Financial Performance - The group's consolidated revenue for 2024 was approximately RMB 7,030.3 million, a decrease of 26.2% compared to RMB 9,525.0 million in 2023[20]. - The consolidated loss for 2024 was approximately RMB 1,809.2 million, representing an increase of 181.3% from RMB 643.1 million in 2023[20]. - The loss attributable to equity holders of the company for 2024 was approximately RMB 1,791.1 million, an increase of 283.4% from RMB 467.1 million in 2023[20]. - The group's gross profit for 2024 was approximately RMB 1,516.8 million, a decrease of 22.0% from RMB 1,944.5 million in 2023[29]. - The group does not recommend the payment of a final dividend for the year ended December 31, 2024[24]. Sales and Marketing - The total sales revenue for the group in the review year was approximately RMB 5.2728 billion, with a total construction area of 615,916 square meters, down from RMB 5.7504 billion and 851,463 square meters in 2023[41]. - The average selling price of delivered properties in 2024 was RMB 5,643.7 per square meter, a decrease of 3.5% from RMB 5,846.7 per square meter in 2023[34]. - The average delivered construction area decreased from 1,458,069 square meters in 2023 to 1,058,431 square meters in 2024[29]. - The group's sales and marketing costs for 2024 were approximately RMB 397.3 million, a decrease of 19.8% from RMB 495.7 million in 2023[33]. - The group anticipates continued challenges in property deliveries in cities like Suhong and Shanghai, impacting overall sales performance[34]. Property Development and Construction - The total construction area in Anhui and Jiangsu provinces accounted for 54.7% of the total construction area as of December 31, 2024[28]. - The completed projects total 50 with a total construction area of 3.5 million square meters, while 65 projects are under development with a total area of 10.6 million square meters[49]. - The total area of future development projects is 2.2 million square meters, with 14 projects planned[49]. - The company has a significant presence in Jiangsu, with 20.9% of its land reserves located there[51]. - The company is actively developing new residential and commercial properties, with the Nanjing Mingfa Yueshan Yuefu project completed in April 2022, covering 4,117 square meters[53]. Land Reserves and Future Projects - The group's land reserve decreased by 7.9% to approximately 16.3 million square meters, down from 17.7 million square meters in 2023, comprising a total of 129 projects[48]. - The company has 100% equity in all presold properties listed, with the largest presold project being in Shenyang at 116,517 square meters[47]. - The company continues to focus on expanding its land reserves and project completions to enhance its market footprint[48]. - The company has signed land use rights contracts for future developments, with a total land area of 495,361 square meters and a total building area of 913,314 square meters[62]. - The total area of properties under development is projected to reach 1,000,000 square meters by the end of 2025[55]. Ongoing Projects and Completion Rates - The company has several projects in various stages of completion, with the majority expected to be completed by December 2025 and 2026, indicating a strong pipeline for future revenue[59][61]. - The company has a significant project pipeline, including the Quanzhou Mingfa International Huachang City, which has a total area of 613,587 square meters and is also approximately 80% completed, scheduled for completion in December 2026[56]. - The company is focusing on residential and commercial developments, with properties like the Jiangsu Huai'an Golden Water Coast, which has a total area of 160,694 square meters and is approximately 75% completed[56]. - The company has completed construction on multiple properties, including the Tianjin Binhai Mingfa Commercial Plaza with a total area of 340,368 square meters and a land area of 209,048 square meters, expected to be fully operational by December 2026[56]. - The company is committed to completing its ongoing projects by the end of 2025, enhancing its portfolio and market position[68].
明发集团(00846) - 2024 - 年度财报