北大资源(00618) - 2025 - 年度业绩

Performance Summary and Financial Statements Consolidated Statement of Profit or Loss The Group's revenue grew 12.3% to RMB 1.62 billion, but it incurred a RMB 53.01 million gross loss and a significant RMB 2.52 billion annual loss, primarily due to increased property impairment and provisions | Indicator | Year Ended March 31, 2025 (RMB Thousand) | Year Ended March 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Revenue | 1,618,544 | 1,440,982 | | (Gross Loss)/Gross Profit | (53,006) | 130,789 | | Loss Before Tax | (2,456,536) | (742,767) | | Loss for the Year | (2,519,612) | (750,242) | | Loss Attributable to Owners of the Company | (2,339,899) | (785,629) | | Basic and Diluted Loss Per Share (RMB Cents) | (85.99) | (32.93) | Consolidated Statement of Financial Position The Group's financial position significantly deteriorated, with net assets plummeting from RMB 2.51 billion to RMB 397.1 million, and a critical shift to RMB 1.13 billion net current liabilities | Indicator | March 31, 2025 (RMB Thousand) | March 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 1,933,304 | 1,830,931 | | Total Current Assets | 8,279,542 | 9,692,018 | | Total Assets | 10,212,846 | 11,522,949 | | Total Current Liabilities | 9,409,989 | 7,676,516 | | Total Non-current Liabilities | 405,755 | 1,338,691 | | Total Liabilities | 9,815,744 | 9,015,207 | | Net Assets | 397,102 | 2,507,742 | | Net Current (Liabilities)/Assets | (1,130,447) | 2,015,502 | Summary of Independent Auditor's Report The auditor issued an unmodified opinion but highlighted a 'material uncertainty related to going concern' due to the Group's significant loss, RMB 1.13 billion net current liabilities, and RMB 510 million in defaulted borrowings - The auditor's report explicitly states that as of March 31, 2025, the Group recorded a net loss of approximately RMB 2.52 billion, with current liabilities exceeding current assets by approximately RMB 1.13 billion, and RMB 510 million in defaulted borrowings, indicating material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[56] Management Discussion and Analysis Business Review The Group's business segments showed mixed performance, with healthcare and e-commerce growing but real estate development incurring a substantial RMB 2.18 billion loss, and property investment declining Healthcare and Pharmaceutical Retail Revenue in this segment surged 117.3% to RMB 191 million due to acquisitions and new models, but it incurred a slight RMB 100 thousand loss from initial clinic investments | Indicator | FY2025 (RMB Thousand) | FY2024 (RMB Thousand) | | :--- | :--- | :--- | | Turnover | 190,800 | 87,800 | | Segment (Loss)/Profit | (100) | 3,800 | - The Group launched the 'pharmacy + TCM clinic' model and upgraded some pharmacies to a 'Big Health+' model, including traditional Chinese medicine teas and dietary products; as of the reporting period, it operated 47 chain stores and 11 TCM clinics[67] E-commerce and Distribution Revenue in this segment grew 14.6% to RMB 712 million, but profit decreased from RMB 30.8 million to RMB 13.5 million due to increased initial sales expenses for new product lines | Indicator | FY2025 (RMB Thousand) | FY2024 (RMB Thousand) | | :--- | :--- | :--- | | Turnover | 711,900 | 621,400 | | Segment Profit | 13,500 | 30,800 | - The Group is strategically transforming from a traditional IT distributor to an e-commerce platform, focusing on consumer electronics and health food e-commerce, and has established presence on major platforms including JD.com, Taobao, Pinduoduo, and Douyin[70] Real Estate Business Real estate development was the primary loss driver; despite an 8.4% revenue increase to RMB 605.2 million, segment loss sharply expanded from RMB 117.3 million to RMB 2.1843 billion, with all development projects subsequently agreed for sale | Indicator | FY2025 (RMB Thousand) | FY2024 (RMB Thousand) | | :--- | :--- | :--- | | Turnover | 605,200 | 558,200 | | Segment Loss | (2,184,300) | (117,300) | - On May 7, 2025, the company reached an agreement to inject and sell all its in-development real estate projects through the establishment of a partnership, after which the Group will no longer own any real estate projects under development[76] Property Investment and Management This segment's turnover decreased 36.2% to RMB 111 million, and segment loss expanded to RMB 133 million due to reduced fair value gains on investment properties | Indicator | FY2025 (RMB Thousand) | FY2024 (RMB