Financial Performance - The total revenue for the year was approximately RMB 99,700,000, a decrease of 59.9% compared to RMB 248,399,000 for the previous year[15]. - The loss attributable to the company's owners for the year was RMB 852,224,000, compared to a loss of RMB 489,482,000 in the previous year[16]. - Basic and diluted loss per share for the year was RMB 0.5999, compared to RMB 0.7167 in the previous year[16]. - Property sales revenue was approximately RMB 99,123,000, a decrease of 60.0% from RMB 247,785,000 in the previous year[17][18]. - Rental income for the year was approximately RMB 577,000, down from approximately RMB 614,000 in the previous year[19]. - The group recorded a net loss of RMB 1.0376 billion for the year ending December 31, 2024[151]. - The company reported a net loss of RMB 1,037.6 million for the year, significantly higher than the net loss of RMB 686.7 million in 2023[163]. - The company’s equity attributable to owners showed a loss of RMB 1,873.3 million, compared to a loss of RMB 1,013.3 million in 2023[168]. - The company faced significant challenges in revenue recognition due to the loss of control over two subsidiaries, impacting financial reporting[157]. Financial Position - The group’s total liabilities increased by approximately 153.5% to RMB 1,806,734,000 as of December 31, 2024, compared to RMB 712,778,000 in the previous year[30]. - As of December 31, 2024, total liabilities exceeded current assets by RMB 1.8178 billion[151]. - The group had total borrowings of RMB 1.939 billion classified as current liabilities, with approximately RMB 1.515 billion secured against development properties[151]. - The company’s total liabilities increased, leading to a total equity attributable to non-controlling interests of RMB 66,563,000 as of December 31, 2024[169]. - The company had unrestricted cash and cash equivalents totaling only RMB 3.9 million as of December 31, 2024[178]. Operational Challenges - The operating environment remains challenging due to liquidity constraints, weak domestic demand, and unclear policies in the real estate sector[12]. - The expected credit loss provision for the year was approximately RMB 1,192,774,000, significantly up from RMB 607,950,000 in the previous year, primarily due to a provision for financial guarantees provided to a former subsidiary[21]. - The company is negotiating with lenders to secure new or renewed loans to improve liquidity[179]. - Management has implemented plans to enhance the group's liquidity and financial position[179]. Strategic Focus - The company aims to focus on high-potential real estate and land development projects in China and Japan, including undervalued urban redevelopment projects and logistics hubs[12]. - The group plans to prioritize investments in high-potential real estate and land development projects in China, while seeking strategic opportunities in Japan[28]. - The group continues to evaluate complementary opportunities in high-potential markets, including Malaysia and France, as part of its global growth strategy[29]. Corporate Governance - The company emphasizes the importance of high standards of corporate governance to manage business risks and enhance transparency[97]. - The board has implemented various governance policies and systems to ensure ethical conduct and best practices across the organization[97]. - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance throughout the year[100]. - The company has a whistleblowing policy to protect whistleblowers from retaliation and ensure confidentiality of reported information[135]. - The company has established procedures for shareholders to request special general meetings if they hold at least 10% of the paid-up capital[140]. Audit and Compliance - The independent auditor for the group's consolidated financial statements is Deloitte Touche Tohmatsu, which will retire at the upcoming annual general meeting but is eligible and willing to be reappointed[82]. - The audit committee consists of three independent non-executive directors, responsible for reviewing financial information and monitoring internal controls and risk management[115]. - The company has not identified any violations of relevant laws and regulations that would have a significant impact during the year[75]. - The financial statements have been prepared on a going concern basis, contingent on the success of management's plans[154]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to enhance investor relations[144]. - The group does not recommend any final dividend for the year, consistent with the previous year[27]. - The company has confirmed that at least 25% of its issued shares are held by the public at all times during the year[81]. Environmental Commitment - The company is committed to environmental sustainability and has implemented measures to promote energy conservation and reduce emissions[74]. - The company plans to publish a detailed independent environmental, social, and governance report available for public access[77].
福晟国际(00627) - 2024 - 年度业绩