SHIMAO GROUP(HK:00813)2025-04-29 09:02Financial Performance - In 2024, Shimao Group reported a revenue of RMB 59,975 million, a slight increase of 0.9% compared to RMB 59,464 million in 2023[5]. - The company experienced a gross loss of RMB 5,869 million in 2024, compared to a gross profit of RMB 5,848 million in 2023[5]. - The net loss attributable to equity holders was RMB 35,905 million in 2024, compared to a loss of RMB 21,030 million in 2023, indicating a significant increase in losses[5]. - For the fiscal year ending December 31, 2024, the company's total revenue reached RMB 59,975 million, a 0.9% increase from RMB 59,464 million in 2023[28]. - The company reported a total comprehensive loss of RMB 43.67 billion for the year ended December 31, 2024, compared to a total comprehensive loss of RMB 24.80 billion in 2023[200]. - Basic and diluted loss per share for the year was RMB 9.48, compared to RMB 5.55 in the previous year, indicating a significant increase in losses per share[200]. Sales and Contracted Sales - Contracted sales for 2024 reached RMB 34,002 million, with a total contracted sales area of 2.675 million square meters, resulting in an average selling price of RMB 12,710 per square meter[9]. - In 2024, the company achieved contract sales of RMB 34.002 billion, with a total sales area of 2.675 million square meters and an average selling price of RMB 12,710 per square meter[18]. - Property sales accounted for 79.9% of total revenue, amounting to RMB 47,911 million, with a sales area of 3,579,261 square meters[28][30]. Assets and Liabilities - Total assets decreased to RMB 436,429 million in 2024 from RMB 543,250 million in 2023, reflecting a decline of approximately 19.7%[5]. - Non-current assets decreased to RMB 87,417 million in 2024 from RMB 115,518 million in 2023, a decline of about 24.3%[5]. - The company reported a total liability of RMB 433,083 million in 2024, down from RMB 491,999 million in 2023, a reduction of approximately 11.9%[5]. - Total borrowings amounted to approximately RMB 252.051 billion as of December 31, 2024, down from RMB 263.963 billion on December 31, 2023, a reduction of about RMB 11.912 billion[46]. - The group's asset-liability ratio was approximately 57.8% as of December 31, 2024, compared to 48.6% on December 31, 2023[46]. Market Conditions - The real estate market in China is expected to continue adjusting, with a projected 10.6% decline in national real estate development investment in 2024[7]. - The government is expected to implement policies to stabilize the real estate market, which may positively impact the company's future performance[8]. Operational Performance - The property management segment reported annual revenue of RMB 7,895.5 million, with a gross profit of RMB 1,564.3 million and a core net profit attributable to equity holders of RMB 492.4 million[11]. - The hotel segment generated revenue of RMB 2,225 million, down approximately 3.1% from RMB 2,295 million in 2023[29][31]. - The commercial business maintained a stable performance, with a 6% year-on-year increase in foot traffic, although total sales decreased by 5%[13]. - The overall occupancy rate for commercial projects remained close to 90%, while office buildings experienced a decrease in occupancy to 70% due to macroeconomic factors[13]. - The company delivered projects across 49 cities, involving 73 projects and 136 batches in 2024, focusing on quality and timely delivery[17]. Debt and Restructuring - The company successfully restructured approximately USD 11.5 billion in debt, receiving support from 98.75% of participating creditors[10]. - The group is undergoing an overseas debt restructuring process, with a total of 2,079 creditors participating, representing a voting amount of approximately USD 11.5 billion[56]. - The group anticipates that the debt restructuring plan will be completed in the first half of 2025, which will alleviate overall debt scale and pressure[57]. - The company is actively negotiating the extension or restructuring of existing loans with domestic lenders, with the expectation of gradually completing related agreements[59]. Governance and Management - The company has adopted three share incentive plans to recognize and encourage contributions from selected employees, aiming to attract suitable talent for ongoing development[79]. - The company confirms the independence of all independent non-executive directors as per the Hong Kong Stock Exchange listing rules[76]. - The board consists of 8 members, including 3 executive directors, 2 non-executive directors, and 3 independent non-executive directors[117]. - The company has established internal policies to ensure independent viewpoints and opinions are available to the board, including the roles of various committees[116]. - The company has a dual-currency loan agreement for USD 290 million and HKD 2.6145 billion, also with a 48-month term, established on September 14, 2018[109]. Future Outlook - The company plans to focus on adjusting its operational structure and exploring new market opportunities in 2025[20][25]. - The planned delivery volume for 2025 will be less than half of that in 2024, significantly reducing delivery pressure and funding requirements[59]. - The company aims to enhance competitiveness through digital marketing innovation and the development of popular dining products in 2025[23].