TANDE(600665)2025-04-29 16:30Financial Performance - The company's operating revenue for 2024 is CNY 10,743,433,252.57, a decrease of 6.79% compared to CNY 11,525,976,963.46 in 2023[20] - The net profit attributable to shareholders of the listed company for 2024 is -CNY 1,019,943,835.99, compared to -CNY 390,388,594.01 in 2023, indicating a significant loss[20] - The cash flow from operating activities for 2024 is -CNY 869,737,812.77, a decrease of 185.11% from CNY 1,021,864,607.65 in 2023[21] - The total assets at the end of 2024 amount to CNY 28,335,517,502.42, down 19.73% from CNY 35,299,190,495.98 at the end of 2023[21] - The company's net assets attributable to shareholders decreased by 26.18% to CNY 2,875,503,227.95 in 2024 from CNY 3,895,473,501.00 in 2023[21] - The basic earnings per share for 2024 is -CNY 1.1803, compared to -CNY 0.4518 in 2023, indicating a worsening performance[22] - The weighted average return on net assets for 2024 is -30.13%, a decrease of 20.70 percentage points from 2023[22] - The company plans not to distribute profits or issue bonus shares for the 2024 fiscal year[4] Revenue and Sales - The company achieved a sales revenue of 10.74 billion RMB, a decrease of 6.79% compared to the previous year[41] - The company achieved operating revenue of 8.15 billion RMB in Q4 2024, with a total annual revenue of approximately 10.88 billion RMB[27] - The revenue from transferred areas amounted to 369,939.26 million RMB, with a significant contribution from the project "永安华府" which had a transfer area of 158,126.17 square meters[69] - The recognized revenue from real estate business amounted to RMB 10,607.97 million, with a transfer area of 639,348.43 square meters, and the remaining area to be transferred at the end of the reporting period was 243,662.91 square meters[70] Cost and Expenses - The gross profit margin for the main business in the reporting period is 13.97%[22] - The total cost of goods sold in the real estate sector was ¥9,125,621,910.71, accounting for 98.35% of total costs, which decreased by 6.80% from the previous year[48] - Sales expenses increased by 16.04% to ¥280,837,868.66, primarily due to higher project agency fees compared to the previous year[56] - Financial expenses rose significantly by 67.80% to ¥153,721,231.20, mainly due to increased interest expenses recognized in the current period[57] Investments and Acquisitions - The company completed the acquisition of a 54% stake in Xi'an Jiaxing Real Estate Development Co., Ltd., leading to a reduction in the consolidation scope of the West Xi'an Tianxia Enterprise Management Consulting Partnership[49] - The company increased its stake in Qidian Jinyuan Real Estate Development Co., Ltd. from 49% to 51.43%, expanding its consolidation scope[50] - The company divested from several subsidiaries, including Xi'an Tianziyuan Property Service Management Co., Ltd., reducing its consolidation scope[51] - The company reported a loss of RMB 166.61 million from investments in joint ventures and associates during the period[74] Market and Industry Trends - The real estate investment in 2024 was 10.03 trillion RMB, down 10.6% year-on-year, indicating a challenging market environment[35] - The overall real estate market is anticipated to recover gradually, supported by government policies aimed at stabilizing the market[88] - The real estate market in Xi'an is expected to stabilize, with a projected 12% year-on-year decline in residential transaction area for 2024[88] Operational Strategies - The company implemented 209 optimization measures for cost control, resulting in a management expense savings of 27.42 million RMB compared to the budget[33] - The company plans to continue product innovation and standardization to meet evolving market demands and enhance customer experience[32] - The company is focusing on optimizing its operational strategies, including enhancing investment, product refinement, and risk management[91] Governance and Management - The company held 12 board meetings in 2024, reviewing 57 proposals, indicating active governance and decision-making processes[100] - The company organized multiple performance briefings throughout the year to enhance investor relations and improve information disclosure quality[101] - The total remuneration for directors and senior management during the reporting period amounted to 664.87 million yuan[104] - The company has a diverse board with independent directors and a mix of experienced professionals in key positions[104] Risk Management - The company has reported no significant risk events during the reporting period[6] - The company is committed to enhancing risk management systems to mitigate major risks and ensure brand safety[96] Employee and Training - The company reported a total of 781 employees, with 85 in the parent company and 696 in major subsidiaries[124] - The employee composition includes 288 sales personnel, 250 technical staff, 97 finance personnel, 112 administrative staff, and 34 others[124] - Training programs are in place, combining general and specialized training to enhance employee skills and support talent development[126] Environmental and Social Responsibility - The company actively promotes waste classification in residential areas, setting up centralized disposal points and implementing four-category waste classification standards[141] - The company encourages low-carbon practices in the office, such as turning off computers and air conditioning after hours, and promoting public transportation for commuting[143] Legal Matters - The company is currently involved in significant litigation matters, including a claim for 45 million yuan related to a cooperation agreement, with ongoing enforcement actions[151] - Another litigation involves a claim for 58.4974 million yuan for breach of a relocation compensation agreement, with a mediation agreement reached for repayment[151] Financing and Debt - The company issued bonds totaling 9 billion on December 30, 2021, with a coupon rate of 7.5%[167] - The company issued 10 billion in medium-term notes on February 6, 2024, with a coupon rate of 6%[167] - The total amount of guarantees provided to shareholders and related parties is included in the overall guarantee amount[160]