Financial Performance - Total revenue for the fiscal year 2024 was RMB 311,017,000, a decrease of 50.5% compared to RMB 629,482,000 in fiscal year 2023[3] - Gross profit for fiscal year 2024 was RMB 10,197,000, compared to RMB 617,000 in fiscal year 2023, indicating a significant improvement[3] - The net loss for the fiscal year 2024 was RMB 329,964,000, a reduction from a net loss of RMB 499,156,000 in fiscal year 2023, showing a 33.9% improvement[3] - The company reported a comprehensive loss of RMB 334,764,000 for the year, compared to RMB 522,451,000 in the previous year, marking a 36% improvement[5] - The company reported a net loss of approximately RMB 330.0 million for the year ending December 31, 2024[11] - The company reported a net loss attributable to shareholders of RMB 330,403 thousand in 2024, compared to a loss of RMB 499,164 thousand in 2023[55] Assets and Liabilities - Total assets decreased to RMB 638,355,000 in fiscal year 2024 from RMB 906,025,000 in fiscal year 2023, reflecting a decline of 29.5%[6] - Current liabilities increased to RMB 569,963,000 in fiscal year 2024 from RMB 501,820,000 in fiscal year 2023, representing a rise of 13.5%[7] - The company’s equity attributable to owners decreased to RMB 46,248,000 in fiscal year 2024 from RMB 381,451,000 in fiscal year 2023, a decline of 87.9%[7] - The company has defaulted on bank loans totaling approximately RMB 154.3 million as of December 31, 2024[11] - As of December 31, 2024, the company's current liabilities amounted to approximately RMB 570.0 million, with a net current liability of RMB 8.3 million[11] Cash Flow and Financing - The company’s cash and cash equivalents stood at RMB 5,041,000, a slight decrease from RMB 5,642,000 in fiscal year 2023[6] - The company incurred financial costs of RMB 12,650,000 in fiscal year 2024, up from RMB 9,801,000 in fiscal year 2023, indicating a 29.4% increase[3] - The group will continue to accelerate the recovery of pre-sale funds and other receivables, seeking appropriate opportunities to sell fixed assets and investment properties to generate additional cash inflow[16] - The group is actively negotiating repayment terms with creditors and believes it can overcome financial difficulties[13] - The group is exploring the possibility of equity financing to raise funds for repaying part of its debts[13] Operational Strategies - The company plans to continue developing higher-margin interior design and construction engineering services to enhance profitability[13] - The management team is implementing multiple strategies, including market expansion and cost structure optimization, to address ongoing challenges in the global economy[97] - The group is actively controlling operational and administrative costs and avoiding unnecessary capital expenditures to generate sufficient net cash inflow[17] Impairment and Provisions - The company reported a significant impairment loss of RMB 263,965,000 under the expected credit loss model, compared to RMB 365,882,000 in the previous year[3] - The impairment loss provisions for contract assets increased significantly to RMB 72,174 thousand in 2024 from RMB 16,600 thousand in 2023[50] - The company has recognized a credit loss provision of RMB 129,687,000 for trade and other receivables in 2024, compared to RMB 16,589,000 in 2023, highlighting an increase in expected credit losses[65] Corporate Governance - The board of directors consists of one executive director and three independent non-executive directors, adhering to high standards of corporate governance[121] - The company has complied with the corporate governance code throughout the review period[122] - The independent auditor was unable to express an opinion on the consolidated financial statements due to significant uncertainties[129] Market and Economic Conditions - The outlook for the global economy remains challenging, with expectations of continued monetary policy easing and fiscal stimulus measures from the central government to support economic stability[98] - The average market price for commercial properties in Meizhou, Guangdong, was RMB 5,757 per square meter in 2024, down from RMB 6,825 in 2023, indicating a market price decline of about 15.6%[62] Legal and Compliance Matters - The company has not faced any legal proceedings related to its outstanding loans as of the announcement date[13] - The company is currently preparing to apply for a recognition order from the Hong Kong High Court regarding the impact of a potential winding-up order on share transfers[79] - The winding-up petition hearing was postponed to October 18, 2023, following the death of the ultimate beneficial owner on July 7, 2023[78]
集一控股(01495) - 2025 - 年度业绩