汇景控股(09968) - 2025 - 年度业绩

Performance Highlights The company experienced a significant decline in contract sales and revenue in FY2024, leading to an expanded net loss and a substantial reduction in cash balances FY2024 Performance Highlights | Metric | 2024 | Year-on-Year Change | | :--- | :--- | :--- | | Contract Sales | 102.2 million RMB | -65% | | Revenue | 240.9 million RMB | -74.4% | | Gross Profit | 62.6 million RMB | -75.8% | | Net Loss for the Year | 801.3 million RMB | Loss widened | | Loss Attributable to Owners of the Parent | 799.5 million RMB | Loss widened | | Cash and Bank Balances at Year-end | 37.2 million RMB | -70.5% | | Final Dividend | Not recommended | Same as last year | Consolidated Financial Statements This section presents the company's consolidated income statement, comprehensive income statement, and statement of financial position, highlighting significant declines in revenue and profitability, alongside a deteriorating financial position Consolidated Statement of Profit or Loss In 2024, the company's revenue significantly decreased by 74.4% to 240.9 million RMB due to reduced property sales, leading to a 75.8% decline in gross profit to 62.64 million RMB, while finance costs surged by 147.4% to 441.33 million RMB, resulting in an expanded net loss of 801.3 million RMB Key Data from Consolidated Statement of Profit or Loss (RMB in thousands) | Metric | 2024 | 2023 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 240,915 | 941,219 | -74.4% | | Gross Profit | 62,644 | 258,416 | -75.8% | | Finance Costs | (441,332) | (178,409) | +147.4% | | Loss Before Tax | (744,325) | (664,729) | +12.0% | | Loss for the Year | (801,318) | (730,350) | +9.7% | | Loss Attributable to Owners of the Parent | (799,479) | (696,720) | +14.8% | | Basic Loss Per Share (RMB) | (0.15) | (0.13) | +15.4% | Consolidated Statement of Comprehensive Income In 2024, the company's total comprehensive loss expanded by 13.9% to 861.97 million RMB, primarily due to increased operating losses and larger exchange differences from translating overseas subsidiaries' financial statements Key Data from Consolidated Statement of Comprehensive Income (RMB in thousands) | Metric | 2024 | 2023 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Loss for the Year | (801,318) | (730,350) | +9.7% | | Other Comprehensive Loss for the Year | (60,655) | (26,705) | +127.1% | | Total Comprehensive Loss for the Year | (861,973) | (757,055) | +13.9% | | Total Comprehensive Loss Attributable to Owners of the Parent | (860,134) | (723,425) | +18.9% | Consolidated Statement of Financial Position As of year-end 2024, the company's total assets were 10.15 billion RMB and total liabilities were 10.48 billion RMB, resulting in a net liability position of 334.47 million RMB, a significant deterioration from a net asset position of 525.42 million RMB in the prior year Key Data from Consolidated Statement of Financial Position (RMB in thousands) | Metric | December 31, 2024 | December 31, 2023 | Change | | :--- | :--- | :--- | :--- | | ASSETS | | | | | Total Non-current Assets | 3,645,378 | 3,684,504 | -1.1% | | Total Current Assets | 6,505,013 | 6,732,701 | -3.4% | | TOTAL ASSETS | 10,150,391 | 10,417,205 | -2.6% | | LIABILITIES AND EQUITY | | | | | Total Current Liabilities | 10,424,641 | 9,811,525 | +6.2% | | Total Non-current Liabilities | 60,225 | 80,261 | -25.0% | | TOTAL LIABILITIES | 10,484,866 | 9,891,786 | +6.0% | | (NET LIABILITIES)/NET ASSETS | (334,475) | 525,419 | Turned from positive to negative | | Net Current Liabilities | (3,919,628) | (3,078,824) | +27.3% | | Cash and Bank Balances | 37,179 | 126,160 | -70.5% | Notes to the Financial Statements This section provides detailed explanations of the company's significant accounting policies, financial performance, and financial position, including critical judgments and estimates related to its going concern assumption Company Information and Basis of Presentation The company faces severe going concern challenges, evidenced by substantial losses, net liabilities, and significant debt defaults, necessitating management's plans for property sales and debt restructuring, though their success remains uncertain - As of December 31, 2024, the Group reported a net loss of 801 million RMB, with current liabilities exceeding current assets by 3.92 billion RMB, and net liabilities of 334.47 million RMB[10] - The Group has significant debt defaults, with principal and interest on defaulted or cross-defaulted borrowings and notes totaling 5.95 billion RMB as of year-end 2024, further increasing to 6.22 billion RMB after the report approval date[10] - Management is implementing measures to alleviate liquidity pressure, including accelerating property sales, controlling costs and capital expenditures, and actively negotiating debt renewal or refinancing with lenders, though the success of these measures is subject to significant uncertainty[13][14] Operating