Financial Performance - The group's operating revenue for the three months ended March 31, 2025, was RMB 1,615,436,680.31, a decrease of 23.5% compared to RMB 2,111,539,269.77 for the same period in 2024[6]. - The net loss attributable to the owners of the parent company for the period was RMB 513,410,914.99, compared to a net loss of RMB 371,506,929.54 in the same period of 2024, indicating a worsening of 38.1%[7]. - The total comprehensive loss for the period was RMB 649,928,540.27, compared to RMB 412,662,896.49 in the same period of 2024, representing an increase of 57.5%[7]. - The net profit attributable to the owners of the parent company, excluding non-recurring gains and losses, was RMB -218,498,099.14, compared to RMB -119,275,435.40 in the same period of 2024, indicating an expanded loss[8]. Cash Flow and Liquidity - The group's net cash flow from operating activities was a negative RMB 112,448,762.92, compared to a negative RMB 181,674,312.38 in the same period of 2024, showing an improvement in cash flow[12]. - The net cash and cash equivalents at the end of the period increased to RMB 4,106,161,618.80 from RMB 3,304,603,819.16 in the same period of 2024, reflecting a net increase of RMB 994,328,646.77[12]. - Cash and cash equivalents increased to RMB 4,890,213,928.48 as of March 31, 2025, up from RMB 3,794,656,071.56 as of December 31, 2024, marking a growth of about 29%[13]. Assets and Liabilities - As of March 31, 2025, the total current assets amounted to RMB 9,979,283,936.12, an increase from RMB 8,975,755,816.47 as of December 31, 2024, representing an increase of approximately 11.2%[13]. - The total liabilities as of March 31, 2025, were RMB 67,654,272,270.33, compared to RMB 66,716,427,502.65 as of December 31, 2024, indicating a growth of about 1.4%[14]. - The total equity attributable to shareholders decreased to RMB 45,922,469,241.91 as of March 31, 2025, from RMB 46,489,696,858.89 as of December 31, 2024, reflecting a decline of approximately 1.2%[14]. - The total borrowings of the group at the end of the reporting period were RMB 30,156,158,991.34[15]. - The long-term borrowings increased to RMB 18,586,689,041.71 as of March 31, 2025, compared to RMB 17,703,683,711.83 as of December 31, 2024, reflecting an increase of approximately 5%[14]. - The total liabilities to equity ratio as of March 31, 2025, was approximately 1.38, compared to 1.35 as of December 31, 2024, indicating a slight increase in leverage[14]. Investment and Expenses - The fair value loss on investment properties for the period was RMB 476,077,922.63, an increase from RMB 324,385,651.35 in the same period of 2024, primarily due to rental income decline[11]. - The group's financial expenses decreased, attributed to a reduction in financing costs during the reporting period[10]. - The group's R&D expenses for the period were RMB 1,863,905.08, down from RMB 3,658,192.56 in the same period of 2024, indicating a reduction in investment in research and development[6]. Operational Metrics - The group reported a decrease in the number of shopping malls compared to the same period last year, contributing to the decline in operating revenue[9]. - The inventory decreased to RMB 46,553,609.54 as of March 31, 2025, from RMB 53,065,471.64 as of December 31, 2024, representing a decline of approximately 12.3%[13]. - The total non-current assets amounted to RMB 106,553,609,352.77 as of March 31, 2025, slightly down from RMB 107,261,466,936.10 as of December 31, 2024, indicating a decrease of about 0.66%[13]. - The group reported a decrease in other comprehensive income to RMB 270,306,707.98 as of March 31, 2025, down from RMB 361,430,032.80 as of December 31, 2024, reflecting a decline of about 25.2%[14].
红星美凯龙(01528) - 2025 Q1 - 季度业绩