Financial Performance - The company's revenue for 2024 was RMB 17,701,425, a decrease of 51% compared to RMB 36,238,835 in 2023[6]. - The gross loss for 2024 was RMB (823,900), representing a 143% decline from a gross profit of RMB 1,919,239 in 2023[6]. - The net loss attributable to shareholders was RMB (17,709,538), a 12% improvement from RMB (20,164,485) in the previous year[6]. - The total sales revenue for the property development segment decreased by 59% to RMB 11.52 billion, based on a delivery area of 1,693,000 square meters, down 44% from the previous year[30]. - The group recorded a gross loss of RMB 824 million, compared to a gross profit of RMB 1.92 billion in the previous year, with a property development gross margin of 4.4%[32]. - The annual loss attributable to owners of the company was RMB 17,709,538 thousand in 2024, compared to RMB 20,164,485 thousand in 2023, indicating a reduction in losses[195]. - Operating loss increased to RMB 9,262,048 thousand in 2024 from RMB 7,848,663 thousand in 2023, reflecting a deterioration in operational performance[194]. - The total agreed sales for 2024 amounted to approximately RMB 11.23 billion, with a sales area of about 838,100 square meters, derived from 187 projects across 105 cities[18]. Assets and Liabilities - Total assets decreased by 13% to RMB 290,592,833 from RMB 334,868,229 in 2023[6]. - The total liabilities decreased to RMB 262,136,118 thousand in 2024 from RMB 288,476,067 thousand in 2023, showing a reduction in financial obligations[194]. - The company's total equity decreased to RMB 28,456,715 thousand by December 31, 2024, down from RMB 46,392,162 thousand in 2023[198]. - Current liabilities exceeded current assets by approximately RMB 31.68 billion as of December 31, 2024[101]. - Total bank borrowings and other debts amounted to RMB 113.55 billion, with RMB 103.57 billion due within the next twelve months[101]. - The company has defaulted on bank borrowings and other debts totaling RMB 88.48 billion[101]. - The company has been unable to pay interest on three senior notes totaling RMB 31.90 billion since August 2024[102]. Cash Flow and Financing - The company's cash reserves fell by 33% to RMB 3,863,809 from RMB 5,742,606 in 2023[6]. - As of December 31, 2024, the total cash, including restricted funds, was RMB 3.864 billion, down from RMB 5.743 billion as of December 31, 2023, with 77% in RMB and 23% in other currencies[38]. - The company reported a cash flow statement indicating ongoing liquidity challenges, with specific figures not detailed in the provided content[199]. - Operating cash flow generated was $319,244,000 for 2024, compared to $1,798,602,000 in 2023, indicating a significant decrease[200]. - Net cash used in operating activities was $(1,530,816,000) for 2024, slightly improved from $(1,562,765,000) in 2023[200]. - Cash inflow from financing activities was $(320,331,000) in 2024, a decrease from cash inflow of $330,521,000 in 2023[200]. Corporate Governance - The company maintained a commitment to good corporate governance practices, adhering to relevant laws and regulations throughout the fiscal year ending December 31, 2024[46]. - The board consists of nine directors, including four executive directors and three independent non-executive directors, ensuring a diverse range of expertise and perspectives[47]. - The board held four meetings during the year, with all directors actively participating, demonstrating commitment to governance and oversight[52]. - The company has three independent non-executive directors, meeting the requirement that at least one-third of the board members are independent[55]. - The independent non-executive directors have undergone annual reviews to ensure their independence according to listing rules[55]. - The company has a policy allowing directors to seek independent professional advice at the company's expense[55]. - The board is responsible for overseeing the financial performance and risk management strategies of the company[47]. Market Conditions and Strategic Initiatives - The company is focusing on maintaining sufficient cash flow and managing debt in anticipation of a challenging outlook for 2025 due to ongoing market conditions[13]. - Economic weakness has led to decreased buyer confidence in both self-use and investment properties, resulting in lower transaction volumes compared to historical levels[97]. - The group emphasizes the sale of completed properties to generate immediate cash flow, addressing buyer concerns regarding completion risks[96]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $100 million allocated for potential deals[7]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[5]. Auditor and Financial Reporting - The company’s external auditor, Hong Kong Li Xin De Hao CPA Limited, was unable to express an opinion on the consolidated financial statements for the year ending December 31, 2024[54]. - The independent auditor has issued a disclaimer of opinion on the consolidated financial statements for the year ending December 31, 2024[100]. - The financial statements for the year ending December 31, 2024, were audited by Lixin Dehao, who is willing to continue as the company's auditor[151]. Shareholder Communication - The company has adopted a shareholder communication policy to ensure timely access to comprehensive information for shareholders and investors[85]. - The board has conducted a review of the shareholder communication policy, affirming its effectiveness in providing a channel for shareholder feedback[85]. - The company will hold its 2024 Annual General Meeting on May 30, 2025, with a suspension of share registration from May 26 to May 30, 2025[110].
富力地产(02777) - 2024 - 年度财报