Segments, Geographical and Customer Information The Group operates as a single segment, primarily engaged in property development and investment in Mainland China, with all revenue and over 90% of non-current assets concentrated there, and no single major customer - The Group's business is singular, solely focused on property development and investment in Mainland China[22] - All revenue and over 90% of non-current assets are located in Mainland China[23] - The customer base is diversified, with no single major customer[24] Revenue and Cost Analysis Total revenue for 2024 was 240.9 million RMB, with property sales accounting for 83.5% at 201.19 million RMB, a significant 77.9% year-on-year decrease, while finance costs surged by 147.4% to 441.33 million RMB due to increased interest on borrowings and reduced capitalization Revenue Composition (RMB in thousands) | Revenue Source | 2024 | 2023 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Property Sales in China | 201,187 | 909,200 | -77.9% | | Total Rental Income | 39,728 | 32,019 | +24.1% | | TOTAL REVENUE | 240,915 | 941,219 | -74.4% | Finance Cost Analysis (RMB in thousands) | Item | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Total Interest Expense | 566,858 | 493,287 | +14.9% | | Less: Capitalized Interest | (125,526) | (314,878) | -60.1% | | FINANCE COSTS RECOGNIZED IN PROFIT OR LOSS | 441,332 | 178,409 | +147.4% | Taxation, Dividends and Loss Per Share Income tax expense for 2024 decreased to 56.99 million RMB, no final dividend was recommended, and basic and diluted loss per share increased to 0.15 RMB due to the expanded loss attributable to owners of the parent - The Board of Directors does not recommend the payment of a final dividend for the year ended December 31, 2024[30] Loss Per Share Calculation | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Loss Attributable to Owners of the Parent (RMB in thousands) | (799,479) | (696,720) | | Weighted Average Number of Ordinary Shares (shares) | 5,254,000,000 | 5,254,000,000 | | BASIC AND DILUTED LOSS PER SHARE (RMB) | (0.15) | (0.13) | Receivables and Payables As of year-end 2024, trade receivables were 13.38 million RMB, all due within one year, while trade payables totaled 1.289 billion RMB, with over 60% aged over one year, indicating significant payment pressure on suppliers - Trade receivables amounted to 13.38 million RMB, all due within one year[34] Trade Payables Aging Analysis (RMB in thousands) | Aging | 2024 | 2023 | | :--- | :--- | :--- | | Within one year | 529,145 | 485,545 | | One to two years | 385,752 | 388,978 | | Over two years | 373,655 | 416,350 | | Total | 1,288,552 | 1,290,873 | Independent Auditor's Report The independent auditor, B.C.S. Certified Public Accountants Limited, issued a "Disclaimer of Opinion" on the company's 2024 consolidated financial statements due to significant uncertainties related to going concern, including substantial losses, net liabilities, and extensive debt defaults - The auditor issued a "Disclaimer of Opinion" on the consolidated financial statements for the current year[35] - The basis for the disclaimer is significant uncertainties related to going concern, as the company faces substantial losses, net liabilities, a liquidity crisis, and widespread debt defaults, raising significant doubt about its ability to continue as a going concern[36] - The auditor was unable to determine if the financial statements were appropriately prepared on a going concern basis or obtain sufficient audit evidence due to the uncertainty regarding the success of management's liquidity improvement measures[37][38] Management Discussion and Analysis This section provides management's perspective on the company's operational and financial performance in 2024, highlighting challenges, strategic focus, and future outlook amidst a difficult market environment Business Review In 2024, the company faced immense challenges, with contract sales plummeting by 65% and property sales revenue by over 77%, while maintaining its "one core, two wings" strategy and focusing on urban renewal projects in the Greater Bay Area Contract Sales In 2024, the Group's contract sales and sales area, including joint ventures, significantly declined, with contract sales amounting to approximately 102.2 million RMB, a 65.0% year-on-year decrease Contract Sales Performance | Metric | 2024 | Year-on-Year Change | | :--- | :--- | :--- | | Contract Sales | 102.2 million RMB | -65.0% | | Contract Sales GFA | 9,795 square meters | -53.3% | Property Sales and Investment Property sales revenue for the year decreased by 77.9% to 201.19 million RMB, accounting for 83.5% of total revenue, driven by a 53.0% reduction in recognized sales GFA and average selling price, while rental income from investment properties was 15.7 million RMB - Property sales revenue decreased by 77.9% year-on-year to 201.19 million RMB, primarily due to declines in both delivered gross