Company Overview - As of December 31, 2024, the company has a total land bank of approximately 29.0 million sq.m. and attributable GFA of approximately 17.0 million sq.m.[13] - The company focuses on developing high-quality properties in first- and second-tier cities in China, covering residential, office, and commercial complexes[12] - The company has established a strong presence in major cities across four regions: the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region, and the South China Region[13] - The company aims to become a leading and well-respected real estate enterprise in China, driven by its mission of "building for a better life"[14] - The company is engaged in property development, property investment, and property management services in the People's Republic of China[11] - The company has achieved nationwide operational coverage and a solid position in key urban areas[12] - The company is committed to developing properties that cater to end-users in mature market segments[12] - The company has a diversified portfolio that includes various property types, enhancing its market adaptability[12] - The company is strategically positioned to capitalize on growth opportunities in China's real estate market[11] Property Development and Projects - The company has completed and commenced leasing several properties in Shanghai, including Shanghai LCMART with a rentable area of 2,842 sq. m. and Shanghai CIFI U Block with 5,389 sq. m., both at a 50% interest[29] - The total rentable area of completed properties in Shanghai includes Shanghai CIFI Haishang International at 29,585 sq. m. and Shanghai Henderson CIFI Center at 10,740 sq. m., both at a 100% interest[29] - The company has a significant presence in Beijing with the Beijing CIFI Wangxin Commercial Centre, which has a rentable area of 4,860 sq. m. at a 100% interest, and the Beijing Wukesong Project with a total area of 277,530 sq. m. for phases 1 to 4[31] - The company is developing several properties, including Wenzhou Guanghui City with a total GFA of 424,026 sq. m. expected to complete between 2024 and 2028[37] - The Lu'an CIFI Centre is under development with a total GFA of 302,743 sq. m. expected to complete between 2023 and 2026[37] - The Huai'an CIFI Plaza is also under development with a total GFA of 301,210 sq. m. expected to complete between 2023 and 2027[37] - The company is expanding its market presence with new projects in cities like Chengdu and Xi'an, with properties like Chengdu Xindu CIFI Cmall at 88,921 sq. m. and Xi'an CIFI Centre at 41,129 sq. m.[31] - The company has ongoing development projects with a total Gross Floor Area (GFA) of 1,221,029 sq.m. in Taiyuan, expected to complete between 2023-2027, primarily for residential and commercial use[39] - Another project in Taiyuan has a GFA of 1,298,971 sq.m., also under development with a completion date set for 2023-2027, intended for residential, office, and commercial purposes[39] - The Linyi Xinghui City project has a GFA of 431,617 sq.m., expected to be completed between 2024-2026, focusing on residential and commercial use[42] - The Chengdu Tianfu Future Centre project is under development with a GFA of 406,735 sq.m., anticipated to complete between 2023-2026, designated for residential and commercial purposes[42] - The Zhengzhou Konggang Times project has a GFA of 535,442 sq.m., with a completion date between 2022-2026, aimed at residential and commercial use[45] - The company has a diversified portfolio with properties designated for commercial, office, and residential use across various cities in China[36] Financial Performance - For the year ended December 31, 2024, the Group achieved contracted sales of RMB33.68 billion, with a contracted gross floor area of 2,781,810 sq.m. and an average selling price of approximately RMB12,106/sq.m.[61][66] - The recognized revenue for 2024 was approximately RMB47,788.7 million, while the net loss attributable to equity owners was approximately RMB7,075.9 million, and the core net loss was approximately RMB5,825.0 million[61][64] - The Group delivered approximately 62,000 property units in total throughout 2024, emphasizing efforts to ensure delivery and operations[67][70] - The Group's property management service segment, Yongsheng Service Group, achieved a revenue increase of 4.6% year-on-year, reaching approximately RMB6,841.1 million, marking a historical high[69] - The gross profit margin for basic property management and community value-added services accounted for approximately 94.8% of the revenue structure, while the proportion of value-added services to non-owners decreased to about 8.8%[69] - The Group's financial position and business operations are heavily reliant on domestic sales and cash collection, with ongoing efforts to accelerate these processes[71] - The Group's sales revenue from properties recognized in 2024 was approximately RMB38.44 billion, a decrease of 39.2% year-on-year, accounting for 80.4% of total recognized revenue[107]. - The average selling price of properties recognized in 2024 was approximately RMB11,001/sq.m., down 23.0% from RMB14,283/sq.m. in 2023[107]. - Revenue from property sales in 2024 was approximately RMB 38,440.6 million, down by 39.2% year-on-year, accounting for 80.4% of total recognised revenue[109] - The Group's gross profit in 2024 was approximately RMB7,362.4 million, down 34.5% from RMB11,232.7 million in 2023[140] - The loss before tax for 2024 was approximately RMB3,647.2 million, an improvement from a loss of RMB5,452.3 million in 2023[155] - The Group incurred a net exchange loss of approximately RMB563.2 million in 2024, compared to RMB372.5 million in 2023[142] - The fair value loss on investment properties was approximately RMB603.5 million in 2024, up from RMB133.7 million in 2023[143] Market Position and Rankings - The company is ranked 27th in the "Top 30 Real Estate Development Enterprises with Comprehensive Strength in 2024" by the China Real Estate Association[46] - The company achieved a ranking of 10th in the "Top 30 Real Estate Developers in Delivery Capabilities in China in 2024" according to CRIC Research[46] - The Group plans to deliver approximately 62,000 property units in 2024, ranking 16th in the "2024 China Typical Real Estate Enterprises Delivery Ranking" by E-Han Think Tank[88] - Approximately 270,000 property units were delivered from 2022 to 2024, with about 62,000 units delivered in 2024, ranking 16th in the "2024 Typical Real Estate Enterprises Delivery Ranking in China"[91]. Corporate Governance and Management - The company has a corporate governance structure in place, ensuring effective oversight and management[50] - Mr. Lin Zhong, the founder and executive director, has approximately 34 years of experience in the real estate industry[197] - Mr. Lin Wei, the executive director and vice-chairman, has about 29 years of experience in the real estate business[200] - Mr. Ru Hailin, appointed as CEO on November 30, 2023, has extensive management experience in the real estate sector[199] - The company has a remuneration structure based on performance, experience, and market wage levels, including basic salary, cash bonuses, and share-based incentives[195] Sustainability and Future Outlook - The company has been included in the Hang Seng Corporate Sustainability Benchmark Index, reflecting its commitment to sustainability[46] - The Group aims to enhance operational efficiency through green building practices and digital innovation, while building differentiation advantages in core cities[94]. - Ever Sunshine Services aims to gradually switch to an asset-light business model to retain core resources and capacities during the adjustment cycle of China's property development industry[83]
旭辉控股集团(00884) - 2024 - 年度财报