Financial Performance - For the fiscal year ending December 31, 2024, total revenue was RMB 1,528,212,000, a decrease from RMB 1,572,343,000 in 2023, representing a decline of approximately 2.8%[4] - The gross profit for the year was RMB 97,301,000, compared to RMB 97,301,000 in the previous year, indicating no change in gross profit margin[4] - The net loss for the year was RMB 405,699,000, significantly higher than the net loss of RMB 95,621,000 in 2023, reflecting an increase in loss of approximately 324%[5] - The company reported a significant increase in operating expenses, totaling RMB 370,345,000, compared to RMB 28,589,000 in the previous year, marking an increase of approximately 1,295%[4] - The company’s basic loss per share for the year was RMB 158.72, compared to RMB 26.83 in 2023, indicating a significant increase in loss per share[5] - The company’s total comprehensive loss for the year was RMB 390,074,000, compared to RMB 98,736,000 in 2023, reflecting an increase of approximately 295%[5] - The group reported a loss from operations of RMB (361,438) thousand for the year 2024, compared to a loss of RMB (27,530) thousand in 2023[22] - The group’s loss attributable to owners for the year 2024 was RMB (311,294) thousand, compared to RMB (52,632) thousand in 2023, indicating a worsening financial position[22] - The pre-tax loss from continuing operations for 2024 was RMB 319,149,000, compared to RMB 53,762,000 in 2023, indicating a significant increase in losses[29] - The basic and diluted loss per share from continuing operations for 2024 was RMB (162.72), up from RMB (27.41) in 2023, reflecting a worsening financial performance[30] Assets and Liabilities - The total assets as of December 31, 2024, were RMB 2,995,424,000, slightly up from RMB 2,976,762,000 in 2023, showing a growth of about 0.6%[6] - The current liabilities increased to RMB 1,965,865,000 from RMB 1,542,205,000 in 2023, representing an increase of approximately 27.6%[6] - The company’s non-current assets decreased to RMB 702,725,000 from RMB 882,264,000 in 2023, a decline of approximately 20.4%[6] - The total non-current liabilities decreased from RMB 588,881,000 in 2023 to RMB 412,266,000 in 2024, representing a reduction of approximately 30%[7] - The net assets of the company decreased from RMB 1,727,940,000 in 2023 to RMB 1,320,018,000 in 2024, indicating a decline of about 23.6%[7] - The total equity attributable to owners decreased from RMB 1,289,331,000 in 2023 to RMB 987,553,000 in 2024, reflecting a decrease of approximately 23.5%[7] - As of December 31, 2024, the total loans and borrowings amounted to approximately RMB 988,600,000, with RMB 854,000,000 classified as current borrowings[12] - The total loans and borrowings increased to RMB 988,594,000 in 2024 from RMB 810,187,000 in 2023, indicating a rise in financial leverage[39] Cash Flow and Financial Management - The company’s cash and cash equivalents decreased to RMB 31,220,000 from RMB 61,553,000 in the previous year, a decline of approximately 49.1%[6] - Cash and cash equivalents were reported at approximately RMB 7,700,000, excluding restricted cash of about RMB 23,500,000[12] - The group’s net financial expenses for 2024 amounted to RMB (54,017) thousand, compared to RMB (22,983) thousand in 2023, indicating an increase in financial costs[26] - Net financial expenses increased by approximately 141% to about RMB 44,700,000, primarily due to an increase in loans and borrowings[57] - The net debt-to-equity ratio increased to approximately 73% as of December 31, 2024, compared to 43% in the previous year[62] Revenue Breakdown - For the year ending December 31, 2024, the group reported external customer revenue of RMB 43,131 thousand from continuing operations, a significant decrease from RMB 1,528,212 thousand in 2023[22] - The company reported a 97% decrease in revenue from property development, down to RMB 43,131 thousand from RMB 1,528,212 thousand in 2023[49] - The gross profit for property development was approximately RMB 11,700,000, a significant decrease of about 88%, while the gross margin increased from 6% to 27% due to higher margin sales from commercial units[51] - Revenue from equipment manufacturing decreased by 28% to RMB 60,450 thousand, with a consistent gross profit margin of 28%[49] - The equipment manufacturing business generated revenue of approximately RMB 60,500,000 before being sold on October 15, 2024, allowing the company to reallocate financial resources for future development[52] Operational Changes and Strategies - The company is actively negotiating with the Zhengzhou Jinshui Science and Technology Park Management Committee regarding project completion assessments and loan repayment extensions[16] - The company is adjusting sales and pre-sale activities to meet budgeted sales and pre-sale amounts for property projects[16] - The company has not experienced significant changes in its main business operations, focusing on residential and commercial property development in China[9] - The company aims to enhance cost management by optimizing project cost structures and increasing control over operational costs[66] - The group plans to continue expanding its financing business and integrating resources to maximize funding efficiency[65] - The company plans to explore new business opportunities and enhance cash flow while continuing to advance the transformation of traditional real estate through industrial integration[64] Employee and Corporate Governance - As of December 31, 2024, the group had 42 employees, a decrease from 277 employees in 2023[67] - Total employee benefits expenses for the year ended December 31, 2024, amounted to approximately RMB 27,900,000, down from RMB 38,600,000 in 2023[67] - The audit committee has reviewed the annual performance and confirmed compliance with applicable accounting standards and regulations[70] - The board did not declare or recommend any dividends for the year ending December 31, 2024[41] - The company did not declare or recommend any final dividend for the year ended December 31, 2024[73] - The group has not engaged in any purchases, redemptions, or sales of its listed securities during the year ended December 31, 2024[68] - The company expresses gratitude to the management team and employees for their efforts in creating higher value[81] Future Outlook and Reporting - The company has adopted all new and revised International Financial Reporting Standards effective from January 1, 2024[43] - The company anticipates no significant impact on its financial statements from the newly adopted accounting standards[44] - The company plans to apply new accounting standards related to financial instruments and disclosures starting from 2025 and 2026[45] - The company expects to evaluate the detailed impact of new accounting standards on its financial statements[47] - The annual report for the year ending December 31, 2024, will be published on the Hong Kong Stock Exchange and the company's website[80] - Trading of the company's shares was suspended on April 1, 2025, pending the release of the annual performance announcement[82] - The company has applied for the resumption of trading of its shares on May 2, 2025[82] - The executive chairman of the company is Chen Zhiyong, with independent non-executive directors including Liu Ning, Dong Xincheng, and Chen Shimin[84]
伟业控股(01570) - 2024 - 年度业绩