Thousand) | | :--- | :--- | :--- | | Turnover | 110,600 | 173,600 | | Segment Loss | (133,000) | (29,800) | Financial Review The Group's overall loss expanded from RMB 750 million to RMB 2.52 billion, driven by reduced gross profit, RMB 620 million property impairment, increased other expenses to RMB 1.61 billion, and higher finance costs and taxes - Key factors contributing to the expanded loss include a RMB 184 million decrease in gross profit, a RMB 425 million increase in impairment of properties held for sale, a RMB 772 million increase in other expenses (primarily provisions for expected guarantee liabilities), a RMB 14.3 million increase in finance costs, and a RMB 55.6 million increase in taxes[78] | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 4.45 | 0.70 | | Current Ratio | 0.88 | 1.26 | Material Risks and Uncertainties The Group faces severe liquidity and going concern risks, with current liabilities exceeding assets, loan defaults, multiple significant lawsuits related to real estate project guarantees, and RMB 850 million in mortgage guarantees for property buyers - The Group faces severe going concern risks, evidenced by a net loss of RMB 2.52 billion, net current liabilities of RMB 1.13 billion, and RMB 510 million in defaulted loans[10] - The Group is involved in at least five significant legal proceedings, primarily concerning loan guarantees provided for former subsidiaries (companies under Hong Kong Huzi) and associated real estate projects, with substantial principal amounts involved[92][93][94] - As of the reporting period, the Group's contingent liabilities for mortgage financing guarantees provided to property buyers amounted to approximately RMB 850 million[91] Significant Acquisitions, Disposals and Subsequent Events The most significant post-reporting event is the Group's May 7, 2025 agreement to divest all its in-development real estate projects, a key strategy to improve financial health and reduce risk, noting the Disposal Group had net liabilities of RMB 1.87 billion as of March 31, 2025 - On May 7, 2025, the company entered into a partnership agreement to dispose of its subsidiaries holding all in-development real estate projects (Disposal Group) through capital injection; upon completion, the Disposal Group will cease to be a subsidiary, and its results, assets, and liabilities will no longer be consolidated[110] Summary of Financial Position of Disposal Group (March 31, 2025) | Indicator | Amount (RMB Thousand) | | :--- | :--- | | Total Assets | 5,805,013 | | Total Liabilities | 7,677,894 | | Net Liabilities | (1,872,881) | Business Development Outlook The Group's future strategy will fundamentally shift, divesting high-risk real estate to focus on light-asset businesses like healthcare and e-commerce, while leveraging its new asset management license to expand into financial services and special opportunities asset investments - Pharmaceutical Retail Business: Will continue to cultivate the 'Yekaitai' brand, promote the 'pharmacy + diagnosis + wellness' 'Big Health+' model, and accelerate online-offline integration[116][117] - E-commerce Business: Will deepen omnichannel marketing, strengthen data-driven decision-making, and actively expand cross-border e-commerce, aiming to become a bridge between brands and consumers[118][120] - Real Estate Business: Following the disposal of development projects, the primary goals are to maintain operational liquidity and resolve existing debt, concentrating resources on developing light-asset businesses[122] - Asset Management Business: Will develop new financial services, utilizing the acquired Type 9 (asset management) license to engage in investment and management of special opportunities assets, including distressed real estate assets[123][124][125] Other Information Dividend Policy Given the loss incurred this year, the Board does not recommend the payment of any final dividend for the year ended March 31, 2025 - The Board does not recommend the payment of any final dividend for the current reporting year[126] Employees and Remuneration Policy As of the reporting period, the Group had 735 employees; to incentivize and reward contributors, the Group granted a total of 600 million share options to certain employees and directors in December 2023 - As of March 31, 2025, the Group had approximately 735 employees[98] - On December 29, 2023, the company granted a total of 600,000,000 share options to certain employees and directors of the Group under the '2023 Share Scheme'[107]