Financial Performance - In 2024, the company's revenue decreased to RMB 15,276 million, down from RMB 24,933 million in 2023, representing a decline of 38.8%[11]. - Gross profit for the year was RMB 796 million, a decrease of 69.0% from RMB 2,570 million in the previous year[11]. - The company reported a loss for the year of RMB 2,286 million, compared to a loss of RMB 1,769 million in 2023, indicating an increase in loss of 29.2%[11]. - Total assets decreased to RMB 114,470 million, down from RMB 128,236 million, a reduction of 10.7%[12]. - Total liabilities also decreased to RMB 97,319 million, down from RMB 108,178 million, a decline of 10.0%[12]. - The company experienced a basic loss per ordinary share of RMB 0.76, compared to RMB 0.63 in 2023, reflecting a worsening of 20.6%[11]. - The net loss attributable to the owners of the Group was approximately RMB 2,094 million, reflecting an increase of approximately 20% year-on-year[93]. - The total gross floor area of sold and delivered projects was 1,164,560 square meters, representing a decrease of approximately 36% from the previous year[96]. - Revenue from property sales was approximately RMB 14,105 million, a decrease of approximately 41% from the previous year[96]. - The total revenue for 2024 was approximately RMB 15,276 million, a decrease of approximately 38.7% from RMB 24,933 million in 2023, primarily due to a decrease in the recognized GFA of properties delivered[140]. Market Conditions - The global economic landscape remained complex, with China's real estate market facing double-digit declines in sales and investment growth, impacting domestic demand[15][16]. - The central government of China implemented policies to stabilize the real estate market, marking a shift towards active market rescue efforts[16]. - In 2024, the real estate market experienced a significant adjustment, with sales and investment growth declining by double digits, prompting the central government to implement a series of stabilizing policies[18]. - The overall operation of the Chinese economy showed a warming and improving trend amidst stability[83]. - 2024 was a critical year for China to achieve the objectives of the 14th Five-Year Plan, with stable progress in the economy[83]. - The global economic situation remained complex and volatile, impacting the overall market environment[83]. - In 2024, China's real estate market experienced a deep adjustment with double-digit declines in sales and investment growth, significantly impacting domestic demand[84]. - The central government implemented a series of policies to stabilize the real estate market, indicating a proactive policy tone[84]. Strategic Initiatives - The Group's core strategy of "1+2+3+X" aims to build a diversified industrial group, expanding into fields such as commercial operation and property services[23]. - Future strategies include revitalizing stock assets, innovating business models in long-term leasing, and enhancing service systems in property management[47]. - The company plans to implement a "1+2+3+X" development strategy over the next five years, focusing on optimizing structure, excelling in core business, and diversifying development[54]. - The Group's innovative "Greenland's smart manufacturing" platform aims to provide comprehensive management services across the entire industrial chain[21]. - The Group is committed to transforming its business model from scale development to efficiency-focused operations, enhancing internal dynamics and competitiveness[114][117]. - The Group's strategy includes activating existing assets and increasing liquidity to provide robust support for high-quality development[135][137]. Operational Efficiency - The Group focused on innovative marketing strategies, resulting in a notable reduction in planning expenses and site operating costs, while improving conversion rates through tenant sourcing for commercial office buildings[24]. - Cost reduction measures included streamlining construction practices and optimizing materials, contributing to enhanced efficiency across various projects[31]. - The Group's focus on optimizing supply chain collaboration and enhancing market confidence to address challenges in project delivery[107]. - The Group implemented policies to improve the marketability of existing projects, including discounted offerings and enhanced product positioning[110]. - The Group's innovative digital platform and private domain traffic matrix have significantly improved operational efficiency and service capabilities[128][131]. Property Development - Greenland Hong Kong Holdings Limited achieved a delivery area of 1.63 million sq.m. in 2024, including key projects such as Yancheng New Zone and Zhanjiang Greenland Mansion[27]. - The geographical distribution of property projects includes 29 projects in Jiangsu, 38 in Guangdong, and 9 in Zhejiang, among others[60]. - The company held a high-quality land bank of approximately 17,700,000 sq.m. as of December 31, 2024, primarily located in core cities[40][43]. - The residential leasing brand "Elite Home" managed nearly 10,000 units in cities like Shanghai, Nanjing, and Hangzhou, with an occupancy rate above 93%[42][45]. - The Group's projects in key regions such as Jiangsu, Guangdong, Zhejiang, and Guangxi were the primary sources of contracted sales[104]. Financial Management - Greenland HK maintained a low net interest-bearing gearing ratio and effective interest cost, ensuring sound financial fundamentals[35][38]. - The net gearing ratio increased to approximately 75% in 2024 from 58% in 2023, with total borrowings of approximately RMB 14,321 million[166]. - The Group's financial performance is subject to various risks, including business risk, government policy impact, foreign exchange risk, and third-party risk[180][181][182][184]. - The Group's treasury policy aims to strengthen treasury control and reduce funding costs while monitoring foreign exchange risks related to RMB and USD[172][183]. Corporate Governance - The Board does not recommend payment of a final dividend for the twelve months ended December 31, 2024[93]. - The Board emphasizes maintaining best practices in corporate governance to ensure transparency and fairness in disclosures[190][192]. - The Group's chairman and CEO roles were combined from May 17, 2024, to December 31, 2024, which the Board believes aids in efficient strategy formulation[193].
绿地香港(00337) - 2024 - 年度财报