[23] - The company has a high proportion of liquid assets, with over 70% of total assets being liquid, which supports its financial flexibility and risk resilience[39] - The total amount of inventory, including development costs and products, was RMB 1,027,405.11 million, representing 55.34% of the total assets[190] Market Conditions - The company acknowledges various industry and market risks that may impact future performance, as detailed in the "Management Discussion and Analysis" section of the report[10] - The total market inventory remains high at 2.38 billion square meters, with a long de-stocking cycle of 2.9 years[35] - The real estate industry is currently in a bottom adjustment phase, with overall performance declining and increased industry concentration, posing risks of greater performance volatility and potential declines[93] Strategic Initiatives - The company plans to continue its price reduction and promotional strategies to accelerate cash recovery in response to market conditions[36] - The company has suspended new real estate investments for three consecutive years to navigate the challenging market environment[36] - The company’s strategy focuses on "de-stocking and cash flow preservation" amid the ongoing downturn in the real estate sector, while exploring business transformation in AI computing and low-altitude economy[44] Corporate Governance - The company held 9 board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[97] - The company organized 1 annual and 2 temporary shareholder meetings, adhering to relevant regulations to protect shareholder rights[98] - Independent directors actively participated in governance, providing constructive opinions on strategic planning and financial management[99] Financial Health - As of the end of 2024, the company's debt-to-asset ratio is 43.52%, with a net debt ratio of 15.08% and a cash-to-short-term debt ratio of 1.72[37] - The company reported a significant reduction in cash and cash equivalents, down 61.98% to ¥844.13 million, primarily due to proactive debt repayments[63] - The company has no significant litigation or arbitration matters during the reporting period[146] Investment and Development - The company has invested 12 million USD in Shanghai Fengfei Aviation Technology Co., Ltd. to explore the eVTOL industry, and has initiated a project to build a "low-altitude intercity smart hub airport" in collaboration with Fuzhou New Area Aviation City Development Company[38] - The company has established a smart computing center with Nvidia H800 servers, providing 2000P computing power and generating contract revenue of 39.59 million yuan within the year[38] - The company’s real estate development investment in 2024 was 1 trillion yuan, a year-on-year decrease of 10.6%, with residential development investment accounting for 75.8% of the total[41] Dividend Policy - The company plans not to distribute profits or increase capital reserves through stock conversion for the year 2024[7] - The company plans to distribute a mid-term cash dividend of 0.30 CNY per share, totaling 69,748,501.35 CNY, which exceeds the average annual distributable profit of -64,741.57 million CNY over the last three years by 30%[124] - The company will not propose a profit distribution plan for 2024, citing ongoing challenges in the real estate industry and the need to ensure safe operations amid uncertainties[127] Environmental and Social Responsibility - The company has actively engaged in green construction practices, implementing unified standards and utilizing eco-friendly materials since 2021[136] - The company has adopted measures to reduce carbon emissions, including the use of clean energy sources like solar and offshore wind power[137] - The company is actively involved in various social and community roles through its board members, enhancing its corporate social responsibility profile[105]