Financial Performance - Revenue for the year ended December 31, 2023, was RMB 641.6 million, representing a 12.3% increase from RMB 571.2 million in 2022[3] - The company reported a gross loss of RMB 164.5 million for 2023, compared to a gross profit of RMB 275.1 million in 2022, indicating a significant decline of 159.8%[3] - The net loss attributable to equity shareholders for 2023 was RMB 482.3 million, a drastic decrease from a profit of RMB 69.2 million in 2022, reflecting a change of 796.9%[3] - Basic and diluted loss per share for 2023 was RMB 64.30, compared to earnings of RMB 9.2 per share in 2022, marking a decline of 798.9%[3] - The total comprehensive loss for the year was RMB 610.1 million, compared to a total comprehensive income of RMB 98.6 million in 2022[6] Assets and Liabilities - Total assets decreased to RMB 1,672.4 million in 2023 from RMB 2,754.4 million in 2022, a reduction of approximately 39.3%[8] - Current liabilities decreased to RMB 819.3 million in 2023 from RMB 1,282.9 million in 2022, a decline of 36.2%[9] - The company's equity attributable to equity shareholders decreased to RMB 685.4 million in 2023 from RMB 1,167.5 million in 2022, a decline of 41.2%[9] - The group's total designated non-current assets decreased to RMB 410.349 million from RMB 683.529 million in 2022[34] - Trade and other payables decreased significantly to RMB 499,599,000 in 2023 from RMB 781,928,000 in 2022, a reduction of about 36.1%[63] Cash Flow and Financing - The company’s cash and cash equivalents increased to RMB 363.3 million in 2023 from RMB 205.6 million in 2022, an increase of 76.5%[8] - Financing costs decreased significantly to RMB 6,363,000 in 2023 from RMB 26,574,000 in 2022, a reduction of approximately 76%[37] - The company had a debt ratio of 0% as of December 31, 2023, down from approximately 10.9% on December 31, 2022, due to the repayment of all outstanding bank loans during the fiscal year 2023[97] Revenue Sources - Property sales revenue was RMB 637.108 million, up from RMB 538.068 million in 2022, reflecting a growth of 18.5%[30] - Total rental income increased to RMB 4.526 million from RMB 3.089 million, representing a growth of 46.6%[30] - Revenue from external customers in Huizhou was RMB 596.101 million, a rise of 16.5% from RMB 511.672 million in 2022[34] - Interest income from bank deposits rose to RMB 4.783 million, compared to RMB 3.592 million in 2022, marking a 33.2% increase[35] - The group reported a net income from other sources of RMB 21.289 million, significantly up from RMB 6.458 million in 2022[35] Inventory and Write-downs - Total inventory as of December 31, 2023, was RMB 660,304,000, down from RMB 1,455,589,000 in 2022, representing a decrease of about 54%[52] - The company reported a significant increase in inventory write-downs to RMB 475,069,000 in 2023 from RMB 40,997,000 in 2022, marking an increase of over 1,100%[52] - The expected recoverable amount of inventory beyond one year decreased to RMB 594,187,000 in 2023 from RMB 1,400,743,000 in 2022, a decline of approximately 58%[52] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the fiscal year 2023[131] - The company's auditor, KPMG, confirmed that the financial data disclosed in the preliminary announcement matched the audited financial statements for the fiscal year 2023[132] - The company has adopted the corporate governance code and has complied with all statutory provisions during the fiscal year 2023[126] - The board will continue to strengthen corporate governance practices to ensure compliance with the latest developments[127] Market Outlook and Strategy - The company aims to stabilize operations, enhance sales, and control costs to maintain business stability amid challenges in the real estate sector[71] - The People's Bank of China and financial regulators extended certain policies to support the real estate sector until the end of 2024, aiming to alleviate financial pressures[70] - The company anticipates a gradual market recovery with increased transaction volumes and prices due to policy easing and economic recovery[74] Employee and Operational Metrics - The total employee costs for fiscal year 2023 were approximately RMB 31 million, a decrease from RMB 41.8 million in fiscal year 2022[117] - The company employed a total of 60 full-time employees as of December 31, 2023, down from 130 in the previous year[117]
万城控股(02892) - 2023 - 年度业绩