Financial Performance - Revenue was approximately RMB 22,904 million, representing a decrease of about 27.0% compared to the same period in 2022[1]. - The core loss attributable to the owners of the company was approximately RMB 1,148 million, a shift from profit to loss compared to the same period in 2022[1]. - The company reported a net loss of RMB 2,577,280 thousand for the year, compared to a profit of RMB 1,613,567 thousand in 2022[7]. - Basic and diluted loss per share attributable to the owners of the company was RMB 64.1, compared to earnings of RMB 9.9 in the previous year[9]. - The group reported a total segment income of RMB 23,467,536 thousand, with inter-segment revenue adjustments resulting in a total income of RMB 22,903,847 thousand[26]. - The group’s total loss for the year was RMB 2,577,280 thousand, reflecting significant financial challenges[26]. - The company reported a net loss attributable to shareholders of RMB (2,653,089) thousand for 2023, compared to a profit of RMB 407,749 thousand in 2022[53]. - The core loss for the year ended December 31, 2023, was approximately RMB 904 million, compared to a core profit of RMB 3,676 million in 2022, reflecting a significant decline[80]. Revenue Sources - Rental income and income from commercial operations and residential property management services reached approximately RMB 4,082 million, an increase of about 6.0% year-on-year[1]. - Property sales revenue was RMB 17,737,075 thousand, down 33% from RMB 26,480,586 thousand in the previous year[24]. - Revenue from providing commercial operation services and residential property management services was RMB 2,267,433 thousand, an increase of 7% compared to RMB 2,109,653 thousand in 2022[24]. - Total revenue from rental income and property management services amounted to approximately RMB 4,082 million, up 6.0% from RMB 3,851 million in 2022[70]. Assets and Liabilities - Total assets decreased to RMB 214,805,819 thousand from RMB 233,750,678 thousand in 2022, reflecting a decline of approximately 8.1%[3]. - Total liabilities decreased to RMB 159,486,979 thousand from RMB 171,149,084 thousand in the previous year[32]. - The total borrowings as of December 31, 2023, were RMB 58,820,060, a decrease from RMB 63,092,233 as of December 31, 2022, reflecting a reduction of about 7%[40]. - The company’s total liabilities decreased to RMB 42,003,157 as of December 31, 2023, from RMB 44,981,149 as of December 31, 2022, reflecting a reduction of about 7%[41]. Cash Flow and Financing - The company’s cash and cash equivalents, excluding restricted cash, amounted to RMB 7,735 million[13]. - The company is actively seeking new financing channels and accelerating asset sales to address upcoming financial obligations[14]. - The company aims to control administrative expenses and avoid unnecessary capital expenditures to maintain liquidity[14]. - The company has appointed Haitong International Securities as its financial advisor for debt restructuring[14]. Market and Operational Strategy - The group is focused on ensuring timely delivery of real estate projects to safeguard buyer interests and maintain cash flow for sustainable development[58]. - The group anticipates that the Chinese real estate industry will focus on "risk prevention and stable development" in 2024, with an emphasis on effective risk management in key areas[63]. - The group plans to accelerate the construction of new real estate development models and increase the supply of affordable housing to meet residents' housing needs[63]. - The group emphasizes a "1+N" development strategy, focusing on the Yangtze River Delta while exploring opportunities in other quality regions[62]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting[102]. - The external auditor, KPMG, has agreed to the publication of the group's audited financial statements for the year ended December 31, 2023[103]. - The company is committed to maintaining effective corporate governance practices to enhance investor confidence[101]. Employee and Operational Costs - Employee costs, including director remuneration, decreased to RMB 1,762,954 thousand in 2023 from RMB 2,034,940 thousand in 2022, a decline of about 13.4%[43]. - The total employee count as of December 31, 2023, was 9,234, a decrease from 10,046 in 2022, with total employee costs for the year amounting to approximately RMB 1,987 million[95]. Future Outlook - The group continues to adapt to the evolving real estate market by implementing policies to mitigate risks and support quality property companies[58]. - The group is committed to improving liquidity management by accelerating the collection of sales proceeds and extending the debt maturity of certain loans[65]. - The group will strengthen its market tracking and research in key regional cities to refine product positioning and adhere to value investment principles[64].
宝龙地产(01238) - 2023 - 年度业绩