floor area and average selling price[45] - Heyuan region was the primary source of recognized revenue this year, accounting for 83.1%[46] - The Group holds investment properties with a total gross floor area of approximately 125,000 square meters, generating annual rental income of approximately 15.7 million RMB[50] Land Bank and Urban Renewal Projects As of year-end 2024, the Group's land bank totaled approximately 2.8 million square meters across seven cities, with significant urban renewal projects in Dongguan, including the approved Baoshan area project and nine signed preliminary service agreements - As of December 31, 2024, the Group's total land bank was approximately 2,799,191 square meters, covering 7 cities[51] - The company has multiple "three old transformation" (urban renewal) projects in Dongguan, including the Zhangmutou Baoshan area project which has received plan approval, the Shatian Nianzhou area project which has been completed, and 9 other projects for which preliminary service agreements have been signed[52][55] Financial Review The company's financial performance deteriorated significantly in 2024, with total revenue and gross profit declining by over 74%, net loss expanding to 801.3 million RMB due to surging finance costs and increased inventory impairment, and liquidity severely strained with cash balances sharply reduced Operating Performance Analysis Operating performance declined significantly in 2024, with revenue sharply decreasing by 74.4% due to lower delivery area and average selling price, while finance costs surged by 147% and inventory impairment provisions increased by 197.7%, leading to an expanded net loss of 801.3 million RMB - Revenue decreased by 74.4% year-on-year to 240.9 million RMB, primarily due to a 53.0% reduction in delivered area and a decline in average selling price[57] - Selling and administrative expenses collectively decreased by 150 million RMB, reflecting the company's cost control measures[62][63] - Finance costs increased by 147% year-on-year to 441.33 million RMB, mainly due to increased loan balances and overdue interest[69] - Inventory impairment provisions increased by 197.7% year-on-year to 144 million RMB, primarily due to a decrease in the valuation of land held for development[65] Liquidity and Capital Resources The company's liquidity position is extremely severe, with cash and bank balances plummeting to 37.2 million RMB by year-end 2024, and net current liabilities expanding to 3.92 billion RMB, primarily due to increased other payables and overdue borrowings - Cash and bank balances at year-end were only 37.2 million RMB, a significant year-on-year decrease of 70.5%[76] - Net current liabilities expanded to 3.92 billion RMB, indicating immense short-term repayment pressure[77] Key Financial Ratios and Risk Management The company's financial leverage and liquidity ratios further deteriorated, with the asset-liability ratio (excluding contract liabilities) rising to 93.8% and the current ratio falling to 0.62 times, while significant assets are pledged as collateral for bank borrowings Key Financial Ratios | Ratio | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Asset-Liability Ratio | 93.8% | 83.8% | | Current Ratio | 0.62 times | 0.69 times | - As of year-end 2024, assets including land, properties, and equity with a total book value exceeding 4.1 billion RMB have been pledged[82] Future Outlook Despite ongoing industry pressures, management anticipates continued supportive policies and market confidence recovery, with the Group focusing on project completion, accelerated property sales, cost optimization, and active debt restructuring negotiations in the South China region - The Group will continue to focus on property development in the South China region, especially "three old transformation" (urban renewal) projects in Dongguan[73] - Future priorities include ensuring project delivery, accelerating sales collection, and controlling costs and expenses[73] - Facing financing pressure, the company will continue active dialogue with lenders and creditors to seek solutions[74] Corporate Governance and Other Information This section covers the company's adherence to corporate governance principles, including the audit committee's review of financial statements and compliance with securities trading standards Audit Committee and Compliance The Audit Committee has reviewed the annual audited consolidated financial statements, and the company fully complied with the Corporate Governance Code and directors' securities dealing standards during the reporting period, with no share repurchases, sales, or redemptions - The Audit Committee has reviewed the annual results[93] - The company fully complied with the Corporate Governance Code and the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period[96][97] - There were no repurchases, sales, or redemptions of the company's listed securities during the year[98]